# EDGAR Filing Document

**Accession Number:** 0002093018
**File Stem:** 0001575872-26-000207
**Filing Date:** 2026-4
**Character Count:** 2519070
**Document Hash:** 846a84074c33aa4ac5a0a732f8781cff
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001575872-26-000207.hdr.sgml**: 20260602

**ACCESSION NUMBER**: 0001575872-26-000207

**CONFORMED SUBMISSION TYPE**: DRS/A

**PUBLIC DOCUMENT COUNT**: 268

**FILED AS OF DATE**: 20260401

**DATE AS OF CHANGE**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CopperTech Metals Inc.
- **CENTRAL INDEX KEY:** 0002093018
- **STANDARD INDUSTRIAL CLASSIFICATION:** METAL MINING [1000]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** DRS/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 377-08728
- **FILM NUMBER:** 26824380

**BUSINESS ADDRESS:**
- **STREET 1:** 3500 SOUTH DUPONT HIGHWAY
- **CITY:** DOVER
- **STATE:** DE
- **ZIP:** 19901
- **BUSINESS PHONE:** 44 7860 413642

**MAIL ADDRESS:**
- **STREET 1:** 3500 SOUTH DUPONT HIGHWAY
- **CITY:** DOVER
- **STATE:** DE
- **ZIP:** 19901

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CopperTech Metals, Inc.
- **DATE OF NAME CHANGE:** 20251021

**CONFIDENTIAL TREATMENT REQUESTED BY COPPERTECH METALS INC.<br> PURSUANT TO 17 CFR 200.83**

**As confidentially submitted to the Securities and Exchange Commission on March 31, 2026.**

This Amendment No. 2 to the draft registration statement has not been filed publicly with the Securities and Exchange Commission, and all information herein remains strictly confidential.

**Registration No. 333-**

**UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549**

______________________________________________________________________________________

**FORM S-1<br> REGISTRATION STATEMENT<br> UNDER<br> THE SECURITIES ACT OF 1933**

______________________________________________________________________________________

**COPPERTECH METALS INC.<br> (Exact name of registrant as specified in its charter)**

______________________________________________________________________________________

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| | | |
|:---|:---|:---|
| **Delaware** | **1000** | **39-5141463** |
| (State or other jurisdiction of<br> incorporation or organization) | (Primary Standard Industrial<br> Classification Code Number) | (I.R.S. Employer<br> Identification Number) |

---

**80 Columbus Circle, #72B** 

**New York, NY 10023**

**(302) 446-5757**

(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)

______________________________________________________________________________________

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| | | |
|:---|:---|:---|
|  | ***Copies to:*** |  |
| Ryan J. Dzierniejko<br> Noel Hughes<br> Skadden, Arps, Slate, Meagher & Flom LLP<br> One Manhattan West<br> New York, NY 10001<br> (212) 735-3000 | Pushpender<br> 80 Columbus Circle, #72B<br> New York, NY 10023<br> (302) 446-5757 | Michael Benjamin<br> Erika L. Weinberg<br> Sandy Kugbei<br> Latham & Watkins LLP<br> 1271 Avenue of the Americas<br> New York, NY 10020<br> (212) 906-1200 |

---

______________________________________________________________________________________

**Approximate date of commencement of proposed sale to public: As soon as practicable after this registration statement is declared effective.**

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. ◻

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ◻

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ◻

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ◻

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ◻ Accelerated filer ◻ <br> Non-accelerated filer ⌧ Smaller reporting company ◻ <br> Emerging growth company ⌧

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided to Section 7(a)(2)(B) of the Securities Act. ◻

**The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act, or until the registration statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.**

______________________________________________________________________________________

**CONFIDENTIAL TREATMENT REQUESTED BY COPPERTECH METALS INC.<br> PURSUANT TO 17 CFR 200.83**

The information in this preliminary prospectus is not complete and may be changed. These securities may not be sold until the registration statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.

**Subject to Completion, dated , 2026**

**Shares**

![](ctm003_img001.jpg)

**CopperTech Metals Inc.**

**Common Stock**

This is the initial public offering of shares of common stock of CopperTech Metals Inc. We are offering shares of our common stock.

Prior to this offering, there has been no public market for our common stock. We anticipate that the initial public offering price per share of common stock will be between $ and $. We have applied to list our common stock on the New York Stock Exchange (the "NYSE") under the symbol "CUX". There can be no assurance that the NYSE will approve our listing application. The closing of this offering is contingent upon the successful listing of our common stock on the NYSE.

Upon completion of this offering, Vedanta Resources Limited will indirectly hold through its affiliates approximately % of our outstanding common stock (or % if the underwriters exercise their option to purchase additional shares of common stock in full). As a result, we will be a "controlled company" as defined under the NYSE corporate governance requirements. See "*Risk Factors—Risks Relating to our Common Stock and the Offering—We will be a 'controlled company' within the meaning of the NYSE corporate governance rules. As a result, we will qualify for exemptions from certain U.S. corporate governance requirements and such exemptions could have an adverse effect on our public stockholders."*

We are an "emerging growth company" under the federal securities laws and, as such, will be subject to reduced public company reporting requirements. See "*Risk Factors—Risks Relating to our Common Stock and the Offering—We qualify as an emerging growth company, and any decision on our part to comply with reduced reporting and disclosure requirements applicable to emerging growth companies could make our common stock less attractive to investors.*"

**Investing in our common stock involves risks. See "*Risk Factors*" beginning on page 33 to read about factors you should consider before buying our common stock.**

**Neither the Securities and Exchange Commission (the "SEC") nor any other regulatory body or state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.**

---

| | | |
|:---|:---|:---|
|  | **Per<br> Share** | **Total** |
| Initial public offering price | $— | $— |
| Underwriting discounts and commissions<sup>(1)</sup> | $— | $— |
| Proceeds, before expenses, to us | $— | $— |

---

(1) See "*Underwriting* "
 for a description of the compensation payable to the underwriters.

We have granted the underwriters an option for a period of 30 days from the date of this prospectus to purchase up to an additional shares of common stock from us at the initial public offering price, less the underwriting discounts and commissions.

The underwriters expect to deliver the shares against payment in New York, New York on , 2026.

---

| | |
|:---|:---|
| **Citigroup** | **Cantor** |

---

**Prospectus dated , 2026.**

**Table of Contents**

---

| | |
|:---|:---|
| [ABOUT THIS PROSPECTUS](#a_001) | [ii](#a_001) |
| [PROSPECTUS SUMMARY](#a_002) | [6](#a_002) |
| [THE OFFERING](#a_003) | [28](#a_003) |
| [SUMMARY HISTORICAL AND PRO FORMA CONSOLIDATED FINANCIAL AND OTHER DATA](#a_004) | [30](#a_004) |
| [RISK FACTORS](#a_005) | [33](#a_005) |
| [CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS](#a_006) | [68](#a_006) |
| [USE OF PROCEEDS](#a_007) | [70](#a_007) |
| [DIVIDEND POLICY](#a_008) | [71](#a_008) |
| [CAPITALIZATION](#a_009) | [72](#a_009) |
| [DILUTION](#a_010) | [73](#a_010) |
| [UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL DATA](#a_011) | [75](#a_011) |
| [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#a_012) | [83](#a_012) |
| [INDUSTRY](#a_013) | [109](#a_013) |
| [BUSINESS](#a_014) | [116](#a_014) |
| [MINING PROPERTIES](#a_015) | [134](#a_015) |
| [MANAGEMENT](#a_016) | [151](#a_016) |
| [EXECUTIVE AND DIRECTOR COMPENSATION](#a_017) | [156](#a_017) |
| [CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS](#a_018) | [159](#a_018) |
| [PRINCIPAL STOCKHOLDERS](#a_019) | [162](#a_019) |
| [DESCRIPTION OF CAPITAL STOCK](#a_020) | [163](#a_020) |
| [SHARES ELIGIBLE FOR FUTURE SALE](#a_021) | [168](#a_021) |
| [U.S. FEDERAL INCOME TAX CONSIDERATIONS FOR NON-U.S. HOLDERS](#a_022) | [169](#a_022) |
| [UNDERWRITING](#a_023) | [172](#a_023) |
| [LEGAL MATTERS](#a_024) | [178](#a_024) |
| [EXPERTS](#a_025) | [178](#a_025) |
| [WHERE YOU CAN FIND MORE INFORMATION](#a_026) | [178](#a_026) |
| [INDEX TO CONSOLIDATED FINANCIAL STATEMENTS](#toc) | [F-1](#toc) |

---

Through and including , 2026 (the 25th day after the date of this prospectus), all dealers effecting transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to a dealer's obligation to deliver a prospectus when acting as an underwriter and with respect to an unsold allotment or subscription.

We and the underwriters have not authorized anyone to provide any information or to make any representations other than those contained in this prospectus or in any free writing prospectus we have prepared or that has been prepared on our behalf or to which we have referred you. We and the underwriters take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. This prospectus is an offer to sell only the shares of common stock offered by this prospectus, and only under circumstances and in jurisdictions where it is lawful to do so. The information contained in this prospectus is current only as of the date of this prospectus. Our business, financial condition and results of operations may have changed since that date.

For investors outside the United States: neither we nor the underwriters have done anything that would permit this offering or possession or distribution of this prospectus or any free writing prospectus in connection with this offering in any jurisdiction where action for that purpose is required, other than in the United States. Persons outside of the United States who come into possession of this prospectus must inform themselves about, and observe any restrictions relating to, the offering of the shares of common stock and the distribution of this prospectus outside of the United States. See the section entitled "*Underwriting*."

i

**ABOUT THIS PROSPECTUS**

**Basis of Presentation**

In connection with the consummation of this offering, we will effect certain reorganizational transactions, which we refer to collectively as the "Transactions," pursuant to which, among other things, (i) Konkola Copper Mines Plc ("Konkola Plc") will become an indirect subsidiary of CopperTech Metals Inc. ("CopperTech"), the issuer of this offering and (ii) certain shareholder loans and other obligations owed by Konkola Plc to affiliates of Vedanta will be contributed to Vedanta Resources Jersey Limited ("VRJL"), which will become a wholly owned subsidiary of CopperTech. Unless otherwise stated or the context otherwise requires, all information in this prospectus reflects the consummation of the Transactions and this offering.

Following the consummation of the Transactions, we will be a holding company and our material assets will be our 79.42% indirect ownership interest in Konkola Plc and loan receivables of approximately $1,964 million that will be owed by Konkola Plc to VRJL. The remaining 20.58% interest in Konkola Plc (the "Non-Controlling Interest") will be held by ZCCM Investments Holdings Plc, a public company listed on the Lusaka Stock Exchange and of which the Government of the Republic of Zambia ("GRZ") is a shareholder ("ZCCM"). For more information regarding the loan obligations of Konkola Plc to VRJL, see "*Management's Discussion and Analysis of Financial Condition and Results of Operations—Scheme Loan Agreements*" and "*Certain Relationships and Related Party Transactions – Lending Agreements*." Both prior to and following this offering, all of our business operations have been and will be conducted through Konkola Plc and its direct and indirect wholly owned subsidiaries.

Except as otherwise presented, Mineral Reserves (as defined below) and Mineral Resources (as defined below) contained herein for the KCM Complex are shown on both a 100% basis as well as on a 79.42% basis to reflect CopperTech's ownership interest in Konkola Plc as of the date of this prospectus. References to "production" throughout this document refer to Integrated (as defined below) production activities (which excludes copper produced from third-party concentrate), unless otherwise noted.

Our fiscal year ends on March 31. References in this prospectus to a fiscal year relate to our fiscal year ended on March 31 of that calendar year. For example, references to "Fiscal 2026," Fiscal 2025" and "Fiscal 2024" refer to our fiscal years ended on March 31, 2026, March 31, 2025 and March 31, 2024, respectively.

Information relating to the KCM Complex is derived from the technical report summaries, entitled "S-K 1300 Technical Report Summary: KCM Integrated Operations (Initial Assessment) Konkola Copper Mines Plc" (the "Initial Assessment TRS") and "S-K 1300 Technical Report Summary: KCM Integrated Operations (Preliminary Feasibility Study) Konkola Copper Mines Plc" (the "Pre-Feasibility Study TRS," together with the Initial Assessment TRS, the "Technical Report Summaries"), each issued on March 31, 2026, with an effective date of April 1, 2025, prepared by AMC Consultants (UK) Limited ("AMC") and filed as exhibits to the registration statement of which this prospectus forms a part. AMC is the qualified person with respect to the KCM Complex (the "Qualified Person") under Subpart 1300 of Regulation S-K ("S-K 1300") and meets all requirements of a qualified person under S-K 1300. The scientific and technical information related to the KCM Complex contained in the Technical Report Summaries and reproduced or referenced, including via extraction or derivation, in this prospectus has been approved, confirmed for completeness and accuracy and reviewed by the Qualified Person.

As used in this prospectus, unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;· "*ASCu*" refers to acid soluble copper content;

&nbsp;&nbsp;&nbsp;&nbsp;· "*Company*," "*we*," "*us*," "*our*,"
" *CopperTech*," "*Issuer*," "*Registrant"* and similar references, unless otherwise
indicated, refer: (i) prior to the consummation of the Transactions, to Konkola Plc and its consolidated subsidiaries; and (ii) following
the consummation of the Transactions, to CopperTech Metals Inc., the issuer of the common stock offered hereby, and its consolidated subsidiaries,
including Konkola Plc and its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;· "*copper"* or "*Cu*" refers to a reddish-brown metallic element, with
atomic number 29, often in various mineral compounds when found in nature;

&nbsp;&nbsp;&nbsp;&nbsp;· "*Copperbelt Province*" refers to a significant copper-producing region in Zambia;

&nbsp;&nbsp;&nbsp;&nbsp;· "*cut-off grade*" refers to the minimum grade of a mineral or other material needed to
be considered economically viable for extraction;

&nbsp;&nbsp;&nbsp;&nbsp;· "*economically viable* ", when used in the context of mineral reserve determination, refers
to that which the qualified person has determined, using a discounted cash flow analysis or other analytical determination, that extraction
of the mineral reserve is economically viable under reasonable investment and market assumptions;

ii

&nbsp;&nbsp;&nbsp;&nbsp;· "*ha*" refers to a hectare. One hectare is equivalent to 10,000 square meters;

&nbsp;&nbsp;&nbsp;&nbsp;· "*Indicated Mineral Resource*" or "*Indicated*" refers to that part
of a mineral resource for which quantity and grade or quality are estimated on the basis of adequate geological evidence and sampling.
The level of geological certainty associated with an indicated mineral resource is sufficient to allow a qualified person to apply modifying
factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Because an indicated mineral
resource has a lower level of confidence than the level of confidence of a measured mineral resource, an indicated mineral resource may
only be converted to a probable mineral reserve;

&nbsp;&nbsp;&nbsp;&nbsp;· "*Inferred Mineral Resource*" or "*Inferred*" refers to that part of
a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. The
level of geological uncertainty associated with an inferred mineral resource is too high to apply relevant technical and economic factors
likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability. Because an inferred
mineral resource has the lowest level of geological confidence of all mineral resources, which prevents the application of the modifying
factors in a manner useful for evaluation of economic viability, an inferred mineral resource may not be considered when assessing the
economic viability of a mining project, and may not be converted to a mineral reserve;

&nbsp;&nbsp;&nbsp;&nbsp;· "*Integrated*" when used in the context of production refers to minerals sourced from
Konkola Plc operations and excludes minerals from third-party concentrate;

&nbsp;&nbsp;&nbsp;&nbsp;· "*KCM Complex*" refers to Konkola Plc's material mineral property consisting of
integrated mining operations conducted by Konkola Plc on the Konkola Complex, the Nchanga Complex and the Tailings Complex;

&nbsp;&nbsp;&nbsp;&nbsp;· "*km*" refers to kilometers;

&nbsp;&nbsp;&nbsp;&nbsp;· "*Konkola Complex*" refers to our mining operations at Konkola located near Chililabombwe,
which consist of an underground mine, a copper concentrator and a tailings storage facility;

&nbsp;&nbsp;&nbsp;&nbsp;· "*Kt*" refers to thousands of metric tonnes, a unit of measurement commonly used in the
mining and metals industry to express mass. One Kt is equivalent to 1,000 metric tonnes;

&nbsp;&nbsp;&nbsp;&nbsp;· "*Ktpa*" refers to thousands of metric tonnes per annum, a unit of measurement commonly
used in the mining and metals industry to express annual production or processing capacity. One Ktpa is equivalent to 1,000 metric tonnes
produced or processed in a year;

&nbsp;&nbsp;&nbsp;&nbsp;· "*Kwacha*" refers to Zambian Kwacha;

&nbsp;&nbsp;&nbsp;&nbsp;· "*LME Grade A*" refers to high-purity electrolytic copper cathode that meets the quality
specifications under the London Metal Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;· "*Lobito Corridor*" refers to that certain major transportation and logistics route in
southern Africa, extending from the inland mining regions of Zambia to the Port of Lobito on Angola's Atlantic coast, that facilitates
the movement of minerals and other resources by integrating rail, road and port infrastructure to provide an export pathway for landlocked
countries in the region;

&nbsp;&nbsp;&nbsp;&nbsp;· "*Measured*" refers to that part of a mineral resource for which quantity and grade or
quality are estimated on the basis of conclusive geological evidence and sampling. The level of geological certainty associated with a
measured mineral resource is sufficient to allow a qualified person to apply modifying factors, as defined in this section, in sufficient
detail to support detailed mine planning and final evaluation of the economic viability of the deposit. Because a measured mineral resource
has a higher level of confidence than the level of confidence of either an indicated mineral resource or an inferred mineral resource,
a measured mineral resource may be converted to a proven mineral reserve or to a probable mineral reserve;

iii

&nbsp;&nbsp;&nbsp;&nbsp;· "*Mineral Reserve*" refers to an estimate of tonnage and grade or quality of indicated
and measured mineral resources that, in the opinion of the qualified person, can be the basis of an economically viable project. More
specifically, it is the economically mineable part of a measured or indicated mineral resource, which includes diluting materials and
allowances for losses that may occur when the material is mined or extracted;

&nbsp;&nbsp;&nbsp;&nbsp;· "*Mineral Resource*" refers to a concentration or occurrence of materials of economic
interest in or on the earth's crust in such form, grade or quality and quantity that there are reasonable prospects for economic
extraction. A mineral resource is a reasonable estimate of mineralization, taking into account relevant factors such as cut-off grade,
likely mining dimensions, location or continuity, that, with the assumed and justifiable technical and economic conditions, is likely
to, in whole or in part, become economically extractable. It is not merely an inventory of all mineralization drilled or sampled;

&nbsp;&nbsp;&nbsp;&nbsp;· "*mL*" is meter level and refers to the vertical elevation with reference to the collar
position (surface location) of the production shaft named '4 Shaft' at Konkola;

&nbsp;&nbsp;&nbsp;&nbsp;· "*Mt*" refers to millions of metric tonnes, a unit of measurement commonly used in the
mining and metals industry to express mass. One Mt is equivalent to 1,000,000 metric tonnes;

&nbsp;&nbsp;&nbsp;&nbsp;· "*Mtpa*" refers to millions of metric tonnes per annum, a unit of measurement commonly
used in the mining and metals industry to express annual production or processing capacity. One Mtpa is equivalent to 1,000,000 metric
tonnes produced or processed in a year;

&nbsp;&nbsp;&nbsp;&nbsp;· *"Nchanga Complex"* refers to our mining operations at Nchanga located near Chingola,
which consist of an open pit mine, an underground mine, copper concentrators, a smelter, a refinery and a TLP;

&nbsp;&nbsp;&nbsp;&nbsp;· "*pH*" refers to a logarithmic scale used to specify the acidity or basicity of aqueous
solutions;

&nbsp;&nbsp;&nbsp;&nbsp;· "*Probable Mineral Reserves*" refers to the economically mineable part of an indicated
and, in some cases, a measured mineral resource;

&nbsp;&nbsp;&nbsp;&nbsp;· "*Proven Mineral Reserves*" refers to the economically mineable part of a measured mineral
resource and can only result from conversion of a measured resource;

&nbsp;&nbsp;&nbsp;&nbsp;· "*t/m<sup>3</sup>*" refers to metric tonnes per cubic meter, which is the mass per unit
volume used for expressing bulk density of in situ or broken material such as rock;

&nbsp;&nbsp;&nbsp;&nbsp;· "*Tailings Complex*" refers to our tailings dams operations located at Nchanga near Chingola,
which consist of Tailings Dam 03 and Tailings Dam 04;

&nbsp;&nbsp;&nbsp;&nbsp;· "*Tailings Leach Plant*" or "*TLP*" refers to a hydrometallurgical plant
that processes tailings;

&nbsp;&nbsp;&nbsp;&nbsp;· "*TCu*" refers to the total copper content in the sample or ore;

&nbsp;&nbsp;&nbsp;&nbsp;· "*tonnes*" refers to metric tonnes;

&nbsp;&nbsp;&nbsp;&nbsp;· "*U.S. dollars*," "*dollars*" or "*$*" and similar
references refer to United States dollars, the legal currency of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;· "*Vedanta*" refers to the Vedanta group of companies,
which consists of Vedanta Resources Limited and its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;· "*VRHL*" refers to Vedanta Resources Holdings Limited, a UK corporation;

&nbsp;&nbsp;&nbsp;&nbsp;· "*VRJL*" refers to Vedanta Resources Jersey Limited, a Jersey corporation; and

&nbsp;&nbsp;&nbsp;&nbsp;· "*VRL*" refers to Vedanta Resources Limited, a UK corporation.

iv

**Cautionary Note Regarding Presentation of Mineral Reserve and Mineral Resource Estimates**

This prospectus refers to estimated Mineral Reserves and Mineral Resources, including Inferred Mineral Resources and Indicated Mineral Resources. See the section entitled "*About This Prospectus—Basis of Presentation*" for the definition of those terms.

The Mineral Reserve estimates were prepared by the Qualified Person in accordance with Subpart 1300 of Regulation S-K, using geostatistical and/or classical methods, plus economic and mining parameters appropriate to the deposit.

The estimates include mining dilution and mining recovery. Mining dilution and recovery factors vary with specific Mineral Reserve sources and are influenced by several factors including deposit type, deposit shape and mining methods. The estimate of Mineral Reserves and Mineral Resources may be materially affected by environmental, permitting, legal, marketing or other relevant issues.

**Market, Industry and Other Data**

This prospectus includes estimates regarding market and industry data. Unless otherwise indicated, information concerning our industry and the markets in which we operate, including our general expectations, market position, market opportunity and market size, are based on our management's knowledge and experience in the markets in which we operate, together with currently available information obtained from various sources, including publicly available information, industry reports and publications, surveys, our users, trade and business organizations and other contacts in the markets in which we operate. Certain information is based on management estimates, which have been derived from third-party sources, as well as data from our internal research. We refer to information and estimates compiled by Wood Mackenzie.

In presenting this information, we have made certain assumptions that we believe to be reasonable based on such data and other similar sources and on our knowledge of, and our experience to date in, the markets in which we operate. While we believe the estimated market and industry data included in this prospectus is reliable, such information is inherently uncertain and imprecise. Market and industry data is subject to change and may be limited by the availability of raw data, the nature of the data gathering process and other limitations inherent in any statistical survey of such data. In addition, projections, assumptions and estimates of the future performance of the markets in which we operate are necessarily subject to uncertainty and risk due to a variety of factors, including those described in the sections entitled "*Risk Factors*" and "*Cautionary Note Regarding Forward-Looking Statements*." These and other factors could cause results to differ materially from those expressed in the estimates made by third parties and by us. Accordingly, you are cautioned not to place undue reliance on such market and industry data or any other such estimates.

v

**PROSPECTUS SUMMARY**

This summary highlights select information contained elsewhere in this prospectus and does not contain all the information you should consider before making an investment decision. You should read the entire prospectus carefully, including "*Risk Factors,*" "*Cautionary Note Regarding Forward-Looking Statements,*" "*Management's Discussion and Analysis of Financial Condition and Results of Operations,*" and our consolidated financial statements and the accompanying notes included elsewhere in this prospectus before making an investment decision.

**Our Business**

CopperTech is a U.S. domiciled corporation that seeks to capitalize on what we expect to be an unprecedented copper demand cycle that has the potential to lead to more demand for copper in the next 25 years than has been produced throughout all of human history. Our mission is to 'Power the Copper Century*'* by meeting America's rapidly growing demand for critical minerals as this cycle develops. We will focus our production of critical minerals on copper and cobalt, which are essential for high-growth end-markets including artificial intelligence ("AI") infrastructure, data centers, grid modernization and electrification. As we seek to upgrade our Mineral Resource classifications and continue to explore within our existing significant copper and cobalt endowment, we intend to pursue and leverage state-of-the-art technologies in a strong and sustainable manner to maximize the results of our efforts.

Our flagship asset, Konkola Plc, is a high-grade copper and cobalt producer strategically located in Zambia's Copperbelt Province. Konkola Plc is 79.42% owned by CopperTech and 20.58% owned by ZCCM, a diversified mining investment and operations company listed on the Lusaka Stock Exchange. From 2004 to 2019, Konkola Plc has deployed over $3 billion into capital expenditure, funded by a combination of cash generated from operations and from shareholder loans. Over the next five years, Konkola Plc intends to deploy an additional $1.7 billion in capital expenditure and $0.3 billion in sustaining capital expenditures into its operations, with a goal of driving an increase in copper production to an average of approximately 250 Ktpa (consisting of approximately 150 Ktpa Integrated production and approximately 100 Ktpa from third-party sources) over the remaining operational mine life of Konkola Plc from Fiscal 2029. Konkola Plc expects to fund such expenditure through CopperTech's investment of the proceeds from this offering in Konkola Plc and may fund the remainder of such expenditure through the reinvestment of cash generated from its operations and additional financing, as required.

With such production increases, we are aiming for Konkola Plc to become one of the top copper producing mines by volume globally and an important part of total Zambian cobalt production. Beyond production expansion at Konkola Plc, we intend to invest in exploration activities within our operational sites and in select international jurisdictions to support longer-term Mineral Resource development.

While traditional copper producers rely on decades-old operating processes, CopperTech continues to build a technology-led copper business across our mining and plant operations to increase the productivity, safety and sustainability of our operations. For example, the installation of a new smelter at the Nchanga Complex, one of our key operational sites, has enabled us to capture 99.5% of sulfur emissions from the smelter operations. In addition, we intend to continue using technology, including AI-based technology, aimed at delivering real-time ore grade optimization to increase recovery rates, conducting predictive maintenance to reduce unplanned downtime, deploying automated quality control to ensure consistent premium product, process optimization to drive a reduced carbon footprint and establishing remote monitoring capabilities to enable 24/7 expert oversight. Through strategic collaborations with technology specialists, we expect to improve our operating performance, de-risk our expansion and expand our resource base through the deployment of leading geophysical, analytical and AI technologies. Similarly, we intend to pursue collaborations to further enhance the efficiency and profitability of our business. We believe this technology-focused approach will also lead to enhanced performance standards designed to mitigate environmental impacts, which will elevate the standards for responsible mining that conventional miners cannot easily replicate.

The copper demand cycle we intend to capitalize on is expected to be fueled by a structural shift driven by greater needs from AI infrastructure (including data centers), economic growth of developing nations, energy transition and increased defense spending targets. According to Wood Mackenzie, these areas alone are expected to account for roughly 40% of the approximately 7.5 Mtpa of total copper demand growth expected by 2035. As an example, Microsoft's $500 million data center in Chicago is estimated to require approximately 2.2 Kt of copper, worth approximately $25 million at February 2026 spot prices. With respect to power demand, the International Energy Association notes that large hyperscale data centers are becoming increasingly common, with such data centers demanding power equal to or exceeding 100 MW, which is equivalent to the annual electricity consumption from around 350,000 to 400,000 electric cars, which we believe will result in an increase in copper demand.

At the same time, the supply of copper faces compounding constraints including an approximately 2% annual copper grade decline at existing mines globally (per Ernst & Young), operational disruptions, political instability, geological challenges and previous pandemic-related maintenance delays. The constrained supply is further exacerbated by an approximately 24-year development timeline for new copper mines. Further, a substantial portion of supply capacity remains concentrated in jurisdictions with operational or geopolitical risks – the U.S. net import reliance in 2024 was 45% of domestic copper consumption. With the Democratic Republic of the Congo ("DRC") accounting for over 75% of the world's cobalt production and China producing more than 45% of the world's copper and refining over 70% of the world's cobalt, U.S. federal policy is increasingly prioritizing diversification and critical mineral security from Western-aligned nations through initiatives from various U.S. governmental agencies, including the Lobito Corridor, a $10 billion rail infrastructure project intended to improve connectivity between Zambia's Copperbelt Province and Atlantic ports, which we intend to utilize. See "*—Zambia—One of the World's Most Attractive Mining Jurisdictions*" and "*Risk Factors—Risks Related to Our Business—Our business, results of operations, cash flows and financial condition have been and may continue to be adversely affected by changes in geopolitical and global economic conditions.*" for further information.

We believe Konkola Plc's strong operating history, combined with the Konkola Complex being one of the highest-grade copper and cobalt resources in the world, lay the framework for our Company to be a highly economic and strategic long-term supplier of critical minerals, including to Western-aligned end markets.

**Scheme of Arrangement and Resumption of Control**

Beginning with Vedanta's acquisition of a controlling interest in Konkola Plc in 2004, Konkola Plc became a Vedanta-led operation in which ZCCM continued as a minority shareholder. After more than a decade of operating alongside ZCCM, the parties became involved in a shareholder dispute in 2019, resulting in ZCCM filing a petition in the High Court of Zambia seeking to wind up Konkola Plc. As a result of the winding-up petition, the High Court of Zambia appointed a provisional liquidator (the "Provisional Liquidator") to oversee the operations of Konkola Plc. During this period from May 2019 to July 2024, Konkola Plc and the KCM Complex were under the control of the Provisional Liquidator, and copper production of Konkola Plc (including Integrated and from third-party sources) fell to a low of approximately 54 Ktpa in Fiscal 2024, as compared to copper production (including Integrated and from third-party sources) of approximately 180 Ktpa, 195 Ktpa and 177 Ktpa during Fiscal 2017, Fiscal 2018 and Fiscal 2019, respectively, under Vedanta's control. In 2023, Vedanta and ZCCM resolved the dispute through a scheme of arrangement under which Vedanta resumed operational control of Konkola Plc and committed to an investment program and revised cooperation framework (the "Scheme of Arrangement"). This was memorialized by the new shareholders agreement entered into on November 6, 2023 between VRL, VRHL, ZCCM and Konkola Plc (the "KCM Shareholders Agreement"). The Scheme of Arrangement with respect to legacy creditor claims was sanctioned by the High Court of Zambia on June 28, 2024, and became effective on July 31, 2024 (the "Scheme Effective Date") (see "*Business—Legal Proceedings—Scheme of Arrangement*"). Upon the Scheme Effective Date, the Provisional Liquidator was removed and Vedanta's control and ownership of Konkola Plc was reinstated (the "Resumption of Control").

In connection with the Scheme of Arrangement, Konkola Plc entered into the following loan agreements with VRHL pursuant to which VRHL is required to loan an aggregate principal amount of up to $1.27 billion to Konkola Plc, consisting of:

&nbsp;&nbsp;&nbsp;&nbsp;· A
$1.00 billion loan to fund Konkola Plc's capital expenditure (the "Capital Expenditures Support Loan Agreement"), to
be funded by semi-annual instalments until January 31, 2030. See "*Management's Discussion and Analysis of Financial Condition and Results of Operations* — *Scheme Loan Agreement*." As of December 31, 2025, VRHL had funded approximately
$330.0 million under the Capital Expenditures Support Loan Agreement and there is a balance of $670.0 million to be funded. See "*Summary of the Transactions*" and "*Use of Proceeds*."

&nbsp;&nbsp;&nbsp;&nbsp;· A $250.0 million loan to fund amounts payable to Konkola Plc's
creditors (the "Creditor Settlement Support Loan Agreement"). As of December 31, 2025, VRHL had funded the $250.0 million
required under the Creditors Settlement Support Loan Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;· A $20.0 million loan facility to fund community support (the "Community
Support Loan Agreement" and, together with the Capital Expenditures Support Loan Agreement and the Creditors Settlement Support
Loan Agreement, each a "Scheme Loan Agreement" and collectively the "Scheme Loan Agreements"). As of December 31,
2025, VRHL had funded the $20.0 million required under the Community Support Loan Agreement.

As of the date of this prospectus, no principal or interest has been repaid by Konkola Plc under the Scheme Loan Agreements. Under the KCM Shareholders Agreement, repayments under each Scheme Loan Agreement will commence once Konkola Plc has positive cash flows and will be paid in accordance with the Konkola Waterfall (as defined below). Such restrictions may limit or delay our ability to receive repayments under the Scheme Loan Agreements. Each Scheme Loan Agreement matures in December 2028, subject to automatic extension should Konkola Plc have insufficient cash flow to repay such debt at maturity in accordance with the Konkola Waterfall. See "*Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources*".

With Konkola Plc once again under Vedanta control, we expect Konkola Plc copper production to not only return to pre-Fiscal 2019 levels, but with the additional capital expenditure of $1.7 billion and sustaining capital expenditure of $0.3 billion Konkola Plc intends to make into its operations over the next five years (including from the proceeds of this offering), we expect to drive an increase in copper production (including Integrated and from third-party sources) to an average of approximately 250 Ktpa (consisting of approximately 150 Ktpa Integrated production and approximately 100 Ktpa from third-party sources) over the remaining operational mine life of Konkola Plc from Fiscal 2029.

**Overview of Assets**

Konkola Plc owns and operates a complex of integrated mines and concentrators, a smelter, refinery, tailings leach plant and associated infrastructure in Zambia's Copperbelt Province, referred to herein as the "KCM Complex". The KCM Complex is primarily located near the Zambia-DRC border, with the majority of operations taking place at and between the Konkola Complex located near Chililabombwe, the Nchanga Complex located near Chingola, the Tailings Complex located near Chingola and the Nkana Refinery located near Kitwe. We consider the KCM Complex to be our only material mining property as defined by Regulation S-K Subpart 1300. Konkola Plc's operations are also supported by the Nampundwe mine, which produces pyrite that is used solely in connection with Konkola Plc's smelting operations. Konkola Plc's assets are well integrated into regional mining and export routes, including major highways that provide a stable link from production centers to Western markets. Konkola Plc's key assets and properties are summarized below.

**Map of Konkola Plc's Operations at the KCM Complex (and proximity to certain peers and infrastructure).**

![](ctm003_img002.jpg)

**Konkola Complex**

The Konkola Complex is located in Chililabombwe approximately five km south of the Zambia-DRC border and is expected to be the most significant contributor to Konkola Plc's overall production profile over time. The Konkola Complex consists of an underground mine, concentrator and tailings storage facility. Since commencing operations in 1957, the Konkola Complex has extracted approximately 3.2 Mt of copper, which we believe demonstrates the long-term viability and production reliability of this asset. The Konkola Complex targets an orebody that potentially extends to depths exceeding 2,000 meters through vertical access shafts, and currently active mining activities occur at a depth of approximately 1,000 meters.

Ore is processed at the adjacent Konkola concentrator, which has a 6 Mtpa nameplate capacity and employs conventional milling and flotation to produce copper concentrate for the Nchanga smelter. Tailings from the concentrator are deposited in the Lubengele tailings storage facility at Konkola, which is undergoing auger drilling and test work to assess its potential for future resource recovery.

In Fiscal 2019, prior to the appointment of the Provisional Liquidator, copper production at the Konkola Complex was approximately 30 Kt. In Fiscal 2024, copper production at the Konkola Complex declined to approximately 16 Kt. As supported by the Initial Assessment TRS, we believe the Konkola Complex has the potential to produce an annual average of 140 to 160 Ktpa of copper by Fiscal 2033. The increased production level at the Konkola Complex is expected to be enabled by a 0.4 Mt Measured and Indicated Mineral Resource (exclusive of Mineral Reserves), 8.4 Mt Inferred Mineral Resource and 0.9 Mt Proven and Probable Mineral Reserve (or 0.3 Mt Measured and Indicated Mineral Resource, 6.6 Mt Inferred Mineral Resource and 0.7 Mt Proven and Probable Mineral Reserve on a 79.42% ownership basis), with potential to support a mine life of approximately 45 years if all such Mineral Resources are ultimately converted into Mineral Reserves.

The increased production levels are contingent on the execution of a recently redesigned mine plan (the "Konkola Deep Mine Project") that requires the dewatering and extension of underground infrastructure allowing for access to deeper mineralization. In order to carry out the relevant upgrades and modifications, the Konkola Complex is expected to require total capital costs of $1.0 billion (out of a total $1.7 billion in capital expenditure and $0.3 billion in sustaining capital expenditures across the KCM Complex) over the next five years. This results in capital intensity of $8,065 per tonne of copper per annum (capital required over the first five years to access the Mineral Reserves at the Konkola Complex) versus an industry range of $7,550 to $41,550 per tonne of copper per annum, as calculated by Wood Mackenzie.

**Nchanga Complex - Mines, Concentrators, Smelter and Tailings Leach Plant**

The Nchanga Complex is located in Chingola and includes an underground mine, open pit mines, concentrators, a tailings leach plant, a smelter and a refinery. The Nchanga Complex operations currently mine from one operational open pit alongside the underground mine, which itself remains operational at a depth of approximately 1,000 meters. Since commencing operations in 1937, the Nchanga Complex has extracted approximately 14.3 Mt of copper.

In Fiscal 2019, prior to the appointment of the Provisional Liquidator, copper production at the Nchanga Complex was approximately 12 Kt. In Fiscal 2024, copper production at the Nchanga Complex had declined to approximately 1.2 Kt. Since April 2025, mining at the Nchanga Complex across the open pit and underground has been scaled back meaningfully due to declining available mining inventory, and open pit mining is only expected to continue until the end of 2027 with the Company expecting to resume resource extension drilling of the open pit mine in the first half of Fiscal 2027. Nonetheless, the Nchanga Complex houses infrastructure that is essential for Konkola Plc's operations, and we expect to continue upgrading and modifying such infrastructure to achieve our goal of driving an increase in copper production to an average of approximately 250 Ktpa (consisting of approximately 150 Ktpa Integrated production and approximately 100 Ktpa from third-party sources) over the remaining operational mine life of Konkola Plc from Fiscal 2029.

As supported by the Initial Assessment TRS, the Nchanga Complex is expected to produce approximately 23 Ktpa of copper over its remaining planned open pit operational life through 2038. The current mine plans contemplate a 13-year mine life, exploiting an aggregate of 1.0 Mt Mineral Resource (or 0.8 Mt Mineral Resource on a 79.42% ownership basis) with additional exploration having commenced in Fiscal 2026 at the upper orebody of the Nchanga Complex, and the COP E extension, potentially supporting a longer mine life to the extent additional viable orebodies are identified within the Nchanga Complex mining license area. The Nchanga Complex is expected to require total capital costs of approximately $400 million (out of a total $1.7 billion in capital expenditure and $0.3 billion in sustaining capital expenditures across the KCM Complex) through the end of fiscal year 2030.

The Nchanga Complex features three concentrators - Old East Mill, New East Mill and New West Mill, with nameplate capacities of 4.4 Mtpa, 6.5 Mtpa and 2.5 Mtpa, respectively. These concentrators process ore produced from the KCM Complex's open pit and underground operations into copper concentrate. A portion of the copper concentrate produced from the Nchanga concentrators is transported to the Nchanga smelter for further processing into copper anodes, while the remainder is sold to customers in end markets. The Nchanga smelter was commissioned with a nameplate capacity of approximately 312 Ktpa of copper anode. The Nchanga smelter utilizes direct-to-blister flash smelting technology to process concentrate into copper anodes. To operate within the optimized design specifications of the Nchanga smelter, Konkola Plc has historically purchased, and expects to continue to purchase, third-party copper concentrate to create a blended input to be processed at the smelter. Our broader mining operations plan assumes that annual third-party copper concentrate feed will be purchased at quantities of between 250 to 300 Ktpa on average from the local Zambian and DRC markets during the life of the Nchanga smelter. Konkola Plc's current supply agreements for third-party concentrate are short-term in nature, with no contracts extending beyond Fiscal 2026, consistent with standard industry practice for concentrate trading in the Copperbelt region. The ability to secure an ongoing supply of third-party concentrate at the volumes assumed in the mine plan is subject to continued growth in the production of concentrate in the Copperbelt region and Konkola Plc's ability to offer competitive terms to concentrate sellers.

Konkola Plc's incremental operating margins derived from the processing of third-party concentrate are significantly lower than those derived from Integrated production, as any revenue generated is substantially offset by the cost of third-party concentrate, treatment charges and associated smelter operating expenses. As discussed in Section 19.3.2 of the Initial Assessment TRS and Section 19.2.4 of the Pre-Feasibility Study TRS, the removal of economic benefit derived from copper contained in third-party concentrates and associated costs would result in a net present value ("NPV") decrease of approximately 7% on a Measured, Indicated and Inferred basis and 8% on a Measured & Indicated basis. Copper anodes produced at the Nchanga smelter are either sold as product or transported by road to the Nkana Refinery for further conversion into refined cathode. Importantly, the Nchanga smelter also includes cobalt recovery furnaces and sulfuric acid plants which respectively produce copper-cobalt alloy and sulfuric acid byproducts. The copper-cobalt alloy is sold to customers in the end-markets, and the sulfuric byproducts are an essential reagent for the TLP, which is a key input in Konkola Plc's tailings reclamation operations. See "*—Tailings Complex – TD03 and TD04*" for further information.

**Tailings Complex – TD03 and TD04**

The Tailings Complex, consisting of TD03 and TD04, is a historical tailings storage facility that contains substantial inventories of low-grade oxide tailings generated from past sulfide flotation operations. The Tailings Complex is located at the Nchanga Complex in Chingola. The TLP is a copper recycling hydrometallurgical plant with a design capacity of 18 Mtpa, and processes tailings into copper cathodes. In Fiscal 2019, prior to the appointment of the Provisional Liquidator, copper production from the Tailings Complex was approximately 49 Kt. In Fiscal 2024, copper production from the Tailings Complex had declined to approximately 12 Kt.

As supported by Tables 19.3 and 19.4 of the Pre-Feasibility Study TRS, the Tailings Complex is expected to produce an average of approximately 38 Ktpa of copper over its planned operational life through Fiscal 2029. The Tailings Complex produces copper from two sources: (1) the reclamation of existing tailings from the TD03 and TD04 tailings dams, which represents the Probable Mineral Reserves of the Tailings Complex and is expected to contribute approximately 113 kt of payable copper over the approximate four year reclamation period, equating to approximately 28 Ktpa and (2) the ongoing processing of fresh tailings produced continuously by the Nchanga concentrators and directed to the TLP as a routine operational input, which contributes approximately 10 Ktpa of additional payable copper. This fresh tailings stream is an established feature of TLP operations, is included in the TRS economic model and generates cashflow credited to TLP production, but is not classified as a Mineral Resource or Mineral Reserve as it arises from an ongoing processing operation rather than an in-situ mineral deposit.

The copper recovered from the existing tailings in TD03 and TD04 and the fresh tailings from the Nchanga concentrators are routed to the TLP at the Nchanga Complex for further copper extraction.

We are currently executing an exploration campaign to further develop our Mineral Resources, through the drilling of the Konkola Deep Mine Project, TD05 located near Nchanga and the Lubengele tailings dam located at Konkola, the latter two which have not previously been included in our declared Mineral Resource base. This campaign is designed to enhance long-term mine planning and maximize value generation. Auger drilling and test work commenced at TD05 in mid-2025 and is anticipated to be completed in the first half of 2026, following which identical drilling and test work will be carried out at Lubengele tailings dam. We anticipate that upon completion of the required drilling and test work, our mineral reserve estimate may increase, further increasing our production potential; however, at present, we have not established any Mineral Resources or Mineral Reserves from these tailings dams.

**Additional Facilities and Infrastructure**

**Nkana Refinery**

The Nkana Refinery is located in Kitwe and is a large, conventional electro-refinery with a current nameplate capacity of 300 Ktpa LME Grade A refined cathode. The refinery is currently focused on producing starter sheets for the TLP electrowinning tankhouse, rather than the production of refined cathode for sale. Anodes are supplied by the Nchanga smelter to the Nkana Refinery and consumed in the stripper section to generate starter sheets, which are in turn sent to the TLP to be consumed in the process for making copper cathodes. Currently, we expect to evaluate utilization of the Nkana Refinery for cathode production when power supply improves, unlocking greater value for the facility.

**Nampundwe Mine**

The Nampundwe mine is located 50 km from Lusaka and has been operational for 112 years. The Nampundwe mine produces pyrite, a sulfur and iron compound that is a critical input for smelting operations. Pyrite is a key source of sulfur supply required for sulfuric acid production in the acid plant located at the Nchanga Complex, which is then further utilized as the key reagent in the TLP, and as a reactant in the smelting process. The Nampundwe mine produced approximately 17.5 Kt of pyrite in Fiscal 2025.

**Summary of Facilities<br>** 

<br> ---

| | | | |
|:---|:---|:---|:---|
| **Facility** | **Nameplate**<br> **Capacity** | **Utilization as of<br> December 31, 2025** | **Product** |
| Konkola Concentrator | 6 Mtpa | ~25-30% | Copper-cobalt concentrate |
| Nchanga Concentrators |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Old East Mill | 4.4 Mtpa | ~25% | Copper concentrate |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New East Mill | 6.5 Mtpa | ~50% (throughput); concentrate circuit bypassed | Copper concentrate |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New West Mill | 2.5 Mtpa | ~25% | Copper concentrate |
| Nchanga Smelter | 312 Ktpa | 65% | Copper anodes<br> Copper-cobalt alloy<br> Sulfuric acid |
| Tailings Leach Plant | 18 Mtpa | 50% | LME Grade A copper cathode |
| Nkana Refinery | 300 Ktpa | Starter sheets only – cathode production suspended | LME Grade A copper cathode<br> Starter sheets for TLP |

---

**Financial and Operating Performance**

CopperTech intends to use the net proceeds from this offering to undertake investments in Konkola Plc aimed at increasing total copper production (including Integrated production and production from third-party sources) above historical levels, as outlined in the Technical Report Summaries. See "*Use of Proceeds*" for further information.

In Fiscal 2019, prior to the appointment of the Provisional Liquidator, Konkola Plc produced a total of approximately 180 Kt of copper (consisting of approximately 90 Kt Integrated production and 90 Kt third-party production) across the KCM Complex. In Fiscal 2024, total production had declined to 54 Kt of copper (consisting of approximately 25 Kt Integrated production and 29 Kt third-party production).

In the nine months ended December 31, 2025, Konkola Plc had net sales of $938.6 million and a net loss of $477.8 million, as compared to net sales of $178.5 million and net income of $1,134.9 million in the nine months ended December 31, 2024. In Fiscal 2025, Konkola Plc had net sales of $406.3 million and net income of $1,010.8 million, as compared to net sales of $438.2 million and a net loss of $442.7 million in Fiscal 2024. The positive net income in Fiscal 2025 was due to the discounting of the restructured liabilities in connection with agreements Konkola Plc entered into with its creditors, the GRZ and VRHL to repay these liabilities (in the form of loans) in the future in accordance with the KCM Shareholders Agreement and the Scheme of Arrangement. See "*—Scheme of Arrangement and Resumption of Control*" for further information.

In the nine months ended December 31, 2025, Konkola Plc produced approximately 100 Kt of copper (consisting of approximately 59 Kt Integrated production and 41 Kt third-party production) across the KCM Complex at an AISC of $4.35 per pound and in the nine months ended December 31, 2024, approximately 25 Kt of copper (consisting of approximately 16 Kt Integrated production and 9 Kt third-party production) across the KCM Complex at an AISC of $6.64 per pound. In Fiscal 2025, Konkola Plc produced approximately 48 Kt of copper (consisting of approximately 30 Kt Integrated production and 18 Kt third-party production) across the KCM complex at an AISC of $5.78 per pound and in Fiscal 2024, approximately 54 Kt of copper (consisting of approximately 25 Kt Integrated production and 29 Kt third-party production) across the KCM Complex at an AISC of $7.63 per pound. See "*—Summary Historical and Pro Forma Consolidated Financial and Other Data*" for further information and "*—Reconciliation of Non-GAAP Accounting Standards Financial Measures*" for a reconciliation of Cost of Sales, the most directly comparable GAAP measure to AISC.

As supported by the Technical Report Summaries, as of April 1, 2025, we had approximately 1.2 Mt of contained Proven and Probable copper Mineral Reserves (or 1.0 Mt of Proven and Probable copper Mineral Reserves on a 79.42% ownership basis) across the KCM Complex and, as of the same date, we had 1.2 Mt of further Measured and Indicated Mineral Resources and 8.6 Mt of Inferred Mineral Resources (or 1.0 Mt of further Measured and Indicated Mineral Resources and 6.9 Mt of Inferred Mineral Resources on a 79.42% ownership basis). Over the remaining mine life across the KCM Complex, we expect an average production of 250 Ktpa (consisting of approximately 150 Ktpa Integrated production and approximately 100 Ktpa from third-party sources) and an average AISC of $2.24 per pound.

The tables below summarize certain forward-looking financial and operational information of Konkola Plc as outlined in the Technical Report Summaries. Information regarding our Mineral Resources, including Inferred Mineral Resources, is derived from the Initial Assessment TRS, whereas information regarding our Mineral Reserves is derived from the Pre-Feasibility Study TRS. For additional information on our Mineral Reserves and Mineral Resources, see "*Mining Properties*" and the Technical Report Summaries included as exhibits to the registration statement of which this prospectus forms a part.

**Summary of Economic Analysis contained in Technical Report Summaries – 100% Basis**

---

| | | | |
|:---|:---|:---|:---|
|  | **Reserve Case<sup>(1)</sup>** | **Initial Assessment** <br> **Case<sup>(2)</sup>** | **Initial Assessment** <br> **Case<sup>(2)</sup>** |
|  | **Reserves** | **Measured +**<br> **Indicated +**<br> **Inferred** | **Measured +** <br> **Indicated** |
| **Production** |  |  |  |
| Mine Life | ~11 | ~45 | ~11 |
| KCM UG Ore mined | 31478 | 245889 | 31478 |
| KCM UG Ore head grade | 2.91% | 2.94% | 2.91% |
| KCM UG Ore Recovery | 89.1% | 86.5% | 89.1% |
| KCM Cu Payable | 788 | 6059 | 788 |
| NBU Open Pit Ore mined |  | 2648 | 0 |
| NBU Open Pit Ore head grade |  | 1.38% | 0.00% |
| NBU Open Pit Ore recovery |  | 61.41% | 0.00% |
| NBU Open Pit Cu payable |  | 22 | 0 |
| NBU Underground Ore mined |  | 22139 | 0 |
| NBU Underground Ore head grade |  | 2.56% | 0.00% |
| NBU Underground Ore recovery |  | 49.47% | 0.00% |
| NBU Underground Cu payable |  | 267 | 0 |
| Nchanga TLP Ore mined | 36142 | 67443 | 36142 |
| Nchanga TLP Ore head grade | 0.65% | 0.88% | 0.65% |
| Nchanga TLP Ore recovery | 48.1% | 50.7% | 48.1% |
| Nchanga TLP Cu Payable | 113 | 302 | 113 |
| Third-party Concentrate | 3423 | 13116 | 3423 |
| Third-party Concentrate Grade | 33.0% | 33.2% | 33.0% |
| Third-party Metal Production | 1108 | 4271 | 1108 |
| Integrated Metal Production | 912 | 6743 | 912 |
| Total Metal | 2021 | 11014 | 2021 |
| Growth Capital | 152 | 787 | 152 |
| Capital Development | 505 | 3337 | 505 |
| Sustaining Capital | 408 | 1859 | 408 |
| Closure Costs | 92.6 | 101 | 92.6 |
| C1 Unit Cash Cost ("C1 Cash Cost") (unit)**<sup>(3)</sup>** | 2.24 | 1.77 | 2.24 |
| AISC (unit)**<sup>(4)</sup>** | 2.80 | 2.24 | 2.80 |
| NPV<sub>8%</sub> (pre-tax, real basis) | 2132 | 7740 | 2132 |

---

\*Copper pricing calculated based on P75 consensus pricing (ranging from US$9,925/t to US$11,298/t over the Mineral Reserve production period).

\*\*Cobalt pricing calculated based on P50 consensus pricing (ranging from US$42,262/t to US$52,465/t over the Mineral Reserve production period).

&nbsp;&nbsp;&nbsp;&nbsp;(1) Reserve Case is presented in Table 19.3 of the Pre-Feasibility
Study TRS.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Initial Assessment Case is presented in Table 19.2 of
the Initial Assessment TRS.

&nbsp;&nbsp;&nbsp;&nbsp;(3) C1 Cash Cost includes all direct mining, processing, site G&A costs, and smelter and refinery costs net
of by-product credits (acid and cobalt revenue) associated with production at the KCM Complex. This excludes a portion of smelter and
refinery costs associated with third-party concentrates. C1 Cash Cost per pound is calculated as total C1 Cash Cost divided by payable
copper pounds produced during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(4) AISC is defined as C1 Cash Cost plus sustaining capital expenditure and royalties. AISC is a non-GAAP measure
presented for illustrative purposes and is reconciled to the operating and capital cost estimates.

**Summary of Economic Analysis contained in Technical Report Summaries – 79.42% Basis** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Reserve Case<sup>(1)</sup>** | **Initial Assessment** <br> **Case<sup>(2)</sup>** | **Initial Assessment** <br> **Case<sup>(2)</sup>** |
|  | **Reserves** | **Measured +**<br> **Indicated +** <br> **Inferred** | **Measured +** <br> **Indicated** |
| **Production** |  |  |  |
| Mine Life | ~11 | ~45 | ~11 |
| KCM UG Ore mined | 25000 | 195285 | 25000 |
| KCM UG Ore head grade | 2.91% | 2.94% | 2.91% |
| KCM UG Ore Recovery | 89.1% | 86.5% | 89.1% |
| KCM Cu Payable | 626 | 4812 | 626 |
| NBU Open Pit Ore mined |  | 2103 | 0 |
| NBU Open Pit Ore head grade |  | 1.38% | 0.00% |
| NBU Open Pit Ore recovery |  | 61.41% | 0.00% |
| NBU Open Pit Cu payable |  | 17 | 0 |
| NBU Underground Ore mined |  | 17583 | 0 |
| NBU Underground Ore head grade |  | 2.56% | 0.00% |
| NBU Underground Ore recovery |  | 49.47% | 0.00% |
| NBU Underground Cu payable |  | 212 | 0 |
| Nchanga TLP Ore mined | 28704 | 53563 | 28704 |
| Nchanga TLP Ore head grade | 0.65% | 0.88% | 0.65% |
| Nchanga TLP Ore recovery | 48.1% | 50.7% | 48.1% |
| Nchanga TLP Cu Payable | 90 | 240 | 90 |
| Third-party Concentrate | 2719 | 10417 | 2719 |
| Third-party Concentrate Grade | 33.0% | 33.2% | 33.0% |
| Third-party Metal Production | 880 | 3392 | 880 |
| Integrated Metal Production | 724 | 5355 | 724 |
| Total Metal | 1605 | 8747 | 1605 |
| Growth Capital | 121 | 625 | 121 |
| Capital Development | 401 | 2650 | 401 |
| Sustaining Capital | 324 | 1476 | 324 |
| Closure Costs | 74 | 80 | 74 |
| C1 Cash Cost (unit)**<sup>(3)</sup>** | 2.24 | 1.77 | 2.24 |
| AISC (unit)**<sup>(4)</sup>** | 2.80 | 2.24 | 2.80 |
| NPV<sub>8%</sub> (pre-tax, real basis)**<sup>(5)</sup>** | 1693 | 6147 | 1693 |

---

\*Copper pricing calculated based on P75 consensus pricing (ranging from US$9,925/t to US$11,298/t over the Mineral Reserve production period).

\*\*Cobalt pricing calculated based on P50 consensus pricing (ranging from US$42,262/t to US$52,465/t over the Mineral Reserve production period).

&nbsp;&nbsp;&nbsp;&nbsp;(1) Reserve case is presented in Table 19.3 of the Pre-Feasibility Study TRS.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Initial Assessment case is presented in Table 19.2 of the Initial Assessment TRS.

&nbsp;&nbsp;&nbsp;&nbsp;(3) C1 Cash Cost includes all direct mining, processing, site G&A costs, and smelter and refinery costs net
of by-product credits (acid and cobalt revenue) associated with production at the KCM Complex. This excludes a portion of smelter and
refinery costs associated with third-party concentrates. C1 Cash Cost per pound is calculated as total C1 Cash Cost divided by payable
copper pounds produced during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(4) AISC is defined as C1 Cash Cost plus sustaining capital expenditure and royalties. AISC is a non-GAAP measure
presented for illustrative purposes and is reconciled to the operating and capital cost estimates.

&nbsp;&nbsp;&nbsp;&nbsp;(5) For a sensitivity analysis showing project economics (i) removing direct smelter contribution of third-party
concentrate by reducing smelter and refinery revenue, operating costs and sustaining capital costs and (ii) incremental sulfuric acid
procurement cost arising from reduced smelter throughput, see Section 19.2.4 of the Pre-Feasibility Study TRS and Section 19.3.2 of the
Initial Assessment TRS.

***Projected Overall Mining Schedule – Mineral Reserve Case***

 ****

 

*Source:* Table 19.4, Pre-Feasibility Study TRS

 ****

***Projected Overall Mining Schedule – Initial Assessment Full Resource Case***

 

 

*Source:* Figure 19.5 (Full Resource Case), Initial Assessment TRS

 ****

 ****

***Consolidated AISC for Life of Mine – Initial Assessment ($/lb Cu)***

 

![](ctm003_img005.jpg)

*Source:* Table 19.3 (Full Resource Case) and Table 19.4 (M&I Case), Initial Assessment TRS

 **** 

**Our Competitive Strengths**

We believe that the following competitive strengths differentiate us and can contribute to our continued success.

**Robust Economics Driven by Large-Scale, High-Grade and Low-Cost Positions**

Our strong economics reflect the interplay of grade, scale and integration – capturing margin at each step of the mining process. Konkola Plc's average blended Mineral Resource copper grade of 2.9% (inclusive of Mineral Reserves) is approximately four times higher than the declining global average of 0.66% per Wood Mackenzie. We believe our strong endowment, as supported by our approximately 9.9 Mt (or approximately 7.9 Mt on a 79.42% ownership basis) of Mineral Resources, as well as our large operational scale, provides the opportunity to achieve an efficient unit intensity as fixed costs are spread over more tonnage and high capital productivity. Over the remaining mine life across the KCM Complex, we expect an average production of 250 Ktpa (consisting of approximately 150 Ktpa Integrated production and approximately 100 Ktpa from third-party sources) and an average AISC of $2.24 per pound. Furthermore, vertical integration – having mines, concentrator, on-site smelter and the TLP in one place – reduces logistics and third-party charges, stabilizes net realized pricing through minimized exposure to treatment and refining expense volatility, manages quality and shortens the cash-conversion cycle.

Our production growth plan is designed to leverage our favorable economics. Phased debottlenecking, recovery work and incremental throughput additions are expected to increase effective capacity in an efficient manner. We believe that higher volumes of concentrate feed will further improve smelter utilization and dilute fixed cost overheads, supporting expanded cash margins and returns. As such, we believe we have the foundation required to progressively entrench ourselves as a preferred long-term source of copper and cobalt for the U.S. market given our strong economic position and resulting ability to sustain strong margins through potential periods of commodity price volatility.

**Technology-Driven Operations Delivering Industry-Leading Efficiency**

We intend to continue building a digitized, AI-powered mining operation. We have a track record of using technology across our mining and plant operations, for example, the installation of a new smelter at Nchanga has enabled us to capture 99.5% of sulfur emissions from the smelter operations. Through strategic collaborations with technology specialists, we anticipate that our technology will enable real-time optimization across the entire value chain – from predictive maintenance that reduces downtime, to AI-driven exploration to increase our Mineral Resources and Mineral Reserves, and autonomous systems that enhance safety while reducing labor costs. Our integrated sensor network will be designed to provide continuous monitoring of equipment performance, geological conditions and environmental parameters, enabling proactive decision-making not possible for many conventional miners. We believe this technology-led approach positions us to achieve lower operating costs and higher productivity compared to conventional operations.

**High Growth Critical Minerals Producer with Strategic Focus on Supplying U.S. and Western Markets**

We believe that Konkola Plc represents one of the few operations positioned to help meet U.S. demand for copper and cobalt over the long term. Despite both commodities being designated as critical minerals by the U.S. government in 2025, the U.S. continues to import approximately 45% of its copper and 75% of its cobalt, as per the U.S. Geological Survey. With the DRC accounting for over 75% of the world's cobalt production and China producing more than 45% of the world's copper and refining over 70% of the world's cobalt, the U.S. faces significant supply chain vulnerability. The Konkola Complex is one of the world's highest-grade copper assets, and as supported by the Technical Report Summaries, with the implementation of our planned infrastructure upgrades, we aim to achieve a remaining operational mine life average copper production level of approximately 250 Ktpa (consisting of approximately 150 Ktpa Integrated production and approximately 100 Ktpa from third-party sources) from Fiscal 2029. We intend to increase the volume of finished copper products sold into U.S. markets, including products derived from both our own Integrated production and purchased third-party concentrate. We believe this strategy will enhance our U.S. market presence and optimize the value realized across our processing and sales activities. We believe that these initiatives, coupled with our strong operating history will enable us to become a strategic, technology-led supplier of copper and cobalt.

Konkola Plc offers a differentiated source of supply for copper and copper-cobalt alloy that can support rapidly growing end-use demand across critical sectors such as AI infrastructure, data centers, grid modernization and electrification. Further, we believe that copper is a cornerstone of industrialization and is currently at the forefront of a global shift towards a green economy. Its exceptional conductivity and recyclability make it an indispensable component in a wide array of modern technologies, from renewable energy systems to electric vehicles. Industry forecasts indicate that the next 25 years will require more copper than has been produced throughout human history. See "*—Industry*" below for further information.

Policy trends also have the potential to reinforce this structural shift. Effective August 1, 2025, the U.S. Government imposed a 50% tariff on semi-finished copper products, while excluding raw forms such as ore and cathode. Beginning from 2027, the U.S. Government will also require that 25% of U.S. produced high-quality copper scrap and copper inputs be sold domestically, thereby underscoring the need to secure reliable upstream supply from mining operations. The U.S. International Development Finance Corporation has provided financial support for the Lobito Corridor, a $10 billion rail infrastructure project intended to improve connectivity between Zambia's Copperbelt Province and Atlantic ports. The Lobito Corridor is expected to be operational by approximately 2029, potentially enhancing logistics for copper exports to Western markets. Against this backdrop, we are actively seeking to secure long-term commercial relationships and offtake contracts with customers located in the U.S. and Western-aligned nations. These contracts have the potential to allow us to contribute directly to energy security, technological competitiveness and supply chain resilience in the U.S., which we believe is aligned with the objectives of policymakers to reduce dependence on DRC mining and Chinese mining and refining, to the extent paired with increased critical minerals processing/refining capacity in Western-aligned nations.

**Advanced, De-risked Platform Backed by Substantial Capital Investment to Date**

Unlike many potential sources of incremental copper around the world, the KCM Complex currently produces copper and benefits from approximately $3 billion of capital deployed by Konkola Plc into capital expenditures between 2004 to 2019, funded by a combination of cash generated from operations and from shareholder loans. We believe that this installed asset base, together with existing permits and established operating practices, enables a highly efficient restart-and-ramp-plan that is more capital efficient and significantly faster compared to a first-time greenfield build. From a timeline perspective, the average greenfield copper mine in tier-1 jurisdictions such as the U.S., Canada and Australia take 29 years, 27 years and 20 years, respectively to be built, whereas our full ramp up to peak production is expected to take only approximately 7-8 years.

**Zambia - One of the World's Most Attractive Mining Jurisdictions**

Konkola Plc's operations are located in Zambia, one of the world's most established copper mining jurisdictions. In 2024, Zambia was the 11th largest producer of copper in the world and the second largest producer in Africa, with copper exports representing 15% of Zambia's gross domestic product and over 70% of its exports. In 2025, the Fraser Institute's Annual Survey of Mining Companies rated Zambia as 25th (out of 68 jurisdictions) on the Investment Attractiveness Index globally and is the third highest ranked African jurisdiction (out of 20 jurisdictions), which considers key investment attributes including geological attractiveness and government policies.

The GRZ has stated goals to position copper as a cornerstone of the nation's economic development and triple national copper production to 3 Mt annually by 2031 (Zambia currently projects 2026 production to reach 1 Mt) and to improve enabling infrastructure, including power permitting processes and logistics. We believe the development of the KCM Complex supports these goals, thereby aligning our interests with those of the GRZ. Furthermore, we expect that our long-standing community relationships, focus on safety, environmental performance and a robust existing workforce with a strong composition of local talent will support our license to operate during the production ramp-up period and beyond.

On January 23, 2026, Konkola Plc entered into a Memorandum of Understanding (the "MoU") with Africa Finance Corporation ("AFC"), a multilateral development finance institution. The MoU establishes a framework for collaboration and cooperation between Konkola Plc and AFC in connection with the Zambia Lobito Railway project (the "ZLR Project"). Under the terms of the MoU, Konkola Plc has expressed a non-binding interest in utilizing up to 180,000 tonnes per annum of freight capacity on the ZLR Project, subject to AFC's satisfactory due diligence and receipt of all necessary internal approvals. In turn, AFC will explore the possibility of providing financial and advisory support to Konkola Plc for the development and financing of its activities in Zambia, also subject to internal approvals, due diligence, and the negotiation of definitive agreements. The MoU will remain in effect for two years from the date of signature unless earlier terminated by either party upon 30 days' notice or by mutual agreement.

**Strong Historical Exploration Track Record and Resource Conversion**

We are exploring the extension of the expected mine life of the KCM Complex through continued exploration activities in what is a highly prolific zone for copper. Since the inception of the copper mines at Konkola, approximately 17.4 Mt of contained copper has been extracted. As supported by the Technical Report Summaries, this amount compares to a total Mineral Resource as of April 1, 2025, of approximately 9.9 Mt (or approximately 7.9 Mt on a 79.42% ownership basis). We are currently executing an exploration campaign to further develop our Mineral Resources, through the drilling of the Konkola Deep Mine Project, TD05 located near Nchanga and the Lubengele tailings dam located at Konkola, the latter two which have not previously been included in our declared Mineral Resource base. This campaign is designed to enhance long-term mine planning and maximize value generation. Auger drilling and test work commenced at TD05 in mid-2025 and is anticipated to be completed in the first half of 2026, following which identical drilling and test work will be carried out at Lubengele tailings dam. We anticipate that upon completion of the required drilling and test work, our mineral reserve estimate may increase, further increasing our production potential; however, at present, we have not established any Mineral Resources or Mineral Reserves from these tailings dams.

**Endorsed and Backed by Global Mining Leader**

Our current controlling stockholder, Vedanta, is a leading, diversified natural-resources group founded by Anil Agarwal that generated revenue of $18.2 billion in Fiscal 2025 and employs a global workforce in excess of 117,000 people. Vedanta has a track record of successfully operating and managing assets across a range of industries and geographies. The Vedanta group's portfolio spans base metals (zinc, lead, silver, aluminum, copper), oil and gas, iron ore, steel and power generation across India, Africa and other regions. In 2004, Vedanta obtained a 51.00% stake in Konkola Plc, before increasing its ownership to 79.42% in 2008.

**Our Business Strategy**

CopperTech is exploring a transformative growth strategy aimed at significantly further expanding copper production capacity across its mining and processing assets. We seek to deliver attractive, through-the-cycle returns to our stockholders through cash flow generation and growth of our copper mining operations. Below are the highlights of our growth strategy.

 ****

***Execute Plans to Become a Leading Global Copper Producer to Serve the High Growth U.S. Technology Sector***

We are growing our copper and cobalt mining business by executing and exploring development work at the KCM Complex, which we believe offers potential high returns. This includes prioritization of the Konkola Deep Mine Project to access the most attractive parts of the ore body, process improvements and other capital expenditures by Konkola Plc expected to total $1.7 billion in capital expenditures and $0.3 billion in sustaining capital expenditures over the next five years. A portion of such investment will be allocated to exploration activities within the KCM Complex and in select international jurisdictions, including infill drilling programs and AI-based geological surveys to identify additional resources and upgrade resource classifications. With this investment, and our planned infrastructure upgrades, we expect to achieve a remaining operational mine life average copper production level of 250 Ktpa (consisting of approximately 150 Ktpa Integrated production and approximately 100 Ktpa from third-party sources) from Fiscal 2029.

We believe there is also potential to grow production further, subject to additional geological engineering, permitting and completion of necessary studies. In carrying out our growth plans, we will continue to employ conventional and cutting-edge technologies to benefit from geological confidence in the resource base, access to existing infrastructure and support from local and regional authorities. In addition to pursuing growth in production at the KCM Complex, we also plan to undertake technical programs across the Konkola Plc portfolio to potentially upgrade Konkola Plc's Mineral Resources from the Inferred to higher-confidence Mineral Resource classifications, delineate new Mineral Resources and continually assess optimization strategies to increase efficiency of operations. In addition, we may evaluate external growth opportunities from time to time.

To further support our growth potential, we are also exploring measures to ensure power security and supply, which we anticipate will further streamline production as power is one of our biggest production inputs.

**Employ a Disciplined Approach to Capital Allocation**

Following the completion of our production ramp up at the KCM Complex, subject to fulfilling the requirements set out within the Konkola Waterfall (as defined herein), we expect the focus will be on deleveraging our balance sheet in order to preserve our financial flexibility through the commodity price cycle; continuously exploring new mining targets; and opportunistically evaluating external growth opportunities that are accretive.

Although there are currently no restrictions in our debt agreements or capital structure that would prevent us from paying a dividend in the future as a holding company, our ability to pay dividends on our common stock will depend on the receipt of cash distributions and dividends from our direct and indirect operating subsidiaries. Pursuant to the KCM Shareholders Agreement, distributions from Konkola Plc are subject to the Konkola Waterfall prioritizing interest and partial principal on shareholder loans and other specified liabilities, which may limit or delay our ability to pay dividends or other distributions.

 ****

***Building the "Modern Mine" Through Value-Added Strategic Collaborations to Maximize Artificial Intelligence and Technology***

We believe that our focus on strategic collaborations will accelerate operating performance, de-risk expansion and expand our resource base through the deployment of leading geophysical, analytic and AI technologies. More specifically, these technologies are anticipated to include AI-assisted tools to improve operating performance, by applying such tools in mine planning, maintenance scheduling, process control and exploration targeting. We intend to evaluate collaborations with equipment suppliers, digital and AI providers, mining and processing firms and consulting and engineering organizations with demonstrated capabilities in such specialized areas. Our objective is to access and utilize proven and innovative technologies to enhance financial performance while continuing to foster industry-leading safety standards, personnel management systems and IT systems.

**Copper Industry Overview**

Copper is an internationally traded commodity on the Commodity Exchange Inc. ("COMEX"), London Metal Exchange ("LME") and Shanghai Futures Exchange and is found in many mining jurisdictions around the world, including the Americas, Africa and Australia. After copper ore is mined, it is transformed through a series of processing steps into a highly versatile metal that ultimately serves as a foundational input into many end-use applications. Copper is a cornerstone of industrialization and is currently at the forefront of a global shift towards a green economy. Its exceptional conductivity and recyclability make it an indispensable component in a wide array of modern technologies and applications, from renewable energy systems to electric vehicles to high-capacity data centers. The global copper market is experiencing robust growth and, while traditional industrial applications continue to represent a substantial portion of copper consumption, the most dynamic growth segments are intrinsically linked to advancements in technology and AI. The four primary disrupting factors of copper demand – AI technological boom, global economic development, energy transition and increased defense spending targets – are alone expected to account for a combined 40% of copper demand growth expected by 2035, according to Wood Mackenzie.

Industry forecasts indicate that the next 25 years will require more copper than has been produced throughout human history.

![](ctm003_img007.jpg)

Source: Wood Mackenzie

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|:---|:---|
| ![](ctm003_img008.jpg) | ![](ctm003_img009.jpg) |

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Source: Wood Mackenzie

According to Wood Mackenzie, global refined copper consumption in 2024 totaled 26.8 Mt (up from 25.8 Mt in 2023) and is expected to grow to 34.0 Mt by 2040. The majority of demand today remains linked to traditional end-use markets, including construction, infrastructure, transportation and defense. The global transition towards battery electric vehicles and sustainable or renewable energy sources, such as solar and wind power, has represented most of the growth in recent years and is expected to remain a key contributor going forward. However, consumption growth rates are expected to be even further enhanced by demand from AI, digital infrastructure and electrification initiatives. From 2014 to 2024, copper consumption has grown annually at a rate of approximately 1.6%, and over the next 10 years is expected to grow at a compounded annual growth rate of 2.4% due in large part to its numerous technology end-use applications.

The increasing computational requirements of AI, particularly for advanced machine learning models and extensive data analytics, necessitate a vast expansion of global data center infrastructure. These facilities are intensive consumers of copper, which is essential for high-speed data transmission networks, efficient power distribution within racks and across facilities and advanced liquid cooling systems. Copper's exceptional thermal conductivity is crucial for dissipating the significant heat generated by high-performance computing hardware, including graphics processing units and specialized AI accelerators. AI-optimized data centers require significant kilowatts per rack to handle intensive computational workloads, a substantial increase over traditional data centers, necessitating thicker copper wiring, more robust copper bus bars and significantly enhanced cooling systems. Every square meter in an AI-optimized facility contains significantly more copper than conventional data centers due to these enhanced power and cooling requirements. According to Wood Mackenzie, the increasing electricity requirements of AI alone is expected to drive copper demand for grid infrastructure to 1.1 Mtpa by 2030 and is a relatively insignificant cost item relative to the overall capital expenditure of data center developments, which can lead to substantial copper demand and price increases.

According to Wood Mackenzie, global refined copper production totaled 27.0 Mt in 2024 (an increase from 25.9 Mt in 2023) and is expected to rise to 34.2 Mt by 2040. However, sources of high-grade copper ore (particularly in open-pit operations) have become increasingly challenging to find in recent years. Accordingly, we expect steady industry cost inflation and a rising marginal cost as miners spend more capital to extract copper from lower-grade deposits. Additionally, required adherence to environmental, social and governance standards is seen as potentially delaying projects even beyond currently envisioned timelines. With timelines from discovery of new resources to first production typically taking in excess of 24 years, management expects the value of high-quality, large deposits that have already been identified and developed to continue to rise.

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|:---|:---|
| ![](ctm003_img010.jpg) | ![](ctm003_img011.jpg) |

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Source: Wood Mackenzie

Traditional copper mining regions, particularly in South America (e.g., Chile and Peru), are projected to remain dominant sources of copper supply going forward, presenting an opportunity for DRC and Zambia to increase production and, thereby, geographically diversify the global supply picture. In 2024, African supply represented 10.2% of global copper production. The United States is projected to remain a net importer of copper, thereby reinforcing the need to secure long-term supply from Western-aligned nations. U.S. demand for copper is expected to rise by 42.9% from 2.2 Mt in 2024 to 3.1 Mt by 2040, with imports continuing to constitute a significant portion of copper consumption. Currently, imports into the U.S. represent approximately 45% of refined copper consumption and are expected to increase to 70% of refined copper consumption by 2040, as per Wood Mackenzie.

As of March 20, 2026, COMEX copper prices are currently $5.37 per pound, which are up over 5% year-over-year and over 30% over the past five years. Pricing is expected to remain a function of supply-demand dynamics and, with a rising deficit expected over the mid-term and long-term, we believe that prices will continue to increase over the long-term. Furthermore, we believe prices will continue to be influenced by a complex interplay of global macroeconomic factors and geopolitical developments, including potential tariffs which can lead to wide variations in regional pricing levels.

Historical Copper Price LME & COMEX ($/lb)

 

*Source: Factset*

 

**Summary of the Transactions**

We were incorporated in the State of Delaware on January 30, 2025, as Global Transition Resources Inc. On September 17, 2025, we changed our name to CopperTech Metals Inc. CopperTech is the issuer of the common stock offered by this prospectus.

Prior to the Transactions described below, (i) Vedanta Resources Holding Limited, a UK incorporated and tax resident company ("VRHL"), was the sole stockholder of CopperTech and (ii) VRHL held 79.42% of the outstanding shares of Konkola Plc, with the remainder of the outstanding shares of Konkola Plc held by ZCCM.

The following diagram depicts our simplified ownership structure immediately prior to the Transactions:

![](ctm003_img013.jpg)

The following is a description of the Transactions to implement the internal reorganization prior to consummation of the offering:

&nbsp;&nbsp;&nbsp;&nbsp;· Vedanta Resources Limited, a U.K. company ("VRL "),
the parent company of VRHL, will transfer its entire ownership interest in Vedanta Resources Jersey Limited, a Jersey private company
and wholly owned subsidiary of VRL ("VRJL"), to CopperTech, a wholly owned subsidiary of VRHL, for nominal cash consideration.
As a result of this transfer, VRJL will become a wholly owned subsidiary of CopperTech.

&nbsp;&nbsp;&nbsp;&nbsp;· As a result of a series of separate transactions, certain legacy shareholder
loans and other obligations owed by Konkola Plc to our affiliates Vedanta Resources (Jersey II) Limited, VRHL and VRL of approximately
$1,964 million (collectively, the "Existing Vedanta Liabilities") will be contributed to VRJL. The loans to be contributed
to VRJL will exclude the "Funded Scheme Loans" consisting of $330.0 million funded under the Capital Expenditures Support Loan
Agreement, $250.0 million funded under the Creditor Settlement Support Loan Agreement and $20.0 million Community Support Loan Agreement.
VRHL will remain the lender of the Funded Scheme Loans. VRHL will transfer its 79.42% ownership interest in Konkola Plc to VRJL. In consideration,
VRJL will issue a loan note payable to VRHL. VRHL will then contribute that loan note receivable to CopperTech in exchange for common
stock of CopperTech. CopperTech will then contribute that loan note receivable to VRJL in exchange for common stock of VRJL. As a result,
VRJL will hold a 79.42% ownership interest in Konkola Plc and CopperTech will be the sole stockholder of VRJL and a wholly owned subsidiary
of VRHL.

As a result of the transactions above, VRJL will assume the obligation to lend the outstanding balance $670.0 million principal amount to Konkola Plc that has yet to be funded under the Capital Expenditure Support Loan Agreement (the "Outstanding Scheme Loan"). CopperTech, as the sole stockholder of VRJL following the Transactions, intends to contribute $670.0 million of the net proceeds of this offering to VRJL to fund the Outstanding Scheme Loan, with such net proceeds to be used with the objective of further developing Konkola Plc's operations. See "*Use of Proceeds*."

The following diagram depicts our simplified ownership structure immediately following this offering and the Transactions, assuming no exercise of the underwriters' option to purchase additional common stock:

![](ctm003_img014.jpg)

**Corporate Information**

Our principal executive office is located at 80 Columbus Circle, #72B New York, New York 10023 and our telephone number is (302) 446-5757. We intend for our headquarters to be located in the United States. Our website is <u>https://coppertechmetals.com</u>. The information contained on our website, any website mentioned in this prospectus or any website directly or indirectly linked to these websites is not part of, and is not incorporated by reference in, this prospectus.

**Our Stockholder**

We are owned by VRL, the parent company of the Vedanta group of companies, through its fully owned subsidiary, VRHL. VRL, is a global diversified natural resources company focused on mining, oil and gas and metals production, with major operations in India, Africa and Australia. Immediately prior to the completion of this offering, VRL beneficially owned 100.0% of our common stock and, upon completion of this offering, VRL will indirectly hold through its affiliates approximately % of our outstanding common stock (or % if the underwriters exercise their option to purchase additional shares of common stock in full).

Upon completion of this offering, we will be a "controlled company" under NYSE corporate governance standards and intend to rely on the corporate governance exemption related thereto. See "*Risk Factors—Risks Relating to our Common Stock and the Offering—We will be a 'controlled company' within the meaning of the NYSE corporate governance rules. As a result, we will qualify for exemptions from certain U.S. corporate governance requirements and such exemptions could have an adverse effect on our public stockholders*."

**Risk Factors Summary**

Investing in our common stock involves risks. You should carefully consider the risks described in the section entitled "*Risk Factors*" before making a decision to invest in our common stock. If any of these risks actually occur, our business, financial condition or results of operations would likely be materially adversely affected. In such case, the trading price of our common stock would likely decline, and you could lose all or part of your investment. The following is a summary of some of the principal risks we face:

**Summary of Risks Relating to our Business**

&nbsp;&nbsp;&nbsp;&nbsp;· Estimates of Mineral Reserves and Mineral Resources are subject to evaluation uncertainties that could
result in project failure.

&nbsp;&nbsp;&nbsp;&nbsp;· Failure to achieve production estimates could have a material adverse impact on our cash flows, profitability,
results of operations and financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;· Capital and operating cost estimates made in respect of our mines and development projects may be significantly
lower than actual capital and operating costs.

&nbsp;&nbsp;&nbsp;&nbsp;· There are inherent uncertainties in valuing mining interests, including estimating Mineral Reserves and
Mineral Resources. Differences between our assumptions and market conditions during the operational phase of our assets may result in
the impairment of the book value of our mining interests, which could have a material adverse impact on our results of operations and
financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;· Mining is inherently dangerous and subject to conditions or events beyond our control, which could have
a material adverse effect on our business.

&nbsp;&nbsp;&nbsp;&nbsp;· We derive all of our revenue from operating assets located in Zambia. Unpredictable government or third-party
intervention in our operations in Zambia has had, and could in the future have, a material adverse effect on our business, results of
operations and financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;· All our revenue is derived from operations in Zambia which has underdeveloped physical, financial, political,
medical and institutional infrastructure.

&nbsp;&nbsp;&nbsp;&nbsp;· Our ownership of Konkola Plc is held jointly with ZCCM, an entity controlled by the GRZ, who also holds
a special share in Konkola Plc, and whose interests may conflict with ours.

&nbsp;&nbsp;&nbsp;&nbsp;· Our business may be exposed to risks associated with a concentrated customer base.

&nbsp;&nbsp;&nbsp;&nbsp;· Potential developments in the United States, regulatory uncertainty, tariff threats and trade tensions
may affect our business, results of operations and financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;· The incorporation of AI into our operations is new and untested and may not yield the anticipated benefits.

&nbsp;&nbsp;&nbsp;&nbsp;· Our holding company structure makes us dependent on the operations of our subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;· Fluctuations in the price of metals, in particular, copper, and energy sector commodities could have a
material adverse impact on our business, results of operations and financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;· We are subject to taxation risk.

&nbsp;&nbsp;&nbsp;&nbsp;· We may be adversely affected by the availability and cost of key inputs.

&nbsp;&nbsp;&nbsp;&nbsp;· We are subject to health, safety and environmental laws and regulations, and concessions, authorizations,
licenses and permits are subject to expiration, suspension, limitation on renewal and various other risks and uncertainties.

&nbsp;&nbsp;&nbsp;&nbsp;· We may not be able to replenish our Mineral Reserves.

&nbsp;&nbsp;&nbsp;&nbsp;· Our business is exposed to the cyclicality of global economic activity and we may not be able to adjust
production volume or costs in response to fluctuations in prices and demand for the metals we produce.

&nbsp;&nbsp;&nbsp;&nbsp;· The volume of materials that we recover may be materially lower than our Mineral Reserve and Mineral Resource
estimates, including due to an actual mine life that is materially shorter than our estimated mine life and various other factors. More
stringent regulations, market price fluctuations and changes in operating and capital costs may render certain Mineral Reserves and Mineral
Resources uneconomical to mine.

&nbsp;&nbsp;&nbsp;&nbsp;· Our operations may be negatively affected by global financial conditions.

&nbsp;&nbsp;&nbsp;&nbsp;· We may not be able to secure financing on favorable terms, or at all, to meet our future capital needs.

&nbsp;&nbsp;&nbsp;&nbsp;· Mining operations, development projects and exploration activities are subject to extensive regulations,
including environmental, health and safety and other regulations, as well as the need to manage relationships with local communities.

**Summary of Risks Relating to our Common Stock and the Offering**

&nbsp;&nbsp;&nbsp;&nbsp;· We have broad discretion in the use of the net proceeds from this offering and may not use them effectively.

&nbsp;&nbsp;&nbsp;&nbsp;· The market price of our common stock may be volatile, and your investment could suffer or decline in value.

&nbsp;&nbsp;&nbsp;&nbsp;· Following the completion of this offering, Vedanta will control a majority of the voting power of our
common stock, which will prevent you and other stockholders from influencing significant decisions.

&nbsp;&nbsp;&nbsp;&nbsp;· If securities analysts do not publish research or reports about our business or if they downgrade our
common stock or securities issued by other companies in our sector, the price and trading volume of our common stock could decline.

&nbsp;&nbsp;&nbsp;&nbsp;· The economic value of your investment may be diluted.

&nbsp;&nbsp;&nbsp;&nbsp;· Holders of our common stock may not receive any dividends.

&nbsp;&nbsp;&nbsp;&nbsp;· We will be a "controlled company" within the meaning of the NYSE corporate governance rules.
As a result, we will qualify for exemptions from certain U.S. corporate governance requirements and such exemptions could have an adverse
effect on our public stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;· We qualify as an emerging growth company, and any decision on our part to comply with reduced reporting
and disclosure requirements applicable to emerging growth companies could make our common stock less attractive to investors.

&nbsp;&nbsp;&nbsp;&nbsp;· There is currently substantial doubt about Konkola Plc's ability to continue as a going concern.

&nbsp;&nbsp;&nbsp;&nbsp;· The historical and pro forma financial information in this prospectus may make it difficult to accurately
predict our costs of operations in the future.

**THE OFFERING**

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|:---|:---|
| **Issuer** | CopperTech Metals Inc. |
| **Common Stock Offered by Us** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares |
| **Option to Purchase Additional Shares of Common Stock** | The underwriters have an option to purchase up to an aggregate of additional shares of common stock from us at the initial public offering price, less the underwriting discounts and commissions. The underwriters can exercise this option at any time within 30 days from the date of this prospectus. See "*Underwriting*." |
| **Shares of Common Stock to Be Outstanding Immediately After This Offering** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares (or shares if the underwriters exercise their option to purchase additional shares in full). |
| **Voting** | Each share of our common stock entitles its holders to one vote. See "*Description of Capital Stock*." |
| **Use of Proceeds** | We estimate, based upon an assumed initial public offering price of $ per share (which is the midpoint of the price range set forth on the cover page of this prospectus), that we will receive net proceeds from this offering of approximately $(or $ if the underwriters exercise their option to purchase additional shares of common stock in full), after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us.<br>We currently intend to use the net proceeds of this offering as follows (in order of priority), to further develop Konkola Plc's operations: |
|  | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;· $ million for capital development and infrastructure requirements of the underground mine at the Konkola Complex;<br> &nbsp;&nbsp;&nbsp;&nbsp;· $ million for TLP upgrades, smelter upgrades and the extension of mining operations at the Nchanga Complex;<br> &nbsp;&nbsp;&nbsp;&nbsp;· $ million for the utilities and infrastructure set up to enable the growth of the KCM Complex; and <br>&nbsp;&nbsp;&nbsp;&nbsp;· for working capital and general corporate purposes. |
|  | See the section entitled "*Use of Proceeds*." |
| **Dividend Policy** | We have never declared nor paid a dividend on our capital stock. We currently do not anticipate paying any cash dividends on our common stock after this offering or for the foreseeable future. We intend to retain any earnings for use in our business. Any declaration and payment of future dividends or other distributions to holders of our common stock will be at the discretion of our board of directors in accordance with applicable law and will depend on many factors, including our financial condition, earnings, capital requirements, level of indebtedness, statutory and contractual restrictions applying to the payment of dividends or other distributions and other considerations that our board of directors deems relevant. See the section entitled *"Dividend Policy*." |

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|:---|:---|
|  | Our ability to pay dividends on our common stock will depend on our receipt of loan repayments from Konkola Plc, cash distributions and dividends from our direct and indirect operating subsidiaries. Pursuant to the KCM Shareholders Agreement, distributions from Konkola Plc are subject to the Konkola Waterfall prioritizing interest and partial principal on shareholder loans and other specified liabilities. Although we will be entitled to receive certain loan repayments on the shareholder loans in accordance with the Konkola Waterfall, cash distributions to CopperTech are only permitted after all such obligations are satisfied, which may limit or delay our ability to receive dividends or other distributions from Konkola Plc. See "*Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources*". |
| **Controlled Company** | Upon completion of this offering, Vedanta will continue to beneficially own more than 50% of the voting power of our outstanding common stock. As a result, we intend to avail ourselves of the "controlled company" exemptions under the rules of NYSE, including exemptions from certain of the corporate governance listing requirements. See "*Management—Controlled Company Exemption*" and "*Certain Relationships and Related Party Transactions*." |
| **NYSE Listing** | We have applied to list our common stock on the NYSE under the symbol "CUX". There can be no assurance that the NYSE will approve our listing application. The closing of this offering is contingent upon the successful listing of our common stock on the NYSE. |
| **Risk Factors** | See the section entitled "*Risk Factors*" beginning on page 33 for a discussion of factors you should carefully consider before deciding to invest in our common stock. |

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Unless otherwise indicated or the context otherwise requires, the number of shares of common stock outstanding and other information in this prospectus:

&nbsp;&nbsp;&nbsp;&nbsp;· gives effect to the Transactions, including the consummation of this offering and proposed use of proceeds
therefrom;

&nbsp;&nbsp;&nbsp;&nbsp;· assumes an initial public offering price of $
per share of common stock, which is the midpoint of the pricing range set forth on the cover page of this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;· assumes no exercise of the underwriters' option to purchase up to 
additional shares of common stock from us in this offering;

&nbsp;&nbsp;&nbsp;&nbsp;· assumes the filing and effectiveness of our amended and restated certificate of incorporation and the
adoption of our amended and restated bylaws, each of which will occur immediately prior to the closing of this offering;

&nbsp;&nbsp;&nbsp;&nbsp;· assumes a -for-one forward stock split of our Common Stock will occur prior to the consummation of this
offering; and

&nbsp;&nbsp;&nbsp;&nbsp;· excludes shares of our common stock reserved for issuance under our equity incentive plan.

**SUMMARY HISTORICAL AND PRO FORMA CONSOLIDATED FINANCIAL AND OTHER DATA**

The following table presents summary historical consolidated financial data of Konkola Plc and its subsidiaries as of the dates or the periods indicated. The summary consolidated statements of operations data and statements of cash flows data for the years ended March 31, 2025 and 2024 and the consolidated balance sheet data as of March 31, 2025 and 2024 are derived from the audited consolidated financial statements of Konkola Plc and related notes included elsewhere in this prospectus, which have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP"). The summary consolidated statements of operations data and statements of cash flows data for each of the nine months ended December 31, 2025 and 2024 and the consolidated balance sheet data as of December 31, 2025 are derived from the unaudited consolidated financial statements of Konkola Plc and related notes included elsewhere in this prospectus. In the opinion of management, the unaudited consolidated financial statements have been prepared on a basis consistent with our audited consolidated financial statements and contain all adjustments, consisting only of normal and recurring adjustments, necessary for a fair presentation of such interim financial statements. Our historical results are not necessarily indicative of the results to be expected in the future and our interim results are not necessarily indicative of results to be expected for the full year or any other period.

Historically, our business has been operated through Konkola Plc, together with its subsidiaries. CopperTech was formed for the purpose of this offering and has engaged to date only in activities in contemplation of this offering. As such, the summary historical financial data of CopperTech has not been presented. Upon the completion of the Transactions, CopperTech will hold a 79.42% interest in Konkola Plc, and the financial results of Konkola Plc will be consolidated in our financial statements. For more information regarding the Transactions, see "*—Summary of the Transactions*". The historical consolidated financial data of Konkola Plc and its subsidiaries reflect the results of operations and the financial position of Konkola Plc as a whole, including the interests attributable to the non-controlling interest.

The summary unaudited pro forma condensed consolidated combined statement of operations for the year ended March 31, 2025 and for the nine months ended December 31, 2025 give effect to the Resumption of Control, the Transactions and this offering, as if they had occurred on April 1, 2024. The summary unaudited pro forma condensed consolidated balance sheet as of December 31, 2025 gives effect to the Transactions and this offering, as if they had occurred on December 31, 2025.

The summary of Konkola Plc's consolidated financial data and the pro forma financial data set forth herein should be read together with the consolidated financial statements and the related notes appearing elsewhere in this prospectus, as well as the section entitled "*Unaudited Pro Forma Consolidated Financial Data*" and "*Management's Discussion and Analysis of Financial Condition and Results of Operations*".

We have made rounding adjustments to some of the figures included in this prospectus. Accordingly, numerical figures shown as totals in some tables may not be an arithmetic aggregation of the figures that precede them.

**Consolidated Statement of Operations Information**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Historical Konkola Copper Mines Plc** | **Historical Konkola Copper Mines Plc** | **Historical Konkola Copper Mines Plc** | **Historical Konkola Copper Mines Plc** | **Pro Forma CopperTech Metals Inc.** | **Pro Forma CopperTech Metals Inc.** |
|  | **Nine Months Ended<br> December 31,** | **Nine Months Ended<br> December 31,** | **Years Ended March 31,** | **Years Ended March 31,** | **Nine Months<br> Ended<br> December 31,<br> 2025** | **Year Ended<br> March 31, 2025** |
|  | **2025** | **2024** | **2025** | **2024** | | |
| **(in thousands, except for share and per share amounts)** |  |  |  |  |  |  |
| Net sales | $938564 | $178455 | $406308 | $438161 |  |  |
| Cost of sales | 962069 | 372765 | 631100 | 808311 |  |  |
| **Gross loss** | $**(23505)** | $**(194309)** | $**(224792)** | $**(370150)** |  |  |
| Selling, general and administrative expenses | 72092 | 60704 | 91390 | 189270 |  |  |
| Other operating income (loss), net | (225314) | 1378157 | 1316687 | 266090 |  |  |
| **Operating income (expense)** | $**(320911)** | $**1123143** | $**1000505** | $**(293330)** |  |  |
| Interest expenses | 33997 | 96632 | 106435 | 202599 |  |  |
| **(Loss) income before income taxes** | $**(354908)** | $**1026511** | $**894070** | $**(495929)** |  |  |
| Income tax benefit (expense) | (122911) | 108356 | 116722 | 53248 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net income / (loss)** | $**(477819)** | $**1134867** | $**1010792** | $**(442681)** |  |  |
| **<u>Earnings per common share:</u>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic earnings per share | $(0.43) | $1.03 | $0.92 | $(0.40) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted earnings per share | $(0.43) | $1.03 | $0.92 | $(0.40) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average number of common shares — basic and diluted | 1098677473 | 1098677473 | 1098677473 | 1098677473 |  |  |

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**Consolidated Balance Sheet Information**

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| | | | |
|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Historical Konkola** <br> **Copper Mines Plc** | **Pro Forma<br> CopperTech** <br> **Metals Inc.<sup>(1)</sup>** | **Pro Forma As Adjusted** <br> **CopperTech Metals Inc.<sup>(2)</sup>** |
| **(in thousands)** | | | |
| **<u>Financial Position</u>** |  |  |  |
| Total current assets | $654022 |  |  |
| Total assets | 2178577 |  |  |
| Total current liabilities | 303986 |  |  |
| Total liabilities | 2407938 |  |  |
| Total stockholder's equity | (229362) |  |  |

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(1) Reflects the pro forma balance sheet data for CopperTech Metals Inc. after giving effect to the Transactions.

(2) Reflects (a) the pro forma adjustment described in footnote (1) above and (b) the issuance and sale by us of shares of common stock in this offering at the assumed initial public offering price of $ per share (which is the midpoint of the price range set forth on the cover page of this prospectus).

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Nine Months Ended<br> December 31,** | **Nine Months Ended<br> December 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
| <br>**(in thousands)** | **2025** | **2024** | **2025** | **2024** |
| **<u>Cash Flow Summary</u>** |  |  |  |  |
| Net cash used in operating activities | $(72154) | $(253989) | $(265903) | $(2180) |
| Net cash used in investing activities | (40380) | (9276) | (13206) | (28274) |
| Net cash provided by financing activities | 244547 | 288860 | 336967 | 35000 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Nine Months Ended<br> December 31,** | **Nine Months Ended<br> December 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **<u>Production Metrics</u>** |  |  |  |  |
| Payable copper produced *(lb, in thousands)* | 220906 | 55420 | 106602 | 119268 |
| Payable copper sold *(lb, in thousands)* | 208187 | 47488 | 102081 | 127729 |

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**Non-GAAP Measures of Konkola Plc**

<br> ---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Nine Months Ended<br> December 31,** | **Nine Months Ended<br> December 31,** | **Years Ended March 31,** | **Years Ended March 31,** |
| <br>**(in thousands)** | **2025** | **2024** | **2025** | **2024** |
| **<u>Non-GAAP Measures</u>** |  |  |  |  |
| Adjusted EBITDA *(in thousands)*<sup>(1)</sup> | $12762 | $(179732) | $(202790) | $(455859) |
| C1 Cash Cost $/ lb Cu<sup>(2)</sup> | 3.99 | 6.32 | 5.50 | 7.27 |
| AISC $/ lb Cu<sup>(2)</sup> | 4.35 | 6.64 | 5.78 | 7.63 |
| Realized copper price ("RCP") $/ lb Cu<sup>(2)</sup> | 4.43 | 3.56 | 3.84 | 3.29 |

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(1) We calculate Adjusted EBITDA as net (loss)/income
before interest expense and income, income tax expense (benefit), depreciation, as adjusted to exclude foreign exchange gain (loss) and
other non-recurring items such as reorganization items. See "*Management's Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Measures*" for a reconciliation to Net (Loss) / Income.

(2) We calculate C1 of copper as cost of sales adjusted to include general and administrative expenses
and exclude royalties and depreciation as they are not direct production costs or cash costs. C1 is a non-GAAP measure based on production
volumes. We believe there is no directly comparable measure under GAAP but have included a reconciliation to Cost of Sales, a GAAP measure.
See "*Management's Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Measures.* "

(3) We calculate AISC as cost of sales adjusted to include general and administrative expenses and sustaining capital expenditures and exclude depreciation. AISC is a non-GAAP measure based on production and sales volumes.
We believe there is no directly comparable measure under GAAP but have included a reconciliation to Cost of Sales, a GAAP measure. See
" *Management's Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Measures.* "

(4) We calculate RCP from sales, net of distribution costs. RCP is a non-GAAP measure based on sales volumes.
We believe there is no directly comparable measure under GAAP but have included a reconciliation to Net Sales, a GAAP measure. See "*Management's Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Measures.* "

**RISK FACTORS**

An investment in our common stock involves a high degree of risk. You should consider carefully the following risks, together with the financial and other information contained in this prospectus, before you decide to purchase our common stock. If any of the following risks or uncertainties actually occurs, our business, results of operations and financial condition could be materially and adversely affected. In that case, the market price of our common stock could decline and you may lose all or a part of your investment. The risks discussed below are not exhaustive; additional risks or uncertainties not currently known to us, or that we currently deem immaterial, may also have a material adverse effect on our business, results of operations and financial condition. We cannot assure you that any of the events discussed below will not occur.

**Risks Related to our Business**

**Estimates of Mineral Reserves and Mineral Resources are subject to evaluation uncertainties that could result in project failure.**

Our mining operations are faced with risks associated with being able to accurately predict the quantity and quality of Mineral Resources or Mineral Reserves within the earth using statistical sampling techniques. Estimates of Mineral Resources or Mineral Reserves on our properties are made using samples obtained from appropriately placed trenches, test pits and underground workings and intelligently designed drilling. Data quality and age can negatively impact the accuracy of our estimates. For example, there is an inherent variability of assays between check and duplicate samples taken adjacent to each other and between sampling points that cannot be reasonably eliminated. Additionally, we may re-evaluate our Mineral Resources and Mineral Reserves from time to time and our Mineral Resources and Mineral Reserves may change depending on further geological interpretation, drilling results and metal prices. There may be unknown geological details that have not been identified or correctly appreciated at the current level of accumulated knowledge about our properties. All of these factors could result in uncertainties that cannot be reasonably eliminated from the process of estimating potential Mineral Resources or Reserves, and may lead to Mineral Resources or Reserves being overstated or otherwise unreliable.

As described in the Initial Assessment TRS, a large proportion of our Mineral Resources is classified as Inferred. Although we are actively pursuing the conversion of our Mineral Resources into Mineral Reserves, the results of our drilling activities may not support such conversion. Further, we may never be successful at converting our Mineral Resources into Mineral Reserves. If we are unable to convert, or are delayed in converting, our Mineral Resources into Mineral Reserves, our exploitation plan may not lead to commercially viable operations in the future, which would materially adversely impact our results of operations and financial condition.

**Failure to achieve production estimates could have a material adverse impact on our cash flows, profitability, results of operations and financial condition.**

We have prepared estimates of our future copper and cobalt production. We cannot give any assurance that such estimates (or the underlying assumptions) will prove to be accurate or if the estimates will be achieved. Failure to achieve production estimates or product quality could have a material adverse impact on our future cash flows, profitability, results of operations and financial condition. Additionally, most of our estimated Mineral Resources are Inferred Mineral Resources, which do not currently, and may not ever, have economic viability. If our Inferred Mineral Resources are not converted to Mineral Reserves, the life of our mines would be decreased substantially which would materially impact our financial condition and results of operations. The realization of production estimates are dependent on, among other things, the accuracy of Mineral Reserve and Mineral Resource estimates, the accuracy of assumptions regarding ore grades and recovery rates, ground conditions (including hydrology), the physical characteristics of ores (including the prevalence of different ore types), the presence or absence of particular metallurgical characteristics, the availability of, and our ability to enter into agreements to purchase, third-party concentrate and the accuracy of the estimated rates and costs of mining, ore haulage and processing. Konkola Plc intends to deploy $1.7 billion in capital expenditures and $0.3 billion in sustaining capital expenditures at the KCM Complex to drive an increase in the production of copper to up to approximately 250 Ktpa (consisting of approximately 150 Ktpa Integrated production and approximately 100 Ktpa from third-party sources) over the remaining operational mine life of Konkola Plc from Fiscal 2029. Despite our investment and significant time and management attention spent on increasing production capacity, we may not achieve our intended increase or any increase at all. Actual production may vary from estimates for a variety of reasons, including the actual ore mined varying from estimates of grade or tonnage; dilution and metallurgical and other characteristics (whether based on representative samples of ore or not); short-term operating factors such as the need for sequential development of ore bodies, the processing of new or adjacent ore stopes from those planned and the absence of dewatering to facilitate secondary development; mine failures or slope failures; industrial accidents; natural phenomena such as inclement weather conditions, floods, droughts, rock slides and earthquakes; encountering unusual or unexpected geological conditions; changes in power costs and potential power shortages; shortages of principal supplies needed for mining operations, including explosives, fuels, chemical reagents, water, equipment parts and lubricants; plant and equipment failure; the inability to process certain types of ores; skilled labor shortages or strikes; community opposition; and restrictions or regulations imposed by government agencies or other changes in the regulatory environment. Such occurrences could also result in damage to mineral properties or mines, interruptions in production, injury or death to persons, damage to our property or others' monetary losses and legal liabilities in addition to adversely affecting mineral production. These factors may cause our operations to become unprofitable, forcing us to cease production. Mineral Resources and Mineral Reserves are reported as general indicators of mine life, however, this should not be interpreted as assurances of mine life or of the profitability of current or future operations. See "*—We have completed conceptual studies to assess the economic potential of our Mineral Resources. Conceptual studies are not feasibility studies and are lower in confidence as compared to feasibility studies. The results of our conceptual studies may not accurately reflect actual capital requirements, operating costs or revenues from any potential future production*" and "*—Our goal to increase copper production from our mining assets is dependent on a number of factors, including substantial investment to establish necessary mining and processing systems.*"

**Capital and operating cost estimates made in respect of our mines and development projects may be significantly lower than actual capital and operating costs.**

Capital and operating cost estimates are based on the interpretation of geological and hydrological data, feasibility studies, anticipated climatic conditions, market conditions for required products and services, and other factors and assumptions regarding foreign exchange currency rates. The accuracy of our capital and operating cost estimates could be affected by unanticipated changes in the grade and tonnage of ore to be mined and processed, inaccurate data on which engineering assumptions are made, delays in construction schedules, unanticipated transportation costs, the accuracy of major equipment and construction cost estimates, the accuracy of operating costs, any labor negotiations, changes in government regulation (including regulations regarding prices, cost of consumables, royalties, duties, taxes, permitting, operating conditions and restrictions on production quotas on exportation of minerals), raw material costs and title claims.

**There are inherent uncertainties in valuing mining interests, including estimating Mineral Reserves and Mineral Resources. Differences between our assumptions and market conditions during the operational phase of our assets may result in the impairment of the book value of our mining interests, which could have a material adverse impact on our results of operations and financial condition.**

Mining and mineral interests are our most significant assets and represent capital expenditures related to the acquisition of mineral rights, development of mining properties and related plant and equipment. The investments associated with mining properties include rights over producing properties as well as properties under development and properties at prospecting stage.

We review and evaluate our mining interests for impairment at least annually or when events or changes in circumstances indicate that relevant book values may not be recoverable. Future cash flows are estimated based on expected future production, commodity prices, exchange rates, operating costs and capital costs. There are numerous uncertainties inherent in estimating Mineral Reserves and Mineral Resources. Differences between management's assumptions and market conditions during the operational phase of our assets may have a material effect on our results of operations and financial condition.

**Mining is inherently dangerous and subject to conditions or events beyond our control, which could have a material adverse effect on our business.**

Our business operations are subject to risks and hazards inherent in the mining industry that may result in damage to our property and reputation, interruptions to our operations and possible legal liability. These risks and hazards include but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;· environmental hazards;

&nbsp;&nbsp;&nbsp;&nbsp;· disposal of wastes and products occurring as a result of mineral exploration and production;

&nbsp;&nbsp;&nbsp;&nbsp;· physical climate change-related hazards;

&nbsp;&nbsp;&nbsp;&nbsp;· discharge of pollutants, noise or hazardous chemicals;

&nbsp;&nbsp;&nbsp;&nbsp;· industrial accidents, including those that result in fatalities;

&nbsp;&nbsp;&nbsp;&nbsp;· failure of processing and mechanical equipment and other performance problems;

&nbsp;&nbsp;&nbsp;&nbsp;· operating equipment outside of its designed limitations;

&nbsp;&nbsp;&nbsp;&nbsp;· labor force disputes or disruptions;

&nbsp;&nbsp;&nbsp;&nbsp;· security, environmental, or safety incidents, including as the result of the activities of illegal miners,
trespassers, squatters and other forms of encroachment;

&nbsp;&nbsp;&nbsp;&nbsp;· site / province / country access disruptions;

&nbsp;&nbsp;&nbsp;&nbsp;· seismic events;

&nbsp;&nbsp;&nbsp;&nbsp;· the unavailability of materials and equipment;

&nbsp;&nbsp;&nbsp;&nbsp;· unanticipated transportation costs or disruption;

&nbsp;&nbsp;&nbsp;&nbsp;· unanticipated variations in grade and other geological problems, water conditions, surface or underground
conditions;

&nbsp;&nbsp;&nbsp;&nbsp;· unanticipated changes in metallurgical and other processing problems;

&nbsp;&nbsp;&nbsp;&nbsp;· mechanical failure or breakdowns and aging infrastructure;

&nbsp;&nbsp;&nbsp;&nbsp;· failure of unproven or evolving technologies;

&nbsp;&nbsp;&nbsp;&nbsp;· encountering unanticipated ground or water conditions and unexpected or unusual rock formations;

&nbsp;&nbsp;&nbsp;&nbsp;· cave-ins, land slips, land slides, sinkholes, subsidence, pit wall failures, dam breaches, flooding, rock
bursts, explosions and fire;

&nbsp;&nbsp;&nbsp;&nbsp;· failure of mining pit slopes, leach facilities, water or solution dams, waste stockpiles and tailings
facility walls;

&nbsp;&nbsp;&nbsp;&nbsp;· safety-related stoppages;

&nbsp;&nbsp;&nbsp;&nbsp;· periodic interruptions due to inclement or hazardous weather conditions;

&nbsp;&nbsp;&nbsp;&nbsp;· force majeure factors, epidemics, pandemics, acts of God or unfavorable operating conditions; and

&nbsp;&nbsp;&nbsp;&nbsp;· other conditions involved in the drilling, blasting, mining and processing of material, any of which could
result in damage to, or destruction of, mines and other producing facilities or equipment, damage to life or property, environmental damage
and possible legal liability.

Mining operations inherently involve significant operational risks that can endanger the safety and well-being of personnel working both inside and around the mines and plants. Employees are routinely exposed to hazardous conditions, including the risk of industrial accidents, equipment failures, rock falls, cave-ins, flooding, and exposure to hazardous substances. The unpredictable nature of underground environments, combined with the use of heavy machinery and explosives, increases the likelihood of serious injuries or fatalities. Despite our implementation of safety protocols and ongoing training, in recent years we have experienced fatal onsite accidents involving transport, falls, rock falls, and blasting, some of which have been, and are being, investigated by the Mine Safety Department, and may result in liabilities or enforcement actions. We may in the future continue to experience unforeseen incidents, which may lead to interruptions in operations, fines, liability, public scrutiny, and damage to our reputation.

Managing the volume of waste rock and tailings produced in our mining operations presents significant environmental, safety and engineering challenges and risks. We maintain large tailings storage facilities, which are effectively large dams that must be engineered, constructed and monitored to assure structural stability and avoid leakages or structural collapse. The failure of tailings dams or other impoundments can cause severe property damage, environmental damage and loss of life, any of which may result in litigation, remediation obligations or other adverse impacts on our operations. The importance of careful design, management and monitoring of large impoundments was emphasized in recent years by large-scale tailings dam failures at unaffiliated mines, which caused extensive property and environmental damage and resulted in the loss of life.

The Konkola Complex is internationally recognized as one of the wettest underground mines, with groundwater inflows averaging approximately 350,000 cubic meters per day. Safe and reliable access to the orebody is critically dependent on the continuous operation of a complex, multi-stage dewatering system, comprising underground pump stations and high-capacity surface discharge infrastructure. The scale and cost of dewatering present ongoing operational and financial risks, particularly in the event of equipment failure, power supply disruptions or lapses in maintenance. Furthermore, limitations in dewatering capacity may constrain access to deeper ore zones and impact the achievable mining rate. Dewatering at the Nchanga Complex underground mine and the Nampundwe mine are also subject to dewatering/flooding risks albeit to a lesser extent than Konkola.

With the Konkola Complex underground mine dewatering pumping rates peaking at approximately 360,000 cubic meters per day, and the Nchanga Complex underground mine peaking at around 75,000 cubic meters per day, the availability of power is essential to our dewatering processes and therefore to our overall operations. As we expand our operations at Konkola, we expect that the amount of dewatering needed will increase significantly, with certain scenarios currently predicting a need for peak pumping rates of approximately one million cubic meters per day, which will increase our need for power.

Any of the aforementioned risks or hazards could materially and adversely affect, among other things, the development of properties, production quantities and rates, costs and expenditures and production commencement dates. Such risks could also result in damage to, or destruction of, mineral properties or processing facilities, environmental damage, interruptions to our operations, monetary losses and possible legal liability.

Our processing facilities are dependent on continuous mine feed to remain in operation. If our mines do not maintain material stockpiles of ore or materials in process, any significant disruption in mine feed or processing throughput, whether due to equipment failures, adverse weather conditions, supply interruptions, export or import restrictions, labor force disruptions or other causes, may have an immediate material adverse effect on our results of operations. A significant reduction in mine feed or processing throughput at a particular mine could cause the unit cost of production to increase to a point where we could determine that some or all of our Mineral Reserves are or could be uneconomic to exploit.

We periodically review mining schedules, production levels and asset lives in our life-of-mine planning for all of our operating and development properties. Significant changes in the life-of-mine plans can occur as a result of mining experience, new ore discoveries, changes in mining methods and rates, process changes, investment in new equipment and technology, previous metals price assumptions and other factors. Based on this analysis, we review our accounting estimates and, in the event of impairment, may be required to write down the carrying value of one or more mines. This complex process continues for the life of every mine.

As a result of the foregoing risks and, in particular, where a project is in a development stage, expenditures on any and all projects, actual production quantities and rates and cash costs may be materially and adversely affected and may differ materially from anticipated expenditures, production quantities and rates and costs. In addition, estimated production dates may be delayed materially, especially to the extent development projects are involved. Any such events can materially and adversely affect our cash flows, business, results of operations and financial condition.

**We derive all of our revenue from operating assets located in Zambia. Unpredictable government or third-party intervention in our operations in Zambia has had, and could in the future have, a material adverse effect on our business, results of operations and financial condition.**

In Fiscal 2025 and in the nine months ended December 31, 2025, we derived all of our revenue from operations located in Zambia. Our operations in Zambia, whose government has a history of making significant and unpredictable changes in policies and laws, are vulnerable to disruption due to such government changes and hazards generally associated with the mining industry and open pit mining.

Further, our ownership interest in Konkola Plc is subject to third-party risk arising from ZCCM, the minority shareholder of Konkola Plc, of which the GRZ is a shareholder. See "*—Our ownership of Konkola Plc is held jointly with ZCCM, an entity controlled by the GRZ, who also holds a special share in Konkola Plc, and whose interests may conflict with ours.*" Government or third-party intervention in our operations have in the past, and could in the future, result in a suspension of Konkola Plc's operations or a reduction in production and have a material adverse effect on our business, results of operations and financial condition.

For example, in 2019, Konkola Plc and ZCCM were involved in a shareholder dispute arising out of ZCCM's allegations that Konkola Plc was being managed in a manner detrimental to ZCCM's interests as a minority shareholder, was failing to meet obligations to suppliers and contractors, experiencing negative cash flow, had incurred substantial operational losses and had failed to develop certain mining areas as required under its mining licenses. ZCCM filed a petition in the High Court of Zambia seeking to wind up Konkola Plc, pursuant to which the High Court of Zambia granted an ex parte order placing Konkola Plc under provisional liquidation on May 21, 2019. The Provisional Liquidator was subsequently appointed and assumed immediate operational control, displacing Vedanta from the management of Konkola Plc. During the period in which Konkola Plc was under the control of the Provisional Liquidator, total copper production of Konkola Plc was reduced from previous levels and infrastructure at the KCM Complex was degraded. Between 2019 and 2022, Vedanta launched a series of challenges to ZCCM's bypassing of the mandatory arbitration provisions in the then-existing shareholders' agreement, and proceeding directly to provisional liquidation and in March 2022, the Supreme Court of Zambia ruled that the provisional liquidation was not lawfully instituted and that Vedanta's legal ownership and control rights over Konkola Plc remained intact throughout the dispute. In 2022, following a review of the Konkola Plc matter, the GRZ determined that control should be returned to Vedanta as the legal majority owner of Konkola Plc and in November 2023, Vedanta and ZCCM entered into the Scheme of Arrangement and the KCM Shareholders Agreement. The Scheme of Arrangement with respect to legacy creditor claims was sanctioned by the High Court of Zambia on June 28, 2024, and became effective on July 31, 2024, the Scheme Effective Date. Upon the Scheme Effective Date, the Provisional Liquidator was removed and VRHL's control and ownership of Konkola Plc was reinstated. There can be no assurance that such government or third-party intervention will not occur again and any such intervention in our operations could have a material adverse effect on our business, results of operations and financial condition.

**All our revenue is derived from operations in Zambia which has underdeveloped physical, financial, political, medical, and institutional infrastructure.**

All of our mining operations are currently conducted in Zambia and all of our revenue is generated in Zambia. While Zambia is generally regarded as politically stable, it experiences election-related political tensions, significant and unpredictable changes in government policies and laws, illegal mining activities, lack of law enforcement and labor unrest. As Zambia lacks physical and institutional infrastructure, our operations are subject to various increased economic, political and other risks, election or politically-related tensions, unrest, nationalization, expropriation, changing fiscal regimes and uncertain regulatory environments, changing tax and royalty regimes and challenges to or reviews of our legal and contractual rights. In the event of any challenges to or reviews of our legal and contractual rights, there are risks associated with litigation and we may not be able to enforce these contracts, maintain mining titles or actually claim any awards or damages obtained through international arbitration. For instance, in 2019, ZCCM filed a petition for the winding up of Konkola Plc resulting in the provisional liquidation of Konkola Plc, which was subsequently withdrawn in 2024.

HIV, malaria, and other diseases are serious threats to maintaining a skilled workforce. The per capita incidence of the HIV virus in Zambia is among the highest in the world. As such, HIV remains a major healthcare challenge faced by our Zambian operations. There can be no assurance that we will not lose members of our workforce or lose workforce man-hours to illnesses, which may have a material adverse effect on our operations.

**Our ownership of Konkola Plc is held jointly with ZCCM, an entity controlled by the GRZ, who also holds a special share in Konkola Plc, and whose interests may conflict with ours.**

We hold 79.42% of the aggregate issued share capital of Konkola Plc, which owns the KCM Complex, with the remaining 20.58% held by ZCCM, which is controlled by the GRZ. The GRZ also holds a special share in Konkola Plc, granting it significant consent rights over key corporate actions, including winding up, major asset disposals, changes to the nature of the business and changes in place of incorporation. These rights, embedded in both the KCM Shareholders Agreement and the Articles of Association of Konkola Plc (the "Konkola Plc Articles of Association"), may restrict our ability to implement significant transactions or strategic changes without GRZ approval.

Transfers of our shares in Konkola Plc, including any change of control (direct or indirect), are subject to preemptive rights in favor of ZCCM and other shareholders, and may require GRZ consent. Any transferee must agree to be bound by the KCM Shareholders Agreement, and ZCCM may have the right to acquire our shares in certain circumstances, including a change of control event.

In addition, Konkola Plc is subject to extensive reserved matters requiring approval from both ZCCM and us (or any future majority shareholder), including major acquisitions, disposals, borrowings, amendments to governance documents and related party transactions. Pursuant to the KCM Shareholders Agreement, distributions from Konkola Plc are subject to the Konkola Waterfall prioritizing interest and partial principal on shareholder loans and other specified liabilities, which may limit or delay our ability to receive dividends or other distributions from Konkola Plc. See "*—Our holding company structure makes us dependent on the operations of our subsidiaries*" and "*Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources*".

There can be no assurance that the interests of the GRZ or ZCCM will not conflict with ours. The governance and consent rights held by ZCCM and the GRZ may restrict our ability to manage our investment, pursue strategic transactions or access cash flows from Konkola Plc, which could adversely affect our business, financial condition and results of operations.

**Our business may be exposed to risks associated with a concentrated customer base.**

In Fiscal 2025, our top customer accounted for over 37% of our revenues and in Fiscal 2024, our top customer accounted for over 59% of our revenues. There are inherent risks whenever a large percentage of total revenues are concentrated with a limited number of customers. Changes to or reductions in the buying patterns of these larger customers may expose our business and results of operations to greater volatility. The mix and type of customers, and sales to any single customer, may vary significantly from year to year and have a significant impact on our financial condition, results of operations and cash flows. If our top customer were to substantially reduce, delay or cancel their offtake agreement, we may not be able to replace the business, which may have a significant adverse impact on our results of operations and financial condition. The concentration of our customer base also increases our risks related to the financial condition of our customers, and the deterioration in financial condition of customers or the failure of customers to perform their obligations could have a material adverse effect on our results of operations and cash flows.

**Potential developments in the United States, regulatory uncertainty, tariff threats and trade tensions may affect our business, results of operations and financial condition.**

Our business operations may be adversely affected by changes in regulatory policies. Imposing new tariffs on imports could significantly affect our cost structures and pricing strategies. The uncertainty surrounding potential tariff policies may complicate our supply chain and distribution planning while increasing costs for raw materials and goods. These events, should they materialize, may impact our profitability and competitive positioning in the market.

Additionally, changes in international trade policies and relationships may affect global commodity prices and market conditions and could have a material adverse impact on our business and results of operations. The adoption and expansion of trade restrictions; trade tensions; or other changes in governmental policies related to taxes, tariffs, trade agreements or any policies, are difficult to predict and could adversely affect the demand for our products, our costs, our customers, our suppliers and the U.S. economy and, consequently, could have a material adverse effect on our cash flows, competitive position, results of operations and financial condition. In April 2025, the United States announced reciprocal tariffs on imports from several countries. While such tariffs became effective on August 1, 2025, a federal appeals court subsequently ruled that most of the reciprocal tariffs exceeded presidential authority under the International Emergency Economic Powers Act, and such tariffs are subject to further judicial review. The tariffs remain in effect pending appeal. In July 2025, the United States announced a 50% tariff on imports of semi-finished copper products and copper-intensive derivative products, effective August 1, 2025, with refined copper subsequently being excluded from the scope of such tariffs. These announcements have contributed to significant fluctuations in the price of copper during 2025. On September 5, 2025, the United States issued an executive order providing for exemptions from tariffs for certain products originating from countries with which the United States has entered into aligned trade and security arrangements. Negotiations with respect to tariffs are ongoing and policies regarding tariffs may continue to change. We and others in the mining sector may also be impacted by geopolitical tensions related to the United States' approach to strategic minerals, including the perception of how projects associated with particular geographies and value chains may contribute or hinder relevant national security or other interests. This may result in additional regulatory, policy or other impacts, including in indirect manners that can be difficult to monitor and mitigate.

Although we seek to minimize the effect of regulatory uncertainty, tariff threats and trade tensions on our operations, it may ultimately have a material adverse impact on our business, results of operations and financial condition.

**The incorporation of AI into our operations is new and untested and may not yield the anticipated benefits.**

We plan to incorporate machine learning and AI into our operations. AI methods are complex and rapidly evolving, and the introduction of AI into new or existing processes may lead to adverse business decisions or operating errors. Information and operational technology systems continue to evolve, and in order to remain competitive, we must implement new technologies in a timely, cost-effective and efficient manner. Our ability to implement new technologies, including AI, may affect our competitiveness and our results of operations.

We anticipate incorporating AI into our operations. At present, we are not using any AI technologies in our operations. As such, delays in the rollout of, deficiencies in the efficacy of or unanticipated costs of the technological developments may affect the accuracy of our capital and operating cost estimates and production estimates. Developing digitized, AI-powered mining operations involves relatively, new, untested and evolving technology. The development and implementation of such technology may involve significant time and expense and the viability of the use of such technology in mining operations is uncertain. The likelihood of our ability to achieve lower operating costs and higher productivity from such technology must be considered in light of the expenses, difficulties, complications and delays we may encounter in connection with building digitized, AI-powered mining operations. There is a possibility that substantial effort, resources and management attention could be expended on our AI initiative with little to no productive results, resulting in inefficiency, delays and wasted effort.

**Our holding company structure makes us dependent on the operations of our subsidiaries.**

CopperTech has no business operations of its own. The only material asset of CopperTech is all of the outstanding capital stock of our subsidiaries. As such, we are dependent on the loan repayments, earnings and cash flow of, and dividends and distributions from, our operating subsidiaries to pay our expenses incidental to being a public holding company and to pay any cash dividend or distribution on our shares of common stock, in each case that may be authorized by our board of directors.

Pursuant to the KCM Shareholders Agreement and the Konkola Plc Articles of Association, Konkola Plc must allocate available cash first to priority payments, including obligations to Zambia Electricity Supply Corporation Limited ("ZESCO"), interest and partial principal on shareholder loans and other specified liabilities before any distributions are made to stockholders. Although we will be entitled to receive certain loan repayments on the shareholder loans in accordance with the Konkola Waterfall, cash distributions to CopperTech are only permitted after all such obligations are satisfied and remain subject to the discretion of our board of directors, stockholder approvals and statutory solvency requirements.

As such, although we are not currently subject to external legal or contractual restrictions which prevent us from being able to declare and pay dividends in accordance with our dividend policy, we may be adversely affected if the Zambian government imposes legal restrictions or taxes on dividend distributions by our subsidiaries, and exchange rate fluctuations will affect the U.S. dollar value of any distributions our subsidiaries make with respect to our equity interests in those subsidiaries.

**Fluctuations in the price of metals, in particular, copper, and energy sector commodities could have a material adverse impact on our business, results of operations and financial condition.**

The profitability of our current operations is directly related and sensitive to the market prices of copper, and will in the future be sensitive to the market prices of cobalt, as well as other metals and energy sector commodities. The prices of these commodities are subject to fluctuation, sometimes widely, and are affected by numerous factors beyond our control, including global supply and demand, expectations with respect to the inflation rate, the exchange rates of the U.S. dollar to other currencies, interest rates, forward selling by producers, central bank sales and purchases, disruptions to the processing and marketing chain, global logistical disruptions, production disruptions and cost fluctuations in major producing regions, political and geopolitical uncertainty and conflicts, global trade disputes, financial conditions and economic, social and environmental factors. Since 2022, the ongoing war in Ukraine and the imposition of sanctions on Russia, a significant producer of copper, has impacted commodity prices, especially in the short term. Furthermore, Russia is a global supplier of oil and gas as well as key inputs such as ammonium nitrate, which is used in explosives by the mining industry. Sanctions imposed on Russian suppliers have resulted in increased operating costs in these areas.

Such prices have been subject to substantial variation, including on occasion rapid short-term changes due to speculative activities, national economic or security decisions or world events. Variation in copper or other metal prices has had and may have a material impact on our cash flows, business, financial condition and results of operations. For example, in 2025, environmental policy, geopolitical challenges and tariffs were significant factors in fluctuations in the price of copper.

Future production from our mining properties is dependent upon the prices of copper, cobalt and other metals being adequate to make such properties economically viable. A decline in the prices of copper, cobalt and other minerals or an increase in energy sector prices may significantly and adversely affect our business or cause our operations to become unprofitable, which may affect our exploration, development and mining activities or cause us to cease production.

**We are subject to taxation risk.**

In Zambia, where we conduct the majority of our operations, taxation laws are complex and subject to changes and revisions. In recent years, the GRZ has enacted a number of changes to the tax regime relating to mining companies. For example, the Property Transfer Tax (Amendment) Act No. 27 of 2024, which came into effect on January 1, 2025, imposes property transfer tax on transfers of mining and exploration licenses at 10% of realized value for mining licenses and mineral processing licenses, and 8% of realized value for the transfer of shares and exploration licenses. In August 2025, Zambia introduced a Minimum Alternative Tax ("MAT") under the Income Tax (Amendment) Act No. 10 of 2025, which levies a minimum 1% tax of any company's annual "turnover", including companies with substantial revenue but low or no taxable profits. The Minister of Finance is yet to promulgate regulations for the administration, assessment, collection and recovery of MAT under the Income Tax Act. As such, although the Income Tax Act establishes the broad framework for the charging of MAT, the precise definition of "turnover" for MAT purposes, the mechanics of the credit system and its interaction with other tax liabilities and procedures for assessment, collection and enforcement are yet to be promulgated. In 2023, the calculation of mineral royalty tax was revised under the mineral royalty tax regime, changing the calculation of mineral royalty tax to an incremental basis, with mineral royalty tax bands of 4% to 10%, dependent on copper prices. These developments, and future developments, could significantly increase our tax liabilities, and therefore have a material adverse effect on the results of our operations and financial condition.

Change may be made by the Zambian government to the existing taxation framework at any time. We have no control over these changes, and these changes may have a material adverse effect on our business, results of operations and financial condition. For example, in 2004, Konkola Plc entered into a development agreement with the GRZ, pursuant to which GRZ was contractually restricted from increasing corporate income tax rates, altering VAT provisions or introducing new taxes for 15 years (the "Development Agreement"). The Development Agreement was entered into in connection with the GRZ's initiative to promote and safeguard large-scale investments in the mining sector, during which time the GRZ entered into several development agreements with mining companies and investors. However, in 2008 the GRZ subsequently proceeded to amend and revise applicable tax laws, effectively overriding the stabilization provided under the Development Agreement. Currently, there are no tax stabilization measures in place, and further, past events have indicated that GRZ is unlikely to introduce any stabilization measures and the Zambian tax regime is subject to change at any time.

Additionally, as a Delaware corporation, we may be subject to U.S. federal income tax on income earned in Zambia under the U.S. "controlled foreign corporation," or "CFC," rules, as a result of our ownership interest in Konkola Plc. Under these rules, we will be required to recognize in income a pro rata share of Konkola Plc's "Subpart F income" and "net CFC tested income," even if Konkola Plc has made no distributions to us. Subpart F income generally includes dividends, interest, rents and royalties, gains from the sale of securities and income from certain transactions with related parties and is subject to tax at the 21% statutory rate before applying foreign tax credits. Net CFC tested income is, beginning January 1, 2026, generally all other income of a CFC. Under current law, we may deduct 40% of our pro rata share of Konkola Plc's net CFC tested income for an effective tax rate of 12.6% before applying foreign tax credits.

There may be uncertainty regarding our ability to claim as a foreign tax credit taxes with respect to tax paid to Zambian tax authorities in respect of Konkola Plc. The rules regarding foreign tax credits and the deductibility of foreign taxes are complex and the application of these rules depends on our particular facts and circumstance in any given taxable year.

The rules dealing with U.S. federal, state and local income taxation are constantly under review through the legislative process and by the Internal Revenue Service, the U.S. Department of the Treasury, and state and local tax authorities. Changes in U.S. tax laws or their interpretations (which may have retroactive application) could materially increase the amount of taxes we owe, thereby negatively affecting our cash flows from operations. We are currently unable to predict whether any changes to U.S. tax laws will occur and, if so, the ultimate effect on our business, financial condition, results of operations and cash flows.

We are also subject to routine tax audits by various tax authorities. Tax audits may result in additional tax, interest payments and penalties which would negatively affect our financial condition and operating results.

Accordingly, changes in taxation law or reviews and assessments could result in higher taxes being payable by us which could adversely affect profitability and cash flows.

**We may be adversely affected by the availability and cost of key inputs.**

Our competitive position depends on our ability to control operating costs. The cost structure of our operations is based on the location, grade and nature of the ore body and the management skills at each site as well as the costs of key inputs such as electricity, fuel, sulfuric acid, concentrate, tires for mining equipment and other supplies. If any such supplies become unavailable or their cost increases significantly, the productivity and profitability of our mines would be impacted and operations at our mines could be bottlenecked, interrupted or halted, resulting in a significant adverse impact on our results of operations and financial condition. For example, our production is dependent on the availability of sulfuric acid, and the volume of sulfuric acid required is dependent on the input feed quality. Although we are capable of being our own primary source of sulfuric acid via the acid plant at our smelter operations, make up supplies are sometimes purchased from the local market as required. In the past we have occasionally been unable to procure a sufficient quantity of sulfuric acid due to limitations in availability in Zambia and increases in sulfur prices globally, and our operations may be similarly curtailed in the future.

Many of our costs are driven by supply and market demand. For example, the cost of local materials, such as explosives, fuel, chemicals/reagents and electricity, will vary based on demand. Wages can be affected by inflation, currency exchange rates, government policies, regulations and shortages of experienced human resources. The costs of fuel and other commodities are driven by global market supply and demand. Our main cost drivers include the cost of labor plus consumables such as electricity, fuel, chemicals/reagents and transportation. In recent years, the mining industry has been impacted by increased worldwide demand for critical resources such as input commodities, drilling equipment, tires and skilled labor, and these shortages may cause unanticipated cost increases and delays in delivery times, thereby impacting operating costs, capital expenditures and production schedules. The war in Ukraine and the sanctions imposed on Russia resulted in increased input costs, particularly for energy and ammonium nitrate, used in explosives by the mining industry, of which Russia was a significant global supplier. Similarly, the conflict in the Middle East and potential closure of the Strait of Hormuz could significantly increase global energy costs, particularly for oil and gas.

Concentrate availability, treatment charges and transportation costs are also a significant component of operating costs. The smelter's operations are critically dependent on a consistent and sufficient supply of third-party concentrate blended to meet specific feed chemistry requirements, including for a particular composition of chalcocite and chalcopyrite minerals. KCM's own concentrates carry elevated silica and magnesia content that exceed the Nchanga smelter's preferred operating parameters and the addition of chalcopyrite-dominant third-party concentrate with high iron and low silica content is a metallurgical design requirement necessary to achieve the chemical balance required for stable furnace operation and optimal copper recovery. A shortfall in third-party concentrate availability could prevent the smelter from meeting its minimum feed thresholds necessary to sustain operation, which could in turn lead to a complete shutdown of the smelter, resulting in production losses and a negative impact on our results of operations. In the past, the DRC government, one of our main suppliers of concentrate, has suspended all exports on concentrates to put pressure on mining companies to support policy changes and may continue to do so in the future. Concentrate treatment and refining charges and fuel prices have been volatile in recent years. Third-party concentrate used in our operations is primarily sourced from the Copperbelt region. Although the Copperbelt region represents one of the world's largest copper-producing areas and production is forecast to grow over the life of the mines at the Konkola Complex, a number of the largest upcoming Copperbelt mine expansions are expected to be accompanied by dedicated on-site smelting capacity, which could have an overall effect of reducing the volume of concentrate available to third-party buyers. We do not currently have binding long-term supply contracts in place for third-party concentrate beyond 2026. Further, the expansion of mines in the region to include dedicated on-site smelting capacity may lead to a reduction of concentrate available to third-party buyers. Although the decrease in supply is expected to be partially offset by growing production from Zambian and DRC mines, our ability to procure the necessary volume and type of third-party concentrate, or at prices we consider to be economically viable, may become limited.

Our operations, by their nature, use large amounts of electricity and energy. Energy availability and prices can be affected by numerous factors beyond our control, including global and regional supply and demand, political and economic conditions, applicable regulatory regimes and policies (which may include sanctions and/or other constraints on trade), as well as adverse weather conditions (especially in Zambia which is reliant on hydro-electric generation). We have a 15-year power supply agreement with ZESCO that will expire in 2036 with variable pricing based on tariffs. Pursuant to this agreement, we may only source power from a supplier other than ZESCO to cover any shortfall in ZESCO's supply. As such, we are reliant on ZESCO's ability to provide uninterrupted and sufficient power. On February 29, 2024, Zambia's President declared a national emergency in response to a drought aggravated by El Niño–Southern Oscillation. As Zambia depends on hydro generation for most of its energy supply, the drought has had a significant impact on the country's power availability. Zambia's energy situation has remained challenging since the fourth quarter of 2024. ZESCO has maintained supply, but increased the price of electricity due to imported supply during the drought period. Previous loss of power has required Konkola Plc to obtain an alternative supply of power from other local energy companies, rely on diesel generators and import power from other sources through ZESCO. Total loss of power for extended periods of time could result in, among other impacts, mine flooding, loss of mine ventilation and loss of production. These increases in electricity and energy prices may have a material adverse impact on our liquidity, business, results of operations and financial condition.

We are also dependent on third parties for rail, truck and maritime services to transport our products, and contract disputes, demurrage charges, rail and port capacity issues, availability of vessels, weather and climate and other factors can have a material adverse impact on our ability to transport our products according to schedules and contractual commitments.

**We are subject to health, safety and environmental laws and regulations, and concessions, authorizations, licenses and permits are subject to expiration, suspension, limitation on renewal and various other risks and uncertainties.**

We are subject to health, safety and environmental laws, regulations and permits. Failure to comply with these requirements may expose us to litigation, fines, penalties, injunctions or other sanctions, including the revocation of permits and suspension of operations.

We are required to obtain and maintain environmental licenses, permits and authorizations for our operations and projects and to carry out environmental and social impact assessments to obtain approval of our projects and permission to construct and continue operations. Any significant changes to existing operations are also subject to these requirements. Permits to operate may be temporarily suspended or revoked if there is evidence of serious violations of environmental laws and regulations or health and safety standards. The duration and success of our efforts to obtain and renew licenses or permits are contingent upon many variables not within our control, including the interpretation of applicable requirements implemented by the licensing and/or permitting authorities and, in some cases, input from outside stakeholders. Permit review and approval could also be delayed, adversely impacting project implementation, due to delays in review and development of permits from limited resources at the regulatory agencies. Furthermore, our licenses may be questioned, revoked, suspended or canceled arbitrarily by government authorities. The concessions we hold may be revoked without right to compensation if we are unable to meet the terms and conditions of the concessions.

We may not be able to obtain or renew licenses, including exploitation licenses, or permits that are necessary to our operations, or the cost to obtain or renew licenses or permits may exceed what we believe we can recover from the property. Furthermore, when we come to renew our licenses, we cannot be assured that the newly issued licenses will cover the same geographic area and we have in the past been subject to a reduction in licensed areas. Any unexpected delays or costs associated with the licensing or permitting process, or reductions in our licensed areas, could delay the development or impede the operation of a mine, which could adversely impact our operations and profitability.

We have been and may be held liable for damages, remediation costs or fines for certain material discharges into the environment, environmental damage caused by previous owners of properties used by us or for failure to comply with health, safety and environmental laws or regulations. There is also a risk that the cost of compliance with such laws and regulations may increase. Occurrence of any of these events could result in delay or cessation of the development of a project, increased costs of development or production and litigation or regulatory action, any of which could materially adversely affect our business, results of operations or financial condition.

In addition, mining is subject to potential risks and accidents that could result in serious injury or death to members of our human capital. The impact of such accidents and liabilities could affect the profitability of our operations, cause an interruption to operations, lead to a loss of licenses, affect our reputation and our ability to obtain further licenses, damage community relations and reduce our perceived appeal as an employer.

**We may not be able to replenish our Mineral Reserves.**

Given that mines have limited lives based on Proven and Probable Mineral Reserves, we must continually replace and expand our Mineral Resources and Mineral Reserves at our mines and discover, develop or acquire Mineral Reserves for production. Our ability to maintain or increase our annual production of copper and cobalt will depend in significant part on our ability to bring new mines into production and to expand Mineral Reserves and Mineral Resources of existing mines.

**Our business is exposed to the cyclicality of global economic activity and we may not be able to adjust production volume or costs in response to fluctuations in prices and demand for the metals we produce.**

Our business and results of operations are significantly affected by the market prices and demand for the metals we produce. Prices and demand for these metals have been subject to wide fluctuations which can occur over short periods of time, and can be caused by factors beyond our control, including the cyclicality of consumer and industrial consumption. We cannot predict whether, and to what extent, metal prices and demand will rise or fall. An increase in the production of these metals worldwide or changes in, among other things, technology, industrial processes or consumer habits, including increased demand for substitute materials, may decrease the demand for these metals. A fall in demand, resulting from economic downturns or other factors, could also decrease the volume of metals that we sell and materially adversely impact our results of operations and financial condition.

Future declines in metal prices could have an adverse impact on our results of operations and financial condition, and we may consider curtailing, modifying or discontinuing certain operations. In addition, we may not be able to adjust production volume in a timely or cost-efficient manner in response to sustained changes in metal prices. Lower utilization of capacity during periods of weak prices may expose us to higher unit production costs since a significant portion of its cost structure is fixed in the short-term due to the high capital intensity of mining operations. If prices drop significantly, our revenues could be significantly reduced. Low metal prices would affect our liquidity and ability to borrow. If these conditions persist for an extended period, we may have to look for other sources of cash flow or curtail, modify or discontinue higher cost production to maintain liquidity until metal prices recover. Conversely, during periods of high demand, our ability to rapidly increase production capacity is limited, which could prevent us from meeting demand for our products.

**The volume of materials that we recover may be materially lower than our Mineral Reserve and Mineral Resource estimates, including due to an actual mine life that is materially shorter than our estimated mine life and various other factors. More stringent regulations, market price fluctuations and changes in operating and capital costs may render certain Mineral Reserves and Mineral Resources uneconomical to mine.**

To extend the lives of our mines and projects, to strive to ensure the continued operation of the business and to realize our growth strategy, it is essential that we convert Mineral Resources into Mineral Reserves, continue to develop our resource base through the realization of identified mineralized potential and/or undertake successful exploration or acquire new resources.

The figures for Mineral Resources and Mineral Reserves estimated by us are estimates only and no assurance can be given that the anticipated tonnages and grades are accurate or will be achieved, that the indicated level of recovery will be realized or that the Mineral Resources and Mineral Reserves could be mined or processed profitably or at all. Actual Mineral Reserves, if any, may not conform to geological, metallurgical or other expectations, and the volume and grade of ore recovered may be below the estimated levels. There are numerous uncertainties inherent in estimating Mineral Resources and Mineral Reserves, including many factors beyond our control. Such estimation is a subjective process, and the accuracy of any Mineral Reserve and Mineral Resource estimate is a function of the quantity and quality of available data, the underlying assumptions and judgments used in engineering, geological, and economic interpretation. Data used in these estimates is based on historical figures that do not necessarily have strong or state of the art internal controls and may not be reflective of future mining conditions; any updates to data may result in downward revisions in our estimates of Mineral Resources or Mineral Reserves, including for many factors that are out of our control. Short-term operating factors relating to the Mineral Resources and Mineral Reserves, such as the need for orderly development of the ore bodies or the processing of new or different ore grades, may cause the mining operation to be unprofitable in any particular accounting period. In addition, there can be no assurance that metal recoveries in small scale laboratory tests will be duplicated in larger scale tests under on-site conditions or during production. Lower market prices, increased production costs, the presence of deleterious elements, reduced recovery rates and other factors may result in revision of our Mineral Reserve and Mineral Resource estimates from time to time or may render our Mineral Reserves and Mineral Resources uneconomic to exploit. Resource and reserve data are not indicative of future results of operations. If our actual Mineral Resources and Mineral Reserves are less than current estimates or if we fail to develop our resource base through the realization of identified mineralized potential, our results of operations or financial condition may be materially and adversely affected.

Mineral Resources that are not Mineral Reserves do not have, and may not achieve, demonstrated economic viability. Due to the uncertainty which may be attached to Inferred Mineral Resources, there is no assurance that Inferred Mineral Resources will be upgraded to Measured or Indicated Mineral Resources as a result of continued exploration.

**Our operations may be negatively affected by global financial conditions.**

Global financial conditions continue to be characterized as volatile. In recent years, global markets have been adversely impacted by various credit crises, significant fluctuations in fuel and energy costs and metals prices, inflation, geopolitical conflict and health pandemics. Many industries, including the mining industry, have been impacted by these market conditions leading to increased economic uncertainty and diminished expectations for the global economy. These factors have increased the risk of disruption to global trade flows and supply chains. Further, global financial conditions remain subject to sudden and rapid destabilizations in response to future events, as government authorities may have limited resources to respond to future crises. Global economic uncertainty, disruptions to global trade flows and supply chains and continued or worsened slowdown in the financial markets or other economic conditions, including, but not limited to, tariffs, consumer spending, employment rates, business conditions, inflation, fuel and energy costs, consumer debt levels, lack of available credit, the state of the financial markets, interest rates and tax rates, may adversely affect our operations, sales, growth and profitability. Future crises may be precipitated by any number of causes, including natural disasters, geopolitical conflict or instability, changes to energy prices or sovereign defaults. If increased levels of volatility continue or in the event of a rapid destabilization of global economic conditions, it may result in a material adverse effect on commodity prices, demand for metals, including copper and cobalt, availability of credit, investor confidence and general financial market liquidity, all of which may have a material adverse impact on our business, our results of operations, financial condition and the market price of our securities.

**We and Konkola Plc may not be able to secure financing on favorable terms, or at all, to meet our future capital needs.**

Mining companies need significant amounts of ongoing capital to maintain and improve existing operations, invest in large scale capital projects with long lead times and manage uncertain development and permitting timelines and the volatility associated with fluctuating metals and input prices. From time to time, we may be required to obtain additional financing in order to fund the costs associated with the mining and processing of our resources, as well as the exploration of development opportunities and to meet expected future obligations. Metal prices, environmental rehabilitation and restitution, revenue and income taxes, transportation and other operating costs, working capital needs, capital expenditures and geological results may also impact the amount of additional financing that may be required.

Konkola Plc has been successful at financing its projects and operations over the years. However, the ability to continue exploration, assessment, development and operational activities will depend on the resource industry generally, which is cyclical in nature, and which may, in turn, affect our or Konkola Plc's ability to attract financing, including joint venture financing, debt or bank financing, equity financing or production financing arrangements. Failure to obtain, or difficulty or delay in obtaining, requisite financing could result in delay of certain projects or postponement of further exploration, assessment or development of certain properties or projects. Failure to obtain financing that is affordable and/or on favorable terms could have a material adverse effect on our business, results of operations and financial condition. In addition, an inability to secure necessary funding may negatively impact our commitments to community investment programs, potentially leading to reputational damage, erosion of stakeholder trust and adverse reactions from local communities and partners who rely on our continued support and engagement.

Financing through the issuance of common stock or other securities convertible or exchangeable into shares of common stock, if available, may dilute the participation of current stockholders in our share capital. There is no preemptive right for our stockholders in the issue of common stock or securities convertible or exchangeable into shares of common stock issued by us, which may result in the dilution of the stockholders' interest in us.

Debt financing, if available, may also involve certain restrictions on operating activities or include financial covenants or restrict our and/or Konkola Plc's ability to enter into additional financing arrangements. There is no guarantee that such equity or debt financing will be available to us or Konkola Plc, or that these financings would be obtained on terms favorable to us or Konkola Plc, which may adversely affect our business, financial position and may result in a delay or indefinite postponement of exploration, development or production or even loss of exploration rights. See "*Management's Discussion And Analysis Of Financial Condition And Results Of Operations—Indebtedness*."

**Mining operations, development projects and exploration activities are subject to extensive regulations, including environmental, health and safety and other regulations, as well as the need to manage relationships with local communities.**

Our mining, smelting and refining operations, development projects and exploration activities are subject to extensive laws and regulations, including laws and regulations governing exploration; development; production; exports; taxes; labor standards; mining royalties; price controls; waste disposal; the quality and quantity of effluent and emissions; protection and remediation of the environment; reclamation; historic and cultural resource preservation; rights of indigenous peoples and local communities; mine safety and occupational health; handling, storage and transportation of hazardous (including radioactive) substances and other matters. From time-to-time, laws are changed, and the trend is to introduce more stringent laws. The costs of discovering, evaluating, planning, designing, developing, constructing, operating and closing our mines and other facilities (including tailings dams) in compliance with such laws and regulations are significant and may increase in the future. Compliance with existing and new laws and regulations could result in delays; increase our costs of doing business; require significant capital investment; result in significant liabilities, fines or penalties; restrict our operations or result in our inability to proceed with the development of, or continue to operate, a mine. See "*Business—Regulatory Landscape*."

We have expended significant resources, both financial and managerial, to comply with governmental and environmental regulations, including permitting and compliance requirements, as part of our normal course of operating and development activities, and will continue to do so in the future. For example, a moratorium allowing us to address issues related to restoration orders issued by the Zambia Environmental Management Agency ("ZEMA") and liabilities under the Mines and Minerals (Environmental Protection Fund) Regulations ("EPF Regulations") ends in July 2026, following which we will be required to comply with any environmental requirements which may cause us to incur additional cost. For further information, see "*Business—Legal Proceedings—Environment Compliance Liabilities*." The final arrangement, including the amount of liabilities that may become due, is subject to ongoing negotiations with regulators. We have also been subject to compliance audits that require us to invest significant capital expenditures in the amount of $28 million over the next five years, including for the rehabilitation and upgrading of ponds, improvement of pumping stations, streambed restoration, and other projects. Moreover, it is possible that future regulatory developments, such as increasingly stringent environmental protection laws, climate change policies, additional compliance audits regulations and enforcement policies, additional compliance audits and claims for damages to property and persons resulting from our operations, could result in additional substantial costs and liabilities, restrictions on or suspension of our activities or delays in the exploration of and development of our properties.

We are required to obtain governmental permits to develop our Mineral Reserves and for expansion or advanced exploration activities at our operating and exploration properties. Obtaining the necessary governmental permits is a complex and time-consuming process involving numerous agencies and other interested parties. To obtain permits for exploration or potential future development of mineral properties, environmental and other applicable regulations generally require a description of the existing environment, including but not limited to natural, archeological and socio-economic environments, at the project site and in the region; an interpretation of the nature and magnitude of potential environmental impacts that might result from such activities; and a description and evaluation of the effectiveness of the operational measures planned to mitigate the environmental impacts. We may require exploration permits to conduct future exploration activities. The costs associated with such permits may be material to our total exploration cost and there can be no certainty that these approvals will be granted in a timely manner, or at all. Governmental approvals, licenses and permits are subject to the discretion of the applicable governments or government officials and potentially consideration of other parties' interests or rights. In the context of environmental protection permitting, including the approval of reclamation plans, we must comply with accepted standards, existing laws and regulations that may entail greater costs and delays depending on the nature of the activity to be permitted and the interpretation of the laws and regulations implemented by the permitting authority. No assurance can be given that we will be successful in obtaining or maintaining any or all of the various approvals, licenses and permits required to operate our businesses in full force and effect or without modification or revocation. The failure to obtain or renew certain permits, or the imposition of extensive or more stringent conditions upon certain permits, could have a material adverse effect on our business, results of operations and financial condition.

Our mining operations are subject to regular inspection, including compliance audits, by government officials. Such inspections and audits may from time-to-time lead to allegations or assertions that we are not or may not be operating in compliance with applicable permits and licenses. Failure to comply with applicable environmental, health and safety laws or permits and licenses, in relation to our mining operations and associated infrastructure, including laws relating to waste and waste disposal, can result in injunctions, damages, suspension or revocation of permits and imposition of penalties or fines in addition to reputational damage. There can be no assurance that we have been or will be at all times in complete compliance with such laws or permits, that our compliance will not be challenged or that the costs of complying with current and future environmental, health and safety laws and permits will not materially or adversely affect our future cash flow, results of operations and financial condition.

As a consequence of public concern about the perceived ill effects of mining and land development, particularly in developing countries, we face increasing public scrutiny of our activities. Criticism of our activities or negative publicity, whether accurate or not, could result in damage to our reputation or operational hurdles, which could have an adverse effect on us. The international standards on social responsibility, community relations and sustainability against which we currently benchmark our operations are becoming increasingly stringent and extensive over time, and adherence to them is increasingly scrutinized by regulatory authorities, citizens' groups and environmental groups, as well as by investors and financial institutions. In addition, we operate in a country where ownership of rights in respect of land and resources is uncertain and where disputes in relation to ownership or other community matters may arise. These disputes are not always predictable and may cause disruption to our development plans or operations. Our operations can also have an impact on indigenous peoples and local communities, including the need, from time-to-time, to relocate or resettle communities or infrastructure networks such as railways and utility services. Navigating such efforts can be difficult, and any efforts to mitigate such impacts may be perceived as insufficient or otherwise expose us to additional activism, from local communities or otherwise.

Our operations have and could in the future cause the release of hazardous materials into the environment and these releases, whether or not planned, could cause contamination. We have been and may be required to investigate and remediate contamination, including at properties we formerly operated, regardless of whether we caused the contamination or whether the activity causing the contamination was legal at the time it occurred. We also have been and could be subject to claims by government authorities, individuals, employees or third parties seeking damages for alleged illness, personal injury or property damage resulting from hazardous material contamination or exposure caused by our operations or sites. Furthermore, we have been required to establish financial provisions for environmental liabilities related to contamination caused by our operations and could be required to increase such provisions or to establish additional provisions in the future. We have been subject to environmental related litigation in the past, including proceedings relating to environmental contamination, and may continue to be in the future. Depending on the nature of any such contamination, claims or litigation, the amount or timing of such costs, the related impact on our business, financial condition or results of operations could be material.

For additional information on these matters, see "*Business—Regulatory Landscape.*"

**We face risks associated with encroachment on our licenses.**

Over the past decade, there have been numerous instances of encroachments on Konkola Plc's surface rights held in respect of its mining licenses, as well as the granting of overlapping or conflicting mining rights to third parties within Konkola Plc's existing license areas, which have culminated in operational challenges and posed a threat of possible loss of Mineral Resources to other companies or third parties. These encroachments and/or overlapping rights impact Konkola Plc's Konkola and Nchanga tenements, affecting both surface and in situ mineral assets. Potential encroachment disputes could impact our ability to carry out our production processes and call into question our future ability to carry out production. Konkola Plc has and will likely continue to be required to defend its exclusive mining rights derived from its licenses, including by defending any encroachment claims. The loss of licenses and access to disputed areas could disrupt production, reduce mineral output and result in financial losses.

**Illegal mining has in the past and, may in the future, occur on or adjacent to certain of our properties exposing such sites to security and other operational risks.**

Illegal miners have been active on, or adjacent to, some of our mining properties in recent years. Illegal mining, which involves trespass and occupation of exploration, development and operating properties present significant security, safety, legal and environmental risk, which could result in a security threat to human life, infrastructure and equipment, and lead to the loss of legal title, possession or use of our land tenure. Although Konkola Plc has increased the presence of security personnel and alerted law enforcement authorities as necessary, these efforts may not be effective. The illegal miners from time to time have clashed with security staff and law enforcement personnel who have attempted to move them away from the facilities. The environmental, social, legal, safety and health impacts of illegal mining are frequently attributed to formal large scale mining activity, which can negatively impact the reputation of the industry. The activities of the illegal miners could cause damage to our properties, lost copper production and Mineral Reserves, mine and development stoppages, or result in inappropriate or unlawful use of force for which we could potentially be held responsible, or otherwise adversely impact our financial condition, results of operations, or project development. Illegal mining activities also continue to evolve, with some illegal miners now adopting machinery to carry out their activities. This could prove to be more expensive and difficult to monitor, prevent and control. The presence of illegal miners could lead to exploration and project delays and disputes regarding the development or operation of commercial copper deposits.

**We face risks associated with our development projects.**

Our ability to maintain or increase our annual production of copper and other metals will be dependent, in significant part, on our ability to bring new mines into production and to expand existing operations, including our plans with respect to increasing our production capacity. These expansion plans involve considerable capital expenditure and are subject to the successful completion of construction and commissioning, the issuance of necessary permits and the receipt of adequate financing. Some of our plans are also dependent on our ability to cut our costs significantly to reach our target production rates. Such targets will also require us to avoid constraints on key drivers of production (e.g., dewatering, hoisting capacity, ventilation and congestion), and to have access to significant expansions in availability of power, compressed air, cooling water and ventilation. The actual operating results of our development projects and any other projects may differ materially from those anticipated.

Although we utilize the operating history of our existing mines to derive estimates of future operating costs and capital requirements, such estimates may differ materially from actual operating results at expanded existing mines or new mines. The economic feasibility analysis with respect to any individual project is based upon, among other things the interpretation of geological data obtained from drill holes and other sampling techniques, feasibility studies (which derive estimates of cash operating costs based upon anticipated tonnage and grades of ore to be mined and processed), precious and base metals price assumptions, the configuration of the ore body, expected recovery rates of metals from the ore, comparable facility and equipment costs, anticipated climatic conditions and estimates of labor, productivity, royalty, tax rates or other ownership burdens and other factors.

There is no assurance that any of our expansion or development plans will result in the intended increase in copper production capacity or profit. The realization of our targets is subject to a wide range of risks and uncertainties, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;· availability of funds to finance construction and development activities;

&nbsp;&nbsp;&nbsp;&nbsp;· ability of key contractors to perform services in the manner contracted for;

&nbsp;&nbsp;&nbsp;&nbsp;· availability of a sufficiently skilled workforce;

&nbsp;&nbsp;&nbsp;&nbsp;· unanticipated changes in grade and tonnage of ore to be mined and processed;

&nbsp;&nbsp;&nbsp;&nbsp;· unanticipated adverse geotechnical conditions;

&nbsp;&nbsp;&nbsp;&nbsp;· inaccurate data on which engineering assumptions are made;

&nbsp;&nbsp;&nbsp;&nbsp;· costs of constructing and operating a mine in a specific environment;

&nbsp;&nbsp;&nbsp;&nbsp;· availability and costs of processing and refining facilities;

&nbsp;&nbsp;&nbsp;&nbsp;· availability of sufficient economic sources of power on an uninterrupted basis;

&nbsp;&nbsp;&nbsp;&nbsp;· adequacy of water supply on an uninterrupted basis;

&nbsp;&nbsp;&nbsp;&nbsp;· adequate access to the site, including competing land uses (such as agriculture and illegal mining);

&nbsp;&nbsp;&nbsp;&nbsp;· unanticipated transportation costs or disruption;

&nbsp;&nbsp;&nbsp;&nbsp;· government regulations (including regulations of prices, royalties, duties, taxes, permitting, restrictions
on production, quotas on exportation of minerals, as well as the costs of or operational restrictions for protection of the environment
and agricultural lands);

&nbsp;&nbsp;&nbsp;&nbsp;· failure to receive permits and delays in receiving permits;

&nbsp;&nbsp;&nbsp;&nbsp;· fluctuations in commodity prices and exchange rates;

&nbsp;&nbsp;&nbsp;&nbsp;· demand for any additional copper or other materials produced (which may be reduced by better recycling
technologies); and

&nbsp;&nbsp;&nbsp;&nbsp;· accidents, labor actions and force majeure events.

It is not unusual for new mining operations to experience unexpected problems during the start-up phase, and delays can often occur at the start of production. In the past, we have adjusted estimates based on changes to assumptions and actual results. These and other factors may have the effect of increasing the expected capital expenditures for our development projects.

Even if we are successful in achieving any targeted increase in production, we may not have sufficient customers or offtake agreements in place to purchase the additional copper output. The absence of committed buyers could mean that the increase in production does not translate into greater revenues or profits, and we may be exposed to increased inventory costs, price volatility or the need to sell copper at unfavorable prices.

**Failure or the perceived failure to manage our relationships with the communities where we operate or that are near our operations could harm our business.**

Our relationships with the communities where we operate or that are adjacent to or near our operations are critical to the long-term success of our existing operations and the development of any future projects. There is ongoing and increasing stakeholder concern relating to the perceived effects of mining activities on the environment and on communities impacted by such activities, including regarding perceived or actual adverse impacts on the local communities and their relevant stakeholders, society as a whole, cultural heritage, human rights and the environment, among other things. Such scrutiny may result in activism from various parties, which may result in operational disruption, reputational damage, or other impacts to our business. Our efforts to manage such impacts and the profile of our business can be costly and may not have the desired effect.

Although we have established working relationships with several community leaders, community expectations are complex and involve multiple stakeholders with different interests. While we aim to consider the views and needs of all local communities and aim to resolve any disagreements with an amicable solution, this may not always be possible. Failure to manage relationships with local communities, governments and non-governmental organizations ("NGOs") may harm our reputation as well as our ability to bring development projects into production. The costs and management time required to comply with standards of social responsibility, community relations and sustainability, including costs related to the resettlement of communities or infrastructure, have increased substantially recently and are expected to further increase over time.

Certain NGOs, some of which oppose globalization and resource development, are often vocal critics of the mining industry and its practices, including the use of hazardous substances in processing activities. Adverse publicity generated by such NGOs or others related to extractive industries generally, or our operations specifically, could have an adverse effect on our reputation and financial condition and may impact the relationship with the communities in which we operate. They may install road blockades, apply for injunctions for work stoppages, make criminal complaints to local authorities or file lawsuits for damages. They may also file complaints with regulators regarding our, and our directors' and officers', regulatory filings. For example, in 2021, Zambian villagers, supported by NGOs, settled a lawsuit alleging water pollution claims from our mining operations in Nchanga. Such complaints, regardless of whether they have any substance or basis in fact or law, require resources and time to respond to and may have the effect of undermining the confidence of the public or a regulator in us or such directors or officers and may adversely affect the price of our securities or the prospects of obtaining the regulatory approvals necessary for the advancement of some or all of the exploration and development plans or operations.

In addition, our assets are generally long-lived and stakeholders' perceptions and expectations can change over the life of the mine. Changes in the aspirations and expectations of local communities where we operate, with respect to our employee health and safety performance and our contributions to infrastructure, community development, environmental management and other factors could affect our social license to operate and reputation, and could lead to delays and/or increased costs if expansions or new projects are blocked either temporarily or for extended periods.

Failure to effectively engage with communities on an ongoing basis, including the withdrawal of consent or support of communities or other stakeholders, could adversely impact our business, damage our reputation and result in the loss of rights to explore, operate or develop our projects.

**Actual or potential epidemics, pandemics, outbreaks or other public health crises may have an adverse impact on our business.**

The spread of any disease, epidemic or pandemic, including HIV, malaria and other diseases, could have a material adverse effect on the regional economies in which we operate, negatively impact stock markets, including the trading price of our shares of common stock, adversely impact our ability to raise capital and cause continued interest rate volatility and movements that could make obtaining financing or refinancing of our debt obligations more challenging or more expensive. Any of these developments, and others, could have a material adverse effect on our business and results of operations.

Travel restrictions implemented by governments, as well as quarantine, isolation and physical distancing requirements as a result of such epidemic or pandemics may have a negative impact on workforce mobility and, as a consequence, in some cases, on productivity. Further, the protective measures implemented by us may cause higher operating and capital costs related to containment efforts such as building quarantine rooms, limitations on mobility of people, disruption to the supply chain and increase in demand for financial support and aid from host governments. Potential higher operating costs, combined with a decrease in workforce productivity, lower production outputs and in some cases, temporary cessation of mining operations, could have a material adverse effect on our business, results of operations and financial condition.

Any future emergence and spread of similar pathogens could have a material adverse effect on global economic conditions which may adversely impact our business and results of operations and the operations of our suppliers, contractors and service providers, including smelter and refining service providers, and the demand for our production.

**Our business could be adversely affected by the failure or unavailability of certain critical assets or infrastructure.**

Mining, processing, development and exploration activities depend, to one degree or another, on adequate infrastructure. Reliable roads, railways, power sources and water supply are important determinants affecting capital and operating costs. Unusual or infrequent weather phenomena, sabotage, government or other interference in the maintenance or provision of such infrastructure could have a material adverse effect on our operations, business, results of operations and financial condition.

**Cyberattacks affecting us or our third-party providers, including unauthorized disclosure, destruction or modification of data, through cybersecurity breaches, computer viruses or otherwise, and actual or perceived failure to comply with new or existing laws, regulations and other requirements relating to the privacy, security and processing of Confidential Information may adversely affect our business, reputation and financial condition.**

We are reliant on the continuous and uninterrupted operations of our information technology ("IT") systems. We own and manage some of these IT systems but also rely on third parties for a range of IT systems and related products and services. Konkola Plc collects, maintains and processes data about customers, employees, business partners and others, including personally identifiable information, as well as proprietary information belonging to our business, such as trade secrets (collectively, "Confidential Information"). User access and security of all IT systems are critical elements to our operations. Our operations depend, in part, on how well we and our suppliers protect networks, equipment, IT systems and software against damage from a number of threats, including, but not limited to, cable cuts, damage to physical plants, natural disasters, terrorism, fire, power loss, hacking, computer viruses, vandalism and theft. Our operations also depend on the timely maintenance, upgrade and replacement of networks, equipment, IT systems and software, as well as preemptive expenses to mitigate the risks of failures. Any threat to the confidentiality, integrity and availability, access or system security of our IT systems and Confidential Information, including IT failures could result in disruption for personnel and could adversely affect our reputation, operations or financial performance.

We face numerous and evolving cybersecurity risks. Our IT systems could be compromised by unauthorized parties attempting to extract Confidential Information, corrupting information or disrupting business processes or by inadvertent or intentional actions by our employees or vendors, including from diverse threat actors, such as state-sponsored organizations, opportunistic hackers and hacktivists, as well as through diverse attack vectors, such as social engineering/phishing, malware (including ransomware), malfeasance by insiders, human or technological error, and as a result of bugs, misconfigurations or exploited vulnerabilities in software or hardware. Any adverse impact to the availability, integrity or confidentiality of our IT systems or Confidential Information, including a cyber security incident (including system-encrypting ransomware) resulting in a security breach or failure to identify a security threat, could disrupt business and could result in the loss of Confidential Information or other assets, as well as litigation (such as class actions), regulatory investigations and enforcement, violation of privacy and security laws and regulations, fines and penalties, and significant incident response, system restoration or remediation costs and future compliance costs.

We and certain of our third-party providers from time-to-time experience cyberattacks and other incidents, and we expect such attacks and incidents to continue in varying degrees. Although to date we have not experienced any material losses relating to cyberattacks, there can be no assurance that we will not incur such losses in the future. Remote and hybrid working arrangements at our company (and at many third-party providers) also increase cybersecurity risks due to the challenges associated with managing remote computing assets and security vulnerabilities that are present in many non-corporate and home networks. There can also be no assurance that our cybersecurity risk management program and processes, including our policies, controls or procedures, will be fully implemented, complied with or effective in protecting our IT systems and Confidential Information. Our risk and exposure to these matters cannot be fully mitigated because of, among other things, the evolving nature of these threats, including through increasingly sophisticated techniques and tools, such as artificial intelligence that circumvent security controls, evade detection and remove forensic evidence. As a result, cyber security and the continued development and enhancement of controls, processes and practices designed to protect systems, computers, software, data and networks from attack, damage or unauthorized access remain a priority. As cyber threats continue to evolve, we may be unable to detect, investigate, remediate or recover from future attacks or incidents or to avoid a material adverse impact to our IT systems, Confidential Information or business and we may be required to expend additional resources to continue to modify or enhance protective measures or to investigate and remediate any security vulnerabilities. Because we make extensive use of third-party suppliers and service providers, successful cyberattacks that disrupt or result in unauthorized access to third-party IT systems can materially impact our operations and financial results.

Legislation and regulatory requirements, as well as contractual commitments, affect how we must store, use, transfer and process the Confidential Information of our customers, stockholders, vendors and employees. The application and interpretation of such requirements are constantly evolving and are subject to change, creating a complex compliance environment. In some cases, these requirements may be either unclear in their interpretation and application or they may have inconsistent or conflicting requirements with each other. These laws, as well as other new or changing legislative, regulatory or contractual requirements concerning data privacy and protection, could require us to expend significant additional compliance costs, implement new processes or change our handling of information and business operations, and any failure or perceived failure to comply with such requirements can result in significant liability, legal claims or proceedings (including class actions), regulatory investigations or enforcement actions or harm to our reputation. In addition, we could incur significant costs in investigating and defending such claims and, if found liable, pay significant damages or fines or be required to make changes to our business.

Social media and other web-based information sharing applications may result in negative publicity and we are at a greater risk of losing control over how we are perceived by others. Damage to our reputation can be the result of the actual or perceived occurrence of any number of events, and could include any negative publicity, whether true or not. Reputational loss may result in challenges in developing and maintaining community and stockholder relations, decreased investor confidence and an impediment to our overall ability to advance our projects. Any or all of the foregoing could materially adversely affect our business, operating results and financial condition.

We cannot guarantee that any costs and liabilities incurred in relation to an attack or incident will be covered by our existing insurance policies or that applicable insurance will be available to us in the future on economically reasonable terms or at all.

**We may be unable to compete successfully with other mining companies.**

The mining industry is competitive in all of its phases. We face strong competition from other mining companies in connection with the acquisition of properties producing, or capable of producing, metals. Many of these companies have greater financial resources and a longer operating history than us. We may also encounter increasing competition from other mining companies in our efforts to hire experienced mining professionals. In addition, competition for exploration resources at all levels is very intense. Increased competition could adversely affect our ability to attract necessary capital funding, to acquire it on acceptable terms, or to acquire suitable producing properties or prospects for mineral exploration in the future. Increases in metal prices, including copper, have in the past, and could in the future, encourage increases in mining exploration, development and construction activities, which could in turn result in increased demand for and cost of contract exploration, development and construction services and equipment. Increased demand for and cost of services and equipment could cause project costs to increase materially, resulting in delays if services or equipment cannot be obtained in a timely manner due to inadequate availability, and increased potential for scheduling difficulties and cost increases due to the need to coordinate the availability of services or equipment. Any of these outcomes could materially increase project exploration, development or construction costs, result in project delays, or both. As a result of this competition, we may be unable to maintain or acquire attractive mining properties or attract better or more qualified employees.

Certain directors also serve as directors and/or officers of other companies involved in natural resource exploration and development. There is a possibility that such other companies may compete with us for the acquisition of assets. Consequently, there exists the possibility for such directors to be in a position of conflict. If any such conflict of interest arises, then a director who has such a conflict must disclose it at a meeting of the directors and will be precluded from participation, discussion or decisions pertaining to the matter. In appropriate cases, we will establish a special committee of independent directors to review a matter in which several directors, or management, may have a conflict of interest.

Global copper supply is facing increasing pressure due to declining ore grades, aging infrastructure and rising capital and operating costs. Brownfield expansions are becoming less cost-effective, while greenfield projects, though offering access to new resources, face long lead times, permitting challenges and geopolitical risks. Additionally, competition for recycled copper is intensifying due to national policies restricting scrap exports, limiting availability in key regions. If we are unsuccessful at leveraging advanced technologies, securing low-cost, high-grade deposits and/or navigating regulatory environments effectively, we may not be able to compete in a tightening supply landscape effectively.

**We depend on key management personnel and may not be able to attract and retain qualified personnel in the future.**

Our ability to manage our operations, exploration and development activities, and hence, our success depends in large part on our ability to retain current key management personnel and to attract and retain new personnel, including management, technical and unskilled workforce. The loss of the services of one or more key employees could have a material adverse effect on our ability to manage and expand our business. We currently do not have key person insurance on these individuals.

Our success will also depend to a significant degree upon the contributions of qualified technical personnel and our ability to attract and retain highly skilled personnel. Competition for such personnel is significant. Any inability to attract and retain these people could have a material adverse effect on our business and operations.

**Some of our employees are unionized and work stoppages by unionized employees could materially and adversely affect our business, results of operations and financial condition.**

Production at our mining operations is dependent upon the efforts of our employees and our operations would be adversely affected if we fail to maintain satisfactory labor relations. Factors such as work slowdowns or stoppages caused by the attempted unionization of operations and difficulties in recruiting qualified miners and hiring and training new miners could materially adversely affect our business. This would have a negative effect on our business and results of operations, which might result in us not meeting our business objective.

If we are unable to renew union agreements as they become subject to renegotiations from time to time, this could result in work stoppages and other labor disturbances that could have a material adverse effect on our liquidity, business, results of operations and financial condition.

Certain of our employees are employed under collective bargaining agreements. If unionized employees were to engage in a concerted strike or other work stoppage, or if other employees were to become unionized, we could experience a disruption of operations, higher labor costs or both. A lengthy strike or other labor disruption could have a material adverse effect on our liquidity, business, results of operations and financial condition.

**Our business could be adversely affected by the performance of our counterparties and outside contractors we do not control.**

It is common industry practice for certain aspects of mining operations including, but not limited to, drilling, blasting and construction, to be conducted by one or more outside contractors. Deficient or negligent work, or work not completed in a timely manner, could have a material adverse effect on our business and operations. We are also subject to a number of risks associated with the use of such contractors, including, but not limited to: (a) us having reduced control over the aspects of the operations that are the responsibility of a contractor; (b) failure of the contractor to perform work properly or at a satisfactory level of quality and safety; (c) failure of a contractor to perform under its agreement(s), including, but not limited to, inability to meet the contractual timelines or to otherwise deliver in accordance with the terms of the contract; (d) inability to replace the contractor if the contractual relationship is terminated; (e) interruption of operations in the event the contractor ceases operations as a result of a contractual dispute with us or as a result of insolvency or other unforeseen events (including events of force majeure); (f) failure of the contractor to comply with applicable legal and regulatory requirements; and (g) inadequate contractor cybersecurity program or customer data management and privacy, exposing us to external attacks or leaking of our confidential information, any of which could have a material adverse effect on our business, results of operations and financial condition.

**Our directors and officers are or may become subject to conflicts of interest.**

Certain of our directors and officers are or may become associated with other mining and/or mineral exploration and development companies which may give rise to actual or potential conflicts of interest. Directors who have a material interest in any person who is a party to a material contract or a proposed material contract with us are required to disclose that interest and abstain from voting on any resolution to approve such a contract. In addition, directors and officers are required to act honestly and in good faith with a view to our best interests. Further, any failure of our directors or officers to address these conflicts in an appropriate manner or to allocate opportunities that they become aware of to us could have a material adverse effect on our prospects, business, results of operations and financial condition.

**Title claims may affect our existing operations as well as our development projects and future acquisitions.**

Title to our properties may be challenged or impugned, and title insurance is generally not available. Our mineral properties may be subject to prior unregistered agreements, transfers or claims, and title may be affected by, among other things, undetected defects. In addition, we may be unable to operate our properties as permitted or to enforce our rights with respect to our properties. This may affect our ability to acquire within a reasonable time frame effective mineral titles in the jurisdictions in which we operate and may affect the timetable and costs of development of mineral properties in these jurisdictions. The risk of unforeseen title claims could also affect existing operations as well as development projects and future acquisitions. These legal risks may affect our ability to expand or transfer existing operations or to develop new projects.

**We may fail to identify attractive acquisition candidates or joint ventures with strategic partners or may fail to successfully integrate acquired mineral properties or successfully manage joint ventures.**

As part of our development strategy, we may acquire additional mineral properties or enter into joint ventures with strategic partners. However, there can be no assurance that we will be able to identify attractive acquisition or joint venture candidates in the future or that we will succeed at effectively managing their integration or operation. In particular, significant and increasing competition exists for mineral acquisition opportunities throughout the world. We face strong competition from other mining companies in connection with the acquisition of properties producing, or capable of producing, metals as well as in entering into joint ventures with other parties. If the expected synergies from such transactions do not materialize or if we fail to integrate them successfully into our existing business or operate them successfully with our joint venture partners, or if there are unexpected liabilities, our results of operations could be adversely affected.

In connection with any future acquisitions or joint ventures, we may incur indebtedness or issue equity securities, resulting in increased interest expense or dilution of the percentage ownership of existing stockholders. Unprofitable acquisitions or joint ventures, or additional indebtedness or issuances of securities in connection with such acquisitions or joint ventures, may adversely affect the price of our common stock and negatively affect our results of operations.

**Natural disasters, as well as geotechnical and hydrological conditions, such as landslides, droughts, pit wall failures, tailings dam failures, dry stack tailings failures, rock fragility and climate change may have an adverse effect on our business.**

We and the mining industry face continued geotechnical challenges, which could adversely impact our production and profitability. Unanticipated adverse geotechnical and hydrological conditions, such as landslides, droughts, pit wall failures, tailings dam failures, dry stack failures and rock fragility have occurred and may occur in the future, and such events may not be detected in advance. Geotechnical instabilities and adverse climatic conditions can be difficult to predict and are often affected by risks and hazards outside of our control, such as severe weather, including hurricanes, and considerable rainfall, which may lead to periodic floods, mudslides, wall instability and seismic activity, which may result in slippage of material. We have in the past experienced landslides leading to fatal mine collapse. There can be no assurance that future weather events will not adversely affect mining and exploration activities where we operate now and in the future. In particular, mining, drilling and exploration activities may be suspended due to poor ground conditions, ore haulage activities may be slowed or delayed as roads may be temporarily flooded, and deposits where the host rock is clayish in nature may have to be mined or processed at slower than anticipated rates and/or mixed with lower grade stockpile ore. Furthermore, the occurrence of physical climate change events may result in substantial costs to respond to the event and/or recover from the event, and to prevent recurrent damage, through either the modification of, or addition to, existing infrastructure at our operations. The scientific community has predicted an increase, over time, in the frequency and severity of extraordinary or catastrophic natural phenomena as a result of climate change, as well as chronic changes (such as changes in meteorological and hydrological patterns) that may result in similar risks. We can provide no assurance that we will be able to predict, respond to, measure, monitor or manage the risks posed as a result.

Geotechnical failures could result in limited or restricted access to mine sites, suspension of operations, government investigations, increased monitoring costs, remediation costs, loss of ore and other impacts, which could cause one or more of our projects to be less profitable than currently anticipated and could result in a material adverse effect on our results of operations and financial position.

Our mining and processing operations are, in some instances, energy intensive. Physical climate change events, and the trend toward more stringent regulations aimed at reducing the effects of climate change, could impact our decisions to pursue future opportunities, or maintain existing operations, which could have an adverse effect on our business and operations. We can provide no assurance that efforts to mitigate the risks of climate changes will be effective and that the physical risks of climate change will not have an adverse effect on our operations and profitability. In addition, as climate change is increasingly perceived as an international and community concern, stakeholders may increase demands for emissions reductions and call upon mining companies to better manage their consumption of climate-relevant resources. Such regulatory requirements may have an adverse impact on us.

**Our business may be adversely affected by increasing and dynamic environmental and social related regulations and investor expectations, including regulations and expectations pertaining to climate change.**

There is increasing and evolving scrutiny from regulatory authorities, metallurgical refineries, investors, customers, financial institutions, insurers, reinsurers, among others, regarding companies' management of various environmental and social matters, including associated operational parameters, programs and disclosures. We engage in various initiatives to manage such matters and address stakeholder expectations; however, such initiatives can be costly and may not have the desired effect. Many such initiatives leverage methodologies, standards, or data that are complex and continue to evolve. As with other companies, our approach to such matters also evolves, and we cannot guarantee that our approach will align with the expectations or preferences of any particular stakeholder. Moreover, various stakeholders have different, and at times conflicting, expectations. Our operations and demand for at least certain of our products may also be impacted by provenance considerations, including customer concerns regarding conflict minerals given our proximity to the DRC. In addition, governments have introduced or are introducing climate change, natural capital, human rights and other legislation and treaties at the international, national, state/provincial and local levels. Regulation relating to such matters is becoming more stringent. If the current regulatory trend continues, this may result in increased costs at our operations.

In connection with our authorizations, licenses and permits, we may be subject to restrictions relating to our operations, resource use, protection of communities, protection of particular habitats or geographic areas, fauna and flora, biodiversity, climate change, among others, which may require us to limit or modify our mining plans, having an impact on our production volumes, costs and Mineral Reserves and Mineral Resources. Difficulties in obtaining or renewing permits may lead to construction delays, cost increases, and may adversely impact our production volumes. Social, environmental and health and safety regulations also impose standards, procedures, monitoring and operational controls on activities relating to mineral research, mining, beneficiation, pelletizing activities, railway and marine services, ports, de-characterization, decommissioning, mine closure activities, distribution and marketing of our products. Such regulations may give rise to significant costs and liabilities and may change over time. Litigation and legal and regulatory uncertainties relating to these, or other related matters may adversely affect our financial condition or cause harm to our reputation.

Environmental and health and safety regulations in many countries have become stricter in recent years, and it is possible that more regulation or more stringent enforcement of existing regulations will adversely affect us by imposing restrictions on our activities, products and assets, creating new requirements for the issuance or renewal of environmental licenses and labor authorizations, resulting in licensing and operation delays, raising our costs or requiring us to engage in expensive reclamation efforts. All these factors may affect our practices and result in costs or expense increase, require new capital expenditures, restrict or suspend operations, write down or write off assets or Mineral Reserves and Mineral Resources, result in loss of customers or contracts, regulatory or investor engagement or other adverse impacts to our business. Additionally, many of our suppliers, customers, and other stakeholders are subject to similar expectations, which may result in additional or augmented risks.

**We incur increased costs as a result of operating as a public company.**

We expect to apply for listing on the NYSE, and as a result, we incur significant legal, accounting and other expenses that we did not incur as a private company. As a public company listed on a stock exchange in the United States, we will be subject to the reporting requirements of the Securities Exchange Act of 1934 (the "Exchange Act"), the Sarbanes-Oxley Act, the Dodd-Frank Wall Street Reform and Consumer Protection Act, as well as rules adopted, and to be adopted, by the SEC and NYSE. Our management and other personnel need to devote a substantial amount of time to these compliance initiatives and may not effectively or efficiently manage the transition into a public company. Moreover, we expect these rules and regulations to substantially increase our legal and financial compliance costs and to make some activities more time-consuming and costly. For example, we expect these rules and regulations to make it more difficult and more expensive for us to obtain director and officer liability insurance and we may be forced to accept reduced policy limits or incur substantially higher costs to maintain the same or similar coverage. We cannot predict or estimate the amount or timing of additional costs it may incur to respond to these requirements. The impact of these requirements could also make it more difficult for us to attract and retain qualified persons to serve on our board of directors, its board committees or as executive officers.

Some members of our management team do not have experience managing a publicly traded company in the United States and complying with the increasingly complex laws pertaining to public companies in the United States. The additional demands associated with being a public company in the United States may disrupt regular operations of our business by diverting the attention of some of our senior management team away from revenue producing activities to management and administrative oversight, adversely affecting our ability to attract and complete business opportunities and increasing the difficulty in both retaining professionals and managing and growing our businesses. Our management team may not successfully or efficiently manage our transition to being a public company in the United States subject to significant regulatory oversight and reporting obligations under the U.S. federal securities laws and the continuous scrutiny of securities analysts and investors.

In addition, the public reporting obligations associated with being a public company in the United States may subject us to litigation as a result of increased scrutiny of our financial reporting. If we are involved in litigation regarding our public reporting obligations, this could subject us to substantial costs, divert resources and management attention from our business and seriously undermine our business. Failure to comply with existing and future rules and obligations of the NYSE may subject us, our subsidiaries and/or members of our management team to, among other things, delisting, litigation, investigations, expenses, fines and other applicable sanctions.

Any of these effects could harm our business, financial condition and results of operations.

**Adverse outcomes in legal proceedings could subject us to substantial damages and adversely affect our results of operations and profitability.**

We are and may in the future be party to civil, environmental, tax, labor, criminal, regulatory and administrative or legal proceedings, as well as arbitration and administrative proceedings. We cannot guarantee that the outcome will be favorable to us and that we have adequately recorded provisions for any such proceedings.

Decisions contrary to our interests that involve substantial amounts, especially in cases in which we have not recorded provisions or in which the amounts provisioned are lower than final adjudicated amounts and in which may prevent our conduct of business, may have an adverse effect on our results of operations and business. In addition, government authorities may have understandings or interpretations different than ours in connection with the conduct of our business and may subject us to contingencies for other reasons that require us to spend significant amounts or lead to the loss of grants from government authorities.

Moreover, we may not have sufficient funds to post collateral or provide guarantees in judicial or administrative proceedings involving substantial amounts. Even if we do not post such collateral or provide guarantees, we will be liable for paying any amounts due pursuant to any unfavorable outcomes in legal proceedings. We cannot assure you that, if we cannot make such payments, our assets, including financial assets, will not be attached or that we will be able to obtain tax good-standing certificates, all of which may have a material adverse effect on our business, results of operations and financial condition. See "*Business—Legal Proceedings*."

**We may identify material weaknesses in our internal control over financial reporting and, if we fail to maintain effective internal controls over financial reporting, we may be unable to accurately report our results of operations, meet our reporting obligations and/or prevent fraud.**

Prior to this offering, we were not an SEC registrant and were not required to assess or report on the effectiveness of our internal control over financial reporting under the Sarbanes-Oxley Act of 2002.

In connection with the audit of our consolidated financial statements for the year ended March 31, 2025, our external auditors obtained an understanding of our internal controls relevant to their audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of our internal controls in accordance with the provisions of the Sarbanes-Oxley Act of 2002.

If we fail to maintain the adequacy of our internal control over financial reporting, when required, we may not be able to conclude on an ongoing basis that we have effective internal control over financial reporting in accordance with Section 404 of the Sarbanes-Oxley Act of 2002. Material weaknesses may still exist when we report on the effectiveness of our internal control over financial reporting as required under Section 404 of the Sarbanes-Oxley Act. The process of designing and implementing internal control over financial reporting required to comply with the disclosure and attestation requirements of Section 404 of the Sarbanes-Oxley Act will be time-consuming and costly. However, if we fail to maintain an effective internal control environment, we could suffer material misstatements in our financial statements, fail to meet our reporting obligations or fail to prevent fraud, which would likely cause investors to lose confidence in our reported financial information. This could, in turn, limit our access to capital markets, harm our results of operations and lead to a decline in the trading price of our common stock.

Our testing may in the future reveal deficiencies in our internal controls that are deemed to be material weaknesses or significant deficiencies and render our internal controls over financial reporting ineffective. If we or our management identifies material weaknesses or significant deficiencies in our internal controls over financial reporting that are deemed to be additional material weaknesses, the market price of our shares of common stock may decline and we may be subject to investigations or sanctions by the SEC, the Financial Industry Regulatory Authority, Inc. or other regulatory authorities as well as result in litigation.

**Disclosure controls and procedures over financial reporting may not prevent or detect all errors or acts of fraud.**

Disclosure controls and procedures, including internal controls over financial reporting, are designed to provide reasonable assurance that information required to be disclosed by us in reports filed or submitted under the Exchange Act is accumulated and communicated to management, and recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms.

These disclosure controls and procedures have inherent limitations, which include the possibility that judgments in decision-making can be faulty and result in errors or mistakes. Additionally, controls can be circumvented by any unauthorized override of the controls. Consequently, our business is exposed to risk from potential non-compliance with policies, employee misconduct, negligence and fraud, which could result in regulatory sanctions, civil claims and serious reputational or financial harm. In particular, it is not always possible to deter employee misconduct, and the precautions we take to prevent and detect this activity may not always be effective. Accordingly, because of the inherent limitations in the control system, misstatements due to error or fraud may occur and not be detected.

We may also acquire businesses with unknown liabilities, contingent liabilities, internal control deficiencies or other risks. Realization of any of these liabilities or deficiencies may increase our expenses, adversely affect our financial position or cause us to fail to meet our public financial reporting obligations (including as a result of difficulties in integrating different internal control systems with our existing internal control systems).

**We are subject to inflation risks, which might adversely affect our financial condition and results of operations.**

Since we are unable to control the market price at which we sell the minerals we produce (except to the extent that we enter into forward sales contracts), it is possible that significantly higher inflation in the future across all operations, without a concurrent devaluation of the local currency against the U.S. dollar or an increase in the price of such minerals, could have a material adverse effect upon our results of operations and financial condition. We are also subject to inflation risk in relation to production inputs. See "*—We may be adversely affected by the availability and cost of key inputs*."

**Our results of operations could be affected by currency fluctuations.**

We maintain accounts in currencies including the U.S. dollar and Kwacha. While this offering is being conducted in U.S. dollars, the Company conducts its business using both the aforementioned currencies depending on the location of the operations in question and the payment obligations involved. Accordingly, the results of the Company's operations are subject to currency exchange risks. The fluctuations in currency exchange rates may significantly impact the Company's financial position and results of operations in the future.

**Our insurance does not cover all potential losses, liabilities and damage related to our business and certain risks are uninsured or uninsurable.**

The business of mining and mineral exploration is generally subject to a number of risks and hazards including: adverse environmental conditions; industrial accidents; contaminations; labor disputes; unusual or unexpected geological conditions; ground or slope failures; cave-ins; changes in the regulatory environment; and natural phenomena such as inclement weather conditions, floods and earthquakes. Such occurrences could result in damage to, or destruction of, mineral properties or production facilities, personal injury or death, environmental damage to our properties or the properties of others, delays in mining, monetary losses and possible legal liability.

We maintain insurance against certain risks that are typical in the mining industry and in amounts that we believe to be reasonable, but which may not provide adequate coverage in certain circumstances. However, insurance against certain risks (including certain liabilities for environmental pollution or other hazards as a result of exploration and production) is not generally available to us or to other companies in the industry on acceptable terms. Furthermore, we may be unable to maintain or obtain insurance on commercially viable terms. The increasing focus on climate change and stricter regulatory requirements may further limit the availability of commercially-viable insurance terms. Losses resulting from such failure to obtain insurance may result in cost increases and decreased profitability.

**We could be adversely affected by violations of applicable anti-corruption laws and economic and trade sanctions, and non-compliance with such laws can subject us to criminal or civil liability and harm our business, financial condition, and results of operations.**

We and certain of our subsidiaries and affiliated entities conduct business in countries where there is an increased risk of government corruption, solicitation and acceptance of bribes and private sector bribery and corruption. We are committed to doing business in accordance with all applicable laws and our codes of ethics, but there is a risk that we, our subsidiaries or their affiliated entities or we or their respective officers, directors, employees, agents or representatives may act in violation of its codes and applicable laws, including the Criminal Code of Canada, the Corruption of Foreign Public Officials Act (Canada), the UK Bribery Act 2010, the U.S. Foreign Corrupt Practices Act of 1977, the Criminal Justice (Corruption Offenses) Act 2018 of Ireland and the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions. Any such violations could result in substantial civil and criminal penalties and might materially adversely affect our business, reputation, results of operations or financial condition. There has been a general increase in the frequency of enforcement and the severity of penalties under such laws, resulting in greater scrutiny and punishment of companies convicted of violating these laws. The Company may be found liable for violations by not only its employees, but also by its third-party agents.

Our business is also subject to and must be conducted in compliance with applicable economic and trade sanctions laws and regulations, such as those administered and enforced by the U.S. Department of Treasury's Office of Foreign Assets Control, the U.S. Department of State, the United Nations Security Council and other relevant sanctions authorities. These regulations may affect our ability to do business with certain countries, regions, governments or persons that are the subject or target of economic or trade sanctions.

Detecting, investigating and resolving actual or alleged violations of anti-corruption laws and economic and trade sanctions can require a significant diversion of time, resources and attention from senior management. In addition, noncompliance with anti-corruption, anti-bribery, anti-money laundering laws or economic and trade sanctions could subject us to whistleblower complaints, investigations, sanctions, settlements, prosecution, enforcement actions, fines, damages, other civil or criminal penalties or injunctions, suspension or debarment from contracting with certain persons, reputational harm, adverse media coverage and other collateral consequences. If any subpoenas or investigations are launched, or governmental or other sanctions are imposed, or if we do not prevail in any possible civil or criminal proceeding, our business, financial condition and results of operations could be harmed. In addition, responding to any action will likely result in a materially significant diversion of management's attention and resources and significant defense costs and other professional fees.

We are also at risk of material failures of our internal controls, theft and employee fraud, and from time to time in the past have suffered from breaches of our internal controls and instances of fraud, including misuse of corporate funds and assets, by certain of our officers, including managers, or employees. During the period when Konkola Plc was under the control of the Provisional Liquidator pursuant to the Scheme of Arrangement, we experienced a shortage of more than 15 Kt of copper on account of inaccurate reporting of inventory levels at our smelter furnaces, which was subsequently written off in Fiscal 2024. Despite monitoring compliance with our internal policies, we may nonetheless be unable to detect or prevent all instances of fraud, bribery and corruption involving our officers, employees, agents or representatives in the future, which could subject us to civil, administrative or criminal penalties as well as reputational damage. As such, there can be no assurance that we will not experience future instances of our local, regional and national officers, employees, agents or representatives not complying with our policies, making unintended accounting misstatements or breaches of local and national regulations and legislation or committing fraud, any of which could, individually or collectively, have a material adverse effect on our cash flows, financial condition and results of operations.

**Mineral exploration is speculative and uncertain and the development of mines may be unsuccessful.**

Since mines have limited lives based on Proven and Probable Mineral Reserves, we continually seek to replace and expand our Mineral Reserves. Mineral exploration, at both newly acquired properties and existing mining operations, is highly speculative in nature, involves many risks and frequently does not result in the discovery of mineable Mineral Reserves. There can be no assurance that our exploration efforts will result in the discovery of significant mineralization or that any mineralization discovered will result in an increase of our Proven or Probable Mineral Reserves. If Proven or Probable Mineral Reserves are developed, it may take a number of years and substantial expenditures from the initial phases of drilling until production is possible, during which time the economic feasibility of production may change. No assurance can be given that our exploration programs will result in the replacement of current production with new mineral reserves or that our development program will be able to extend the life of our existing mines.

In the event that new Mineral Reserves are not developed, we will not be able to sustain any mine's current level of mineral reserves beyond the life of our existing Mineral Reserve estimates. The combination of these factors may cause us to expend significant resources (financial and otherwise) on a property without receiving a return on investment.

**We have completed conceptual studies to assess the economic potential of our Mineral Resources. Conceptual studies are not feasibility studies and are lower in confidence as compared to feasibility studies. The results of our conceptual studies may not accurately reflect actual capital requirements, operating costs or revenues from any potential future production.**

Many factors and contingencies are involved in the determination of the economic viability of a deposit, and conceptual studies, being early stage studies into economic viability, are inherently based on a number of assumptions that are subject to uncertainty. For example, we have recently conducted a conceptual study to assess potential further production from the KCM Complex, including to carry out further resource definition at TD05 (as defined below) and the Lubengele tailings dam. This conceptual study is contingent on several upgrades being made to our existing infrastructure, including to the Nchanga smelter and concentrator, as well as increased requirements for power, dewatering, pastefill capacity and waste development. Such upgrades are very costly, and in the case of our most recent conceptual study, is estimated to cost over $3 billion. We will need to incur further costs even to assess the viability of such increased production rates for existing Mineral Resources, which may never occur, including if such further study results indicate it would not be feasible to reach such a target, due to physical, financial or other constraints. Furthermore, conceptual studies do not include determinations as to Mineral Reserves, and the Mineral Resources addressed in the conceptual studies may never be converted into Mineral Reserves.

**Our goal to increase copper production from our mining assets is dependent on a number of factors, including substantial investment to establish necessary mining and processing systems, some of which may not come to fruition.**

Our ability to achieve our targeted increase in copper production from our mining assets, particularly at the Konkola Complex underground mine, is subject to a range of significant risks and uncertainties. Realizing this goal will require substantial and timely capital investment to establish, upgrade and maintain the mining and processing systems necessary to support higher production rates and operational reliability. If we are unable to secure and deploy the required capital, or if project execution is delayed or unsuccessful, our production targets and overall business performance could be materially and adversely affected. In order to achieve our targeted increase in copper production, we will need to expand and upgrade dewatering infrastructure, optimize mining methods, reduce operating costs significantly and implement a new paste fill backfill system to increase recovery and maintain geotechnical stability. We will also need to make significant upgrades to mine infrastructure, including concentrator circuits, ventilation, materials handling, and surface facilities, which are required to support higher production rates. Any delays or failures in any of these projects would adversely impact our plans. Reliable power supply is essential. With current backup capacity insufficient for full operations during outages and projected power needs expected to rise with increased production targets, extended power disruptions could compromise critical systems and result in production losses. Any failure to address these factors in a timely and effective manner would materially and adversely affect our ability to achieve our production targets and the overall value of our mining assets.

Credit rating downgrading in Zambia or other countries in which we operate could reduce the trading price of our common stock.

We may be harmed by investors' perceptions of risks related to sovereign debt credit rating of Zambia and other countries in which we operate. Rating agencies regularly evaluate those countries and their sovereign credit ratings, which are based on a number of factors including macroeconomic trends, fiscal and budgetary conditions, indebtedness metrics and the perspective of changes in any of these factors.

**Risks Relating to our Common Stock and the Offering**

**We have broad discretion in the use of the net proceeds from this offering and may not use them effectively.**

Our board of directors and executive management will have broad discretion over the application of the net proceeds that we receive from this offering. We may spend or invest these proceeds in ways with which our stockholders disagree or that do not yield a favorable return, if at all. We intend to use the net proceeds from this offering as described in the section entitled "*Use of Proceeds*." However, our use of these proceeds may differ substantially from our current plans. Failure by our management to apply these funds effectively could harm our business, financial condition and results of operations. Pending their use, we may invest the net proceeds from this offering in a manner that does not produce income or that loses value.

**The market price of our common stock may be volatile, and your investment could suffer or decline in value.**

The price of our common stock is likely to be significantly affected by short-term changes in copper prices or in our financial condition or results of operations as reflected in our quarterly and annual reports. Other factors unrelated to our performance that may have an effect on the price of our common stock include the following: levels of supply and demand for our products and for a broad range of other industrial products; expectations with respect to the rate of inflation; the relative strength of certain currencies; interest rates; speculative activities; transportation restrictions; global or regional political or economic crises; government policy changes, including taxes and tariffs; trade disputes or the potential for trade disputes; the extent of analytical coverage available to investors concerning our business may be limited if investment banks with research capabilities do not continue to follow our common stock; the lessening in trading volume and general market interest in our common stock may affect an investor's ability to trade significant numbers of common stock; and the size of our public float may limit the ability of some institutions to invest in our common stock. Even if an active, liquid and orderly trading market is sustained for our common stock, the market price of our common stock may be volatile and could decline significantly.

In addition, if our performance does not meet market expectations, the price of our common stock may decline. Fluctuations in the price of our common stock could contribute to the loss of all or part of your investment. The initial public offering price for the shares was determined by negotiations between us and the underwriters. You may not be able to resell your shares at or above the initial public offering price due to a number of factors included herein. Factors affecting the trading price of our common stock may also include:

&nbsp;&nbsp;&nbsp;&nbsp;· actual or anticipated fluctuations in our quarterly financial results or the quarterly financial results
of companies perceived to be similar to us;

&nbsp;&nbsp;&nbsp;&nbsp;· changes in the market's expectations about operating results;

&nbsp;&nbsp;&nbsp;&nbsp;· our operating results failing to meet market expectations in a particular period;

&nbsp;&nbsp;&nbsp;&nbsp;· guidance, if any, that we provide to the public, any changes in this guidance, or our failure to meet
this guidance;

&nbsp;&nbsp;&nbsp;&nbsp;· changes in expectations as to our future financial performance, including financial estimates and investment
recommendations by securities analysts and investors;

&nbsp;&nbsp;&nbsp;&nbsp;· operating and stock price performance of other companies that investors deem comparable to us;

&nbsp;&nbsp;&nbsp;&nbsp;· changes in laws and regulations affecting our business;

&nbsp;&nbsp;&nbsp;&nbsp;· commencement of, or involvement in, litigation involving us;

&nbsp;&nbsp;&nbsp;&nbsp;· changes in our capital structure, such as future issuances of securities or the incurrence of debt;

&nbsp;&nbsp;&nbsp;&nbsp;· strategic actions by us or our competitors;

&nbsp;&nbsp;&nbsp;&nbsp;· any significant change in our board of directors or management;

&nbsp;&nbsp;&nbsp;&nbsp;· sales of substantial amounts of our common stock by our directors, executive officers or significant stockholders
or the perception that such sales could occur;

&nbsp;&nbsp;&nbsp;&nbsp;· changes in business or regulatory conditions; and

&nbsp;&nbsp;&nbsp;&nbsp;· general economic and political conditions such as recessions, interest rates, fuel prices, international
currency fluctuations and acts of war or terrorism.

Broad market and industry factors may depress the market price of our common stock irrespective of our operating performance. The stock market in general has experienced price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of the particular companies affected. The trading prices and valuations of these stocks, and of our common stock, may not be predictable. A loss of investor confidence in the market for companies engaging in the mining industry or the stocks of other companies which investors perceive to be similar to us could depress the price of our common stock regardless of our business, prospects, financial conditions or results of operations. A decline in the market price of our common stock also could adversely affect our ability to issue additional securities and our ability to obtain additional financing in the future.

Moreover, in the past, following periods of volatility in the trading price of a company's securities, securities class action litigation has often been instituted against that company. If we were to be involved in any similar litigation, we could incur substantial costs and our management's attention and resources could be diverted, which would have a material adverse effect on us.

As a result of any of these factors, the market price of our common stock at any given point in time may not accurately reflect our long-term value. Securities class action litigation often has been brought against companies following periods of volatility in the market price of their securities. We may in the future be the target of similar litigation. Securities litigation could result in substantial costs and damages and divert management's attention and resources.

**Following the completion of this offering, Vedanta will control a majority of the voting power of our common stock, which will prevent you and other stockholders from influencing significant decisions.**

After giving effect to the sale of our common stock pursuant to this offering, Vedanta will control (directly or indirectly) % (or % if the underwriters exercise their option to purchase additional shares of common stock in full) of our aggregate voting power. For so long as Vedanta continues to control a majority of the voting power, it will generally be able to significantly influence the outcome of all corporate actions requiring approval of the general meeting.

So long as Vedanta continues to control a majority of the voting power of our shares, it will be able to influence the composition of our board of directors and thereby influence our policies and operations, including the appointment of management, future issuances of shares or other securities, the payment of dividends, if any, on shares, the incurrence or modification of debt by us, amendments to our amended and restated certificate of incorporation and the entering into extraordinary transactions, and its interests may not in all cases be aligned with our other stockholders' interests. In addition, Vedanta may have an interest in pursuing acquisitions, divestitures and other transactions that, in its judgment, could enhance its investment or improve its financial condition, even though such transactions might involve risks to our other stockholders.

As a result, Vedanta and its affiliates' interests may not be the same as, or may conflict with, the interests of our other stockholders or our interests. Investors in this offering will not be able to affect the outcome of a stockholder vote while Vedanta controls the majority of the voting power in the general meeting. Because Vedanta's interests may differ from those of our other stockholders, actions that Vedanta takes with respect to us, as our controlling stockholder, may not be favorable to us or to our other stockholders.

**If securities analysts do not publish research or reports about our business or if they downgrade our common stock or securities issued by other companies in our sector, the price and trading volume of our common stock could decline.**

A trading market for our common stock on NYSE may not develop. Furthermore, any future trading market for our common stock may be affected in part by the research and reports that industry and financial analysts come to publish about us or our business after we become an independent listed company. We do not control these analysts. As a newly public company, we may be slow to attract research coverage. Furthermore, if one or more of the analysts downgrade our common stock or our industry and change their views regarding the shares of any of our competitors or other companies in our sector, or publish inaccurate or unfavorable research about our business, the market price of our common stock could decline. If one or more of these analysts cease coverage of our Company or fail to regularly publish reports on us, we could lose visibility in the financial markets, which could cause our share price or trading volume to decline.

**The economic value of your investment may be diluted.**

We may, from time to time, need additional funds to implement our growth strategy, acquire target companies or otherwise conduct our activities and we may issue additional common stock. Any additional funds obtained by such a capital increase may dilute your interest in our company or decrease the market price of our common stock.

**Holders of our common stock may not receive any dividends.**

We are not contractually obligated to pay regular cash dividends on our common stock following this offering. Any decision to declare and pay dividends in the future will be made at the discretion of our board of directors and will depend on, among other things, general and economic conditions, our results of operations and financial condition, our available cash and current and anticipated cash needs, capital requirements, contractual, legal, tax and regulatory restrictions and such other factors that our board may deem relevant. Pursuant to the KCM Shareholders Agreement, distributions from Konkola Plc are subject to the Konkola Waterfall prioritizing interest and partial principal on shareholder loans and other specified liabilities, which may limit or delay our ability to receive dividends or other distributions from Konkola Plc, which may limit or delay our ability to receive dividends or other distributions from Konkola Plc, which may in turn limit or delay our ability to declare and pay dividends. See "*—Risks Related to our Business—Our holding company structure makes us dependent on the operations of our subsidiaries*" and "*Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources*."

In addition, our ability to pay dividends is, and may be, limited by covenants of any future outstanding indebtedness we or our subsidiaries incur. Therefore, any return on investment in our common stock may be solely dependent upon the appreciation of the price of our common stock on the open market, which may not occur. See "*—Risks Related to our Business—Our holding company structure makes us dependent on the operations of our subsidiaries.*"

**Following the completion of this offering, we will be a "controlled company" within the meaning of the NYSE corporate governance rules. As a result, we will qualify for exemptions from certain U.S. corporate governance requirements and such exemptions could have an adverse effect on our public stockholders.**

We have applied to list our common stock on the NYSE. Upon the closing of this offering, Vedanta will continue to control a majority of our common stock. As a result, we will be a "controlled company" within the meaning of the NYSE corporate governance standards. The NYSE Listed Company Manual provides that a company of which more than 50% of the voting power for the election of directors is held by an individual, group or another company is a "controlled company" and may elect not to comply with certain corporate governance requirements, including the requirements:

&nbsp;&nbsp;&nbsp;&nbsp;· the requirement that our board of directors be composed of a majority of independent directors;

&nbsp;&nbsp;&nbsp;&nbsp;· that we have a compensation committee that is composed entirely of independent directors with a written
charter addressing the committee's purpose and responsibilities;

&nbsp;&nbsp;&nbsp;&nbsp;· that we have a nominating and governance committee composed entirely of independent directors with a written
charter addressing the committee's purpose and responsibilities; and

&nbsp;&nbsp;&nbsp;&nbsp;· for an annual performance evaluation of the nominating and governance and compensation committees.

We have elected to rely on the "controlled company" exemption provided in the NYSE Listed Company Manual from the requirement to have a majority of independent directors, and we could elect to rely on other exemptions in the future. As a result, you will not have the same protections afforded to stockholders of companies that are subject to all of the corporate governance requirements of the NYSE. Our status as a controlled company could cause our common stock to look less attractive to certain investors or otherwise harm the trading price of our common stock. See "*Management—Controlled Company Exemption*."

**We qualify as an emerging growth company, and any decision on our part to comply with reduced reporting and disclosure requirements applicable to emerging growth companies could make our common stock less attractive to investors.**

We are an "emerging growth company," and, for as long as we continue to be an emerging growth company, we currently intend to take advantage of exemptions from various reporting requirements applicable to other public companies but not to "emerging growth companies," including, but not limited to, not being required to have our independent registered public accounting firm audit our internal control over financial reporting under Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in our registration statements, periodic reports and proxy statements and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. We will cease to be an emerging growth company upon the earliest of: (i) the last day of the fiscal year in which we have total annual gross revenues of $1.235 billion or more; (ii) the last day of our fiscal year following the fifth anniversary of the date of the completion of this offering; (iii) the date on which we have issued more than $1.0 billion in nonconvertible debt during the previous three years; and (iv) the date on which we are deemed to be a large accelerated filer under the rules of the SEC.

We cannot predict whether investors will find our common stock less attractive if we choose to rely on these exemptions while we are an emerging growth company. Under the JOBS Act, emerging growth companies can also delay adopting new or revised accounting standards until such time as those standards apply to private companies. We have elected to avail ourselves of this extended transition period and, as a result, we will not be required to adopt new or revised accounting standards on the relevant dates on which adoption of such standards is required for other public companies.

**There is currently substantial doubt about Konkola Plc's ability to continue as a going concern.**

On December 22, 2023, Konkola Plc and VRHL entered into the Capital Expenditures Support Loan Agreement, pursuant to which VRHL committed to providing a $1 billion capital expenditures support facility to Konkola Plc. As reflected in the consolidated financial statements of Konkola Plc, Konkola Plc reported operating losses of $316.2 million and $559.4 million during the twelve months ended March 31, 2025 and March 31, 2024 respectively. Konkola Plc had deficit cashflows from operating activities of $265.9 million and $2.2 million for the years ended March 31, 2025 and March 31, 2024 respectively. Konkola Plc's cash and cash equivalents were $14.3 million as of March 31, 2025. These factors raise substantial doubt about Konkola Plc's ability to continue as a going concern.

On October 30, 2025, Konkola Plc received a letter of financial support from VRL, pursuant to which VRL agreed to provide necessary financial support to Konkola Plc for a minimum period of 12 months. During the period in which Konkola Plc was under the management of the Provisional Liquidator, total production of Konkola Plc (including Integrated and from third-party sources) declined to approximately 54 Ktpa in Fiscal 2024, resulting in operating losses and deficit cashflows. While we have already achieved a production run rate of 134 Ktpa of copper (including Integrated and from third party sources) from April 2025 through December 2025 under Vedanta's management and plan to expend $1.7 billion capital expenditure (which includes proceeds from this offering) to allow Konkola Plc to ramp-up its copper production and generate a positive cash flow, Konkola Plc may not be able to achieve our production goals or generate positive cash flow. Based upon Konkola Plc's current operating plan and assumptions, Konkola Plc expects that its existing cash balances and expected cash flows from operations, alongside the continuance of the financial support received from Vedanta will be sufficient to fund its operations for at least the next 12 months. Konkola Plc has based this estimate on assumptions that may prove to be wrong, and it could use capital resources sooner than it currently expects.

Konkola Plc or CopperTech may need to raise additional funds. There can be no assurance that Konkola Plc or CopperTech will be able to secure any needed funding, or that if such funding is available, the terms or conditions would be acceptable to Konkola Plc or CopperTech. If Konkola Plc or CopperTech is unable to obtain additional financing when it is needed, Konkola Plc will need to restructure its operations and possibly divest all or a portion of its business. Konkola Plc or CopperTech may seek additional capital through a combination of equity offerings and debt financings. Debt financing, if obtained, may involve agreements that include covenants limiting or restricting Konkola Plc or CopperTech's ability to take specific actions, such as incurring additional debt, and could increase Konkola Plc or CopperTech's expenses, require that Konkola Plc or CopperTech's assets secure such debt, or provide for high interest rates, discounted conversion prices, or other unfavorable terms. Equity financing, if obtained, could result in dilution to Konkola Plc or CopperTech's then-existing stockholders. If Konkola Plc or CopperTech are unsuccessful in securing additional funding, Konkola Plc may be required to cease operations which could result in Konkola Plc's stockholders, and by virtue of CopperTech's ownership interest in Konkola Plc being its only asset, CopperTech's stockholders, losing all or almost all of their investment.

**An active trading market for our common stock may not be sustained, and investors may not be able to resell our common stock at or above the price for which they purchased such common stock.**

Prior to this offering, there was no public market for our common stock. Although we have applied to list our common stock on NYSE under the trading symbol "CUX", an active trading market for our common stock may never develop or be sustained following this offering. The initial public offering price was determined by negotiations between us and the underwriters and may not be indicative of market prices of our common stock that will prevail in the open market after the offering. A public trading market having the desirable characteristics of depth, liquidity and orderliness depends upon the existence of willing buyers and sellers at any given time, such existence being dependent upon the individual decisions of buyers and sellers over which neither we nor any market maker has control. The failure of an active and liquid trading market to develop and continue would likely have a material adverse effect on the value of our common stock. The market price of our common stock may decline below the initial public offering price, and you may not be able to sell your shares of our common stock at or above the price you paid in this offering, or at all. An inactive market may also impair our ability to raise capital to continue to fund operations by issuing additional shares of our common stock and may impair our ability to make acquisitions by using any such common stock as consideration.

**Substantial future sales of our common stock, or the perception that these sales could occur, may cause the price of our common stock to drop significantly, even if our business is performing well.**

A large volume of sales of common stock, or securities convertible into or exercisable or exchangeable for our common stock, into the public market, could decrease the prevailing market price of such securities and could impair our ability to raise additional capital through the sale of equity securities in the future. Even if a substantial number of sales of our common stock or warrants does not occur, the mere perception of the possibility of these sales could depress the market price of our common stock or warrants and have a negative effect on our ability to raise capital in the future.

Additionally, sales of a substantial number of our common stock in the public market could occur at any time after the expiration of the 180-day contractual lock-up period described in the "*Underwriting*" section of this prospectus (or earlier if such lock-up period is waived by the underwriters). These sales, or the market perception that the holders of a large number of shares of our common stock intend to sell our common stock, could significantly reduce the market price of our common stock and the market price could decline below the initial public offering price. We cannot predict the effect, if any, that future public sales of these shares of our common stock, or the availability of these common stock for sale will have on the market price of our common stock. If the market price of our common stock was to drop as a result, this might impede our ability to raise additional capital and might cause remaining stockholders to lose all or part of their investments.

Further, we cannot predict the size of future issuances of our common stock or other securities or the effect, if any, that future issuances and sales of our securities will have on the market price of our common stock. Sales of substantial amounts of our securities, or the perception that such sales could occur, may adversely affect prevailing market prices for our common stock.

**If you purchase common stock in this offering, you will suffer immediate and substantial dilution of your investment.**

The initial public offering price of our common stock is substantially higher than the pro forma net tangible book value per share of common stock. Therefore, if you purchase common stock in this offering, you will pay a price per share that substantially exceeds our pro forma net tangible book value per share after this offering. You will experience immediate dilution of $ per share, representing the difference between our pro forma net tangible book value per share after giving effect to this offering and the initial public offering price. See "*Dilution*" for more detail, including the calculation of the net tangible book value per share of common stock.

**We may issue shares of preferred stock in the future, which could make it difficult for another company to acquire us or could otherwise adversely affect holders of our common stock, which could depress the price of our common stock.**

Our amended and restated certificate of incorporation will authorize us to issue one or more series of preferred stock. Our board of directors will have the authority to determine the preferences, limitations and relative rights of the shares of preferred stock and to fix the number of shares constituting any series and the designation of such series, without any further vote or action by our stockholders. Our preferred stock could be issued with voting, liquidation, dividend and other rights superior to the rights of our common stock. The potential issuance of preferred stock may delay or prevent a change in control of us, discouraging bids for our common stock at a premium to the market price, and materially adversely affect the market price and the voting and other rights of the holders of our common stock.

**As a result of becoming a public company, we will be obligated to develop and maintain proper and effective internal control over financial reporting in order to comply with Section 404 of the Sarbanes-Oxley Act. We may not complete our analysis of our internal control over financial reporting in a timely manner, or these internal controls may not be determined to be effective, which may adversely affect investor confidence in us and, as a result, the value of our common stock.**

Our management is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements in accordance with GAAP. We are in the very early stages of the costly and challenging process of compiling the system and processing documentation necessary to perform the evaluation needed to comply with Section 404 of the Sarbanes-Oxley Act. We may not be able to complete our evaluation, testing and any required remediation in the time required. If we are unable to assert that our internal control over financial reporting is effective, we could lose investor confidence in the accuracy and completeness of our financial reports, which would cause the price of our common stock to decline, and we may be subject to investigation or sanctions by the SEC.

We will be required, pursuant to Section 404 of the Sarbanes-Oxley Act, to furnish a report by management on, among other things, the effectiveness of our internal control over financial reporting as of the end of the fiscal year that coincides with the filing of our second annual report on Form 10-K. This assessment will need to include disclosure of any material weaknesses identified by our management in our internal control over financial reporting. We will also be required to disclose changes made in our internal control and procedures on a quarterly basis. However, our independent registered public accounting firm will not be required to report on the effectiveness of our internal control over financial reporting pursuant to Section 404 of the Sarbanes-Oxley Act until the later of the year following our first annual report required to be filed with the SEC, or the date we are no longer an "emerging growth company" as defined in the JOBS Act if we take advantage of the exemptions contained in the JOBS Act. At such time, our independent registered public accounting firm may issue a report that is adverse in the event it is not satisfied with the level at which our controls are documented, designed or operating.

Additionally, the existence of any material weakness or significant deficiency would require management to devote significant time and incur significant expense to remediate any such material weaknesses or significant deficiencies and management may not be able to remediate any such material weaknesses or significant deficiencies in a timely manner. The existence of any material weakness in our internal control over financial reporting could also result in errors in our financial statements that could require us to restate our financial statements, cause us to fail to meet our reporting obligations and cause stockholders to lose confidence in our reported financial information, all of which could materially and adversely affect our business and stock price. To comply with the requirements of being a public company, we may need to undertake various costly and time-consuming actions, such as implementing new internal controls and procedures, which has currently been co-sourced to PricewaterhouseCoopers Private Limited, and hiring additional accounting or internal audit staff, which may adversely affect our business, financial condition, results of operations, cash flows and prospects.

**The historical and pro forma financial information in this prospectus may make it difficult to accurately predict our costs of operations in the future.**

Our historical financial information reflect the Resumption of Control and does not reflect the Transactions and the costs we expect to incur as a public company or the resulting changes that will occur in our capital structure and operations. In preparing our pro forma financial information we have given effect to, among other items, the Transactions and this Offering. The estimates we used in our pro forma financial information may not be similar to our actual experience as a public company. See the sections entitled "Summary Historical and Pro Forma Consolidated Financial and Other Data," "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Unaudited Pro Forma Consolidated Financial Data" and our consolidated financial statements included elsewhere in this prospectus.

**Certain provisions of Delaware law and anti-takeover provisions in our organizational documents could delay or prevent a change of control.**

Certain provisions of Delaware law and our amended and restated certificate of incorporation and amended and restated bylaws may have an anti-takeover effect and may delay, defer or prevent a merger, acquisition, tender offer, takeover attempt or other change of control transaction that a stockholder might consider in its best interest, including those attempts that might result in a premium over the market price for the shares held by our stockholders. These provisions provide for, among other things.

&nbsp;&nbsp;&nbsp;&nbsp;· the ability of our board of directors to issue one or more series of preferred stock without stockholder
approval;

&nbsp;&nbsp;&nbsp;&nbsp;· no cumulative voting;

&nbsp;&nbsp;&nbsp;&nbsp;· from and after the Trigger Date (as defined below), the removal of our directors either with or without
cause, will require the affirmative vote of holders of at least 66 and 2/3% of the total voting power of our then-outstanding capital
stock entitled to vote thereon;

&nbsp;&nbsp;&nbsp;&nbsp;· from and after the Trigger Date, our stockholders may not take action by consent without a meeting and
may only take action at a meeting of stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;· vacancies on our board of directors will be able to be filled only by our board of directors and not by
stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;· advance notice procedures apply for stockholders to nominate candidates for election as directors or to
bring matters before an annual meeting of stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;· from and after the Trigger Date, stockholders will be unable to call a special meeting of stockholders;
and

&nbsp;&nbsp;&nbsp;&nbsp;· certain provisions of our amended and restated certificate of incorporation may be amended only by the
affirmative vote of holders of at least 66 and 2/3% of the total voting power of our then-outstanding capital stock entitled to vote thereon.

These anti-takeover provisions could make it more difficult for a third party to acquire us, even if the third party's offer may be considered beneficial by many of our stockholders. As a result, our stockholders may be limited in their ability to obtain a premium for their shares.

**Our amended and restated certificate of incorporation will designate the Court of Chancery of the State of Delaware as the exclusive forum for certain litigation that may be initiated by our stockholders and the federal district courts of the United States as the exclusive forum for litigation arising under the Securities Act of 1933, as amended (the "Securities Act"), which could limit our stockholders' ability to obtain a favorable judicial forum for disputes with us.**

Pursuant to our amended and restated certificate of incorporation to be effective in connection with the closing of this offering, unless we consent in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware (or, if the Court of Chancery does not have jurisdiction, the United States District Court for the District of Delaware) will, to the fullest extent permitted by law, be the sole and exclusive forum for (i) derivative action, suit or proceeding brought on behalf of our Company, (ii) action, suit or proceeding asserting a claim of breach of a fiduciary duty owed by any current or former director, officer or other employee or stockholder of the Company to the Company or to the Company's stockholders, (iii) action, suit or proceeding arising pursuant to any provision of the Delaware General Corporation Law ("DGCL") or our amended and restated certificate of incorporation or our amended and restated bylaws or as to which the DGCL confers jurisdiction to the Court of Chancery of the state of Delaware or (iv) action, suit or proceeding asserting a claim against our Company governed by the internal affairs doctrine. This provision would not apply to any action or proceeding asserting a claim under the Securities Act or the Exchange Act for which the federal courts have exclusive jurisdiction or any other claim for which the federal courts have exclusive jurisdiction.

Furthermore, our amended and restated certificate of incorporation will also provide that, unless we consent in writing to the selection of an alternative forum, the federal district courts of the United States will be the sole and exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act, Exchange Act or any other claim for which federal courts of the United States have exclusive jurisdiction, against us or any director, officer, employee or agent of ours.

Our amended and restated certificate of incorporation will further provide that any person or entity purchasing or otherwise acquiring any interest in shares of our capital stock is deemed to have notice of and consented to the provisions of our amended and restated certificate of incorporation described above; however, investors cannot waive compliance with the federal securities laws and the rules and regulations thereunder. See "*Description of Capital Stock—Anti-Takeover Effects of Our Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws and Certain Provisions of Delaware Law—Exclusive Forum.*" The forum selection provisions in our amended and restated certificate of incorporation may have the effect of discouraging lawsuits against us or our directors and officers and may limit our stockholders' ability to obtain a favorable judicial forum for disputes with us. If the enforceability of our forum selection provision were to be challenged, we may incur additional costs associated with resolving such a challenge. While we currently have no basis to expect any such challenge would be successful, if a court were to find our forum selection provision to be inapplicable or unenforceable, we may incur additional costs associated with having to litigate in other jurisdictions, which could have an adverse effect on our business, financial condition and results of operations and result in a diversion of the time and resources of our employees, management and board of directors.

**Our business, results of operations, cash flows and financial condition have been and may continue to be adversely affected by changes in geopolitical and global economic conditions.**

Prevailing geopolitical and economic conditions from time to time may impact our ability to obtain equity or debt financing in the future on terms favorable to us or at all. Recent global economic and geopolitical events, such as the conflict in the Middle East, the broad introduction of U.S. tariffs, the war in Ukraine and sanctions on Russia, the renewed U.S.-China trade war, increasing energy costs coupled with supply concerns, increasing inflationary concerns, have created further uncertainty in global financial and equity markets. Any of these economic factors, as well as other related factors such as recession, may cause decreases in asset values that are deemed to be other than temporary, which may result in impairment losses and our operations could be adversely impacted.

Securities of mining companies have experienced and will experience substantial volatility, often based on factors unrelated to the financial performance or prospects of the companies involved. These factors include environmental policies, geopolitical disputes and related policies, macroeconomic developments both globally and in the countries where we conduct business and market perceptions of the attractiveness of particular industries. The prices of securities of publicly listed commodity producers are often directly or closely correlated to related commodity prices, and the price of our common stock may be significantly affected by, among other things, short-term movements in commodity prices generally, base or precious metal prices or other mineral or energy sector prices, currency exchange fluctuation and the political and economic environment in the countries in which we do business and globally. To the extent any geopolitical or similar tensions specifically impact Zambian or other African businesses, we may be impacted in ways that some of our competitors are not. Although receiving increased attention from the United States, Zambia has historically had significant economic ties with China. If relationships between Zambia and any significant copper consumers deteriorate, it may adversely impact our ability to sell our products or, in the case of the United States and other Western nations, execute on our strategy, either of which may also adversely impact our stock's performance.

**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This prospectus contains forward-looking statements that reflect our current views with respect to, among other things, future events and our future business, financial condition, results of operations, prospects, the impact of potential acquisitions and dispositions, our strategy for growth and the use of proceeds of this offering. These statements are often, but not always, made through the use of words or phrases such as "may," "should," "could," "predict," "potential," "believe," "will likely result," "expect," "continue," "will," "anticipate," "seek," "estimate," "intend," "plan," "projection," "would" and "outlook," or the negative version of those words or phrases or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not statements of historical fact, and are based on current expectations, estimates and projections about our industry as well as certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Forward-looking statements contained in this prospectus include, but are not limited to, statements about:

&nbsp;&nbsp;&nbsp;&nbsp;· production goals or operational objectives;

&nbsp;&nbsp;&nbsp;&nbsp;· development projects, such as delays, increased costs or challenges in execution;

&nbsp;&nbsp;&nbsp;&nbsp;· our ability to replace mineral reserves or discover new resources;

&nbsp;&nbsp;&nbsp;&nbsp;· changes in government policies, laws or taxation;

&nbsp;&nbsp;&nbsp;&nbsp;· challenges in obtaining, renewing or maintaining permits and licenses;

&nbsp;&nbsp;&nbsp;&nbsp;· nationalization, expropriation or changes in fiscal regimes;

&nbsp;&nbsp;&nbsp;&nbsp;· changes to taxation or the introduction of new taxes;

&nbsp;&nbsp;&nbsp;&nbsp;· regulatory compliance, and legal and regulatory uncertainties, such as litigation or disputes;

&nbsp;&nbsp;&nbsp;&nbsp;· environmental and social regulatory changes;

&nbsp;&nbsp;&nbsp;&nbsp;· trade restrictions or changes in trade policies;

&nbsp;&nbsp;&nbsp;&nbsp;· dependence on key inputs and potential supply shortages or cost increases;

&nbsp;&nbsp;&nbsp;&nbsp;· infrastructure limitations;

&nbsp;&nbsp;&nbsp;&nbsp;· power supply disruptions;

&nbsp;&nbsp;&nbsp;&nbsp;· technical and operational risks in mining activities;

&nbsp;&nbsp;&nbsp;&nbsp;· reliance on third-party contractors or service providers;

&nbsp;&nbsp;&nbsp;&nbsp;· concentration of smelters or off-takers;

&nbsp;&nbsp;&nbsp;&nbsp;· title disputes or encroachment issues;

&nbsp;&nbsp;&nbsp;&nbsp;· increased competition for resources and personnel;

&nbsp;&nbsp;&nbsp;&nbsp;· challenges in attracting and retaining qualified personnel;

&nbsp;&nbsp;&nbsp;&nbsp;· labor relations issues, such as unionization or work stoppages;

&nbsp;&nbsp;&nbsp;&nbsp;· customer concentration or changes in demand;

&nbsp;&nbsp;&nbsp;&nbsp;· volatility in commodity prices and economic cycles;

&nbsp;&nbsp;&nbsp;&nbsp;· difficulty securing financing or managing costs due to inflation or currency fluctuations;

&nbsp;&nbsp;&nbsp;&nbsp;· environmental or safety incidents or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;· non-compliance with permits or regulations;

&nbsp;&nbsp;&nbsp;&nbsp;· community opposition or reputational risks;

&nbsp;&nbsp;&nbsp;&nbsp;· illegal mining activities;

&nbsp;&nbsp;&nbsp;&nbsp;· health crises affecting workforce availability; and

&nbsp;&nbsp;&nbsp;&nbsp;· other statements regarding our future operations, financial condition, prospects and business strategies.

The forward-looking statements in this prospectus are only predictions and are based largely on our current expectations and projections about future events and trends that we believe may affect our business strategy, financial condition, results of operations, short-term and long-term business operations and objectives and financial needs. These forward-looking statements speak only as of the date of this prospectus and are subject to a number of known and unknown risks, uncertainties and assumptions, including those described in the section entitled "*Risk Factors.*" Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the future events and trends discussed in this prospectus may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements.

Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely upon these forward-looking statements as predictions of future events. The events and circumstances reflected in the forward-looking statements may not be achieved or occur. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, performance or achievements. We undertake no obligation to update any of these forward-looking statements for any reason after the date of this prospectus, except as required by law.

You should read this prospectus and the documents that we reference in this prospectus and have filed as exhibits to the registration statement of which this prospectus is a part completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by the cautionary statements contained in this section and elsewhere in this prospectus.

**USE OF PROCEEDS**

We estimate, based upon an assumed initial public offering price of $ per share of common stock (which is the midpoint of the price range set forth on the cover page of this prospectus), that we will receive net proceeds from this offering of approximately $ million (or $ million if the underwriters exercise in full their option to purchase additional shares of common stock), after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us.

Each $1.00 increase (decrease) in the assumed initial public offering price of $ per share would increase (decrease) the net proceeds to us from this offering by approximately $ million, assuming the number of shares offered, as set forth on the cover page of this prospectus, remains the same, and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us.

Each 1,000,000 share increase (decrease) in the number of shares offered by us in this offering would increase (decrease) the net proceeds to us from this offering by approximately $ million, assuming that the price per share for the offering remains at $, and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us.

We currently intend to use the net proceeds of this offering as follows (in order of priority), to further develop Konkola Plc's operations:

&nbsp;&nbsp;&nbsp;&nbsp;· $ for capital development and infrastructure requirements of the underground mine at the Konkola Complex;

&nbsp;&nbsp;&nbsp;&nbsp;· $ for
 TLP upgrades, smelter upgrades and the extension of mining operations at the Nchanga Complex;

&nbsp;&nbsp;&nbsp;&nbsp;· $ for the utilities
and infrastructure set up to enable the growth of the KCM Complex; and

&nbsp;&nbsp;&nbsp;&nbsp;· for working capital and general corporate purposes.

CopperTech, as the sole stockholder of VRJL following the Transactions, intends to assume the lender's obligations under the Capital Expenditure Support Loan Agreement and fund the remaining $670.0 million funding obligation under the Capital Expenditure Support Loan Agreement by contributing a portion of the net proceeds of this offering to Konkola Plc with the objective of further developing Konkola Plc's operations. See "*Management's Discussion and Analysis of Financial Condition and Results of Operations*—*Scheme Loan Agreement*."

The expected use of net proceeds represents our intentions based upon our current plans and business conditions, which could change in the future as our plans and business conditions evolve and change. The amounts and timing of our actual expenditures may vary significantly depending on numerous factors, including the factors described under "*Risk Factors*" in this prospectus, and the occurrence of unforeseen events or changed business conditions could result in the application of the net proceeds of this offering in a manner other than as described above. As a result, our management will retain broad discretion over the allocation of such net proceeds.

Pending our use of the net proceeds from this offering, we intend to invest the net proceeds in a variety of capital preservation investments, including, but not limited to, short-term, investment-grade, interest-bearing instruments. No assurance can be given that we will invest the net proceeds from this offering in a manner that produces income or that does not result in a loss in value.

**DIVIDEND POLICY**

We have never declared nor paid a dividend on our capital stock. We currently do not anticipate paying any cash dividends on our common stock after this offering or for the foreseeable future. We intend to retain any earnings for use in our business. Any declaration and payment of future dividends or other distributions to holders of our common stock will be at the discretion of our board of directors in accordance with applicable law and will depend on many factors, including our financial condition, earnings, capital requirements, level of indebtedness, statutory and contractual restrictions applying to the payment of dividends or other distributions and other considerations that our board of directors deems relevant.

Although there are currently no restrictions in our debt agreements or capital structure that would prevent us from paying a dividend in the future as a holding company, our ability to pay dividends on our common stock will depend on our receipt of loan repayments from Konkola Plc, cash distributions and dividends from our direct and indirect operating subsidiaries. Pursuant to the KCM Shareholders Agreement, distributions from Konkola Plc are subject to the Konkola Waterfall prioritizing interest and partial principal on shareholder loans and other specified liabilities. Although we will be entitled to receive certain loan repayments on the shareholder loans in accordance with the Konkola Waterfall, cash distributions to CopperTech are only permitted after all such obligations are satisfied, which may limit or delay our ability to receive dividends or other distributions from Konkola Plc. See "*Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources.*" Furthermore, our operating subsidiaries may be similarly impacted by, among other things, the terms of any preferred equity securities, contractual restrictions and provisions of applicable law and may issue in the future, debt agreements containing restrictive covenants.

Accordingly, you may need to sell your shares of our common stock to realize a return on your investment, and you may not be able to sell your shares at or above the price you paid for them. See "*Risk Factors—Risks Relating to our Common Stock and the Offering—An active trading market for our common stock may not be sustained, and investors may not be able to resell our common stock at or above the price for which they purchased such common stock.*"

**CAPITALIZATION**

The following table sets forth our cash and cash equivalents and capitalization as of December 31, 2025 as follows:

&nbsp;&nbsp;&nbsp;&nbsp;· on a historical basis for Konkola Plc; and

&nbsp;&nbsp;&nbsp;&nbsp;· on a pro forma basis for CopperTech Metals Inc., giving effect to the
Transactions, as if such Transactions had occurred on December 31, 2025 and our issuance and sale of shares
of common stock at an assumed initial public offering price of $ per share (which is the midpoint of the price range set forth on the
cover page of this prospectus), after deducting estimated underwriting discounts and commissions and estimated offering expenses payable
by us.

The pro forma information set forth in the table below is illustrative only and will be adjusted based on the actual initial public offering price and other terms of this offering determined at pricing. You should read this table, together with the information contained in this prospectus, including the sections entitled "*Management's Discussion and Analysis of Financial Condition and Results of Operations,*" "*Use of Proceeds*" and the historical financial statements and related notes included elsewhere in this prospectus.

---

| | | |
|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** |
| <br>**(in thousands, except share and per share data)** | **Konkola Plc Actual** | **CopperTech Metals Inc. Pro Forma** |
| Cash and cash equivalents | $149955 |  |
| Restricted cash and cash equivalents | $45874 |  |
| **Indebtedness:** |  |  |
| Current portion of debt | 6777 |  |
| Long-term debt less current portion of debt | 1091774 |  |
| &nbsp;&nbsp;&nbsp;**Total Debt** | **1098551** |  |
| **Shareholders' equity:** |  |  |
| Common shares with $0.01 par value; 1000 shares issued and outstanding | 10987 |  |
| Deferred shares, $0.99 par value; 60,000,000 shares authorized; 60,000,000 shares issued and outstanding | 59400 |  |
| Common stock, $0.01 par value , no shares authorized, issued or outstanding, actual; shares authorized, shares issued and outstanding, pro forma |  |  |
| Additional paid-in capital | 2089767 |  |
| Accumulated deficit | (2391381) |  |
| Accumulated other comprehensive (loss) income, net | 1865 |  |
| &nbsp;&nbsp;&nbsp;Total equity attributable to CopperTech and subsidiaries | (229362) |  |
| &nbsp;&nbsp;&nbsp;Non-controlling interests | - |  |
| &nbsp;&nbsp;&nbsp;Total shareholders' equity | (229362) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total capitalization | 869189 |  |

---

Each $1.00 increase (decrease) in the assumed initial public offering price of $ per share (which is the midpoint of the price range set forth on the cover page of this prospectus) would increase (decrease) each of cash and cash equivalents, additional paid-in capital, total shareholders' equity and total capitalization on a pro forma basis by approximately $ million, assuming the number of shares offered, as set forth on the cover page of this prospectus, remains the same, and after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us.

Each 1,000,000 share increase (decrease) in the number of shares of common stock offered in this offering would increase (decrease) each of cash and cash equivalents, additional paid-in capital, total shareholders' equity and total capitalization on a pro forma basis by approximately $ million, assuming the number of shares offered, as set forth on the cover page of this prospectus, remains the same, and after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us.

**DILUTION**

If you invest in our common stock in this offering, your ownership interest will be immediately diluted to the extent of the difference between the initial public offering price per share and the pro forma net tangible book value per share of our common stock after this offering. Net tangible book value per share is determined by subtracting our total liabilities from the total book value of our tangible assets and dividing the difference by the number of shares of common stock outstanding.

Dilution is the amount by which the offering price paid by the purchasers of the common stock in this offering exceeds the pro forma net tangible book value per share of common stock after the offering. After giving effect to the Transactions and the assumed sale of our common stock in the aggregate amount of $ in this offering at an assumed offering price of $ per share, which is the midpoint of the price range set forth on the cover page of this prospectus, before deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us, our pro forma net tangible book value as of December 31, 2025 would have been approximately $, or $ per share. This represents an immediate increase in pro forma net tangible book value per share of $ to existing stockholders and immediate decrease of $ per share in pro forma net tangible book value per share to new investors participating in this offering.

The following table illustrates this dilution on a per share basis:

---

| | |
|:---|:---|
| Assumed initial public offering price per share of our common stock | $|
| Pro forma net tangible book value per share of common stock as of December 31, 2025 (without giving effect to this offering) |  |
| Increase per share attributable to payments by new investors |  |
| Pro forma net tangible book value per share of common stock after this offering |  |
| Dilution per share of our common stock to new investors in this offering | $|

---

The dilution information discussed above is illustrative only and may change based on the actual initial public offering price and other terms of this offering determined at pricing. Each $1.00 increase or decrease in the assumed initial public offering price of $ per share, which is the midpoint of the estimated offering price range set forth on the cover page of this prospectus, would increase or decrease, as applicable, our pro forma net tangible book value per share to new investors by $, and would increase or decrease, as applicable, dilution per share to new investors purchasing shares of common stock in this offering by $, assuming that the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us. Similarly, each increase or decrease of 1.0 million in the number of shares of our common stock offered by us would increase or decrease, as applicable, our pro forma net tangible book value by approximately $ per share and increase or decrease, as applicable, the dilution to new investors purchasing shares of common stock in this offering by $ per share, assuming the assumed initial public offering price remains the same, and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us.

If the underwriters' option to purchase additional shares of our common stock from us is exercised in full, the pro forma net tangible book value per share of our common stock would be $ per share, and the dilution in net tangible book value per share to new investors purchasing shares of common stock in this offering would be $ per share.

The following table summarizes, as of , after giving effect to the Transactions and this offering, the difference between existing investors and new investors in this offering with respect to the aggregate number of shares of common stock purchased and the total consideration and average price per share of common stock paid to us (assuming that none of the shares of common stock sold in this offering are purchased by existing investors):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares Purchased** | **Shares Purchased** | **Total Consideration** | **Total Consideration** | **Average** <br> **Price**<br> **Per Share** |
|  | **Number** | **Percent** | **Amount**<br> **(in millions)** | **Percent** | |
| Existing Investors |  |  |  |  |  |
| New Investors |  |  |  |  |  |
| Total |  |  |  |  |  |

---

We may choose to raise additional capital due to market conditions or strategic considerations even if we believe we have sufficient funds for our current or future operating plans. To the extent that we raise additional capital through the sale of equity or convertible debt securities, the issuance of these securities could result in further dilution to our stockholders.

The dilution information above is for illustrative purposes only. Our as adjusted net tangible book value following the consummation of this offering is subject to adjustment based on the actual initial public offering price of our shares and other terms of this offering determined at pricing.

**UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL DATA**

The following unaudited pro forma condensed consolidated combined financial data reflects the impact of the Resumption of Control, the Transactions and this offering. CopperTech was formed on January 30, 2025. CopperTech currently has no assets or liabilities and has conducted no operations to date other than in connection with its incorporation and this offering. Following the completion of the Transactions, CopperTech will be a holding company whose sole asset will consist of its 79.42% equity interest in Konkola Plc.

The following unaudited pro forma condensed consolidated combined statement of operations for the year ended March 31, 2025 and for the nine months ended December 31, 2025 gives effect to the Resumption of Control, the Transactions and this offering, as if they had occurred on April 1, 2024. The unaudited pro forma condensed consolidated balance sheet as of December 31, 2025 gives effect to the Transactions and this offering as if they had occurred on December 31, 2025.

We have derived the unaudited pro forma condensed consolidated combined statements of operations data and unaudited pro forma condensed consolidated combined balance sheet data from the historical financial statements of CopperTech and the historical financial statements of Konkola Plc included elsewhere in this prospectus. The historical financial data of CopperTech has been adjusted in this unaudited pro forma condensed consolidated combined financial data to give effect to events that are directly attributable to the Resumption of Control, the Transactions and this offering, that are factually supportable and, with respect to the statements of operations data, are expected to have a continuing impact on CopperTech. The unaudited pro forma condensed consolidated combined financial data reflects adjustments that are described in the accompanying notes and are based on available information and certain assumptions we believe are reasonable but are subject to change. The Transactions have been accounted for as common control Transactions, as the entities subject to the Transactions are under the control of the same stockholders both before and after the Transactions. The Transactions have been accounted for at historical cost.

The pro forma adjustments are described in the notes to the unaudited pro forma condensed consolidated combined financial data and principally include the following:

&nbsp;&nbsp;&nbsp;&nbsp;· the Resumption of Control, as described in the section entitled "—Scheme of Arrangement and
Resumption of Control";

&nbsp;&nbsp;&nbsp;&nbsp;· the Transactions, as described in the section entitled "*Prospectus Summary—Summary of the Transactions* "; and

&nbsp;&nbsp;&nbsp;&nbsp;· the issuance of 
shares of our common stock in this offering in exchange for net proceeds of approximately $, based on an assumed initial public offering price of $ per share
(the midpoint of the price range set forth on the cover page of this prospectus), after deducting the estimated underwriting discounts
and commissions but before estimated offering expenses payable by us.

Except as otherwise indicated, the unaudited pro forma consolidated combined financial data presented assumes no exercise by the underwriters of their option to purchase additional shares of common stock in the offering.

As a public company, we will be implementing additional procedures and processes for the purpose of addressing the standards and requirements applicable to public companies. We expect to incur additional annual expenses related to these additional procedures and processes including, among other things, additional directors' and officers' liability insurance, director fees, transfer agent fees, costs relating to additional accounting, legal and administrative personnel, increased auditing, tax and legal fees, stock exchange listing fees and other public company expenses. We have not included any pro forma adjustments relating to these costs in the information below.

The pro forma condensed consolidated combined financial statements and related notes have been prepared by management in accordance with Article 11 of Regulation S-X and are provided for illustrative purposes only. The unaudited pro forma condensed consolidated combined financial data should not be relied upon as being indicative of our results of operations or financial condition had the Resumption of Control, the Transactions or this offering occurred on the dates assumed. The unaudited pro forma condensed consolidated combined financial data also does not project our results of operations or financial position for any future period or date. The unaudited pro forma condensed consolidated combined statement of operations and balance sheet data should be read in conjunction with the "*Risk Factors,*" "*Summary Historical and Pro Forma Consolidated Financial and Other Data,*" "*Management's Discussion and Analysis of Financial Condition and Results of Operations*" and our consolidated financial statements and related notes included elsewhere in this prospectus.

**UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| | **Historical** | **Historical** | | | **Pro Forma** | | **Pro Forma** |
| <br>**(in thousands, except share <br> amounts)** | **Konkola**<br> **Copper**<br> **Mines Plc** | **Vedanta**<br> **Resource**<br> **Jersey**<br> **Limited** |<br>**Resumption**<br> **of Control <br> and <br> Transaction<br> Adjustments** |<br>**Notes** | **CopperTech**<br> **Before the Offering** |<br>**Offering<br> Adjustments** | **CopperTech<br> After the<br> Offering** |
| **ASSETS** |  |  |  |  |  |  |  |
| **Current assets** |  |  |  |  |  |  |  |
| Cash and cash equivalents | 149955 | 13315 |  |  |  |  |  |
| Restricted cash and cash equivalents | 45874 |  |  |  |  |  |  |
| Accounts receivable, net of allowance for credit losses | 7075 |  |  |  |  |  |  |
| Inventories | 243230 | - |  |  |  |  |  |
| Prepaid expenses and others | 207889 | 2 |  |  |  |  |  |
| **Total current assets** | **654022** | **13317** |  |  |  |  |  |
| Property, plant, equipment and mine development, net of accumulated depreciation | 937805 | - |  |  |  |  |  |
| Other non-current assets | 226990 | - |  |  |  |  |  |
| Deferred income taxes, net | 359760 | - |  |  |  |  |  |
| **Total assets** | **2178577** | **13317** |  |  |  |  |  |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |  |  |  |  |  |
| **Current liabilities** |  |  |  |  |  |  |  |
| Accounts payable, accrued & other current liabilities | 248512 | 19 |  |  |  |  |  |
| Advance from customers | 35648 |  |  |  |  |  |  |
| Current portion of debt | 6777 | - |  |  |  |  |  |
| Income taxes payable | 13049 | - |  |  |  |  |  |
| **Total current liabilities** | **303986** | **19** |  |  |  |  |  |
| Long-term debt less current portion of debt | 1091774 |  |  |  |  |  |  |
| Non-current liabilities | 922831 | 14509 |  |  |  |  |  |
| Asset retirement obligations | 71576 |  |  |  |  |  |  |
| Long-term employee benefits | 17771 | - |  |  |  |  |  |
| **Total liabilities** | **2407938** | **14528** |  |  |  |  |  |
| **Shareholders' equity** |  |  |  |  |  |  |  |
| Common shares, $0.01 par value, 24,060,000,000 shares authorized, 1,098,677,473 shares issued and outstanding | 10987 | 0 |  |  |  |  |  |
| Common shares, no par value, 2 shares issued and outstanding |  |  |  |  |  |  |  |
| Common stock, no par value, 2,500 shares authorized, 100 shares issued and outstanding |  |  |  |  |  |  |  |
| Common stock, $0.01 par value, shares authorized, shares issued and outstanding |  |  |  |  |  |  |  |
| Deferred shares, $0.99 par value; 60,000,000 shares authorized; 60,000,000 shares issued and outstanding | 59400 |  |  |  |  |  |  |
| CopperTech shares; $0.01 par value issued and outstanding |  |  |  |  |  |  |  |
| Additional paid-in capital | 2089767 | - |  |  |  |  |  |
| Accumulated deficit | (2391381) | (1211) |  |  |  |  |  |
| Accumulated other comprehensive (loss) income, net | 1865 | - |  |  |  |  |  |
| **Total equity attributable to Konkola Copper Mines Plc/ CopperTech and subsidiaries <sup>(1)</sup>** | **(229362)** | **(1211)** |  |  |  |  |  |
| **Non-controlling interests** | - | - |  |  |  |  |  |
| **Total shareholder's equity** | **(229362)** | **(1211)** |  |  |  |  |  |
| **Total liabilities and stockholders' equity** | **2178577** | **13317** |  |  |  |  |  |

---

(1) For historical amounts, represents total shareholders' equity attributable to Konkola Copper Mines Plc. For Pro Forma amounts, represents total shareholders' equity attributable to CopperTech and subsidiaries.

**UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the nine months ended December 31, 2025** | **For the nine months ended December 31, 2025** | **For the nine months ended December 31, 2025** | **For the nine months ended December 31, 2025** | **For the nine months ended December 31, 2025** | **For the nine months ended December 31, 2025** | **For the nine months ended December 31, 2025** |
| | **Historical** | **Historical** | | | **Pro Forma** | | **Pro Forma** |
| <br>**(in thousands, except share and per** <br> **share amounts)** | **Konkola**<br> **Copper**<br> **Mines Plc** | **Vedanta**<br> **Resource**<br> **Jersey**<br> **Limited** |<br>**Resumption** <br> **of Control** <br> **and** <br> **Transaction**<br> **Adjustments** |<br>**Notes** | **CopperTech**<br> **Before the** <br> **Offering** |<br>**Offering** <br> **Adjustments** | **CopperTech** <br> **After the** <br> **Offering**  |
| Net sales | 938564 | - |  |  |  |  |  |
| Cost of sales | (962069) | - |  |  |  |  |  |
| **Gross loss** | **(23505)** | **-** |  |  |  |  |  |
| Selling and distribution | 15573 |  |  |  |  |  |  |
| General and administrative | 56519 | 26 |  |  |  |  |  |
| **Operating loss** | **(95597)** | **(26)** |  |  |  |  |  |
| **Other income (expense)** |  |  |  |  |  |  |  |
| Other income | 9551 | 77 |  |  |  |  |  |
| Foreign exchange gain (loss), net | 4585 | (1586) |  |  |  |  |  |
| Reorganization items, net | (240425) |  |  |  |  |  |  |
| Interest income | 975 |  |  |  |  |  |  |
| Interest expenses | (33997) | - |  |  |  |  |  |
| **Other expense, net** | **(259311)** | **(1509)** |  |  |  |  |  |
| **Loss before income tax benefit** | **(354908)** | **(1534)** |  |  |  |  |  |
| Income tax benefit | (122911) | - |  |  |  |  |  |
| **Net loss** | **(477819)** | **(1534)** |  |  |  |  |  |
| **Net loss attributable to non-controlling interest** |  |  |  |  |  |  |  |
| **Net loss attributable to CopperTech and subsidiaries** |  |  |  |  |  |  |  |
| **Net loss per share attributable to common shareholders** |  |  |  |  |  |  |  |
| **Basic** | **(0.43)** | **-(767126.86)** |  |  |  |  |  |
| **Diluted** | **(0.43)** | **-(767126.86)** |  |  |  |  |  |
| **Weighted-average number of common shares outstanding** |  |  |  |  |  |  |  |
| **Basic** | **1098677473** | **2** |  |  |  |  |  |
| **Diluted** | **1098677473** | **2** |  |  |  |  |  |

---

**Equity Structure**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Share Capital** | **Number of**<br> **Issued Shares** | **Number of**<br> **Issued Shares** | **Par Value** |
| Before Transaction |  |  |  |  |
| CopperTech Metals Inc. |  |  | 100 |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Share Capital**  | **Number of**<br> **Issued Shares**<br>| **Par Value**  |
| After Transaction |  |  |  |
| CopperTech Metals Inc. |  |  |  |

---

**UNAUDITED PRO FORMA CONDENSED CONSOLIDATED COMBINED STATEMENTS OF OPERATIONS**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the year ended March 31, 2025** | **For the year ended March 31, 2025** | **For the year ended March 31, 2025** | **For the year ended March 31, 2025** | **For the year ended March 31, 2025** | **For the year ended March 31, 2025** | **For the year ended March 31, 2025** |
| | **Historical** | **Historical** | | | **Pro Forma** | | **Pro Forma** |
| <br>**(in thousands, except** <br> **share amounts)** | **Konkola**<br> **Copper**<br> **Mines Plc** | **Vedanta**<br> **Resource**<br> **Jersey**<br> **Limited** |<br>**Resumption** <br> **of Control** <br> **and** <br> **Transaction**<br> **Adjustments** |<br>**Notes** | **CopperTech**<br> **Before the** <br> **Offering** |<br>**Offering** <br> **Adjustments** | **CopperTech** <br> **After the** <br> **Offering**  |
| Net sales | 406308 | - |  |  |  |  |  |
| Cost of sales | (631100) | - |  |  |  |  |  |
| **Gross loss** | **(224792)** | **-** |  |  |  |  |  |
| Selling and distribution | 13931 |  |  |  |  |  |  |
| General and administrative expenses | 77459 | 16 |  |  |  |  |  |
| **Operating loss** | **(316182)** | **(16)** |  |  |  |  |  |
| **Other income (expense)** |  |  |  |  |  |  |  |
| Other income | 8210 | 15 |  |  |  |  |  |
| Foreign exchange gain (loss), net | (50237) | (0) |  |  |  |  |  |
| Reorganization items, net | 1358715 | - |  |  |  |  |  |
| Interest income | 1559 | - |  |  |  |  |  |
| Interest expenses | (107994) | - |  |  |  |  |  |
| **Other income, net** | **1210253** | **15** |  |  |  |  |  |
| **Profit before income tax benefit** | **894070** | **(1)** |  |  |  |  |  |
| Income tax benefit | 116722 |  |  |  |  |  |  |
| **Net profit** | **1010793** | **(1)** |  |  |  |  |  |
| **Net profit attributable to non-controlling interest** |  |  |  |  |  |  |  |
| **Net profit attributable to CopperTech and subsidiaries** |  |  |  |  |  |  |  |
| **Net profit per share attributable to common shareholders** |  |  |  |  |  |  |  |
| **Basic** | **0.92** | **(569.78)** |  |  |  |  |  |
| **Diluted** | **0.92** | **(569.78)** |  |  |  |  |  |
| **Weighted-average number of common shares outstanding** |  |  |  |  |  |  |  |
| **Basic** | **1098677473** | **2** |  |  |  |  |  |
| **Diluted** | **1098677473** | **2** |  |  |  |  |  |

---

**Equity Structure**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Share Capital** | **Number of**<br> **Issued Shares** | **Number of**<br> **Issued Shares** | **Par Value** |
| Before Transactions |  |  |  |  |
| CopperTech Metals Inc. |  |  | 100 |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Share Capital** | **Number of**<br> **Issued Shares** | **Par Value** |
| After Transactions |  |  |  |
| CopperTech Metals Inc. |  |  |  |

---

**NOTES TO UNAUDITED PRO FORMA CONDENSED CONSOLIDATED COMBINED FINANCIAL STATEMENTS**

**Note 1. Basis of Presentation**

The accompanying unaudited pro forma condensed consolidated combined financial data is derived from the historical financial statements of CopperTech, VRJL and Konkola Plc, for the periods presented as a part of unaudited pro forma condensed consolidated combined financial data of CopperTech.

The Transactions were completed on . The Transactions involve (a) the transfer of 100% of the equity interests in Vedanta Resources Jersey Limited ("VRJL") by Vedanta Resources Limited ("VRL") to CopperTech Metals Inc. ("CTM"), (b) the transfer of 79.42% of the equity interests in Konkola Copper Mines Plc ("KCM") by Vedanta Resources Holdings Ltd ("VRHL") to Vedanta Resources Jersey Limited ("VRJL"), resulting in KCM and VRJL becoming subsidiaries of CTM, and (c) the contribution by affiliates of Vedanta to VRJL of loans receivable of approximately $1,964 million owed by Konkola Plc. Following the completion of the Transactions, CTM will be a holding company, and its material assets will consist of 79.42% of the outstanding Common Shares of Konkola Plc and loan balances of approximately $1,964 million owing from Konkola Plc, which it will hold indirectly through its wholly owned subsidiary - VRJL. The Transactions have been accounted for as a common control transaction since the same controlling shareholders controlled all these entities before and after the Transactions.

As a result of the Transactions, certain legacy shareholder loans and other obligations owed by Konkola Plc to affiliates of Vedanta of approximately $1,964 million will be contributed to VRJL. The loans to be contributed to VRJL will exclude the Funded Scheme Loans and VRHL will remain the lender of the Funded Scheme Loans.

Further, VRJL will assume the obligation to lend the outstanding balance $670.0 million principal amount to Konkola Plc that has yet to be funded under the Capital Expenditure Support Loan Agreement. The unaudited proforma consolidated statement of operations for the nine months ended December 31, 2025 and for the year ended March 31, 2025 were prepared assuming the Transactions occurred on April 1, 2024. The unaudited pro forma consolidated balance sheet as of December 31, 2025 was prepared as if the Transactions occurred on December 31, 2025.

**Note 2. Notes detailing adjustments to Unaudited Pro forma Condensed Consolidated Balance Sheet and Unaudited Pro forma Condensed Consolidated Combined Statement of Operations**

&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Acquisition of Konkola Plc** 

Pursuant to the Scheme of Arrangement and the related petition to wind up Konkola Plc filed on May 21, 2019, the High Court of Zambia appointed the Provisional Liquidator to oversee the operations of Konkola Plc. All significant decision-making powers, including the carrying on of the business of Konkola Plc, and control over all assets of Konkola Plc, was transferred to the Provisional Liquidator. Accordingly, VRL deconsolidated Konkola Plc with effect from May 21, 2019.

On November 6, 2023, VRL, VRHL, ZCCM and Konkola Plc entered into the KCM Shareholders Agreement setting out the terms for VRHL to regain control of Konkola Plc and resume full operations. The Scheme of Arrangement was subsequently sanctioned by the High Court of Zambia on June 28, 2024, and became effective on July 31, 2024, thus reinstating the board of directors of Konkola Plc. VRHL's re-instatement of control over Konkola Plc meets the definition of business combination as per the principles of ASC 805 - Business Combinations. Hence, the transaction was recorded using the acquisition method in consolidated financial statements of VRL in accordance with ASC 805-Business Combinations.

Thereafter, the Transactions were completed on , 2026 as mentioned in "*Note 1. Basis of Presentation*".

Following is the summary of net assets acquired and calculation of goodwill:

a) Purchase Consideration: Nil

The assets and liabilities recognized (other than deferred tax liability) on the date of re-consolidation:

---

| | | | |
|:---|:---|:---|:---|
| **Particulars** | **Amount<br> (I)** | **Book Values<br> (II)** | **Fair Value adjustment<br> (III)= (I)-(II)** |
| Property, plant and equipment |  |  |  |
| Mining rights |  |  |  |
| Goodwill |  |  |  |
| Other non-current assets |  |  |  |
| Inventories |  |  |  |
| Trade and other receivables |  |  |  |
| Cash and cash equivalents |  |  |  |
| Deferred tax assets |  |  |  |
| **Total Assets (A)** |  |  |  |
| Borrowings |  |  |  |
| Provisions |  |  |  |
| Trade and other payables |  |  |  |
| **Total Liabilities (B)** |  |  |  |
| **Net assets acquired (C) = (A)-(B)** |  |  |  |

---

b) Calculation of Goodwill

---

| | |
|:---|:---|
| **Particulars** | **Amount** |
| Fair value of existing stake |  |
| Fair value of non-controlling interest (NCI) |  |
| Deferred tax liability acquired |  |
| Non-equity non-controlling interests | |
| Less: Fair value of net assets acquired other than deferred tax asset | |
| **Goodwill** |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Depreciation** 

Reflects incremental depreciation expense for the nine months ended December 31, 2025 and for the year ended March 31, 2025, respectively, on fair value adjustment of property, plant and equipment and mine development acquired in connection with the re-instatement of control over Konkola Plc. Incremental depreciation expense has been calculated as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Class** | **Fair value <br> adjustment on <br> July 31, 2024** | **Estimated Life <br> (Years)** | **Depreciation for<br> Nine months<br> ended December <br> 31, 2025** | **Depreciation for <br> Year ended<br> March 31, 2025** |
| Land & Building |  |  |  |  |
| Plant and equipment |  |  |  |  |
| Mining property |  |  |  |  |
| **Depreciation considered for the purpose of unaudited pro forma condensed consolidated statements of operations** |  |  |  |  |
| Less: depreciation charged from April 1, 2024 until July 31, 2024 |  |  |  |  |
| **Depreciation considered for the purpose of unaudited pro forma condensed consolidated balance sheet**<br>|  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;**(c)** **Deferred tax** 

Reflects the reversal of deferred tax liabilities on account of depreciation and amortization expenses on fair value recognized related to property, plant and equipment and intangible assets on July 31, 2024.

---

| | | |
|:---|:---|:---|
|  | **Nine months<br> ended <br> December <br> 31, 2025** | **Year ended <br> March <br> 31, 2025** |
| Depreciation<sup>(1)</sup> |  |  |
| **Reversal of deferred tax liabilities** |  |  |
| Less: Reversal of deferred tax liabilities on depreciation from April 1, 2024 until July 31, 2024 |  |  |
| **Depreciation considered for the purpose of unaudited pro forma condensed consolidated balance sheet** |  |  |

---

(1) Refer to note 2(b).

&nbsp;&nbsp;&nbsp;&nbsp;**(d)** **Transaction adjustment** 

Reflects the adjustments on account of the Transactions:

&nbsp;&nbsp;&nbsp;&nbsp;(i) issuance of shares with additional
paid-in capital of $ by CopperTech to acquire Konkola Plc through
VRJL.

&nbsp;&nbsp;&nbsp;&nbsp;(ii) issuance of shares with additional
paid-in capital of $ by CopperTech against the transfer of loans
receivable, including accrued interest and related receivables through VRJL from VRL and VRJL II.

&nbsp;&nbsp;&nbsp;&nbsp;**(e)** **Non-controlling interests ("NCI")** 

---

| | |
|:---|:---|
|  | **Amount** |
| NCI recognized as on reconsolidation of Konkola Plc |  |
| Net profit attributable to non-controlling interest for twelve months ended March 31, 2025 |  |
| Net loss attributable to non-controlling interest for twelve months ended December 31, 2025 |  |
| **NCI as on December 31, 2025** |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;**(f)** **Elimination of share capital and other reserves** 

Reflects the elimination of Konkola Plc's and VRJL's common share capital, special share capital, pre-acquisition additional paid-in capital and accumulated deficit.

&nbsp;&nbsp;&nbsp;&nbsp;**(g)** **Acquisition of Vedanta Resources Jersey Limited** 

The Transactions include the transfer of 100% of the equity interests in VRJL by VRL to CopperTech, for nominal cash consideration, resulting in VRJL becoming a wholly owned subsidiary of CopperTech.

CopperTech, as the sole stockholder of VRJL following the Transactions, intends to assume VRHL's obligations as lender, to fund the remaining outstanding $670.0 million principal amount under the Capital Expenditure Support Loan Agreement and lend a portion of the net proceeds of this offering to Konkola Plc with the objective of further developing Konkola Plc's operations. See "*Summary of the Transactions*" and "*Use of Proceeds*."

***Non-Controlling Interest***

 ****

Upon the completion of the Transactions, CopperTech will own a 79.42% interest in Konkola Plc, with the remaining 20.58% held by ZCCM (the "Non-Controlling Interest"). The financial statements of CopperTech's predecessor, Konkola Plc, for the nine months ended December 31, 2024 and December 31, 2025 and the years ended March 31, 2024 and March 31, 2025, together with the related discussion and analysis set forth below, reflect the results of operations and financial position of Konkola Plc as a whole, including the interests attributable to the Non-Controlling Interest. For impact of the Non-Controlling Interest to the consolidated financial data of CopperTech following the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;**(h)** **Transaction Costs** 

No material transaction costs have been incurred or are expected to be incurred in connection with the Transactions. Accordingly, no adjustment for transaction expenses has been recorded in the accompanying unaudited pro forma condensed consolidated financial statements.

**MANAGEMENT'S DISCUSSION AND ANALYSIS OF<br> FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

*References to "we," "us," and "our" in this Management's Discussion and Analysis of Financial Condition and Results of Operations refer to (i) prior to the consummation of the Transactions, to Konkola Plc and its consolidated subsidiaries; and (ii) following the consummation of the Transactions, to CopperTech.*

 

You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and the related notes appearing elsewhere in this prospectus. Some of the information contained in this discussion and analysis or set forth elsewhere in this prospectus, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. You should read the sections entitled "*Risk Factors*" and "*Cautionary Note Regarding Forward-Looking Statements*" for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Certain total amounts may not sum due to rounding.

**Overview**

CopperTech is a U.S. domiciled corporation that seeks to capitalize on what we expect to be an unprecedented copper demand cycle that has the potential to lead to more demand for copper in the next 25 years than has been produced throughout all of human history. Our mission is to '*Power the Copper Century'* by meeting America's rapidly growing demand for critical minerals as this cycle develops. We will focus our production of critical minerals on copper and cobalt, which are essential for high-growth end-markets including AI infrastructure, data centers, grid modernization and electrification. As we seek to upgrade our Mineral Resource classifications and continue to explore within our existing significant copper and cobalt endowment, we intend to pursue and leverage state-of-the-art technologies in a strong and sustainable manner to maximize the results of our efforts.

Our flagship asset, Konkola Plc, is a high-grade copper and cobalt producer strategically located in Zambia's Copperbelt Province. Konkola Plc is 79.42% owned by CopperTech and 20.58% owned by ZCCM, a diversified mining investments and operations company listed on the Lusaka Stock Exchange. From 2004 to 2019, Konkola Plc has invested over $3 billion into its capital expenditure, funded from cash generated from operations and from shareholder loans. Over the next five years, Konkola Plc intends to deploy an additional $1.7 billion in capital expenditure and $0.3 billion in sustaining capital expenditure into its operations, with a goal of driving an increase in copper production to an average of approximately 250 Ktpa (consisting of approximately 150 Ktpa Integrated production and approximately 100 Ktpa from third-party sources) over the remaining operational mine life of Konkola Plc from Fiscal 2029. In addition to CopperTech's investment of the proceeds from this offering in Konkola Plc, such expenditure is expected to consist of Konkola Plc's reinvestment of cash generated from its operations and additional financing, as required.

With such production increases, we are aiming for Konkola Plc to become one of the top copper producing mines by volume globally and an important part of total Zambian cobalt production. Beyond production expansion at Konkola Plc, we intend to invest in exploration activities within the KCM Complex and in select international jurisdictions to support longer-term Mineral Resource development.

While traditional copper producers rely on decades-old operating processes, CopperTech continues to build a technology-led copper business across our mining and plant operations to increase the productivity, safety and sustainability of our operations. For example, the installation of a new smelter at Nchanga has enabled us to capture 99.5% of sulfur emissions from the smelter operations. In addition, we intend to continue using technology, including AI-based technology, aimed at delivering real-time ore grade optimization to increase recovery rates, conducting predictive maintenance to reduce unplanned downtime, deploying automated quality control to ensure consistent premium product, process optimization to drive a reduced carbon footprint and establishing remote monitoring capabilities to enable 24/7 expert oversight. Through strategic collaborations with technology specialists, we expect to improve our operating performance, de-risk our expansion and expand our resource base through the deployment of leading geophysical, analytical and AI technologies. Similarly, we intend to pursue collaborations to further enhance the efficiency and profitability of our business. We believe this technology-focused approach will also lead to enhanced performance standards designed to mitigate environmental impacts, which will elevate the standards for responsible mining that conventional miners cannot easily replicate.

Konkola Plc owns a complex of integrated mines and concentrators, a smelter, refinery, tailings leach plant and associated infrastructure in Zambia's Copperbelt Province. Our only material mining property is the KCM Complex. Konkola Plc's assets are well integrated into regional mining and export routes, including major highways that provide a stable link from our production centers to Western markets.

**Basis of Presentation**

**Scheme of Arrangement and Resumption of Control**

Beginning with Vedanta's acquisition of a controlling interest in Konkola Plc in 2004, Konkola Plc became a Vedanta-led operation in which ZCCM continued as a minority shareholder. After more than a decade of operating alongside ZCCM, the parties became involved in a shareholder dispute in 2019, resulting in ZCCM filing a petition in the High Court of Zambia seeking to wind up Konkola Plc. As a result of the winding-up petition, the High Court of Zambia appointed the Provisional Liquidator to oversee the operations of Konkola Plc. During this period from May 2019 to July 2024, Konkola Plc and the KCM Complex were under the control of the Provisional Liquidator, and copper production of Konkola Plc (including Integrated and from third party sources) fell to a low of approximately 54 Ktpa in Fiscal 2024, as compared to copper production (including Integrated and from third-party sources) of approximately 180 Ktpa, 195 Ktpa and 177 Ktpa during Fiscal 2017, Fiscal 2018 and Fiscal 2019, respectively. In 2023, Vedanta and ZCCM resolved the dispute through a scheme of arrangement under which Vedanta resumed operational control of Konkola Plc and committed to an investment program and revised cooperation framework. This was memorialized by the KCM Shareholders Agreement. The Scheme of Arrangement with respect to legacy creditor claims was sanctioned by the High Court of Zambia on June 28, 2024, and became effective on the Scheme Effective Date, July 31, 2024 (see "*Business—Legal Proceedings—Scheme of Arrangement*"). Upon the Scheme Effective Date, the Provisional Liquidator was removed and VRHL's control and ownership of Konkola Plc was reinstated.

**Non-Controlling Interest**

Upon the completion of the Transactions, CopperTech will own a 79.42% interest in Konkola Plc, with the remaining 20.58% held by ZCCM (the "Non-Controlling Interest"). The unaudited financial statements of CopperTech's predecessor, Konkola Plc, for the nine months ended December 31, 2024 and December 31, 2025 and the audited financial statements of CopperTech's predecessor, Konkola Plc, for the years ended March 31, 2024 and March 31, 2025, together with the related discussion and analysis set forth below, reflect the results of operations and financial position of Konkola Plc as a whole, including the interests attributable to the Non-Controlling Interest. For impact of the Non-Controlling Interest to the consolidated financial data of CopperTech following the Transactions, see the section entitled "*Unaudited Pro Forma Consolidated Financial Data.*"

**Business Segments**

The Company operates as a single reportable segment, which is consistent with the internal reporting provided to the Chief Operating Decision Maker (CODM), who is responsible for allocating resources and assessing performance. The CODM reviews financial information on a consolidated basis, and no discrete financial information is prepared or reviewed for separate business units, and the significant segment expense categories reviewed by the CODM are consistent with the expense categories presented in the consolidated statements of operations.

The Company's Chief Executive Officer and Chief Financial Officer are identified as its CODM under business segment reporting guidance. The CODM uses consolidated net income as the primary measure of segment performance. No additional measures are regularly reviewed by the CODM.

The Company has disclosed entity-wide information, including revenue by product and geographic area in the below sections. As the Company has only one reportable segment, no reconciliation to consolidated totals is necessary.

**Key Operational and Financial Highlights**

We use the following key business metrics and certain non-GAAP measures to evaluate our business, measure our performance, develop financial forecasts and make strategic decisions. The following table presents a summary of our key financial and operational metrics for the nine months ended December 31, 2025 and 2024 and the years ended March 31, 2025 and 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Nine Months Ended<br> December 31,** | **Nine Months Ended<br> December 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
| <br>**($, in thousands, unless otherwise stated)** | **2025** | **2024** | **2025** | **2024** |
| Net sales | 938564 | 178455 | 406308 | 438161 |
| Operating loss | (95597) | (255014) | (316182) | (559420) |
| Net (loss)/income | (477819) | 1134867 | 1010792 | (442681) |
| EBITDA<sup>(1)</sup> | (224052) | 1187344 | 1105687 | (195809) |
| Adjusted EBITDA<sup>(1)</sup> | 11787 | (181202) | (202790) | (455859) |
| **Operating Metrics:** |  |  |  |  |
| Payable copper produced (*lb, in thousands*) | 220906 | 55420 | 106602 | 119268 |
| Payable copper sold (*lb, in thousands*) | 208187 | 47488 | 102081 | 127729 |
| C1 Cash Cost (measured in $/ lb Cu)<sup>(1)</sup> | 3.99 | 6.32 | 5.50 | 7.27 |
| AISC (measured in $/ lb Cu)<sup>(1)</sup> | 4.35 | 6.64 | 5.78 | 7.63 |
| RCP (measured in $/ lb Cu)<sup>(1)</sup> | 4.43 | 3.56 | 3.84 | 3.29 |

---

(1) EBITDA, Adjusted
 EBITDA, C1 Cash Cost, AISC and RCP are non-GAAP financial measures. For the definition of
 these measures and a reconciliation to the most directly comparable financial measure calculated
 and presented in accordance with GAAP, please see "— *Non-GAAP Measures* "
 below.

The principal factors in evaluating our financial condition and operating results for the nine months ended December 31, 2025, as compared to the nine months ended December 31, 2024, are:

&nbsp;&nbsp;&nbsp;&nbsp;· Net sales: For the nine months ended December 31, 2025, our net sales increased by $760.1 million or 426%,
compared to the nine months ended December 31, 2024. The increase was primarily due to a 338% increase in copper volumes sold and a 24%
higher RCP during the nine months ended December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;· Operating loss: For the nine months ended December 31, 2025, our operating
loss decreased by $159.4 million or 63%, compared to the nine months ended December 31, 2024. The decrease was primarily due to higher
net sales and lower cost of sales resulting from improved production efficiencies during the nine months ended December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;· Net (loss) / income: For the nine months ended December 31, 2025, our
net income decreased by $1.6 billion or 142%, compared to the nine months ended December 31, 2024. The decrease was primarily attributable
to an expense of $240.4 million recognized in the current period arising from the accretion of discounted Scheme of Arrangement-related
liabilities (i.e., unwinding of discount), as compared to a gain of $1.4 billion recognized in the prior comparable period in connection
with the initial accounting for provisions and related debt modifications pursuant to the Scheme of Arrangement, in accordance with ASC
852, Reorganizations. Additional contributors to the decrease included higher income tax expense. These effects were partially offset
by favorable foreign exchange movements, lower interest expense, higher net sales and lower cost of sales resulting from improved production
efficiencies.

&nbsp;&nbsp;&nbsp;&nbsp;· EBITDA: For the nine months ended December 31, 2025, our EBITDA decreased
by $1.4 billion, or 119% compared to the nine months ended December 31, 2024. The change was primarily attributable to a expense of $240.4
million recognized in the current period arising from the accretion of discounted Scheme of Arrangement-related liabilities (i.e., unwinding
of discount), as compared to a gain of $1.4 billion recognized in the prior comparable period in connection with the initial accounting
for provisions and related debt modifications pursuant to the Scheme of Arrangement, in accordance with ASC 852. These effects were partially
offset by favorable foreign exchange movements, higher net sales and lower cost of sales resulting from improved production efficiencies.

&nbsp;&nbsp;&nbsp;&nbsp;· Adjusted EBITDA: For the nine months ended December 31, 2025, our Adjusted
EBITDA increased by $193.0 million or 107%, compared to the nine months ended December 31, 2024. The change was primarily due to higher
net sales and lower cost of sales resulting from improved production efficiencies during the nine months ended December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;· C1 Cash Cost: For the nine months ended December 31, 2025, our cash
cost decreased by $2.33 per pound, or 37%, compared to the nine months ended December 31, 2024. The decrease was primarily due to lower
cost of sales resulting from improved production efficiencies, which was partially offset by an increased share of third-party concentrate
processing and higher LME copper prices, which led to an increase in third-party concentrate costs.

&nbsp;&nbsp;&nbsp;&nbsp;· AISC: For the nine months ended December 31, 2025, our AISC decreased
by $2.28 per pound, or 34%, compared to the nine months ended December 31, 2024. The decrease was primarily due to lower C1 Cash Cost,
which was partially offset by higher royalties and sustaining capital expenditures.

&nbsp;&nbsp;&nbsp;&nbsp;· RCP: For the nine months ended December 31, 2025, our RCP increased
by $0.87 per pound, or 24%, compared to the nine months ended December 31, 2024. The increase was primarily due to a higher average selling
price of copper in the current period compared to prior comparable period.

The principal factors in evaluating our financial condition and operating results for the year ended March 31, 2025, as compared to the year ended March 31, 2024, are:

&nbsp;&nbsp;&nbsp;&nbsp;· Net sales: For the year ended March 31, 2025, our net sales decreased
by $31.9 million or 7%, compared to the year ended March 31, 2024. The decrease was primarily due to a 20% decrease in copper volumes
sold during the year ended March 31, 2025, which was partially offset by 17% higher RCP.

&nbsp;&nbsp;&nbsp;&nbsp;· Operating loss: For the year ended March 31, 2025, our operating loss decreased by $243.2 million,
or 43%, compared to the year ended March 31, 2024. The decrease was primarily due to a lower cost of sales with improved production
efficiencies and less expenses related to provisional liquidation related matters during Fiscal 2025, which was partially offset by a
decrease in net sales.

&nbsp;&nbsp;&nbsp;&nbsp;· Net (loss) / income: For the year ended March 31, 2025, our net income increased by $1.5 billion,
or 328%, compared to the year ended March 31, 2024. The increase was primarily due to a gain of $1.4 billion arising from the accounting
for provisions and related debt modifications pursuant to the Scheme of Arrangement, recognized in accordance with ASC 852, Reorganizations.
Additional contributors to the increase included reductions in cost of sales, administrative expenses and interest expenses. These effects
were partially offset by foreign exchange losses.

&nbsp;&nbsp;&nbsp;&nbsp;· EBITDA: For the year ended March 31, 2025, our EBITDA increased
by $1.3 billion, or 665%, compared to the year ended March 31, 2024. The change was primarily driven by the gain of $1.4 billion
arising from the accounting for provisions and related debt modifications pursuant to the Scheme of Arrangement, recognized in accordance
with ASC 852, Reorganizations. Additional contributors to the increase included lower cost of sales with improved production efficiencies
and reduction of expenses related to provisional liquidation related matters during Fiscal 2025. These effects were partially offset by
a decrease in net sales and increase in foreign exchange losses.

&nbsp;&nbsp;&nbsp;&nbsp;· Adjusted EBITDA: For the year ended March 31, 2025, our Adjusted
EBITDA increased by $253.1 million, or 56%, compared to the year ended March 31, 2024. The change was primarily due to lower cost
of sales with improved production efficiencies and reduction of expenses related to provisional liquidation related matters during Fiscal
2025 which was partially offset by a decrease in net sales.

&nbsp;&nbsp;&nbsp;&nbsp;· C1 Cash Cost: For the year ended March 31, 2025, our cash cost
decreased by $1.77 per pound, or 24%, compared to the year ended March 31, 2024. The decrease was primarily due to improved production
efficiencies, lower cost of sales due to reduced third-party concentrate processing and lower administrative expenses related to provisional
liquidation matters.

&nbsp;&nbsp;&nbsp;&nbsp;· AISC: For the year ended March 31, 2025, our AISC decreased by
$1.85 per pound, or 24%, compared to the year ended March 31, 2024. The decrease was primarily due to lower C1 Cash Cost in Fiscal
2025 compared to Fiscal 2024.

&nbsp;&nbsp;&nbsp;&nbsp;· RCP: For the year ended March 31, 2025, our RCP increased by $0.55
per pound, or 17%, compared to the year ended March 31, 2024. The increase was primarily driven by a higher average selling price
of copper in Fiscal 2025 compared to Fiscal 2024.

**Non-GAAP Measures**

**EBITDA and Adjusted EBITDA**

EBITDA and Adjusted EBITDA are non-GAAP financial measures used by management as a supplemental measure of the performance of our business.

We believe this additional information will assist analysts, investors and other stakeholders of the Company in better understanding our ability to generate liquidity from our business, by excluding other non-recurring items from the calculation as they are not indicative of the performance of our core mining business and do not necessarily reflect the underlying operating results for the periods presented.

We define EBITDA as net (loss)/income before interest expense and income, income tax expense (benefit), depreciation. We define Adjusted EBITDA as EBITDA adjusted to exclude foreign exchange gain (loss) and other non-recurring items such as reorganization items.

The following is a reconciliation of our net (loss)/income to EBITDA and Adjusted EBITDA:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Nine Months Ended<br> December 31,** | **Nine Months Ended<br> December 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **($, in thousands, unless otherwise stated)** |  |  |  |  |
| Net (loss)/income | (477819) | 1134867 | 1010792 | (442681) |
| Interest expense and income | 33022 | 95162 | 106435 | 202599 |
| Income tax benefit/(expense) | 122911 | (108356) | (116722) | (53248) |
| Depreciation | 97834 | 65671 | 105182 | 97521 |
| EBITDA | **(224052)** | **1187344** | 1105687 | (195809) |
| Reorganization items, net<sup>(1)</sup> | 240425 | (1420347) | (1358714) |  |
| Foreign exchange gain (loss), net | (4585) | 51801 | 50237 | (260050) |
| **Adjusted EBITDA** | **11787** | **(181202)** | **(202790)** | **(455859)** |

---

(1) Represents gain on discounting of liabilities under the Scheme of Arrangement.

**C1 Cash Cost and AISC**

C1 Cash Cost and AISC are non-GAAP measures related to our copper mine operations. We believe that C1 Cash Cost and AISC enables investors to better understand the performance of our copper operations in comparison to other copper producers who present results on a similar basis. Management uses this to better evaluate the costs of copper production.

We define C1 Cash Cost as the sum of cost of sales, general and administrative expenses, adjusted to exclude royalties and depreciation. C1 Cash Cost is measured on a per pound of copper basis.

We define AISC as the sum of cost of sales, general and administrative expenses, royalties, sustaining capital expenditures, adjusted to exclude depreciation. AISC is measured on a per pound of copper basis.

The following is a reconciliation of our cost of sales to C1 Cash Cost and AISC:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Nine Months Ended<br> December 31,** | **Nine Months Ended<br> December 31,** | **Nine Months Ended<br> December 31,** | **Nine Months Ended<br> December 31,** | **Nine Months Ended<br> December 31,** | **Nine Months Ended<br> December 31,** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
| **($, in thousands, unless otherwise stated)** | **Integrated** | **Third-party** <br> **sources** | **Total** | **Integrated** | **Third-party** <br> **sources** | **Total** |
| Cost of sales | 538126 | 423943 | 962069 | 301166 | 71599 | 372765 |
| Royalties | (38826) |  | (38826) | (8295) |  | 8295 |
| Depreciation | (89104) | (8730) | (97834) | (56880) | (8791) | 65671 |
| General and administrative expenses | 51172 | 5347 | 56519 | 47193 | 4192 | 51385 |
| **Total C1 Cash Cost** | **461368** | **420561** | **881928** | **283184** | **67000** | **350184** |
| Royalties | 38826 |  | (38826) | 8295 |  | 8295 |
| Sustaining capital expenditures | 40380 |  | 40380 | 9276 |  | 9276 |
| **AISC** | **540574** | **420561** | **961134** | **300755** | **67000** | **367755** |
| Payable copper produced (lb in thousands) | 130428 | 90478 | 220906 | 35570 | 19850 | 55420 |
| C1 Cash Cost per pound ($/ lb Cu) | 3.54 | 4.65 | 3.99 | 7.96 | 3.38 | 6.32 |
| AISC per pound ($/ lb Cu) | 4.14 | 4.65 | 4.35 | 8.46 | 3.38 | 6.64 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended<br> March 31,** | **Year ended<br> March 31,** | **Year ended<br> March 31,** | **Year ended<br> March 31,** | **Year ended<br> March 31,** | **Year ended<br> March 31,** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
| **($, in thousands, unless otherwise stated)** | **Integrated** | **Third-party** <br> **sources** | **Total** | **Integrated** | **Third-party** <br> **sources** | **Total** |
| Cost of sales | 459214 | 171886 | 631100 | 498339 | 309972 | 808311 |
| Royalties | (17347) |  | (17347) | (15226) |  | (15226) |
| Depreciation | (93545) | (11636) | (105182) | (83964) | (13557) | (97521) |
| General and administrative expenses | 71414 | 6045 | 77459 | 164593 | 6793 | 171386 |
| **Total C1 Cash Cost** | **419735** | **166295** | **586030** | **563742** | **303207** | **866949** |
| Royalties | 17347 |  | 17347 | 15226 |  | 15226 |
| Sustaining capital expenditures | 13206 |  | 13206 | 28274 |  | 28274 |
| **AISC** | **450288** | **166295** | **616583** | **607242** | **303207** | **910449** |
| Payable copper produced (lb in thousands) | 130428 | 90478 | 220906 | 54432 | 64835 | 119268 |
| C1 Cash Cost per pound ($/ lb Cu) | 6.25 | 4.21 | 5.50 | 10.36 | 4.68 | 7.27 |
| AISC per pound ($/ lb Cu) | 6.71 | 4.21 | 5.78 | 11.16 | 4.68 | 7.63 |

---

**RCP**

RCP is a non-GAAP measure calculated from net sales, net of distribution costs.

Management believes this provides investors and analysts with a more accurate measure with which to compare to market copper prices and to assess our copper sales performance. For those reasons, management believes that this measure provides a reflection of Konkola Plc's past performance and is an indicator of its expected performance in future periods.

Our RCP are typically lower than the LME benchmark price primarily due to standard commercial adjustments that are customary in the copper industry. These include refining charges applicable to anode sales, freight deduction from mine to the customer port, terminal handling charges, and payability adjustments on copper cobalt alloy and concentrate sales. These factors represent normal industry practices and are incorporated into our commercial terms based on product specifications, logistics, and prevailing market conditions.

The following is a reconciliation of Konkola Plc's net sales to RCP:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Nine Months Ended<br> December 31,** | **Nine Months Ended<br> December 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
| <br>**($, in thousands, unless stated otherwise)** | **2025** | **2024** | **2025** | **2024** |
| Net sales | 938564 | 178455 | 406308 | 438161 |
| Distribution costs | (15421) | (9319) | (13931) | (17884) |
| **Total realized sales** | **923143** | **169136** | **392377** | **420277** |
| Payable copper sold (lb in thousands) | 208187 | 47488 | 102081 | 127729 |
| **RCP ($/ lb Cu)** | **4.43** | **3.56** | **3.84** | **3.29** |

---

Non-GAAP financial measures, including Adjusted EBITDA, cash cost, AISC and RCP are utilized by us to provide additional insights into our financial and operational performance that may not be apparent from GAAP measures alone. These supplemental measures can aid in the comparability of our performance across different reporting periods by eliminating the effects of certain items that can vary significantly from one period to another, such as non-operating items and other non-recurring or non-cash adjustments. Management finds these supplemental measures useful in assessing financial performance, operational efficiency, making strategic decisions and providing supplemental analysis of our ability to generate cash, service debt and fund investments.

However, these non-GAAP measures have limitations and should not be considered in isolation or as a substitute for the GAAP financial measures. One key limitation is the lack of standardization, which means they may be defined and calculated differently by other companies, potentially leading to reduced comparability. Additionally, these measures may exclude costs that are necessary to understand our overall financial performance. For instance, Adjusted EBITDA adjusts net income for certain items, but it is important to recognize that we may incur similar expenses in the future.

Investors and analysts are encouraged to evaluate each of these adjustments and the reasons management considers them appropriate for supplemental analysis. These measures may not be indicative of future performance and may not be comparable to similarly titled measures used by other companies, thereby diminishing their utility. In summary, while non-GAAP measures can provide valuable additional context, they should be used in conjunction with the most directly comparable GAAP financial measures to ensure a balanced and comprehensive analysis of our financial results.

**Key Factors Affecting our Performance**

Our financial performance is substantially derived from the sale of copper extracted from the KCM Complex. The key factors affecting our results of operations and financial performance are as follows:

 ****

***Production at existing operations***

The most significant factor affecting our results of operations is the quantity of metal produced at the KCM Complex. Copper production for the nine months ended December 31, 2025, was 299% or 75 Kt higher than the prior comparable period and for the year ended March 31, 2025, was 11% or 6 Kt lower than the previous year primarily due to a four-month care and maintenance period from April 2024 to July 2024.

Mined metal production for the nine months ended December 31, 2025, was 260% higher than the prior comparable period, with 25 Kt produced by the Konkola Complex, 14 Kt produced by the Nchanga Complex and 23 Kt produced by the Tailings Complex. This performance was driven by a combination of operational and capital initiatives, including improved recovery efficiencies at Nchanga Complex, enhanced feed consistency at the Tailings Complex, and reliable delivery by business partners throughout the period. The sustained improvement in output also reflects the benefits of the strategic investment program focused on asset reliability that has taken place during the course of Fiscal 2025. These investments have resulted in increased plant availability, improved throughput stability and more predictable operating performance across all producing units.

Mined metal production for the year ended March 31, 2025, was 15% higher than the previous year, with 14 Kt produced by the Konkola Complex, 2 Kt produced by the Nchanga Complex and 17 Kt produced by the Tailings Leach Plant. This increase in production was due to improved recovery efficiencies at the Nchanga Complex.

Since the Resumption of Control on July 31, 2024, Vedanta has deployed $125 million pursuant to the Capital Expenditures Support Loan Agreement to refurbish the assets at the KCM Complex and restore operations. Under Vedanta's management, Konkola Plc has achieved a production run rate of 134 Ktpa of copper (including Integrated and third-party sources) from April 2025 through December 2025. The operating loss for the nine months ended December 31, 2025 is characteristic of a business in its stabilization and ramp-up phase following the resumption of control, and reflects planned transitional costs rather than structural weakness. Positively, Adjusted EBITDA turned positive during the period, affirming the strength of the underlying business. With production volumes on an upward trend, the Company anticipates a continued and progressive improvement in performance. The operating loss for the year ended March 31, 2025 was primarily due to the ramp-up phase, refurbishment costs and a four-month care and maintenance period, totaling $216 million in associated expenses.

A summary of our operating performance for the nine months ended December 31, 2025 and 2024 and the years ended March 31, 2025 and 2024 is presented in the table below:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended December 31,** | **Nine Months Ended December 31,** | **Nine Months Ended December 31,** | **Nine Months Ended December 31,** | **Nine Months Ended December 31,** |
| <br>**Copper production** | ***UOM*** | **2025** | **2024** | **$ Change** | **% Change** |
| Total copper produced | *Kt* | 100.2 | 25.1 | 75.1 | 299% |
| Sales, excluding purchases | *Kt* | 94.4 | 21.5 | 72.9 | 339% |
| RCP | *$ per Kt, in thousands* | 9776 | 7852 | 1924 | 24% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended December 31,** | **Nine Months Ended December 31,** | **Nine Months Ended December 31,** | **Nine Months Ended December 31,** | **Nine Months Ended December 31,** |
| <br>**Copper production by site** | **UOM** | **2025** | **2024** | **$ Change** | **% Change** |
| <u>Konkola Complex</u> |  |  |  |  |  |
| Total ore mined | *Kt* | 931.0 | 268.8 | 662.2 | 246% |
| % Cu | *%Cu* | 3.0 | 3.1 | (0.1) | -3% |
| Recovery % TCu | *%* | 89.8 | 86.7 | 3.1 | 4% |
| Copper in Concentrates | *Kt* | 24.8 | 7.1 | 17.7 | 249% |
| <u>Nchanga Complex</u> |  |  |  |  |  |
| Total ore mined | *Kt* | 5747.0 | 3085.2 | 2661.8 | 86% |
| % Cu | *%Cu* | 0.9 | 0.9 | (0.0) | 0% |
| Recovery % TCu | *%* | 25.9 | 2.9 | 23.0 | 793% |
| Copper in Concentrates | *Kt* | 13.5 | 0.8 | 12.7 | 1588% |
| <u>Tailings Complex (Tailings Leach Plant)</u> |  |  |  |  |  |
| Total Tailings treated | *Kt* | 8746.1 | 3753.8 | 4992.3 | 133% |
| Head grade (LOM Avg.) | *%Cu* | 0.4 | 0.4 | 0.0 | 0% |
| Recovery (LOM Avg.) | *%* | 72.3 | 67.9 | 4.5 | 6% |
| Primary copper | *Kt Cu* | 22.9 | 9.1 | 13.9 | 152% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
| <br>**Copper production** | ***UOM*** | **2025** | **2024** | **$ Change** | **% Change** |
| Total copper produced | *Kt* | 48.2 | 54.1 | (5.9) | —11% |
| Sales, excluding purchases | *Kt* | 46.3 | 57.9 | (11.6) | —20% |
| RCP | *$ per Kt, in thousands* | 8474 | 7254 | 1220 | 17% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
| <br>**Copper production by site** | **UOM** | **2025** | **2024** | **$ Change** | **% Change** |
| <u>Konkola Complex</u> |  |  |  |  |  |
| Total ore mined | *Kt* | 518.9 | 551.4 | (32.5) | —6% |
| % Cu | *%Cu* | 3 | 3.2 | (0.2) | —7% |
| Recovery % TCu | *%* | 87.1 | 88.6 | (1.5) | —2% |
| Copper in Concentrates | *Kt* | 13.6 | 15.6 | (2.0) | —13% |
| <u>Nchanga Complex</u> |  |  |  |  |  |
| Total ore mined | *Kt* | 5265.4 | 5540.1 | (274.7) | —5% |
| % Cu | *%Cu* | 0.9 | 1 | (0.1) | —9% |
| Recovery % TCu | *%* | 4.9 | 2.2 | 2.7 | 124% |
| Copper in Concentrates | *Kt* | 2.3 | 1.2 | 1.1 | 93% |
| <u>Tailings Complex</u> |  |  |  |  |  |
| Total Tailings treated | *Kt* | 6445.4 | 6233.8 | 211.6 | 3% |
| Head grade (LOM Avg.) | *%Cu* | 0.4 | 0.4 | 0.03 | 9% |
| Recovery (LOM Avg.) | *%* | 70.6 | 54.9 | 15.7 | 29% |
| Primary copper | *Kt Cu* | 17 | 11.9 | 5.1 | 43% |

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**Price of copper**

Global prices for copper are a key driver of our performance. Copper consumption is largely associated with industrial production and tends to follow economic cycles, with demand for copper products increasing during phases of economic growth, which often leads to higher prices, and vice versa. Changes in the price of copper affect our results of operations. The changes in these prices result from numerous factors that are beyond our control, including global supply and demand of copper, expectations with respect to the rate of inflation, the exchange rates of the United States dollar to other currencies, interest rates, forward selling by producers, central bank sales and purchases, production and cost levels in major producing regions, global or regional political, economic or financial situations and global or regional pandemics. To operate within the optimized design specifications of the Nchanga smelter, third-party copper concentrate is purchased from nearby mines to create a blended input to be processed. The pricing of third-party copper concentrate is linked to prevailing LME copper prices, subject to customary discounts such as payability terms, freight charges or credits, and treatment and refining charges. As a result, global copper prices affect not only Konkola Plc realized prices for finished copper, but also the cost of externally sourced concentrate. Accordingly, LME copper prices are largely naturally hedged, as changes in concentrate procurement costs are generally offset by corresponding movements in realized prices for finished copper, thereby preserving our margin. However, the availability of third-party concentrate is crucial for the optimal performance of our business. We have not historically experienced service disruptions and shutdowns due to lack of third-party concentrate, however we aim to maintain a diversified supplier base with key suppliers to ensure reliability of our supply.

Further, the increase in demand for electricity, the development of new energy sources and the rapid development of the electronics industry have resulted in the growth of demand for copper. Such growth coupled with the constrained supply of copper due to resource development, production costs and copper mine output has resulted in recent increases in copper prices. Copper prices are also influenced by international political and economic environment given copper's importance as an industrial raw material.

**Tariffs**

Effective August 1, 2025, the U.S. government has implemented a 50% tariff on semi-finished copper products and copper-intensive derivatives, citing national security concerns. While these tariffs currently exclude raw copper forms such as ores and cathodes, which are our primary products, there remains a risk that future policy changes could expand the scope of tariffs to include additional copper product categories, including cathodes. For example, by June 2026, the U.S. Secretary of Commerce is expected to provide an update on domestic copper markets to determine whether to impose a phased universal import duty on refined copper (including cathodes) of 15% beginning in 2027 and 30% beginning in 2028. In addition, the U.S. administration has mandated that 25% of U.S.-produced copper materials be sold domestically beginning in 2027, which could affect global market dynamics and pricing. We are actively monitoring these developments and evaluating opportunities to expand relationships with U.S. refiners and processors that may benefit from increased domestic supply requirements. However, any broadening of tariff coverage or further trade restrictions could adversely affect our ability to access key export markets, reduce our pricing competitiveness, and increase compliance costs, which may in turn negatively impact our revenues and profitability.

**Development projects and exploration**

We are currently implementing a phased expansion plan aimed at increasing our annual copper production to reach an average of approximately 250 Ktpa (consisting of approximately 150 Ktpa Integrated production and approximately 100 Ktpa from third-party sources) over the remaining operational mine life of Konkola Plc from Fiscal 2029. We are in the process of installing a new pump station at the 1,390 meter level at the Konkola Complex, which is required to enable dewatering of the Bancroft Deeps sector. The pump station is expected to provide incremental dewatering capacity of approximately 90,000–140,000 m³/day above the current system capacity of approximately 360,000 m³/day, targeting a total system capacity of 450,000–500,000 m³/day. We have also commenced main level development at both the shallower and deeper levels of the Konkola underground mine, which is critical to accessing reserves therein and equipping pump stations necessary for managing the mine's significant groundwater inflows. The second concentrator stream at the Konkola concentrator is also being refurbished to restore the facility to its nameplate capacity, and rail rehabilitation works have been initiated, along with the procurement of locomotives to support the underground rail-based tramming system. Over the next five years Konkola Plc intends to expend an additional $1.7 billion in investment into its operations and $0.3 billion in sustaining capital expenditure to enable its expansion plans.

We are continuing to carry out resource definition activities. To increase viability of our existing assets, we are carrying out infill and extension drilling at our COP E Extension and COP DF deposits at the Nchanga Complex, as well as TD05 at Nchanga and the Lubengele tailings dam at Konkola, with a view to generating Mineral Resource estimates and expanding the resource base of our operations.

**Zambia – Economy, effective tax rates and regulations**

Our operating and financial performance is closely influenced by the broader Zambian political, regulatory and economic environment. Mining is a central pillar of the Zambian economy, accounting for over 70% of national exports, over 44% of government revenues and approximately 15% of gross domestic product ("GDP") as of 2025. Zambia's overall political stability and consistent support for responsible mining development remain important drivers enabling long-term planning, capital deployment and project execution. The Government's 2030 copper growth objectives and ongoing transfer of major mining assets to private operators also contribute to an investment-supportive environment.

At the same time, our results are sensitive to material risks in the Zambian operating landscape, including potential changes to mining fiscal policy, regulatory requirements, and power availability. Our cost structure and production cadence may also be affected by the timing and effectiveness of infrastructure upgrades, such as the U.S.-backed $10 billion Lobito Corridor rail project, which is expected to enhance export logistics but remains subject to execution risks.

Together, these factors—supportive policy direction, sector concentration in the economy, and exposure to regulatory and infrastructure uncertainties—represent key drivers of variability in our operational and financial performance.

**Zambian Tax Regime**

Since January 1, 2019, Zambia's mining tax framework has undergone several reforms, including higher mineral royalties (non-deductible for tax) and VAT adjustments to encourage investment in mining equipment while restricting input claims on fuel, electricity, and consumables. Subsequent budgets introduced changes such as partial VAT claim reinstatements and suspension of export duties on precious metals during COVID-19 (2020).

The 2021 budget maintained most tax parameters, with temporary fuel duty suspensions having minimal impact. The 2022 budget reinstated corporate tax deductibility of mineral royalties and proposed a shift to an incremental royalty framework, which was implemented in the 2023 budget alongside revised royalty bands and reinstated taxes on fuel. The 2024 budget announced no major mining tax changes, reaffirming policy stability.

The 2025 and 2026 budget, presented on September 27, 2024 and September 26, 2025, respectively, continued this stance, emphasizing predictability to attract investment.

The adoption of a mineral royalty calculation on an incremental basis is considered a more equitable and market-responsive framework, designed to align fiscal policy with fluctuations in commodity prices, to which we are exposed. See "*Quantitative and Qualitative Disclosures About Market Risk.*"

**Key Components of Results of Operations**

**Net sales**

We primarily operate in the business of selling copper, mainly in the form of cathodes and anodes. We also realize revenues from cobalt contained in copper-cobalt alloy, and gold and silver contained in slime and other compounds. We recognize revenue when it transfers control of a product to the customer.

The following table presents information regarding net sales by product for the nine months ended December 31, 2025 and 2024 and the years ended March 31, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Nine Months Ended<br> December 31,** | **Nine Months Ended<br> December 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **($, in thousands)** |  |  |  |  |
| Copper (cathodes and anodes) | 835498 | 178948 | 360777 | 394796 |
| Cobalt (in alloys and concentrates) | 1872 | (905) | 44153 | 41423 |
| Precious metals in slime and others | 101194 | 412 | 1378 | 1942 |
| **Total** | **938564** | **178455** | **406308** | **438161** |

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**Cost of sales**

Our cost of sales primarily includes depreciation on plant and other equipment, mines, land and buildings and expenses directly associated with mining, processing, and refining operations such as electricity and energy, labor, chemical consumption, mine development expenses, repair and maintenance, copper consumption, consumables, spares, mineral royalty tax and diesel, petrol and fuel expenses.

Many of our costs are driven by supply and market demand, including local materials such as explosives, fuel, chemicals/reagents and electricity, as well as labor, which is also affected by inflation, currency exchange rates, government policies and shortages of skilled human resources. In recent years, the mining industry has been impacted by increased worldwide demand for critical resources such as input commodities, drilling equipment, tires and skilled labor, and these shortages may cause unanticipated cost increases and delays in delivery times, thereby impacting operating costs, capital expenditures and production schedules.

Further, our operations rely heavily on electricity and energy, the availability and pricing of which are subject to global and regional supply-demand dynamics, regulatory regimes and adverse weather conditions, especially given Zambia's reliance on hydro-electric generation.

See "*Risk Factors—Risks Related to our Business—We may be adversely affected by the availability and cost of key inputs.*"

**Selling and distribution expenses**

Our selling and distribution expenses consist primarily of distribution costs and discounts.

**General and administration expenses**

Our general and administration expenses consist primarily of accounting, finance and administrative personnel costs, liquidation fees, insurance, rates and taxes and corporate social responsibility expenses.

**Other income**

Other income consists mainly of gains on the rental income, scrap sales, reversal of excess Current Expected Credit Loss provision and write back of liabilities.

**Foreign exchange gain (loss), net**

Foreign exchange gain (loss) consists primarily of foreign exchange gain (loss) on accounts receivable, accounts payable and cash and cash equivalents. See "*Quantitative and Qualitative Disclosures About Market Risk.*"

**Reorganization items, net**

Reorganization items, net represents gain or expense recognized due to the accounting for provisions and related debt modifications pursuant to the Scheme of Arrangement, in accordance with ASC 852, Reorganizations and accretion of such discounted liabilities (i.e., unwinding of discount).

**Interest expenses**

Interest expense consists mainly of interest on debts, advances, prepayments, late payments to vendors and unwinding of discount on asset retirement obligation.

**Interest income**

Interest income consists mainly of interest on bank balances.

**Income tax benefit/(expense)**

We account for income taxes in accordance with the provisions of ASC 740 – Income Taxes. This includes both current taxes payable or refundable and deferred tax assets and liabilities arising from temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements.

**Consolidated Results of Operations**

**Comparison of the nine months ended December 31, 2025 to the nine months ended December 31, 2024**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Nine Months Ended <br> December 31,** | **Nine Months Ended <br> December 31,** | | |
|  | **2025** | **2024** |<br>**$ Change** |<br>**% Change** |
| **($, in thousands, except percentages)** |  |  |  |  |
| Net sales | 938564 | 178455 | 760109 | 426% |
| Cost of sales | (962069) | (372765) | (589304) | 158% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Gross loss** | **(23505)** | **(194309)** | **170804** | **-88%** |
| Selling and distribution expenses | 15573 | 9319 | 6254 | 67% |
| General and administration expenses | 56519 | 51385 | 5134 | 10% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Operating loss** | **(95597)** | **(255014)** | **159416** | **-63%** |
| Other income | 9551 | 8140 | 1411 | 17% |
| Foreign exchange gain/(loss), net | 4585 | (51801) | 56387 | -109% |
| Reorganization items, net | (240425) | 1420347 | (1660772) | -117% |
| Interest income | 975 | 1470 | (496) | -34% |
| Interest expenses | (33997) | (96632) | 62636 | -65% |
| &nbsp;&nbsp;&nbsp;&nbsp;**(Loss) income before income tax benefit** | **(354908)** | **1026511** | **(1381419)** | **-135%** |
| Income tax benefit/(expense) | (122911) | 108356 | (231268) | -213% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net (loss)/income** | **(477819)** | **1134867** | **(1612686)** | **-142%** |

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 ****

 ****

***Net sales***

For the nine months ended December 31, 2025, our net sales increased by $760.1 million, or 426%, compared to the nine months ended December 31, 2024. The increase was primarily due to a 338% increase in copper volumes sold and a 24% higher RCP during the nine months ended December 31, 2025.

***Cost of sales***

For the nine months ended December 31, 2025, our cost of sales increased by $589.3 million, or 158%, compared to the nine months ended December 31, 2024. The increase was primarily due to the higher copper production of 75.1 kt, including a higher proportion of third-party concentrate processing of 32 kt during the nine months ended December 31, 2025. This was partially offset by lower cost of sales resulting from improved production efficiencies.

***Gross loss***

For the nine months ended December 31, 2025, our gross loss decreased by $170.8 million, or 88%, compared to the nine months ended December 31, 2024. The decrease was primarily due to lower cost of sales resulting from improved production efficiencies during the nine months ended December 31, 2025, which was partially offset by a higher proportion of third-party concentrate processing of 32 kt.

***Selling and distribution expenses***

For the nine months ended December 31, 2025, our selling and distribution expenses increased by $6.3 million, or 67%, compared to the nine months ended December 31, 2024. The increase was primarily due to higher distribution costs as a result of increased copper volumes sold during the nine months ended December 31, 2025.

***General and administration expenses***

For the nine months ended December 31, 2025, our general and administration expenses increased by $5.1 million, or 10%, compared to the nine months ended December 31, 2024. The increase was primarily due to higher corporate social responsibility expenses, which was partially offset by lower expenses related to provisional liquidation related matters.

***Operating loss***

For the nine months ended December 31, 2025, our operating loss decreased by $159.4 million or 63%, compared to the nine months ended December 31, 2024. The decrease was primarily due to higher net sales and lower cost of sales resulting from improved production efficiencies during the nine months ended December 31, 2025.

***Foreign exchange gain (loss), net***

 ****

For the nine months ended December 31, 2025, our foreign exchange loss decreased by $56.4 million, or 109%, compared to the nine months ended December 31, 2024. The decrease was primarily due to the appreciation of Kwacha against U.S. dollars during the nine months ended December 31, 2025.

***Reorganization items, net***

For the nine months ended December 31, 2025, reorganization items, net decreased by $1.7 billion, or 117%, compared to the nine months ended December 31, 2024. The decrease was primarily attributable to a expense of $240.4 million recognized in the current period arising from the accretion of discounted Scheme of Arrangement-related liabilities (i.e., unwinding of discount), as compared to a gain of $1.4 billion recognized in the prior comparable period in connection with the initial accounting for provisions and related debt modifications pursuant to the Scheme of Arrangement, in accordance with ASC 852, Reorganizations.

 ****

***Interest expenses***

For the nine months ended December 31, 2025, our interest expenses decreased by $62.6 million, or 65%, compared to the nine months ended December 31, 2024. The decrease was primarily driven by the Scheme of Arrangement, under which we ceased accruing interest after July 2024 on Legacy Konkola Liabilities (as defined herein).

***Income tax benefit/(expense)***

For the nine months ended December 31, 2025, our income tax benefit, net decreased by $231.3 million, or 213%, compared to the nine months ended December 31, 2024. The decrease was primarily attributable to the expiry of interest carry-forwards of $58 million, the lapse of tax loss carry-forwards of $89 million, and the disallowance of previously claimed deductions relating to customs duty provisions of $63 million during the nine months ended December 31, 2025.

***Net (loss) / income***

For the nine months ended December 31, 2025, our net income decreased by $1.6 billion or 142%, compared to the nine months ended December 31, 2024. The decrease was primarily attributable to an expense of $240.4 million recognized in the current period arising from the accretion of discounted Scheme of Arrangement-related liabilities (i.e., unwinding of discount), as compared to a gain of $1.4 billion recognized in the prior comparable period in connection with the initial accounting for provisions and related debt modifications pursuant to the Scheme of Arrangement, in accordance with ASC 852, Reorganizations. Additional contributors to the decrease included higher income tax expenses. These effects were partially offset by favorable foreign exchange movements, lower interest expense, higher net sales and lower cost of sales resulting from improved production efficiencies.

**Comparison of the fiscal year ended March 31, 2025 to the fiscal year ended March 31, 2024**

The following tables set forth Konkola Plc's consolidated statements of operations data for the periods presented:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,** | **Year Ended March 31,** | | |
|  | **2025** | **2024** |<br>**$ Change** |<br>**% Change** |
| **($, in thousands, except percentages)** |  |  |  |  |
| Net sales | 406308 | 438161 | (31853) | —7% |
| Cost of sales | (631100) | (808311) | 177211 | —22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross loss | (224792) | (370150) | 145358 | —39% |
| Selling, general and administrative expenses | (91390) | (189270) | 97880 | —52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating Profit/(loss) | (316182) | (559420) | 243238 | —43% |
| Other income | 8210 | 6040 | 2170 | 36% |
| Foreign exchange gain (loss), net | (50237) | 260050 | (310287) | —119% |
| Reorganization items, net | 1358714 |  | 1358714 |  |
| Interest expenses, net | (106435) | (202599) | 96164 | —47% |
| &nbsp;&nbsp;&nbsp;&nbsp;(Loss) income before income tax benefit | 894070 | (495929) | 1389999 | —280% |
| Income tax benefit/Expense | 116722 | 53248 | 63475 | 119% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (loss)/income | $1010792 | $(442681) | $1453473 | —328% |

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**Net sales**

For the year ended March 31, 2025, our net sales decreased by $31.9 million, or 7%, compared to the year ended March 31, 2024. The decrease was primarily due to a 20% decrease in copper volumes sold during the year ended March 31, 2025, partially offset by 17% higher RCP.

**Cost of sales**

For the year ended March 31, 2025, our cost of sales decreased by $177.2 million, or 22%, compared to the year ended March 31, 2024. The decrease was primarily due to less third-party concentrate processing during the year ended March 31, 2025 (18 Kt), as compared to the year ended March 31, 2024 (29 Kt).

**Gross loss**

For the year ended March 31, 2025, our gross loss decreased by $145.4 million, or 39%, compared to the year ended March 31, 2024. The decrease was primarily due to lower cost of sales with improved production efficiencies.

**Selling, general and administrative expenses**

For the year ended March 31, 2025, our selling, general and administrative expenses distribution costs decreased by $98 million, or 52%, compared to the year ended March 31, 2024. The decrease was primarily due to a 20% decrease in copper volumes sold and less expenses related to liquidation related matters during the year ended March 31, 2025.

**Operating loss**

For the year ended March 31, 2025, our operating loss decreased by $243.2 million, or 43%, compared to the year ended March 31, 2024. The decrease was primarily due to a lower cost of sales with improved production efficiencies and less expenses related to liquidation related matters during the year ended March 31, 2025 which was partially offset by a decrease in net sales.

**Foreign exchange gain (loss), net**

For the year ended March 31, 2025, our foreign exchange gain decreased by $310.3 million, or 119%, compared to the year ended March 31, 2024. This was primarily due to the devaluation of Kwacha against U.S. dollars in Fiscal 2025.

**Reorganization items, net**

For the year ended March 31, 2025, we recognized a $1.4 billion gain due to the accounting for provisions and related debt modifications pursuant to the Scheme of Arrangement, in accordance with ASC 852, Reorganizations. No such gain was recorded for the year ended March 31, 2024.

**Interest expenses, net**

For the year ended March 31, 2025, our interest expenses, net decreased by $96.2 million, or 47%, compared to the year ended March 31, 2024. The decrease was primarily driven by the Scheme of Arrangement, under which we ceased accruing interest after July 2024 on Legacy Konkola Liabilities.

**Income tax benefit/(Expense)**

For the year ended March 31, 2025, our income tax benefit/(expense), net increased by $63.5 million, or 119%, compared to the year ended March 31, 2024. This increase was primarily due to the recognition of deferred tax assets on tax losses.

**Net (loss) / income**

For the year ended March 31, 2025, our net (loss)/income changed by $1.5 billion, or 328%, compared to the year ended March 31, 2024. The increase was primarily driven by the gain of $1.4 billion arising from the accounting for provisions and related debt modifications pursuant to the Scheme of Arrangement, recognized in accordance with ASC 852, Reorganizations. Additional contributors to the increase included reductions in cost of sales, administrative expenses, and interest expenses. These effects were partially offset by foreign exchange losses.

**Impact of Applying ASC 852, Reorganizations**

In accordance with Financial Accounting Standards Board Codification Topic 852, Reorganizations ("ASC 852") items directly attributable to the Scheme of Arrangement have been separately presented as reorganization-related items across the financial statements.

In line with ASC 852, pre-petition obligations amounting to $4,022 million represent obligations impacted by restructuring. These are presented as liabilities subject to compromise and are measured at the amounts expected to be allowed under the Scheme of Arrangement, even if the ultimate settlement may occur at lower values.

**Consolidated Balance Sheet Impact**

In connection with the Scheme, as per ASC 852 requirements, the Company recognized a present value adjustment of $2,707 million as of December 31, 2025 and $2,948 million as of March 31, 2025. Of this adjustment, $881 million as of December 31, 2025 and $959 million as of March 31, 2025 was recognized within long-term debt and $1,826 million as of December 31, 2025 and $1,989 million as of March 31, 2025 within other non-current liabilities. This adjustment reflects the discounting of expected future cash outflows relating to restructured obligations—including intercompany liabilities, GRZ borrowings and other long-term debts—settling over an estimated 15-year horizon. The obligations were discounted reflecting the time value of money and risk characteristics of the restructured debt.

**Consolidated Statement of Operations Impact**

The initial discounting of Scheme of Arrangement-related liabilities resulted in a gain of $1,420 million, recognized as "Reorganization items, net" for the nine months ended December 31, 2024. Subsequently, the accretion of such discounted liabilities (i.e., unwinding of discount) resulted in an expense of $240 million, recognized as "Reorganization items, net" for the nine months ended December 31, 2025. This treatment aligns with ASC 852 requirements, which mandate that gains, losses and adjustments arising directly from the reorganization process be presented separately from recurring operational results.

**Consolidated Statement of Shareholders' Equity Impact**

Consistent with the ASC 852 principles, residual impacts of debt forgiveness, capital re-designation and other adjustments that are not routed through profit or loss were recorded directly in equity. A total of $1,589 million was recognized within Additional Paid-in Capital on the Consolidated Statements of Shareholders' Equity.

**Liquidity and Capital Resources**

We measure liquidity in terms of our ability to fund the cash requirements of our business operations, including working capital needs, capital expenditures, contractual obligations, debt service and other commitments with cash flows from operations and other sources of funding. Our principal sources of liquidity to date have included cash on hand, cash from operating activities and amounts available under shareholder loans from Vedanta.

Our ultimate success is dependent on our ability to obtain additional financing and generate sufficient cash flow to meet our obligations on a timely basis. Our business will require significant capital to sustain operations and significant investments to execute our long-term business plan. Absent generation of sufficient revenue from the execution of our long-term business plan, we will need to obtain debt or equity financing, especially if we experience downturns, production declines or other operating disruptions in our business that are more severe or longer than anticipated. Such additional debt or equity financing may not be available to us on favorable terms, if at all. If CopperTech raises additional capital through public or private equity or convertible debt offerings, the ownership interest of CopperTech's existing stockholders will be diluted, and the terms of such securities may include liquidation or other preferences that adversely affect the rights of holders of CopperTech's common stock. If we raise additional capital through debt financing, we may be subject to covenants limiting or restricting our ability to take specific actions, such as incurring additional debt, making capital expenditures or paying dividends.

Our consolidated financial statements have been prepared on a going concern basis, which assumes we will be able to continue as a going concern and contemplates the realization of assets and satisfaction of liabilities in the normal course of business. However, substantial doubt about our ability to continue as a going concern exists. We have incurred operating losses of $95.6 million and $255.0 million during the nine months ended December 31, 2025 and December 31, 2024, respectively, and $316.2 million and $559.4 million during the fiscal years ended March 31, 2025 and March 31, 2024, respectively. We have deficit cashflows from operating activities of $72.2 million and $253.9 million during the nine months ended December 31, 2025 and December 31, 2024, respectively, and $265.9 million and $2.2 million for the years ended March 31, 2025 and March 31, 2024 respectively. Our cash and cash equivalents were $195.8 million as of December 31, 2025 and $63.8 million as of March 31, 2025.

Pursuant to the Scheme Loan Agreements, VRHL committed to providing a $1.0 billion loan pursuant to the Capital Expenditures Support Loan Agreement, $250.0 million loan pursuant to the Creditor Settlement Support Loan Agreement and a $20.0 million loan pursuant to the Community Support Loan Agreement to Konkola Plc. Each Scheme Loan Agreement bears interest at a variable interest rate equal to the lower of Secured Overnight Financing Rate ("SOFR") plus 7.00% and the cost of funding to VRHL, and matures in December 2028 provided that an automatic extension will be given should we have insufficient cash flow to repay such debt at maturity. Our ability to continue as a going concern is dependent upon loan facilities guaranteed by our ultimate parent company, VRL. In this regard, we received a letter of financial support from VRL, confirming that VRL will provide necessary financial support for a minimum period of 12 months from the date of financial closure of accounts of the Company for the nine months ended December 31, 2025.

During the period in which Konkola Plc was under the management of the Provisional Liquidator, production declined to its lowest level in Fiscal 2024 resulting in operating losses and deficit cashflows. Having already achieved a production run rate of 134 Ktpa of copper (including Integrated and third-party sources) from April 2025 through December 2025 under Vedanta's management, and with the planned $1.7 billion capital expenditure and $0.3 billion in sustaining capital expenditure (which includes proceeds from this offering) that is intended to allow Konkola Plc to ramp-up copper production, we anticipate that we will be able to generate positive cash flows over the long term. Based upon our current operating plan and assumptions, we expect that our existing cash balances and expected cash flows from operations, alongside the continuance of the financial support received from Vedanta will be sufficient to fund our operations for at least the next 12 months. We have based this estimate on assumptions that may prove to be wrong and we could expend our capital resources sooner than we currently expect.

**Cash flows**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Nine Months Ended<br> December 31,** | **Nine Months Ended<br> December 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **($, in thousands)** |  |  |  |  |
| Net cash used in operating activities | (72154) | (253989) | (265903) | (2180) |
| Net cash used in investing activities | (40380) | (9276) | (13206) | (28274) |
| Net cash provided by financing activities | 244547 | 288860 | 336967 | 35000 |
| **Net increase in cash, cash equivalents and restricted cash** | $**132014** | $**25595** | $**57858** | $**4546** |

---

 ****

**Net cash used in operating activities**

Net cash used in operating activities during the nine months ended December 31, 2025 was $72.2 million, a $181.8 million decrease from $254.0 million during the nine months ended December 31, 2024. The net decrease in operating activities cash outflows was primarily driven by a reduction in operating cash losses and favorable working capital movements, including income tax payable, employee benefits payable and other non-current liabilities (including liabilities subject to compromise). These effects were partially offset by unfavorable movements in accounts payable, advance from customers, accounts receivable, prepaid expenses, inventory and other non-current assets.

Net cash used in operating activities during the year ended March 31, 2025, was $265.9 million, a $263.7 million increase from $2.2 million during the year ended March 31, 2024. The increase in operating cash outflows was primarily driven by unfavorable working capital movements, including inventories, other non-current assets, accounts receivable and accounts payable (including liabilities subject to compromise and other non-current liabilities) and increase in operating cash loss. These effects were only partially offset by favorable movements in prepaid expenses and other current assets.

**Net cash used in investing activities**

Net cash used in investing activities during the nine months ended December 31, 2025 was $40.4 million, a $31.1 million increase from $9.3 million during the nine months ended December 31, 2024. The net increase in investing activities cash outflows was primarily due to higher capital development expenditures during the current period, including investments in tramming system and shaft infrastructure upgrades at the Konkola Complex, as well as high-pressure water line and smelter upgrades at the Nchanga Complex.

Net cash used in investing activities during the year ended March 31, 2025, was $13.2 million, a $15.1 million decrease from $28.3 million during the year ended March 31, 2024. The net decrease was primarily due to lower capital development during the year ended March 31, 2025 on account of care and maintenance activities.

**Net cash provided by financing activities**

Net cash provided by financing activities during the nine months ended December 31, 2025 was $244.5 million, a $44.3 million decrease from $288.9 million during the nine months ended December 31, 2024. The net decrease in financing activities cash inflows was primarily due to higher repayments during the current period, including repayment of the Bridge Facility Loan to VRHL of $25 million and repayment of a note payable to First Capital Bank (Botswana) of $5.3 million, compared to $1.5 million in the prior comparable period. In addition, financing cash inflows were impacted by lower proceeds from the issuance of long-term debt by $10.8 million and higher interest payments on long-term debt by $4.7 million in the current period compared to the prior comparable period.

Net cash provided by financing activities during the year ended March 31, 2025, was $337.0 million, a $302.0 million increase from $35.0 million during the year ended March 31, 2024. The net increase was primarily due to a shareholder's loan of $320.8 million from VRHL and external borrowing from First Capital Bank (Botswana) of $17.0 million which was partially set off by the repayments of long-term debt.

**Indebtedness**

The following table details our borrowings outstanding as of December 31, 2025 and the associated interest expense, including amortization of debt issuance and modification costs and debt discounts and the average effective interest rates for such borrowings for the nine months ended December 31, 2025 and for the fiscal year ended March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Principal Balance (Gross Value) As at December 31, 2025** | **Discount on present value As at December 31, 2025** | **Principal Balance (Present Value) As at December 31, 2025** | **Average Effective Interest Rate** | **Interest Expense For the Nine Months ended December 31, 2025** | <br>**Interest Expense For the Fiscal Year ended March 31, 2025** |
| **($, in thousands, unless otherwise stated)** |  |  |  |  |  |  |
| **Debt not subject to compromise** |  |  |  |  |  |  |
| Scheme Loan Agreements with Vedanta Resources Holdings Limited | 600750 | Nil | 600750 | SOFR plus 7.00% | 22556 | 26581 |
| Bridge Facility Loan Agreement with Vedanta Resources Holdings Limited | Nil | Nil | Nil | SOFR plus 7.00% | 95 | 3598 |
| Note payable to First Capital Bank (Botswana) | 5529 | Nil | 5529 | 8.33% | 951 | 801 |
| **Debt subject to compromise** |  |  |  |  |  |  |
| Loan Agreement with Vedanta Resources (Jersey II) Limited (the "Jersey II Loan") | 1038318 | (673672) | 364646 | 6.50%<sup>(1)</sup> | Nil | 28171 |
| Loan Agreement with Vedanta Resources Plc | 273782 | (170140) | 103642 | 3-month LIBOR plus 4.75%<sup>(1)</sup> | Nil | 11970 |
| Loan Agreement with ZCCM Investments Holdings Plc | 10500 | (7220) | 3280 | 8.00%<sup>(1)</sup> | Nil | 285 |
| Note payable to the Government of the Republic of Zambia (the "Existing GRZ Liabilities") | 44578 | (30650) | 13927 | Nil | Nil | Nil |
| **Total long-term debt** | $**1973456** | **(881682)** | **1091774** |  |  |  |

---

(1) Average Effective Interest Rate as applicable until July 31, 2024.

The following table details our non-current liabilities outstanding as of December 31, 2025 and the associated present value adjustment (i.e. discounting).

---

| | | | |
|:---|:---|:---|:---|
|  | **Balance (Gross Value) As at December 31, 2025** | **Discount on present value As at December 31, 2025** | **Balance (Present Value) As at December 31, 2025** |
| **($, in thousands, unless otherwise stated)** |  |  |  |
| **Liabilities not subject to compromise**<br> Interest payable on Scheme Loan Agreements with Vedanta Resources Holdings Limited  | 54176 | Nil | 54176 |
| <br>**Liabilities subject to compromise** |  |  |  |
| Interest payable on Loan Agreement with Vedanta Resources (Jersey II) Limited (the "Jersey II Loan") | 503678 | (313008) | 190670 |
| Interest payable on Loan Agreement with Vedanta Resources Plc | 93407 | (58047) | 35360 |
| Dividend payable to Vedanta Resources Holdings Limited ("Other Existing Liabilities") | 39710 | (24678) | 15032 |
| Intercompany advances ("Other Existing Liabilities") | 105012 | (65259) | 39753 |
| Government dues ("Other Existing Liabilities") | 1785863 | (1251208) | 534655 |
| Other dues and payable ("Other Existing Liabilities") | 166722 | (113538) | 53185 |
| **Total non-current liabilities** | $**2748568** | **(1825737)** | **922831** |

---

The following table details our long-term debt and non-current liabilities outstanding as of December 31, 2025 and the associated present value adjustment (i.e. discounting).

---

| | |
|:---|:---|
|  | **Balance As at<br> December 31, 2025** |
| **($, in thousands, unless otherwise stated)** | |
| Long-term debt and non-current liabilities not subject to compromise | 660455 |
| Long-term debt and non-current liabilities subject to compromise | 4061569 |
| **Total long-term debt and non-current liabilities** | **4722024** |
| (Less): discount on present value | (2707419) |
| Total non-current liabilities | $**2014605** |

---

**Scheme Loan Agreement**

In connection with the Scheme of Arrangement, Konkola Plc entered into the Capital Expenditures Support Loan Agreement, the Creditor Settlement Support Loan Agreement and the Community Support Loan Agreement with VRHL pursuant to which VRHL is required to loan an aggregate principal amount of up to $1.27 billion to Konkola Plc.

<u>Capital Expenditures Support Loan Agreement</u>

Pursuant to the Capital Expenditures Support Loan Agreement, the lender is required to loan $1.00 billion to Konkola Plc to support Konkola Plc's capital expenditures, to be funded by the following semi-annual instalments until January 31, 2030:

---

| | |
|:---|:---|
| **Instalment Date** | **Cumulative Principal Amount to be Funded** |
| July 1, 2025 | $124000000 |
| January 1, 2026 | $330000000 |
| July 1, 2026 | $428000000 |
| January 1, 2027 | $600000000 |
| July 1, 2027 | $645000000 |
| January 1, 2028 | $740000000 |
| July 1, 2028 | $785000000 |
| January 1, 2029 | $870000000 |
| July 1, 2029 | $923000000 |
| January 1, 2030 | $1000000000 |

---

As of December 31, 2025, VRHL had funded approximately $330.0 million under the Capital Expenditures Support Loan Agreement and there is a balance of $670.0 million to be funded.

<u>Creditor Settlement Support Loan Agreement</u>

Pursuant to the Creditor Settlement Support Loan Agreement, the lender is required to loan $250.0 million to Konkola Plc to fund amounts payable to Konkola Plc's creditors. As of December 31, 2025, VRHL had funded the $250.0 million required under the Creditors Settlement Support Loan Agreement.

<u>Community Support Loan Agreement</u>

Pursuant to the Community Support Loan Agreement, the lender is required to loan $20.0 million to Konkola Plc to fund community support. As of December 31, 2025, VRHL had funded the $20.0 million required under the Community Support Loan Agreement.

For the nine months ended December 31, 2025 and December 31, 2024 and the years ended March 31, 2024 and March 31, 2025, no principal or interest was repaid under the Scheme Loan Agreements. Repayments under each Scheme Loan Agreement will commence once Konkola Plc has positive cash flows and will be paid in accordance with the Konkola Waterfall.

Subject to the terms of the KCM Shareholders Agreement, each Scheme Loan Agreement matures in December 2028 (and may be subject to automatic extension should Konkola Plc have insufficient cash flow to repay such debt at maturity). Each Scheme Loan Agreement bears interest at a variable interest rate equal to the lower of SOFR plus 7.00% and the cost of funding to VRHL.

**Bridge Facility Loan Agreement**

On December 22, 2023, Konkola Plc entered into a Bridge Facility Loan Agreement with VRHL for a principal amount of $25.0 million that accrued interest at a rate of 7.00%. No principal or interest under this loan agreement was paid in the years ended March 31, 2024 and March 31, 2025 and the full principal and interest amounts were repaid on July 15, 2025.

***Term Loan Facility***

 ****

On September 19, 2024, Konkola Plc entered into a Term Loan Facility with First Capital Bank Limited for a principal amount of $20.0 million that accrued interest at a rate of 8.33%. The Term Loan Facility matures 36 months from the date of disbursement. No principal or interest under this loan agreement was paid in the year ended March 31, 2024. Principal of $3.0 million and interest of $0.8 million were repaid in the year ended March 31, 2025. Principal of $5.3 million and $1.5 million and interest of $0.9 million and $0.4 million were repaid in the nine months ended December 31, 2025 and December 31, 2024, respectively. As of December 31, 2025, $12.3 million (including current portion of the debt of $6.8 million) remained outstanding.

**Legacy Konkola Liabilities**

Pursuant to the Scheme of Arrangement, Konkola Plc's shareholders were required to restructure the legacy debt previously provided to Konkola Plc. This was implemented through the execution of shareholder loan amendment agreements. Under these agreements, the relevant funding arrangements were amended to provide that all interest accrued prior to July 31, 2024 is capitalized into the principal amount of the respective loan and that no additional interest accrues from July 31, 2024. The agreements amended as part of this process are set out below and are collectively referred to as the "Legacy Konkola Liabilities":

&nbsp;&nbsp;&nbsp;&nbsp;· A loan agreement with Vedanta Resources (Jersey II) Limited in connection with all amounts paid by Vedanta
Resources (Jersey II) Limited to the lenders under the common terms agreement between Konkola Plc and The Standard Bank of South Africa
Limited, dated October 31, 2012, for a principal amount of $1.04 billion that accrued interest until July 31, 2024 at a rate of 6.50%
(the "Jersey II Loan").

&nbsp;&nbsp;&nbsp;&nbsp;· A loan agreement with Vedanta Resources Plc in connection with all amounts paid by Vedanta Resources Plc
to the lender under the loan consolidated and amendment agreement between Konkola Plc, Standard Bank Limited, South Africa and ICICI Bank
Limited, Bahrain, dated August 18, 2017, for a principal amount of $273.8 million that accrued interest until July 31, 2024 at a
rate of 3-month LIBOR plus 4.75% (the "Vedanta Resources Loan" and, together with the Jersey II Loan, the "Existing
Vedanta Liabilities"). Following the Transactions, VRJL will assume the outstanding balances of the Existing Vedanta Liabilities
as lender, as of the date of the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;· Loan agreements with ZCCM, dated November 15, 2022, for a principal amount of $10.0 million and November 10,
2020 for $0.5 million, that accrued interest until July 31, 2024 at a rate of 8.00% (the "Existing ZCCM-IH Liabilities").

&nbsp;&nbsp;&nbsp;&nbsp;· Note payable to GRZ with a principal amount of $44.6 million, which accrued no interest (the "Existing
GRZ Liabilities").

&nbsp;&nbsp;&nbsp;&nbsp;· Other non-current liabilities, including dividend payable to VRHL, certain intercompany advances, government
dues and other dues and payables ("Other Existing Liabilities").

**Konkola Waterfall**

Pursuant to the Scheme of Arrangement and the KCM Shareholders Agreement, repayments of all debt accrued by Konkola Plc owed to its Legacy Creditors, including the Legacy Konkola Liabilities, and the Scheme Loan Agreements are subject to the following free cash flow waterfall (the "Konkola Waterfall"):

&nbsp;&nbsp;&nbsp;&nbsp;· first, towards annual payments of an amount not exceeding US$7.5 million
towards each Option 2 Legacy Creditor who elected not to receive an upfront partial payment and to be repaid in annual installments (the
"Option 2 Payments") and if, in any year, any Option 2 Payments are not made by Konkola Plc, then the unpaid amounts (all
or in part, as applicable) (the "Option 2 Accrued Payments") will accrue and form part of the annual payments payable
in the subsequent year. As of the date of this prospectus, the only remaining Option 2 Legacy Creditor is ZESCO <u>;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;· second, once all Option 2 Accrued Payments have been made in full, towards 100% of all interest payable
under the Scheme Loan Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;· third, towards 50% of the principal amount payable under the Scheme Loan Agreements; and

&nbsp;&nbsp;&nbsp;&nbsp;· fourth, on a pari passu and pro rata basis towards: (i) the remaining balance then due and payable under
the Scheme Loan Agreements including all accrued interest; and (ii) all remaining liabilities (the "Balance Liabilities").The
Balance Liabilities include the Existing Vedanta Liabilities, the Existing GRZ Liabilities, the Existing ZCCM-IH Liabilities, any remaining
debt owed to Option 2 Legacy Creditors after payment of the Option 2 Payments and Option 2 Accrued Payments and deferred creditor
liabilities. Balance Liabilities will be paid in the following proportions on a pari passu basis: (A) 70% towards the Existing Vedanta
Liabilities; and (B) 30% towards the Balance Liabilities less the Existing Vedanta Liabilities.

**Contractual Obligations and Commitments**

The following table provides a summary of our contractual obligations and commitments as of December 31, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payments due by period** | **Payments due by period** | **Payments due by period** | **Payments due by period** | **Payments due by period** |
|  | **Less than 1 year** | **1-3 years** | **3-5 years** | **More than 5 years** | **Total** |
| **($, in thousands, unless otherwise stated)** | | | | | |
| Accounts payable and accrued liabilities<sup>(1)</sup> | 248512 |  |  |  | 248512 |
| Debt Obligation<sup>(2)</sup> | 6777 | 5529 |  | 1967927 | 1980233 |
| Asset Retirement Obligation<sup>(3)</sup> |  |  |  | 138387 | 138387 |
| Other liabilities<sup>(4)</sup> | 13049 | - |  | 2766339 | 2779388 |
| Total | 268338 | 5529 |  | 4872653 | 5146520 |

---

(1) Includes current accounts payable, accrued expenses and statutory liabilities.

(2) Includes long-term debt including current portion of debt, a majority of which is from related parties,
and are expected to be settled over a 15-year period. See "*-Konkola Waterfall*" for details relating to the period and
process of settlement of these liabilities.

(3) As of December 31, 2025, the total Environmental Protection Fund
liability attributable to Konkola Plc for future mining asset retirement obligations amounted to approximately $143.8 million. This liability
is recognized as an asset retirement obligation of $71.4 million in the unaudited consolidated financial statements of Konkola Plc for
the nine months ended December 31, 2025, being the net present value of estimated costs using discount rates ranging from 5.96% to 12.48%.
See Note 21 to our consolidated financial statements. The $143.8 million is payable by Konkola Plc in the form of a cash payment
of approximately $34.2 million to the Minerals Regulation Commission (the "MRC"), which has assumed the regulatory functions
previously held by the Mines Safety Department (the "MSD") and for Konkola Plc to provide the MRC with a bank guarantee of
approximately $109.6 million. Although the liability has been attributed to Konkola Plc, no payments or guarantees were required to be
made as of the date of this prospectus because Konkola Plc has been granted a two-year moratorium in connection with the period of provisional
liquidation (which may be further extended pending discussions between Konkola Plc, MRC and ZEMA regarding the categorization of certain
Konkola Plc sites). Given the moratorium, of the total $34.2 million cash payment required to be paid to the MRC, Konkola Plc has paid
$5.5 million, which is presented as an asset of $5.5 million in the balance sheet of Konkola Plc's unaudited consolidated financial
statements as of December 31, 2025 and audited consolidated financial statements as of March 31, 2025. The remaining $28.7 million
together with $5.5 million has not been separately accrued on Konkola Plc's consolidated financials, as it is included within the
$71.4 million environmental restoration obligation discussed above. Further, in the event the remaining $28.7 million cash contribution
becomes due and payable following the moratorium and finalization of negotiations, the Company notes that that amount has been included
as a claim by MRC (as a creditor) under the Scheme of Arrangement, and the timing of such payment will be subject to the Konkola Waterfall
set out in the Scheme of Arrangement. For more information, see "*Zambian Regulations-Environmental Protection Fund* "
and "*Business-Environmental Compliance Liabilities*."

(4) Includes non-current account payables, accrued expenses, statutory liabilities, dividends payable, intercompany
advances, long-term employee benefits and other payables. The amount expected to be settled following the 5 year period represents expected
outflows associated with long-term intercompany liabilities and other non-current liabilities restructured as part of the Scheme of Arrangement,
which are expected to be settled over a 15-year period. See "-Konkola Waterfall" for details relating to the period and process
of settlement of these liabilities.

**Capital Expenditures**

Our major capital expenditure related outflow is on mining development works at the Konkola Complex and Nchanga Complex. Konkola Plc spent $40.4 million during the nine months ended December 31, 2025 and $13.4 million during the year ended March 31, 2025 as a part of the development plan. Konkola Plc also intends to deploy an additional $1.7 billion (a portion of which will be funded by the proceeds of this offering) in capital expenditure and $0.3 billion in sustaining capital expenditure into Konkola Plc's operations, including by way of:

&nbsp;&nbsp;&nbsp;&nbsp;· funding the capital development and infrastructure requirements of the underground mine at the Konkola
Complex; and

&nbsp;&nbsp;&nbsp;&nbsp;· funding the extension of the mining operations, TLP upgrades and smelter upgrades at the Nchanga Complex.

**Off-Balance Sheet Arrangements**

We have not entered into any material off-balance sheet arrangements such as guarantee contracts, contingent interests in assets transferred to unconsolidated entities, derivative financial obligations, or with respect to any obligations under a variable interest equity arrangement.

**Critical Accounting Policies and Estimates**

Our consolidated financial statements and the related notes thereto included elsewhere in this prospectus are prepared in accordance with GAAP. The preparation of our consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, costs and expenses and related disclosures. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ significantly from the estimates made by management. To the extent that there are differences between our estimates and actual results, our future financial statement presentation, financial condition, results of operations and cash flows will be affected.

We believe that the following accounting policies involve a high degree of judgment and complexity. Accordingly, these are the policies we believe are the most critical to aid in fully understanding and evaluating our financial condition and results of our operations. See Note 2 to our consolidated financial statements included elsewhere in this prospectus for a description of our other significant accounting policies.

**Use of estimates**

The preparation of the Company's financial statements in conformity with accounting principles generally accepted in the United States (U.S.) requires management to make estimates and assumptions that affect the amounts reported in these financial statements and accompanying notes. The more significant areas requiring the use of management estimates include inventory valuation and determination of net realizable value, determination of estimated Mineral Reserves and life of mine, asset lives for depreciation, depletion and amortization; environmental obligations; asset retirement obligations, deferred taxes and valuation allowances; reserves for contingencies and litigation; asset impairment, including estimates used to derive future cash flows associated with those assets; pension benefits; and valuation of financial instruments. Actual results could differ from those estimates.

**Revenue Recognition**

We account for a contract with a customer when there is a legally enforceable contract between Konkola Plc and the customer, the rights of the parties are identified, the contract has commercial substance, and collectability of the contract consideration is probable. We recognize revenue in accordance with the five-step model prescribed under ASC 606, "Revenue from Contracts with Customers". Our revenues are measured based on consideration specified in the contract with each customer.

We primarily operate in the business of selling copper, mainly in the form of cathodes, anodes and copper cobalt alloy. We recognize revenue when it transfers control of a product to the customer. Control usually transfers when the goods cross the Zambian border or are loaded on ship's rail, based on the International Commercial Terms as commercially agreed upon with the buyer and the buyer has gained control through their ability to direct the use of and obtain substantially all the benefits from the asset. We place a strong emphasis on maintaining long-term relationships with certain key customers. However, it is not solely dependent on these customers and continues to pursue opportunities to attract new business.

The majority of our sales allow for price adjustments based on the LME price at the end of the relevant quotational period stipulated in the contract. These are referred to as provisional pricing arrangements and are such that the selling price for the goods is based on prevailing forward prices on a specified future period after shipment to the customer.

Payment terms for sales vary depending on the specific contract but are typically based on provisional pricing arrangements. Generally, 90–100% of the invoice amount is collected before or at the time of shipment. A final price adjustment is made upon settlement with the customer, typically within one to three months from the shipment date, based on the quoted monthly average copper settlement prices on the LME.

These provisional pricing arrangements are treated separately from the host sales contract and are accounted for as embedded derivative instruments in accordance with ASC 815-30, Derivatives and Hedging—Cash Flow Hedges. Hence, net sales include both the invoiced value of copper and other metals, as well as the fair value adjustment related to the associated contracts.

Additionally, product net sales are presented net of discounts, rebates, custom duties, treatment and handling charges.

**Income Taxes**

We account for income taxes in accordance with the provisions of ASC 740 – Income Taxes. This includes both current taxes payable or refundable and deferred tax assets and liabilities arising from temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements.

The current tax expense or benefit is determined based on the taxes payable or refundable for the current year, calculated using applicable income tax rates in the jurisdiction where we operate.

Deferred tax assets and liabilities are included in the financial statements at currently enacted income tax rates applicable to the period in which the deferred tax assets and liabilities are expected to be realized and settled as prescribed in ASC 740 "Income taxes." As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. Deferred income tax assets are reduced by any benefits that, in the opinion of management, are more likely not to be realized.

**Chapter 11 Filing and Emergence from Bankruptcy**

Beginning on May 21, 2019 (the "Petition Date"), Konkola Plc applied Financial Accounting Standards Board Codification Topic 852, Reorganizations ("ASC 852") in preparing the consolidated financial statements. ASC 852 requires the financial statements, for the periods subsequent to the Petition Date cases and up to and including the period of emergence from Chapter 11 (the "Effective Date"), to distinguish transactions and events that are directly associated with the reorganization from the ongoing operations of the business.

Accordingly, gains on discounting of the liabilities under the Scheme of Arrangement are recorded as Reorganization items, net in the Consolidated Statements of Operations. In addition, prepetition obligations that may be impacted by the Chapter 11 process have been classified on Konkola Plc's consolidated balance sheet as of March 31, 2024 as liabilities subject to compromise. These liabilities are reported at the amounts we anticipate will be allowed by the Bankruptcy Court, even if they may be settled for lesser amounts.

**Asset Retirement Obligations**

Our mining and exploration activities are subject to various laws and regulations governing the protection of the environment. Accounting for reclamation and remediation obligations requires management to make estimates unique to each mining operation of the future costs we will incur to complete the reclamation and remediation work required to comply with existing laws and regulations. These estimates are based in part on our inflation and credit rate assumptions. Actual costs incurred in future periods could differ from amounts estimated. Additionally, future changes to environmental laws and regulations could increase the extent of reclamation and remediation work required to be performed by us. Any such increases in future costs could materially impact the amounts charged to operations for reclamation and remediation.

**Impairment of property, plant and equipment and mining assets**

We assess the carrying values of our property, plant and equipment and mining assets, whenever events or changes in circumstances indicate that the carrying amounts of such assets may not be recoverable. In evaluating such assets for recoverability, we use estimates of pre-tax undiscounted future cash flows expected to result from the use and eventual disposition of the asset. In estimating future cash flows, assets are grouped at the lowest level for which identifiable cash flows are largely independent of the cash flows of other asset groups. If the carrying amount of an asset exceeds the estimated pre-tax undiscounted future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset exceeds its fair value.

Estimates of future cash flows are derived from current business plans, which are developed using near-term copper price forecasts reflective of the current price environment and management's projections for long-term average copper prices. In addition to near and long-term copper price assumptions, other key assumptions include estimates of production plans, including mining, processing and smelting schedules; operating costs, capital costs and pricing inputs; commodity-based and other input costs; proven and probable mineral reserve estimates, including the timing and costs to develop and produce the mineral reserves; estimates of value beyond proven and probable mineral reserves; and the use of appropriate discount rates in the measurement of fair value. The estimates are most sensitive to changes in copper prices and operating costs. We believe our estimates and models used to determine future cash flows and fair value are consistent with those that a market participant would use.

The significant assumption in determining the future cash flows as at December 31, 2025 is a long-term average copper price of $4.9 per pound. The results of our impairment sensitivity analysis, which included a stress test using a long-term average copper price assumption of $3.9 per pound, showed projected discounted future cash flows in excess of the carrying amounts of property, plant and equipment and mining assets by margins of 4.4 times of such carrying amount.

There were no impairments of our property, plant and equipment and mining assets recorded for the nine months ended December 31, 2025 and 2024 and for the years ended March 31, 2025 and 2024.

In addition to decreases in future copper price assumptions, other events that could result in future impairment of such assets include, but are not limited to, decreases in estimated recoverable proven and probable mineral reserves and any events that might otherwise have a material adverse effect on production levels or costs at the KCM Complex.

**Quantitative and Qualitative Disclosures About Market Risk**

We are exposed to market risks in the ordinary course of our business. Market risk represents the risk of loss that may impact our financial position due to adverse changes in financial market prices and rates. These risks include the following:

**Concentration Risk**

A material part of our business is dependent upon a relatively small number of customers, the loss of any one of whom may have a materially adverse effect on our operating results.

Our workforce is considered specialized, with skills critical to its operations. The loss of a significant portion of these employees could have a material adverse effect on our business and operating results.

In addition, a substantial number of employees are covered by collective bargaining agreements. While we maintain positive labor relations, disruptions related to labor negotiations or work stoppages could materially impact operations.

**Foreign Exchange Risk**

Our functional and reporting currency is the U.S. dollar. As most of our revenues are derived in U.S. dollars and the majority of our business is conducted in U.S. dollars, foreign exchange risk arises from transactions denominated in currencies other than the U.S. dollars. Commodity sales are denominated in U.S. dollars, the majority of borrowings are denominated in U.S. dollars, and the majority of operating expenses are denominated in U.S. dollars. Our primary foreign exchange exposures are to the Kwacha, and to the local currencies suppliers who provide various services and spares supply to us. Exposure to local currency is approximately 10%, meaning that approximately 10% of our key costs and expenditures are incurred in Kwacha. Our VAT receivables are in local currency and any depreciation in local currency impacts our position with reference to foreign exchange risk. Total VAT receivables as of December 31, 2025, was $353.4 million.

**Interest Rate Risk**

Rising interest rates can increase the cost of debt financing for mining companies, suppliers, and manufacturers, reducing profit margins. Conversely, falling rates can affect investment returns. SOFR is considered a safe and reliable benchmark for interest rates due secure, transparent, regulatory oversight, market acceptance and reliance in market condition. Interest under the Scheme Loan Agreements are based on SOFR.

As of December 31, 2025, Konkola Plc owed an aggregate of $600.7 million to VRHL under the Scheme Loan Agreements, each bearing interest at a variable rate equal to SOFR plus 7%. As a result, Konkola Plc's interest expense and liquidity position are exposed to fluctuations in SOFR. Using an illustrative SOFR of 4%, Konkola Plc's SOFR-based interest rate would be approximately 11%. A 100-basis-point increase in SOFR, to 5%, would raise this rate to 12% and increase Konkola Plc's annual interest expense by approximately $6.0 million. Conversely, a 100-basis-point decrease in SOFR, to 3%, would lower the rate to 10%, reducing annual interest expense by approximately $6.0 million. While such movements in benchmark interest rates directly affect Konkola Plc's borrowing costs, given its current variable-rate debt balance, we expect such changes to have a limited effect on its overall liquidity or financial position.

**Commodity Price Risk**

Commodity price risk in the copper industry refers to the potential for financial losses due to fluctuations in copper prices. It arises from the volatility inherent in commodity markets driven by factors such as supply and demand, geopolitical events, economic conditions and currency movements. Key commodities includes fuel, coke, chemicals, reagent, acid and solvent. To mitigate commodity price risk and ensure a stable supply of key inputs, we have historically opted to enter into long-term supply contracts rather than relying on spot purchases.

**Emerging Growth Company Status**

We are currently an "emerging growth company," as defined in the JOBS Act. Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards until such time as those standards apply to private companies. We have elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date we (i) are no longer an emerging growth company or (ii) affirmatively and irrevocably opt out of the extended transition period provided in the JOBS Act. As a result, our financial statements may not be comparable to companies that comply with new or revised accounting pronouncements as of public company effective dates.

**Controls and Procedures**

Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements in accordance with GAAP. We are currently in the process of reviewing, documenting and testing our internal control over financial reporting.

We have not performed an evaluation of our internal control over financial reporting, as required by Section 404 of the Sarbanes-Oxley Act, nor have we engaged an independent registered public accounting firm to perform an audit of our internal control over financial reporting as of any balance sheet date or for any period reported in our financial statements. Our management is not presently required to perform an annual assessment of the effectiveness of our internal control over financial reporting. This requirement will first apply to our second Annual Report on Form 10-K following this offering. For as long as we are an "emerging growth company," our independent registered public accounting firm will not be required to attest to the effectiveness of our internal control over financial reporting. When we lose our status as an "emerging growth company," our independent registered public accounting firm will be required to attest to the effectiveness of our internal control over financial reporting.

**INDUSTRY**

**Copper Industry Overview**

Copper is an internationally traded commodity on the COMEX, LME and Shanghai Futures Exchange and is found in many mining jurisdictions around the world, including the Americas, Africa and Australia. After copper ore is mined, it is transformed through a series of processing steps into a highly versatile metal that ultimately serves as a foundational input into many end-use applications. Copper is a cornerstone of industrialization and is currently at the forefront of a global shift towards a green economy. Its exceptional conductivity and recyclability make it an indispensable component in a wide array of modern technologies and applications, from renewable energy systems to electric vehicles to high-capacity data centers. The global copper market is experiencing robust growth and, while traditional industrial applications continue to represent a substantial portion of copper consumption, the most dynamic growth segments are intrinsically linked to advancements in technology and AI. The four primary disrupting factors of copper demand – AI technological boom, global economic development, energy transition and increased defense spending targets – are alone expected to account for a combined 40% of copper demand growth expected by 2035, according to Wood Mackenzie.

Industry forecasts indicate that the next 25 years will require more copper than has been produced throughout human history.

![](ctm003_img015.jpg)

Source: Wood Mackenzie

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Source: Wood Mackenzie

According to Wood Mackenzie, global refined copper consumption in 2024 totaled 26.8 Mt (up from 25.8 Mt in 2023) and is expected to grow to 34.0 Mt by 2040. The majority of demand today remains linked to traditional end-use markets, including construction, infrastructure, transportation and defense. The global transition towards battery electric vehicles and sustainable or renewable energy sources, such as solar and wind power, has represented most of the growth in recent years and is expected to remain a key contributor going forward. However, consumption growth rates are expected to be even further enhanced by demand from AI, digital infrastructure and electrification initiatives. From 2014 to 2024, copper consumption has grown annually at a rate of approximately 1.6%, and over the next 10 years is expected to grow at a compounded annual growth rate of 2.4% due in large part to its numerous technology end-use applications.

The increasing computational requirements of AI, particularly for advanced machine learning models and extensive data analytics, necessitate a vast expansion of global data center infrastructure. These facilities are intensive consumers of copper, which is essential for high-speed data transmission networks, efficient power distribution within racks and across facilities and advanced liquid cooling systems. Copper's exceptional thermal conductivity is crucial for dissipating the significant heat generated by high-performance computing hardware, including graphics processing units and specialized AI accelerators. AI-optimized data centers require significant kilowatts per rack to handle intensive computational workloads, a substantial increase over traditional data centers, necessitating thicker copper wiring, more robust copper bus bars and significantly enhanced cooling systems. Every square meter in an AI-optimized facility contains significantly more copper than conventional data centers due to these enhanced power and cooling requirements. According to Wood Mackenzie, the increasing electricity requirements of AI alone is expected to drive copper demand for grid infrastructure to 1.1 Mtpa by 2030 and is a relatively insignificant cost item relative to the overall capital expenditure of data center developments, which can lead to substantial copper demand and price increases.

According to Wood Mackenzie, global refined copper production totaled 27.0 Mt in 2024 (an increase from 25.9 Mt in 2023) and is expected to rise to 34.2 Mt by 2040. However, sources of high-grade copper ore (particularly in open-pit operations) have become increasingly challenging to find in recent years. Accordingly, we expect steady industry cost inflation and a rising marginal cost as miners spend more capital to extract copper from lower-grade deposits. Additionally, required adherence to environmental, social and governance standards is seen as potentially delaying projects even beyond currently envisioned timelines. With timelines from discovery of new resources to first production typically taking in excess of 24 years, management expects the value of high-quality, large deposits that have already been identified and developed to continue to rise.

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Source: Wood Mackenzie

Traditional copper mining regions, particularly in South America (e.g., Chile and Peru), are projected to remain dominant sources of copper supply going forward, presenting an opportunity for DRC and Zambia to increase production and, thereby, geographically diversify the global supply picture. In 2024, African supply represented 10.2% of global copper production. The United States is projected to remain a net importer of copper, thereby reinforcing the need to secure long-term supply from Western-aligned nations. U.S. demand for copper is expected to rise by 42.9% from 2.2 Mt in 2024 to 3.1 Mt by 2040, with imports continuing to constitute a significant portion of copper consumption. Currently, imports into the U.S. represent approximately 45% of refined copper consumption and are expected to increase to 70% of refined copper consumption by 2040, as per Wood Mackenzie.

As of March 20, 2026, COMEX copper prices are currently $5.37 per pound, which are up over 5% year-over-year and over 30% over the past five years. Pricing is expected to remain a function of supply-demand dynamics and, with a rising deficit expected over the mid-term and long-term, we believe that prices will continue to increase over the long-term. Furthermore, we believe prices will continue to be influenced by a complex interplay of global macroeconomic factors and geopolitical developments, including potential tariffs which can lead to wide variations in regional pricing levels.

**Historical Copper Price LME & COMEX ($/lb)**

![](ctm003_img016.jpg)

Source: Factset

We are, and our future operations will be, subject to various stringent and complex international, federal, provincial and local laws and regulations governing our operations, including regulations related to mining; the emission and discharge of pollutants into the ground, air or water; the generation, storage, handling, use and transportation of hazardous and other materials; and the health and safety of our employees and workers, which are subject to change from time to time. These laws and regulations may, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;· require the acquisition of various approvals and permits before mining or other regulated activities commence;

&nbsp;&nbsp;&nbsp;&nbsp;· enjoin some or all of the operations of facilities deemed not in compliance with permits or approvals;

&nbsp;&nbsp;&nbsp;&nbsp;· restrict the types, quantities and concentration of various substances that can be released into the environment
in connection with mining development, production and transportation activities;

&nbsp;&nbsp;&nbsp;&nbsp;· limit or prohibit mining activities in certain locations lying within protected or otherwise sensitive
areas; and

&nbsp;&nbsp;&nbsp;&nbsp;· require remedial measures to mitigate pollution from our operations.

These laws and regulations may also restrict the rate of production below the rate that would otherwise be possible. Compliance with these laws can be costly; the regulatory burden on the mining industry increases the cost of doing business in the industry and consequently affects profitability.

Moreover, public interest in climate change and the protection of the environment has increased in recent years. Mining in some areas has been opposed by activists, including environmental and local groups, and, in some cases, been restricted. Our operations could be adversely affected to the extent laws are enacted or other governmental action is taken that prohibits or restricts mining or imposes environmental requirements that result in increased costs to the mining industry in general, such as more stringent or costly waste handling, disposal or cleanup requirements.

The following is a summary of the more significant existing mining and environmental, health and safety laws, as amended from time to time, to which our business operations are or may be subject and for which compliance may have a material adverse impact on our capital expenditures, results of operations or financial position. Any failure to comply with these laws and regulations may result in the assessment of administrative, civil and criminal penalties, the imposition of corrective or remedial obligations, the occurrence of delays or restrictions in permitting or performance of projects, and the issuance of orders enjoining performance of some or all of our operations.

**Zambian Regulations**

**Ownership of Mining Rights and Regulatory Framework**

Under Zambian law, all rights to minerals are vested in the President on behalf of the Republic of Zambia pursuant to the Minerals Regulation Commission Act of 2024 (the "MRC Act"). No person may engage in exploration, mining operations, or mineral processing activities except in accordance with the MRC Act. Violations of the MRC Act are criminal offenses punishable by fines and imprisonment.

The mining industry in Zambia is administered by the Ministry of Mines and Minerals Development through the MRC. The MRC is empowered to issue and revoke licenses, monitor compliance, and enforce health, safety, and environmental standards. The Mining Appeals Tribunal exercises appellate and supervisory jurisdiction over MRC decisions.

**Acquisition and Maintenance of Mining Rights**

Mining rights are acquired through formal application to the MRC with payment of prescribed fees. Licenses are granted on a first-come, first-served basis. A mining license grants exclusive rights to mine minerals within the designated license area.

Large-scale mining licenses have an initial term of 25 years from the date of issuance and may be renewed. Applications for renewal are required to be submitted at least one year before expiration. Renewal is granted at the MRC's discretion if the license holder has complied with all license conditions and applicable law. Our mining licenses in Zambia were renewed earlier this year for 25-year terms and will not be subject to further renewal until 2050.

Mining license holders are subject to statutory obligations and license conditions, including payment of mineral royalties as required by the MRC Act and the Income Tax Act, Chapter 323 of the Laws of Zambia.

**Risk of License Cancellation or Suspension**

The MRC Act confers upon mining license holders the legal right to conduct exploration and mining activities. Cancellation or suspension of a license may only occur on statutory grounds, including: (a) violation of license conditions, provisions of the MRC Act, or other applicable mining legislation; (b) failure to conduct mining operations in accordance with approved operational plans; (c) inadequate production, evidenced by gross sales proceeds in any three-year period being less than 50% of the applicable deemed turnover threshold for each year; or (d) fraud or material misrepresentation in obtaining the license. The MRC Act requires that license holders be given notice and an opportunity to cure defaults within a reasonable time period before cancellation or suspension may be effected. Where a default cannot be cured, the license holder must offer reasonable compensation to avoid cancellation or suspension.

Article 16 of the Constitution of Zambia generally prohibits compulsory acquisition of property without adequate compensation. However, this protection contains an exception for minerals and mining rights, which may be repossessed without compensation upon failure to comply with applicable law or license conditions, provided such repossession is conducted in accordance with statutory procedures. However, the Constitution further provides that the Government shall not compulsorily acquire an investment except under customary international law, which provides an additional layer of protection. Nevertheless, the risk of license forfeiture without compensation in the event of non-compliance remains a material risk to our operations.

**Surface Rights and Land Access**

Zambian law distinguishes between surface rights (governed by the Lands Act) and mining rights (governed by the MRC Act). All land is vested in the President in trust for the people of Zambia, and only leasehold interests of up to 99 years may be granted.

Where a mining right pre-dates the establishment of surface rights, the mining rights holder may apply for exclusive use of the related surface area. Where surface rights exist prior to the mining right, the mining rights holder may not exercise mining rights without the consent of the landowner, legal occupier, or appropriate authority. Consent from appropriate authorities is required for mining on protected or sensitive areas.

If a landowner unreasonably withholds consent, the dispute must be settled by arbitration. Surface rights holders are entitled to fair and reasonable compensation for disturbance of their rights, with disputes resolved through arbitration. However, compensation claims do not entitle surface rights holders to prevent exercise of mining rights pending resolution. Claims for compensation are barred if not made within three years from accrual.

**Mineral Processing Licenses**

We also hold mineral processing licenses, which grant rights to conduct mineral processing operations for a period of 25 years, subject to renewal in accordance with the MRC Act.

 ****

***Mineral Royalties and Taxation***

Holders of mining licenses must pay mineral royalties at rates prescribed by the MRC Act. For copper production, royalties are applied incrementally based on price ranges. The "norm value" for royalty calculation is determined by reference to the LME cash price, Fastmarkets Metal Bulletin prices, or other approved exchange markets, multiplied by the quantity of metal sold.

We are also subject to:

&nbsp;&nbsp;&nbsp;&nbsp;· import duties (up to 40%) and value-added tax (16%) on imported machinery and equipment, subject to possible
relief or deferrals at the discretion of the Zambia Revenue Authority;

&nbsp;&nbsp;&nbsp;&nbsp;· withholding tax on dividends paid by mining license holders (currently 0%), and withholding tax at 15%
(residents) or 20% (non-residents) on interest, royalties, management fees, consultancy fees and other payments, subject to applicable
tax treaty relief; and

&nbsp;&nbsp;&nbsp;&nbsp;· corporate income tax and other generally applicable taxes.

Zambian tax law is subject to changes.

**Environmental Regulation**

Our operations are subject to various environmental regulation under the Environmental Management Act (the "EMA"), the MRC Act, and associated regulations. Key requirements include:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Environmental Impact Statement

Projects likely to have significant environmental impact require submission of an environmental impact statement to ZEMA for review and approval. Additional EISs may be required for project modifications or expansions.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Environmental Audits.

Audit reports on environmental impacts must be prepared within 15 months of commencing operations and at regular intervals thereafter as directed by the Director of Mines Safety. The Director may require modifications to operations based on audit findings.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Prevention and Protection Orders.

ZEMA may issue orders requiring specific actions to prevent environmental harm or enhance environmental protection.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Restoration and Compliance Orders.

Where environmental contamination occurs or license conditions are breached, ZEMA may issue restoration or compliance orders.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Cost Recovery.

If we fail to comply with an environmental order, ZEMA may take necessary measures and issue a cost order requiring us to reimburse ZEMA for expenses incurred. Such orders are enforceable as court judgments.

The EPF Regulations further regulate mine dumps, dumping procedures, closure of dumping sites, air quality and emissions, water standards, and handling of hazardous materials. The Director of Mines Safety may inspect operations to ensure compliance.

**Environmental Protection Fund**

The EPF Regulations require contributions to an Environmental Protection Fund to ensure proper execution of environmental obligations and protect the government against rehabilitation costs if we fail to perform. Contributions are calculated as a percentage of estimated mine closure costs based on our environmental performance category. We are currently classified in Category 3, requiring contributions equal to 20% of estimated closure costs; however, we are in continuing negotiations with the MSD to determine our classification. For more information on our current Environmental Protection Fund obligations, see "*—Legal Proceedings—Environmental Compliance Liabilities*."

The MRC Act imposes strict liability on mining license holders for any harm or damage caused by mining or mineral processing operations. Compensation obligations include costs of reinstatement, rehabilitation, clean-up, preventive measures, medical expenses, disability compensation, and compensation for loss of life. Claims may be brought for a reasonable period after affected persons could reasonably have learned of the harm, considering the time required for harm to manifest and to correlate harm with our operations.

Mine closure requires a certificate of abandonment specifying conditions for closure. However, liability for harm incurred before abandonment may continue after closure, and legal proceedings commenced before abandonment may continue thereafter.

**Proposed Legislative Changes**

In November 2022, the Ministry of Mines and Minerals Development unveiled the National Mineral Resources Development Policy 2022 (the "Policy"), which contemplates significant reforms to achieve an increase in Zambian copper production to 3 million tonnes annually by 2032. The Policy has led to enactment of the MRC Act (effective June 13, 2025) and the Geological and Minerals Development Act, and anticipates further regulatory changes affecting:

&nbsp;&nbsp;&nbsp;&nbsp;· licensing procedures, with emphasis on improved transparency, efficiency, and use of information technology;

&nbsp;&nbsp;&nbsp;&nbsp;· mining taxation, with the stated goal of establishing a more consultative, competitive, and sustainable
tax regime;

&nbsp;&nbsp;&nbsp;&nbsp;· large-scale exploration and mining, including strengthened enforcement mechanisms and increased oversight
of third-party agreements;

&nbsp;&nbsp;&nbsp;&nbsp;· environmental management, with enhanced monitoring and evaluation systems; and

&nbsp;&nbsp;&nbsp;&nbsp;· regulatory structure, potentially including creation of a semi-independent mining regulator.

While the MRC Act is now in force, the MRC board has not yet been appointed and the MRC has not begun operations. Legislative gaps have been identified that will require supplementary regulations and guidelines. The Ministry of Mines is developing additional regulations to implement both the MRC Act and the Policy. The Ministry has also developed a National Critical Minerals Strategy 2023-2030, currently under review, that may impose additional requirements.

The Geological and Minerals Development (Local Content) Regulations 2025 (the "Local Content Regulations") impose mandatory local procurement requirements. Mining companies or mining related companies are required to reserve a minimum percentage of annual procurement budgets for "core mining goods and services" for local companies with at least 25% Zambian ownership; starting at 20% (from July 1, 2026), with progressive increases of up to 40% over five years (i.e., by January 1, 2031).

Effective January 1, 2026, mining companies or mining related companies are required to exclusively engage local companies for all non-core mining goods and services critical to operations. Mining companies or mining related companies are also required to give employment preference to qualified Zambian citizens and implement training programs for skills transfer. Failure to comply with employment preferences is punishable by monetary fines for each day of non-compliance.

The Local Content Regulations have recently been enacted and have not yet been subject to practical implementation or judicial interpretation, creating uncertainty regarding their enforcement, the scope of compliance obligations, and ultimate potential sanctions for non-compliance.

**BUSINESS**

**Our Business**

CopperTech is a U.S. domiciled corporation that seeks to capitalize on what we expect to be an unprecedented copper demand cycle that has the potential to lead to more demand for copper in the next 25 years than has been produced throughout all of human history. Our mission is to 'Power the Copper Century*'* by meeting America's rapidly growing demand for critical minerals as this cycle develops. We will focus our production of critical minerals on copper and cobalt, which are essential for high-growth end-markets including artificial intelligence infrastructure, data centers, grid modernization and electrification. As we seek to upgrade our Mineral Resource classifications and continue to explore within our existing significant copper and cobalt endowment, we intend to pursue and leverage state-of-the-art technologies in a strong and sustainable manner to maximize the results of our efforts.

Our flagship asset, Konkola Plc, is a high-grade copper and cobalt producer strategically located in Zambia's Copperbelt Province. Konkola Plc is 79.42% owned by CopperTech and 20.58% owned by ZCCM, a diversified mining investment and operations company listed on the Lusaka Stock Exchange. From 2004 to 2019, Konkola Plc has deployed over $3 billion into capital expenditure, funded by a combination of cash generated from operations and from shareholder loans. Over the next five years, Konkola Plc intends to deploy an additional $1.7 billion in capital expenditure and $0.3 billion in sustaining capital expenditures into its operations, with a goal of driving an increase in copper production to an average of approximately 250 Ktpa (consisting of approximately 150 Ktpa Integrated production and approximately 100 Ktpa from third-party sources) over the remaining operational mine life of Konkola Plc from Fiscal 2029. Konkola Plc expects to fund such expenditure through CopperTech's investment of the proceeds from this offering in Konkola Plc and may fund the remainder of such expenditure through the reinvestment of cash generated from its operations and additional financing, as required.

With such production increases, we are aiming for Konkola Plc to become one of the top copper producing mines by volume globally and an important part of total Zambian cobalt production. Beyond production expansion at Konkola Plc, we intend to invest in exploration activities within our operational sites and in select international jurisdictions to support longer-term Mineral Resource development.

While traditional copper producers rely on decades-old operating processes, CopperTech continues to build a technology-led copper business across our mining and plant operations to increase the productivity, safety and sustainability of our operations. For example, the installation of a new smelter at the Nchanga Complex, one of our key operational sites, has enabled us to capture 99.5% of sulfur emissions from the smelter operations. In addition, we intend to continue using technology, including AI-based technology, aimed at delivering real-time ore grade optimization to increase recovery rates, conducting predictive maintenance to reduce unplanned downtime, deploying automated quality control to ensure consistent premium product, process optimization to drive a reduced carbon footprint and establishing remote monitoring capabilities to enable 24/7 expert oversight. Through strategic collaborations with technology specialists, we expect to improve our operating performance, de-risk our expansion and expand our resource base through the deployment of leading geophysical, analytical and AI technologies. Similarly, we intend to pursue collaborations to further enhance the efficiency and profitability of our business. We believe this technology-focused approach will also lead to enhanced performance standards designed to mitigate environmental impacts, which will elevate the standards for responsible mining that conventional miners cannot easily replicate.

The copper demand cycle we intend to capitalize on is expected to be fueled by a structural shift driven by greater needs from AI infrastructure (including data centers), economic growth of developing nations, energy transition and increased defense spending targets. According to Wood Mackenzie, these areas alone are expected to account for roughly 40% of the approximately 7.5 Mtpa of total copper demand growth expected by 2035. As an example, Microsoft's $500 million data center in Chicago is estimated to require approximately 2.2 Kt of copper, worth approximately $25 million at February 2026 spot prices. With respect to power demand, the International Energy Association notes that large hyperscale data centers are becoming increasingly common, with such data centers demanding power equal to or exceeding 100 MW, which is equivalent to the annual electricity consumption from around 350,000 to 400,000 electric cars, which we believe will result in an increase in copper demand.

At the same time, the supply of copper faces compounding constraints including an approximately 2% annual copper grade decline at existing mines globally (per Ernst & Young), operational disruptions, political instability, geological challenges and previous pandemic-related maintenance delays. The constrained supply is further exacerbated by an approximately 24-year development timeline for new copper mines. Further, a substantial portion of supply capacity remains concentrated in jurisdictions with operational or geopolitical risks – the U.S. net import reliance in 2024 was 45% of domestic copper consumption. With DRC accounting for over 75% of the world's cobalt production and China producing more than 45% of the world's copper and refining over 70% of the world's cobalt, U.S. federal policy is increasingly prioritizing diversification and critical mineral security from Western-aligned nations through initiatives from various U.S. governmental agencies, including the Lobito Corridor, a $10 billion rail infrastructure project intended to improve connectivity between Zambia's Copperbelt Province and Atlantic ports, which we intend to utilize. See "*—Zambia—One of the World's Most Attractive Mining Jurisdictions*" and "*Risk Factors—Risks Related to Our Business—Our business, results of operations, cash flows and financial condition have been and may continue to be adversely affected by changes in geopolitical and global economic conditions.*" for further information.

We believe Konkola Plc's strong operating history, combined with the Konkola Complex being one of the highest-grade copper and cobalt resources in the world, lay the framework for our Company to be a highly economic and strategic long-term supplier of critical minerals, including to Western-aligned end markets.

**Scheme of Arrangement and Resumption of Control**

Beginning with Vedanta's acquisition of a controlling interest in Konkola Plc in 2004, Konkola Plc became a Vedanta-led operation in which ZCCM continued as a minority shareholder. After more than a decade of operating alongside ZCCM, the parties became involved in a shareholder dispute in 2019, resulting in ZCCM filing a petition in the High Court of Zambia seeking to wind up Konkola Plc. As a result of the winding-up petition, the High Court of Zambia appointed the Provisional Liquidator to oversee the operations of Konkola Plc. During this period from May 2019 to July 2024, Konkola Plc and the KCM Complex were under the control of the Provisional Liquidator, and copper production of Konkola Plc (including Integrated and from third-party sources) fell to a low of approximately 54 Ktpa in Fiscal 2024, as compared to copper production (including Integrated and from third-party sources) of approximately 180 Ktpa, 195 Ktpa and 177 Ktpa during Fiscal 2017, Fiscal 2018 and Fiscal 2019, respectively, under Vedanta's control. In 2023, Vedanta and ZCCM resolved the dispute through a scheme of arrangement under which Vedanta resumed operational control of Konkola Plc and committed to an investment program and revised cooperation framework. This was memorialized by the new shareholders agreement entered into on November 6, 2023 between VRL, VRHL, ZCCM and Konkola Plc. The Scheme of Arrangement with respect to legacy creditor claims was sanctioned by the High Court of Zambia on June 28, 2024, and became effective on July 31, 2024 (see "*Business—Legal Proceedings—Scheme of Arrangement*"). Upon the Scheme Effective Date, the Provisional Liquidator was removed and Vedanta's control and ownership of Konkola Plc was reinstated.

In connection with the Scheme of Arrangement, Konkola Plc entered into the following loan agreements with VRHL pursuant to which VRHL is required to loan an aggregate principal amount of up to $1.27 billion to Konkola Plc, consisting of:

&nbsp;&nbsp;&nbsp;&nbsp;· A
$1.00 billion loan to fund Konkola Plc's capital expenditure (the "Capital Expenditures Support Loan Agreement"), to
be funded by semi-annual instalments until January 31, 2030. See "*Management's Discussion and Analysis of Financial Condition and Results of Operations* — *Scheme Loan Agreement*." As of December 31, 2025, VRHL had funded approximately
$330.0 million under the Capital Expenditures Support Loan Agreement and there is a balance of $670.0 million to be funded. See "*Summary of the Transactions*" and "*Use of Proceeds*."

&nbsp;&nbsp;&nbsp;&nbsp;· A $250.0 million loan to fund amounts payable to Konkola Plc's
creditors. As of December 31, 2025, VRHL had funded the $250.0 million required under the Creditors Settlement Support Loan Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;· A $20.0 million loan facility to fund community support. As of December 31,
2025, VRHL had funded the $20.0 million required under the Community Support Loan Agreement.

As of the date of this prospectus, no principal or interest has been repaid by Konkola Plc under the Scheme Loan Agreements. Under the KCM Shareholders Agreement, repayments under each Scheme Loan Agreement will commence once Konkola Plc has positive cash flows and will be paid in accordance with the Konkola Waterfall (as defined below). Such restrictions may limit or delay our ability to receive repayments under the Scheme Loan Agreements. Each Scheme Loan Agreement matures in December 2028, subject to automatic extension should Konkola Plc have insufficient cash flow to repay such debt at maturity in accordance with the Konkola Waterfall. See "*Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources*".

With Konkola Plc once again under Vedanta control, we expect Konkola Plc copper production to not only return to pre-Fiscal 2019 levels, but with the additional capital expenditure of $1.7 billion and sustaining capital expenditure of $0.3 billion Konkola Plc intends to make into its operations over the next five years (including from the proceeds of this offering), we expect to drive an increase in copper production (including Integrated and from third-party sources) to an average of approximately 250 Ktpa (consisting of approximately 150 Ktpa Integrated production and approximately 100 Ktpa from third-party sources) over the remaining operational mine life of Konkola Plc from Fiscal 2029.

**Overview of Assets**

Konkola Plc owns and operates a complex of integrated mines and concentrators, a smelter, refinery, tailings leach plant and associated infrastructure in Zambia's Copperbelt Province, the KCM Complex. The KCM Complex is primarily located near the Zambia-DRC border, with the majority of operations taking place at and between the Konkola Complex located near Chililabombwe, the Nchanga Complex located near Chingola, the Tailings Complex located near Chingola and the Nkana Refinery located near Kitwe. We consider the KCM Complex to be our only material mining property as defined by Regulation S-K Subpart 1300. Konkola Plc's operations are also supported by the Nampundwe mine, which produces pyrite that is used solely in connection with Konkola Plc's smelting operations. Konkola Plc's assets are well integrated into regional mining and export routes, including major highways that provide a stable link from production centers to Western markets. Konkola Plc's key assets and properties are summarized below.

**Map of Konkola Plc's Operations at the KCM Complex (and proximity to certain peers and infrastructure).**

![](ctm003_img017.jpg)

 ****

**Konkola Complex**

The Konkola Complex is located in Chililabombwe approximately five km south of the Zambia-DRC border and is expected to be the most significant contributor to Konkola Plc's overall production profile over time. The Konkola Complex consists of an underground mine, concentrator and tailings storage facility. Since commencing operations in 1957, the Konkola Complex has extracted approximately 3.2 Mt of copper, which we believe demonstrates the long-term viability and production reliability of this asset. The Konkola Complex targets an orebody that potentially extends to depths exceeding 2,000 meters through vertical access shafts, and currently active mining activities occur at a depth of approximately 1,000 meters.

Ore is processed at the adjacent Konkola concentrator, which has a 6 Mtpa nameplate capacity and employs conventional milling and flotation to produce copper concentrate for the Nchanga smelter. Tailings from the concentrator are deposited in the Lubengele tailings storage facility at Konkola, which is undergoing auger drilling and test work to assess its potential for future resource recovery.

In Fiscal 2019, prior to the appointment of the Provisional Liquidator, copper production at the Konkola Complex was approximately 30 Kt. In Fiscal 2024, copper production at the Konkola Complex declined to approximately 16 Kt. As supported by the Initial Assessment TRS, we believe the Konkola Complex has the potential to produce an annual average of 140 to 160 Ktpa of copper by Fiscal 2033. The increased production level at the Konkola Complex is expected to be enabled by a 0.4 Mt Measured and Indicated Mineral Resource (exclusive of Mineral Reserves), 8.4 Mt Inferred Mineral Resource and 0.9 Mt Proven and Probable Mineral Reserve (or 0.3 Mt Measured and Indicated Mineral Resource, 6.6 Mt Inferred Mineral Resource and 0.7 Mt Proven and Probable Mineral Reserve on a 79.42% ownership basis), with potential to support a mine life of approximately 45 years if all such Mineral Resources are ultimately converted into Mineral Reserves.

The increased production levels are contingent on the execution of a recently redesigned mine plan that requires the dewatering and extension of underground infrastructure allowing for access to deeper mineralization. In order to carry out the relevant upgrades and modifications, the Konkola Complex is expected to require total capital costs of $1.0 billion (out of a total $1.7 billion in capital expenditure and $0.3 billion in sustaining capital expenditures across the KCM Complex) over the next five years. This results in capital intensity of $8,065 per tonne of copper per annum (capital required over the first five years to access the Mineral Reserves at the Konkola Complex) versus an industry range of $7,550 to $41,550 per tonne of copper per annum, as calculated by Wood Mackenzie.

**Nchanga Complex - Mines, Concentrators, Smelter and Tailings Leach Plant**

The Nchanga Complex is located in Chingola and includes an underground mine, open pit mines, concentrators, a tailings leach plant, a smelter and a refinery. The Nchanga Complex operations currently mine from one operational open pit alongside the underground mine, which itself remains operational at a depth of approximately 1,000 meters. Since commencing operations in 1937, the Nchanga Complex has extracted approximately 14.3 Mt of copper.

In Fiscal 2019, prior to the appointment of the Provisional Liquidator, copper production at the Nchanga Complex was approximately 12 Kt. In Fiscal 2024, copper production at the Nchanga Complex had declined to approximately 1.2 Kt. Since April 2025, mining at the Nchanga Complex across the open pit and underground has been scaled back meaningfully due to declining available mining inventory, and open pit mining is only expected to continue until the end of 2027 with the Company expecting to resume resource extension drilling of the open pit mine in the first half of Fiscal 2027. Nonetheless, the Nchanga Complex houses infrastructure that is essential for Konkola Plc's operations, and we expect to continue upgrading and modifying such infrastructure to achieve our goal of driving an increase in copper production to an average of approximately 250 Ktpa (consisting of approximately 150 Ktpa Integrated production and approximately 100 Ktpa from third-party sources) over the remaining operational mine life of Konkola Plc from Fiscal 2029.

As supported by the Initial Assessment TRS, the Nchanga Complex is expected to produce approximately 23 Ktpa of copper over its remaining planned open pit operational life through 2038. The current mine plans contemplate a 13-year mine life, exploiting an aggregate of 1.0 Mt Mineral Resource (or 0.8 Mt Mineral Resource on a 79.42% ownership basis) with additional exploration having commenced in Fiscal 2026 at the upper orebody of the Nchanga Complex, and the COP E extension, potentially supporting a longer mine life to the extent additional viable orebodies are identified within the Nchanga Complex mining license area. The Nchanga Complex is expected to require total capital costs of approximately $400 million (out of a total $1.7 billion in capital expenditure and $0.3 billion in sustaining capital expenditures across the KCM Complex) through the end of fiscal year 2030.

The Nchanga Complex features three concentrators - Old East Mill, New East Mill and New West Mill, with nameplate capacities of 4.4 Mtpa, 6.5 Mtpa and 2.5 Mtpa, respectively. These concentrators process ore produced from the KCM Complex's open pit and underground operations into copper concentrate. A portion of the copper concentrate produced from the Nchanga concentrators is transported to the Nchanga smelter for further processing into copper anodes, while the remainder is sold to customers in end markets. The Nchanga smelter was commissioned with a nameplate capacity of approximately 312 Ktpa of copper anode. The Nchanga smelter utilizes direct-to-blister flash smelting technology to process concentrate into copper anodes. To operate within the optimized design specifications of the Nchanga smelter, Konkola Plc has historically purchased, and expects to continue to purchase, third-party copper concentrate to create a blended input to be processed at the smelter. Our broader mining operations plan assumes that annual third-party copper concentrate feed will be purchased at quantities of between 250 to 300 Ktpa on average from the local Zambian and DRC markets during the life of the Nchanga smelter. Konkola Plc's current supply agreements for third-party concentrate are short-term in nature, with no contracts extending beyond Fiscal 2026, consistent with standard industry practice for concentrate trading in the Copperbelt region. The ability to secure an ongoing supply of third-party concentrate at the volumes assumed in the mine plan is subject to continued growth in the production of concentrate in the Copperbelt region and Konkola Plc's ability to offer competitive terms to concentrate sellers.

Konkola Plc's incremental operating margins derived from the processing of third-party concentrate are significantly lower than those derived from Integrated production, as any revenue generated is substantially offset by the cost of third-party concentrate, treatment charges and associated smelter operating expenses. As discussed in Section 19.3.2 of the Initial Assessment TRS and Section 19.2.4 of the Pre-Feasibility Study TRS, the removal of economic benefit derived from copper contained in third-party concentrates and associated costs would result in a NPV decrease of approximately 7% on a Measured, Indicated and Inferred basis and 8% on a Measured & Indicated basis. Copper anodes produced at the Nchanga smelter are either sold as product or transported by road to the Nkana Refinery for further conversion into refined cathode. Importantly, the Nchanga smelter also includes cobalt recovery furnaces and sulfuric acid plants which respectively produce copper-cobalt alloy and sulfuric acid byproducts. The copper-cobalt alloy is sold to customers in the end-markets, and the sulfuric byproducts are an essential reagent for the TLP, which is a key input in Konkola Plc's tailings reclamation operations. See "*—Tailings Complex – TD03 and TD04*" for further information.

**Tailings Complex – TD03 and TD04**

The Tailings Complex, consisting of TD03 and TD04, is a historical tailings storage facility that contains substantial inventories of low-grade oxide tailings generated from past sulfide flotation operations. The Tailings Complex is located at the Nchanga Complex in Chingola. The TLP is a copper recycling hydrometallurgical plant with a design capacity of 18 Mtpa, and processes tailings into copper cathodes. In Fiscal 2019, prior to the appointment of the Provisional Liquidator, copper production from the Tailings Complex was approximately 49 Kt. In Fiscal 2024, copper production from the Tailings Complex had declined to approximately 12 Kt.

As supported by Tables 19.3 and 19.4 of the Pre-Feasibility Study TRS, the Tailings Complex is expected to produce an average of approximately 38 Ktpa of copper over its planned operational life through Fiscal 2029. The Tailings Complex produces copper from two sources: (1) the reclamation of existing tailings from the TD03 and TD04 tailings dams, which represents the Probable Mineral Reserves of the Tailings Complex and is expected to contribute approximately 113 kt of payable copper over the approximate four year reclamation period, equating to approximately 28 Ktpa and (2) the ongoing processing of fresh tailings produced continuously by the Nchanga concentrators and directed to the TLP as a routine operational input, which contributes approximately 10 Ktpa of additional payable copper. This fresh tailings stream is an established feature of TLP operations, is included in the TRS economic model and generates cashflow credited to TLP production, but is not classified as a Mineral Resource or Mineral Reserve as it arises from an ongoing processing operation rather than an in-situ mineral deposit.

The copper recovered from the existing tailings in TD03 and TD04 and the fresh tailings from the Nchanga concentrators are routed to the TLP at the Nchanga Complex for further copper extraction.

We are currently executing an exploration campaign to further develop our Mineral Resources, through the drilling of the Konkola Deep Mine Project, TD05 located near Nchanga and the Lubengele tailings dam located at Konkola, the latter two which have not previously been included in our declared Mineral Resource base. This campaign is designed to enhance long-term mine planning and maximize value generation. Auger drilling and test work commenced at TD05 in mid-2025 and is anticipated to be completed in the first half of 2026, following which identical drilling and test work will be carried out at Lubengele tailings dam. We anticipate that upon completion of the required drilling and test work, our mineral reserve estimate may increase, further increasing our production potential; however, at present, we have not established any Mineral Resources or Mineral Reserves from these tailings dams.

**Additional Facilities and Infrastructure**

**Nkana Refinery**

The Nkana Refinery is located in Kitwe and is a large, conventional electro-refinery with a current nameplate capacity of 300 Ktpa LME Grade A refined cathode. The refinery is currently focused on producing starter sheets for the TLP electrowinning tankhouse, rather than the production of refined cathode for sale. Anodes are supplied by the Nchanga smelter to the Nkana Refinery and consumed in the stripper section to generate starter sheets, which are in turn sent to the TLP to be consumed in the process for making copper cathodes. Currently, we expect to evaluate utilization of the Nkana Refinery for cathode production when power supply improves, unlocking greater value for the facility.

**Nampundwe Mine**

The Nampundwe mine is located 50 km from Lusaka and has been operational for 112 years. The Nampundwe mine produces pyrite, a sulfur and iron compound that is a critical input for smelting operations. Pyrite is a key source of sulfur supply required for sulfuric acid production in the acid plant located at the Nchanga Complex, which is then further utilized as the key reagent in the TLP, and as a reactant in the smelting process. The Nampundwe mine produced approximately 17.5 Kt of pyrite in Fiscal 2025.

**Summary of Facilities<br>** 

<br> ---

| | | | |
|:---|:---|:---|:---|
| **Facility** | **Nameplate Capacity** | **Utilization as of December 31, 2025** | **Product** |
| Konkola Concentrator | 6 Mtpa | ~25-30% | Copper-cobalt concentrate |
| Nchanga Concentrators |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Old East Mill | 4.4 Mtpa | ~25% | Copper concentrate |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New East Mill | 6.5 Mtpa | ~50% (throughput); concentrate circuit bypassed | Copper concentrate |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New West Mill | 2.5 Mtpa | ~25% | Copper concentrate |
| Nchanga Smelter | 312 Ktpa | 65% | Copper anodes<br> Copper-cobalt alloy<br> Sulfuric acid |
| Tailings Leach Plant | 18 Mtpa | 50% | LME Grade A copper cathode |
| Nkana Refinery | 300 Ktpa | Starter sheets only – cathode production suspended | LME Grade A copper cathode<br> Starter sheets for TLP |

---

**Financial and Operating Performance**

CopperTech intends to use the net proceeds from this offering to undertake investments in Konkola Plc aimed at increasing total copper production (including Integrated production and production from third-party sources) above historical levels, as outlined in the Technical Report Summaries. See "Use of Proceeds" for further information.

In Fiscal 2019, prior to the appointment of the Provisional Liquidator, Konkola Plc produced a total of approximately 180 Kt of copper (consisting of approximately 90 Kt Integrated production and 90 Kt third-party production) across the KCM Complex. In Fiscal 2024, total production had declined to 54 Kt of copper (consisting of approximately 25 Kt Integrated production and 29 Kt third-party production).

In the nine months ended December 31, 2025, Konkola Plc had net sales of $938.6 million and a net loss of $477.8 million, as compared to net sales of $178.5 million and net income of $1,134.9 million in the nine months ended December 31, 2024. In Fiscal 2025, Konkola Plc had net sales of $406.3 million and net income of $1,010.8 million, as compared to net sales of $438.2 million and a net loss of $442.7 million in Fiscal 2024. The positive net income in Fiscal 2025 was due to the discounting of the restructured liabilities in connection with agreements Konkola Plc entered into with its creditors, the GRZ and VRHL to repay these liabilities (in the form of loans) in the future in accordance with the KCM Shareholders Agreement and the Scheme of Arrangement. See "*—Scheme of Arrangement and Resumption of Control*" for further information.

In the nine months ended December 31, 2025, Konkola Plc produced approximately 100 Kt of copper (consisting of approximately 59 Kt Integrated production and 41 Kt third-party production) across the KCM Complex at an AISC of $4.35 per pound and in the nine months ended December 31, 2024, approximately 25 Kt of copper (consisting of approximately 16 Kt Integrated production and 9 Kt third-party production) across the KCM Complex at an AISC of $6.64 per pound. In Fiscal 2025, Konkola Plc produced approximately 48 Kt of copper (consisting of approximately 30 Kt Integrated production and 18 Kt third-party production) across the KCM complex at an AISC of $5.78 per pound and in Fiscal 2024, approximately 54 Kt of copper (consisting of approximately 25 Kt Integrated production and 29 Kt third-party production) across the KCM Complex at an AISC of $7.63 per pound. See "*—Summary Historical and Pro Forma Consolidated Financial and Other Data*" for further information and "*—Reconciliation of Non-GAAP Accounting Standards Financial Measures*" for a reconciliation of Cost of Sales, the most directly comparable GAAP measure to AISC.

As supported by the Technical Report Summaries, as of April 1, 2025, we had approximately 1.2 Mt of contained Proven and Probable copper Mineral Reserves (or 1.0 Mt of Proven and Probable copper Mineral Reserves on a 79.42% ownership basis) across the KCM Complex and, as of the same date, we had 1.2 Mt of further Measured and Indicated Mineral Resources and 8.6 Mt of Inferred Mineral Resources (or 1.0 Mt of further Measured and Indicated Mineral Resources and 6.9 Mt of Inferred Mineral Resources on a 79.42% ownership basis). Over the remaining mine life across the KCM Complex, we expect an average production of 250 Ktpa (consisting of approximately 150 Ktpa Integrated production and approximately 100 Ktpa from third-party sources) and an average AISC of $2.24 per pound.

The tables below summarize certain forward-looking financial and operational information of Konkola Plc as outlined in the Technical Report Summaries. Information regarding our Mineral Resources, including Inferred Mineral Resources, is derived from the Initial Assessment TRS, whereas information regarding our Mineral Reserves is derived from the Pre-Feasibility Study TRS. For additional information on our Mineral Reserves and Mineral Resources, see "*Mining Properties*" and the Technical Report Summaries included as exhibits to the registration statement of which this prospectus forms a part.

**Summary of Economic Analysis contained in Technical Report Summaries – 100% Basis**

---

| | | | |
|:---|:---|:---|:---|
|  | **Reserve Case<sup>(1)</sup>** | **Initial Assessment Case<sup>(2)</sup>** | **Initial Assessment Case<sup>(2)</sup>** |
|  | **Reserves** | **Measured + Indicated + Inferred** | **Measured + Indicated** |
| **Production** |  |  |  |
| Mine Life | ~11 | ~45 | ~11 |
| KCM UG Ore mined | 31478 | 245889 | 31478 |
| KCM UG Ore head grade | 2.91% | 2.94% | 2.91% |
| KCM UG Ore Recovery | 89.1% | 86.5% | 89.1% |
| KCM Cu Payable | 788 | 6059 | 788 |
| NBU Open Pit Ore mined |  | 2648 | 0 |
| NBU Open Pit Ore head grade |  | 1.38% | 0.00% |
| NBU Open Pit Ore recovery |  | 61.41% | 0.00% |
| NBU Open Pit Cu payable |  | 22 | 0 |
| NBU Underground Ore mined |  | 22139 | 0 |
| NBU Underground Ore head grade |  | 2.56% | 0.00% |
| NBU Underground Ore recovery |  | 49.47% | 0.00% |
| NBU Underground Cu payable |  | 267 | 0 |
| Nchanga TLP Ore mined | 36142 | 67443 | 36142 |
| Nchanga TLP Ore head grade | 0.65% | 0.88% | 0.65% |
| Nchanga TLP Ore recovery | 48.1% | 50.7% | 48.1% |
| Nchanga TLP Cu Payable | 113 | 302 | 113 |
| Third-party Concentrate | 3423 | 13116 | 3423 |
| Third-party Concentrate Grade | 33.0% | 33.2% | 33.0% |
| Third-party Metal Production | 1108 | 4271 | 1108 |
| Integrated Metal Production | 912 | 6743 | 912 |
| Total Metal | 2021 | 11014 | 2021 |
| Growth Capital | 152 | 787 | 152 |
| Capital Development | 505 | 3337 | 505 |
| Sustaining Capital | 408 | 1859 | 408 |
| Closure Costs | 92.6 | 101 | 92.6 |
| C1 Cash Cost (unit)**<sup>(3)</sup>** | 2.24 | 1.77 | 2.24 |
| AISC (unit)**<sup>(4)</sup>** | 2.80 | 2.24 | 2.80 |
| NPV<sub>8%</sub> (pre-tax, real basis) | 2132 | 7740 | 2132 |

---

\*Copper pricing calculated based on P75 consensus pricing (ranging from US$9,925/t to US$11,298/t over the Mineral Reserve production period).

\*\*Cobalt pricing calculated based on P50 consensus pricing (ranging from US$42,262/t to US$52,465/t over the Mineral Reserve production period).

&nbsp;&nbsp;&nbsp;&nbsp;(1) Reserve Case is presented in Table 19.3 of the Pre-Feasibility
Study TRS.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Initial Assessment Case is presented in Table 19.2 of
the Initial Assessment TRS.

&nbsp;&nbsp;&nbsp;&nbsp;(3) C1 Cash Cost includes all direct mining, processing, site G&A costs, and smelter and refinery costs net
of by-product credits (acid and cobalt revenue) associated with production at the KCM Complex. This excludes a portion of smelter and
refinery costs associated with third-party concentrates. C1 Cash Cost per pound is calculated as total C1 Cash Cost divided by payable
copper pounds produced during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(4) AISC is defined as C1 Cash Cost plus sustaining capital expenditure and royalties. AISC is a non-GAAP measure
presented for illustrative purposes and is reconciled to the operating and capital cost estimates.

**Summary of Economic Analysis contained in Technical Report Summaries – 79.42% Basis**

---

| | | | |
|:---|:---|:---|:---|
|  | **Reserve Case<sup>(1)</sup>** | **Initial Assessment Case<sup>(2)</sup>** | **Initial Assessment Case<sup>(2)</sup>** |
|  | **Reserves** | **Measured + Indicated + Inferred** | **Measured + Indicated** |
| **Production** |  |  |  |
| Mine Life | ~11 | ~45 | ~11 |
| KCM UG Ore mined | 25000 | 195285 | 25000 |
| KCM UG Ore head grade | 2.91% | 2.94% | 2.91% |
| KCM UG Ore Recovery | 89.1% | 86.5% | 89.1% |
| KCM Cu Payable | 626 | 4812 | 626 |
| NBU Open Pit Ore mined |  | 2103 | 0 |
| NBU Open Pit Ore head grade |  | 1.38% | 0.00% |
| NBU Open Pit Ore recovery |  | 61.41% | 0.00% |
| NBU Open Pit Cu payable |  | 17 | 0 |
| NBU Underground Ore mined |  | 17583 | 0 |
| NBU Underground Ore head grade |  | 2.56% | 0.00% |
| NBU Underground Ore recovery |  | 49.47% | 0.00% |
| NBU Underground Cu payable |  | 212 | 0 |
| Nchanga TLP Ore mined | 28704 | 53563 | 28704 |
| Nchanga TLP Ore head grade | 0.65% | 0.88% | 0.65% |
| Nchanga TLP Ore recovery | 48.1% | 50.7% | 48.1% |
| Nchanga TLP Cu Payable | 90 | 240 | 90 |
| Third-party Concentrate | 2719 | 10417 | 2719 |
| Third-party Concentrate Grade | 33.0% | 33.2% | 33.0% |
| Third-party Metal Production | 880 | 3392 | 880 |
| Integrated Metal Production | 724 | 5355 | 724 |
| Total Metal | 1605 | 8747 | 1605 |
| Growth Capital | 121 | 625 | 121 |
| Capital Development | 401 | 2650 | 401 |
| Sustaining Capital | 324 | 1476 | 324 |
| Closure Costs | 74 | 80 | 74 |
| C1 Cash Cost (unit)**<sup>(3)</sup>** | 2.24 | 1.77 | 2.24 |
| AISC (unit)**<sup>(4)</sup>** | 2.80 | 2.24 | 2.80 |
| NPV<sub>8%</sub> (pre-tax, real basis)**<sup>(5)</sup>** | 1693 | 6147 | 1693 |

---

\*Copper pricing calculated based on P75 consensus pricing (ranging from US$9,925/t to US$11,298/t over the Mineral Reserve production period).

\*\*Cobalt pricing calculated based on P50 consensus pricing (ranging from US$42,262/t to US$52,465/t over the Mineral Reserve production period).

&nbsp;&nbsp;&nbsp;&nbsp;(1) Reserve case is presented in Table 19.3 of the Pre-Feasibility Study TRS.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Initial Assessment case is presented in Table 19.2 of the Initial Assessment TRS.

&nbsp;&nbsp;&nbsp;&nbsp;(3) C1 Cash Cost includes all direct mining, processing, site G&A costs, and smelter and refinery costs net
of by-product credits (acid and cobalt revenue) associated with production at the KCM Complex. This excludes a portion of smelter and
refinery costs associated with third-party concentrates. C1 Cash Cost per pound is calculated as total C1 Cash Cost divided by payable
copper pounds produced during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(4) AISC is defined as C1 Cash Cost plus sustaining capital expenditure and royalties. AISC is a non-GAAP measure
presented for illustrative purposes and is reconciled to the operating and capital cost estimates.

&nbsp;&nbsp;&nbsp;&nbsp;(5) For a sensitivity analysis showing project economics (i) removing direct smelter contribution of third-party
concentrate by reducing smelter and refinery revenue, operating costs and sustaining capital costs and (ii) incremental sulfuric acid
procurement cost arising from reduced smelter throughput, see Section 19.2.4 of the Pre-Feasibility Study TRS and Section 19.3.2 of the
Initial Assessment TRS.

***Projected Overall Mining Schedule – Mineral Reserve Case***

 ****

 

*Source:* Table 19.4 Pre-Feasibility Study TRS

 

***Projected Overall Mining Schedule – Initial Assessment Full Resource Case***

 

 

*Source:* Figure 19.5 (Full Resource Case), Initial Assessment TRS

 

 ****

***Consolidated AISC for Life of Mine – Initial Assessment ($/lb Cu)***

 

*Source:* Table 19.3 (Full Resource Case) and Table 19.4 (M&I Case), Initial Assessment TRS

**

<br> **Our Competitive Strengths**

We believe that the following competitive strengths differentiate us and can contribute to our continued success.

**Robust Economics Driven by Large-Scale, High-Grade and Low-Cost Positions**

Our strong economics reflect the interplay of grade, scale and integration – capturing margin at each step of the mining process. Konkola Plc's average blended Mineral Resource copper grade of 2.9% (inclusive of Mineral Reserves) is approximately four times higher than the declining global average of 0.66% per Wood Mackenzie. We believe our strong endowment, as supported by our approximately 9.9 Mt (or approximately 7.9 Mt on a 79.42% ownership basis) of Mineral Resources, as well as our large operational scale, provides the opportunity to achieve an efficient unit intensity as fixed costs are spread over more tonnage and high capital productivity. Over the remaining mine life across the KCM Complex, we expect an average production of 250 Ktpa (consisting of approximately 150 Ktpa Integrated production and approximately 100 Ktpa from third-party sources) and an average AISC of $2.24 per pound. Furthermore, vertical integration – having mines, concentrator, on-site smelter and the TLP in one place – reduces logistics and third-party charges, stabilizes net realized pricing through minimized exposure to treatment and refining expense volatility, manages quality and shortens the cash-conversion cycle.

Our production growth plan is designed to leverage our favorable economics. Phased debottlenecking, recovery work and incremental throughput additions are expected to increase effective capacity in an efficient manner. We believe that higher volumes of concentrate feed will further improve smelter utilization and dilute fixed cost overheads, supporting expanded cash margins and returns. As such, we believe we have the foundation required to progressively entrench ourselves as a preferred long-term source of copper and cobalt for the U.S. market given our strong economic position and resulting ability to sustain strong margins through potential periods of commodity price volatility.

**Technology-Driven Operations Delivering Industry-Leading Efficiency**

We intend to continue building a digitized, AI-powered mining operation. We have a track record of using technology across our mining and plant operations, for example, the installation of a new smelter at Nchanga has enabled us to capture 99.5% of sulfur emissions from the smelter operations. Through strategic collaborations with technology specialists, we anticipate that our technology will enable real-time optimization across the entire value chain – from predictive maintenance that reduces downtime, to AI-driven exploration to increase our Mineral Resources and Mineral Reserves, and autonomous systems that enhance safety while reducing labor costs. Our integrated sensor network will be designed to provide continuous monitoring of equipment performance, geological conditions and environmental parameters, enabling proactive decision-making not possible for many conventional miners. We believe this technology-led approach positions us to achieve lower operating costs and higher productivity compared to conventional operations.

**High Growth Critical Minerals Producer with Strategic Focus on Supplying U.S. and Western Markets**

We believe that Konkola Plc represents one of the few operations positioned to help meet U.S. demand for copper and cobalt over the long term. Despite both commodities being designated as critical minerals by the U.S. government in 2025, the U.S. continues to import approximately 45% of its copper and 75% of its cobalt, as per the U.S. Geological Survey. With the DRC accounting for over 75% of the world's cobalt production and China producing more than 45% of the world's copper and refining over 70% of the world's cobalt, the U.S. faces significant supply chain vulnerability. The Konkola Complex is one of the world's highest-grade copper assets, and as supported by the Technical Report Summaries, with the implementation of our planned infrastructure upgrades, we aim to achieve a remaining operational mine life average copper production level of approximately 250 Ktpa (consisting of approximately 150 Ktpa Integrated production and approximately 100 Ktpa from third-party sources) from Fiscal 2029. We intend to increase the volume of finished copper products sold into U.S. markets, including products derived from both our own Integrated production and purchased third-party concentrate. We believe this strategy will enhance our U.S. market presence and optimize the value realized across our processing and sales activities. We believe that these initiatives, coupled with our strong operating history will enable us to become a strategic, technology-led supplier of copper and cobalt.

Konkola Plc offers a differentiated source of supply for copper and copper-cobalt alloy that can support rapidly growing end-use demand across critical sectors such as AI infrastructure, data centers, grid modernization and electrification. Further, we believe that copper is a cornerstone of industrialization and is currently at the forefront of a global shift towards a green economy. Its exceptional conductivity and recyclability make it an indispensable component in a wide array of modern technologies, from renewable energy systems to electric vehicles. Industry forecasts indicate that the next 25 years will require more copper than has been produced throughout human history. See "*—Industry*" below for further information.

Policy trends also have the potential to reinforce this structural shift. Effective August 1, 2025, the U.S. Government imposed a 50% tariff on semi-finished copper products, while excluding raw forms such as ore and cathode. Beginning from 2027, the U.S. Government will also require that 25% of U.S. produced high-quality copper scrap and copper inputs be sold domestically, thereby underscoring the need to secure reliable upstream supply from mining operations. The U.S. International Development Finance Corporation has provided financial support for the Lobito Corridor, a $10 billion rail infrastructure project intended to improve connectivity between Zambia's Copperbelt Province and Atlantic ports. The Lobito Corridor is expected to be operational by approximately 2029, potentially enhancing logistics for copper exports to Western markets. Against this backdrop, we are actively seeking to secure long-term commercial relationships and offtake contracts with customers located in the U.S. and Western-aligned nations. These contracts have the potential to allow us to contribute directly to energy security, technological competitiveness and supply chain resilience in the U.S., which we believe is aligned with the objectives of policymakers to reduce dependence on DRC mining and Chinese mining and refining, to the extent paired with increased critical minerals processing/refining capacity in Western-aligned nations.

**Advanced, De-risked Platform Backed by Substantial Capital Investment to Date**

Unlike many potential sources of incremental copper around the world, the KCM Complex currently produces copper and benefits from approximately $3 billion of capital deployed by Konkola Plc into capital expenditures between 2004 to 2019, funded by a combination of cash generated from operations and from shareholder loans. We believe that this installed asset base, together with existing permits and established operating practices, enables a highly efficient restart-and-ramp-plan that is more capital efficient and significantly faster compared to a first-time greenfield build. From a timeline perspective, the average greenfield copper mine in tier-1 jurisdictions such as the U.S., Canada and Australia take 29 years, 27 years and 20 years, respectively to be built, whereas our full ramp up to peak production is expected to take only approximately 7-8 years.

**Zambia - One of the World's Most Attractive Mining Jurisdictions**

Konkola Plc's operations are located in Zambia, one of the world's most established copper mining jurisdictions. In 2024, Zambia was the 11th largest producer of copper in the world and the second largest producer in Africa, with copper exports representing 15% of Zambia's gross domestic product and over 70% of its exports. In 2025, the Fraser Institute's Annual Survey of Mining Companies rated Zambia as 25th (out of 68 jurisdictions) on the Investment Attractiveness Index globally and is the third highest ranked African jurisdiction (out of 20 jurisdictions), which considers key investment attributes including geological attractiveness and government policies.

The GRZ has stated goals to position copper as a cornerstone of the nation's economic development and triple national copper production to 3 Mt annually by 2031 (Zambia currently projects 2026 production to reach 1 Mt) and to improve enabling infrastructure, including power permitting processes and logistics. We believe the development of the KCM Complex supports these goals, thereby aligning our interests with those of the GRZ. Furthermore, we expect that our long-standing community relationships, focus on safety, environmental performance and a robust existing workforce with a strong composition of local talent will support our license to operate during the production ramp-up period and beyond.

On January 23, 2026, Konkola Plc entered into a Memorandum of Understanding (the "MoU") with Africa Finance Corporation ("AFC"), a multilateral development finance institution. The MoU establishes a framework for collaboration and cooperation between Konkola Plc and AFC in connection with the Zambia Lobito Railway project (the "ZLR Project"). Under the terms of the MoU, Konkola Plc has expressed a non-binding interest in utilizing up to 180,000 tonnes per annum of freight capacity on the ZLR Project, subject to AFC's satisfactory due diligence and receipt of all necessary internal approvals. In turn, AFC will explore the possibility of providing financial and advisory support to Konkola Plc for the development and financing of its activities in Zambia, also subject to internal approvals, due diligence, and the negotiation of definitive agreements. The MoU will remain in effect for two years from the date of signature unless earlier terminated by either party upon 30 days' notice or by mutual agreement.

**Strong Historical Exploration Track Record and Resource Conversion**

We are exploring the extension of the expected mine life of the KCM Complex through continued exploration activities in what is a highly prolific zone for copper. Since the inception of the copper mines at Konkola, approximately 17.4 Mt of contained copper has been extracted. As supported by the Technical Report Summaries, this amount compares to a total Mineral Resource as of April 1, 2025, of approximately 9.9 Mt (or approximately 7.9 Mt on a 79.42% ownership basis). We are currently executing an exploration campaign to further develop our Mineral Resources, through the drilling of the Konkola Deep Mine Project, TD05 located near Nchanga and the Lubengele tailings dam located at Konkola, the latter two which have not previously been included in our declared Mineral Resource base. This campaign is designed to enhance long-term mine planning and maximize value generation. Auger drilling and test work commenced at TD05 in mid-2025 and is anticipated to be completed in the first half of 2026, following which identical drilling and test work will be carried out at Lubengele tailings dam. We anticipate that upon completion of the required drilling and test work, our mineral reserve estimate may increase, further increasing our production potential; however, at present, we have not established any Mineral Resources or Mineral Reserves from these tailings dams.

**Endorsed and Backed by Global Mining Leader**

Our current controlling stockholder, Vedanta, is a leading, diversified natural-resources group founded by Anil Agarwal that generated revenue of $18.2 billion in Fiscal 2025 and employs a global workforce in excess of 117,000 people. Vedanta has a track record of successfully operating and managing assets across a range of industries and geographies. The Vedanta group's portfolio spans base metals (zinc, lead, silver, aluminum, copper), oil and gas, iron ore, steel and power generation across India, Africa and other regions. In 2004, Vedanta obtained a 51.00% stake in Konkola Plc, before increasing its ownership to 79.42% in 2008.

**Our Business Strategy**

CopperTech is exploring a transformative growth strategy aimed at significantly further expanding copper production capacity across its mining and processing assets. We seek to deliver attractive, through-the-cycle returns to our stockholders through cash flow generation and growth of our copper mining operations. Below are the highlights of our growth strategy.

 ****

***Execute Plans to Become a Leading Global Copper Producer to Serve the High Growth U.S. Technology Sector***

We are growing our copper and cobalt mining business by executing and exploring development work at the KCM Complex, which we believe offers potential high returns. This includes prioritization of the Konkola Deep Mine Project to access the most attractive parts of the ore body, process improvements and other capital expenditures by Konkola Plc expected to total $1.7 billion in capital expenditures and $0.3 billion in sustaining capital expenditures over the next five years. A portion of such investment will be allocated to exploration activities within the KCM Complex and in select international jurisdictions, including infill drilling programs and AI-based geological surveys to identify additional resources and upgrade resource classifications. With this investment, and our planned infrastructure upgrades, we expect to achieve a remaining operational mine life average copper production level of 250 Ktpa (consisting of approximately 150 Ktpa Integrated production and approximately 100 Ktpa from third-party sources) from Fiscal 2029.

We believe there is also potential to grow production further, subject to additional geological engineering, permitting and completion of necessary studies. In carrying out our growth plans, we will continue to employ conventional and cutting-edge technologies to benefit from geological confidence in the resource base, access to existing infrastructure and support from local and regional authorities. In addition to pursuing growth in production at the KCM Complex, we also plan to undertake technical programs across the Konkola Plc portfolio to potentially upgrade Konkola Plc's Mineral Resources from the Inferred to higher-confidence Mineral Resource classifications, delineate new Mineral Resources and continually assess optimization strategies to increase efficiency of operations. In addition, we may evaluate external growth opportunities from time to time.

To further support our growth potential, we are also exploring measures to ensure power security and supply, which we anticipate will further streamline production as power is one of our biggest production inputs.

**Employ a Disciplined Approach to Capital Allocation**

Following the completion of our production ramp up at the KCM Complex, subject to fulfilling the requirements set out within the Konkola Waterfall (as defined herein), we expect the focus will be on deleveraging our balance sheet in order to preserve our financial flexibility through the commodity price cycle; continuously exploring new mining targets; and opportunistically evaluating external growth opportunities that are accretive.

Although there are currently no restrictions in our debt agreements or capital structure that would prevent us from paying a dividend in the future as a holding company, our ability to pay dividends on our common stock will depend on the receipt of cash distributions and dividends from our direct and indirect operating subsidiaries. Pursuant to the KCM Shareholders Agreement, distributions from Konkola Plc are subject to the Konkola Waterfall prioritizing interest and partial principal on shareholder loans and other specified liabilities, which may limit or delay our ability to pay dividends or other distributions.

 ****

***Building the "Modern Mine" Through Value-Added Strategic Collaborations to Maximize Artificial Intelligence and Technology***

We believe that our focus on strategic collaborations will accelerate operating performance, de-risk expansion and expand our resource base through the deployment of leading geophysical, analytic and AI technologies. More specifically, these technologies are anticipated to include AI-assisted tools to improve operating performance, by applying such tools in mine planning, maintenance scheduling, process control and exploration targeting. We intend to evaluate collaborations with equipment suppliers, digital and AI providers, mining and processing firms and consulting and engineering organizations with demonstrated capabilities in such specialized areas. Our objective is to access and utilize proven and innovative technologies to enhance financial performance while continuing to foster industry-leading safety standards, personnel management systems and IT systems.

**Customer Base**

As of December 31, 2025 all of our mining operations were located in Zambia. All of our products are sold on auction basis with short-to-medium term offtake agreements of up to one year.

Our largest client for Fiscal 2025 represented 37% of our revenue, and our largest client for Fiscal 2024 represented 58% of our revenue. Our second and third largest clients for Fiscal 2025 represented 15% and 12%, of our revenue, respectively, and for Fiscal 2024 19% and 6% of our revenue, respectively.

**Raw Materials and Suppliers**

**Raw Materials**

Our raw materials consist of explosives required for rock fragmentation, fuel, power, water, steel balls, reagents/chemicals required for processing plants (including, but not limited to, comminution, flocculant and collector, solvent extraction reagents, smelter reagents and sulfur to produce sulfuric acid), concentrate for processing and sulfuric acid for leaching processes and utilities. These raw materials are sourced from a wide range of suppliers and are readily available.

We procure our raw materials from a diverse network of key suppliers both in Zambia and internationally, ensuring multiple sourcing options for critical inputs. Our long-standing relationships with these suppliers, supported by both contractual agreements and operational collaboration, enable us to strive to secure favorable terms related to product availability, pricing and payment conditions.

To ensure quality and consistency, we establish supply agreements where appropriate. These agreements define specifications, scope of work, commercial terms, service levels, supply security, risk mitigation strategies, warranties and dispute resolution procedures. We actively manage and monitor these supplier relationships and contracts to optimize cost efficiency, enhance performance, reduce supply chain risks and strengthen overall supply resilience.

Our top 10 suppliers, with a spend of $32 million, made up approximately 40% of the total amount of materials supplied to us, exclusive of concentrate purchases, for Fiscal 2025. These have been long-standing suppliers and are supplemented by additional backup suppliers in the event of emergencies. We aim to maintain a diversified supplier base with key suppliers to ensure reliability of our supply. We have not had any significant supply or service disruptions from these suppliers.

Utilities required for operation, including power and water, are provided through established regional infrastructure. Our operations primarily draw their power from ZESCO, a state-owned entity. Because the KCM Complex are among the wettest underground mines globally, with recent underground dewatering pumping rates peaking at approximately 360,000 m<sup>3</sup>/day, and the Nchanga Complex underground mine peaking at around 75,000 m<sup>3</sup>/day, the availability of power is essential to our dewatering processes and therefore to our overall operations. As we expand our operations at Konkola, we expect that the amount of dewatering needed will increase significantly, which will increase our need for power. We also rely on third-party contractors for several activities, including execution of our mine plan and conducting ore and waste extraction in our operating business units. These contracts are usually executed for a period of three to five years, following a competitive process where several companies (including potential new suppliers) bid to win contracts.

Due to the nature of the mined ore at the Konkola Complex containing high amounts of silica and magnesia, the Nchanga smelter requires a combination of chalcopyrite and chalcocite concentrates containing low amounts of silica and magnesia and high amounts of iron to maintain the feed specifications. It is necessary to purchase from third parties the majority of the chalcopyrite concentrate that we use in our operations, as well as additional chalcocite concentrate. Our main suppliers for chalcopyrite and chalcocite concentrate are mines in the Zambian and DRC Copperbelt region, which we access through a combination of purchases from traders and directly from mining companies. Third-party concentrate is purchased on a metal-return basis, wherein Konkola Plc takes ownership of the concentrate. The proximity of these mines—the majority of which are within 200 to 500 km of the Nchanga smelter—enables road-based logistics at commercially viable freight rates. Consistent with industry practice for concentrate trading in the Copperbelt region, our current supply agreements for concentrate are short-term in nature, with no contracts extending beyond Fiscal 2026. Our typical contracts for concentrate are for volumes ranging from approximately 10,000 to 60,000 dry mt per month per supplier and the duration of these contracts are typically one fiscal year or less. The Copperbelt region represents one of the world's largest copper producing areas and production is forecast to grow over the life of the mines at the Konkola Complex, however, a number of the largest mine expansions in the Copperbelt region are expected to be accompanied by dedicated on-site smelting infrastructure, which may decrease the amount of overall supply for concentrate in the Copperbelt region as companies move towards processing their own concentrate. However, we expect the continuous supply of concentrate to be supported by the forecasted growth of Zambian and DRC mines, the KCM Complex's proximity to such mines and the GRZ's continuing 10% export levy on copper concentrate.

Similarly, the Nchanga tailings leach plant requires sulfuric acid for its operations. Although most of our sulfuric acid is produced in-house as a byproduct of the smelting process, we need to purchase additional supplies of sulfuric acid from Zambian smelters. If we are not able to procure sufficient sulfuric acid for production, a bottleneck will occur and our production capabilities will be restricted.

**Competition**

The copper exploration, mining and metal production industry is competitive. Companies in this sector compete for access to high-grade mineral resources, skilled labor, technological innovation and favorable regulatory conditions. The competitive landscape includes both large, established producers and emerging firms seeking to develop new projects or improve operational efficiency.

As demand for copper continues to grow, driven by its critical role in electrification, renewable energy and infrastructure, companies are increasingly focused on expanding Mineral Reserves, optimizing production and meeting evolving environmental and social expectations. Competitive pressures are further heightened by challenges such as declining ore grades, logistical constraints and geopolitical uncertainties.

Success in this industry depends on the ability to operate efficiently, manage risks effectively, and adapt to changing market dynamics. We aim to balance cost with strategic growth to better position us to compete in this evolving environment.

**Seasonality**

Our operations are not generally subject to seasonality. Our mining properties are able to support year-round production. However, during Zambia's rainy season, which typically falls between November and April, adverse weather conditions may occasionally disrupt operations and reduce productivity at affected sites.

**Culture and Employees**

As of December 31, 2025, we had approximately 5,300 employees, of which labor unions represented approximately 80%. In addition, we had a workforce of approximately 9,400 contractors.

We attempt to foster a culture rooted in zero harm, world-class safety standards and shared prosperity. Our people are our greatest asset, and we are committed to promoting their health, safety and well-being through robust systems, continuous improvement and a proactive safety ethos.

Our comprehensive Health & Safety Management System is designed to reduce the risk of hazards, prevent injury and promote a safe, inclusive and empowering workplace for employees and business partners alike.

We invest in:

&nbsp;&nbsp;&nbsp;&nbsp;· regular health surveillance, risk **-** based monitoring and training for employees and contractors,

&nbsp;&nbsp;&nbsp;&nbsp;· transparent communication and inclusive decision **-** making, encouraging voices to be heard in shaping
a safer workplace, and

&nbsp;&nbsp;&nbsp;&nbsp;· non **-** discriminatory policies intended to protect the rights and dignity of all employees and business
partner employees including those affected by high **-** risk diseases such as HIV/AIDS.

**Intellectual Property**

We rely on non-disclosure agreements, invention assignment agreements, intellectual property assignment agreements or license agreements with employees, independent contractors, consumers, software providers and other third parties, which protect and limit access to and use of our proprietary intellectual property. Although we rely, in part, upon these legal and contractual protections, we believe that factors such as the skills and ingenuity of our employees, as well as the functionality and frequent enhancements to our mines, are larger contributors to our success.

As of December 31, 2025, we did not own any patents, copyrights or trademarks.

**Environment**

In connection with the Resumption of Control over Konkola Plc in 2024, Konkola Plc was granted a moratorium allowing any issues relating to restoration orders under the EMA until July 2026 (which may be further extended pending discussions between Konkola Plc and ZEMA regarding the categorization of certain Konkola Plc sites). Following the conclusion of such moratorium, we will be obligated to comply with all environmental requirements relating to our operations, including restoration orders, which may cause us to incur additional cost. Because the moratorium has not yet concluded, we are not certain as to the amount of any such additional cost which may be material. Furthermore, we have been subject to compliance audits that require us to invest significant capital expenditures in the amount of $28 million over the next five years, including rehabilitation and upgrading of ponds, improved pumping stations, streambed restoration, and other projects.

**Regulatory Landscape**

See the section entitled "*—Zambian Regulation*".

**Legal Proceedings**

We are subject to claims and lawsuits in the ordinary course of business, including claims under contract, surface and mining rights disputes, employment or labor matters, personal injury claims and other litigation, some of which include claims for substantial or unspecified damages. In addition, we operate in a highly regulated industry and we are regularly interfacing with regulators through inquiries, requests for comment, investigations, examinations and routine engagements by regulatory and other governmental agencies. The outcomes of the legal and regulatory matters discussed in this section are inherently uncertain and some of these matters may result in adverse judgments or awards, including penalties, injunctions or other relief, and we may also determine to settle a matter because of the uncertainty and risks of litigation. Litigation is inherently uncertain, and any judgment entered against us, or any adverse settlement, could materially and adversely impact our business, financial condition, results of operations and cash flows.

**Scheme of Arrangement**

On May 21, 2019, ZCCM petitioned the High Court of the Republic of Zambia to wind up Konkola Plc, alleging that mines held by Konkola Plc were being mismanaged by Vedanta, and contrary to the provisions of the KCM Shareholders Agreement dated November 5, 2004, among the GRZ, ZCCM, VRL, VRHL and Konkola Plc. At the same time that the winding up proceedings were commenced, ZCCM obtained an ex-parte order appointing the Provisional Liquidator over Konkola Plc. On June 28, 2024, Konkola Plc entered into the court-sanctioned Scheme of Arrangement with its Class 1 and Class 2 creditors. In connection with entry into the Scheme of Arrangement, the High Court ordered that Konkola Plc pay into an escrow account $225 million for creditor settlement, $20 million for a one off community support loan and $750,000 for a once-off employee bonus. The Class 1 and Class 2 creditors were classified as follows:

&nbsp;&nbsp;&nbsp;&nbsp;· Class 1 creditors includes any Scheme of Arrangement creditors which, in aggregate with their affiliates,
hold admitted claims with a value less than $1 million.

&nbsp;&nbsp;&nbsp;&nbsp;· Class 2 creditors includes any Scheme of Arrangement creditors which, in aggregate with their affiliates,
hold admitted claims with a value greater than or equal to $1 million.

On June 28, 2024, the Provisional Liquidator's appointment was vacated, and on July 25, 2024, ZCCM withdrew its winding up petition, which was subsequently granted by the High Court. The board of directors of Konkola Plc was then reinstated on July 31, 2024, and Konkola Plc was returned to being classified as a going concern, with management control returned to Vedanta.

**CEC Proceedings**

Copperbelt Energy Corporation PLC ("CEC") has since brought proceedings against Konkola Plc, arguing that it is a preferential creditor entitled to be paid in full before ordinary creditors pursuant to the Scheme of Arrangement. On October 9, 2025 the Court of Appeal of Zambia delivered its judgment, holding that CEC is a preferential creditor because its claim relates to sums that are to be treated as liquidation costs. The effect of this ruling is that the Scheme of Arrangement approved by the first instance court is varied such that CEC is to be treated as a preferential creditor, entitled to payment in full before any of Konkola Plc's ordinary creditors under the Scheme of Arrangement. Konkola Plc previously provided payment of approximately $10 million to CEC, representing approximately 35% of the debt outstanding to CEC. On 15 October 2025, Konkola Plc sought the Court of Appeal's permission to appeal the ruling to the Supreme Court of Zambia, which permission was granted on January 28, 2026. The Court of Appeal of Zambia ruled that the grounds of appeal advanced by Konkola Plc raise novel and important questions regarding the finality, enforceability and jurisdictional scope of court-sanctioned schemes of arrangement under Zambian law. The ruling further stayed all execution steps by CEC against Konkola Plc pending the final determination of the appeal before the Supreme Court of Zambia.

However, if the Supreme Court uphold the Court of Appeal's decision in favor of CEC, payments to creditors under the Scheme of Arrangement will be materially affected. The reclassification of CEC as a preferential creditor would reduce the funds available for distribution to other creditor classes, potentially requiring adjustments to payments already made and limiting the amounts that remaining creditors can recover. This prioritization may also give rise to further litigation relating to the Scheme of Arrangement or Konkola Plc will be required to pay full amount of the debt owing to CEC, in the sum of approximately $19 million.

**Environmental Compliance Liabilities**

Konkola Plc is subject to several ongoing compliance and prevention orders issued by ZEMA, which relate to, among other things: (a) rehabilitation and management of the TD05; (b) desilting and ecological restoration of natural streams and construction of in-plant containment facilities; (c) control of emissions from the anode furnaces, including installation of an off-gas cleaning system (wet scrubber); (d) installation and maintenance of online monitoring systems for key process areas; and (e) measures to ensure dam stability and zero discharge from the pollution control dam area. These orders involve ongoing remediation and compliance activities.

Additionally, Konkola Plc is also subject to obligations under the EPF Regulations. As of December 31, 2025, the total Environmental Protection Fund liability attributable to Konkola Plc for future mining asset retirement obligations amounted to approximately $143.8 million. The $143.8 million is payable by Konkola Plc in the form of a cash payment of approximately $34.2 million to the MRC, which has assumed the regulatory functions previously held by the MSD and for Konkola Plc to provide the MRC with a bank guarantee of $109.6 million. Although the liability has been attributed to Konkola Plc, no payments or guarantees were required to be made as of the date of this prospectus because Konkola Plc has been granted a two-year moratorium in connection with the period of provisional liquidation (which may be further extended pending discussions between Konkola Plc, MRC and ZEMA regarding the categorization of certain Konkola Plc sites). Given the moratorium, of the total $34.2 million cash payment required to be paid to the MRC, Konkola Plc has paid $5.5 million. In the event the remaining $28.7 million cash contribution becomes due and payable following the moratorium and finalization of negotiations, the Company notes that that amount has been included as a claim by MRC (as a creditor) under the Scheme of Arrangement, and the timing of such payment will be subject to the Konkola Waterfall.

The Company has planned capital expenditures of approximately $28 million related to environmental compliance. These expenditures are expected to be allocated in three years (from Fiscal 2027 to Fiscal 2030) to the following key initiatives: (a) rehabilitation and upgrading of spillage ponds, containment vessels, pipelines, and pumping stations to prevent effluent discharge into Chingola stream and ensure proper solids handling; (b) construction of a new catchment pond and restoration works, including stream diversion, clean-up, stream bed reprofiling, erosion control, and ecological restoration; (c) installation of environmental control systems, including an off-gas cleaning system (wet scrubber) at the Nchanga smelter's anode furnaces; and (d) acid-proofing and civil works for the acid plant, as well as structural and maintenance works at the Nkana Refinery tank.

**MINING PROPERTIES**

This prospectus refers to estimated Mineral Reserves and Mineral Resources, including Measured, Indicated and Inferred Mineral Resources. See "*About This Prospectus—Basis of Presentation*" for the definition of those terms. Konkola Plc's disclosure relating to Mineral Resources and Mineral Reserves is based on supporting documentation prepared by the Qualified Person. The Initial Assessment TRS and Pre-Feasibility Study TRS have been prepared by the Qualified Person, and are included as exhibits to the registration statement of which this prospectus forms a part.

**Mining Properties Summary Disclosure**

Konkola Plc owns and operates a complex of integrated mining and processing assets in the Zambian Copperbelt, a globally significant copper-producing region with extensive mineral endowment and established mining infrastructure. Konkola Plc's primary production complex, referred to herein as the "KCM Complex", consists of the following mine types and locations:

&nbsp;&nbsp;&nbsp;&nbsp;· Konkola Complex, an underground mine located near Chililabombwe approximately 20 km north of Chingola
and 5 km south of the Zambia–DRC border,

&nbsp;&nbsp;&nbsp;&nbsp;· the Nchanga Complex, both open pit and underground mines located within 4 km of the city of Chingola,
which is 50 km west of the major city of Kitwe and approximately 110 km northwest of Ndola, the capital of the Copperbelt Province
in Zambia, and

&nbsp;&nbsp;&nbsp;&nbsp;· the Tailings Complex, processed by the TLP, both located at the Nchanga Complex.

The KCM Complex is supported by the Nkana refinery, a large, conventional electro-refinery located near Kitwe, 54 km south of Chingola and 77km south of Chililabombwe, currently used primarily to produce starter sheets for the Nchanga TLP.

The Nampundwe Mine, located approximately 50 kilometers west of Lusaka, in the Shibuyunji District of Central Province, Zambia, is an underground mine producing pyrite concentrate. This concentrate is used as a sulfur-bearing flux in the Nchanga smelter. There are no commercial offtake arrangements for the pyrite mined at Nampundwe and Konkola Plc does not directly derive any revenue from the pyrite mined at, and thus has not established any reserves for, Nampundwe. As defined by Subpart 1300 of Regulation S-K, the Nampundwe mine is an "exploration stage" property. In the event Nampundwe produces an insufficient amount of pyrite for the Company's production processes, the Company expects to purchase pyrite from third-party producers to facilitate its copper production.

Following the consummation of the Transactions, CopperTech will hold a 79.42% ownership interest in Konkola Plc.

The KCM Complex is our only material mining property and is a "production stage" property, as defined by Subpart 1300 of Regulation S-K.

The location of the KCM Complex, Nkana refinery and Nampundwe mine are provided in the figures below:

![](ctm003_img022.jpg)

**Annual Production for the Past Three Years<sup>(1)</sup> (metric tonnes per year)**

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| | | | |
|:---|:---|:---|:---|
| **Product** | **Fiscal 2025<br> Amount<br> (79.42% basis)** | **Fiscal 2024<br> Amount<br> (79.42% basis)** | **Fiscal 2023<br> Amount<br> (79.42% basis)** |
| **Copper** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Konkola | 10794 | 12941 | 19463 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nchanga | 1789 | 927 | 3540 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tailings Dams 03 and 04 | 13515 | 9359 | 19286 |
| **Total** | **26098** | **23226** | **42288** |
| **Cobalt<sup>(2)</sup>** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Konkola | 105 | 159 | 335 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nchanga | 30 | 15 | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tailings Dams 03 and 04 |  |  |  |
| **Total** | **134** | **175** | **593** |

---

(1) Past three years refers to Fiscal 2023, 2024 and 2025. Copper and cobalt amounts reported in the S-1 reflect
CopperTech's 79.42% interest in Konkola Plc. For further detail on Konkola Plc's mining properties, please refer to the Technical
Report Summaries.

(2) During fiscal 2023, 2024 and 2025, all cobalt production was in the form of a copper—cobalt alloy,
for which Konkola Plc realized revenue solely on the copper content.

**License Details**

Konkola Plc holds exclusive rights to explore for, extract, process and sell copper ores and related products within the boundaries of its large-scale mining licenses ("LSMLs"). These rights are granted under the MRC Act and are administered by the Ministry of Mines and Minerals Development. The LSMLs provide legal authority for both surface and underground mining activities, as well as construction and operation of associated infrastructure including processing plants, tailing storage facilities, waste management areas, and water abstraction systems.

Konkola Plc's rights under the LSMLs include:

&nbsp;&nbsp;&nbsp;&nbsp;· the exclusive right to access and extract copper-bearing ore within the defined license areas;

&nbsp;&nbsp;&nbsp;&nbsp;· the right to process ore and produce copper concentrates and copper products;

&nbsp;&nbsp;&nbsp;&nbsp;· the right to construct, operate and maintain infrastructure for mining, processing, tailings and logistics;
and

&nbsp;&nbsp;&nbsp;&nbsp;· the authority to sell and export copper products in line with national export guidelines.

These LSMLs are in good standing and provide the legal basis for mineral extraction, processing and associated infrastructure development across Konkola Plc's operations. As of April 1, 2025, there are no known encumbrances, material legal proceedings or compliance issues affecting the standing of these licenses. The primary conditions associated with these licenses relate to royalty payments and mine closure requirements. See "*Mining Properties Summary Disclosure—Royalty Payments*" and "*Business—Legal Proceedings—Environmental Compliance Liabilities.*"

A summary of Konkola Plc's LSMLs are shown below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset** | **License** | **Description** | **Area (ha)** | **Expiry date** |
| **Konkola Mine License** | 7076-HQ-LML | Covers underground copper extraction and operation of the concentrator at the Konkola Complex | 6692.3 | March 30, 2050 |
| **Nchanga License** | 7075-HQ-LML | Covers mining and tailings recovery operations at the Nchanga Complex | 8516.9 | March 30, 2050 |
| **Nchanga Tailings Leach Plant License** | 28174-HQ-MPL | Covers Nchanga TLP operations | 177.0 | December 16, 2045 |
| **Nchanga Old East Mill License** | 28173-HQ-MPL | Covers Nchanga concentrator operations | 27.0 | December 16, 2045 |
| **Nampundwe License** | 7074-HQ-LML | Covers Pyrite mining and concentrator operations | 962.5 | March 30, 2050 |
| **Nkana Refinery License** | 20945-HQ-MPL | Covers refining activities at the electrorefinery | 50.0 | April 18, 2050 |

---

Surface rights within the license areas are secured either directly through the mining licenses or through agreements with local authorities and landholders where required. As of the April 2025 effective date of the Technical Report Summaries, all property rights are considered to be in good legal standing, with no known encumbrances, material legal proceedings or regulatory actions affecting Konkola Plc's ability to operate within its licensed areas.

**Surface and Access Rights**

Konkola Plc has secured surface rights through long-term leases with the Zambian government. These rights permit the construction of mining infrastructure, roads and processing facilities necessary for efficient operations. Additionally, water abstraction rights have been obtained to support dewatering and processing operations, which are critical to underground mining viability.

Land access agreements have been established with local communities and traditional authorities with the goal to ensure uninterrupted mining and exploration activities. These agreements outline, among other things, land-use policies, compensation frameworks and sustainability commitments.

In areas where project development has affected local landholders or settlements, resettlement action plans have been developed in line with Zambian regulatory requirements and international standards. These plans include structured consultation processes, physical relocation (where applicable), livelihood restoration programs, and monitoring mechanisms. Ongoing engagement with local communities is maintained to support Konkola Plc's social license to operate.

**Royalty Payments**

Konkola Plc is subject to the Zambian Mining Royalty Tax, which is levied on gross revenue from mineral sales. The royalty is applied on a sliding scale according to the prevailing copper price, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;· 4.0% when the copper price is below $4,000 per tonne

&nbsp;&nbsp;&nbsp;&nbsp;· 6.5% when the copper price is between $4,000 and $5,000 per tonne

&nbsp;&nbsp;&nbsp;&nbsp;· 8.5% when the copper price is between $5,000 and $7,000 per tonne

&nbsp;&nbsp;&nbsp;&nbsp;· 10% when the copper price exceeds $7,000 per tonne

In addition to royalty payments, Konkola Plc is liable for corporate income tax of 30% and value-added tax of 16%, subject to applicable exemptions and offsets under Zambian tax legislation.

These fiscal obligations form part of the national revenue system and are not tied directly to community investment schemes. Community development initiatives are administered through separate corporate social responsibility frameworks.

**Mineralization**

The Zambian Copperbelt hosts one of the world's largest sediment-hosted stratiform copper provinces, accounting for nearly half of the Central African Copperbelt's Mineral Reserves. Mineralization occurs as a single or multiple mineralized units within the Neoproterozoic Katangan Supergroup, particularly the "Ore Shale Unit" of the Lower Roan Group. These deposits formed in a rift-related basin dominated by continental sandstones and marginal marine shales, later overlain by carbonates and evaporitic sequences.

Copper and cobalt mineralization is primarily stratiform, consisting of disseminated sulfides and sulfide-bearing quartz-carbonate veinlets. Copper and cobalt were leached from basement rocks and precipitated upon reacting with sulphur-rich reductants (such as organic matter and pyrite) within the Ore Shale Unit.

The Lufilian orogeny (~540–490 mega-annum) involved thermochemical reduction of sulfate and remobilization of earlier diagenetic sulfides with the concomitant formation of oxide copper minerals (malachite, azurite and chrysocolla). Additional supergene enrichment through meteoric water enhanced chalcocite-dominated mineralization. Resulting in a stratiform mineralization of mixed primary and secondary enrichment copper minerals.

Multiple deformational events resulted in regional scale folding, faulting, alteration, remobilization of copper and cobalt mineralization, leading to secondary enrichment and the formation of discrete deposits with varying ratios of dominant primary and secondary enrichment copper minerals.

The Konkola Complex underground mine is within the Konkola Syncline, a broad northwest-trending fold structure. Thrust faulting and shear zones segment the mineralization, creating localized enrichment and structural complexity. Konkola is a predominantly disseminated chalcopyrite and bornite, primary sulfides, hosted in the Ore Shale Unit with minimal oxide and supergene enrichment minerals. Konkola mineralization extends along both limbs and the hinge of a single large-scale fold, with an approximate length of 5 km and a variable thickness of 5 meters to 50 meters. Remaining mineralization is mostly sub-vertical in the limbs and shallow dipping through the hinge.

Nchanga deposits are separated due to structural folding and faulting. They are located within the hinges and / or along the limbs of broad fold structures and are a heterogeneous mix of oxide, supergene, and primary sulfide mineralization. Secondary and oxide copper minerals (malachite, chrysocolla) are present in larger amounts with less primary chalcopyrite and bornite than Konkola. Deposit size and orientation vary greatly, dip varies from 25 degrees to 70 degrees, mineralization strike ranges from 300 meters to 1.5 km, and mineralization thickness varies from 3 meters to 50 m, at depths of up to 600 meters.

**Equipment, Facilities and Infrastructure**

Material from the KCM Complex is processed at on-site facilities, which include concentrators at both the Konkola Complex and Nchanga Complex, the Nchanga smelter (which also uses the pyrite produced at Nampundwe, as well as third-party concentrate), the Nkana Refinery, and the TLP. The KCM Complex comprises a combination of legacy and modernized mining, processing, and support infrastructure, reflecting a long operational history and multiple phases of investment. Key mining infrastructure at Konkola underground mine includes shafts and underground workings dating from 1957 and 1963, with significant modernization through the commissioning of the No. 4 shaft. The Konkola concentrator and Nchanga smelter are relatively modern facilities, with the Konkola concentrator commissioned in 2008 and the Nchanga smelter commissioned in 2009, and have undergone periodic refurbishment and maintenance. The Nchanga concentrators and Nkana refinery are legacy assets, with core structures and equipment dating back several decades; while operational, these facilities are considered aged and require ongoing repair and maintenance. The Nchanga TLP, commissioned in the 2000s, has been refurbished as part of recent restart activities, though some equipment is now over 15 years old. Tailings storage facilities (TD03, TD04, TD05, Lubengele) and water supply infrastructure have been in continuous use for several decades, with ongoing statutory inspections and upgrades to maintain compliance and stability. Power supply infrastructure, including substations and transmission lines, has been established for over 20 years, with recent and planned upgrades to support operational requirements. Ancillary infrastructure such as workshops, warehouses, and administrative buildings includes both legacy structures and more recent additions or refurbishments. The on-site laboratory and QAQC equipment are aged, with maintenance and replacement required to ensure continued reliability.

**Mineral Resources and Mineral Reserves**

The following tables summarize Konkola Plc's Mineral Reserves and Mineral Resources as of April 1, 2025, based on CopperTech's 79.42% ownership of Konkola Plc following the completion of the Transactions. The operational and related financial data presented is sourced from the Technical Report Summaries and is included for the purpose of reporting in accordance with Subpart 1300 of Regulation S-K. The Pre-Feasibility Study TRS economic analysis is presented to demonstrate the economic viability of the Mineral Reserves and should not be used for other purposes. The Initial Assessment TRS economic analysis is preliminary in nature, includes Inferred Mineral Resources that do not have demonstrated economic viability, and there is no certainty that the results of the Initial Assessment will be realized. The information presented originates from comprehensive techno-economic modelling, which is subject to change as assumptions and inputs are updated, and as a result, does not guarantee future operational or financial performance. The Mineral Reserve and Mineral Resource estimates presented herein are the first prepared in accordance with the requirements of subpart 1300 of Regulation S-K. As this is Konkola Plc's initial disclosure under subpart 1300 of Regulation S-K there is no Mineral Reserve or Mineral Resource information for prior dates under this standard. Konkola Plc's Mineral Reserves and Mineral Resources are on properties that are permitted, or are expected to be permitted, for mining under current regulatory requirements. Konkola Plc has not included estimates of Mineral Reserves for any property other than the KCM Complex. Konkola Plc's qualified person for the KCM Complex (including the Konkola Complex and Nchanga Complex) is AMC. AMC is not an employee, or affiliate of CopperTech and does not have an ownership, royalty or other interest in the KCM Complex.

**Summary Mineral Resources as of April 1, 2025<sup>(1)</sup>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Measured Mineral<br> Resources<br> Tonnage (Mt)** | **Measured Mineral<br> Resources<br> Tonnage (Mt)** | **Indicated Mineral<br> Resources<br> Tonnage (Mt)** | **Indicated Mineral<br> Resources<br> Tonnage (Mt)** | **Measured + Indicated<br> Mineral Resources<br> Tonnage (Mt)** | **Measured + Indicated<br> Mineral Resources<br> Tonnage (Mt)** | **Inferred Mineral<br> Resources<br> Tonnage (Mt)** | **Inferred Mineral<br> Resources<br> Tonnage (Mt)** |
|  | **Amount<br> (79.42%<br> basis)** | **Grade<br> (%)** | **Amount<br> (79.42%<br> basis)** | **Grade<br> (%)** | **Amount<br> (79.42%<br> basis)** | **Grade<br> (%)** | **Amount<br> (79.42%<br> basis)** | **Grade<br> (%)** |
| Copper |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Konkola<sup>(2)</sup> | 1.1 | 3.7 | 7.2 | 3.7 | 8.3 | 3.7 | 197.8 | 3.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nchanga<sup>(3)</sup> |  |  | 31.0 | 1.9 | 31.0 | 1.9 | 10.3 | 2.5 |
| Total | 1.1 | 3.7 | 38.2 | 2.2 | 39.2 | 2.3 | 208.1 | 3.3 |
| Cobalt |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Konkola<sup>(2)</sup> | 1.1 | 0.05 | 7.2 | 0.07 | 8.3 | 0.07 | 197.8 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nchanga<sup>(3)</sup> |  |  | 31.0 | 0.03 | 31.0 | 0.03 | 10.3 | 0.01 |
| **Total** | **1.1** | **0.05** | **38.2** | **0.04** | **39.2** | **0.04** | **208.1** | **0.06** |

---

Note: All figures reflect CopperTech Metals Inc.'s 79.42% ownership interest in Konkola Plc. For 100% basis figures and full deposit-level disclosure, refer to Exhibits 96.1 (IA TRS) and 96.2 (PFS TRS) to the registration statement.

1) The copper price of US$9,000/t Cu used for Mineral Resource cut-off grade determination is based on the Qualified Person's assessment of long-term commodity pricing informed by a three-year trailing average of annual realised copper prices (2023–2025), yielding an average of approximately US$9,227/t. The adopted price has been rounded conservatively below the trailing average and is supported by P75 consensus forward price forecasts of US$9,925/t to US$11,298/t. Point of reference: in situ material.

2) Source: PFS TRS (Exhibit 96.2), Table 1.3. Cut-off grade: 1.0% TCu at US$9,000/t Cu.

3) Source: IA TRS (Exhibit 96.1), Table 1.2. Cut-off grades by deposit: COP DF open pit 0.48% TCu; COP DF underground and COP E Extension 1.0% TCu; Luano 0.95% TCu; SP16 0.41% ASCu. Copper contained metal (79.42% basis): COP DF 193 kt; COP E Extension 274 kt; Luano 68 kt; SP16 53 kt.

&nbsp;&nbsp;&nbsp;&nbsp;· Mineral Resources reported exclusive of Mineral Reserves per S-K 1300 Item 1303(b)(3)(ii). Mineral Resources
that are not Mineral Reserves do not have demonstrated economic viability.

&nbsp;&nbsp;&nbsp;&nbsp;· The effective date of the Mineral Resource estimates is 1 April 2025. Approximately
1.2 Mt of ore has been mined from Konkola Mine between the effective date and the date of this report, representing less than 0.5% of
the total Mineral Resource. The Qualified Person considers this depletion to be not material and the Mineral Resource estimates have not
been adjusted. The Qualified Person confirms that no material changes to the underlying geological model, grade estimates, resource classification,
or economic assumptions have occurred since the effective date. There have been no changes from the effective date of the TRS that would
materially disaffirm or otherwise change any aspect of the TRS or require the filing of a new TRS in accordance with Regulation S-K.

&nbsp;&nbsp;&nbsp;&nbsp;· Tonnage and grade rounded; contained metal calculated from unrounded figures. Rounding may cause apparent
discrepancies.

**Summary Mineral Reserves as of April 1, 2025<sup>(1)</sup>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Proven Mineral <br> Reserves<br> Tonnage (Mt)** | **Proven Mineral <br> Reserves<br> Tonnage (Mt)** | **Probable Mineral<br> Reserves<br> Tonnage (Mt)** | **Probable Mineral<br> Reserves<br> Tonnage (Mt)** | **Total Mineral Reserves<br> Tonnage (Mt)** | **Total Mineral Reserves<br> Tonnage (Mt)** |
|  | **Amount<br> (79.42%<br> basis)** | **Grade<br> (%)** | **Amount<br> (79.42%<br> basis)** | **Grade<br> (%)** | **Amount<br> (79.42%<br> basis)** | **Grade<br> (%)** |
| Copper |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Konkola<sup>(2)</sup> | 2.4 | 2.6 | 23.0 | 2.9 | 24.6 | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tailings Dams 03 and 04<sup>(3)</sup> |  |  | 29.4 | 0.6 | 29.4 | 0.6 |
| Total | **2.4** | **2.6** | **52.4** | **1.7** | **54.8** | **1.7** |
| Cobalt<sup>(4)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Konkola<sup>(2)</sup> | 2.4 | 0.06 | 23.0 | 0.06 | 24.6 | 0.06 |
| **Total** | **2.4** | **0.06** | **23.0** | **0.06** | **24.6** | **0.06** |

---

Note: All figures reflect CopperTech Metals Inc.'s 79.42% ownership interest in Konkola Plc. For 100% basis figures and full deposit-level disclosure, refer to Exhibits 96.1 (IA TRS) and 96.2 (PFS TRS) to the registration statement.

1) The copper price of US$8,600/t Cu is the expected price used for NSR cut-off grade determination, selected conservatively below the P75 consensus forward price forecasts of US$9,925/t to US$11,298/t. The cobalt price used for NSR cut-off determination is US$28,000/t Co. Point of reference: ore delivered to processing plant (ROM stockpile).

2) Source: PFS TRS (Exhibit 96.2), Table 1.2. Cut-off grade: NSR US$50–125/t ROM, based on a copper price of US$8,600/t Cu and cobalt price of US$28,000/t Co. Metallurgical recovery: 89.1% Cu (mine plan average).

3) Source: PFS TRS (Exhibit 96.2), Table 12.1. TD03 and TD04 Mineral Resources fully converted to Probable Mineral Reserves; no resource remains exclusive of reserves. Inclusive copper resource (79.42% basis): TD03 7.1 Mt / 0.8% TCu (ASCu 0.4%) — 52 kt Cu; TD04 22.2 Mt / 0.6% TCu (ASCu 0.4%) — 138 kt Cu. No cut-off grade is applied to TD03 and TD04 as all material is planned to be recovered and processed in full. Metallurgical recovery: 74.8% acid soluble copper.

4) Cobalt is present in situ at TD03 and TD04 but is not recovered in the TLP electrowinning process. Accordingly, TD03 and TD04 are excluded from the cobalt Mineral Reserve disclosure. No cobalt revenue is attributed to these tailings dams in the economic analysis. Cobalt grades are reported in the TRS for geological completeness only.

&nbsp;&nbsp;&nbsp;&nbsp;· The effective date of the Mineral Resource and Mineral Reserve estimates
is 1 April 2025. Approximately 1.2 Mt of ore has been mined from Konkola Mine between the effective date and the date of this report,
representing less than 3% of the stated Mineral Reserve. This depletion is not considered material, and the Mineral Reserve estimate has
not been adjusted. The Qualified Person confirms that no material changes to the geological model, modifying factors, or economic assumptions
have occurred since the effective date. There have been no changes from the effective date of the TRS that would materially disaffirm
or otherwise change any aspect of the TRS or require the filing of a new TRS in accordance with Regulation S-K.

&nbsp;&nbsp;&nbsp;&nbsp;· Tonnage and grade rounded; contained metal calculated from unrounded figures. Rounding may cause apparent
discrepancies.

**Individual Property Disclosure**

We consider the KCM Complex to be our only material mining property as defined by Regulation S-K Subpart 1300. The KCM Complex consists of the Konkola Complex, the Nchanga Complex and the Tailings Complex. In accordance with Subpart 1300 of Regulation S-K, the KCM Complex is a "production stage" property.

**Konkola Complex**

The Konkola Complex consists of an underground mine, accessed via three vertical shafts (1, 3 and 4 shafts), a concentrator with 6 Mtpa capacity facility which employs conventional crushing, milling and flotation to produce copper concentrate, and a tailings storage facility. Ore from the Konkola underground mine is processed into concentrate at the Konkola concentrator, which is then transported by road to the Nchanga smelter and processed into copper anodes. These copper anodes are then refined at the Nkana refinery to produce copper cathodes and starter sheets for the Nchanga TLP. The 200 Mt tailings storage facility at the Konkola Complex, Lubengele, currently stores tailings from the Konkola concentrator.

Mining operations at the Konkola Complex commenced in 1957. Konkola Plc has carried out extensive work on the property, the sinking of Shaft 4 at the Konkola underground mine and the commissioning of a new 6 Mtpa nameplate capacity concentrator.

For current production activities, see "*Mining Properties Summary Disclosure—Annual Production for the Past Three Years*."

The net book value of the Konkola Complex, inclusive of property, plant and equipment, as of March 31, 2025 was $770.8 million.

**Nchanga Complex**

The Nchanga Complex consists of an underground mine and open pit (surface) mines, as well as several essential processing facilities for our operations. Underground mining and open pit mining have been scaled back in recent years, however we intend to continue to undertake exploration activities to expand the resource and potential mine life of the Nchanga Complex. The processing facilities at the Nchanga Complex include including three concentrators – the Old East Mill, New East Mill and New West Mill with a combined nominal capacity of 13.4 Mtpa, a tailings leach plant which has achieved annual throughputs of up to 16 Mtpa, a smelter with original design 128 capacity of 311 ktpa and an on-site acid plant with leaching capacity of 1,850 tonnes per day. The Nchanga complex also houses a 590 Mt tailings storage facility, TD05, which currently stores tailings from the Nchanga concentrator.

Mining operations at the Nchanga Complex commenced in 1927. Konkola Plc has carried out extensive work on the property, including the commissioning of a new sulfur burning acid plant, the installation of direct-to-blister technology from Outotec, the expansion of the Nkana refinery to 300 ktpa and the commissioning of a two concentrators at the Nchanga Complex.

For current production activities, see "*Mining Properties Summary Disclosure—Annual Production for the Past Three Years*."

The net book value of the Nchanga Complex, inclusive of property, plant and equipment, as of March 31, 2025 was $201.5 million.

**Tailings Complex**

The Tailings Complex consists of TD03 and TD04, historical tailings facilities located at the Nchanga Complex in Chingola. These dams were constructed to store fine-grained tailings generated from decades of copper ore processing at the Nchanga concentrators. Over time, they have accumulated significant volumes of tailings containing residual copper. These tailings are located on the surface and are transported to the TLP for processing and extraction of associated minerals.

The net book value of the Tailings Complex, inclusive of property, plant and equipment, is part of the net book value of the Nchanga Complex.

**History**

Underground mining operations at KCM Complex commenced in 1957, with Nchanga open pit mining commencing in 1937, by Konkola Plc, initially accessed via vertical shafts and rail haulage levels. Over the decades, KCM Complex became one of the region's most significant copper producers, with its development closely tied to the broader evolution of Zambia's mining industry.

During the privatization of the Zambian mining sector completed in 2000, Anglo American reacquired a 51% interest in Konkola Plc, however, Anglo American subsequently withdrew as a shareholder in 2002, leaving ownership primarily with government-related investment vehicles, including ZCCM. In November 2004, Vedanta acquired a 51% equity interest in Konkola Plc and later increased its holding to approximately 79.4% in 2008, with the remaining interest held by ZCCM.

In 2019, the GRZ, through ZCCM, initiated provisional liquidation proceedings in the Zambia High Court, which resulted in the company being managed by the court-appointed Provisional Liquidator rather than Vedanta. This period of government-led control lasted until July 2024, when operations were officially handed back to Vedanta and the previous shareholding structure was restored. During the provisional liquidation, Konkola Plc's board was suspended, and the company operated outside of Vedanta's direct management, impacting investment, operational decision-making, and overall performance until the reinstatement of Vedanta's control and the board.

**Location**

The map below indicates the approximate location of the KCM Complex, including the Konkola Complex, Nchanga Complex and Tailings Complex.

![](ctm003_img023.jpg)

Map: KCM Complex Mines and Infrastructure

Source: Base map tiles© OpenStreetMap contributors. Coordinate system: WGS 84 (EPSG:4326), Decimal Degrees. Map accuracy within ±50 m of stated coordinates.

Nkana refinery and Nampundwe mine shown for completeness; these do not form part of the KCM Complex.

The location and size of the Konkola Complex, Nchanga Complex, Tailings Complex and Nkana Refinery, as well as each major facility within the KCM Complex, is shown below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Site/Facility** | **Latitude<sup>(1)</sup>** | **Longitude<sup>(1)</sup>** | **Area (ha)** | **License No.(2)** |
| Konkola Mine (No. 4 Shaft) | 12.378820°S | 27.829329° E | 6692.3 | 7076—HQ—LML |
| Nchanga Underground (D Shaft) | 12.524812°S | 27.854832° E | 8516.9 | 7075—HQ—LML |
| Nchanga TLP | 12.532698°S | 27.847922° E | 177.0 | 28174—HQ—MPL |
| Nchanga East Mill (Concentrator) | 12.526696°S | 27.858325° E | 27.0 | 28173—HQ—MPL |

---

(1) Co-ordinates
 are shown in WGS84 decimal degrees

(2) For
 further information on these licenses, please refer to Mining Properties Summary Disclosure—License
 Details —Surface and Access Rights, and —Royalty Payments.

 **** 

**Access and Infrastructure**

The Konkola Complex is located near the town of Chililabombwe in Zambia's Copperbelt Province, approximately 20 km north of Chingola and 5 km south of the Zambia–DRC border. The mine is accessible via the T3 Highway, a sealed, all-weather road that connects Chingola to Chililabombwe, providing reliable year-round access for personnel, equipment, and product transport. The operation is also supported by proximity to well-established road networks, facilitating the transport of copper concentrates to domestic smelters and refined products to export markets via southern, eastern, or western routes (such as to Durban Port in South Africa, Dar es Salaam Port in Tanzania, or Walvis Bay Port in Namibia). Additionally, proximity to the Kasumbalesa Border Post facilitates imports from the DRC to Zambia, such as mineral ores and concentrates. The Tazara railway line that stretches from the Zambian town of Kapiri Mphosi, through Tanzania to the port of Dar-es-salaam has also been used in the past to transfer final products, however the primary method for transportation is by road freight. Rail freight is not used for initial product transport in the local areas surrounding the KCM Complex because the existing railway infrastructure and rolling stock are in a deteriorated condition, making rail services non-operational and necessitating reliance on road transport for both inbound shipments and outbound product movement. Utilities, including power and water, are supplied through established regional infrastructure, and the site benefits from access to the Simon Mwansa Kapwepwe International Airport in Ndola, located approximately 130 km to the southeast, facilitating the movement of personnel and time-sensitive materials. Due to the history of mining in the region, there is also established access to personnel working in the mining sector.

The Nchanga Complex and Tailings Complex are strategically positioned approximately 20 km south of the Konkola Complex underground mine and benefits from the same location and infrastructure advantages as the Konkola Complex.

Due to the Konkola Complex being one of the wettest underground mines, the primary source of raw water is derived from underground dewatering activities and there is no need for above-ground water storage. The volume of water that inflows into underground mine operations at the Konkola complex far exceeds required raw water for the KCM Complex.

Konkola Plc primarily draws power from the CEC, which owns and operates electricity transmission infrastructure in the Copperbelt region. The CEC primarily purchases electricity from ZESCO. Konkola Plc maintains an electricity supply plan with ZESCO for supply of electricity to 2035.

**Geology**

The majority of copper mineralization at Konkola is hosted within the ore shale unit (OSU), which is overlain by the hanging wall quartzite. The mineralization is predominantly composed of chalcopyrite and pyrite, with bornite becoming increasingly significant in structurally complex areas. Structural deformation, particularly thrust faulting, has resulted in zones of enhanced permeability, facilitating localized remobilization of copper and contributing to increased grade variability across the deposit. The influence of deep-seated hydrothermal fluids has led to minor silicification and sericite alteration of the host rocks, which in turn has implications for the metallurgical characteristics of the ore. The deposit is structurally controlled, being preserved within the Konkola Syncline—a broad, northwest-trending fold structure. Thrust faults and shear zones further segment the mineralization, creating areas of localized enrichment and adding to the overall structural complexity of the deposit. The geometry of the mineralization is characterized by moderate to steep dips, ranging from 45 to 70 degrees, which generally conform to the synclinal structure. At greater depths, the dip of the orebody increases sharply, necessitating the use of specialized mining techniques to ensure safe and efficient extraction. Hydrogeologically, Konkola is notable for having very wet underground mine conditions, with significant groundwater inflows encountered along faulted and fractured zones This results in an exceptionally high ore hoist-to-water pumping tonnage ratio of approximately 1:49, necessitating intensive dewatering measures to maintain safe and continuous mining operations. A comprehensive dewatering system has been implemented, featuring staged pumping stations at multiple levels (370 mL, 690 mL, and 950 mL), sumps and extensive water management infrastructure to handle inflows and ensure mine access and personnel safety. Infrastructure upgrades under way include the installation of a new pump station at the 1,390 mL level to facilitate deeper mining, alongside ongoing improvements to energy efficiency and alignment of processing capacity with production targets.

The Nchanga open pit, located approximately 15 km south of Konkola, is characterized by a heterogeneous geological setting with distinct oxide, supergene, and sulfide mineralization zones. The upper oxide zone comprises malachite, azurite and chrysocolla, which transitions downward into a chalcocite-rich supergene blanket, underlain by a primary sulfide zone dominated by chalcopyrite and bornite, with occasional native copper veins, especially near fault zones. The deposit is structurally complex, with large-scale faulting resulting in compartmentalized mineralization and variable ore styles. Mineralization generally dips shallowly (10–30°), but steeper dips (40–50°) occur near fault intersections. Seasonal rainfall poses significant hydrogeological challenges, necessitating robust surface water management to prevent water accumulation within the pit.

The Nchanga Complex underground mine deposit extends from the open pit and is hosted primarily within carbonaceous shales and siltstones, interbedded with dolomitic units. The mineralization style mirrors that of the open pit, with a progression from oxide minerals (malachite, azurite, chrysocolla) through a chalcocite-rich supergene blanket to a sulfide zone dominated by chalcopyrite and bornite, and occasional native copper in faulted areas. Structural complexity is pronounced, with thrust fault repetition creating stacked orebodies and intricate structural interactions. The mineralization exhibits moderate to steep dips (40–65°) due to thrust stacking and folding. Hydrogeologically, the underground mine experiences significant groundwater inflows, particularly along thrust planes, requiring continuous water management and staged pumping to maintain safe working conditions.

**Mining Rights**

Konkola Plc holds exclusive mineral rights for the KCM Complex, Nkana refinery and Nampundwe mine. For a summary of Konkola Plc's mineral rights, see "*Mining Properties Summary Disclosure—License Details*" and "*Mining Properties Summary Disclosure—Surface and Access Rights*". All property rights are considered to be in good legal standing, with no known encumbrances, material legal proceedings or regulatory actions affecting Konkola Plc's ability to operate within its licensed areas.

**Exploration and Development**

Konkola Plc has introduced a phased infill and extension drilling program to aid geological understanding, grow known mineralization and support long-term mine planning at the Konkola Complex underground mine. The infill and extension drilling strategy includes four key phases: Phase 1 targets an upgrade to Measured classification for five years of production through 60-meter drill spacing using both underground and surface directional drilling; Phase 2 aims to delineate Indicated material for the subsequent ten years via a combination of surface directional and vertical drilling; Phase 3 involves infill drilling to upgrade confidence in Inferred Mineral Resources to Indicated Mineral Resources by reducing drillhole spacing; and Phase 4 focuses on expanding drilling at the lease boundary with deep surface holes averaging 1,500 meters. These programs are designed to address current limitations in drilling density, assay coverage and structural modeling, and are supported by recommendations to upgrade the on-site analytical laboratory. The goal is to de-risk geological understanding and enable resource upgrades, facilitating the conversion to Mineral Reserves, thereby underpinning the long-term viability and expansion of the Konkola operation.

Access, rock handling and ventilation systems have been progressively expanded to accommodate increasing mining depths and the use of underground diesel fleets. Personnel access is provided via shaft hoisting systems, declines and underground rail networks, with underground refuge chambers as additional safety facilities and surface infrastructure delivering power, ventilation and water reticulation.

On the surface, the Konkola Complex concentrator processes run-of-mine ore through crushing, milling, flotation and dewatering. The resulting concentrate is transported to the Nchanga smelter which produces saleable copper anodes, with some of the anodes being further processed to produce copper cathodes at the Nkana refinery through electrorefining. Infrastructure upgrades under way at Konkola include the refurbishment and optimization of the concentrator circuit to enhance throughput and metallurgical recovery, upgrades to tailings pumping in conjunction with the installation of a paste fill plant and distribution system to support changes in mining methods for improved resource recovery and the installation of a new pump station at the 1,390 mL level to facilitate dewatering of the orebody. Additional improvements are in progress to increase energy efficiency and align processing capacity with underground production targets. Furthermore, a portion of the tailings stream will be directed to the underground paste fill system, supporting improved performance of mining practices and reducing the requirement for surface tailings deposition.

Ongoing exploration activities at the Nchanga Complex focus on enhancing geological confidence and expanding the understanding of the Mineral Resource base. The primary initiatives include infill and extension drilling at the COP E Extension and COP DF deposits. These drilling programs are designed to validate existing geological data, investigate potential extensions of known mineralization and increase the confidence level for the proposed development of underground mining in these areas. The aim is to upgrade the classification of resources, which is essential for future mine planning and potential conversion of Mineral Resources to Mineral Reserves.

Ongoing drilling and exploration activities are also taking place at TD05 at the Nchanga Complex and Lubengele at the Konkola Complex, with a view to generating Mineral Resource estimates and expanding the resource base of Konkola Plc's operations. At TD05, drilling commenced in July 2025, employing a 250 meter by 250 meter drill spacing grid, with a total of 255 holes planned, amounting to 14,025 meters of drilling. A parallel and identical drilling and test work program is planned for the Lubengele tailings dam at Konkola. Drilling to practical limitations was completed in late Fiscal 2026, with subsequent analyses and Mineral Resource conversion estimated to be completed by mid-Fiscal 2027.

Konkola Plc's near term capital expenditures of $1.5 billion are as follows:

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| | |
|:---|:---|
| **Site** | **Works** |
| Konkola Complex | Underground development access and lateral development to access Mineral Reserves |
| Konkola Complex | Dewatering infrastructure including 1390 Level pumping system |
| Konkola Complex | 4 Shaft deepening and equipping (1150/1350 levels) |
| Konkola Complex | Paste fill plant construction and commissioning (3.0 Mtpa capacity) |
| Konkola Complex | Ventilation upgrades and underground infrastructure |
| Nchanga Complex | Tailings Leach Plant upgrades (elevated temperature leaching and permanent cathodes) |
| Nchanga Complex | Smelter sustaining capital and refurbishment |
| Konkola Complex | Concentrator Stream 2 refurbishment |
| KCM Complex | Sustaining capital (equipment replacement, ongoing maintenance), closure cost provisions, working capital and contingency |

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**Mine Infrastructure and Equipment**

The Konkola Complex underground mine is a large-scale, mechanized operation supported by extensive infrastructure and modern mining equipment. Access to the orebody is provided by a network of vertical shafts (1 Shaft, 3 Shaft and 4 Shaft), declines, rail haulage levels and supported by extensive underground development. A comprehensive dewatering system is in place, featuring staged pumping stations at multiple levels (370 mL, 690 mL, 950 mL), with upgrades under way including the installation of a new pump station at 1,390 mL to enable deeper mining. The mine's ventilation system is robust, with plans for additional intake and return shafts to support increased production and ensure safe working conditions. For further information on condition of facilities at the Konkola Complex, see "—*Our Properties—Mining Properties Summary Disclosure—Equipment, Facilities and Infrastructure*" above. The Konkola Complex concentrator is a conventional sulfide flotation plant with a nameplate capacity of 6 million Mtpa of run-of-mine ore. The facility comprises two parallel comminution circuits (each with a SAG and ball mill), hydrocyclone clusters, and a multi-stage flotation circuit designed to recover copper from both sulfide and oxide minerals. The tailings storage facility at Chililabombwe, known as the Lubengele, is the primary deposition site for tailings generated by the Konkola concentrator. The facility is located just north of the town of Chililabombwe and is engineered to accommodate the high-volume slurry produced by ongoing mining and processing operations.

Processing infrastructure at the Nchanga Complex is substantial. The Nchanga Complex houses three sulfide concentrators—Old East Mill (4.4 Mtpa nominal capacity), New East Mill (6.5 Mtpa nominal capacity) and New West Mill (2.5 Mtpa nominal capacity), and have a combined total nominal capacity of 13.4 million Mtpa. The Nchanga TLP is a key facility that reprocesses both current tailings from the Nchanga concentrators and historic tailings, TD03 and TD04, using sulfuric acid leaching, solvent extraction and electrowinning to produce LME Grade A copper cathode. The Nchanga TLP has achieved throughputs of up to 16 Mtpa. The TLP is supported by an on-site acid plant with leaching capacity of approximately 1,850 tonnes per day. The Nchanga smelter is a flash furnace operation designed to process high-grade copper concentrates, producing copper anodes and cobalt alloy, with a nameplate capacity of 311 ktpa. The smelter is tightly integrated with the TLP and the Nkana refinery in Kitwe, which produces refined copper cathodes and starter sheets for the TLP electrowinning tankhouse.

The Nkana refinery located in Kitwe is a conventional electro-refinery with a nominal capacity of 300 Ktpa of LME Grade A refined copper. The refinery utilizes a starter sheet process, where thin sheets of refined copper are plated on titanium blanks and then grown to full weight in the commercial tankhouse sections. Anodes are consumed in two 11-day cycles, producing two refined cathodes per anode, with approximately 18% of the anode weight returned to the smelter as scrap. The refinery is arranged in 72 independently powered sections, with nine electrolyte circuits servicing eight sections each. Historically, the refinery has achieved over 95% current efficiency and produced more than 95% LME Grade A quality copper. In recent years, capacity has been significantly reduced due to maintenance challenges. The current focus of the refinery is to produce starter sheets for the TLP electrowinning tankhouse, with anode scrap returned to the smelter for remelting. Slimes generated during refining, containing precious metals, are collected and sold.

**Mining Methods and Processing**

KCM operates an integrated processing and recovery system across three main sites: Konkola, Nchanga, and Kitwe. The overall processing strategy is designed to treat copper sulfide and mixed oxide-sulfide ores sourced from the Konkola Complex underground mine, as well as reclaimed tailings from TD03 and TD04. Ore from the Konkola Complex is processed using conventional sulfide flotation at the Konkola concentrator to produce copper-cobalt concentrate. The Nchanga flash smelting furnace processes concentrate from the Konkola and Nchanga concentrators together with third-party concentrate purchased from other regional copper mines. KCM's own concentrates carry elevated silica and magnesia content that exceeds the flash smelting furnace's preferred feed blend parameters, and the addition of chalcopyrite-dominant third-party concentrate is necessary to achieve the chemical balance required for stable furnace operation. The smelting process generates sulfur dioxide off-gas from which sulfuric acid is produced at the on-site acid plant (capacity 1,850 tonnes per day). This acid is the essential reagent for the Nchanga Tailings Leach Plant, which processes reclaimed tailings from TD03 and TD04 and current tailings from the Nchanga concentrators using sulfuric acid leaching, solvent extraction, and electrowinning to produce LME Grade A copper cathode. The smelter also produces cobalt alloy as a by-product for sale. Copper anodes produced at the Nchanga smelter are transported to the Nkana Refinery in Kitwe, which is currently focused on producing starter sheets for the Tailings Leach Plant electrowinning tankhouse. The Nkana Refinery has a nameplate capacity of 300 Ktpa of LME Grade A refined cathode, and we expect to evaluate a strategic investment program to restore full cathode refining capacity when power supply conditions permit.

The mining and processing operations at the KCM Complex are summarized in the following graphic:

![](ctm003_img024.jpg)

At the Konkola Complex underground mine, three principal mining methods are currently utilized: Longhole Open Stoping, Post Pillar Cut and Fill and a Hybrid Overcut and Bench method, also referred to as Modified Overcut and Bench. The selection of each mining method is determined by factors such as orebody dip, ore thickness, ground conditions and the availability of infrastructure.

Mining operations at the Nchanga complex employ a combination of large-scale open pit and underground mining methods, supported by surface stockpiles and tailings reclamation infrastructure. Open pit mining is carried out using conventional truck-and-shovel techniques, incorporating benching, drilling, blasting, and staged pushbacks guided by Whittle-optimized pit designs to maximize resource extraction and operational efficiency.

**Summary of Mineral Resources and Mineral Reserves**

**KCM Complex Summary of Mineral Resources as of April 1, 2025<sup>(1)</sup> – 79.42% Basis**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Classification** | **Ore (Mt)** | **TCu (%)** | **Copper <br> (kt)** | **TCo (%)** | **Cobalt <br> (kt)** | **Cut-off Grade** | **Copper <br> Metallurgical <br> Recovery** | **Cobalt <br> Metallurgical <br> Recovery** |
| Measured | 1.1 | 3.7 | 41 | 0.05 | 1 | 1.0% TCu (US$9,000/t Cu)<sup>(2)</sup> | Conc: 89.1%; Smelter: 98.7%; Refinery: 96.75% payable<sup>(3)</sup> | Conc: 30%; Smelter: 60%<sup>(3)</sup> |
| Indicated | 38.2 | 2.2 | 859 | 0.04 | 14 | 0.41–1.0% TCu / 0.41% ASCu (varies by deposit) <sup>(2)</sup> | Conc: 89.1% (Konkola); 24–61% (Nchanga) <sup>(3)</sup> | Conc: 30%; Smelter: 60%<sup>(3)</sup> |
| Measured + Indicated | 39.2 | 2.3 | 897 | 0.04 | 15 | See footnote 2 | See footnote 3 | See footnote 3 |
| Inferred | 208.1 | 3.3 | 6896 | 0.06 | 119 | 0.95–1.0% TCu (Nchanga) <sup>(2)</sup>; 1.0% TCu (Konkola)² | Conc: 89.1% (Konkola); 24–61% (Nchanga) <sup>(3)</sup> | Conc: 30%; Smelter: 60%<sup>(3)</sup> |
| Total | 247.3 | 3.2 | 7793 | 0.05 | 134 | See footnote 2 | See footnote 3 | See footnote 3 |

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Note: All figures reflect CopperTech Metals Inc.'s 79.42% ownership interest in Konkola Plc. For 100% basis figures and full deposit-level disclosure, refer to Exhibits 96.1 (IA TRS) and 96.2 (PFS TRS) to the registration statement.

1) Mineral Resources reported exclusive of Mineral Reserves per S-K 1300 Item 1304(d)(1). Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Point of reference: in situ material. Sources: PFS TRS (Exhibit 96.2) Table 1.3 — Konkola Mine; IA TRS (Exhibit 96.1) Table 1.2 — all Nchanga deposits (COP DF, Luano, COP E Ext and Stockpile SP16). TD03 and TD04 fully converted to Probable Mineral Reserves (no resource exclusive of reserves); inclusive resource (79.42% basis): TD03 7.1 Mt / 0.8% TCu (ASCu 0.4%) — 52 kt Cu; TD04 22.2 Mt / 0.6% TCu (ASCu 0.4%) — 138 kt Cu. Cobalt in TD03/TD04 not economically recovered.

2) Cut-off grades applied at US$9,000/t Cu. By deposit: Konkola Mine 1.0% TCu; Nchanga COP DF open pit 0.48% TCu; Nchanga COP DF underground and COP E Extension 1.0% TCu; Luano 0.95% TCu; SP16 0.41% ASCu. No cut-off applied to TD03/TD04 (all material processed).

3) Metallurgical recovery assumptions used for reasonable prospects assessment. Konkola Mine: Concentrator 89.1% Cu, 30% Co; Smelter 98.7% Cu, 60% Co; Refinery 96.75% Cu payable. Overall ROM-to-refined-metal: 88.2% Cu, 18.0% Co. Nchanga: Concentrator 24–61% Cu (varies by deposit); Smelter 98.7% Cu; Refinery 96.75% Cu payable. TD03/TD04: Nchanga TLP 74.8% ASCu recovery (equivalent to ~48.1% TCu to cathode). Cobalt not recovered from TD03/TD04.

· The effective date of the Mineral Resource estimates is 1 April 2025. Approximately
1.2 Mt of ore has been mined from Konkola Mine between the effective date and the date of this report, representing less than 0.5% of
the total Mineral Resource. The Qualified Person considers this depletion to be not material and the Mineral Resource estimates have not
been adjusted. The Qualified Person confirms that no material changes to the underlying geological model, grade estimates, resource classification,
or economic assumptions have occurred since the effective date. There have been no changes from the effective date of the TRS that would
materially disaffirm or otherwise change any aspect of the TRS or require the filing of a new TRS in accordance with Regulation S-K.

· Tonnage and grade rounded; contained metal calculated from unrounded figures. Rounding may cause apparent
discrepancies.

**KCM Complex Summary of Mineral Reserves as of April 1, 2025<sup>(1)</sup>– 79.42% Basis**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Classification** | **Ore <br> (Mt)** | **TCu <br> (%)** | **Copper <br> (kt)** | **TCo <br> (%)** | **Cobalt <br> (kt)** | **Cut-off Grade** | **Cu Metallurgical <br> Recovery** | **Co Metallurgical <br> Recovery** |
| Proven | 2.4 | 2.6 | 60 | 0.06 | 2 | US$50–125/t ROM NSR² (Konkola Mine only; no COG for TD03/TD04³) | 88.2% Cu (Konkola)²; TLP: n/a (Proven = Konkola only) | 18.0% Co (Konkola)²; TD03/TD04: not recovered³ |
| Probable | 52.4 | 1.7 | 856 | 0.02 | 13 | US$50–125/t ROM NSR² (Konkola); None applied³ (TD03/TD04) | 88.2% Cu (Konkola)²; TLP: 74.8% ASCu³ (~48.1% TCu to cathode) | 18.0% Co (Konkola)²; TD03/TD04: not recovered³ |
| Total Proven + Probable | 54.8 | 1.7 | 916 | 0.03 | 14 | See footnotes 2–3 | See footnotes 2–3 | See footnotes 2–3 |

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Note: All figures reflect CopperTech Metals Inc.'s 79.42% ownership interest in Konkola Plc. For 100% basis figures and full deposit-level disclosure, refer to Exhibits 96.1 (IA TRS) and 96.2 (PFS TRS) to the registration statement.

1) Source: PFS TRS (Exhibit 96.2), Table 12.1. Mineral Reserves reported per S-K 1300 Item 1304(d)(1). Proven Reserves derived from Measured Resources; Probable Reserves derived from Indicated Resources. Point of reference: ore delivered to processing plant (ROM stockpile). The KCM Mineral Reserve comprises two assets: Konkola Mine and Tailings Dams TD03 and TD04 (Nchanga TLP).

2) Konkola Mine (Proven 2.4 Mt / Probable 23.0 Mt / Total P+P 24.6 Mt): NSR cut-off varies by mining block (US$50–125/t ROM), determined through the Qualified Person's HoV® Strategy Optimisation methodology using a copper price of US$8,600/t and cobalt price of US$28,000/t. Overall ROM-to-refined-metal metallurgical recovery: 88.2% Cu and 18.0% Co (stage-by-stage: Concentrator 89.1% Cu, 30% Co; Smelter 98.7% Cu, 60% Co; Refinery 96.75% Cu payable). Cobalt recovered as cobalt alloy by-product at the Nchanga Smelter.

3) Tailings Dams TD03 and TD04 (Probable 29.4 Mt only — no Proven declared, reflecting the absence of infill drilling required for Measured classification): No cut-off grade applied — all material recovered in full. Grades reported as TCu%; the TLP recovers the acid-soluble copper fraction (ASCu) at 74.8%, equivalent to approximately 48.1% of total copper to cathode. Average ASCu grades: 0.41% TD03, 0.42% TD04. Cobalt is not economically recovered through the TLP electrowinning process and is not attributed economic value. Contained copper (100% basis): TD03 9 Mt / 0.8% TCu — 65 kt Cu; TD04 28 Mt / 0.6% TCu — 174 kt Cu.

&nbsp;&nbsp;&nbsp;&nbsp;· The effective date of the Mineral Reserve estimates is 1 April 2025. Approximately 1.2 Mt of ore has been
mined from Konkola Mine between the effective date and the date of this report, representing less than 3% of the stated Mineral Reserve.
This depletion is not considered material, and the Mineral Reserve estimate has not been adjusted. The Qualified Person confirms that
no material changes to the geological model, modifying factors, or economic assumptions have occurred since the effective date. There
have been no changes from the effective date of the TRS that would materially disaffirm or otherwise change any aspect of the TRS or require
the filing of a new TRS in accordance with Regulation S-K.

&nbsp;&nbsp;&nbsp;&nbsp;· Tonnes and grades are diluted values; Inferred material within mine designs treated as zero grade waste.
Rounding may cause apparent discrepancies.

&nbsp;&nbsp;&nbsp;&nbsp;· Economic analysis supporting the Mineral Reserve applies P75 consensus copper pricing of US$9,925/t to
US$11,298/t over the production period. The NSR cut-off of US$8,600/t is conservatively below the study price.

&nbsp;&nbsp;&nbsp;&nbsp;· Processing Route — TD03 AND TD04: Nchanga TLP → Copper cathode.

As this is the first time that Mineral Resources and Mineral Reserves have been estimated for the KC Complex in accordance with subpart 1300 of Regulation S-K, there is no Mineral Resource or Mineral Reserve information for prior dates for comparison.

**Internal Controls Disclosure**

The analysis of Konkola Plc's Mineral Reserves and Mineral Resources for Konkola Complex underground mine and the Nchanga Complex (including TD03 and TD04) has been reviewed by AMC, designated as the "qualified person" (the "Qualified Person") in collaboration with its personnel. Konkola Plc's management teams periodically review its Mineral Reserves and Mineral Resources by performing subsurface resource definition drilling and sampling, and techno-economic analysis as part of its mine planning process. The modeling and analysis of Konkola Plc's Mineral Reserves and Mineral Resources has been developed by Konkola Plc's technical leaders, and experienced consultants and is reviewed by several levels of internal management. The development of such Mineral Reserves and Mineral Resources estimates, including related assumptions, was a collaborative effort between Konkola Plc and the Qualified Person. This section summarizes the internal control considerations for Konkola Plc's development of estimations, including assumptions, used in Mineral Reserves and Mineral Resources analysis and modeling.

When determining Mineral Reserves and Mineral Resources, as well as the differences between Mineral Reserves and Mineral Resources, the team developed specific criteria, each of which must be met to qualify as a Mineral Reserves and Mineral Resources, respectively. These criteria, such as demonstration of economic viability, legal right to mine and material quality, are specific and attainable. The Qualified Person and Konkola Plc's management agree on the reasonableness of the criteria for the purposes of estimating Mineral Reserves and Mineral Resources for Konkola Complex underground mine and the Nchanga Complex (including TD03 and TD04). Estimations using these criteria are either performed or reviewed and validated by the Qualified Person.

Estimations and assumptions were developed independently for each material property and are set out in Section 8 of the accompanying Technical Report Summaries. All estimates require a combination of historical data, key assumptions, parameters, subsurface exploration and material testing. Quality assurance and quality control procedures ("QA/QC Procedures") have been developed for each property, which were reviewed by the Qualified Person, to ensure the underlying data used as the primary input into the Mineral Resource and Mineral Reserve estimates is representative of the deposit and has sufficient precision and accuracy to be considered reliable. The Qualified Person is satisfied that the QA/QC Procedure deficiencies, individually and in the aggregate, add a degree of uncertainty to the assay database but do not materially compromise the reliability of the Mineral Resource estimates at the Pre-Feasibility Study level of confidence.

While the Mineral Reserve (Proven and Probable) and Mineral Resource (Measured, Indicated and Inferred) classification categories identify relative confidence of estimates, there is an inherent risk associated with such estimates. The risk stems from factors including geological complexity; the interpretation, interpolation and extrapolation of field and laboratory data; changes in operating approach; macroeconomic and market conditions and new data, among other factors. The capital, operating and economic analysis estimates rely on a range of assumptions and forecasts that are subject to change. Konkola Plc bases estimates on information known at the time of determination and regularly reevaluate the basis of the estimates and estimates themselves whenever new information indicates a material change in Mineral Reserves and/or Mineral Resources at any of Konkola Plc's properties.

**MANAGEMENT**

The following table provides information regarding our executive officers and our board of directors as of the date of this prospectus:

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| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position** |
| **Executive Officers** |  |  |
| Deshnee Naidoo | 49 | Chief Executive Officer and Director |
| Pushpender | 43 | Chief Financial Officer |
| **Non-Employee Directors and Director Nominees** |  |  |
| Priya Agarwal Hebbar | 36 | Director and Chairperson |
| Thomas Albanese | 68 | Director and Vice Chairperson |
| Moses Banda | 70 | Director Nominee |
| Upendra Kumar Sinha | 74 | Director Nominee |
| Rishi Sethia | 53 | Director Nominee |

---

**Executive Officers**

Deshnee Naidoo has served as our Chief Executive Officer since 2026 and was appointed as the Executive Director to our board of directors in March 2026 . Ms. Naidoo served as Chief Executive Officer of VRL, an affiliate of the Company, from January 2025 to 2026. Previously, Ms. Naidoo served as Chief Executive Officer of Vale Base Metals in Canada from 2023 until March 2024. She joined Vale Base Metals in January 2021 and held roles including Executive Vice President and Chief Financial Officer, where she led the successful carve-out of the business from its parent company, Vale S.A. Between 2014 and 2020, Ms. Naidoo held senior leadership roles at Vedanta, including CEO of Vedanta Zinc International and Africa Base Metals. Ms. Naidoo holds a degree in Chemical Engineering from the University of KwaZulu-Natal, South Africa, and a certification in Finance and Administration from the Witwatersrand Business School. We believe that Ms. Naidoo's extensive global experience in the resources business, and her dedication to operational excellence and driving growth make her well-equipped to be a director of the board of the Company.

Pushpender has served as our Chief Financial Officer since 2026. Mr. Pushpender served as the Chief Financial Officer and Executive Director of Vedanta Zinc International, an affiliate of the Company, from 2016 to 2025, and as interim Chief Financial Officer of Konkola Plc from December 2025 to . Mr. Pushpender has held various roles within the Vedanta group since 2007, including Chief Financial Officer and Director of Vedanta Base Metals Limited from 2024 to 2025, Head of Finance, Commercial and Administration for Vedanta's Australian Operations from 2010 to 2015; Finance Controller for Talwandi Sabo Power from 2008 to 2010; and Finance and Treasury Controller for Vedanta Aluminium and Sterlite Energy from 2007 to 2008. Mr. Pushpender is a Chartered Accountant with memberships from the Institute of Chartered Accountants of India and the South African Institute of Chartered Accountants. He holds a Bachelor of Commerce degree from Maharaja Ganga Singh University, India. We believe Mr. Pushpender's strong financial expertise and leadership will support the Company's continued growth, enhance financial discipline and strengthen governance standards.

**Non-Employee Directors and Director Nominees**

Priya Agarwal Hebbar is Chairperson of our board of directors and was appointed as a non-employee director to our board of directors in January 2025. Ms. Agarwal has served as Chairperson of Hindustan Zinc Limited (NSE: HZNC.NS), India's only integrated zinc producer, since 2023 and as Non-Executive Director at Vedanta Limited, a leading global natural resources conglomerate, since 2017. Hindustan Zinc Limited and Vedanta Limited are affiliates of the Company. Ms. Agarwal currently leads the Anil Agarwal Foundation, and in 2010 she founded YODA, Maharashtra's largest animal welfare organization. Ms. Agarwal also leads The Animal Care Organization (TACO), India's first state-of-the-art animal welfare project under the Animal Assistance Foundation. Ms. Hebbar is the daughter of Anil Agarwal and holds a Bachelor's degree in Psychology and Business Management from the University of Warwick, UK. We believe that Ms. Agarwal's experience in strategic leadership and public relations and her ability to oversee and guide large-scale projects and initiatives make her well-equipped to be a director of the board of the Company.

Thomas Albanese is Vice Chairperson of our board of directors and was appointed as a non-employee director to our board of directors in October 2025. Mr. Albanese served as Chief Executive Officer and director of VRL (formerly Vedanta Resources Plc), an affiliate of the Company, and as Chief Executive Officer and director of Vedanta Limited (NSE: VEDL) between 2014 and 2017. Mr. Albanese also served as Chairman of Konkola Plc from 2014 to January 2018. Previously, he served as Chief Executive Officer of Rio Tinto plc and Rio Tinto Limited, the British and Australian parent companies of the leading diversified international mining group from 2007 to 2013. Mr. Albanese also serves as co-chairman of CIC, a private deep sea mineral project. Currently, Mr. Albanese also serves as a director on the Board of Franco-Nevada Corp (NYSE and TSX: FNV), a leading gold-focused royalty and streaming company, and CoTec Holdings Corp (TSX-V: CTH and OTCQB: CTHCF), a resource extraction and processing company. Since 2023, he has served as Co-Chairman of the critical minerals vertical at SAFE, a Washington DC-based non-profit think tank focused on U.S. Energy and Mineral Security. Mr. Albanese holds a Master of Science degree in Mining Engineering and a Bachelor of Science degree in Mineral Economics from the University of Alaska Fairbanks. He was conferred with an Honorary Doctorate from the University of Alaska in 2012. On October 17, 2017, the SEC filed civil charges against Rio Tinto plc, Mr. Albanese, and the former chief financial officer of Rio Tinto plc, alleging violations of various U.S. federal securities laws in connection with conduct at Rio Tinto plc and its subsidiaries while Mr. Albanese was the chief executive officer. On November 20, 2023, final judgments were entered based on the consents of Rio Tinto plc, Rio Tinto Limited and Mr. Albanese, without admitting or denying the SEC's allegations. Mr. Albanese was permanently restrained and enjoined from violating Section 13(b)(5) of the Exchange Act and Rule 13b2-1 thereunder, and subject to a civil penalty of $50,000. We believe that Mr. Albanese's robust experience serving as an executive and on the boards of numerous publicly traded global mining and resources companies makes him well-equipped to be a director of the board of the Company.

Dr. Moses Banda will serve as a non-employee director upon the completion of this offering. Dr. Banda is a well-known Zambian economist with over 40 years of experience across academia and the public and private sectors. Dr. Banda has served as a director of Konkola Plc. since July 2024. Since December 2021, Dr. Banda has served as Vedanta's Country Director and official spokesperson in Zambia. Previously, Dr. Banda served as the Presidential Economic Advisor to the late Zambian President Levy Patrick Mwanawasa from 2002 to 2007 and as Permanent Secretary at the Ministry of Commerce, Trade and Industry. He holds a PhD in Natural Resources and Economics and a Bachelor of Arts degree in Public Administration and Economics. We believe that Dr. Banda's extensive experience as an economist, his advisory roles within the Zambian government and for other international organizations and his deep knowledge of the Zambian economic landscape make him well-equipped to be a director of the board of the Company.

Upendra Kumar Sinha will serve as a non-employee director upon the completion of this offering. Mr. Sinha has served as a director on the board of New Dehli Television Limited (NSE: NDTV) since 2023, a director on the board of Nippon Life India Asset Management Limited (NSE: NAM-INDIA) since 2023, a director on the board of SIS Limited (NSE: SIS) since 2022 and a director on the board of Havells (NSE: HAVELLS) since 2018. Prior to these directorships, Mr. Sinha served as a director on the board of Vedanta Limited, an affiliate of the Company, from 2018 to 2024. Mr. Sinha also served on the board of Max Healthcare Institute Limited (NSE: MAXHEALTH) from 2019 to 2021. He also served as the Chairman of Securities and Exchange Board of India (SEBI) between 2011 and 2017. He holds a bachelor's and master's degree in science from Patna University and a bachelor's degree in law from Patna University, Bihar. We believe that Mr. Sinha's extensive experience leading and overseeing major organizations makes him well-equipped to be a director of the board of the Company.

Rishi Sethia will serve as a non-employee director upon the completion of this offering. Mr. Sethia has served as a Senior Advisor/Consultant of Amaris Partners UK Ltd since 2022. He is also the founder, and has served as the Managing Director of, Euro Bridge Brands FZE since 2017. Previously, Mr. Sethia has held various senior executive positions, such as the Managing Director of Powerdeck International Limited, Senior Management – Security Printing Division of SICPA SA and the Senior Commercial Role at Newby Teas. Mr. Sethia also had extensive experience in the financial services industry, having served as Vice President and Head of India Desk of DLJ/Credit Suisse First Boston and the Vice President at Merrill Lynch. Mr. Sethia holds a bachelor's degree in International Business Administration (Finance & Trade) from European Business School. We believe that Mr. Sethia's global leadership experience in metals and mining, manufacturing, financial services and strategic advisory make him well-equipped to be a director of the board of the Company.

**Controlled Company Exemption**

Upon completion of this offering, Vedanta will hold approximately % of our outstanding common stock (or % if the underwriters exercise their option to purchase additional shares of common stock in full). As a result, we will be a "controlled company" as defined under the corporate governance rules of the NYSE and, therefore, will qualify for, and rely on, exemptions from certain corporate governance requirements of the NYSE. Accordingly, we will not be required to have a majority of independent directors on the board of directors as defined under the rules of the NYSE, and we will not be required to have a compensation committee or a nominating and corporate governance committee, in each case composed entirely of independent directors. We intend to take advantage of certain of these exemptions following the completion of this offering, including the exemption from the requirement to have a majority of independent directors. As a result, you will not have the same protections afforded to stockholders of companies that are subject to all of the corporate governance requirements of the NYSE.

In the event that we cease to be a "controlled company," to the extent we have not done so already, we will be required to fully implement the corporate governance requirements of the NYSE within the applicable transition periods.

**Board of Directors**

Upon consummation of this offering, our board of directors will consist of 6 individuals, including our Chairperson and Vice Chairperson. Our amended and restated certificate of incorporation, which will be effective upon the consummation of this offering, will provide that our board of directors will be established from time to time by our board.

Our amended and restated certificate of incorporation will provide that any newly created directorship on our board of directors that results from an increase in the number of directors and any vacancy occurring in our board of directors may only be filled by a majority of the directors then in office, although less than a quorum, or by a sole remaining director (and not by the stockholders).

**Lead Independent Director**

Our board of directors will adopt corporate governance guidelines that provide that the board of directors shall appoint an independent director to serve as our lead independent director. Our board of directors will appoint Mr. Sinha to serve as our lead independent director. As lead independent director, Mr. Sinha will have primary responsibilities to preside over all meetings.

**Director Independence**

Prior to the completion of this offering, our board of directors undertook a review of the independence of our directors and considered whether any director has a material relationship with us that could compromise that director's ability to exercise independent judgment in carrying out that director's responsibilities. Our board of directors has affirmatively determined that Dr. Banda, Mr. Sethia and Mr. Sinha each meet the definition of "independent director" under the rules of NYSE. In making these determinations, our board of directors considered the current and prior relationships that each director has with our company and all other facts and circumstances our board of directors deemed relevant in determining their independence, including the beneficial ownership of our common stock by each director and the transactions involving them described in "*Certain Relationships and Related Party Transactions*." In addition to determining whether each director satisfies the director's independence requirements set forth in the listing requirements of NYSE, in the case of members of the audit committee, our board of directors made an affirmative determination that such members also satisfy separate independence requirements and current standards imposed by the SEC.

There are no familial relationships between any of our executive officers and directors.

**Committees of the Board of Directors**

In connection with the completion of this offering, our board of directors will have an audit committee, a compensation committee and a nominating and corporate governance committee, each of which will have the composition and responsibilities described below.

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**Audit Committee**

Our audit committee will be responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;· appointing, compensating, retaining, evaluating, terminating and overseeing our independent registered
public accounting firm;

&nbsp;&nbsp;&nbsp;&nbsp;· discussing with our independent registered public accounting firm their independence from management;

&nbsp;&nbsp;&nbsp;&nbsp;· reviewing with our independent registered public accounting firm the scope and results of their audit;

&nbsp;&nbsp;&nbsp;&nbsp;· approving all audit and permissible non-audit services to be performed by our independent registered public
accounting firm;

&nbsp;&nbsp;&nbsp;&nbsp;· overseeing the financial reporting process and discussing with management and our independent registered
public accounting firm the quarterly and annual financial statements that we file with the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;· overseeing our financial and accounting controls and compliance with legal and regulatory requirements;

&nbsp;&nbsp;&nbsp;&nbsp;· reviewing our policies on risk assessment and risk management;

&nbsp;&nbsp;&nbsp;&nbsp;· reviewing related party transactions;

&nbsp;&nbsp;&nbsp;&nbsp;· establishing procedures for the confidential, anonymous submission of concerns regarding questionable
accounting, internal controls or auditing matters;

&nbsp;&nbsp;&nbsp;&nbsp;· internal audit; and

&nbsp;&nbsp;&nbsp;&nbsp;· risk.

Upon the completion of this offering, our audit committee will consist of Dr. Banda, Mr. Sethia and Mr. Sinha, with Mr. Sinha serving as chair. Rule 10A-3 under the Exchange Act and the rules of NYSE require that our audit committee have at least one independent member upon the listing of our shares of common stock, have a majority of independent members within 90 days of the date of this prospectus and be composed entirely of independent members within one year of the date of this prospectus. Our board of directors has affirmatively determined that Dr. Banda, Mr. Sethia and Mr. Sinha each meet the definition of "independent director" for purposes of serving on the audit committee under Rule 10A-3 under the Exchange Act and the rules of NYSE. Each member of our audit committee also meets the financial literacy requirements of NYSE. In addition, our board of directors has determined that Mr. Sinha will qualify as an "audit committee financial expert," as such term is defined in Item 407(d)(5) of Regulation S-K. Our board of directors will adopt a written charter for the audit committee, which will be available on our principal corporate website at <u>https://coppertechmetals.com</u> substantially concurrently with the completion of this offering. The information contained on, or that can be accessed through, our website is not a part of this prospectus; we have included this website address solely as an inactive textual reference.

**Compensation Committee**

Our compensation committee will be responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;· reviewing, modifying and approving our overall compensation strategy and policies;

&nbsp;&nbsp;&nbsp;&nbsp;· reviewing and approving the terms of any employment agreements, severance arrangements, change in control
protections and any other compensatory arrangements for our executive officers;

&nbsp;&nbsp;&nbsp;&nbsp;· overseeing our stock and equity incentive plans; and

&nbsp;&nbsp;&nbsp;&nbsp;· appointing and overseeing any compensation consultants.

Upon the completion of this offering, our compensation committee will consist of Dr. Banda, Mr. Sethia and Mr. Sinha, with Mr. Sethia serving as chair. Our board of directors will adopt a written charter for the compensation committee, which will be available on our principal corporate website at <u>https://coppertechmetals.com</u> substantially concurrently with the completion of this offering. The information contained on, or that can be accessed through, our website is not a part of this prospectus; we have included this website address solely as an inactive textual reference.

**Nominating and Corporate Governance Committee**

Our nominating and corporate governance committee will be responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;· identifying individuals qualified to become members of our board of directors, consistent with criteria
approved by our board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;· evaluating the overall effectiveness of our board of directors and its committees; and

&nbsp;&nbsp;&nbsp;&nbsp;· developing and recommending to our board of directors a set of corporate governance principles, reviewing
and assessing these principles and their application and recommending to our board of directors any changes to such principles.

Upon the completion of this offering, our nominating, governance and regulatory committee will consist of Dr. Banda, Mr. Sethia and Mr. Sinha, with Mr. Sinha serving as chair. Our board of directors will adopt a written charter for the nominating, governance and regulatory committee, which will be available on our principal corporate website at <u>https://coppertechmetals.com</u> substantially concurrently with the completion of this offering. The information contained on, or that can be accessed through, our website is not a part of this prospectus; we have included this website address solely as an inactive textual reference.

Our board of directors may, from time to time, establish other committees.

**Compensation Committee Interlocks and Insider Participation**

None of our executive officers have served as a member of a compensation committee (or if no committee performs that function, the board of directors) of any other entity that has an executive officer serving as a member of our board of directors.

**Indemnification and Insurance**

We maintain a general liability insurance policy that covers certain liabilities of our directors and officers arising out of claims based on acts or omissions in their capacities as directors or officers. Our amended and restated certificate of incorporation will include provisions limiting the liability of directors and officers and indemnifying them under certain circumstances. In addition, prior to the completion of this offering, we expect to enter into indemnification agreements with all of our directors and executive officers that provide them and certain of their affiliated parties with additional indemnification and related rights. See "*Description of Capital Stock—Limitation on Liability and Indemnification.*"

**Code of Conduct and Ethics**

Prior to the completion of this offering, we will adopt a written code of business conduct and ethics that applies to our directors, officers and employees, including our principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. A copy of the code will be posted on our principal corporate website at <u>https://coppertechmetals.com</u>. The information contained on, or that can be accessed through, our website is not a part of this prospectus; we have included this website address solely as an inactive textual reference. In addition, we intend to post on our website all disclosures that are required by law or the rules of NYSE concerning any amendments to, or waivers from, any provision of the code.

**EXECUTIVE AND DIRECTOR COMPENSATION**

For Fiscal 2025, we had no executive officers.

This discussion may contain forward-looking statements that are based on our current plans, considerations, expectations and determinations regarding future compensation programs. Actual compensation programs that we adopt following the completion of this offering may differ materially from the currently planned programs summarized in this discussion. As an emerging growth company as defined in the JOBS Act, we are not required to include a Compensation Discussion and Analysis section and have elected to comply with the scaled disclosure requirements applicable to emerging growth companies.

**Outstanding Equity Awards at Fiscal Year*-*End**

The Company has not granted equity awards to any employee or other service provider of the Company and therefore no equity awards were outstanding as of March 31, 2025.

**CopperTech Metals Inc. 2026 Omnibus Incentive Plan**

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***Introduction***

Prior to the completion of this offering, we will adopt the CopperTech Metals Inc. 2026 Omnibus Incentive Plan (the "Plan"). The purposes of the Plan will be to provide additional incentives to selected employees, directors, independent contractors and consultants of the Company or its affiliates, to strengthen their commitment, motivate them to faithfully and diligently perform their responsibilities and to attract and retain competent and dedicated persons who are essential to the success of our business and whose efforts will impact our long-term growth and profitability. To accomplish these purposes, the Plan will provide for the issuance of options, stock appreciation rights ("SARs"), restricted stock, restricted stock units ("RSUs"), stock bonuses, other stock-based awards and cash awards.

 ****

***Summary of Expected Plan Terms***

A total number of shares of our common stock equal to % of our outstanding shares of common stock as of the completion of this offering will be reserved and available for issuance under the Plan, as increased on the first day of each calendar year during the term of the Plan, beginning on and including January 1, 2027, and ending on and including January 1, 2036, equal to the lesser of 5% of the aggregate number of shares of common stock issued and outstanding on December 31 of the immediately preceding calendar year and such smaller number of shares of common stock as is determined by the plan administrator.

Shares subject to an award under the Plan that remain unissued upon the forfeiture, cancellation, termination or expiration of the award will again become available for grant under the Plan. Additionally, shares that are exchanged by a participant or withheld by us as full or partial payment in connection with any award under the Plan, as well as any shares exchanged by a participant or withheld by us to satisfy the tax withholding obligations related to any award, will also be available for subsequent awards under the Plan. To the extent an award is paid or settled in cash, the number of shares previously subject to the award will again be available for grants pursuant to the Plan. To the extent that an award can only be settled in cash, such award will not be counted against the total number of shares available for grant under the Plan.

We expect that the Plan will initially be administered by our board of directors, although in the future it may be administered by our compensation committee, once established, or any other committee of our board of directors. The plan administrator may interpret the Plan and may prescribe, amend and rescind rules and make all other determinations necessary or desirable for the administration of the Plan.

The Plan permits the plan administrator to select the officers, employees, non-employee directors, independent contractors and consultants of the Company or its affiliates who will receive awards, to determine the terms and conditions of those awards, including but not limited to the exercise price or other purchase price of an award, the number of our shares or cash or other property subject to an award, the term of an award and the vesting schedule applicable to an award, and to amend the terms and conditions of outstanding awards.

No participant who is a non-employee director of the Company may be granted awards during any calendar year that, when aggregated with such non-employee director's cash fees with respect to such calendar year, exceed $750,000 in total value. The plan administrator may make exceptions to increase such limit to $1,000,000 for an individual non-employee director in the non-employee director's first year of service or in any year during which the non-employee director serves in a position of board leadership, as the plan administrator may determine in its sole discretion, provided that the non-employee director receiving such additional compensation may not participate in the decision to award such compensation involving such non-employee director.

RSUs and restricted stock may be granted under the Plan. The plan administrator will determine the purchase price, vesting schedule and performance objectives, if any, applicable to the grant of RSUs and restricted stock. If the restrictions, performance objectives or other conditions determined by the plan administrator are not satisfied, the RSUs and restricted stock will be forfeited. Subject to the provisions of the Plan and the applicable individual award agreement, the plan administrator may provide for the lapse of restrictions in installments or the acceleration or waiver of restrictions (in whole or part) under certain circumstances as set forth in the applicable individual award agreement, including the attainment of certain performance goals, a participant's termination of employment or service or a participant's death or disability. The rights of RSU and restricted stockholders upon a termination of employment or service will be set forth in individual award agreements.

Unless the applicable award agreement provides otherwise, participants with restricted stock will generally have all of the rights of a stockholder during the restricted period, including the right to vote and receive dividends declared with respect to such restricted stock. Dividends declared during the restricted period with respect to such restricted stock may be paid or distributed when accrued, or may become payable if the underlying restricted stock vest. During the restricted period, participants with RSUs will generally not have any rights of a stockholder, but, if the applicable individual award agreement so provides, may be credited with dividend equivalent rights. Dividend equivalents may be paid or distributed when accrued, or may be paid at the time that our shares in respect of the related RSUs are delivered to the participant.

We may issue stock options under the Plan. Options granted under the Plan may be in the form of non-qualified options or "incentive stock options" within the meaning of Section 422 of the Internal Revenue Code, as set forth in the applicable individual option award agreement. The exercise price of all options granted under the Plan will be determined by the plan administrator, but generally in no event may the exercise price be less than 100% of the fair market value of the related shares on the date of grant. The maximum term of all stock options granted under the Plan will be determined by the plan administrator, but may not exceed ten years. Each stock option will vest and become exercisable (including in the event of the optionee's termination of employment or service) at such time and subject to such terms and conditions as determined by the plan administrator in the applicable individual option agreement.

SARs may be granted under the Plan either alone or in conjunction with all or part of any option granted under the Plan. A free-standing SAR granted under the Plan entitles its holder to receive, at the time of exercise, an amount per share equal to the excess of the fair market value (at the date of exercise) of a share over the base price of the free-standing SAR. A SAR granted in conjunction with all or part of an option under the Plan entitles its holder to receive, at the time of exercise of the SAR and surrender of the related option, an amount per share equal to the excess of the fair market value (at the date of exercise) of a share over the exercise price of the related option. Each SAR will be granted with a base price that is not less than 100% of the fair market value of the related Class A shares on the date of grant. The maximum term of all SARs granted under the Plan will be determined by the plan administrator, but may not exceed ten years. The plan administrator may determine to settle the exercise of a SAR in shares, cash, or any combination thereof.

Each free-standing SAR will vest and become exercisable (including in the event of the SAR holder's termination of employment or service) at such time and subject to such terms and conditions as determined by the plan administrator in the applicable individual free-standing SAR agreement. SARs granted in conjunction with all or part of an option will be exercisable at such times and subject to all of the terms and conditions applicable to the related option.

Other stock-based awards, valued in whole or in part by reference to, or otherwise based on, our shares (including dividend equivalents) may be granted under the Plan. Dividends or dividend equivalents awarded under the Plan may be paid or distributed when accrued, or may be subject to the same restrictions, conditions and risks of forfeiture as the underlying awards and only become payable if the underlying awards vest. The plan administrator will determine the terms and conditions of such other stock-based awards, including the number of shares to be granted pursuant to such other stock-based awards, the manner in which such other stock-based awards will be settled (e.g., in shares, cash or other property), and the conditions to the vesting and payment of such other share-based awards (including the achievement of performance objectives).

Bonuses payable in fully vested shares and awards that are payable solely in cash may also be granted under the Plan.

The plan administrator may grant equity-based awards and incentives under the Plan that are subject to the achievement of performance objectives selected by the plan administrator in its sole discretion.

In the event of a merger, consolidation, reclassification, recapitalization, spin-off, spin-out, repurchase, reorganization, corporate transaction or event, special or extraordinary dividend or other extraordinary distribution (whether in the form of shares, cash or other property), share split, reverse share split, subdivision or consolidation, combination, exchange of shares, or other change in corporate structure affecting our shares, an equitable substitution or proportionate adjustment shall be made, at the sole discretion of the plan administrator, in (i) the aggregate number of our shares reserved for issuance under the Plan, (ii) the kind and number of securities subject to, and the exercise price or base price of, any outstanding options and SARs granted under the Plan, (iii) the kind, number and purchase price of our shares, or the amount of cash or amount or type of property, subject to outstanding restricted shares, RSUs, stock bonuses and other stock-based awards granted under the Plan, or (iv) the performance goals and periods applicable to awards granted under the Plan. Equitable substitutions or adjustments other than those listed above may also be made as determined by the plan administrator. In addition, the plan administrator may terminate all outstanding awards for the payment of cash or in-kind consideration having an aggregate fair market value equal to the excess of the fair market value of shares, cash or other property covered by such awards over the aggregate exercise price or base price, if any, of such awards, but if the exercise price or base price of any outstanding award is equal to or greater than the fair market value of our shares, cash or other property covered by such award, the board of directors may cancel the award without the payment of any consideration to the participant.

Each participant will be required to make arrangements satisfactory to the plan administrator regarding payment of an amount up to the maximum statutory tax rates in the participant's applicable jurisdictions with respect to any award granted under the Plan, as determined by us. Whenever cash is to be paid pursuant to an award, we have the right, to the extent permitted by law, to deduct any such taxes from any payment of any kind otherwise due to the participant. Additionally, whenever shares or other property other than cash are to be delivered pursuant to an award, we may (i) require the participant to pay us an amount in cash, (ii) withhold from delivery of shares or other property, or (iii) accept delivery of already owned unrestricted shares, in each case in the sole discretion of the plan administrator. The shares withheld must have a value not exceeding the applicable taxes to be withheld and applied to the tax obligations, determined based on the greatest withholding rates that may be used without creating adverse accounting treatment with respect to such award. We may also use any other method of obtaining the necessary payment or proceeds, as permitted by law, to satisfy our withholding obligation with respect to any award.

The Plan provides the board of directors with authority to amend, alter or terminate the Plan, but generally such action may not impair the rights of any participant with respect to outstanding awards without the participant's consent. The plan administrator may amend an award, prospectively or retroactively, but generally such amendment may not impair the rights of any participant without the participant's consent. Stockholder approval of any such action will be obtained if required to comply with applicable law.

The Plan will terminate on the tenth anniversary of the effective date of the Plan (although awards granted before that time will remain outstanding in accordance with their terms).

We intend to file with the SEC a registration statement on Form S-8 covering the shares issuable under the Plan.

**Director Compensation**

Neither of our directors have received any compensation for their services as directors during Fiscal 2025. In connection with the completion of this offering, we intend to adopt a non-employee director compensation program pursuant to which our non-employee directors will generally be eligible to receive annual cash retainers and equity awards for service on our board of directors and committees thereof (the "Director Compensation Program"). Following the implementation of the Director Compensation Program, its terms and conditions will remain subject to modification from time to time.

**CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS**

In addition to the director and executive officer compensation arrangements discussed above under "*Executive and Director Compensation,*" the following is a description of transactions since April 1, 2023, to which we have been a party in which the amount involved exceeded or will exceed $120,000 and in which any of our directors, executive officers, beneficial holders of more than 5.0% of our common stock or their immediate family members or entities affiliated with them, had or will have a direct or indirect material interest.

**Agreements with Vedanta Related Persons**

Immediately following the Transactions and this offering, VRL will hold approximately % of our common stock through its affiliate (or approximately % if the underwriters exercise their option to purchase additional shares in full). We have arrangements with certain companies that VRL has controlling interests in, which are set forth below.

The terms of the transactions and agreements disclosed in this section were determined by and among affiliated entities and, consequently, are not the result of arm's length negotiations. These terms are not necessarily at least as favorable to the parties to these transactions and agreements as the terms that could have been obtained from unaffiliated third parties.

**The Transactions**

Immediately prior to the completion of this offering, Vedanta will complete a series of internal reorganization transactions pursuant to which, among other things, (1) CopperTech will issue shares with additional paid-in capital of $ to acquire Konkola Plc through VRJL and (2) CopperTech will issue shares with additional paid in capital of $ against the transfer of certain Existing Vedanta Liabilities, including accrued interest and related receivables through VRJL from VRL and VRJL II. See "*Prospectus Summary—Summary of the Transactions*."

As a result of the Transactions, VRJL will become a wholly owned subsidiary of CopperTech. Certain legacy shareholder loans and other obligations owed by Konkola Plc to affiliates of Vedanta of approximately $1,964 million will be contributed to VRJL. The loans to be contributed to VRJL will exclude the Funded Scheme Loans. VRHL will remain the lender of the Funded Scheme Loans.

Further, VRJL will assume the obligation to lend the outstanding balance $670.0 million principal amount to Konkola Plc that has yet to be funded under the Capital Expenditure Support Loan Agreement.

**Lending Agreements**

**Scheme Loan Agreement**

In connection with the Scheme of Arrangement, Konkola Plc entered into the Capital Expenditures Support Loan Agreement, the Creditor Settlement Support Loan Agreement and the Community Support Loan Agreement with VRHL pursuant to which VRHL is required to loan an aggregate principal amount of up to $1.27 billion to Konkola Plc.

Pursuant to the Capital Expenditures Support Loan Agreement, the lender is required to loan $1.00 billion to Konkola Plc to fund Konkola Plc's capital expenditure to be funded by the following semi-annual instalments until January 31, 2030. See "*Management's Discussion and Analysis of Financial Condition and Results of Operations—Scheme Loan Agreement.*" As of December 31, 2025, VRHL had funded approximately $330.0 million under the Capital Expenditures Support Loan Agreement and there is a balance of $670.0 million to be funded. CopperTech, as the sole stockholder of VRJL following the Transactions, intends to fund the lender's remaining $670.0 million funding obligation under the Capital Expenditure Support Loan Agreement by contributing a portion of the net proceeds of this offering to Konkola Plc with the objective of further developing Konkola Plc's operations. See "*Summary of the Transactions*" and "*Use of Proceeds.*"

Pursuant to the Creditor Settlement Support Loan Agreement, the lender is required to loan $250 million to Konkola Plc to fund amounts payable to Konkola Plc's creditors. As of December 31, 2025, VRHL had fully funded the $250 million required by the Creditors Settlement Support Loan Agreement.

Pursuant to the Community Support Loan Agreement, the lender is required to loan $20.0 million to Konkola Plc to fund community support. As of December 31, 2025, VRHL had fully funded the $20.0 million required by the Community Support Loan Agreement.

For the years ended March 31, 2024 and March 31, 2025, no principal or interest was repaid under the Scheme Loan Agreements. Repayments under each Scheme Loan Agreement will commence once Konkola Plc has positive cash flows and will be paid in accordance with the Konkola Waterfall.

Subject to the terms of the KCM Shareholders Agreement, each Scheme Loan Agreement matures in December 2028 (and may be subject to automatic extension should Konkola Plc have insufficient cash flow to repay such debt at maturity). Each Scheme Loan Agreement bears interest at a variable interest rate equal to the lower of Secured Overnight Financing Rate plus 7.00% and the cost of funding to VRHL.

**Bridge Facility Loan Agreement**

On December 22, 2023, Konkola Plc entered into a Bridge Facility Loan Agreement with VRHL for a principal amount of $25.0 million that accrued interest at a rate of Secured Overnight Financing Rate ("SOFR") plus 7.00%. No principal or interest under this loan agreement was paid in the years ended March 31, 2024 and March 31, 2025 and the full principal and interest amounts were repaid on July 15, 2025.

**Legacy Konkola Liabilities**

Pursuant to the Scheme of Arrangement, Konkola Plc's shareholders were required to restructure the legacy debt previously provided to Konkola Plc. This was implemented through the execution of the Legacy Konkola Liability agreements. Under the Legacy Konkola Liability agreements, the relevant funding arrangements were amended to provide that all interest accrued prior to July 31, 2024 is capitalized into the principal amount of the respective loan and that no additional interest accrues from July 31, 2024. The Legacy Konkola Liabilities consist of the Existing Vedanta Liabilities and the Existing ZCCM-IH Liabilities. Following the Transactions, VRJL will assume the outstanding balances of the Existing Vedanta Liabilities as lender, as of the date of the Transactions.

**Konkola Waterfall**

Pursuant to the Scheme of Arrangement and the KCM Shareholders Agreement, repayments of all debt accrued by Konkola Plc owed to its creditors prior to the Scheme of Arrangement (the "Legacy Creditors"), including the Legacy Konkola Liabilities, and the Scheme Loan Agreements are subject to the following free cash flow waterfall:

&nbsp;&nbsp;&nbsp;&nbsp;· first,
towards annual payments of an amount not exceeding US$7.5 million towards each Option 2 Legacy Creditor who elected not to receive an
upfront partial payment and to be repaid in annual installments (the "Option 2 Payments") and if, in any year, any Option
2 Payments are not made by Konkola Plc, then the Option 2 Accrued Payments will accrue and form part of the annual payments payable in
the subsequent year. As of the date of this prospectus, the only remaining Option 2 Legacy Creditor is ZESCO <u>;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;· second, once all Option 2 Accrued Payments have been made in full, towards 100% of all interest payable
under the Scheme Loan Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;· third, towards 50% of the principal amount payable under the Scheme Loan Agreements; and

&nbsp;&nbsp;&nbsp;&nbsp;· fourth, on a pari passu and pro rata basis towards: (i) the remaining balance then due and payable under
the Scheme Loan Agreements including all accrued interest; and (ii) all remaining Balance Liabilities. The Balance Liabilities include
the Existing Vedanta Liabilities, the Existing GRZ Liabilities, the Existing ZCCM-IH Liabilities, any remaining debt owed to Option 2
Legacy Creditors after payment of the Option 2 Payments and Option 2 Accrued Payments and deferred creditor liabilities. Balance
Liabilities will be paid in the following proportions on a pari passu basis: (A) 70% towards the Existing Vedanta Liabilities; and (B)
30% towards the Balance Liabilities less the Existing Vedanta Liabilities.

**Financial Support Arrangements**

On October 30, 2025, Konkola Plc received a letter of financial support from VRL, pursuant to which VRL agreed to provide necessary financial support to Konkola Plc for a minimum period of 12 months.

**Information Technology Agreements**

Konkola Plc has entered into (i) a purchase agreement for certain software licenses dated December 24, 2024 and (ii) a services agreement for certain technology services dated July 22, 2025 (collectively, the "STL Agreements") with STL Digital Limited, an indirect wholly-owned subsidiary of VRL, for an aggregate of $1.2 million. For the year ended March 31, 2024, Konkola Plc did not pay any software licensing fees, and for the year ended March 31, 2025, Konkola Plc paid software licensing fees of $0.6 million, pursuant to the STL Agreements.

**Indemnification Agreements**

Our amended and restated certificate of incorporation and amended and restated bylaws, each as expected to be in effect upon the consummation of this offering, will provide that we shall indemnify each of our directors and officers to the fullest extent permitted by applicable law. For further information, see the section entitled "*Description of Capital Stock—Limitation on Liability and Indemnification.*" We intend to enter into customary indemnification agreements with each of our executive officers and directors that provide them with customary indemnification in connection with their service to us or on our behalf.

**Policies and Procedures for Related Party Transactions**

Prior to the completion of this offering, our board of directors will adopt a written policy for the review of any transaction, arrangement or relationship in which we are a participant, the amount involved exceeds $120,000 and one of our executive officers, directors, director nominees or beneficial holders of more than 5% of our common stock (or their immediate family members or affiliates) is implicated, each of whom we refer to as a "related person," or has a direct or indirect material interest.

If a related person proposes to enter into such a transaction, arrangement or relationship, which we refer to as a "related person transaction," the related person must report the proposed related person transaction to the chairperson of our audit committee. The policy calls for the proposed related person transaction to be reviewed and, if deemed appropriate, approved by the audit committee. In approving or rejecting such proposed transactions, the audit committee will be required to consider the relevant facts and circumstances available and deemed relevant to the audit committee, including the material terms of the transaction, risks, benefits, costs, availability of other comparable services or products and, if applicable, the impact on a director's independence. Our audit committee will approve only those transactions that, in light of known circumstances, are in, or are not inconsistent with, our best interests, as our audit committee determines in the good faith in the exercise of its discretion. In the event that any member of our audit committee is not a disinterested person with respect to the related person transaction under review, that member will be excluded from the review and approval or rejection of such related person transaction and another director may be designated to join the committee for purposes of such review. Whenever practicable, the reporting, review and approval will occur prior to entering into the transaction. If advance review and approval is not practicable, the audit committee will review and may, in its discretion, ratify the related person transaction retroactively.

**PRINCIPAL STOCKHOLDERS**

The following table sets forth certain information with respect to the beneficial ownership of our common stock as of , 2026, after giving effect to the Transactions and sale of common stock offered by us in this offering, assuming no exercise of the underwriters' option to purchase additional common stock, by:

&nbsp;&nbsp;&nbsp;&nbsp;· each person known by us to beneficially own 5% or more of any class of our outstanding shares;

&nbsp;&nbsp;&nbsp;&nbsp;· each of our named executive officers;

&nbsp;&nbsp;&nbsp;&nbsp;· each of our directors and our director nominees; and

&nbsp;&nbsp;&nbsp;&nbsp;· all of our executive officers, directors and director nominees as a group.

The number of shares of our common stock beneficially owned and percentages of beneficial ownership set forth below are based on (i) the number of shares of our capital stock to be issued and outstanding after giving effect to the Transactions and (ii) an assumed initial public offering price of $ per share, which is the midpoint of the price range set forth on the cover page of this prospectus.

The amounts and percentages of shares beneficially owned are reported on the basis of SEC regulations governing the determination of beneficial ownership of securities. Under SEC rules, a person is deemed to be a "beneficial" owner of a security if that person has or shares voting power or investment power over such security, which includes the power to dispose of or to direct the disposition of such security. Accordingly, more than one person may be deemed to be a beneficial owner of securities and a person may be deemed to be a beneficial owner of securities as to which such person has no economic interest. Unless otherwise indicated in the footnotes to the following table, and subject to community property laws where applicable, each person or entity included in the table below has sole voting and investment power with respect to the shares beneficially owned by them.

A person is also deemed to be a beneficial owner of any securities of which that person has a right to acquire beneficial ownership within 60 days. Securities that can be so acquired are deemed to be outstanding and to be beneficially owned by such person for the purposes of computing the ownership and percentage ownership of such person, but are not deemed to be outstanding for purposes of computing the ownership or percentage ownership of any other person, except with respect to the ownership and percentage ownership of all directors, director nominees and executive officers as a group.

The percentage of beneficial ownership prior to this offering is based on shares of common stock outstanding as of . The percentage of beneficial ownership after this offering is based on shares of common stock, which is the number of shares of common stock outstanding as of plus the shares of common stock offered by us in this offering. We currently have one record holder of common stock, and such holder is not domiciled in the United States. All holders of our common stock will have the same voting rights upon the completion of this offering.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Shares Beneficially Owned** | **Shares Beneficially Owned** | **Shares Beneficially Owned** | **Shares Beneficially Owned** |
| | **Prior to this Offering** | **Prior to this Offering** | **After this Offering** | **After this Offering** |
| <br>**Name of Beneficial Owner** | **Number of<br> Shares** | **%** | **Number of<br> Shares** | **%** |
| **5% or Greater Stockholders** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Vedanta Resources Holdings Limited<sup>(1)</sup> |  |  |  |  |
| **Named Executive Officers, Directors and Director Nominees** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deshnee Naidoo |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pushpender |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Priya Agarwal Hebbar |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Thomas Albanese |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Moses Banda |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Upendra Kumar Sinha |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rishi Sethia |  |  |  |  |
| **Executive Officers, Directors and Director Nominees as a Group (7 persons)** |  |  |  |  |

---

\* Represents beneficial ownership of less than 1%.

(1) Represents shares of our common stock held by VRHL. VRHL is controlled by VRL, which is controlled by Vedanta Incorporated. Vedanta Incorporated is controlled by the Anil Agarwal Discretionary Trust, of which Conclave PTC Limited is the trustee. Conclave PTC Limited is controlled by Mr. Anil Agarwal. The address of Conclave PTC Limited is Ocean Center, East Bay Street, Montagu Foreshore, Nassau, Bahamas.

**DESCRIPTION OF CAPITAL STOCK**

The following is a description of our capital stock. The following description is intended as a summary only and is qualified in its entirety by reference to our amended and restated certificate of incorporation and amended and restated bylaws, each of which will be in effect at or prior to the completion of this offering, the forms of which are filed as exhibits to the registration statement of which this prospectus is a part, and applicable law.

**General**

Upon the completion of this offering, our authorized capital stock will consist of:

&nbsp;&nbsp;&nbsp;&nbsp;· shares of common stock, par value $
per share; and

&nbsp;&nbsp;&nbsp;&nbsp;· shares of preferred stock, par value $
per share.

We are selling shares of common stock in this offering (shares if the underwriters exercise in full their option to purchase additional shares of our common stock).

**Common Stock**

We have one class of common stock.

 

*Voting Rights.* Holders of shares of our common stock are entitled to one vote for each share held of record on all matters submitted to a vote of stockholders.

 

*Dividend and Distribution Rights.* Holders of shares of our common stock are entitled to receive dividends or other distributions when, as and if declared by our board of directors out of funds legally available therefor, subject to any statutory or contractual restrictions on the payment of dividends or other distributions and to any restrictions on the payment of dividends or other distributions imposed by the terms of any outstanding preferred stock.

 

*Liquidation Rights.* Upon our liquidation, dissolution or winding up, any business combination or a sale or disposition of all or substantially all of our assets, the assets legally available for distribution to our stockholders will be distributable ratably among the holders of our common stock, subject to prior satisfaction of all outstanding debts and other liabilities and the payment of liquidation preferences, if any, on any outstanding preferred stock.

 

*Other Matters.* All shares of our common stock that will be outstanding at the time of the consummation of the offering will be fully paid and non-assessable. The common stock will not be subject to further calls or assessments by us. Holders of shares of our common stock do not have preemptive, subscription, redemption or conversion rights. There will be no redemption or sinking fund provisions applicable to the common stock. The rights, powers, preferences and privileges of our common stock will be subject to those of the holders of any shares of our preferred stock or any other series or class of stock we may authorize and issue in the future.

**Authorized but Unissued Preferred Stock**

No shares of preferred stock will be issued or outstanding immediately after the offering contemplated by this prospectus. Our amended and restated certificate of incorporation permit our board of directors to establish one or more series of preferred stock (including convertible preferred stock). Unless required by law or any stock exchange, the authorized shares of preferred stock will be available for issuance without further action by our stockholders. Our board of directors is able to determine, with respect to any series of preferred stock, the terms and rights of that series, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;· the designation of the series;

&nbsp;&nbsp;&nbsp;&nbsp;· the number of shares of the series, which our board of directors may, except where otherwise provided
in the preferred stock designation, increase (but not above the total number of authorized shares of the class) or decrease (but not below
the number of shares then outstanding);

&nbsp;&nbsp;&nbsp;&nbsp;· whether dividends, if any, will be cumulative or non-cumulative and the dividend rate of the series;

&nbsp;&nbsp;&nbsp;&nbsp;· the dates at which dividends, if any, will be payable;

&nbsp;&nbsp;&nbsp;&nbsp;· the redemption or repurchase rights and price or prices, if any, for shares of the series;

&nbsp;&nbsp;&nbsp;&nbsp;· the terms and amounts of any sinking fund provided for the purchase or redemption of shares of the series;

&nbsp;&nbsp;&nbsp;&nbsp;· the amounts payable on shares of the series in the event of any voluntary or involuntary liquidation,
dissolution or winding-up of our affairs;

&nbsp;&nbsp;&nbsp;&nbsp;· whether the shares of the series will be convertible into shares of any other class or series, or any
other security, of us or any other entity, and, if so, the specification of the other class or series or other security, the conversion
price or prices or rate or rates, any rate adjustments, the date or dates as of which the shares will be convertible and all other terms
and conditions upon which the conversion may be made;

&nbsp;&nbsp;&nbsp;&nbsp;· restrictions on the issuance of shares of the same series or of any other class or series; and

&nbsp;&nbsp;&nbsp;&nbsp;· the voting rights, if any, of the holders of the series.

We will be able to issue a series of preferred stock that could, depending on the terms of the series, impede or discourage an acquisition attempt or other transaction that some, or a majority, of the holders of our common stock might believe to be in their best interests or in which the holders of our common stock might receive a premium for their common stock over the market price of the common stock. In addition, the issuance of preferred stock may adversely affect the holders of our common stock by restricting dividends or other distributions on the common stock, diluting the voting power of the common stock or subordinating the liquidation rights of the common stock. The issuance of preferred stock could have the effect of delaying, deferring or preventing a change of control, or other corporate action. As a result of these or other factors, the issuance of preferred stock may have an adverse impact on the market price of our common stock.

**Anti-Takeover Effects of Our Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws and Certain Provisions of Delaware Law**

The provisions of the DGCL, our amended and restated certificate of incorporation and our amended and restated bylaws, which are summarized below, may have the effect of delaying, deferring or discouraging another person from acquiring control of our company. They are also designed, in part, to encourage persons seeking to acquire control of us to negotiate first with our board of directors. We believe that the benefits of increased protection of our potential ability to negotiate with an unfriendly or unsolicited acquirer outweigh the disadvantages of discouraging a proposal to acquire us because negotiation of these proposals could result in an improvement of their terms.

**Delaware Business Combination Statute**

We are subject to Section 203 of the DGCL, which regulates corporate acquisitions. Section 203 prevents an "interested stockholder," which is defined generally as a person owning 15% or more of a corporation's voting stock, or any affiliate or associate of that person, from engaging in a broad range of "business combinations" with the corporation for three years after becoming an interested stockholder unless:

&nbsp;&nbsp;&nbsp;&nbsp;· the board of directors of the corporation had previously approved either the business combination or the
transaction that resulted in the stockholder becoming an interested stockholder;

&nbsp;&nbsp;&nbsp;&nbsp;· upon completion of the transaction that resulted in the stockholder becoming an interested stockholder,
that person owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, other than statutorily
excluded shares; or

&nbsp;&nbsp;&nbsp;&nbsp;· following the transaction in which that person became an interested stockholder, the business combination
is approved by the board of directors of the corporation and holders of at least two-thirds of the outstanding voting stock not owned
by the interested stockholder.

Under Section 203, the restrictions described above also do not apply to specific business combinations proposed by an interested stockholder following the announcement or notification of designated extraordinary transactions involving the corporation and a person who had not been an interested stockholder during the previous three years or who became an interested stockholder with the approval of a majority of the corporation's directors, if such extraordinary transaction is approved or not opposed by a majority of the directors who were directors prior to any person becoming an interested stockholder during the previous three years or were recommended for election or elected to succeed such directors by a majority of such directors.

Section 203 may make it more difficult for a person who would be an interested stockholder to effect various business combinations with a corporation for a three-year period. Section 203 also may have the effect of preventing changes in our management and could make it more difficult to accomplish transactions which our stockholders may otherwise deem to be in their best interests.

**Provisions of our Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws**

 ****

***Undesignated Preferred Stock***

The ability to designate a series of our authorized "blank check" preferred stock will make it possible for our board of directors to issue preferred stock with voting or other rights or preferences that could impede the success of any attempt to effect a change in control of our company. These and other provisions may have the effect of deterring hostile takeovers or delaying changes in control or management of our company.

 ****

***Special Stockholder Meetings***

Prior to the time when the Vedanta Group ceases to beneficially own at least 50% of the shares of our outstanding common stock (the "Trigger Date"), a special meeting may be called by an officer of our company pursuant to a resolution adopted by our board of directors or the chair of our board of directors and must also be called at the request of our then-controlling stockholder. From and after the Trigger Date, our amended and restated bylaws will provide that, a special meeting of stockholders may only be called by an officer of our company pursuant to a resolution adopted by our board of directors or the chair of our board of directors. Following the Trigger Date, stockholders may not call a special meeting of stockholders, which may delay the ability of our stockholders to force consideration of a proposal or for holders controlling a majority of our common stock to take any action, including the removal of directors. To the extent permitted under applicable law, we may conduct meetings solely by means of remote communications.

 ****

***Stockholder Action by Written Consent***

Prior to the Trigger Date, our amended and restated certificate of incorporation will permit stockholders to take action by written consent in lieu of an annual or special meeting. Our amended and restated certificate of incorporation provides that, from and after the Trigger Date, our stockholders may not act by written consent, which may lengthen the amount of time required to take stockholder actions. As a result, following the Trigger Date, a holder controlling a majority of our common stock would not be able to amend our amended or restated bylaws or remove directors without holding a meeting of our stockholders called in accordance with our amended and restated bylaws.

 ****

***Requirements for Advance Notification of Stockholder Proposals and Nominations***

Our amended and restated bylaws will establish advance notice procedures with respect to stockholder proposals and the nomination of candidates for election as directors, other than nominations made by or at the direction of the board of directors or a committee of the board of directors.

 ****

***No Cumulative Voting***

Under Delaware law, cumulative voting for the election of directors is not permitted unless a corporation's certificate of incorporation authorizes cumulative voting. Our amended and restated certificate of incorporation and our amended and restated bylaws will not provide for cumulative voting in the election of directors. The absence of cumulative voting makes it more difficult for a minority stockholder to gain a seat on our board of directors to influence our board of directors' decision regarding a takeover.

 ****

 **** 

***Election and Removal of Directors; Filling Vacancies***

Our board of directors will consist of a single class of directors. Our amended and restated certificate of incorporation will provide that our board of directors will initially be subject to year terms. Prior to the Trigger Date, any director may be removed at any time, with or without cause, by the holders of at least a majority of the total voting power of our outstanding shares of common stock entitled to vote on the election and removal of directors in the manner permitted by our amended and restated certificate of incorporation. From and after the Trigger Date, our amended and restated certificate of incorporation will provide that, directors may be removed from our board of directors, with or without cause, by the affirmative vote of the holders of at least 66 and 2/3% of the total voting power of our outstanding shares of common stock, voting together as a single class.

In addition, our amended and restated certificate of incorporation and our amended and restated bylaws will also provide that, subject to the rights granted to one or more series of preferred stock then outstanding, any newly created directorship on our board of directors that results from an increase in the number of directors and any vacancy occurring on our board of directors may only be filled by a majority of the directors then in office, even if less than a quorum, or by a sole remaining director (and not by the stockholders).

 ****

***Amendment***

Any amendment of our amended and restated certificate of incorporation relating to the management of our business, our board of directors, stockholder action by written consent, calling special meetings of stockholders, competition and corporate opportunities, forum selection and the liability of our directors or the amendment, alteration, rescission or repeal of our amended and restated bylaws will require approval by holders of at least 66 and 2/3% of the voting power of our then-outstanding shares of common stock, voting together as a single class.

 ****

***Exclusive Forum***

Any person or entity holding, purchasing or otherwise acquiring any interest in shares of our capital stock are deemed to have notice of and to have consented to these forum selection provisions.

These forum selection provisions may impose additional litigation costs on stockholders in pursuing any such claims, particularly if the stockholders do not reside in or near the state of Delaware and limit a stockholder's ability to bring a claim in a judicial forum that it finds favorable for disputes with us or our directors, officers or other employees, which may discourage lawsuits against us and our directors, officers and other employees, although our stockholders will not be deemed to have waived our compliance with federal securities laws and the rules and regulations thereunder. While Delaware courts have determined that forum selection provisions are facially valid, it is possible that a court of law in another jurisdiction could rule that the forum selection provisions contained in our bylaws are inapplicable or unenforceable if they are challenged in a proceeding or otherwise. If a court were to find the forum selection provision in our bylaws to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving such action in other jurisdictions.

 ****

***Limitation on Liability and Indemnification***

Our amended and restated certificate of incorporation provides that no director or officer will be personally liable to us or our stockholders for monetary damages for breach of fiduciary duty as a director or officer, except as required by applicable law, as in effect from time to time. Currently, the DGCL requires that liability be imposed for the following:

&nbsp;&nbsp;&nbsp;&nbsp;· a director's or officer's breach of the director's or officer's duty of loyalty
to our company or our stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;· a director's or officer's act or omission not in good faith or which involved intentional
misconduct or a knowing violation of law;

&nbsp;&nbsp;&nbsp;&nbsp;· a director's unlawful payments of dividends or unlawful stock repurchases or redemptions as provided
in Section 174 of the DGCL;

&nbsp;&nbsp;&nbsp;&nbsp;· a director or officer for any transaction from which the director or officer derived an improper personal
benefit; and

&nbsp;&nbsp;&nbsp;&nbsp;· an officer in any action by or in the right of our company.

As a result, neither we nor our stockholders have the right, through stockholders' derivative suits on our behalf, to recover monetary damages against a director or officer for breach of fiduciary duty as a director or officer, including breaches resulting from grossly negligent behavior, except in the situations described above.

Our amended and restated certificate of incorporation provides that, to the fullest extent permitted by law, we will indemnify any director or officer of our company against all damages, claims and liabilities arising out of the fact that the person is or was our director or officer, or served any other enterprise at our request as a director, officer, employee, agent or fiduciary. We will reimburse the expenses, including attorneys' fees, incurred by a person indemnified by this provision when we receive an undertaking to repay such amounts if it is ultimately determined that the person is not entitled to be indemnified by us. Amending this provision will not reduce our indemnification obligations relating to actions taken before an amendment.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to us, our directors, our officers or persons who control us pursuant to the foregoing provisions, we have been informed that, in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

**Transfer Agent and Registrar**

The transfer agent and registrar for our common stock will be Computershare Trust Company, N.A. The transfer agent's address is 150 Royall St, Canton MA 02021.

**Listing**

We have applied to list our common stock on the NYSE under the symbol "CUX".

**SHARES ELIGIBLE FOR FUTURE SALE**

Prior to this offering, there has been no public market for shares of our common stock. Future sales of shares of our common stock in the public market after this offering, and the availability of shares for future sale, could adversely affect the market prices prevailing from time to time. Furthermore, because only a limited number of shares will be available for sale shortly after this offering due to existing contractual and legal restrictions on resale as described below, there may be sales of substantial amounts of our common stock in the public market after the restrictions lapse. This may adversely affect the prevailing market price and our ability to raise equity capital in the future.

Upon consummation of the offering, we will have outstanding shares of common stock (or shares of common stock if the underwriters exercise their option to purchase additional shares). Of these shares, shares of common stock sold in this offering will be freely tradable in the public market without restriction or further registration under the Securities Act, unless these shares are held by "affiliates," as that term is defined in Rule 144 under the Securities Act.

The remaining outstanding shares of our common stock will be deemed "restricted securities" as that term is defined under Rule 144. Restricted securities may be sold in the public market only if their offer and sale is registered under the Securities Act or if the offer and sale of those securities qualify for an exemption from registration, including exemptions provided by Rules 144 and 701 under the Securities Act, which are summarized below.

**Rule 144**

In general, under Rule 144 under the Securities Act, a person (or persons whose shares are aggregated) who is not deemed to have been an affiliate of ours at any time during the three months preceding a sale, and who has beneficially owned restricted securities within the meaning of Rule 144 for at least six months (including any period of consecutive ownership of preceding non-affiliated holders) would be entitled to sell those shares, subject only to the availability of current public information about us. A non-affiliated person who has beneficially owned restricted securities within the meaning of Rule 144 for at least one year would be entitled to sell those shares without regard to the provisions of Rule 144.

A person (or persons whose shares are aggregated) who is deemed to be an affiliate of ours and who has beneficially owned restricted securities within the meaning of Rule 144 for at least six months would be entitled to sell within any three-month period a number of securities that does not exceed the greater of one percent of our common stock then outstanding or the average weekly trading volume of our common stock on NYSE during the four calendar weeks preceding such sale. Such sales are also subject to certain manner of sale provisions, notice requirements and the availability of current public information about us.

**Registration Statement on Form S-8**

In connection with this offering, we intend to file a registration statement on Form S-8 under the Securities Act to register an aggregate of shares of common stock that we expect to reserve for issuance under the 2026 Omnibus Incentive Plan. The registration statement will become effective automatically upon filing with the SEC, and common stock covered by the registration statement will be eligible for resale in the public market immediately after the effective date of the registration statement, subject to the lock-up agreements described below under "*—*Lock-Up Agreements."

**Lock-Up Agreements**

In connection with this offering, we, our executive officers, our directors and holders of substantially all of our common stock will agree with the underwriters that they will not, subject to certain exceptions, dispose of or hedge any of their common stock or securities convertible into or exchangeable for shares of common stock during the period from the date of this prospectus continuing through the date 180 days after the date of this prospectus. See "*Underwriting.*"

**U.S. FEDERAL INCOME TAX CONSIDERATIONS FOR NON-U.S. HOLDERS**

The following discussion is a summary of the U.S. federal income tax considerations generally applicable to the ownership and disposition of our common stock by a Non-U.S. Holder (as defined below) that acquires our common stock and holds our common stock as a capital asset (generally, property held for investment). The effects of other U.S. federal tax laws, such as estate and gift tax laws, and any applicable state, local or non-U.S. tax laws are not discussed. This discussion is based on the Internal Revenue Code of 1986, as amended (the "Code"), Treasury Regulations promulgated or proposed thereunder, judicial decisions and published rulings and administrative pronouncements of the IRS, in each case in effect as of the date hereof. These authorities may change or be subject to differing interpretations. Any such change or differing interpretation may be applied retroactively in a manner that affects the tax consequences described herein. We have not sought and will not seek any rulings from the IRS regarding the matters discussed below. There can be no assurance that the IRS or a court will not take a contrary position to that discussed below regarding the tax consequences of the ownership and disposition of our common stock.

Moreover, this discussion does not address all aspects of U.S. federal income tax consequences that may be applicable to a Non-U.S. Holder in light of its particular circumstances (including, for example the impact of the Medicare contribution tax on net investment income or alternative minimum tax) or subject to special rules (including, for example, banks and other financial institutions, insurance companies, brokers and dealers in securities or currencies, traders that have elected to mark securities to market, partnerships or other pass-through entities, corporations that accumulate earnings to avoid U.S. federal income tax, tax-exempt organizations, pension plans, persons that hold our shares as part of a straddle, hedge or other integrated investment, certain U.S. expatriates and foreign governments or agencies).

If an entity or arrangement treated as a partnership for U.S. federal income tax purposes holds our common stock, the tax treatment of a partner in the partnership will depend on the status of the partner, the activities of the partnership and certain determinations made at the partner level. Accordingly, partnerships holding our common stock and the partners in such partnerships should consult their tax advisors regarding the U.S. federal income tax consequences to them.

THIS DISCUSSION IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT TAX ADVICE. INVESTORS SHOULD CONSULT THEIR TAX ADVISORS WITH RESPECT TO THE APPLICATION OF THE U.S. FEDERAL INCOME TAX LAWS TO THEIR PARTICULAR SITUATIONS, AS WELL AS ANY TAX CONSEQUENCES OF THE OWNERSHIP AND DISPOSITION OF OUR COMMON STOCK ARISING UNDER THE U.S. FEDERAL ESTATE OR GIFT TAX LAWS OR UNDER THE LAWS OF ANY STATE, LOCAL OR NON-U.S. TAXING JURISDICTION OR UNDER ANY APPLICABLE INCOME TAX TREATY.

**Definition of a Non-U.S. Holder**

For purposes of this discussion, a "Non-U.S. Holder" is any beneficial owner of our common stock that is neither a "U.S. person" nor an entity treated as a partnership for U.S. federal income tax purposes. A U.S. person is any person that, for U.S. federal income tax purposes, is or is treated as any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;· an individual who is a citizen or resident of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;· a corporation (or other entity treated as a corporation for U.S. federal income tax purposes) created
or organized under the laws of the United States, any state thereof, or the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;· an estate, the income of which is subject to U.S. federal income tax regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;· a trust (1) the administration of which is subject to the primary supervision of a court within the United
States and for which one or more "United States persons" (within the meaning of Section 7701(a)(30) of the Code) have
the authority to control all substantial decisions, or (2) that has in effect a valid election to be treated as a United States person
for U.S. federal income tax purposes.

**Distributions**

As described in the section entitled "*Dividend Policy,*" we do not anticipate declaring or paying dividends to holders of our common stock in the foreseeable future. However, if we do make distributions of cash or property on our common stock, such distributions will constitute dividends for U.S. federal income tax purposes to the extent paid from our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Amounts of such distribution in excess of our current or accumulated earnings and profits will be treated, first, as a return of capital and be applied against and reduce a Non-U.S. Holder's adjusted tax basis in its common stock (but not below zero) and, thereafter, as capital gain, which is subject to the tax treatment described below under "*—*Sale, Exchange or Other Taxable Disposition." Because we may not know the extent to which a distribution is a dividend for U.S. federal income tax purposes at the time it is made, for purposes of the withholding rules discussed below, we or our paying agent may treat the entire distribution as a dividend.

Subject to the discussions in the immediately following paragraph on effectively connected income and below under "*—*Foreign Account Tax Compliance Act ('FATCA')," dividends paid to a Non-U.S. Holder of our common stock will be subject to U.S. federal withholding tax at a rate of 30% of the gross amount of the dividends (or such lower rate specified by an applicable income tax treaty, provided the Non-U.S. Holder furnishes a valid IRS Form W-8BEN or W-8BEN-E (or other applicable documentation) certifying qualification for such lower treaty rate). A Non-U.S. Holder that does not timely furnish the required documentation, but that qualifies for a reduced treaty rate, may obtain a refund of any excess amounts withheld by timely filing an appropriate claim for refund with the IRS. Non-U.S. Holders should consult their tax advisors regarding their entitlement to benefits under any applicable income tax treaty.

If dividends paid to a Non-U.S. Holder are effectively connected with the Non-U.S. Holder's conduct of a trade or business within the United States (and, if required by an applicable income tax treaty, attributable to a permanent establishment or fixed base maintained by the Non-U.S. Holder in the United States), the Non-U.S. Holder will be exempt from the U.S. federal withholding tax described above. To claim such exemption, the Non-U.S. Holder must furnish to the applicable withholding agent a valid IRS Form W-8ECI (or other applicable documentation), certifying under penalties of perjury that the dividends are effectively connected with the Non-U.S. Holder's conduct of a trade or business within the United States (and, if required by an applicable income tax treaty, attributable to a permanent establishment or fixed base maintained by the Non-U.S. Holder in the United States). Any such effectively connected dividends will generally be subject to U.S. federal income tax on a net income basis at the regular graduated rates that apply to U.S. persons. A Non-U.S. Holder that is a corporation also may be subject to a branch profits tax at a rate of 30% (or a lower rate under an applicable income tax treaty) on its effectively connected earnings and profits, as adjusted for certain items. Non-U.S. Holders should consult their tax advisors regarding any applicable tax treaties that may provide for different rules.

**Sale, Exchange or Other Taxable Disposition**

A Non-U.S. Holder will not be subject to U.S. federal income tax on any gain realized upon the sale, exchange or other taxable disposition of our common stock unless:

&nbsp;&nbsp;&nbsp;&nbsp;· the gain is effectively connected with the Non-U.S. Holder's conduct of a trade or business within
the United States (and, if required by an applicable income tax treaty, attributable to a permanent establishment or fixed base maintained
by the Non-U.S. Holder in the United States);

&nbsp;&nbsp;&nbsp;&nbsp;· the Non-U.S. Holder is a nonresident alien individual present in the United States for 183 days or more
during the taxable year of the disposition and certain other requirements are met; or

&nbsp;&nbsp;&nbsp;&nbsp;· our common stock constitutes a U.S. real property interest by reason of our status as a U.S. real property
holding corporation ("USRPHC") for U.S. federal income tax purposes.

Gain described in the first bullet point above generally will be subject to U.S. federal income tax on a net income basis at the regular graduated rates that apply to U.S. persons. A Non-U.S. Holder that is a corporation also may be subject to a branch profits tax as discussed above under "*—*Distributions."

Gain described in the second bullet point above will be subject to U.S. federal income tax at a rate of 30% (or a lower rate under an applicable income tax treaty), which may be offset by U.S. source capital losses of the Non-U.S. Holder (even though such individual is not considered a resident of the United States), provided the Non-U.S. Holder has timely filed U.S. federal income tax returns with respect to such losses.

With respect to the third bullet point above, we believe we currently are not, and do not anticipate becoming, a USRPHC. Because the determination of whether we are a USRPHC depends, however, on the fair market value of our U.S. real property interests relative to the fair market value of our non-U.S. real property interests and our other business assets, there can be no assurance we currently are not a USRPHC or will not become one in the future. Even if we are or were to become a USRPHC, gain arising from the sale or other taxable disposition by a Non-U.S. Holder of our common stock will not be subject to U.S. federal income tax if our common stock is "regularly traded," as defined by applicable Treasury Regulations, on an established securities market, and such Non-U.S. Holder owned, actually and constructively, 5% or less of our common stock throughout the shorter of the five-year period ending on the date of the sale or other taxable disposition or such Non-U.S. Holder's holding period.

Non-U.S. Holders should consult their tax advisors regarding potentially applicable income tax treaties that may provide for different rules.

**Foreign Account Tax Compliance Act**

Withholding taxes may be imposed under Sections 1471 to 1474 of the Code (such Sections commonly referred to as the Foreign Account Tax Compliance Act, or "FATCA") on certain types of payments made to non-U.S. financial institutions and certain other non-U.S. entities. Specifically, a 30% withholding tax may be imposed on dividends on, or (subject to the proposed Treasury Regulations discussed below) gross proceeds from the sale or other disposition of, our common stock paid to a "foreign financial institution" or a "non-financial foreign entity" (each as defined in the Code), unless (1) the foreign financial institution undertakes certain diligence and reporting obligations, (2) the non-financial foreign entity either certifies it does not have any "substantial United States owners" (as defined in the Code) or furnishes identifying information regarding each substantial United States owner, or (3) the foreign financial institution or non-financial foreign entity otherwise qualifies for an exemption from these rules. If the payee is a foreign financial institution and is subject to the diligence and reporting requirements in (1) above, it must enter into an agreement with the U.S. Department of the Treasury requiring, among other things, that it undertake to identify accounts held by certain "specified United States persons" or "United States owned foreign entities" (each as defined in the Code), annually report certain information about such accounts, and withhold 30% on certain payments to non-compliant foreign financial institutions and certain other account holders. Foreign financial institutions located in jurisdictions that have an intergovernmental agreement with the United States governing FATCA may be subject to different rules.

Prospective investors should consult their tax advisors regarding the potential application of withholding under FATCA to their investment in our common stock.

**UNDERWRITING**

Citigroup Global Markets Inc. and Cantor Fitzgerald & Co. are acting as joint book-running managers of the offering and as representatives of the underwriters named below. Subject to the terms and conditions stated in the underwriting agreement, which will be filed as an exhibit to the registration statement of which this prospectus is a part, each underwriter named below has severally agreed to purchase, and we have agreed to sell to that underwriter, the number of shares of common stock set forth opposite the underwriter's name in the following table:

---

| | |
|:---|:---|
| **Underwriter** | **Number<br> of Shares** |
| Citigroup Global Markets Inc. |  |
| Cantor Fitzgerald & Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Number of Shares |  |

---

The underwriting agreement provides that the obligations of the underwriters to purchase the shares our common stock included in this offering are subject to approval of legal matters by counsel and to other conditions. The underwriters are obligated to purchase all of the shares of our common stock (other than those covered by the over-allotment option described below) if they purchase any of the shares.

Shares of our common stock sold by the underwriters to the public will initially be offered at the initial public offering price set forth on the cover of this prospectus. Any shares of our common stock sold by the underwriters to securities dealers may be sold at a discount from the initial public offering price not to exceed $ per share. After the initial public offering of the shares of our common stock, if all of the shares of our common stock are not sold at the initial public offering price, the underwriters may change the offering price and the other selling terms. The representatives have advised us that the underwriters do not intend to make sales to discretionary accounts.

If the underwriters sell more shares of our common stock than the total number set forth in the table above, we have granted to the underwriters an option, exercisable for 30 days from the date of this prospectus, to purchase up to additional shares of our common stock at the initial public offering price less the underwriting discounts and commissions. The underwriters may exercise the option solely for the purpose of covering over-allotments, if any, in connection with this offering. To the extent the option is exercised, each underwriter must purchase a number of additional shares of our common stock approximately proportionate to that underwriter's initial purchase commitment set forth in the table above. Any shares of our common stock issued or sold under the option will be issued and sold on the same terms and conditions as the other shares of our common stock that are the subject of this offering.

We, our officers and directors and holders of substantially all of our common stock have agreed that, for a period of 180 days from the date of this prospectus, we and they will not, without the prior written consent of the representatives, dispose of or hedge any shares or any securities convertible into or exchangeable for our common stock. The representatives, in their sole discretion, may release any of the securities subject to these lock-up agreements at any time, which, in the case of officers and directors, shall be with notice.

Prior to this offering, there has been no public market for our common stock. Consequently, the initial public offering price for the shares of our common stock will be determined by negotiations between us and the representatives. Among the factors considered in determining the initial public offering price will be our results of operations, our current financial condition, our future prospects, our markets, the economic conditions in and future prospects for the industry in which we compete, our management, and currently prevailing general conditions in the equity securities markets, including current market valuations of publicly traded companies considered comparable to our company. We cannot assure you, however, that the price at which the shares of our common stock will sell in the public market after this offering will not be lower than the initial public offering price or that an active trading market in the shares of our common stock will develop and continue after this offering.

We have applied to have our common stock listed on the New York Stock Exchange under the symbol "CUX."

We estimate that our total expenses for this offering will be approximately $. We have also agreed to reimburse the underwriters for certain of their expenses in an amount up to $.

The following table shows the underwriting discounts and commissions that we are to pay to the underwriters in connection with this offering. These amounts are shown assuming both no exercise and full exercise of the underwriters' option to purchase additional shares.

---

| | | |
|:---|:---|:---|
|  | **Paid by us** | **Paid by us** |
|  | **No Exercise** | **Full Exercise** |
| Per Share | $| $|
| Total | $| $|

---

In connection with the offering, the underwriters may purchase and sell shares of our common stock in the open market. Purchases and sales in the open market may include short sales, purchases to cover short positions, which may include purchases pursuant to the underwriters' over-allotment option, and stabilizing purchases.

&nbsp;&nbsp;&nbsp;&nbsp;· Short sales involve secondary market sales by the underwriters of a greater number of shares of our common
stock than they are required to purchase in this offering.

&nbsp;&nbsp;&nbsp;&nbsp;· "Covered" short sales are sales of shares of our common stock in an amount up to the number
of shares of our common stock represented by the underwriters' over-allotment option.

&nbsp;&nbsp;&nbsp;&nbsp;· "Naked" short sales are sales of shares of our common stock in an amount in excess of the
number of shares of our common stock represented by the underwriters' over-allotment option.

&nbsp;&nbsp;&nbsp;&nbsp;· Covering transactions involve purchases of shares either pursuant to the underwriters' over-allotment
option or in the open market in order to cover short positions.

&nbsp;&nbsp;&nbsp;&nbsp;· To close a naked short position, the underwriters must purchase shares of our common stock in the open
market. A naked short position is more likely to be created if the underwriters are concerned that there may be downward pressure on the
price of the shares of our common stock in the open market after pricing that could adversely affect investors who purchase in this offering.

&nbsp;&nbsp;&nbsp;&nbsp;· To close a covered short position, the underwriters must purchase shares of our common stock in the open
market or must exercise the over-allotment option. In determining the source of shares of our common stock to close the covered short
position, the underwriters will consider, among other things, the price of shares of our common stock available for purchase in the open
market as compared to the price at which they may purchase shares of our common stock through the over-allotment option.

&nbsp;&nbsp;&nbsp;&nbsp;· Stabilizing transactions involve bids to purchase shares so long as the stabilizing bids do not exceed
a specified maximum.

Purchases to cover short positions and stabilizing purchases, as well as other purchases by the underwriters for their own accounts, may have the effect of preventing or retarding a decline in the market price of the shares. They may also cause the price of the shares of our common stock to be higher than the price that would otherwise exist in the open market in the absence of these transactions. The underwriters may conduct these transactions on the New York Stock Exchange, in the over-the-counter market or otherwise. The underwriters are not required to engage in any of these transactions and, if they do commence any, they may discontinue them at any time.

**Other Relationships**

The underwriters are full service financial institutions engaged in various activities, which may include securities trading, commercial and investment banking, financial advisory, investment management, principal investment, hedging, financing and brokerage activities. The underwriters and their respective affiliates have in the past performed commercial banking, investment banking and advisory services for us from time to time for which they have received customary fees and reimbursement of expenses and may, from time to time, engage in transactions with and perform services for us in the ordinary course of their business for which they may receive customary fees and reimbursement of expenses. In the ordinary course of their various business activities, the underwriters and their respective affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (which may include bank loans and/or credit default swaps) for their own account and for the accounts of their customers and may at any time hold long and short positions in such securities and instruments. Such investments and securities activities may involve securities and/or instruments of ours or our affiliates. The underwriters and their affiliates may also make investment recommendations and/or publish or express independent research views in respect of such securities or financial instruments and may hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.

We have agreed to indemnify the underwriters against certain liabilities, including liabilities under the Securities Act, or to contribute to payments the underwriters may be required to make because of any of those liabilities.

**Selling Restrictions**

**Notice to Prospective Investors in Canada** 

The shares of common stock may be sold only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument 45-106 Prospectus Exemptions, and are permitted clients, as defined in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations. Any resale of the common stock must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable securities laws.

Securities legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus (including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province or territory for particulars of these rights or consult with a legal advisor.

Pursuant to section 3A.3 (or, in the case of securities issued or guaranteed by the government of a non-Canadian jurisdiction, section 3A.4) of National Instrument 33-105 Underwriting Conflicts (NI 33-105), the underwriters are not required to comply with the disclosure requirements of NI 33-105 regarding underwriter conflicts of interest in connection with this offering.

**Notice to Prospective Investors in the European Economic Area**

In relation to each Member State of the European Economic Area (each a "Relevant State"), no shares of common stock have been offered or will be offered pursuant to this offering to the public in that Relevant State prior to the publication of a prospectus in relation to the shares of our common stock which has been approved by the competent authority in that Relevant State or, where appropriate, approved in another Relevant State and notified to the competent authority in that Relevant State, all in accordance with the Prospectus Regulation, except that offers of shares of common stock may be made to the public in that Relevant State at any time under the following exemptions under the Prospectus Regulation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to any legal entity which is a qualified investor as defined under the Prospectus Regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to fewer than 150 natural or legal persons (other than qualified investors as defined under the Prospectus
Regulation), subject to obtaining the prior consent of the representatives for any such offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in any other circumstances falling within Article 1(4) of the Prospectus Regulation;

provided that no such offer of shares of common stock shall require the Company or any underwriter to publish a prospectus pursuant to Article 3 of the Prospectus Regulation or supplement a prospectus pursuant to Article 23 of the Prospectus Regulation.

Each person in a Relevant State who initially acquires any shares of common stock or to whom any offer is made will be deemed to have represented, acknowledged and agreed to and with the Company and the underwriters that it is a qualified investor within the meaning of the Prospectus Regulation.

In the case of any shares of common stock being offered to a financial intermediary as that term is used in Article 5(1) of the Prospectus Regulation, each such financial intermediary will be deemed to have represented, acknowledged and agreed that the shares of our common stock acquired by it in the offer have not been acquired on a non-discretionary basis on behalf of, nor have they been acquired with a view to their offer or resale to, persons in circumstances which may give rise to an offer to the public other than their offer or resale in a Relevant State to qualified investors, in circumstances in which the prior consent of the representatives has been obtained to each such proposed offer or resale.

The Company, the underwriters and their respective affiliates will rely upon the truth and accuracy of the foregoing representations, acknowledgments and agreements.

For the purposes of this provision, the expression an "offer to the public" in relation to any shares of common stock in any Relevant State means the communication in any form and by any means of sufficient information on the terms of the offer and any shares of common stock to be offered so as to enable an investor to decide to purchase or subscribe for any shares of common stock, and the expression "Prospectus Regulation" means Regulation (EU) 2017/1129.

The above selling restriction is in addition to any other selling restrictions set out below.

**Notice to Prospective Investors in the United Kingdom**

In relation to the United Kingdom (UK), no shares of common stock have been offered or will be offered pursuant to this offering to the public in the UK prior to the publication of a prospectus in relation to the shares of our common stock which has been approved by the Financial Conduct Authority in the UK in accordance with the UK Prospectus Regulation and the FSMA, except that offers of shares of common stock may be made to the public in the UK at any time under the following exemptions under the UK Prospectus Regulation and the FSMA:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to any legal entity which is a qualified investor as defined under the UK Prospectus Regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to fewer than 150 natural or legal persons (other than qualified investors as defined under the UK Prospectus
Regulation), subject to obtaining the prior consent of the representatives for any such offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) at any time in other circumstances falling within section 86 of the FSMA;

provided that no such offer of shares of common stock shall require the Company or any underwriter to publish a prospectus pursuant to Section 85 of the FSMA or Article 3 of the UK Prospectus Regulation or supplement a prospectus pursuant to Article 23 of the UK Prospectus Regulation.

Each person in the UK who initially acquires any shares of common stock or to whom any offer is made will be deemed to have represented, acknowledged and agreed to and with the Company and the underwriters that it is a qualified investor within the meaning of the UK Prospectus Regulation.

In the case of any shares of common stock being offered to a financial intermediary as that term is used in Article 5(1) of the UK Prospectus Regulation, each such financial intermediary will be deemed to have represented, acknowledged and agreed that the shares of our common stock acquired by it in the offer have not been acquired on a non-discretionary basis on behalf of, nor have they been acquired with a view to their offer or resale to, persons in circumstances which may give rise to an offer to the public other than their offer or resale in the UK to qualified investors, in circumstances in which the prior consent of the representatives has been obtained to each such proposed offer or resale.

The Company, the underwriters and their respective affiliates will rely upon the truth and accuracy of the foregoing representations, acknowledgments and agreements.

For the purposes of this provision, the expression an "offer to the public" in relation to any shares of common stock in the UK means the communication in any form and by any means of sufficient information on the terms of the offer and any shares of common stock to be offered so as to enable an investor to decide to purchase or subscribe for any shares of common stock, and the expression "UK Prospectus Regulation" means Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018, and the expression "FSMA" means the Financial Services and Markets Act 2000.

This document is for distribution only to persons who (i) have professional experience in matters relating to investments and who qualify as investment professionals within the meaning of Article 19(5) of the FSMA Order 2005 (as amended, the "Financial Promotion Order"), (ii) are persons falling within Article 49(2)(a) to (d) ("high net worth companies, unincorporated associations etc.") of the Financial Promotion Order, (iii) are outside the UK or (iv) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the FSMA) in connection with the issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as relevant persons). This document is directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this document relates is available only to relevant persons and will be engaged in only with relevant persons.

**Notice to Prospective Investors in France**

Neither this prospectus nor any other offering material relating to the shares of our common stock described in this prospectus has been submitted to the clearance procedures of the Autorité des Marchés Financiers or of the competent authority of another member state of the European Economic Area and notified to the Autorité des Marchés Financiers. The shares of our common stock have not been offered or sold and will not be offered or sold, directly or indirectly, to the public in France. Neither this prospectus nor any other offering material relating to the shares of our common stock has been or will be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) released, issued, distributed or caused to be released, issued or distributed to the public in France;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) used in connection with any offer for subscription or sale of the shares of our common stock to the public
in France.

Such offers, sales and distributions will be made in France only:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to qualified investors (investisseurs qualifiés) and/or to a restricted circle of investors (cercle
restreint d'investisseurs), in each case investing for their own account, all as defined in, and in accordance with articles L.411-2,
D.411-1, D.411-2, D.734-1, D.744-1, D.754-1 and D.764-1 of the French Code monétaire et financier;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to investment services providers authorized to engage in portfolio management on behalf of third parties;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in a transaction that, in accordance with article L.411-2-II-1°-or-2°-or 3° of the French
Code monétaire et financier and article 211-2 of the General Regulations (Règlement Général) of the Autorité
des Marchés Financiers, does not constitute a public offer (appel public à l'épargne).

The shares of our common stock may be resold directly or indirectly, only in compliance with articles L.411-1, L.411-2, L.412-1 and L.621-8 through L.621-8-3 of the French Code monétaire et financier.

**Notice to Prospective Investors in Hong Kong**

The shares of our common stock have not been offered or sold and will not be offered or sold in Hong Kong, by means of any document, other than (a) to "professional investors" as defined in the Securities and Futures Ordinance (Cap. 571) of Hong Kong (the "Ordinance") and any rules made under that Ordinance; or (b) in other circumstances which do not result in the document being a "prospectus" as defined in the Companies Ordinance (Cap. 32) of Hong Kong or which do not constitute an offer to the public within the meaning of that Ordinance. No advertisement, invitation or document relating to the shares of our common stock has been or may be issued or has been or may be in the possession of any person for the purposes of issue, whether in Hong Kong or elsewhere, which is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to the shares of our common stock which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" as defined in the Securities and Futures Ordinance and any rules made under that Ordinance.

**Notice to Prospective Investors in Japan**

The shares of our common stock have not been and will not be registered under the Financial Instruments and Exchange Law of Japan (Law No. 25 of 1948, as amended) and, accordingly, will not be offered or sold, directly or indirectly, in Japan, or for the benefit of any Japanese Person or to others for re-offering or resale, directly or indirectly, in Japan or to any Japanese Person, except in compliance with all applicable laws, regulations and ministerial guidelines promulgated by relevant Japanese governmental or regulatory authorities in effect at the relevant time. For the purposes of this paragraph, "Japanese Person" shall mean any person resident in Japan, including any corporation or other entity organized under the laws of Japan.

**Notice to Prospective Investors in Singapore**

This prospectus has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, the shares of our common stock were not offered or sold or caused to be made the subject of an invitation for subscription or purchase and will not be offered or sold or caused to be made the subject of an invitation for subscription or purchase, and this prospectus or any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the shares of our common stock, has not been circulated or distributed, nor will it be circulated or distributed, whether directly or indirectly, to any person in Singapore other than (i) to an institutional investor (as defined in Section 4A of the Securities and Futures Act (Chapter 289) of Singapore, as modified or amended from time to time ("SFA")) pursuant to Section 274 of the SFA, (ii) to a relevant person (as defined in Section 275(2) of the SFA) pursuant to Section 275(1) of the SFA, or any person pursuant to Section 275(1A) of the SFA, and in accordance with the conditions specified in Section 275 of the SFA, or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.

Where the shares of our common stock are subscribed or purchased under Section 275 of the SFA by a relevant person which is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole
business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an
accredited investor; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and
each beneficiary of the trust is an individual who is an accredited investor, securities or securities-based derivatives contracts (each
term as defined in Section 2(1) of the SFA) of that corporation or the beneficiaries' rights and interest (howsoever described)
in that trust shall not be transferred within six months after that corporation or that trust has acquired the shares of our common stock
pursuant to an offer made under Section 275 of the SFA except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· to an institutional investor or to a relevant person, or to any person arising from an offer referred
to in Section 275(1A) or Section 276(4)(i)(B) of the SFA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· where no consideration is or will be given for the transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· where the transfer is by operation of law; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· as specified in Section 276(7) of the SFA.

**LEGAL MATTERS**

The validity of the shares of common stock offered hereby will be passed upon for us by Skadden, Arps, Slate, Meagher & Flom LLP, New York, New York. Latham & Watkins LLP, New York, New York has acted as counsel for the underwriters in connection with certain legal matters related to this offering.

**EXPERTS**

The consolidated financial statements of Konkola Copper Mines Plc, and its subsidiaries as of March 31, 2025 and 2024, and for each of the years then ended have been included in this prospectus and in the registration statement in reliance on the report of Manohar Chowdhry & Associates, an independent registered public accounting firm, included elsewhere herein and in the registration statement, and upon the authority of said firm as experts in auditing and accounting.

The financial statements of CopperTech Metals Inc., as of March 31, 2025 have been included in this prospectus and in the registration statement in reliance on the report of Manohar Chowdhry & Associates, an independent registered public accounting firm, included elsewhere herein and in the registration statement, and upon the authority of said firm as experts in auditing and accounting.

The technical information appearing in this prospectus concerning our mining operations was derived from the Initial Assessment TRS and the Pre-Feasibility TRS, each dated March 31, 2026, prepared by AMC Consultants (UK) Limited, an independent international mining consultancy.

**WHERE YOU CAN FIND MORE INFORMATION**

We have filed with the SEC a registration statement on Form S-1, of which this prospectus is a part, with respect to the shares of common stock offered hereby. This prospectus does not contain all of the information included in the registration statement and the exhibits thereto. References in this prospectus to any of our contracts or other documents are not necessarily complete, and each such reference is qualified in all respects by reference to the full text of such contract or other document filed as an exhibit to the registration statement. For additional information about us and the shares of common stock offered hereby, you should refer to the registration statement and the exhibits thereto, which are available on the internet website maintained by the SEC at <u>www.sec.gov</u>.

Upon completion of this offering, we will become subject to the reporting and information requirements of the Exchange Act and, in accordance with the Exchange Act, we will file periodic and current reports, proxy statements and other information with the SEC. We expect to make these reports and other information filed with or furnished to the SEC available, free of charge, through our website at https://coppertechmetals.com as soon as reasonably practicable after the reports and other information are filed with or furnished to the SEC. Additionally, the SEC maintains an internet website that contains such reports and other information filed electronically with the SEC at www.sec.gov.

The information contained on, or that can be accessed through, the websites referenced in this prospectus is not part of, and is not incorporated into, this prospectus, and you should not rely on any such information in making an investment decision to purchase shares of our shares of common stock. We have included the website addresses referenced in this prospectus only as inactive textual references and do not intend them to be active links to such website addresses.

**COPPERTECH METALS INC.**

**INDEX TO CONSOLIDATED FINANCIAL STATEMENTS** 

---

| | |
|:---|:---|
| **CopperTech Metals, Inc.** | **Page** |
| **Audited Financial Statement** |  |
| [Report of Independent Registered Public Accounting Firm](#fin_001) | [F-2](#fin_001) |
| [Balance Sheet as of March 31, 2025](#fin_002) | [F-3](#fin_002) |
| [Notes to Financial Statement](#fin_003) | [F-4](#fin_003) |
| **Unaudited Financial Statement** |  |
| [Balance Sheet as of December 31, 2025 (Unaudited) and March 31, 2025](#fin_004) | [F-5](#fin_004) |
| [Notes to Financial Statement (Unaudited)](#fin_005) | [F-6](#fin_005) |

---

---

| | |
|:---|:---|
| **Konkola Copper Mines Plc** | **Page** |
| **Audited Consolidated Financial Statements** |  |
| [Report of Independent Registered Public Accounting Firm](#fin_006) | [F-7](#fin_006) |
| Consolidated Financial Statements as of and for the Years Ended March 31, 2025 and 2024: |  |
| [Consolidated Balance Sheets](#fin_007) | [F-10](#fin_007) |
| [Consolidated Statements of Operations](#fin_008) | [F-11](#fin_008) |
| [Consolidated Statements of Shareholders' Equity](#fin_009) | [F-12](#fin_009) |
| [Consolidated Statements of Cash Flows](#fin_010) | [F-13](#fin_010) |
| [Notes to Consolidated Financial Statements](#fin_011) | [F-14](#fin_011) |
| **Unaudited Interim Consolidated Financial Statements** |  |
| [Consolidated Balance Sheets (Unaudited) as of December 31, 2025 and March 31, 2025.](#fin_012) | [F-34](#fin_012) |
| [Consolidated Statements of Operations (Unaudited) for the nine months ended December 31, 2025 and 2024](#fin_013) | [F-35](#fin_013) |
| [Consolidated Statements of Comprehensive Income (Unaudited) for the nine months ended December 31, 2025 and 2024](#fin_014) | [F-36](#fin_014) |
| [Consolidated Statements of Cash Flows (Unaudited) for the nine months ended December 31, 2025 and 2024](#fin_015) | [F-37](#fin_015) |
| [Consolidated Statements of Shareholders' Equity (Unaudited) for the nine months ended December 31, 2025 and 2024](#fin_016) | [F-38](#fin_016) |
| [Notes to Consolidated Financial Statements (Unaudited)](#fin_017) | [F-39](#fin_017) |

---

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**To the shareholders and the board of directors of CopperTech Metals Inc. (formerly known as Global Transition Resources Inc.), Opinion on the Financial Statement**

We have audited the accompanying balance sheet of CopperTech Metals Inc. (formerly known as Global Transition Resources Inc.), ("the Company") as of March 31, 2025, and the related notes (collectively referred to as the "financial statement"). In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Company as at March 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

This financial statement is the responsibility of the Company's management. Our responsibility is to express an opinion on this financial statement based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statement. We believe that our audit provides a reasonable basis for our opinion.

**Critical Audit Matter**

Critical audit matters are matters arising from the current period audit of the financial statement that were communicated or required to be communicated to the board of directors and that: (1) relate to accounts or disclosures that are material to the financial statement and (2) involved our especially challenging, subjective, or complex judgments. We determined that there are no critical audit matters.

**/s/ Manohar Chowdhry & Associates**

Chartered Accountants

We have served as the Company's auditor since 2025.

Chennai, India

November 19, 2025

UDIN: 25251661BTHLMO7789

**COPPERTECH METALS INC.**

**(All amounts are in USD thousands, other than share data)**

**Balance Sheet**

---

| |
|:---|
| **Assets** |
| **Total assets** |
| **Liabilities** |
| Commitments and contingencies |
| **Shareholders' equity** |
| Common shares with no par value; 100 shares issued and outstanding |
| **Total equity** |
| **Total liabilities and shareholders' equity** |

---

The accompanying Notes to Financial Statements are an integral part of these financial statements.

**COPPERTECH METALS INC.**

**(All amounts are in USD thousands, other than share data)**

**Notes to Financial Statements**

---

| | |
|:---|:---|
| **1** | **Overview** |

---

**General Information**

CopperTech Metals Inc. (the "Company") was incorporated under the laws of the State of Delaware on January 30, 2025. Pursuant to a reorganization into a holding company structure, the Company will be a holding company with its principal asset being a controlling ownership interest in Vedanta Resource Jersey Limited and its subsidiaries, involved in sale of major products related to finished copper and copper-cobalt alloys.

---

| | |
|:---|:---|
| **2** | **Basis of Presentation** |

---

The accompanying financial statement has been prepared in accordance with U.S. generally accepted accounting principles ("US GAAP"). Through March 31, 2025, the Company had not earned any revenue and had not incurred any expenses; therefore, the statements of income, stockholder's equity and cash flows have been omitted. There have been no other transactions involving the Company as of March 31, 2025.

---

| | |
|:---|:---|
| **3** | **Stockholders' Equity** |

---

On January 30, 2025, the Company has 2,500 authorized shares, out of which issued 100 shares of common stock with no par value, all of which are owned by the Company's Parent, Vedanta Resource Holdings Limited.

---

| | |
|:---|:---|
| **4** | **Subsequent Events** |

---

The Company has evaluated subsequent events through November 19, 2025, which is the date its financial statement was available to be issued.

**COPPERTECH METALS INC.**

**(All amounts are in USD thousands, other than share data)**

**Balance Sheet**

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025**<br> **(Unaudited)**  | **March 31, 2025** |
| **Assets** | - | - |
| **Total assets** | - | **-** |
| **Liabilities** |  |  |
| Commitments and contingencies |  |  |
| **Shareholders' equity** |  |  |
| Common shares with no par value; 100 shares issued and outstanding | - | - |
| **Total equity** | - | - |
| **Total liabilities and shareholders' equity** | - | - |

---

The accompanying Notes to Financial Statements are an integral part of these financial statements

**COPPERTECH METALS INC.**

**(All amounts are in USD thousands, other than share data)**

**Notes to Financial Statements**

---

| | |
|:---|:---|
| **1** | **Overview** |

---

**General Information**

CopperTech Metals Inc. (the "Company"), was incorporated under the laws of the State of Delaware on January 30, 2025. Pursuant to a reorganization into a holding company structure, the Company will be a holding company with its principal asset being a controlling ownership interest in Vedanta Resource Jersey Limited and its subsidiaries, involved in sale of major products related to finished copper and copper-cobalt alloys.

---

| | |
|:---|:---|
| **2** | **Basis of Presentation** |

---

The accompanying financial statement has been prepared in accordance with U.S. generally accepted accounting principles ("US GAAP"). Through December 31, 2025, the Company had not earned any revenue and had not incurred any expenses; therefore, the statements of operations, stockholder's equity and cash flows have been omitted. There have been no other transactions involving the Company as of December 31, 2025.

---

| | |
|:---|:---|
| **3** | **Stockholders' Equity** |

---

On January 30, 2025, the Company has 2,500 authorized shares, out of which issued 100 shares of common stock with no par value, all of which are owned by our Parent, Vedanta Resource Holdings Limited.

---

| | |
|:---|:---|
| **4** | **Subsequent Events** |

---

The Company has evaluated subsequent events through March 31, 2026, which is the date its financial statement was available to be issued.

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**To the shareholders and the board of directors of Konkola Copper Mines PLC**

**Opinion on the Consolidated Financial Statements** 

We have audited the accompanying consolidated balance sheets of Konkola Copper Mines PLC and its subsidiaries (the "Company") as of March 31, 2025 and 2024, the related consolidated statements of operations, shareholders equity and cash flows, for each of the two years in the period ended March 31, 2025, and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Company as at March 31, 2025 and 2024, and the consolidated results of its operations and its cash flows for each of the two years in the period ended March 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audit provides a reasonable basis for our opinion.

**Critical Audit Matters**

The Critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

---

| | |
|:---|:---|
| ***Revenue*** | ***Revenue*** |
| *Description of the Matter* | *As disclosed in Note 17 to the consolidated financial statements, the revenue recognized is USD 406 million and USD 438 million during the year ended March 31, 2025 and March 31, 2024 respectively. The Company's revenue comprises of various metals, with copper being the primary contributor. Revenue arises from the sale of copper cathodes and anodes under multiple customer contracts, that includes diverse pricing mechanisms, provisional pricing arrangements, and delivery terms. These terms require significant judgment in assessing when control of the product transfers to the customer and in measuring revenue. Accordingly, due to the significant complexity and judgment involved, this matter has been designated as a Critical Audit Matter.* |
| *How We Addressed the Matter in Our Audit* | *Our audit procedures related to revenue recognition included, among others:*<br> *1. Evaluating management's application of ASC 606 to sales contracts, including the identification of performance obligations, pricing mechanisms, provisional pricing terms, and the delivery Conditions.*<br> *2. Inspecting supporting documentation, including bills of lading, invoices, and sales contracts for a sample of transactions, to test the accuracy of revenue measurement and the timing of revenue recognition.*<br> *3. Evaluating the reasonableness of management's estimates for provisional pricing adjustments.*<br> *4. Conducting inquiries with sales, logistics and revenue accounting personnel to understand the complete revenue recognition process and the steps involved in recognizing revenue.* <br> *5. Performing cutoff testing and analytical procedures to assess the timing and accuracy of revenue recognition, ensuring transactions were recorded in the appropriate period in accordance with U.S. GAAP (ASC 606).* |

---

---

| | |
|:---|:---|
| ***Inventory*** | ***Inventory*** |
| *Description of the Matter* | *As disclosed in note 5 to the consolidated financial statements, the Company's inventories balance was USD 171 million and USD 114 million as of March 31, 2025 and March 31, 2024 respectively. Inventories consist of finished goods, work-in-progress (WIP), and raw materials and consumables held for production and sale. Finished goods and WIP is accounted for using the average cost method and is stated at the lower of cost or net realizable value (NRV). The Company periodically assesses the NRV of these inventories and records valuation adjustments.*<br> *The Company's determination of the valuation of these inventories required a high degree of management judgment and subjectivity, which in turn led to especially challenging and subjective auditor judgment when performing audit procedures and evaluating the results of those procedures. Accordingly, due to the significant complexity and judgment involved, this matter has been designated as a Critical Audit Matter.* |
| *How We Addressed the Matter in Our Audit* | *Our audit procedures related to inventory valuation of Finished goods and WIP included, among others:*<br> *1. Evaluating management's methodology to determine the net realizable value of inventories.*<br> *2. Assessing the reasonableness of significant assumptions used by management in valuing inventories.*<br> *3. Evaluating management's calculation of the inventory NRV by testing the mathematical accuracy of the calculation.*<br> *4. Conducting inquiries with sales, production, and accounting personnel to corroborate management's assumptions and qualitative judgments used in determining the net realizable value of inventories.*<br> *5. Testing the completeness and accuracy of the inputs used in the Company's NRV analysis.* |

---

/s/ **Manohar Chowdhry & Associates**

Chartered Accountants

We have served as the Company's auditor since 2025.

Chennai, India

October 31, 2025

UDIN: 25251661BTHLMN3187

**KONKOLA COPPER MINES PLC**

**(All amounts are in USD thousands, other than share data)**

**Consolidated Balance Sheets**

---

| | | |
|:---|:---|:---|
|  | **March 31** | **March 31** |
|  | **2025** | **2024** |
| ASSETS |  |  |
| **Current assets** |  |  |
| &nbsp;&nbsp;&nbsp;Cash and Cash Equivalents | 14255 | 5957 |
| &nbsp;&nbsp;&nbsp;Restricted Cash and Cash Equivalents | 49560 |  |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 5282 | 9157 |
| &nbsp;&nbsp;&nbsp;Inventories | 171040 | 114331 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and others | 121595 | 232874 |
| **Total current assets** | **361732** | **362319** |
| &nbsp;&nbsp;&nbsp;Property, plant, equipment and mine development, net | **993554** | **1086048** |
| &nbsp;&nbsp;&nbsp;Other non current assets | 181365 | 33468 |
| &nbsp;&nbsp;&nbsp;Deferred tax assets | 477547 | 360381 |
| **Total assets** | **2014198** | **1842216** |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |
| **Current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | 229692 | 91525 |
| &nbsp;&nbsp;&nbsp;Advance from customers | 25018 | 9776 |
| &nbsp;&nbsp;&nbsp;Current portion of debt | 6361 |  |
| &nbsp;&nbsp;&nbsp;Other current liabilities | 1848 | 2014 |
| &nbsp;&nbsp;&nbsp;Income taxes payable | 409 | 68 |
| **Total current liabilities** | **263328** | **103383** |
| &nbsp;&nbsp;&nbsp;Long-term debt less current portion of debt | **764412** | **-** |
| &nbsp;&nbsp;&nbsp;Liabilities subject to compromise |  | 4022024 |
| &nbsp;&nbsp;&nbsp;Other non-current liabilities | 661341 |  |
| &nbsp;&nbsp;&nbsp;Asset retirement obligations | 66607 | 62860 |
| &nbsp;&nbsp;&nbsp;Long-term employee benefits | 11916 | 7449 |
| **Total liabilities** | **1767604** | **4195716** |
| **Shareholders' equity** |  |  |
| &nbsp;&nbsp;&nbsp;Common shares, $0.01 par value; 24,060,000,000 shares authorized; |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,098,677,473 shares (1,098,677,473 shares in 2024) issued and outstanding | 10987 | 10987 |
| &nbsp;&nbsp;&nbsp;Deferred shares, $0.99 par value; 60,000,000 shares authorized; |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60,000,000 shares (60,000,000 shares in 2024) issued and outstanding | 59400 | 59400 |
| &nbsp;&nbsp;&nbsp;Special share, $1 par value; 1 share authorized; |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 share (1 share in 2024) issued and outstanding | 0 | 0 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 2089767 | 500465 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (1913560) | (2924352) |
| **Total shareholders' equity** | **246594** | **(2353500)** |
| **Total liabilities and shareholders' equity** | **2014198** | **1842216** |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of these consolidated financial statements.

**KONKOLA COPPER MINES PLC**

**(All amounts are in USD thousands, other than share data)**

**Consolidated Statements of Operations**

---

| | | |
|:---|:---|:---|
|  | **Year Ended March 31** | **Year Ended March 31** |
|  | **2025** | **2024** |
| Net sales | 406308 | 438161 |
| Cost of sales | (631100) | (808311) |
| **Gross loss** | **(224792)** | **(370150)** |
| Selling, general and administrative expenses | 91390 | 189270 |
| **Operating loss** | **(316182)** | **(559420)** |
| **Other income (expense)** |  |  |
| Other income | 8210 | 6040 |
| Foreign exchange gain (loss), net | (50237) | 260050 |
| Reorganisation items, net | 1358714 |  |
| Interest expenses, net | (106435) | (202599) |
| **Other (expense) income, net** | **1210252** | **63491** |
| **(Loss) income before income tax benefit** | **894070** | **(495929)** |
| Income tax benefit/(Expense) | 116722 | 53248 |
| **Net (loss)/income** | **1010792** | **(442681)** |
| **Net income/ per share attributable to common stockholders** |  |  |
| **Basic** | **0.92** | **(0.40)** |
| **Diluted** | **0.92** | **(0.40)** |
| **Weighted-average number of common shares outstanding: Basic** | **1098677473** | **1098677473** |
| **Diluted** | **1098677473** | **1098677473** |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of these consolidated financial statements.

**KONKOLA COPPER MINES PLC**

**(All amounts are in USD thousands, other than share data)**

**Consolidated Statements of Shareholders' Equity**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Shares** | **Common Shares** | **Deferred Shares** | **Deferred Shares** | **Special Share** | **Special Share** | | | |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Additional<br> Paid-in**<br>**Capital** | **Accumulated**<br>**Deficit** | **Total<br> Shareholders'**<br>**Equity** |
| **Balances, April 1, 2023** | **1098677473** | **10987** | **60000000** | **59400** | **1** | **0** | **500465** | **(2481671)** | **(1910819)** |
| Net income (loss) | - | - | - | - | - | - | - | (442681) | (442681) |
| **Balances, March 31, 2024** | **1098677473** | **10987** | **60000000** | **59400** | **1** | **0** | **500465** | **(2924352)** | **(2353500)** |
| Extinguishment of debt due to related parties as per SOA (Refer |  |  |  |  |  |  | 1589302 |  | 1589302 |
| note 23) |  |  |  |  |  |  |  |  |  |
| Net income (loss) | - | - | - | - | - | - | - | 1010792 | 1010792 |
| **Balances, March 31, 2025** | **1098677473** | **10987** | **60000000** | **59400** | **1** | **0** | **2089767** | **(1913560)** | **246594** |

---

**KONKOLA COPPER MINES PLC**

**(All amounts are in USD thousands, other than share data)**

**Consolidated Statement of Cash Flows**

---

| | | |
|:---|:---|:---|
|  | **Year Ended March 31** | **Year Ended March 31** |
|  | **2025** | **2024** |
| **Cash flows from operating activities** |  |  |
| &nbsp;&nbsp;&nbsp;Net (loss) income | 1010792 | (442681) |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net (loss) income to net cash from operating activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 105182 | 97521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reorganisation items, net | (1358714) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance costs | 106435 | 202599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | (116722) | (53248) |
| Changes in operating assets and liabilities which (used) provided cash |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 3875 | 14856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory | (56709) | 61679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other | 111279 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non current assets | (147897) | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 32610 | (3928027) |
| &nbsp;&nbsp;&nbsp;Liabilities subject to compromise | (641007) | 4022024 |
| &nbsp;&nbsp;&nbsp;Advance from Customer | 15241 | 9776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term employee benefits | 4467 | 7449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | (165) | 2014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax payable | 342 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other noncurrent liabilities | 661341 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset retirement obligations | 3747 | 3535 |
| **Net change in cash from operating activities** | **(265903)** | **(2180)** |
| **Cash flows from investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;Purchases and construction of property and equipment | (13206) | (28274) |
| **Net change in cash from investing activities** | **(13206)** | **(28274)** |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of long-term debt | 340746 | 35000 |
| &nbsp;&nbsp;&nbsp;Repayments of long-term debt | (2974) |  |
| &nbsp;&nbsp;&nbsp;Interest Paid | (805) | - |
| **Net change in cash from financing activities** | **336967** | **35000** |
| **Net change in cash, cash equivalents and restricted cash** | **57858** | **4546** |
| Cash, cash equivalents and restricted cash, beginning of year | 5957 | 1411 |
| **Cash, cash equivalents and restricted cash, end of year** | **63815** | **5957** |
| **Supplemental cash flow information:** |  |  |
| &nbsp;&nbsp;&nbsp;Income and mining taxes paid, net of refunds | **1765** |  |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of these consolidated financial statements.

**KONKOLA COPPER MINES PLC** 

**Notes to Consolidated Financial Statements**

**Note 1 - Description of the Business:**

Konkola Copper Mines PLC ("the Company") is a limited company incorporated and domiciled in Zambia. The addresses of the Company's registered office and principal place of business are at Private Bag KCM (C) 2000, Stand M 1408, Fern Avenue, Chingola. The Company's major products for sale are finished copper and copper-cobalt alloys. The Company is one of Zambia's largest integrated copper producers, with operations located in four of the country's mining towns on the Copperbelt and Central Provinces. The Copperbelt, is host to the Konkola Mine, the Nchanga Mine, Nchanga Smelter, Tail Leach Plant and Nkana Refinery. Nampundwe Pyrite Mine is in the Shibuyunji District of Central Province.

The principal activity of the Company and its wholly owned subsidiary KCM (Smelter Co) Limited is the mining, production and marketing of copper and cobalt. The Company also wholly owns Konkola Mineral Resources Limited ("KMRL") which is dormant with a carrying value of nil.

**Note 2 - Summary of Significant Accounting Policies**

**Basis of Presentation**

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). All amounts are presented in U.S. Dollars.

These financial statements cover the years ended March 31, 2025 and 2024 and include the accounts of the Company and its subsidiaries.

**Use of estimates**

The preparation of the Company's financial statements in conformity with accounting principles generally accepted in the United States (U.S.) requires management to make estimates and assumptions that affect the amounts reported in these financial statements and accompanying notes. The more significant areas requiring the use of management estimates include inventory valuation and determination of net realizable value, determination of estimated Mineral Reserves and life of mine, asset lives for depreciation, depletion and amortization; environmental obligations; asset retirement obligations, deferred taxes and valuation allowances; reserves for contingencies and litigation; asset impairment, including estimates used to derive future cash flows associated with those assets; pension benefits; and valuation of financial instruments. Actual results could differ from those estimates.

**KONKOLA COPPER MINES PLC** 

**Notes to Consolidated Financial Statements**

**Going Concern**

The Company assesses and determines its ability to continue as a going concern in accordance with the provisions of ASC Subtopic 205-40, "Presentation of Financial Statements—Going Concern", which requires the Company to evaluate whether there are conditions or events that raise substantial doubt about its ability to continue as a going concern.

In May 2019, ZCCM Investments Holdings Plc ("ZCCM-IH") obtained an ex parte order from the High Court of Zambia appointing a provisional liquidator for the company. Legal proceedings were suspended in January 2023 to pursue an amicable settlement.

On November 6, 2023, a new shareholder agreement and Implementation Agreement were signed, outlining terms for Vedanta Resources Holdings Limited's ("VRHL") re-entry and investment. Ancillary agreements were finalized to launch a Creditor Scheme of Arrangement, which was sanctioned by the High Court on June 28, 2024. The provisional liquidator was removed, and KCM's Board was reinstated on July 31, 2024. Vedanta regained control of KCM effective that date.

The Company's consolidated financial statements have been prepared on a going concern basis, which assumes the Company will be able to continue as a going concern and contemplates the realization of assets and satisfaction of liabilities in the normal course of business. However, substantial doubt about the Company's ability to continue as a going concern exists. The Company has incurred operating losses of USD 316.2 million and USD 559.4 million during the twelve months ended March 31, 2025 and March 31, 2024 respectively. The Company has deficit cashflows from operating activities of USD 265.9 million & USD 2.2 million for the years ended March 31, 2025 and March 31, 2024 respectively. The Company's cash and cash equivalents were USD 14.3 million as of March 31, 2025. The Company will require additional liquidity to continue its operations over the next 12 months from the date of issue of these financial statements.

Management has evaluated these conditions and concluded that its plans, as detailed below, are expected to alleviate substantial doubt about the Company's ability to continue as a going concern.

As part of the re-entry conditions, Vedanta committed to the following investments (structured as shareholder loans):

a) USD 1,000.0 million over five years for mine development and infrastructure;

b) USD 250.0 million toward the Scheme of Arrangement;

The Company's ability to continue as a going concern is dependent upon loan facilities guaranteed by its Ultimate Parent Company Vedanta Resources Ltd. (VRL). In this regard, the Company has received a financial support letter dated October 30, 2025 from VRL. The Ultimate Parent Company has confirmed that it will provide necessary financial support for a minimum period of 12 months.

The Company estimates that its current cash and cash equivalents balance with working capital support from VRL is sufficient to support operations for a minimum period of twelve months following the date these consolidated financial statements and footnotes were issued.

**Concentration Risk**

A material part of the Company's business is dependent upon a relatively small number of customers, the loss of any one of whom may have a materially adverse effect on the Company's operating results.

The Company's workforce is considered specialized, with skills critical to its operations. The loss of a significant portion of these employees could have a material adverse effect on the Company's business and operating results.

In addition, a substantial number of employees are covered by collective bargaining agreements. While the Company maintains positive labor relations, disruptions related to labor negotiations or work stoppages could materially impact operations.

**Consolidation**

The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, SmelterCo and KMRL, (collectively, the "Company"). All significant intercompany accounts and transactions have been eliminated in consolidation.

**KONKOLA COPPER MINES PLC** 

**Notes to Consolidated Financial Statements**

**Functional Currency**

The functional currency for the Company is the U.S. dollar. Monetary assets and liabilities denominated in the local currency are translated at current exchange rates, and non-monetary assets and liabilities are translated at historical exchange rates. Gains and losses resulting from the translation of such account balances and from foreign currency transactions are shown separately in Statement of operations.

**Cash and Cash Equivalents**

Cash and cash equivalents is defined by the Company as cash on deposit with banks, including time deposits and other highly liquid investments with maturities of three months or less when purchased, excluding amounts restricted by certain contractual or other obligations.

**Restricted Cash and Cash Equivalents**

Restricted cash includes cash in accounts from which the Company's ability to withdraw funds at any time is contractually limited. Restricted cash is generally designated for specific purposes arising out of certain contractual or other obligations.

**Inventory**

Inventory is valued at the lower of cost or net realizable value, which is defined as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation.

The Company principally produces copper and, in the production process, obtains several by-products, including cobalt, anode slimes, sulfuric acid and other metals.

Metal inventories, consisting of work-in-process and finished goods, are carried at the lower of weighted average cost or net realizable value (NRV). The costs of work-in-process and finished goods inventories primarily include power, labor, fuel, operating and repair materials, depreciation& amortization and other necessary costs related to the extraction and processing of ore. These processes include mining, milling, concentrating, smelting, refining and leaching.

Work-in-process inventories represent materials that are in the process of being converted into a saleable product. Conversion processes vary depending on the nature of the copper ore and the specific mining operation.

Finished goods include saleable products (e.g., copper anodes, copper cathodes, and other metallurgical products). Please refer to Note 5, "Inventories," for further information.

**Property, Plant and Equipment**

Property, plant and equipment is recorded at acquisition cost, net of accumulated depreciation and impairment, if any. Cost includes major expenditures for improvements and replacements, which extend useful lives or increase capacity. Maintenance, repairs, normal development costs at existing mines, and gains or losses on assets retired or sold are reflected in earnings as incurred. Additionally, interest expense allocable to the cost of constructing new facilities is capitalized until assets are ready for their intended use.

Property, plant and equipment are depreciated on the straight-line method over their estimated useful lives, which range from 1 to 50 years.

**Mine Development**

Mine development costs include costs incurred resulting from mine pre-production activities undertaken to gain access to proven and probable mineral reserves, and to develop and prepare underground mining areas for production including the development of declines, shafts, levels, drives, crosscuts and raises. Mine development costs also includes directly attributable costs such as contractor mining services, drilling and blasting, labour, consumables and ground support.

Mineral exploration costs, as well as drilling and other costs incurred for the purpose of converting mineral resources to proven and probable mineral reserves or identifying new mineral resources at development or production stage properties, are charged to expense as incurred. Mine development costs are capitalized beginning after proven and probable mineral reserves have been established and are capitalized as incurred until the commencement of production. During the production stage, mineral exploration costs, as well as drilling and other costs incurred to maintain production are included in production costs in the period in which they are incurred. Additionally, interest expense allocable to the cost of developing mines is capitalized until assets are ready for their intended use.

Mine development costs are carried at cost and amortized on a units-of-production method based on the estimated recoverable volume.

The Company reviews property, plant and equipment and mine development for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. The Company reviews the remaining useful lives of its property, plant and equipment and mine development periodically and adjusts them prospectively if events or changes in circumstances indicate that the remaining useful lives differ from previous estimates.

**KONKOLA COPPER MINES PLC** 

**Notes to Consolidated Financial Statements**

**Stripping (Waste Removal) Costs** 

Stripping costs (i.e., the costs of removing overburden and waste material to access mineral deposits) incurred during the production phase of an open-pit mine are considered variable production costs and are included as a component of inventory produced during the period in which stripping costs are incurred. Major development expenditures, including stripping costs to prepare unique and identifiable areas outside the current mining area for future production that are considered to be pre-production mine development, are capitalized and amortized using the units-of-production method based on estimated recoverable proven and probable mineral reserves for the ore body benefited. However, where a second or subsequent pit or major expansion is considered to be a continuation of existing mining activities, stripping costs are accounted for as a current production cost and a component of the associated inventory.

**Annual Impairment and Useful-Life Review**

The Company tests long-lived assets for impairment whenever indicators of impairment exist. In addition, the Company evaluates the useful lives of property, plant and equipment annually based on updated reserve and resource estimates, engineering-study results and operating plans. Changes in the remaining useful life of an asset are applied prospectively and are reflected in depreciation expense in future periods.

**Accounts Receivables**

Accounts receivable are customer obligations due under normal trade terms, generally requiring payment within 0 to 90 days from the invoice date. Receivables are stated at the amounts billed and due from customers, less an allowance for credit losses that represents management's estimate of lifetime expected credit losses over the remaining contractual life of the receivables under ASC 326. No collateral or other security is required to support receivables, and none of the Company's contracts has a significant financing component.

The allowance is estimated using the Current Expected Credit Losses (CECL) model, which incorporates:

- Historical loss experience by aging bucket and customer segment;

- Current conditions, including portfolio seasoning and payment trends;

- Reasonable and supportable forecasts of future economic conditions over a 12-month forecast period; and

- Qualitative management overlays for model imprecision, emerging risks, and portfolio concentration.

A weighted reversion method is applied over a 12-month period to transition from forecasted loss rates to long-term historical loss experience. The allowance is evaluated and updated annually through the provision for credit losses.

**KONKOLA COPPER MINES PLC** 

**Notes to Consolidated Financial Statements**

**Leases**

The Company determines if a contract is or contained a lease at its inception. The Company evaluates if a contract gave the right to obtain substantially all of the economic benefits from use of an identified asset and the right to direct the use of the asset, in order to determine if a contract contained a lease.

Right-of-use assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent an obligation by the Company to make lease payments which arise from the lease. Lease right-of-use assets and liabilities are recognized at the inception date based on the present value of lease payments over the lease term. As the Company's lease contracts do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the inception date in order to determine the present value of lease payments. Lease expense for lease payments is recognized on a straight-line basis over the lease term, in the cost of sales and operating expenses. Currently the company is not having any on going leases

**Revenue Recognition**

The Company accounts for a contract with a customer when there is a legally enforceable contract between the Company and the customer, the rights of the parties are identified, the contract has commercial substance, and collectability of the contract consideration is probable. The Company recognizes revenue in accordance with the five-step model prescribed under ASC 606, "Revenue from Contracts with Customers". The Company's revenues are measured based on consideration specified in the contract with each customer. Disclosures regarding disaggregation of revenues and contract balances are disclosed within Note 17 "Segment and related information".

The company primarily operates in the business of selling copper, mainly in the form of cathodes, anodes and cobalt. In addition to above, it also sells other metals such as gold, silver, and lead. The Company recognizes revenue when it transfers control of a product to the customer. Control usually transfers when the goods cross the Zambian Boarder or are loaded on ship's rail, based on the INCOTERMS as commercially agreed upon with the buyer and the buyer has gained control through their ability to direct the use of and obtain substantially all the benefits from the asset. The company places a strong emphasis on maintaining long-term relationships with certain key customers. However, it is not solely dependent on these customers and continues to pursue opportunities to attract new business.

The majority of the Company's sales allow for price adjustments based on the London Metal Exchange LME price at the end of the relevant Quotational Period (QP) stipulated in the contract. These are referred to as provisional pricing arrangements and are such that the selling price for the goods is based on prevailing forward prices on a specified future period after shipment to the customer.

Payment terms for sales vary depending on the specific contract but are typically based on provisional pricing arrangements. Generally, 90–100% of the invoice amount is collected before or at the time of shipment. A final price adjustment is made upon settlement with the customer, typically within one to three month from the shipment date, based on the quoted monthly average copper settlement prices on the LME.

These provisional pricing arrangements are treated separately from the host sales contract and are accounted for as embedded derivative instruments in accordance with ASC 815-30, Derivatives and Hedging—Cash Flow Hedges. Hence, net sales include both the invoiced value of copper and other metals, as well as the fair value adjustment related to the associated contracts. Details of adjustments to sales arising from provisionally priced contracts are disclosed in Note 18.

Additionally, product net sales are presented net of discounts, rebates, custom duties, treatment and handling charges.

**KONKOLA COPPER MINES PLC** 

**Notes to Consolidated Financial Statements**

**Cost of sales**

Our cost of sales primarily includes expenses directly associated with mining, processing, and refining operations. These comprise in-house and contracted mining services, labor and employee-related costs, consumables and spare parts, production overheads, and freight costs incurred in transporting Copper Concentrate and finished copper cathodes to customers. The cost of revenue also includes costs related to the reprocessing or rehandling of ore and materials, as well as refurbishment or repackaging costs, if applicable, for copper products returned or regraded for resale.

**Income Taxes**

The Company accounts for income taxes in accordance with the provisions of ASC 740 – Income Taxes. This includes both current taxes payable or refundable and deferred tax assets and liabilities arising from temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements.

The current tax expense or benefit is determined based on the taxes payable or refundable for the current year, calculated using applicable income tax rates in the jurisdiction where the Company operates.

Deferred tax assets and liabilities are included in the financial statements at currently enacted income tax rates applicable to the period in which the deferred tax assets and liabilities are expected to be realized and settled as prescribed in ASC 740 "Income taxes." As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. Deferred income tax assets are reduced by any benefits that, in the opinion of management, are more likely not to be realized. (Refer to Note 16)

**Chapter 11 Filing and Emergence from Bankruptcy**

Beginning on the Petition Date i.e. May 21, 2019, the Company applied Financial Accounting Standards Board Codification Topic 852, Reorganizations ("ASC 852") in preparing the consolidated financial statements. ASC 852 requires the financial statements, for the periods subsequent to the Petition Date cases and up to and including the period of emergence from Chapter 11 (the "Effective Date"), to distinguish transactions and events that are directly associated with the reorganization from the ongoing operations of the business.

Accordingly, gains on discounting of the liabilities under the Scheme of Arrangement are recorded as Reorganization items, net in the Consolidated Statements of Operations. In addition, pre-petition obligations that may be impacted by the Chapter 11 process have been classified on the Consolidated Balance Sheets as of March 31, 2024 as liabilities subject to compromise. These liabilities are reported at the amounts we anticipate will be allowed by the Bankruptcy Court, even if they may be settled for lesser amounts. Refer Note 22 and Note 23.

**Valuation of Deferred Tax Assets**

The Company's deferred income tax assets include certain future tax benefits. The Company reviews the likelihood that it will realize the benefit of its deferred tax assets on a yearly basis or if events indicate that a review is required. In determining the requirement for a valuation allowance, the historical and projected financial results of the legal entity or consolidated group recording the net deferred tax asset is considered, along with all other available positive and negative evidence.

The Company assesses the realizability of deferred tax assets (DTA) by considering both historical performance and future expectations of taxable income. While historical data, such as recent pretax losses, is taken into account, the primary focus is on projections of future taxable income, business plans, and other forward-looking factors. These projections help determine whether it is more likely than not that the deferred tax assets will be realized.

**KONKOLA COPPER MINES PLC** 

**Notes to Consolidated Financial Statements**

**Asset Retirement Obligations**

Our mining and exploration activities are subject to various laws and regulations governing the protection of the environment. Accounting for reclamation and remediation obligations requires management to make estimates unique to each mining operation of the future costs we will incur to complete the reclamation and remediation work required to comply with existing laws and regulations. These estimates are based in part on our inflation and credit rate assumptions. Actual costs incurred in future periods could differ from amounts estimated. Additionally, future changes to environmental laws and regulations could increase the extent of reclamation and remediation work required to be performed by us. Any such increases in future costs could materially impact the amounts charged to operations for reclamation and remediation.

Asset retirement obligations are further discussed in Note 11, "Asset Retirement Obligation" to the consolidated financial statements included herein.

**Commitments and Contingencies**

Liabilities for loss contingencies arising from claims, assessments, litigations, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment and/or remediation can be reasonably estimated. Information regarding our commitments and contingencies is incorporated by reference in Note 21, "Commitments and contingencies".

***Fair Value Measurements***

The framework for measuring fair value provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described as follows:

---

| | |
|:---|:---|
| <u><u>Level 1</u>:</u> | This level is defined as observable inputs, such as quoted prices in active markets for identical assets and liabilities. |
| <u><u>Level 2</u>:</u> | This level is defined as observable inputs other than Level 1 prices for similar assets or liabilities, such as quoted prices in active markets, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. |
| <u>Level 3:</u> | This level is defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own valuation methodology and assumptions. |

---

***(Loss) /Earnings Per Common Share***

The Company calculates basic (loss) /earnings per common share by dividing net (loss)/ income attributable to common shareholders by the weighted-average number of common shares outstanding during the year. Since the Company has no potentially dilutive securities outstanding, diluted (loss) /earnings per common share is the same as basic (loss)/ earnings per common share.

 ****

***Subsequent Events***

In preparing these financial statements, management has evaluated, for potential recognition or disclosure, significant events or transactions that occurred during the period subsequent to the most recent balance sheet presented herein, through the date these financial statements were issued. U.S. GAAP requires assessment from the financial statement date through the date of issuance.

**KONKOLA COPPER MINES PLC** 

**Notes to Consolidated Financial Statements**

**Recently Issued Accounting Pronouncements and Securities and Exchange Commission Rules**

**Disaggregation of Income Statement Expenses**

In November 2024, ASU 2024-03 was issued, requiring additional disclosures in the notes to the financial statements on the nature of certain expense captions presented on the face of the Consolidated Statement of Operations. The new guidance is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. The Company is currently evaluating the impacts of the guidance on its Consolidated Financial Statements.

**Improvement to Income Tax Disclosures**

In December 2023, ASU 2023-09 was issued, requiring disaggregated information about the effective tax rate reconciliation and additional information on taxes paid that meet a qualitative threshold. The new guidance is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impacts of the guidance on its Consolidated Financial Statements.

**Induced Conversions of Convertible Debt Instruments**

In November 2024, ASU 2024-04 was issued, which enhances guidance in ASC Topic 470, "Debt," to improve consistency and relevance in accounting for induced conversions of convertible debt instruments. Specifically, ASU 2024-04 clarifies criteria for when settlements should be treated as induced conversions, requiring that inducement offers preserve the form and amount of consideration issuable under original conversion terms. ASU 2024-04 is effective for the Company's fiscal years and interim periods within those fiscal years beginning after December 15, 2025, with early adoption permitted, and may be applied prospectively or retrospectively. The Company is currently evaluating the impacts of the rules on its consolidated financial statements.

**KONKOLA COPPER MINES PLC** 

**Notes to Consolidated Financial Statements**

**Note 3 - Cash and Cash Equivalents**

The following table provides a reconciliation of total cash, cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows:

**(All amounts are in USD thousands)**

---

| | | |
|:---|:---|:---|
|  | **As of March 31, 2025** | **As of March 31, 2024** |
| Cash and cash equivalents | 14255 | 5957 |
| Restricted cash and cash equivalents | 49560 | - |
| **Cash, cash equivalents, restricted cash and cash equivalents** | **63815** | **5957** |

---

This balance of Restricted cash and restricted cash equivalents includes an amount of USD 49.6 million, which pertains to payments to be made to creditors under the Scheme of Arrangement.

As per the Scheme, a total amount of USD 250.0 million was received from Vedanta, specifically for settlement of dues to Class 1 and Class 2 creditors. Out of this amount, approximately USD 99.0 million has been paid to Class 1 creditors and USD 101.0 million has been paid to Class 2 creditors.

The remaining balance after the payment of liquidation expenses of USD 1.0 million is earmarked for secondary distribution to the creditors in accordance with the terms of the Scheme.

**Note 4 - Accounts receivables, net**

The roll-forward of the allowance for credit losses on trade receivables is as follows

**(All amounts are in USD thousands)**

---

| | | |
|:---|:---|:---|
|  | **As of March 31, 2025** | **As of March 31, 2024** |
| Accounts receivable | 11112 | 19011 |
| Provision for credit losses | (5830) | (9854) |
| **Accounts receivable, net** | **5282** | **9157** |

---

The allowance at March 31, 2025 reflects approx USD 4.0 million release (or addition) from the amount at March 31, 2024, primarily driven by changes in customer payment behavior and portfolio composition.

In estimating the allowance at March 31, 2025, the Company used a loss forecast model incorporating multiple macroeconomic scenarios, weighted based on recent economic events, leading indicators, and views of internal and third-party economists. The key macroeconomic variables in the forecast were:

· Government Expenditure—projected to
 end 2025 at 12%,

· Real gross domestic product growth—projected
 at 6% in 2025.

This model produces credit loss factors by applying probability of default and loss-given-default assumptions to estimated exposure at default for each scenario. Scenario-specific loss factors are aggregated using probability weights. Management applied qualitative overlays to reflect uncertainties related to borrower behavior, consumer price inflation, fiscal and monetary policy responses, model imprecision, and concentration risk.

Net charge-offs of principal are recorded against the allowance. Charge-offs of unpaid interest and fees result in a reversal of interest and fee income, effectively reclassifying the provision for credit losses.

Amounts deemed uncollectible after exhaustive collection efforts are written off against the allowance for credit losses in the period identified, consistent with ASC 326-20 guidance.

**Note 5 - Inventories**

**The balance of inventories are as follows:**

**(All amounts are in USD thousands)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2024** | **As of March 31, 2024** |
| Raw materials and consumables |  | 36133 |  | 30760 |
| Work in process |  | 109652 |  | 82659 |
| Finished goods | | 25,255 | | 912 |
|  | | **171,040** | | **114,331** |

---

The Company values inventories at the lower of cost or net realizable value. For the years ended March 31, 2025 and 2024, inventories amounting to USD 120.0 million and USD 65.7 million, respectively, were valued at net realizable value.

During the fiscal year 2025, the Company recorded wrote off approximately USD 0.5 million related to material spoilage. Inventories are stated net of allowances for obsolete and slow-moving items, which amounted to USD 37.3 million and USD 36.8 million as of March 31, 2025 and 2024, respectively.

After regaining control over its operations, the Company conducted a comprehensive review of its inventory records. This review identified certain irregularities in historical inventory quantities that had resulted in overstatement of inventories to an extent of USD 140.6 million pertaining to the period from 2019 to 2024. Upon completion of the review and related analyses, the Company determined that the said amount to be charged-off and accordingly, an amount of USD 99.5 million pertaining to previous years upto March 31, 2023, was charged-off for in the previous years and balance of USD 41.0 million, was written-off during the year ended March 31, 2024.

**KONKOLA COPPER MINES PLC**

**Notes to Consolidated Financial Statements**

**Note 6 - Prepaid expenses and others**

The balances of prepaid expenses and other follows:

**(All amounts are in USD thousands)**

---

| | | |
|:---|:---|:---|
|  | **As of March 31, 2025** | **As of March 31, 2024** |
| VAT receivable | 50476 | 161646 |
| Advance to vendors | 64616 | 56733 |
| Other receivables | 4130 | 3979 |
| Balance with statutory authorities | 1765 |  |
| Prepaid expenses | 608 | 10516 |
| **Prepaid expenses and others** | **121595** | **232874** |

---

Prepaid expenses and others include prepayments, VAT receivable, which represents the net VAT paid on purchases that the Company is entitled to recover from the tax authorities. Prepayments are recognized as assets when paid and amortized over the period of benefit. Other receivables represents a contractual receivable for the exploitation of surface mining rights.

**Note 7 - Property, plant, equipment and mine development**

**(All amounts are in USD thousands)** 

---

| | | |
|:---|:---|:---|
|  | **As of March 31, 2025** | **As of March 31, 2024** |
| Plant and other equipment | 2298222 | 2295741 |
| Mine development | 907367 | 898895 |
| Asset under construction | 18563 | 17376 |
| Land and buildings | 100363 | 100363 |
| **Total gross value** | **3324515** | **3312375** |
| Less: Accumulated depreciation | (2330961) | (2226327) |
| **Net property, plant and equipment** | **993554** | **1086048** |

---

Depreciation expense was approximately USD 105.2 million and USD 97.5 million in 2025 and 2024, respectively.

Asset under construction represents various infrastructure and operational projects related to the Company's buildings and facilities, including mine development, water recycling systems, civil works, and equipment installations. There was no interest capitalized on these projects for 2025 and 2024. Management estimates the cost to complete these projects was approximately USD 135.0 million as of March 31, 2025.

Purchase commitments for future property and equipment acquisitions amounted to approximately USD 4.0 million at March 31, 2025.

**Note 8 - Other Non Current Assets** 

The components of other non current assets follow

**(All amounts are in USD thousands)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2024** | **As of March 31, 2024** |
| VAT receivable |  | 172880 |  | 23983 |
| Contributions to the EPF |  | 5485 |  | 5485 |
| Other Receivables | | 3,000 | | 4,000 |
| **Other Non Current Assets** | | **181,365** | | **33,468** |

---

Other non current assets include the VAT receivable and contributions to the Environmental Protection Fund ("EPF"). The VAT receivable is classified as noncurrent due to expected delays in recovery, with management assessing recovery as probable based on its interactions with the Zambia Revenue Authority. No expected credit loss is recorded, as the amount is considered recoverable from the government authority. These contributions are refundable based on an annual reassessment of environmental liabilities, and due to the timing of the expected refund, they are classified as noncurrent. Other receivables represents a contractual receivable for the exploitation of surface mining rights

**Note 9 - Accounts payable and accrued liabilities**

The components of accounts payable and accrued liabilities follow:

**(All amounts are in USD thousands)**

---

| | | |
|:---|:---|:---|
|  | **As of March 31, 2025** | **As of March 31, 2024** |
| Accounts Payable | 55952 | 4809 |
| Accrued expenses | 169950 | 62079 |
| Statutory liabilities | 3790 | 24637 |
| **Accounts payable and accrued liabilities** | **229692** | **91525** |

---

Trade Payables include amounts owed to suppliers or vendors for goods and services purchased in the ordinary course of business. These are short-term liabilities generally payable within one year and recorded upon receipt of an invoice. Wages, interest, utilities, taxes, and other operational costs that have been incurred but not yet invoiced or paid as of the reporting date form part of accrued expenses. Statutory liabilities include withholding tax, customs duty and workmens compensation.

**KONKOLA COPPER MINES PLC**

**Notes to Consolidated Financial Statements**

**Note 10 - Long-term debt less current portion of debt**

**Long-term debt, other than related parties:**

**(All amounts are in USD thousands)**

---

| | | |
|:---|:---|:---|
|  | **As of March 31, 2025** | **As of March 31, 2024** |
| 8.33% Note payable to bank, due through 2027 | 17022 |  |
| **Total long-term debt, other than related party debt:** | **17022** |  |
| Less current portion | 6361 |  |
| **Total long-term debt, other than related party debt less current portion** | **10661** |  |

---

**Long-term debt, related parties (Refer to 23)**

**(All amounts are in USD thousands)** 

---

| | | |
|:---|:---|:---|
|  | **As of March 31, 2025** | **As of March 31, 2024** |
| SOFR plus 7.00% Note payable to Vedanta Resources Holdings Limited | 345750 |  |
| 6.5% Note payable to Vedanta Resources (Jersey II) Limited | **1038318** |  |
| 3-month LIBOR plus 4.75% Note payable to Vedanta Resources Plc | **273782** |  |
| 8% Note payable to ZCCM Investments Holdings Plc | 10500 |  |
| Note payable to the Government of the Republic of Zambia | 44578 |  |
| **Total long-term debt:** | **1712928** |  |
| (Less): Current portion |  |  |
| (Less): discount on present value | (959177) |  |
| **Total long-term debt, less current portion** | **753751** |  |

---

**KONKOLA COPPER MINES PLC**

**Notes to Consolidated Financial Statements**

**<u>Total long-term debts</u>**

---

| | | |
|:---|:---|:---|
|  | **As of March 31, 2025** | **As of March 31, 2024** |
| Total long-term debt, other than related party debt | 10661 |  |
| Total long-term debt, related party debt | 753751 |  |
| **Total long-term debts** | **764412** |  |

---

**Note 11 - Asset Retirement Obligaiton**

The following table summarizes the asset retirement obligation activity for the years ended March 31, 2025 and 2024 :

**(All amounts are in USD thousands)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2024** | **As of March 31, 2024** |
| Opening balance |  | 62860 |  | 59326 |
| Change in estimates |  |  |  |  |
| Additions |  |  |  |  |
| Closure payments |  |  |  |  |
| Accretion expense | | 3,747 | | 3,534 |
| **Closing balance** | | **66,607** | | **62,860** |

---

**Note 12 - Other non-current liabilities**

Other non-current liabilities consists of the following amounts:

**(All amounts are in USD thousands)**

---

| | | |
|:---|:---|:---|
|  | **As of March 31, 2025** | **As of March 31, 2024** |
| Account payables | 1070226 |  |
| Accrued expenses | 607585 |  |
| Statutory liabilities | 798170 |  |
| Dividends payable | 50131 |  |
| Intercompany Advances | 105185 |  |
| Other payables | 18883 |  |
| (Less): discount on present value | (1988839) |  |
| **Other non-current liabilities** | **661341** |  |

---

Other non-current liabilities are comprised of liabilities which were restructured as part of the Scheme of Arrangement under ASC 852. At the time of restructuring, these liabilities were measured at net present value of expected future cash flows to settle the liabilities under the new terms.

**Note 13 - Cost of Sales**

**(All amounts are in USD thousands)**

---

| | | |
|:---|:---|:---|
|  | **Year Ended March 31,<br> 2025** | **Year Ended March 31,<br> 2024** |
| Operating Expenses | 525918 | 710790 |
| Depreciation | 105182 | 97521 |
| **Total cost of sales** | **631100** | **808311** |

---

Cost of sales includes mining, processing, refining, and freight costs, employee benefits, depreciation, electricity and site restoration expenses.

**KONKOLA COPPER MINES PLC**

**Notes to Consolidated Financial Statements**

**Note 14 - Selling, General and Administrative Expenses**

**(All amounts are in USD thousands)** 

---

| | | |
|:---|:---|:---|
|  | **As of March 31, 2025** | **As of March 31, 2024** |
| Administrative expenses | 77459 | 171386 |
| Distribution Costs | 13931 | 17884 |
| **Total selling, general & administrative expenses** | 91390 | 189270 |

---

SG&A expenses includes legal charges, insurance, non-claimable VAT, Liquidation fee, sales freight credit, sea freight & road transport expenses, forex gain/loss etc.

**Note 15 - Long-term employee benefits**

The Company has non-contributory post retirement, repatriation and medical benefit plans for certain employees as well as holiday leave benefits provided to unionised employees. The applicable plan design determines the manner in which benefits are calculated for any particular group of employees. Benefits are calculated based on one month's basic pay for each year of service. The plans are accounted for using the projected unit credit method. The most recent actuarial valuation of the plans was carried out on March 31, 2025 by Zenix Actuarial and Risk Consultants.

The following table shows the status of the obligation reconciled with the amount recognized in the Company's consolidated statements of financial position and profit or loss as of and for the years ended:

**Change in accumulated benefit obligation**

**(All amounts are in USD thousands)**

---

| | | |
|:---|:---|:---|
|  | **As of March 31, 2025** | **As of March 31, 2024** |
| Accumulated benefit obligation, beginning of year | 7448 | 5093 |
| Service cost | 2899 | 2447 |
| Interest cost | 2182 | 1720 |
| Benefits paid | (1227) | (88) |
| **Accumulated benefit obligation, end of year** | **11302** | **9172** |

---

**Net periodic benefit**

**(All amounts are in USD thousands)**

---

| | | |
|:---|:---|:---|
|  | **As of March 31, 2025** | **As of March 31, 2024** |
| Actuarial (gain)/loss from changes in financial assumptio | 1347 | 231 |
| Actuarial (gain)/loss from changes experience items | (733) |  |
| Net actuarial gains recognized | - | (1954) |
| **Net periodic benefit** | **11916** | **7449** |

---

The charge for the year is included in cost of sales in the consolidated statement of profit or loss.

**Assumptions used**

---

| | | |
|:---|:---|:---|
| Discount rate | 21.80% | 26.50% |
| Rate of increase in compensation | 5.00% | 5.00% |
| Average future working life | 14 years | 14 years |

---

Among the key assumptions used to estimate the pension benefit obligation is discount rate, which is applied to calculate the present value of expected future benefit payments for service to date. The discount rate is determined based on government bond yields with tenors that align with the expected duration of the pension liabilities. Because the Company does not maintain invested assets in plan assets to support its employees' pension benefits or to generate the assumed investment return, changes in the discount rate have a direct impact on the present value of the liabilities.

The method used to value the liabilities is the Projected Unit Credit method. This method sees each period of service as giving rise to an additional unit of benefit entitlement and measures each unit separately to build up the final obligation. Liabilities are split into an accrued (past service) component and a current service cost component where service is based on employment with the Company. The underlying principle is that the total liability should be recognised over the employment period of an individual employee. The accrued liability of the Retirement Benefits has been determined as the present value of expected future retirement benefits as at normal retirement age, based on service at the valuation date.

**Note 16 - Income Taxes**

**(All amounts are in USD thousands, other than share data)**

Profit/(Loss) before income taxes, by tax jurisdiction for the years presented below consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **Year Ended March 31,<br> 2025** | **Year Ended March 31,<br> 2024** |
| &nbsp;&nbsp;&nbsp;Non-U.S. | 894070 | (495929) |
| **Total** | **894070** | **(495929)** |

---

**KONKOLA COPPER MINES PLC**

**Notes to Consolidated Financial Statements**

The components of the income tax expense (benefit) consist of the following:

---

| | | |
|:---|:---|:---|
|  | **Year Ended March 31,<br> 2025** | **Year Ended March 31,<br> 2024** |
| &nbsp;&nbsp;&nbsp;Current provision | 444 | 22 |
| &nbsp;&nbsp;&nbsp;Deferred provision (benefit) | (117166) | (53269) |
| **Total income tax expense (benefit)** | **(116722)** | **(53248)** |

---

Reconciliation of our income tax computed at the statutory rate is as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended March 31,<br> 2025** | **Year Ended March 31,<br> 2024** |
| Computed income tax expense (benefit) at the statutory income tax rate in Zambia applicable to mining operations 30% (2024: 30%) | 268221 | (148779) |
| Increase (decrease) due to: |  |  |
| &nbsp;&nbsp;&nbsp;Valuation allowance |  | 58644 |
| &nbsp;&nbsp;&nbsp;Reorganisation items, net | (397851) |  |
| &nbsp;&nbsp;&nbsp;Nontaxable or nondeductible items | 12703 | 35834 |
| &nbsp;&nbsp;&nbsp;Other, net | (239) | 1031 |
| **Total income tax expense (benefit)** | **(117166)** | **(53269)** |
| **Effective tax rate** | **-13.10%** | **10.74%** |

---

Significant components of our deferred tax assets and liabilities are as follows:

---

| | | |
|:---|:---|:---|
|  | **As at March 31, 2025** | **As at March 31, 2024** |
| &nbsp;&nbsp;&nbsp;**Deferred tax assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Net operating losses | 641955 | 587586 |
| &nbsp;&nbsp;&nbsp;Inventories | 11176 | 11025 |
| &nbsp;&nbsp;&nbsp;Asset retirement obligations | 7611 | 7611 |
| &nbsp;&nbsp;&nbsp;Statutory liabilities | 65916 | 71561 |
| &nbsp;&nbsp;&nbsp;Other Current Liabilities | 10711 | 10711 |
| &nbsp;&nbsp;&nbsp;Interest on debt\* | 211381 | 181134 |
| &nbsp;&nbsp;&nbsp;Provisions and other | 8217 | 4416 |
| &nbsp;&nbsp;&nbsp;Total gross deferred tax assets | 956965 | 874045 |
| Less: Valuation allowance | (123803) | (123803) |
| Total net deferred tax assets | 833163 | 750242 |
| &nbsp;&nbsp;&nbsp;**Deferred tax liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;Property, plant and equipment \*\* | 279273 | 299651 |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 76343 | 90210 |
| Total deferred tax liabilities | 355616 | 389861 |
| **Net deferred tax assets** | **477547** | **360381** |

---

\* A 30% cap on deductible interest on revenue and capital borrowings under Section 29 of the Income Tax Act has been applied in determining taxable business income for the years ended March 31, 2025 and 2024.

\*\* Capital allowances on mining equipment and related capital expenditures for the years ended March 31, 2025 and 2024 have been claimed at a rate of 20%, when the assets are first put into use, in accordance with the Fifth Schedule of the Income Tax Act of Zambia.

In assessing the realizability of deferred tax assets, the Company analyzes the likelihood that the tax benefit of some or all deferred tax assets will not be realized. This analysis considers historical taxable income, projected reversal of deferred tax liabilities, projected taxable income, and tax planning strategies. Based upon this analysis, it is more likely than not that the tax benefit from all deferred tax assets, net of valuation allowance, will be realized.

The Company has evaluated its tax positions for the years ended March 31, 2025 and 2024, and determined that there were no uncertain tax positions requiring recognition in the Consolidated Financial Statements. The tax year 2024-25 remain open to examination by the taxing jurisdictions to which the Company is subject.

As of March 31, 2025 and 2024, the Company had net operating loss carryforwards for income tax purposes which are available to be carried forward for set off against future profits (subject to a maximum of 50% of income made during the charge year) from the same source for ten years from the year they were first incurred. These losses arose from the following financial years:

---

| | | |
|:---|:---|:---|
| **Particulars** | **As at March 31, 2025** | **As at March 31, 2024** |
| FY 2024-25 tax losses to expire in FY 2034-35 | 367892 |  |
| FY 2023-24 tax losses to expire in FY 2033-34 | 101734 | 288397 |
| FY 2022-23 tax losses to expire in FY 2032-33 | 329734 | 329734 |
| FY 2021-22 tax losses to expire in FY 2031-32 | 231145 | 231145 |
| FY 2020-21 tax losses to expire in FY 2030-31 | 80249 | 80249 |
| FY 2019-20 tax losses to expire in FY 2029-30 | 255506 | 255506 |
| FY 2018-19 tax losses to expire in FY 2028-29 | 112162 | 112162 |
| FY 2017-18 tax losses to expire in FY 2027-28 | 59103 | 59103 |
| FY 2016-17 tax losses to expire in FY 2026-27 | 171427 | 171427 |
|  | **1708953** | **1527724** |

---

**KONKOLA COPPER MINES PLC**

**Notes to Consolidated Financial Statements**

**Note 17 - Segment Reporting**

The Company operates as a single reportable segment, which is consistent with the internal reporting provided to the Chief Operating Decision Maker (CODM), who is responsible for allocating resources and assessing performance. The CODM reviews financial information on a consolidated basis, and no discrete financial information is prepared or reviewed for separate business units, and the significant segment expense categories reviewed by the CODM are consistent with the expense categories presented in the consolidated statements of operations.

The Company's Chief Operating Officer and Chief Financial Officer are identified as its Chief Operating Decision Maker (CODM) under business segment reporting guidance. The CODM uses consolidated net income as the primary measure of segment performance. No additional measures are regularly reviewed by the CODM.

The Company has disclosed entity-wide information, including revenue by product and geographic area in the below sections.

As the Company has only one reportable segment, no reconciliation to consolidated totals is necessary.

**Sales Value per Segment:**

The following table presents information regarding the sales value by reporting segment of the Company's significant products for the two years ended March 31, 2025 and March 31, 2024:

**(All amounts are in USD thousands)**

---

| | | |
|:---|:---|:---|
|  | **Year Ended March 31,**<br> **2025** | **Year Ended March 31,**<br> **2024** |
| COPPER (CATHODES & ANODES) | 360777 | 394796 |
| COBALT (in alloys and concentrates) | 44153 | 41423 |
| PRECIOUS METALS IN SLIME & OTHERS | 1378 | 1942 |
| **Total** | **406308** | **438161** |

---

The following table presents information regarding the sales value by reporting segment of the Company's significant customer for the two years ended March 31, 2025 and March 31, 2024:

**(All amounts are in USD thousands)** 

---

| | | |
|:---|:---|:---|
| **Particulars** | **Year Ended March 31,<br> 2025** | **Year Ended March 31,<br> 2024** |
| A | 151916 | 828 |
| B | 240 | 28242 |
| C |  | 84232 |
| D |  | 254267 |
| E | 43890 |  |
| F | 49765 |  |
| G | 62405 |  |
| OTHERS | 98092 | 70592 |
| **Total** | **406308** | **438161** |

---

**KONKOLA COPPER MINES PLC**

**Notes to Consolidated Financial Statements**

The following table presents information regarding the sales value by reporting segment of the Company's significant customer location for the two years ended March 31, 2025 and March 31, 2024 :

**(All amounts are in USD thousands)** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended March 31,**<br> **2025** | **Year Ended March 31,**<br> **2024** |
| Switzerland | 310806 | 108236 |
| UAE | 49765 |  |
| Zambia | 21176 | 26206 |
| Singapore |  | 254267 |
| OTHER FOREIGN COUNTRIES | 24561 | 49452 |
| **Total** | **406308** | **438161** |

---

**Note 18 - Derivatives Not Designated as Hedging Instruments**

Sales contracts provide for provisional pricing, primarily based on LME copper prices at the time of shipment, as specified in the contract. The company receives market prices based on the specified future month's pricing, resulting in price fluctuations that are recorded in revenue until the date of settlement.

The company records revenue and invoices customers at the time of shipment based on the then-current LME copper prices, as specified in the contracts. This results in an embedded derivative (i.e., a pricing mechanism finalized after delivery), which is required to be bifurcated from the host contract. The host contract represents the sale of metals contained in concentrate, cathode, or anode slimes at the then-current LME copper prices. The embedded derivative does not qualify for hedge accounting and is measured at fair value through earnings each period using period-end LME forward prices until the final pricing date.

Similarly, the company purchases concentrates under contracts that provide for provisional pricing. Mark-to-market price fluctuations from these embedded derivatives are recorded through the settlement date and are reflected in revenue for sales contracts and in inventory for purchase contracts.

Provisional sales price adjustments included in accounts receivable and net sales as at March 31, 2025 & March 31, 2024

**(All amounts are in USD thousands)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2024** | **As of March 31, 2024** |
|  | **MT** | **Amount** | **MT** | **Amount** |
| Copper | 1555.17 | 156 | 442.55 | (8934) |
|  | **1555.17** | **156** | **442.55** | **(8934)** |

---

Provisional purchase price adjustments included in accounts payables and net purchases as at March 31, 2025 & March 31, 2024

**(All amounts are in USD thousands)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2024** | **As of March 31, 2024** | **As of March 31, 2024** | **As of March 31, 2024** |
|  | **MT** | **MT** | **Amount** | **Amount** | **MT** | **MT** | **Amount** | **Amount** |
| Concentrates |  | 1222.81 |  | 17671 |  | 1887.20 |  | 14481 |
|  | | **1,222.81** | | **17,671** | | **1,887.20** | | **14,481** |

---

Management believes that the final pricing of these sales will not have a material effect on the Company's financial position or results of operations.

**Note 19 - Fair Value Measurement**

Subtopic 820-10 of ASC "Fair value measurement and disclosures -Overall" establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under Subtopic 820-10 are described below:

Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

Level 2 - Inputs that are observable, either directly or indirectly, but do not qualify as Level 1 inputs. (i.e., quoted prices for similar assets or liabilities).

Level 3 - Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).

The following tables set forth the Company's assets and liabilities measured at fair value on a recurring (at least annually) and nonrecurring basis by level within the fair value hierarchy. As required by accounting guidance, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

**(All amounts are in USD thousands)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** |
| **Category** | **Level 1** | **Level 2** | **Level 3** | **Other** | **Netting Adjustment** | **Total** |
| Assets: |  |  |  |  |  |  |
| Cash and cash equivalents (1) | 14255 | - |  |  |  | **14255** |
| **Total Assets** | **14255** | - |  |  |  | **14255** |
| **Liabilities:** |  |  |  |  |  |  |
| Other Current Liabilities | - | 1848 |  |  |  | **1848** |
| **Total Liabilities** | - | 1848 |  |  |  | 1848 |

---

**KONKOLA COPPER MINES PLC**

**Notes to Consolidated Financial Statements**

**(All amounts are in USD thousands)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **As of March 31, 2024** | **As of March 31, 2024** | **As of March 31, 2024** | **As of March 31, 2024** | **As of March 31, 2024** | **As of March 31, 2024** | **As of March 31, 2024** |
| **Category** | **Level 1** | **Level 2** | **Level 3** | **Other** | **Netting Adjustment** | **Total** |
| Assets: |  |  |  |  |  |  |
| Cash and cash equivalents (1) | 5957 | - |  |  |  | **5957** |
| **Total Assets** | **5957** | - |  |  |  | **5957** |
| **Liabilities:** |  |  |  |  |  |  |
| Other Current Liabilities | - | 2014 |  |  |  | **2014** |
| **Total Liabilities** | - | 2014 |  |  |  | 2014 |

---

(1) Cash
 and cash equivalents at March 31, 2025 and 2024 include term deposits that have an original
 maturity of three months or less.

The Company's cash and cash equivalents are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets and are primarily cash deposited with bank.

**Note 20 - Related party transactions**

The information below sets out transactions and balances between the Company and various related parties:

**Holding Companies**

Vedanta Incorporated (formerly known as Volcan Investments Limited)

Volcan Investments Cyprus Limited

**Intermediate Holding Company**

Vedanta Resources Ltd

**Immediate Holding Company**

Vedanta Resources Holdings Limited

The table below sets forth the major related parties and their relationships with the Company as of March 31, 2024 and March 31, 2025:

---

| | |
|:---|:---|
| **Name of related parties** | **Relationship with the Company** |
| Vedanta Resources (Jersey II) Ltd | Fellow Subsidiary of Vedanta Resources Ltd |
| Hindustan Zinc Limited | Fellow subsidiary incorporated in India |
| Copper Mines of Tasmania Pty Limited | Fellow subsidiary incorporated in Australia |
| Fujairah Gold FZE | Fellow subsidiary incorporated in the United Arab Emirates |
| Black Mountain Mining (Pty) Ltd | Fellow subsidiary incorporated in the South Africa |
| Lisheen Mining Ltd | Fellow subsidiary incorporated in Ireland |
| Skorpion Zinc (Pty) Ltd | Fellow subsidiary incorporated in Namibia |
| Sterlite Industries (India) Limited | Fellow subsidiary incorporated in India |
| ZCCM Investments Holdings Plc | Minority shareholder |

---

**Ultimate Controlling party**

As of March 31, 2025, 79.42% of the KCM's outstanding common shares are held by VRHL. VRHL in turn is a wholly owned and controlled subsidiary of Vedanta Resources Limited ('VRL'). Vedanta Incorporated ("Vedanta Inc") and its wholly owned subsidiary together hold 100 % of the share capital and 100 % of the voting rights of VRL. Vedanta Inc is 100 % beneficially owned and controlled by the Anil Agarwal Discretionary Trust ('Trust'). Vedanta Inc, Volcan Investments Cyprus Limited and other intermediate holding companies except VRL do not produce Group financial statement

**Due to related party - loans**

**(All amounts are in USD thousands)**

---

| | | |
|:---|:---|:---|
|  | **As of March 31, 2025** | **As of March 31, 2024** |
| Vedanta Resources Holdings Limited | 345750 | 25000 |
| Vedanta Resources (Jersey II) Limited | 1038318 | 1038318 |
| Vedanta Resources ltd | 273782 | 273782 |
| ZCCM Investments Holdings Plc | 10500 | 10500 |
| **Total** | **1668350** | **1347600** |

---

**KONKOLA COPPER MINES PLC**

**Notes to Consolidated Financial Statements**

**Due to related party - others**

**(All amounts are in USD thousands)**

---

| | | |
|:---|:---|:---|
|  | **As of March 31, 2025** | **As of March 31, 2024** |
| Dividend payable - ZCCM | 10421 | 10421 |
| Dividend payable - Vedanta Resources Holdings Limited | 39710 | 39710 |
| Interest accrued - Vedanta Resources Holdings Limited | 25555 | 387 |
| Interest accrued - Vedanta Resources (Jersey II) Limited | 503677 | 481141 |
| Interest accrued - Vedanta Resources ltd | 93407 | 83970 |
| Interest accrued - ZCCM | 2504 | 2261 |
| Sterlite Industries (India) Limited | 24995 | 24422 |
| Fujairah Gold FZE | 80018 | 78291 |
| Black Mountain Mining (Pty) Ltd | 1826 | 1826 |
| Vedanta Resources Ltd | 14772 | 14772 |
| **Total** | **796885** | **737201** |

---

**Corporate guarantee by related party**

---

| | |
|:---|:---|
| **Name of related party** | **Particulars** |
| Vedanta Resources Holdings Ltd | Corporate guarantee is provided for loan obtained from FCB |
| Vedanta Resources Holdings Ltd | Corporate guarantee is provided for overdraft facility obtained from FCB |

---

There were no related party purchases or sales during the years ended March 31, 2025 or 2024.

**Note 21 - Commitments and Contingencies**

**Asset Retirement Obligations**

The Company is subject to extensive environmental laws and regulations. The Company has a legal obligation to restore and rehabilitate the environmental disturbances caused by the operation of three mines by 2072 and another mine by 2038. The estimated cost as of March 31, 2025 and 2024 was USD 129.0 million. These costs resulted in a recognized asset retirement obligation of USD 66.6 million and USD 62.9 million at March 31, 2025 and 2024, which was calculated as the net present value of estimated costs using a discount rate of 5.96%. Changes in the asset retirement obligations are remeasured each period due to updated cost estimates, changes to lives of operations, new disturbances and revisions to discount rates. Changes in the estimated obligation are shown as a finance cost in the consolidated statements of operations.

**Litigation Matters**

Except as disclosed below, the Company is not currently a party to any legal proceeding, investigation or claim which, in the opinion of management, is likely to have a material adverse effect on the business, financial condition, results of operations or cash flows. Legal fees associated with such legal proceedings are expensed as incurred. The Company reviews legal proceedings and claims on an ongoing basis and follows the appropriate accounting guidance, including ASC 450, when making accrual and disclosure decisions. The Company establishes accruals for those contingencies where the incurrence of a loss is probable and can be reasonably estimated, and the Company discloses the amount of a reasonably possible loss in excess of the amount accrued, if such disclosure is necessary for the consolidated financial statements to not be misleading. To estimate whether a loss contingency should be accrued by a charge to income, the Company evaluates, among other factors, the probability of an unfavorable outcome and the ability to make a reasonable estimate of the amount of the loss. The Company does not accrue liabilities when the likelihood that the liability has been incurred is probable, but the amount cannot be reasonably estimated.

In addition, the Company may be involved in litigation from time to time in the ordinary course of business. It is the opinion of the Company's management that the ultimate resolution of any such matters currently pending will not have a material adverse effect on the Company's business, financial condition, results of operations or cash flows. However, the results of such matters cannot be predicted with certainty and there can be no assurance that the ultimate resolution of any legal or administrative proceeding or dispute will not have a material adverse effect on the Company's business, financial condition, results of operations and cash flows.

**Labour Matter:**

Several former employees have filed legal actions against the Company alleging wrongful dismissal, non-payment of terminal and repatriation benefits, and related damages. The Company has recorded provisions for ten cases where losses are considered probable and reasonably estimatable. Management continues to monitor the status of these proceedings and believes that the amounts provided are adequate to cover the estimated obligations arising from these claims.

**Mining and Surface rights:**

Mining rights and land rights are administered by two different regulatory regimes in Zambia. As these rights operate under distinct legal frameworks, instances have arisen where the holder of a mining right does not possess corresponding surface rights. Consequently, the Company has been subject to certain legal disputes in respect of such overlapping rights.

**Mimbula Open Pit and Surface Dumps:**

The Company initiated legal action seeking a declaration that the Defendant's operations on Mimbula Open Pit and Surface Dumps were illegal and inconsistent with the Mines and Minerals Development Act No.7 of 2008 and the Company's Large Scale Mining Licence. The Court ruled in favor of the Company, granting an injunction restraining the Defendant from interference.

**Luano Disputed Area:**

The Company has commenced an action against Kumbele Mining Co. Ltd. seeking declarations confirming its mining and surface rights over the Luano Disputed Area, injunctions restraining interference, and damages for trespass and loss of operations.

**Kakoso Tailings Dump (Chillerton Group):**

The Company and its subsidiary, Konkola Minerals Resources Limited ("KMRL"), have filed proceedings against Chillerton Group Limited, alleging encroachment over the Kakoso Tailings Dump and adjacent properties. The Company seeks declaratory and injunctive relief confirming its surface rights and compensation for trespass. The matter is under appeal before the Supreme Court following rulings of the High Court and Court of Appeal in favor of the Company.

**KONKOLA COPPER MINES PLC**

**Notes to Consolidated Financial Statements**

**Artisan Mining Rights – Anistrida Shangula:**

The Plaintiff claims compensation for deprivation of access to a licensed mining area and related damages. The Company is contesting the claim, which remains pending before the court.

The Company has assessed the above matters and determined that at this stage, no provision for loss or recognition of gain has been made, as the outcome of these cases remains uncertain. Any potential gain that may arise from a favorable judgment will be recognized only when realized.

**Trafigura**

Trafigura Pty Limited has filed claims against the Company alleging breach of contract and non-payment for Copper Concentrate supplied, amounting to USD 82.8 million. The claim also includes interest at contractual or tribunal-determined rates up. The Company has recognized appropriate provisions in respect of the aforesaid matter.

**Other Pending Litigations:**

The company is involved in various legal matters encompassing commercial, contractual, land ownership, and environmental claims. Several counterparties have filed suits for breach of contract, unpaid invoices, and related damages, some of which are under arbitration while others are pending before courts. Following liquidation, a Scheme of Arrangements was filed, which has been challenged and partially enforced by certain creditors. The company also faces environmental claims relating to alleged toxin discharge into a river. The company is also involved in other legal proceedings arising in the ordinary course of business and does not expect that any adverse outcomes, individually or in aggregate, would have a material impact on its financial position or results of operations.

**Note 22 - Liabilities subject to compromise**

"Liabilities subject to compromise" reflects the expected allowed amount of the pre-petition claims that are not fully secured and that have at least a possibility of not being repaid at the full claim amount. Liabilities subject to compromise at March 31, 2024 consisted of the

following:

**(All amounts are in USD thousands)**

---

| | | |
|:---|:---|:---|
|  | **As of March 31, 2025** | **As of March 31, 2024** |
| Total long-term debt, related party debt |  | 1392177 |
| Account payables |  | 1098422 |
| Accrued expenses |  | 584473 |
| Statutory liabilities |  | 778906 |
| Dividends payable |  | 50131 |
| Intercompany Advances |  | 102713 |
| Other payables |  | 15202 |
|  |  | **4022024** |

---

**Note 23 - Scheme of Arrangement**

**Scheme of Arrangement and Reorganization**

On May 21, 2019 (the "Petition Date"), ZCCM Investments Holdings Plc ("ZCCM") filed a petition in the High Court of Zambia seeking to wind up Konkola Copper Mines Plc ("KCM") on just and equitable grounds. The petition was subsequently amended in June 2019 to include an additional ground alleging KCM's inability to pay its debts. On the same date, the High Court issued an ex-parte order appointing a Provisional Liquidator ("PL") to oversee the day-to-day operations of KCM.

Vedanta Resources Limited ("VRL"), through its wholly-owned subsidiary Vedanta Resources Holdings Limited ("VRHL"), which owns 79.42% of KCM's equity (with the remainder held by ZCCM and the Government of the Republic of Zambia ("GRZ")), contested the winding-up petition, asserting that the matter was a shareholder dispute subject to arbitration under the KCM Shareholders' Agreement.

In July 2019, VRHL and VRL initiated arbitration against ZCCM for breach of the Shareholders' Agreement. The High Court of South Africa granted injunctive relief requiring ZCCM to withdraw the winding-up petition and prohibiting further steps toward liquidation pending the conclusion of arbitration. In November 2020, the Court of Appeal of Zambia stayed the winding-up petition, holding that the dispute was arbitrable, and restricted the PL from selling KCM's assets beyond ordinary business operations.

On November 2023, VRHL, ZCCM, and KCM entered into a new Shareholder and Implementation Agreement setting forth terms for VRHL to regain control of KCM and resume full operations. Pursuant to Section 46 of the Corporate Insolvency Act No. 9 of 2017, a Creditor Scheme of Arrangement (the "Scheme") was sanctioned by the High Court of Zambia on June 28, 2024, and became effective on July 31, 2024 (the "Effective Date"). Upon effectiveness of the Scheme, the PL was removed, and the KCM Board was reinstated, restoring VRHL's control and ownership structure as it existed prior to the provisional liquidation.

**KONKOLA COPPER MINES PLC**

**Notes to Consolidated Financial Statements**

**Other Borrowings and Guarantees**

In June 2019, KCM obtained an additional loan from ZCCM Investments Holdings Plc ("ZCCM-IH") of USD 10.0 million with a one-year tenure at an interest rate of 8% per annum. The outstanding principal as of March 31, 2025, was USD 0.5 million (March 31, 2024: USD 0.5 million).

In February 2024, "ZCCM-IH", acting as guarantor, made a USD 10.0 million payment to Zanaco Bank to settle an encashed letter of credit facility. The resulting intercompany loan to ZCCM-IH accrues interest at 8% per annum.

The fair value of this loan as of March 31, 2025, was USD 10.5 million (March 31, 2024: USD 10.5 million).

During FY2022, under the former Provisional Liquidator, the Ministry of Finance of the Government of the Republic of Zambia (GRZ) advanced ZMW 1,000.0 million (equivalent to USD 44.6 million) to KCM. The loan was received in two tranches of ZMW 750.0 million (USD 33.5 million) and ZMW 250 million (USD 11.1 million) on May 12, 2022, and June 1, 2022, respectively.

**Provisions and Liabilities Subject to Scheme**

As of March 31, 2025, the Company recognized a present value adjustment for future obligations of USD 2,948.0 million (March 31, 2024: Nil). The adjustment represents expected outflows associated with long-term scheme-related obligations, including intercompany liabilities, GRZ borrowings, and other restructured debts, which are expected to be settled over a 15-year period.

The provision is discounted to present value using a 13% discount rate, reflecting both the time value of money and the risk profile associated with these obligations. Management will continue to monitor forecasted future cash flows and changes in discount rates to reassess the carrying value of these liabilities.

In accordance with the principles of ASC 852, Reorganizations, and the Scheme of Arrangement sanctioned by the High Court of Zambia on June 28, 2024, the recognition of the provision and related debt modifications were accounted for as reorganization adjustments as follows:

· Consolidated Balance Sheet:

Present value adjustment of USD 959.2 million has been recognized under Long-term debt less current portion of debt long-term liabilities and present value adjustment of USD 1,988.8 million has been recognized under Other non-current liabilities.

· Consolidated Statements of Operations:

The corresponding effect of the gains on discounting of the liabilities under the scheme of arrangement of USD 1,358.7 million have been recognized as "Reorganization items, net" for the year ended March 31, 2025.

· Consolidated Statements of Shareholders'
 Equity:

Consistent with ASC 852 and company's accounting policy, any residual impact of debt forgiveness, capital re-designation, or fresh-start-type adjustments not routed through profit or loss amounting to USD 1,589.3 million has been recorded directly in equity under Additional Paid-in Capital.

**Reorganization Items, Net**

Effective upon the sanction of the Scheme of Arrangement on June 28, 2024, the Company began to apply accounting treatment consistent with the principles of ASC 852, Reorganizations, distinguishing between transactions and events directly related to the Scheme from the ongoing operations of the business.

Gains on discounting of the liabilities under the scheme of arrangement of USD 1,358.7 million have been recognized as Reorganization items, net in the Consolidated Statements of Profit or Loss for the year ended March 31, 2025.

Liabilities impacted by the Scheme are classified as liabilities subject to compromise at the amounts expected to be allowed under the sanctioned Scheme, even if ultimately settled for lesser amounts through negotiations or restructuring adjustments.

**Post-Scheme Control and Operations**

Post the Effective Date, the Provisional Liquidator was removed, and KCM's Board of Directors was reinstated as on July 31, 2024, restoring operational and management control to Vedanta Resources Holdings Ltd. The ownership structure of VRHL (79.42%) and ZCCM (20.58%) remained unchanged.

Following emergence from provisional liquidation, KCM resumed normal operations under the oversight of its reinstated Board, with financing arrangements and liabilities governed by the terms of the approved Scheme of Arrangement.

**KONKOLA COPPER MINES PLC**

**(All amounts are in USD thousands, other than share data)**

**(Unaudited)**

**Consolidated Balance Sheets**

---

| | | |
|:---|:---|:---|
|  | **December 31**<br>**2025** | **March 31**<br>**2025** |
| **ASSETS** |  |  |
| **Current assets** |  |  |
| &nbsp;&nbsp;&nbsp;Cash and Cash Equivalents | 149955 | 14255 |
| &nbsp;&nbsp;&nbsp;Restricted Cash and Cash Equivalents | 45874 | 49560 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net of allowance for credit losses | 7075 | 5282 |
| &nbsp;&nbsp;&nbsp;Inventories | 243230 | 171040 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and others | 207889 | 121595 |
| **Total current assets** | **654022** | **361732** |
| &nbsp;&nbsp;&nbsp;Property, plant, equipment and mine development, net of accumulated depreciation | 937805 | 993554 |
| &nbsp;&nbsp;&nbsp;Other non current assets | 226990 | 181365 |
| &nbsp;&nbsp;&nbsp;Deferred income taxes, net | 359760 | 477547 |
| **Total assets** | **2178577** | **2014198** |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |
| **Current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable, accrued & other current liabilities | 248512 | 231540 |
| &nbsp;&nbsp;&nbsp;Advance from customers | 35648 | 25018 |
| &nbsp;&nbsp;&nbsp;Current portion of debt | 6777 | 6361 |
| &nbsp;&nbsp;&nbsp;Income taxes payable | 13049 | 409 |
| **Total current liabilities** | **303986** | **263328** |
| &nbsp;&nbsp;&nbsp;Long-term debt less current portion of debt | 1091774 | 764412 |
| &nbsp;&nbsp;&nbsp;Non-current liabilities | 922831 | 661341 |
| &nbsp;&nbsp;&nbsp;Asset retirement obligations | 71576 | 66607 |
| &nbsp;&nbsp;&nbsp;Long-term employee benefits | 17771 | 11916 |
| **Total liabilities** | **2407938** | **1767604** |
| **Shareholders' equity** |  |  |
| &nbsp;&nbsp;&nbsp;Common shares, $0.01 par value; 24,060,000,000 shares authorized; 1,098,677,473 shares (1,098,677,473 shares in March 2025) issued and outstanding | 10987 | 10987 |
| &nbsp;&nbsp;&nbsp;Non-Redeemable Deferred shares, $0.99 par value; 60,000,000 shares authorized; 60,000,000 shares (60,000,000 shares in March 2025) issued and outstanding | 59400 | 59400 |
| &nbsp;&nbsp;&nbsp;Special share, $1 par value; 1 share authorized; 1 share (1 share in March 2024) issued and outstanding | 0 | 0 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 2089767 | 2089767 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (2391381) | (1913561) |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive (loss) income, net | 1865 | - |
| **Total shareholders' equity** | **(229362)** | **246593** |
| **Total liabilities and shareholders' equity** | **2178577** | **2014198** |

---

Refer note no 21 for "Commitment and Contingencies".

The accompanying Notes to Consolidated Financial Statements are an integral part of these consolidated financial statements

**KONKOLA COPPER MINES PLC**

**(All amounts are in USD thousands, other than share data)**

**(Unaudited)**

**Consolidated Statements of Operations**

---

| | | |
|:---|:---|:---|
|  | **Nine months ended <br> December 31** | **Nine months ended <br> December 31** |
|  | **2025** | **2024** |
| Net sales | 938564 | 178455 |
| Cost of sales | (962069) | (372765) |
| **Gross loss** | **(23505)** | **(194309)** |
| Selling & Distribution expenses | 15573 | 9319 |
| General & Administration expenses | 56519 | 51385 |
| **Operating loss** | **(95597)** | **(255014)** |
| **Other income (expense)** |  |  |
| Other income | 9551 | 8140 |
| Foreign exchange gain (loss), net | 4585 | (51801) |
| Reorganisation items, net | (240425) | 1420347 |
| Interest Income | 975 | 1470 |
| Interest expenses | (33997) | (96632) |
| **Other (expense) income, net** | **(259311)** | **1281524** |
| **(Loss) income before income tax benefit** | **(354908)** | **1026511** |
| Income tax benefit/(Expense) | (122911) | 108356 |
| **Net (loss) /income** | **(477819)** | **1134867** |
| **Net income/ per share attributable to common stockholders** |  |  |
| **Basic** | **(0.43)** | **1.03** |
| **Diluted** | **(0.43)** | **1.03** |
| **Weighted-average number of common shares outstanding: Basic** | **1098677473** | **1098677473** |
| **Diluted** | **1098677473** | **1098677473** |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of these consolidated financial statements

**KONKOLA COPPER MINES PLC**

**(All amounts are in USD thousands, other than share data)**

**(Unaudited)**

**Consolidated Statements of Comprehensive Income**

---

| | | |
|:---|:---|:---|
|  | **Nine months ended**<br> **December 31** | **Nine months ended**<br> **December 31** |
|  | **2025** | **2024** |
| Net (loss) /income | **(477819)** | **1134867** |
| **Other comprehensive (loss) income, net of tax:** |  |  |
| &nbsp;&nbsp;&nbsp;Prior service costs arising during the period | 1865 | **-** |
| **Total comprehensive (loss) /income** | **(475954)** | **1134867** |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of these consolidated financial statements

**KONKOLA COPPER MINES PLC**

**(All amounts are in USD thousands, other than share data)**

**(Unaudited)**

**Consolidated Statement of Cash Flows**

---

| | | |
|:---|:---|:---|
|  | **Nine months ended <br> December 31** | **Nine months ended <br> December 31** |
|  | **2025** | **2024** |
| **Cash flows from operating activities** |  |  |
| &nbsp;&nbsp;&nbsp;Net (loss) income | (477819) | 1134867 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;cash from operating activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 98115 | 65940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reorganisation items, net | 240425 | (1420347) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance costs | 33997 | 96632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Movements in the allowance for credit losses | 772 | 4420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 122911 | (108356) |
| &nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities which (used) provided cash |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase)/decrease in Accounts receivable | (2566) | 2268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) in Inventory | (72190) | (57258) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) in Prepaid expenses and other | (86294) | (35235) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase)/decrease in Other non current assets | (45625) | 5594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in Accounts payable | 16972 | 116553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Decrease) in Liabilities subject to compromise |  | (4022024) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in Advance from Customer | 10630 | 44106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in Long-term employee benefits | 7720 | 1923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase/(decrease) in Other current liabilities |  | (202) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase/(decrease) in Income tax payable | 7516 | (46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in Other noncurrent liabilities | 70301 | 3914328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in Asset retirement obligations | 2980 | 2850 |
| **Net change in cash from operating activities** | **(72154)** | **(253989)** |
| **Cash flows from investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;Purchases and construction of property and equipment | (40380) | (9276) |
| **Net change in cash from investing activities** | **(40380)** | **(9276)** |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of long-term debt | 280000 | 290750 |
| &nbsp;&nbsp;&nbsp;Repayments of long-term debt | (30346) | (1464) |
| &nbsp;&nbsp;&nbsp;Interest Paid | (5107) | (425) |
| **Net change in cash from financing activities** | **244547** | **288860** |
| **Net change in cash, cash equivalents and restricted cash** | **132013** | **25596** |
| Cash, cash equivalents and restricted cash, beginning of year | 63815 | 5957 |
| **Cash, cash equivalents and restricted cash, end of year** | **195829** | **31553** |
| **Supplemental cash flow information:** |  |  |
| &nbsp;&nbsp;&nbsp;Income and mining taxes paid, net of refunds | - | **-** |
| &nbsp;&nbsp;&nbsp;Cash paid for interest, net of amounts capitalized | (5107) | (425) |
| **Reconciliation of cash and cash equivalents and restricted cash and cash equivalents above to where reported on the consolidated balance sheet** |  |  |
| Cash and cash equivalents | 149955 | 14255 |
| Restricted cash and cash equivalents | 45874 | 49560 |
| **Total cash and cash equivalents and restricted cash and cash equivalents as reported on the consolidated cash flow statement** | **195829** | **63815** |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of these consolidated financial statements

**KONKOLA COPPER MINES PLC**

**(All amounts are in USD thousands, other than share data)**

**(Unaudited)**

**Consolidated Statements of Shareholders' Equity**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Shares** | **Common Shares** | **Deferred Shares** | **Deferred Shares** | **Special Share** | **Special Share** | | | | |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Additional<br> Paid-in**<br>**Capital** | **Accumulated**<br>**Deficit** | **Accumulated Other**<br> **comprehensive**<br>**(loss) income, net** | **Total<br> Shareholders'**<br>**Equity** |
| **Balances, April 1, 2024** | **1098677473** | **10987** | **60000000** | **59400** | **1** | **0** | **500465** | **(2924353)** | **-** | **(2353501)** |
| Extinguishment of debt due to related |  |  |  |  |  |  | 1589302 |  |  | 1589302 |
| Net loss |  |  |  |  |  |  |  | 1134867 |  | 1134867 |
| Other comprehensive income (loss) | - | - | - | - | - | - | - | - | - | - |
| **Balances, December 31, 2024** | 1098677473 | 10987 | 60000000 | 59400 | 1 | 0 | 2089767 | (1789487) | - | 370667 |
| **Balances, April 1, 2025** | **1098677473** | **10987** | **60000000** | **59400** | **1** | **0** | **2089767** | **(1913561)** |  | 246593 |
| Net loss |  |  |  |  |  |  |  | **(477819)** |  | (477819) |
| Other comprehensive income (loss) | - | - | - | - | - | - | - | - | **1865** | 1865 |
| <br>**Balances, December 31, 2025** | 1098677473 | 10987 | 60000000 | 59400 | 1 | 0 | 2089767 | (2391381) | **1865** | (229362) |

---

**KONKOLA COPPER MINES PLC**

**(All amounts are in USD thousands, other than share data)**

**Notes to Consolidated Financial Statements**

**(Unaudited)** 

**Note 1 – Description of the Business:**

Konkola Copper Mines PLC ("the Company") is a limited company incorporated and domiciled in Zambia. The addresses of the Company's registered office and principal place of business are at Private Bag KCM (C) 2000, Stand M 1408, Fern Avenue, Chingola. The Company's major products for sale are finished copper and copper-cobalt alloys. The Company is one of Zambia's largest integrated copper producers, with operations located in four of the country's mining towns on the Copperbelt and Central Provinces. The Copperbelt, is host to the Konkola Mine, the Nchanga Mine, Nchanga Smelter, Tail Leach Plant and Nkana Refinery. Nampundwe Pyrite Mine is in the Shibuyunji District of Central Province.

The principal activity of the Company and its wholly owned subsidiary KCM (Smelter Co) Limited is the mining, production and marketing of copper and cobalt. The Company also wholly owns Konkola Mineral Resources Limited ("KMRL") which is dormant with a carrying value of nil.

**Note 2 – Summary of Significant Accounting Policies**

**Basis of Presentation**

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (US GAAP). All amounts are presented in US Dollars (In Thousands).

These financial statements cover the interim consolidated balance sheet as of December 31, 2025, and the interim consolidated statement of operations, comprehensive loss and stockholders' equity for the nine months ended December 31, 2025 and December 31, 2024 and cashflows for the nine months ended December 31, 2025 and December 31, 2024 and include the accounts of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated. These interim consolidated financial statements should be read in conjunction with our audited consolidated financial statements for the year ended March 31, 2025. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates.

**Use of estimates**

The preparation of the Company's financial statements in conformity with accounting principles generally accepted in the United States (U.S.) requires management to make estimates and assumptions that affect the amounts reported in these financial statements and accompanying notes. The more significant areas requiring the use of management estimates include inventory valuation and determination of net realizable value, determination of estimated mineral reserves and life of mine, asset lives for depreciation, depletion and amortization; environmental obligations; asset retirement obligations, deferred taxes and valuation allowances; reserves for contingencies and litigation; asset impairment, including estimates used to derive future cash flows associated with those assets; pension benefits; and valuation of financial instruments. Actual results could differ from those estimates.

**KONKOLA COPPER MINES PLC**

**(All amounts are in USD thousands, other than share data)**

**Notes to Consolidated Financial Statements** 

**(Unaudited)**

**Going Concern**

The Company assesses and determines its ability to continue as a going concern in accordance with the provisions of ASC Subtopic 205-40, "Presentation of Financial Statements—Going Concern", which requires the Company to evaluate whether there are conditions or events that raise substantial doubt about its ability to continue as a going concern.

In May 2019, ZCCM Investments Holdings Plc ("ZCCM-IH") obtained an ex parte order from the High Court of Zambia appointing a provisional liquidator for the company. Legal proceedings were suspended in January 2023 to pursue an amicable settlement.

On November 6, 2023, a new shareholder agreement and Implementation Agreement were signed, outlining terms for Vedanta Resources Holdings Limited's ("VRHL") re-entry and investment. Ancillary agreements were finalized to launch a Creditor Scheme of Arrangement, which was sanctioned by the High Court on June 28, 2024. The provisional liquidator was removed, and KCM's Board was reinstated on July 31, 2024. Vedanta regained control of KCM effective that date.

The Company's consolidated financial statements have been prepared on a going concern basis, which assumes the Company will be able to continue as a going concern and contemplates the realization of assets and satisfaction of liabilities in the normal course of business. However, substantial doubt about the Company's ability to continue as a going concern exists. The Company has incurred operating losses of USD 95.60 Mn during the nine months ended December 31, 2025. The Company has deficit cashflows from operating activities of USD 72.15 Mn for the period ended December 31, 2025. The Company's cash and cash equivalents were USD 195.83 Mn as of December 31, 2025. The Company will require additional liquidity to continue its operations over the next 12 months from the date of issue of these financial statements.

Management has evaluated these conditions and concluded that its plans, as detailed below, are expected to alleviate substantial doubt about the Company's ability to continue as a going concern.

As part of the re-entry conditions, Vedanta committed to the following investments (structured as shareholder loans):

a) USD 1 Bn over five years for mine development and infrastructure;

b) USD 250 Mn toward the Scheme of Arrangement;

The Company's ability to continue as going concern is dependent upon loan facilities guaranteed by its Ultimate Parent Company Vedanta Resources Ltd. (VRL). In this regard, the Company has received a financial support letter dated October 30, 2025 from VRL. The Ultimate Parent Company has confirmed that it will provide necessary financial support for a minimum period of 12 months.

The Company estimates that its current cash and cash equivalents balance with working capital support from VRL is sufficient to support operations for a minimum period of twelve months following the date these consolidated financial statements and footnotes were issued.

**Concentration Risk**

A material part of the Company's business is dependent upon a relatively small number of customers, the loss of any one of whom may have a materially adverse effect on the Company's operating results.

The Company's workforce is considered specialized, with skills critical to its operations. The loss of a significant portion of these employees could have a material adverse effect on the Company's business and operating results.

In addition, a substantial number of employees are covered by collective bargaining agreements. While the Company maintains positive labor relations, disruptions related to labor negotiations or work stoppages could materially impact operations.

**KONKOLA COPPER MINES PLC**

**(All amounts are in USD thousands, other than share data)**

**Notes to Consolidated Financial Statements** 

**(Unaudited)**

**Consolidation**

The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, SmelterCo and KMRL, (collectively, the "Company"). All significant intercompany accounts and transactions have been eliminated in consolidation.

**Functional Currency**

The functional currency for the Company is the US dollar. Monetary assets and liabilities denominated in the local currency are translated at current exchange rates, and non-monetary assets and liabilities are translated at historical exchange rates. Gains and losses resulting from the translation of such account balances and from foreign currency transactions are shown seperately in Statement of operations.

**Cash and Cash Equivalents**

Cash and cash equivalents is defined by the Company as cash on deposit with banks, including time deposits and other highly liquid investments with maturities of three months or less when purchased, excluding amounts restricted by certain contractual or other obligations.

**Restricted Cash and Cash Equivalents**

Restricted cash includes cash in accounts from which the Company's ability to withdraw funds at any time is contractually limited. Restricted cash is generally designated for specific purposes arising out of certain contractual or other obligations.

**Inventory**

Inventory is valued at the lower of cost or net realizable value, which is defined as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation.

The Company principally produces copper and, in the production process, obtains several by-products, including Cobalt, Anode slimes, sulfuric acid and other metals.

Metal inventories, consisting of work-in-process and finished goods, are carried at the lower of weighted average cost or net realizable value (NRV). The costs of work-in-process and finished goods inventories primarily include power, labor, fuel, operating and repair materials, depreciation& amortization and other necessary costs related to the extraction and processing of ore. These processes include mining, milling, concentrating, smelting, refining and leaching.

Work-in-process inventories represent materials that are in the process of being converted into a saleable product. Conversion processes vary depending on the nature of the copper ore and the specific mining operation.

Finished goods include saleable products (e.g. copper anodes, copper cathodes, and other metallurgical products). Please refer to Note 5, "Inventories," for further information.

**Property, Plant and Equipment**

Property, plant and equipment is recorded at acquisition cost, net of accumulated depreciation and impairment, if any. Cost includes major expenditures for improvements and replacements, which extend useful lives or increase capacity. Maintenance, repairs, normal development costs at existing mines, and gains or losses on assets retired or sold are reflected in earnings as incurred. Additionally, interest expense allocable to the cost of constructing new facilities is capitalized until assets are ready for their intended use.

Property, plant and equipment are depreciated on the straight-line method over their estimated useful lives, which range from 1 to 50 years, except for Mine Developments. Refer Mine Development policy below.

**KONKOLA COPPER MINES PLC**

**(All amounts are in USD thousands, other than share data)**

**Notes to Consolidated Financial Statements**

**(Unaudited)**

**Mine Development**

Mine development costs include costs incurred resulting from mine pre-production activities undertaken to gain access to proven and probable mineral reserves, and to develop and prepare underground mining areas for production including the development of declines, shafts, levels, drives, crosscuts and raises. Mine development costs also includes directly attributable costs such as contractor mining services, drilling and blasting, labour, consumables and ground support.

Mineral exploration costs, as well as drilling and other costs incurred for the purpose of converting mineral resources to proven and probable mineral reserves or identifying new mineral resources at development or production stage properties, are charged to expense as incurred. Mine development costs are capitalized beginning after proven and probable mineral reserves have been established and are capitalized as incurred until the commencement of production. During the production stage, mineral exploration costs, as well as drilling and other costs incurred to maintain production are included in production costs in the period in which they are incurred. Additionally, interest expense allocable to the cost of developing mines is capitalized until assets are ready for their intended use.

Mine development costs are carried at cost and amortized on a units-of-production method based on the estimated recoverable volume.

The Company reviews property, plant and equipment and mine development for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. The Company reviews the remaining useful lives of its property, plant and equipment and mine development periodically and adjusts them prospectively if events or changes in circumstances indicate that the remaining useful lives differ from previous estimates.

**Stripping (Waste Removal) Costs**

Stripping costs (i.e., the costs of removing overburden and waste material to access mineral deposits) incurred during the production phase of an open-pit mine are considered variable production costs and are included as a component of inventory produced during the period in which stripping costs are incurred. Major development expenditures, including stripping costs to prepare unique and identifiable areas outside the current mining area for future production that are considered to be pre-production mine development, are capitalized and amortized using the units-of-production method based on estimated recoverable proven and probable mineral reserves for the ore body benefited. However, where a second or subsequent pit or major expansion is considered to be a continuation of existing mining activities, stripping costs are accounted for as a current production cost and a component of the associated inventory.

**Annual Impairment and Useful-Life Review**

The Company tests long-lived assets for impairment whenever indicators of impairment exist. In addition, the Company evaluates the useful lives of property, plant and equipment annually based on updated reserve and resource estimates, engineering-study results and operating plans. Changes in the remaining useful life of an asset are applied prospectively and are reflected in depreciation expense in future periods.

**KONKOLA COPPER MINES PLC**

**(All amounts are in USD thousands, other than share data)**

**Notes to Consolidated Financial Statements** 

**(Unaudited)**

**Accounts Receivables**

Accounts receivable are customer obligations due under normal trade terms, generally requiring payment within 0 to 90 days from the invoice date. Receivables are stated at the amounts billed and due from customers, less an allowance for credit losses that represents management's estimate of lifetime expected credit losses over the remaining contractual life of the receivables under ASC 326. No collateral or other security is required to support receivables, and none of the Company's contracts has a significant financing component.

The allowance is estimated using the Current Expected Credit Losses (CECL) model, which incorporates:

- Historical loss experience by aging bucket and customer segment;

- Current conditions, including portfolio seasoning and payment trends;

- Reasonable and supportable forecasts of future economic conditions over a 12-month forecast period; and

- Qualitative management overlays for model imprecision, emerging risks, and portfolio concentration.

A weighted reversion method is applied over a 12-month period to transition from forecasted loss rates to long-term historical loss experience. The allowance is evaluated and updated annually through the provision for credit losses.

**Revenue Recognition**

The Company accounts for a contract with a customer when there is a legally enforceable contract between the Company and the customer, the rights of the parties are identified, the contract has commercial substance, and collectability of the contract consideration is probable. The Company recognizes revenue in accordance with the five-step model prescribed under ASC 606, "Revenue from Contracts with Customers". The Company's revenues are measured based on consideration specified in the contract with each customer. Disclosures regarding disaggregation of revenues and contract balances are disclosed within Note 17 "Segment and related information".

The company primarily operates in the business of selling copper, mainly in the form of cathodes, anodes & cobalt. In addition to above, it also sells other metals such as gold, silver, and lead. The Company recognizes revenue when it transfers control of a product to the customer. Control usually transfers when the goods cross the Zambian Boarder or are loaded on ship's rail, based on the INCOTERMS as commercially agreed upon with the buyer and the buyer has gained control through their ability to direct the use of and obtain substantially all the benefits from the asset. The company places a strong emphasis on maintaining long-term relationships with certain key customers. However, it is not solely dependent on these customers and continues to pursue opportunities to attract new business.

**KONKOLA COPPER MINES PLC**

**(All amounts are in USD thousands, other than share data)**

**Notes to Consolidated Financial Statements** 

**(Unaudited)**

The majority of the Company's sales allow for price adjustments based on the London Metal Exchange (LME) price at the end of the relevant Quotational Period (QP) stipulated in the contract. These are referred to as provisional pricing arrangements and are such that the selling price for the goods is based on prevailing forward prices on a specified future period after shipment to the customer.

Payment terms for sales vary depending on the specific contract but are typically based on provisional pricing arrangements. Generally, 90–100% of the invoice amount is collected before or at the time of shipment. A final price adjustment is made upon settlement with the customer, typically within one to three month from the shipment date, based on the quoted monthly average copper settlement prices on the London Metal Exchange (LME).

These provisional pricing arrangements are treated separately from the host sales contract and are accounted for as embedded derivative instruments in accordance with ASC 815-30, Derivatives and Hedging—Cash Flow Hedges. Hence, net sales include both the invoiced value of copper and other metals, as well as the fair value adjustment related to the associated contracts. Details of adjustments to sales arising from provisionally priced contracts are disclosed in Note 18.

Additionally, product net sales are presented net of discounts, rebates, custom duties, treatment and handling charges.

**Cost of sales**

Our cost of sales primarily includes expenses directly associated with mining, processing, and refining operations. These comprise in-house and contracted mining services, labor and employee-related costs, consumables and spare parts, production overheads, and freight costs incurred in transporting copper concentrate and finished copper cathodes to customers. The cost of revenue also includes costs related to the reprocessing or rehandling of ore and materials, as well as refurbishment or repackaging costs, if applicable, for copper products returned or regraded for resale.

**Employee Benefits**

The costs of short-term employee benefits are recognized as a liability and an expense unless those costs are required to be recognized as part of the cost of inventories or non-current assets. Termination benefits are recognized immediately as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

The Company has recognized the obligation for unpaid salaries, director fees, retirement benefits and long service leave entitlements as employee benefits. Employee benefit obligations are classified as either current or non-current liabilities in the accompanying consolidated balance sheets based on the timing of expected settlement.

**Income Taxes**

The Company accounts for income taxes in accordance with the provisions of ASC 740 – Income Taxes. This includes both current taxes payable or refundable and Deferred income taxes and liabilities arising from temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements.

The current tax expense or benefit is determined based on the taxes payable or refundable for the current year, calculated using applicable income tax rates in the jurisdiction where the Company operates.

Deferred income taxes and liabilities are included in the financial statements at currently enacted income tax rates applicable to the period in which the Deferred income taxes and liabilities are expected to be realized and settled as prescribed in ASC 740 "Income taxes." As changes in tax laws or rates are enacted, Deferred income taxes and liabilities are adjusted through the provision for income taxes. Deferred income taxes are reduced by any benefits that, in the opinion of management, are more likely not to be realized. (Refer Note 16)

**KONKOLA COPPER MINES PLC**

**(All amounts are in USD thousands, other than share data)**

**Notes to Consolidated Financial Statements** 

**(Unaudited)**

**Chapter 11 Filing and Emergence from Bankruptcy**

Beginning on the Petition Date i.e. May 21, 2019, the Company applied Financial Accounting Standards Board Codification Topic 852, Reorganizations ("ASC 852") in preparing the consolidated financial statements. ASC 852 requires the financial statements, for the periods subsequent to the Petition Date cases and up to and including the period of emergence from Chapter 11 (the "Effective Date"), to distinguish transactions and events that are directly associated with the reorganization from the ongoing operations of the business.

Accordingly, gains on discounting of the liabilities under the scheme of arrangement are recorded as Reorganization items, net in the Consolidated Statements of Operations. In addition, prepetition obligations that may be impacted by the Chapter 11 process have been classified on the Consolidated Balance Sheets as of March 31, 2024 as liabilities subject to compromise. These liabilities are reported at the amounts we anticipate will be allowed by the Bankruptcy Court, even if they may be settled for lesser amounts. Refer Note 24.

**Valuation of Deferred income taxes**

The Company's Deferred income taxes include certain future tax benefits. The Company reviews the likelihood that it will realize the benefit of its Deferred income taxes on a yearly basis or if events indicate that a review is required. In determining the requirement for a valuation allowance, the historical and projected financial results of the legal entity or consolidated group recording the net deferred tax asset is considered, along with all other available positive and negative evidence.

The Company assesses the realizability of Deferred income taxes (DTA) by considering both historical performance and future expectations of taxable income. While historical data, such as recent pretax losses, is taken into account, the primary focus is on projections of future taxable income, business plans, and other forward-looking factors. These projections help determine whether it is more likely than not that the Deferred income taxes will be realized.

**Asset Retirement Obligations**

Our mining and exploration activities are subject to various laws and regulations governing the protection of the environment. Accounting for reclamation and remediation obligations requires management to make estimates unique to each mining operation of the future costs we will incur to complete the reclamation and remediation work required to comply with existing laws and regulations. These estimates are based in part on our inflation and credit rate assumptions. Actual costs incurred in future periods could differ from amounts estimated. Additionally, future changes to environmental laws and regulations could increase the extent of reclamation and remediation work required to be performed by us. Any such increases in future costs could materially impact the amounts charged to operations for reclamation and remediation. In addition, asset retirement costs (ARCs) are capitalized as part of the related asset's carrying value and are depreciated over the asset's useful life.

Asset retirement obligations are further discussed in Note 11 "Asset Retirement Obligation" to the consolidated financial statements included herein.

**Segment Reporting**

Accounting Standards Codification ("ASC") 280, "Segment Reporting," ("ASC 280") establishes standards for entities on how to report information about operating segments on a basis consistent with an entity's internal organizational structure as well as information about an entity's products and services, the geographical areas in which it operates and its major customers. Operating segments are defined as components of an enterprise engaged in business activities from which it may recognize revenues and incur expenses, about which discrete financial information is available and evaluated regularly by the chief operating decision maker ("CODM"), or decision-making group, in deciding how to allocate resources and in assessing performance. Refer Note 17, "Segment Reporting," for additional information on the Company's reportable segments.

**Commitments and Contingencies**

Liabilities for loss contingencies arising from claims, assessments, litigations, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment and/or remediation can be reasonably estimated. Information regarding our commitments and contingencies is incorporated by reference in Note 23, "Commitments and contingencies".

**KONKOLA COPPER MINES PLC**

**(All amounts are in USD thousands, other than share data)**

**Notes to Consolidated Financial Statements** 

**(Unaudited)**

***Fair Value Measurements***

The framework for measuring fair value provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described as follows:

---

| | |
|:---|:---|
| <u>Level 1</u>: | This level is defined as observable inputs, such as quoted prices in active markets for identical assets and liabilities. |
| <u>Level 2</u>: | This level is defined as observable inputs other than Level 1 prices for similar assets or liabilities, such as quoted prices in active markets, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. |
| <u>Level 3</u>: | This level is defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own valuation methodology and assumptions. |

---

***(Loss) /Earnings Per Common Share***

The Company calculates basic (loss) /earnings per common share by dividing net (loss)/ income attributable to common shareholders by the weighted-average number of common shares outstanding during the year. Since the Company has and no potentially dilutive securities outstanding, diluted (loss) /earnings per common share is the same as basic (loss)/ earnings per common share.

 ****

***Subsequent Events***

In preparing these financial statements, management has evaluated, for potential recognition or disclosure, significant events or transactions that occurred during the period subsequent to the most recent balance sheet presented herein, through the date these financial statements were issued. US GAAP requires assessment from the financial statement date through the date of issuance.

**Recently Issued Accounting Pronouncements and Securities and Exchange Commission Rules**

**Codification Improvement**

In December 2025, ASU 2025-12 was issued, which provide guidance to clarify, correct errors in or make other minor improvements to a broad range of topics in the Accounting Standards Codification (ASC) that is intended to make it easier to understand and apply, including ASC 260, Earnings Per Share, ASC 325, Investments – Other, and ASC 958, Not-for-Profit Entities.. The new guidance is effective for annual reporting periods beginning after December 15, 2026 and nd interim periods within those annual periods. The Company is currently evaluating the impacts of the guidance on its Consolidated Financial Statements.

**Interim Reporting: Narrow-Scope Improvements**

In December 2025, ASU 2025-11 was issued, to clarify interim disclosure requirements, the applicability of ASC 270 and the form and content of interim financial statements in accordance with US GAAP. The new guidance is effective for annual reporting periods beginning after December 15, 2028 and interim reporting periods beginning after December 15, 2028. The Company is currently evaluating the impacts of the guidance on its Consolidated Financial Statements.

**KONKOLA COPPER MINES PLC**

**(All amounts are in USD thousands, other than share data)**

**Notes to Consolidated Financial Statements** 

**(Unaudited)**

**Financial Instruments: Credit Losses Measurement for Accounts Receivable and Contract Assets**

In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This provides amendments to the guidance on the measurement of credit losses for accounts receivable and contract assets. The amendments are effective for all entities for annual reporting periods beginning after December 15, 2025, and for interim reporting periods within those annual reporting periods. Early adoption of the ASU is permitted. The Group is currently in the process of evaluating the impact that adoption of this standard will have on its consolidated financial statements.

**Intangibles - Goodwill and Other - Internal Use Software**

In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software ("ASU 2025-06"). ASU 2025-06 improves the operability of the accounting for internal-use software by removing all references to software development project stages so that the guidance is neutral to different software development methods. This standard is effective for annual periods beginning after December 15, 2027, including interim periods within those fiscal years, and early adoption is permitted. The Group is currently in the process of evaluating the impact that adoption of this standard will have on its consolidated financial statements.

**Disaggregation of Income Statement Expenses**

In January 2025, ASU 2025-01 was issued, requiring additional disclosures in the notes to the financial statements on the nature of certain expense captions presented on the face of the Consolidated Statement of Operations. The new guidance is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. The Company is currently evaluating the impacts of the guidance on its Consolidated Financial Statements.

**Disaggregation of Income Statement Expenses**

In November 2024, ASU 2024-03 was issued, requiring additional disclosures in the notes to the financial statements on the nature of certain expense captions presented on the face of the Consolidated Statement of Operations. The new guidance is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. The Company is currently evaluating the impacts of the guidance on its Consolidated Financial Statements.

**Improvement to Income Tax Disclosures**

In December 2023, ASU 2023-09 was issued, requiring disaggregated information about the effective tax rate reconciliation and additional information on taxes paid that meet a qualitative threshold. The new guidance is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impacts of the guidance on its Consolidated Financial Statements.

**Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative**

In October 2023, ASU 2023-06 was issued, which enhances guidance on several SEC disclosure requirements into US GAAP in response to a request from the SEC. The guidance will be effective upon the removal of the related SEC requirement. Early adoption is not permitted.

**Induced Conversions of Convertible Debt Instruments**

In November 2024, ASU 2024-04 was issued, which enhances guidance in ASC Topic 470, "Debt," to improve consistency and relevance in accounting for induced conversions of convertible debt instruments. Specifically, ASU 2024-04 clarifies criteria for when settlements should be treated as induced conversions, requiring that inducement offers preserve the form and amount of consideration issuable under original conversion terms. ASU 2024-04 is effective for the Company's fiscal years and interim periods within those fiscal years beginning after December 15, 2025, with early adoption permitted, and may be applied prospectively or retrospectively. The Company is currently evaluating the impacts of the rules on its consolidated financial statements.

**(All amounts are in USD thousands, other than share data)**

**(Unaudited)**

**Notes to Consolidated Financial Statements**

**Note 3 - Cash and Cash Equivalents**

The following table provides a reconciliation of total cash, cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows:

---

| | | |
|:---|:---|:---|
|  | **As at December 31, 2025** | **As at March 31, 2025** |
| Cash and cash equivalents | 149955 | 14255 |
| Restricted cash and cash equivalents | 45874 | 49560 |
| **Cash, cash equivalents, restricted cash and cash equivalents** | **195829** | **63815** |

---

This balance of Restricted cash and restricted cash equivalents includes an amount of USD 45.87 Mn and USD 49.56 Mn as on December 31, 2025 and March 31, 2025 respectively, which pertains to payments to be made to creditors under the Scheme of Arrangement.

As per the Scheme, a total amount of USD 250 Mn was received from Vedanta, specifically for settlement of dues to Class 1 and Class 2 creditors. Out of this amount, approximately USD

99.73 Mn has been paid to Class 1 creditors and USD 104.40 Mn has been paid to Class 2 creditors.

The remaining balance after the payment of liquidation expenses of USD 1 Mn is earmarked for secondary distribution to the creditors in accordance with the terms of the Scheme.

**Note 4 - Accounts receivable, net of allowance for credit losses**

The roll-forward of the allowance for credit losses on trade receivables is as follows:

---

| | | |
|:---|:---|:---|
|  | **As at December 31, 2025** | **As at March 31, 2025** |
| Accounts receivable | 12133 | 11112 |
| Provision for credit losses | (5057) | (5830) |
| **Accounts receivable, net of allowance for credit losses** | **7075** | **5282** |

---

The allowance at December 31, 2025 reflects approx USD 0.7 Mn release from the amount at March 31, 2025, primarily driven by changes in customer payment behavior and portfolio composition.

In estimating the allowance at December 31, 2025, the Company used a loss forecast model incorporating multiple macroeconomic scenarios, weighted based on recent economic events, leading indicators, and views of internal and third-party economists. The key macroeconomic variables in the forecast were:

● Government Expenditure—projected to end 2025 at 12%,

● Real gross domestic product growth—projected at 6% in 2025.

This model produces credit loss factors by applying probability of default and loss-given-default assumptions to estimated exposure at default for each scenario. Scenario-specific loss factors are aggregated using probability weights. Management applied qualitative overlays to reflect uncertainties related to borrower behavior, consumer price inflation, fiscal and monetary policy responses , model imprecision, and concentration risk.

Net charge-offs of principal are recorded against the allowance. Charge-offs of unpaid interest and fees result in a reversal of interest and fee income, effectively reclassifying the provision for credit losses.

Amounts deemed uncollectible after exhaustive collection efforts are written off against the allowance for credit losses in the period identified, consistent with ASC 326-20 guidance.

**(All amounts are in USD thousands, other than share data)**

**(Unaudited)**

**Notes to Consolidated Financial Statements**

**Note 5 - Inventories**

**The balances of inventories are as follows:**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As at December 31, 2025** | **As at December 31, 2025** | **As at March 31, 2025** | **As at March 31, 2025** |
| Raw materials and consumables |  | 40332 |  | 36133 |
| Work in process |  | 151285 |  | 109652 |
| Finished goods | | 51,613 | | 25,255 |
|  | | **2,43,230** | | **1,71,040** |

---

The Company values inventories at the lower of cost or net realizable value. For the years ended December 31, 2025 and March 31, 2025 inventories amounting to USD 57.90 Mn and USD 119.98 Mn, respectively, were valued at net realizable value

Inventories are stated net of allowances for obsolete and slow-moving items, which amounted to USD 40 Mn and USD 37.25 Mn as of December 31, 2025 and March 31, 2025, respectively

**Note 6 - Prepaid expenses and others**

The balances of prepaid expenses and others are as follows:

---

| | | |
|:---|:---|:---|
|  | **As at December 31, 2025** | **As at March 31, 2025** |
| VAT receivable | 134869 | 50476 |
| Advance to vendors | 61184 | 64616 |
| Other receivables | 9892 | 4130 |
| Balance with statuory authorities |  | 1765 |
| Prepaid expenses | 1942 | 608 |
| **Prepaid expenses and others** | **207889** | **121595** |

---

Prepaid expenses and others include prepayments, VAT receivable, which represents the net VAT paid on purchases that the Company is entitled to recover from the tax authorities. Prepayments are recognized as assets when paid and amortized over the period of benefit. Other receivables represents a contractual receivable for the exploitation of surface mining rights.

**(All amounts are in USD thousands, other than share data)**

**(Unaudited)**

**Notes to Consolidated Financial Statements**

**Note 7 - Property, plant, equipment and mine development, net of accumulated depreciation**

---

| | | |
|:---|:---|:---|
|  | **As at December 31, 2025** | **As at March 31, 2025** |
| Plant and other equipment | 2319904 | 2298222 |
| Mine development | 925458 | 907367 |
| Land and buildings | 100363 | 100363 |
| Asset under construction | 20889 | 18563 |
| **Total gross value** | **3366614** | **3324515** |
| Less: Accumulated depreciation | (2428809) | (2330961) |
| **Total Property, plant, equipment and mine development, net of accumulated depreciation** | **937805** | **993554** |

---

Depreciation expense was approximately USD 98.12 Mn and USD 65.94 Mn during the nine months period ended December 31, 2025 and December 31, 2024 respectively.

Asset under construction represents various infrastructure and operational projects related to the Company's buildings and facilities, including mine development, water recycling systems, civil works, and equipment installations. There was no interest capitalized on these projects for December 2025 and March 2025. Management estimates the cost to complete these projects was approximately USD 104.08 thousands as of December 31, 2025.

Purchase commitments for future property and equipment acquisitions amounted to approximately USD 9.13 Mn at December 31, 2025.

**Note 8 - Other Non Current Assets**

The components of other non current assets follow:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As at December 31, 2025** | **As at December 31, 2025** | **As at March 31, 2025** | **As at March 31, 2025** |
| VAT receivable |  | 218505 |  | 172880 |
| Contributions to the EPF |  | 5485 |  | 5485 |
| Other Receivables | | 3,000 | | 3,000 |
| **Other Non Current Assets** | | **2,26,990** | | **1,81,365** |

---

Other non current assets include the VAT receivable and contributions to the Environmental Protection Fund ("EPF"). The VAT receivable is classified as noncurrent due to expected delays in recovery, with management assessing recovery as probable based on its interactions with the Zambia Revenue Authority. No expected credit loss is recorded, as the amount is considered recoverable from the government authority. These contributions are refundable based on an annual reassessment of environmental liabilities, and due to the timing of the expected refund, they are classified as noncurrent. Other receivables represents a contractual receivable for the exploitation of surface mining rights

**(All amounts are in USD thousands, other than share data)**

**(Unaudited)**

**Notes to Consolidated Financial Statements**

**Note 9 - Accounts payable, accrued & other current liabilities**

The components of Accounts payable, accrued & other current liabilities follow:

---

| | | |
|:---|:---|:---|
|  | **As at December 31, 2025** | **As at March 31, 2025** |
| Accounts Payable | 148506 | 55952 |
| Accrued expenses | 17028 | 169950 |
| Statutory liabilities | 80978 | 3790 |
| Other Current Liabilities | 2001 | 1848 |
| **Accounts payable, accrued & other current liabilities** | **248512** | **231541** |

---

Trade Payables include amounts owed to suppliers or vendors for goods and services purchased in the ordinary course of business. These are short-term liabilities generally payable within one year and recorded upon receipt of an invoice. Wages, interest, utilities, taxes, and other operational costs that have been incurred but not yet invoiced or paid as of the reporting date form part of accrued expenses. Statutory liabilities include withholding tax, customs duty and workmens compensation.

**Note 10- Long-term debt less current portion of debt**

**Long-term debt, other than related parties:**

---

| | | |
|:---|:---|:---|
|  | **As at December 31, 2025** | **As at March 31, 2025** |
| 8.33% Note payable to bank, due through 2027 | 12306 | 17022 |
| **Total long-term debt, other than related party debt:** | **12306** | **17022** |
| Less current portion | 6777 | 6361 |
| **Total long-term debt, other than related party debt less current portion** | **5529** | **10661** |

---

**Long-term debt, related parties (Refer note 22)**

---

| | | |
|:---|:---|:---|
|  | **As at December 31, 2025** | **As at March 31, 2025** |
| SOFR plus 7.00% Note payable to Vedanta Resources Holdings Limited | 600750 | 345750 |
| 6.5% Note payable to Vedanta Resources (Jersey II) Limited | 1038318 | 1038318 |
| 3-month LIBOR plus 4.75% Note payable to Vedanta Resources Plc | 273782 | 273782 |
| Note payable to ZCCM Investments Holdings Plc | 10500 | 10500 |
| Note payable to the Government of the Republic of Zambia | 44578 | 44578 |
| **Total long-term debt:** | **1967927** | **1712928** |
| (Less): Current portion |  |  |
| (Less): discount on present value | (881682) | (959177) |
| **Total long-term debt, less current portion** | **1086245** | **753751** |

---

**Total long-term debts**

---

| | | |
|:---|:---|:---|
|  | **As at December 31, 2025** | **As at March 31, 2025** |
| Total long-term debt, other than related party debt | 5529 | 10661 |
| Total long-term debt, related party debt | 1086245 | 753751 |
| **Total long-term debts** | **1091774** | **764412** |

---

**(All amounts are in USD thousands, other than share data)**

**(Unaudited)**

**Notes to Consolidated Financial Statements**

**Note 11 - Asset Retirement Obligaiton**

The following table summarizes the asset retirement obligation activity for the period ended December 31, 2025 and March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As at December 31, 2025** | **As at December 31, 2025** | **As at March 31, 2025** | **As at March 31, 2025** |
| **Opening balance** |  | 66607 |  | 62860 |
| Change in estimates |  |  |  |  |
| Additions |  | 1992 |  |  |
| Closure payments |  |  |  |  |
| Accretion expense | | 2,976 | | 3,747 |
| **Closing balance** | | **71,576** | | **66,607** |

---

**Note 12 - Non-current liabilities**

Non-current liabilities consists of the following amounts:

---

| | | |
|:---|:---|:---|
|  | ***As at December 31, 2025*** | **As at March 31, 2025** |
| Account payables | 957516 | 1070226 |
| Accrued expenses | 698035 | 607585 |
| Statutory liabilities | 925159 | 798170 |
| Dividends payable | 50131 | 50131 |
| Intercompany Advances | 105012 | 105185 |
| Other payables | 12715 | 18883 |
| (Less): discount on present value | (1825737) | (1988839) |
| **Non-current liabilities**  | **922831** | **661341** |

---

Non-current liabilities are comprised of liabilities which were restructured as part of the Scheme of Arrangement under ASC 852. At the time of restructuring, these liabilities were measured at net present value of expected future cash flows to settle the liabilities under the new terms.

**(All amounts are in USD thousands, other than share data)**

**(Unaudited)**

**Notes to Consolidated Financial Statements**

**Note 13 - Cost of Sales**

---

| | | |
|:---|:---|:---|
|  | **Nine months ended**<br>December 31, 2025** | **Nine months ended<br> December 31, 2024** |
| &nbsp;&nbsp;&nbsp;Operating Expenses | 864236 | 307093 |
| &nbsp;&nbsp;&nbsp;Depreciation | 97834 | 65671 |
| **Total cost of sales** | **962069** | **372765** |

---

Cost of sales includes mining, processing, refining, and freight costs, employee benefits, depreciation, electricity and site restoration expenses.

**Note 14 (a) - Selling & Distribution expenses**

---

| | | |
|:---|:---|:---|
|  | **Nine months ended<br> December 31, 2025** | **Nine months ended<br> December 31, 2024** |
| Freight | 15421 | 9319 |
| Discount | 151 | - |
| **Total Selling & Distribution expenses** | **15573** | **9319** |

---

**Note 14(b) - General & Administration expenses**

---

| | | |
|:---|:---|:---|
|  | **Nine months ended<br> December 31, 2025** | **Nine months ended<br> December 31, 2024** |
| Employee cost | 21205 | 17556 |
| CSR | 13640 | 2243 |
| Insurance | 4173 | 4079 |
| Safety & Security | 4140 | 2179 |
| Rates & Taxes | 3981 | 4522 |
| Staff Welfare Expenses | 3082 | 2068 |
| Depreciation | 281 | 269 |
| Other Administrative expenses | 6017 | 18469 |
| **Total General & Administration expenses** | **56519** | **51385** |

---

Other Administrative expenses includes legal charges, Liquidation fee, sea freight & road transport expenses, etc.

**(All amounts are in USD thousands, other than share data)**

**(Unaudited)**

**Notes to Consolidated Financial Statements**

**Note 15 - Long-term employee benefits**

The Company has non-contributory post retirement, repatriation and medical benefit plans for certain employees as well as holiday leave benefits provided to unionised employees. The applicable plan design determines the manner in which benefits are calculated for any particular group of employees. Benefits are calculated based on one month's basic pay for each year of service. The plans are accounted for using the projected unit credit method. The most recent actuarial valuation of the plans was carried out on December 31, 2025 by Zenix Actuarial and Risk Consultants.

The following table shows the status of the obligation reconciled with the amount recognized in the Company's consolidated statements of financial position and profit or loss as of and for the Period ended :

**Change in accumulated benefit obligation**

---

| | | |
|:---|:---|:---|
|  | **As at December 31, 2025** | **As at March 31, 2025** |
| Accumulated benefit obligation, beginning of year | 11916 | 7448 |
| Service cost | 4219 | 2899 |
| Past Service cost | (2664) |  |
| Interest cost | 3722 | 2182 |
| Benefits paid | (513) | (1227) |
| Actuarial (gain)/loss from changes in financial assumptions | 1950 | 1347 |
| Actuarial (gain)/loss from changes experience items | (860) | (733) |
| **Accumulated benefit obligation, end of the period** | **17771** | **11916** |

---

The charge for the year is included in cost of sales in the consolidated statement of profit or loss, except for past service cost.

Components of accumulated other comprehensive income (loss) (AOCI) are presented net of tax. The following table presents the changes in defined benefit obligations recognized in other comprehensive (loss) income:

---

| | | |
|:---|:---|:---|
|  | **As at December 31, 2025** | **As at March 31, 2025** |
| Prior service credit | 1865 | - |
| **Total** | **1865** | **-** |
| **Assumptions used** |  |  |
| Discount rate | 18.99% | 21.80% |
| Rate of increase in compensation | 4.00% | 5.00% |
| Average future working life | 13.15 years | 14 years |

---

Among the key assumptions used to estimate the pension benefit obligation is discount rate, which is applied to calculate the present value of expected future benefit payments for service to date. The discount rate is determined based on government bond yields with tenors that align with the expected duration of the pension liabilities. Because the Company does not maintain invested assets in plan assets to support its employees' pension benefits or to generate the assumed investment return, changes in the discount rate have a direct impact on the present value of the liabilities.

The method used to value the liabilities is the Projected Unit Credit method. This method sees each period of service as giving rise to an additional unit of benefit entitlement and measures each unit separately to build up the final obligation. Liabilities are split into an accrued (past service) component and a current service cost

**(All amounts are in USD thousands, other than share data)**

**(Unaudited)**

**Notes to Consolidated Financial Statements**

**Note 16 - Income Taxes**

Profit/(Loss) before income taxes, by tax jurisdiction for the years presented below consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **Nine months ended**<br> **December 31, 2025** | **Nine months ended**<br> **December 31, 2024** |
| &nbsp;&nbsp;&nbsp;Non-U.S. | (354908) | 1026511 |
| **Total** | **(354908)** | **1026511** |

---

The components of the income tax expense (benefit) consist of the following:

---

| | | |
|:---|:---|:---|
|  | **Nine months ended**<br> **December 31, 2025** | **Nine months ended**<br> **December 31, 2024** |
| &nbsp;&nbsp;&nbsp;Current provision | 5124 | 2 |
| &nbsp;&nbsp;&nbsp;Deferred provision (benefit) | 117788 | (108358) |
| **Total income tax expense (benefit)** | **122911** | **(108356)** |

---

Reconciliation of our income tax computed at the statutory rate is as follows:

---

| | | |
|:---|:---|:---|
|  | **Nine months ended**<br> **December 31, 2025** | **Nine months ended**<br> **December 31, 2024** |
| Computed income tax expense (benefit) at the statutory income tax rate in Zambia applicable to mining operations 30% (2024: 30%) | (106472) | 307953 |
| Increase (decrease) due to: |  |  |
| &nbsp;&nbsp;&nbsp;Valuation allowance | 88802 |  |
| &nbsp;&nbsp;&nbsp;Reorganisation items, net | 73020 | (426104) |
| &nbsp;&nbsp;&nbsp;Nontaxable or nondeductible items | 67840 | 10121 |
| &nbsp;&nbsp;&nbsp;Other, net | (280) | (326) |
| **Total income tax expense (benefit)** | **122911** | **(108356)** |
| **Effective tax rate** | **-34.63%** | **-10.56%** |

---

Significant components of our Deferred income taxes and liabilities are as follows:

---

| | | |
|:---|:---|:---|
|  | **As at December 31, 2025** | **As at March 31, 2025** |
| **Deferred income taxes:** |  |  |
| &nbsp;&nbsp;&nbsp;Net operating losses | 624619 | 641955 |
| &nbsp;&nbsp;&nbsp;Inventories | 12567 | 11176 |
| &nbsp;&nbsp;&nbsp;Asset retirement obligations | 21472 | 7611 |
| &nbsp;&nbsp;&nbsp;Statutory liabilities | 2478 | 65916 |
| &nbsp;&nbsp;&nbsp;Other Current Liabilities |  | 10711 |
| &nbsp;&nbsp;&nbsp;Interest on debt\* | 146505 | 211381 |
| &nbsp;&nbsp;&nbsp;Provisions and other | 36476 | 8217 |
| Total gross Deferred income taxes | 844118 | 956965 |
| Less: Valuation allowance | (212605) | (123803) |
| Total net Deferred income taxes | **631513** | 833163 |
| **Deferred tax liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;Property, plant and equipment \*\* | 258570 | 279273 |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 13184 | 76343 |
| Total deferred tax liabilities | 271753 | 355616 |
| **Net Deferred income taxes** | **359760** | **477547** |

---

\* A 30% cap on deductible interest on revenue and capital borrowings under Section 29 of the Income Tax Act has been applied in determining taxable business income for the period ended December 31, 2025.

\*\* Capital allowances on mining equipment and related capital expenditures for the periods ended December 31, 2025 and 2024 have been claimed at a rate of 20%, when the assets are first put into use, in accordance with the Fifth

**(All amounts are in USD thousands, other than share data)**

**(Unaudited)**

**Notes to Consolidated Financial Statements**

In assessing the realizability of Deferred income taxes, the Company analyzes the likelihood that the tax benefit of some or all Deferred income taxes will not be realized. This analysis considers historical taxable income, projected reversal of deferred tax liabilities, projected taxable income, and tax planning strategies. Based upon this analysis, it is more likely than not that the tax benefit from all Deferred income taxes, net of valuation allowance, will be realized.

The Company has evaluated its tax positions for the periods ended December 31, 2025 and March 31, 2025 , and determined that there were no uncertain tax positions requiring recognition in the Consolidated Financial Statements. The tax year 2024-25 remain open to examination by the taxing jurisdictions to which the Company is subject.

As of December 31, 2025 and March 31, 2025, the Company had net operating loss carryforwards for income tax purposes which are available to be carried forward for set off against future profits (subject to a maximum of 50% of income made during the charge year) from the same source for ten years from the year they were first incurred. These losses arose from the following financial years:

---

| | | |
|:---|:---|:---|
| **Particulars** | **As at December 31, 2025** | **As at March 31, 2025** |
| FY 2024-25 tax losses to expire in FY 2034-35 | 187927 | 367892 |
| FY 2023-24 tax losses to expire in FY 2033-34 | 317407 | 101734 |
| FY 2022-23 tax losses to expire in FY 2032-33 | 329734 | 329734 |
| FY 2021-22 tax losses to expire in FY 2031-32 | 44482 | 231145 |
| FY 2020-21 tax losses to expire in FY 2030-31 | 80249 | 80249 |
| FY 2019-20 tax losses to expire in FY 2029-30 | 200180 | 255506 |
| FY 2018-19 tax losses to expire in FY 2028-29 | 112162 | 112162 |
| FY 2017-18 tax losses to expire in FY 2027-28 | 59103 | 59103 |
| FY 2016-17 tax losses to expire in FY 2026-27 | 42129 | 171427 |
|  | **1373375** | **1708953** |

---

**(All amounts are in USD thousands, other than share data)**

**(Unaudited)**

**Notes to Consolidated Financial Statements**

**Note 17 - Segment Reporting**

The Company operates as a single reportable segment, which is consistent with the internal reporting provided to the Chief Operating Decision Maker(CODM), who is responsible for allocating resources and assessing performance. The CODM reviews financial information on a consolidated basis,and no discrete financial information is prepared or reviewed for separate business units, and the significant segment expense categories reviewed by the CODM are consistent with the expense categories presented in the consolidated statements of operations.

The Company's Chief Operating Officer and Chief Financial Officer are identified as its Chief Operating Decision Maker (CODM) under businesssegment reporting guidance. The CODM uses consolidated net income as the primary measure of segment performance. No additional measures are regularly reviewed by the CODM.

The Company has disclosed entity-wide information, including revenue by product and geographic area in the below sections. As the Company has only one reportable segment, no reconciliation to consolidated totals is necessary.

**Sales Value per Segment:**

The following table presents information regarding the sales value by reporting segment of the Company's significant products for the period nine months ended December 31, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
|  | **Nine months ended**<br> **December 31, 2025** | **Nine months ended**<br> **December 31, 2024** |
| Copper (Cathodes & Anodes) | 835498 | 178948 |
| Cobalt (In Alloys And Concentrates) | 1872 | (905) |
| Precious Metals In Slime & Others | 101194 | 412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | **938564** | **178455** |

---

The following table presents information regarding the sales value by reporting segment of the Company's significant customer for the period nine months ended December 31, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
| **Particulars** | **Nine months ended**<br> **December 31, 2025** | **Nine months ended**<br> **December 31, 2024** |
| A | 263347 | 84629 |
| B | 191523 |  |
| C | 160910 | 39761 |
| OTHERS | 322785 | 54066 |
| **Total** | **938564** | **178455** |

---

The following table presents information regarding the sales value by reporting segment of the Company's significant customer location for the period nine months ended December 31, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
| **Particulars** | **Nine months ended**<br> **December 31, 2025** | **Nine months ended**<br> **December 31, 2024** |
| Switzerland | 864556 | 155169 |
| Europe | 27348 | 5198 |
| United Kingdom | 14201 |  |
| Zambia | 3768 | 17942 |
| OTHER FOREIGN COUNTRIES | 28691 | 146 |
| **Total** | **938564** | **178455** |

---

**(All amounts are in USD thousands, other than share data)**

**(Unaudited)**

**Notes to Consolidated Financial Statements**

**Note 18 - Derivatives Not Designated as Hedging Instruments**

 ****

Sales contracts provide for provisional pricing, primarily based on LME copper prices at the time of shipment, as specified in the contract. The company receives market prices based on the specified future month's pricing, resulting in price fluctuations that are recorded in revenue until the date of settlement.

The company records revenue and invoices customers at the time of shipment based on the then-current LME copper prices, as specified in the contracts. This results in an embedded derivative (i.e., a pricing mechanism finalized after delivery), which is required to be bifurcated from the host contract. The host contract represents the sale of metals contained in concentrate, cathode, or anode slimes at the then-current LME copper prices. The embedded derivative does not qualify for hedge accounting and is measured at fair value through earnings each period using period-end LME forward prices until the final pricing date.

Similarly, the company purchases concentrates under contracts that provide for provisional pricing. Mark-to-market price fluctuations from these embedded derivatives are recorded through the settlement date and are reflected in revenue for sales contracts and in inventory for purchase contracts.

Provisional sales price adjustments included in accounts receivable and net sales as at December 31, 2025 and December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Nine months ended<br> December 31, 2025** | **Nine months ended<br> December 31, 2025** | **Nine months ended<br> December 31, 2024** | **Nine months ended<br> December 31, 2024** |
|  | **MT** | **Amount** | **MT** | **Amount** |
| Copper | 5320 | 6339 | 4620 | 1119 |
|  | 5320 | 6339 | 4620 | 1119 |

---

Provisional purchase price adjustments included in accounts payables and net purchases as at December 31, 2025 and December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Nine months ended<br> December 31, 2025** | **Nine months ended<br> December 31, 2025** | **Nine months ended<br> December 31, 2024** | **Nine months ended<br> December 31, 2024** |
|  | **MT** | **Amount** | **MT** | **Amount** |
| Concentrates | 4910 | 7781 | 2090 | 16244 |
|  | 4910 | 7781 | 2090 | 16244 |

---

Management believes that the final pricing of these sales will not have a material effect on the Company's financial position or results of operations.

**(All amounts are in USD thousands, other than share data)**

**(Unaudited)**

**Notes to Consolidated Financial Statements**

**Note 19 - Fair Value Measurement**

Subtopic 820-10 of ASC "Fair value measurement and disclosures -Overall" establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under Subtopic 820-10 are described below:

Level 1 -Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

Level 2 -Inputs that are observable, either directly or indirectly, but do not qualify as Level 1 inputs. (i.e., quoted prices for similar assets or liabilities).

Level 3 -Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).

The following are the details set forth the Company's assets and liabilities measured at fair value on a recurring (at least annually) and nonrecurring basis by level within the fair value hierarchy. As required by accounting guidance, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

1.) The fair values of cash equivalents and restricted cash equivalents approximate their carrying values due to their short-term maturities.

2.) The fair values of cash equivalents and restricted cash equivalents approximate their carrying values due to their short-term maturities.

The fair values of all other financial instruments are estimated to be equal to their carrying values

**(All amounts are in USD thousands, other than share data)**

**(Unaudited)**

**Notes to Consolidated Financial Statements**

**Note 20 - Market Risk**

We are exposed to market risks in the ordinary course of our business. Market risk represents the risk of loss that may impact our financial position due to adverse changes in financial market prices and rates. These risks include the following:

**Concentration Risk**

A material part of our business is dependent upon a relatively small number of customers, the loss of any one of whom may have a materially adverse effect on our operating results.

Our workforce is considered specialized, with skills critical to its operations. The loss of a significant portion of these employees could have a material adverse effect on our business and operating results.

In addition, a substantial number of employees are covered by collective bargaining agreements. While we maintain positive labor relations, disruptions related to labor negotiations or work stoppages could materially impact operations.

**Interest Rate Risk**

Rising interest rates can increase the cost of debt financing for mining companies, suppliers, and manufacturers, reducing profit margins. Conversely, falling rates can affect investment returns. SOFR is considered a safe and reliable benchmark for interest rates due to Secure, transparent, regulatory oversight, market acceptance and reliance in market condition. Interest under the Scheme Loan Agreements are based on SOFR.

As of December 31, 2025, we had USD 600.8 Mn of outstanding debt under the Scheme Loan Agreements, each bearing interest at a variable rate equal to SOFR plus 7%. As a result, our interest expense and liquidity position are exposed to fluctuations in SOFR. Using an illustrative SOFR of 4%, our SOFR-based interest rate would be approximately 11%. A 100-basis-point increase in SOFR, to 5%, would raise this rate to 12% and increase our annual interest expense by approximately USD 6 Mn. Conversely, a 100-basis-point decrease in SOFR, to 3%, would lower the rate to 10%, reducing annual interest expense by approximately USD 6 Mn. While such movements in benchmark interest rates directly affect our borrowing costs, given our current variable-rate debt balance, we expect such changes to have a limited effect on our overall liquidity or financial position.

**Commodity Price Risk**

Commodity price risk in the copper industry refers to the potential for financial losses due to fluctuations in copper prices. It arises from the volatility inherent in commodity markets driven by factors such as supply and demand, geopolitical events, economic conditions and currency movements. Key commodities includes fuel, coke, chemicals, reagent, acid and solvent. To mitigate commodity price risk and ensure a stable supply of key inputs, we have historically opted to enter into long-term supply contracts rather than relying on spot purchases.

**Foreign Exchange Risk**

Our functional and reporting currency is the U.S. dollar. As most of our revenues are derived in U.S. dollars and the majority of our business is conducted in U.S. dollars, foreign exchange risk arises from transactions denominated in currencies other than the U.S. dollars. Commodity sales are denominated in U.S. dollars, the majority of borrowings are denominated in U.S. dollars, and the majority of operating expenses are denominated in U.S. dollars. Our primary foreign exchange exposures are to the Zambian Kwacha, and to the local currencies suppliers who provide various services and spares supply to us. Exposure to local currency is approximately 10%, meaning that approximately 10% of our key costs and expenditures are incurred in Zambian Kwacha. Our VAT receivables are in local currency and any depreciation in local currency impacts our position with reference to foreign exchange risk. Total VAT receivables as of December 31, 2025, was USD 353.4 Mn.

**Note 21 - Earnings Per Share**

---

| | | |
|:---|:---|:---|
|  | **As at December 31, 2025** | **As at December 31, 2024** |
| Net Income | (477819) | 1134867 |
| Net income attributable to common stockholders | (477819) | 1134867 |
| (Shares in thousands) |  |  |
| Basic weighted-average shares of common stock outstanding | 1098677 | 1098677 |
| Diluted weighted-average shares of common stock outstanding | 1098677 | 1098677 |
| Net income per share attributable to common stockholders: Basic | (0.43) | 1.03 |
| Diluted | (0.43) | 1.03 |

---

**(All amounts are in USD thousands, other than share data)**

**(Unaudited)**

**Notes to Consolidated Financial Statements**

**Note 22 - Related party transactions**

The information below sets out transactions and balances between the Company and various related parties:

**Holding Companies**

Vedanta Incorporated (formerly known as Volcan Investments Limited) Volcan Investments Cyprus Limited

**Intermediate Holding Company**

Vedanta Resources Ltd

**Immediate Holding Company**

Vedanta Resources Holdings Limited

The table below sets forth the major related parties and their relationships with the Company as of December 31, 2025 and March 31, 2025:

**Name of related parties**

Vedanta Resources (Jersey II) Ltd

Hindustan Zinc Limited

Copper Mines of Tasmania Pty Limited

Fujairah Gold FZE

Black Mountain Mining (Pty) Ltd

Lisheen Mining Ltd

Skorpion Zinc (Pty) Ltd

Sterlite Industries (India) Limited

ZCCM Investments Holdings Plc

**Ultimate Controlling party**

As of March 31, 2025, 79.42% of the KCM's outstanding common shares are held by VRHL. VRHL in turn is a wholly owned and controlled subsidiary of Vedanta Resources Limited ('VRL'). Vedanta Incorporated ("Vedanta Inc") and its wholly owned subsidiary together hold 100 % of the share capital and 100 % of the voting rights of VRL. Vedanta Inc is 100 % beneficially owned and controlled by the Anil Agarwal Discretionary Trust ('Trust'). Vedanta Inc, Volcan Investments Cyprus Limited and other intermediate holding companies except VRL do not produce Group financial statement

**Due to related party - loans**

---

| | | |
|:---|:---|:---|
|  | **As at December 31, 2025** | **As of March 31, 2025** |
| Vedanta Resources Holdings Limited | 600750 | 345750 |
| Vedanta Resources (Jersey II) Limited | 1038318 | 1038318 |
| Vedanta Resources ltd | 273782 | 273782 |
| ZCCM Investments Holdings Plc | 10500 | 10500 |
| **Total** | **1923350** | **1668350** |

---

**Due to related party - others**

---

| | | |
|:---|:---|:---|
|  | **As at December 31, 2025** | **As of March 31, 2025** |
| Dividend payable - ZCCM | 10421 | 10421 |
| Dividend payable - Vedanta Resources Holdings Limited | 39710 | 39710 |
| Interest accrued - Vedanta Resources Holdings Limited | 54176 | 25555 |
| Interest accrued - Vedanta Resources (Jersey II) Limited | 503677 | 503677 |
| Interest accrued - Vedanta Resources ltd | 93407 | 93407 |
| Interest accrued - ZCCM | 2504 | 2504 |
| Sterlite Industries (India) Limited | 25665 | 24995 |
| Fujairah Gold FZE | 80018 | 80018 |
| Black Mountain Mining (Pty) Ltd | 1826 | 1826 |
| Vedanta Resources Ltd | 14772 | 14772 |
| **Total** | **826177** | **796885** |

---

**Corporate guarantee by related party**

**Name of related party**

Vedanta Resources Holdings Ltd

There were no related party purchases or sales during the years ended December 31, 2025.

**(All amounts are in thousands, other than share data)**

**(Unaudited)**

**Notes to Consolidated Financial Statements**

**Note 23- Commitments and Contingencies**

**Asset Retirement Obligations**

The Company is subject to extensive environmental laws and regulations. The Company has a legal obligation to restore and rehabilitate the environmental disturbances caused by the operation of three mines by 2072 and another mine by 2038. The estimated cost as of December 31, 2025 was USD 143.85 Mn and March 31, 2025 was USD 128.96 Mn. These costs resulted in a recognized asset retirement obligation of USD 71.38 Mn and 66.61 Mn at December 31, 2025 and March 31, 2025, which was calculated as the net present value of estimated costs using discount rates range from 5.96% to 12.48% . Changes in the asset retirement obligations are remeasured each period due to updated cost estimates, changes to lives of operations, new disturbances and revisions to discount rates. Changes in the estimated obligation are shown as a finance cost in the consolidated statements of operations.

**Litigation Matters**

Except as disclosed below, the Company is not currently a party to any legal proceeding, investigation or claim which, in the opinion of management, is likely to have a material adverse effect on the business, financial condition, results of operations or cash flows. Legal fees associated with such legal proceedings are expensed as incurred. The Company reviews legal proceedings and claims on an ongoing basis and follows the appropriate accounting guidance, including ASC 450, when making accrual and disclosure decisions. The Company establishes accruals for those contingencies where the incurrence of a loss is probable and can be reasonably estimated, and the Company discloses the amount of a reasonably possible loss in excess of the amount accrued, if such disclosure is necessary for the consolidated financial statements to not be misleading. To estimate whether a loss contingency should be accrued by a charge to income, the Company evaluates, among other factors, the probability of an unfavourable outcome and the ability to make a reasonable estimate of the amount of the loss. The Company does not accrue liabilities when the likelihood that the liability has been incurred is probable, but the amount cannot be reasonably estimated.

In addition, the Company may be involved in litigation from time to time in the ordinary course of business. It is the opinion of the Company's management that the ultimate resolution of any such matters currently pending will not have a material adverse effect on the Company's business, financial condition, results of operations or cash flows. However, the results of such matters cannot be predicted with certainty and there can be no assurance that the ultimate resolution of any legal or administrative proceeding or dispute will not have a material adverse effect on the Company's business, financial condition, results of operations and cash flows.

**Labour Matter:**

Several former employees have filed legal actions against the Company alleging wrongful dismissal, non-payment of terminal and repatriation benefits, and related damages. The Company has recorded provisions for ten cases where losses are considered probable and reasonably estimatable. Management continues to monitor the status of these proceedings and believes that the amounts provided are adequate to cover the estimated obligations arising from these claims.

**Mining and Surface rights:**

Mining rights and land rights are administered by two different regulatory regimes in Zambia. As these rights operate under distinct legal frameworks, instances have arisen where the holder of a mining right does not possess corresponding surface rights. Consequently, the Company has been subject to certain legal disputes in respect of such overlapping rights.

**Shack Trading-Muntimpa Tailings Dump TD5**

The Company initiated legal action seeking a declaration that the Defendant's operations on TD5 and Surface Dumps were illegal and inconsistent with the Mines and Minerals Development Act No.7 of 2008 and the Company's Large Scale Mining Licence. The matter is actively in Court at the Kitwe High Court and the Company is vigorously asserting its rights.

**Luano Disputed Area**

The Company has commenced an action against Kumbele Mining Co. Ltd. seeking declarations confirming its mining and surface rights over the Luano Disputed Area, injunctions restraining interference, and damages for trespass and loss of operations. The matter is currently in the High Court for the main action and the Court of Appeal on a specific issue of Judgment on admission.

**Artisan Mining Rights – Anistrida Shangula**

The Plaintiff claims compensation for deprivation of access to a licensed mining area and related damages. The Company is contesting the claim, which remains pending before the court."

The Company has assessed the above matters and determined that at this stage, no provision for loss or recognition of gain has been made, as the outcome of these cases remains uncertain. Any potential gain that may arise from a favourable judgment will be recognized only when realized.

**Trafigura**

**Trafigura Pty Limited** has filed claims against the Company alleging breach of contract and non-payment for copper concentrate supplied, amounting to USD 82,800 thousands The claim also includes interest at contractual or tribunal-determined rates up. The Company has recognized appropriate provisions in respect of the aforesaid matter.

**(All amounts are in thousands, other than share data)**

**(Unaudited)**

**Notes to Consolidated Financial Statements**

**CEC**

**Copperbelt Energy Corporation Plc** challenged its categorization under the scheme and appealed to the Court of Appeal to be paid as a preferential creditor, the Court of Appeal ruled in favour of CEC and asked the Company to pay CEC as such, the Company has obtained a stay of execution and has appealed to the Supreme Court.

**Other Pending Litigations**

The company is involved in various legal matters encompassing commercial, contractual, land ownership, and environmental claims. Several counterparties have filed suits for breach of contract, unpaid invoices, and related damages, some of which are under arbitration while others are pending before courts. Following liquidation, a Scheme of Arrangements was filed, which has been challenged and partially enforced by certain creditors. The company also faces environmental claims relating to alleged toxin discharge into a river. The company is also involved in other legal proceedings arising in the ordinary course of business and does not expect that any adverse outcomes, individually or in aggregate, would have a material impact on its financial position or results of operations.

**Note 24- Scheme of Arrangement**

**Scheme of Arrangement and Reorganization**

On May 21, 2019 (the "Petition Date"), ZCCM Investments Holdings Plc ("ZCCM") filed a petition in the High Court of Zambia seeking to wind up Konkola Copper Mines Plc ("KCM") on just and equitable grounds. The petition was subsequently amended in June 2019 to include an additional ground alleging KCM's inability to pay its debts. On the same date, the High Court issued an ex-parte order appointing a Provisional Liquidator ("PL") to oversee the day-to-day operations of KCM.

Vedanta Resources Limited ("VRL"), through its wholly-owned subsidiary Vedanta Resources Holdings Limited ("VRHL"), which owns 79.42% of KCM's equity (with the remainder held by ZCCM and the Government of the Republic of Zambia ("GRZ")), contested the winding-up petition, asserting that the matter was a shareholder dispute subject to arbitration under the KCM Shareholders' Agreement.

In July 2019, VRHL and VRL initiated arbitration against ZCCM for breach of the Shareholders' Agreement. The High Court of South Africa granted injunctive relief requiring ZCCM to withdraw the winding-up petition and prohibiting further steps toward liquidation pending the conclusion of arbitration. In November 2020, the Court of Appeal of Zambia stayed the winding-up petition, holding that the dispute was arbitrable, and restricted the PL from selling KCM's assets beyond ordinary business operations.

On November 2023, VRHL, ZCCM, and KCM entered into a new Shareholder and Implementation Agreement setting forth terms for VRHL to regain control of KCM and resume full operations. Pursuant to Section 46 of the Corporate Insolvency Act No. 9 of 2017, a Creditor Scheme of Arrangement (the "Scheme") was sanctioned by the High Court of Zambia on June 28, 2024, and became effective on July 31, 2024 (the "Effective Date"). Upon effectiveness of the Scheme, the PL was removed, and the KCM Board was reinstated, restoring VRHL's control and ownership structure as it existed prior to the provisional liquidation.

**Other Borrowings and Guarantees**

In June 2019, KCM obtained an additional loan from ZCCM Investments Holdings Plc ("ZCCM-IH") of USD 10 Mn with a one-year tenure at an interest rate of 8% per annum. The outstanding principal as of December 31, 2025, was USD 0.5 Mn (March 31, 2025: USD 0.5 Mn).

In February 2024, "ZCCM-IH", acting as guarantor, made a USD 10 Mn payment to Zanaco Bank to settle an encashed letter of credit facility. The resulting intercompany loan to ZCCM-IH accrues interest at 8% per annum.

The fair value of this loan as of December 31, 2025, was USD 10.50 Mn (March 31, 2025: USD 10.50 Mn).

During FY2022, under the former Provisional Liquidator, the Ministry of Finance of the Government of the Republic of Zambia (GRZ) advanced ZMW 1 Bn (equivalent to USD 44.60 Mn) to KCM. The loan was received in two tranches of ZMW 750 Mn (USD 33.50 Mn) and ZMW 250 Mn (USD 11.10 Mn) on May 12, 2022, and June 1, 2022, respectively.

**Provisions and Liabilities Subject to Scheme**

As of December 31, 2025, the Company recognized a present value adjustment for future obligations of USD 2.7 Bn (March 31, 2025: USD 2.9 Bn). The adjustment represents expected outflows associated with long-term scheme-related obligations, including intercompany liabilities, GRZ borrowings, and other restructured debts, which are expected to be settled over a 15-year period.

The provision is discounted to present value using a 13% discount rate, reflecting both the time value of money and the risk profile associated with these obligations. Management will continue to monitor forecasted future cash flows and changes in discount rates to reassess the carrying value of these liabilities.

In accordance with the principles of ASC 852, Reorganizations, and the Scheme of Arrangement sanctioned by the High Court of Zambia on June 28, 2024, the recognition of the provision and related debt modifications were accounted for as reorganization adjustments as follows:

**(All amounts are in thousands, other than share data)**

**(Unaudited)**

**Notes to Consolidated Financial Statements**

● Consolidated Balance Sheet:

Present value adjustment of USD 881.68 Mn has been recognized under Long-term debt less current portion of debt long-term liabilities and present value adjustment of USD 1.83 Bn has been recognized under Other non-current liabilities.

● Consolidated Statements of Operations:

The corresponding effect of the loss on discounting of the liabilities under the scheme of arrangement of USD 240.43 Mn have been recognized as "Reorganization items, net" for the year ended December 31, 2025.

● Consolidated Statements of Shareholders' Equity:

Consistent with ASC 852 and company's accounting policy, any residual impact of debt forgiveness, capital re-designation, or fresh-start-type adjustments not routed through profit or loss amounting to USD 1.6 Bn has been recorded directly in equity under Additional Paid-in Capital.

**Reorganization Items, Net**

Effective upon the sanction of the Scheme of Arrangement on June 28, 2024, the Company began to apply accounting treatment consistent with the principles of ASC 852, Reorganizations, distinguishing between transactions and events directly related to the Scheme from the ongoing operations of the business.

Loss on discounting of the liabilities under the scheme of arrangement of USD 240.46 Mn have been recognized as Reorganization items, net in the Consolidated Statements of Profit or Loss for the year ended December 31, 2025.

Liabilities impacted by the Scheme are classified as liabilities subject to compromise at the amounts expected to be allowed under the sanctioned Scheme, even if ultimately settled for lesser amounts through negotiations or restructuring adjustments.

**Post-Scheme Control and Operations**

Post the Effective Date, the Provisional Liquidator was removed, and KCM's Board of Directors was reinstated as on July 31, 2024, restoring operational and management control to Vedanta Resources Holdings Ltd. The ownership structure of VRHL (79.42%) and ZCCM (20.58%) remained unchanged.

Following emergence from provisional liquidation, KCM resumed normal operations under the oversight of its reinstated Board, with financing arrangements and liabilities governed by the terms of the approved Scheme of Arrangement.

**CONFIDENTIAL TREATMENT REQUESTED BY COPPERTECH METALS INC.<br> PURSUANT TO 17 CFR 200.83** 

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares**

**CopperTech Metals Inc.**

**Common Stock**

![](ctm003_img001.jpg)

**PRELIMINARY PROSPECTUS**

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2026**

**Citigroup**

**Cantor**

**CONFIDENTIAL TREATMENT REQUESTED BY COPPERTECH METALS INC.<br> PURSUANT TO 17 CFR 200.83**

**PART II<br>INFORMATION NOT REQUIRED IN PROSPECTUS**

**Item 13. Other Expenses of Issuance and Distribution**

The following table sets forth the costs and expenses, other than the underwriting discounts and commissions, payable by the registrant in connection with the offering and sale of shares of common stock being registered. All amounts shown are estimates except for the SEC registration fee, the Financial Industry Regulatory Authority, Inc. ("FINRA") filing fee and the exchange listing fee.

---

| | |
|:---|:---|
| SEC registration fee | $\* |
| FINRA filing fee | \* |
| Exchange listing fee | \* |
| Printing and engraving expenses | \* |
| Legal fees and expenses | \* |
| Accounting fees and expenses | \* |
| Transfer agent and registrar fees and expenses | \* |
| Miscellaneous expenses | \* |
| Total | $\* |

---

\* To be provided by amendment

**Item 14. Indemnification of Directors and Officers**

Section 102(b)(7) of the DGCL allows a corporation to provide in its certificate of incorporation that a director or executive officer of the corporation will not be personally liable to the corporation or its stockholders for monetary damages for breach of fiduciary duty as a director, except where the director or officer breached the duty of loyalty, failed to act in good faith, engaged in intentional misconduct or knowingly violated a law, authorized the payment of a dividend or approved a stock repurchase in violation of Delaware corporate law or obtained an improper personal benefit or the executive officer in any action by or in the right of the corporation. Our amended and restated certificate of incorporation will provide for this limitation of liability.

Section 145 of the DGCL ("Section 145") provides that a corporation may indemnify any person who is or has been a director, officer, employee or agent of the corporation or who is or has been serving as director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise at the request of the corporation, against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by the person who is a party or is threatened to be a party in connection with such threatened, pending or completed actions, suits or proceedings, whether civil, criminal, administrative or investigative (other than an action by or in the right of the corporation—a "derivative action"), if they acted in good faith and in a manner they reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe their conduct was unlawful. A similar standard is applicable in the case of derivative actions, except that indemnification only extends to expenses (including attorneys' fees) actually and reasonably incurred by the person in connection with defense or settlement of such action or suit if the person acted in good faith and in a manner the person reasonably believed to be in or not opposed to the best interests of the corporation, and the statute states that no indemnification shall be made in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable to the corporation unless and only to the extent that the Court of Chancery or the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which the Court of Chancery or such other court shall deem proper. Our certificate of incorporation that will become effective upon completion of the Conversion will contain such a provision.

We have in effect a directors and officers liability insurance policy indemnifying our directors and officers for certain liabilities incurred by them, including liabilities under the Securities Act and the Exchange Act. We pay the entire premium of this policy.

We intend to enter into new indemnification agreements with each of our directors and executive officers that will provide the maximum indemnity allowed to directors and officers by Section 145 of the DGCL and which allow for certain additional procedural protections.

Certain of our non-employee directors may, through their relationships with their employers, be insured and/or indemnified against certain liabilities incurred in their capacity as members of our board of directors.

These indemnification provisions and the indemnification agreements may be sufficiently broad to permit indemnification of our officers and directors for liabilities (including reimbursement of expenses incurred) arising under the Securities Act.

The underwriting agreement, to be filed as Exhibit 1.1 to this registration statement, will provide for indemnification, under certain circumstances, by the underwriters of us and our officers and directors for certain liabilities arising under the Securities Act or otherwise.

**Item 15. Recent Sales of Unregistered Securities**

On January 30, 2025, the Registrant issued 100 shares of the Registrant's common stock, no par value, to Vedanta Resources Holdings Limited for no consideration. The issuance of such shares of common stock was not registered under the Securities Act. The shares were offered and sold in a transaction by the issuer not involving any public offering exempt from registration under Section 4(a)(2) of the Securities Act.

**Item 16. Exhibits and Financial Statement Schedules**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Exhibits

The exhibit index attached hereto is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Statement Schedules

No financial statement schedules are provided because the information called for is not applicable or is shown in the financial statements or notes thereto.

**Item 17. Undertakings**

The undersigned Registrant hereby undertakes to provide to the underwriter at the closing specified in the underwriting agreements certificates in such denominations and registered in such names as required by the underwriter to permit prompt delivery to each purchaser.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

The undersigned Registrant hereby undertakes that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) For purposes of determining any liability under the Securities Act, the information omitted from the form
of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed
by the Registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration
statement as of the time it was declared effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) For the purpose of determining any liability under the Securities Act, each post-effective amendment that
contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering
of such securities at that time shall be deemed to be the initial bona fide offering thereof.

**INDEX TO EXHIBITS**

The following exhibits are filed as part of this registration statement.

---

| | |
|:---|:---|
| **Exhibit<br> Number** | **Exhibit Description** |
| 1.1<sup>\*</sup> | Form of Underwriting Agreement |
| 3.1<sup>\*</sup> | Amended and Restated Certificate of Incorporation of CopperTech Metals Inc., as currently in effect |
| 3.2<sup>\*</sup> | Form of Amended and Restated Certificate of Incorporation of CopperTech Metals Inc., to be effective upon consummation of this offering |
| 3.3<sup>\*</sup> | Amended and Restated Bylaws of CopperTech Metals Inc., as currently in effect. |
| 3.4<sup>\*</sup> | Form of Amended and Restated Bylaws of CopperTech Metals Inc., to be effective upon consummation of this offering |
| 3.5<sup>\*</sup> | Konkola Copper Mines Plc Articles of Association as currently in effect |
| 4.1<sup>\*</sup> | Community Support Loan Agreement dated as of December 22, 2023 by and among Konkola Plc and VRHL |
| 4.2<sup>\*</sup> | Creditor Settlement Support Loan Agreement dated as of November 28, 2023 by and among Konkola Plc and VRHL |
| 4.3<sup>\*</sup> | Capital Expenditures Support Loan Agreement dated as of December 22, 2023 by and among Konkola Plc and VRHL |
| 5.1<sup>\*</sup> | Form of opinion of Skadden, Arps, Slate, Meagher & Flom LLP |
| 10.1<sup>\*</sup> | Form of Indemnification Agreement |
| 10.2<sup>\*</sup> | Form of 2026 Omnibus Incentive Plan |
| 10.3<sup>\*</sup> | KCM Shareholders Agreement dated as of November 6, 2023, by and among GRZ, ZCCM, VRL, VRHL and Konkola Plc |
| 21.1<sup>\*</sup> | List of Subsidiaries of CopperTech Metals Inc. |
| 23.1<sup>\*</sup> | Consent of Manohar Chowdhry & Associates, Independent Registered Public Accounting Firm |
| 23.2<sup>\*</sup> | Consent of AMC Consultants (UK) Limited |
| 23.3<sup>\*</sup> | Consent of Skadden, Arps, Slate, Meagher & Flom LLP (included in Exhibit 5.1) |
| 24.1<sup>\*</sup> | Power of Attorney (included on the signature page to this registration statement) |
| [96.1](ctm003_ex96-1.htm) | [Technical Report Summary - Initial Assessment](ctm003_ex96-1.htm) |
| [96.2](ctm003_ex96-2.htm) | [Technical Report Summary - Preliminary Feasibility Study](ctm003_ex96-2.htm) |
| 99.1<sup>\*</sup> | Consent of Moses Banda (Director Nominee) |
| 99.2<sup>\*</sup> | Consent of Upendra Kumar Sinha (Director Nominee) |
| 99.3<sup>\*</sup> | Consent of Rishi Sethia (Director Nominee) |
| 107.1<sup>\*</sup> | Filing Fee Table |

---

\* To be filed by amendment.

† Indicates
 a management contract or compensatory plan

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the Registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the city of , state of , on , 2026.

---

| | |
|:---|:---|
| **CopperTech Metals Inc.** | **CopperTech Metals Inc.** |
| By: |  |
|  | Deshnee Naidoo |
|  | Chief Executive Officer |

---

We, the undersigned directors and officers of the Registrant, hereby severally constitute and appoint Deshnee Naidoo and Pushpender, and each of them singly, our true and lawful attorneys, with full power to them, and to each of them singly, to sign for us and in our names in the capacities indicated below, the registration statement on Form S-1 filed herewith, and any and all pre-effective and post-effective amendments to said registration statement, and any registration statement filed pursuant to Rule 462(b) under the Securities Act of 1933, as amended, in connection with the registration under the Securities Act of 1933, as amended, of equity securities of the Registrant, and to file or cause to be filed the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as each of us might or could do in person, and hereby ratifying and confirming all that said attorneys, and each of them, or their substitute or substitutes, shall do or cause to be done by virtue of this Power of Attorney.

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| Signature | Title | Date |
|  | Chief Executive Officer and Director |  |
| Deshnee Naidoo | (Principal Executive Officer) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2026 |
|  | Chief Financial Officer (Principal Financial |  |
| Pushpender | Officer and Principal Accounting Officer) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2026 |
|  | Director | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2026 |
| Priya Agarwal Hebbar |  |  |
|  | Director | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2026 |
| Thomas Albanese |  |  |

---

## Exhibit 96.1

**Exhibit 96.1**

---

| | |
|:---|:---|
| **AMC Consultants (UK) Limited**<br> Registered in England and Wales No. 3688365 | ![](ctm003_ex96-1img01.jpg) |
| Office 336a, Davidson House, Forbury Square |  |
| Reading RG1 3EU |  |
| United Kingdom |  |

---

T +44 1628 778 256

E unitedkingdom@amcconsultants.com

amcconsultants.com

**Report**

**S-K 1300 Technical Report Summary: KCM Integrated Operations (Initial Assessment)**

Konkola Copper Mines Plc

AMC Project 0424076

31 March 2026

mine smarter

---

| | |
|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

---

**QUALIFIED PERSON — DATE AND SIGNATURE PAGE**

This Technical Report Summary has been prepared by AMC Consultants (UK) Limited, acting as the Qualified Person for all sections of this report. In accordance with Instruction 5 to Item 601(b)(96) of Regulation S-K, AMC Consultants (UK) Limited is an entity that satisfies the requirements of a qualified person under § 229.1300(b) and assumes responsibility for the Technical Report Summary as a whole.

AMC Consultants (UK) Limited confirms that it has the relevant experience, competence, and professional qualifications required to prepare and take responsibility for all sections of this TRS. The individual professionals within AMC who contributed to this report possess qualifications and experience appropriate to the subject matter of their contributions and are members of recognised professional organizations.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Qualified Person:** | &nbsp;&nbsp;**Sections Responsible:** |
| &nbsp;&nbsp; AMC Consultants (UK) Limited<br> Registered in England and Wales No. 3688365<br> Office 336a, Davidson House, Forbury Square<br> Reading RG1 3EU, United Kingdom | &nbsp;&nbsp;All sections (Sections 1 through 25) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Signature:** | &nbsp;&nbsp;**Date:** |
| &nbsp;&nbsp;*Authorized Signatory* | &nbsp;&nbsp;31 March 2026 |
| &nbsp;&nbsp;*AMC Consultants (UK) Limited* |  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Effective Date of TRS:** | &nbsp;&nbsp;1 April 2025 |
| &nbsp;&nbsp;**Date of Report:** | &nbsp;&nbsp;31 March 2026 |
| &nbsp;&nbsp;**AMC Project Number:** | &nbsp;&nbsp;0424076 |

---

Note: Pursuant to Instruction 5 to Item 601(b)(96), where an entity rather than an individual serves as the qualified person, the entity assumes responsibility for the Technical Report Summary.

The authorized signatory executes this page on behalf of AMC Consultants (UK) Limited in its capacity as Qualified Person.

amcconsultants.com i

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| | |
|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

---

**CAUTIONARY STATEMENT - INITIAL ASSESSMENT**

This Initial Assessment is preliminary in nature. It includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorised as Mineral Reserves, and there is no certainty that this Initial Assessment will be realised. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

**INFERRED MINERAL RESOURCE PROPORTION**

Approximately 70% of KCM Mineral Resources are classified as Inferred (262 Mt of 375 Mt). At Konkola Mine, approximately 86% of Mineral Resources are classified as Inferred (249 Mt of 290 Mt). Inferred Mineral Resources have a lower level of confidence and cannot be converted to Mineral Reserves. It is reasonably expected that the majority of Inferred Resources could be upgraded with continued exploration.

**IMPORTANT NOTICE - INITIAL ASSESSMENT**

This Technical Report Summary has been prepared as an INITIAL ASSESSMENT in accordance with Subpart 1300 of Regulation S-K (17 CFR Part 229, Subpart 1300). This document presents economic analysis for the full KCM Operations based on all Mineral Resources, with the M&I Case providing results excluding Inferred Mineral Resources. A separate Preliminary Feasibility Study Technical Report Summary has been prepared for the Mineral Reserve portion only, demonstrating economic viability based exclusively on Mineral Reserves.

amcconsultants.com ii

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| | |
|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

---

**Contents**

---

| | | | | |
|:---|:---|:---|:---|:---|
| 1 | Executive summary | Executive summary | Executive summary | 20 |
|  | 1.1 | Introduction | Introduction | 20 |
|  | 1.2 | Property description and ownership | Property description and ownership | 20 |
|  | 1.3 | Mineral rights | Mineral rights | 21 |
|  | 1.4 | Geology and mineralisation | Geology and mineralisation | 21 |
|  |  | &nbsp;&nbsp;&nbsp;1.4.1 | Regional geological setting | 21 |
|  |  | &nbsp;&nbsp;&nbsp;1.4.2 | Mineralisation characteristics | 22 |
|  |  | &nbsp;&nbsp;&nbsp;1.4.3 | Structural and hydrothermal influences | 22 |
|  | 1.5 | Exploration and drilling status | Exploration and drilling status | 22 |
|  |  | &nbsp;&nbsp;&nbsp;1.5.1 | Konkola | 22 |
|  |  | &nbsp;&nbsp;&nbsp;1.5.2 | Nchanga | 23 |
|  |  | &nbsp;&nbsp;&nbsp;1.5.3 | Tailings dams | 23 |
|  | 1.6 | Mineral Resource estimate | Mineral Resource estimate | 23 |
|  | 1.7 | Mineral Reserve estimate | Mineral Reserve estimate | 25 |
|  | 1.8 | Development and operational status | Development and operational status | 25 |
|  |  | &nbsp;&nbsp;&nbsp;1.8.1 | Konkola | 25 |
|  |  | &nbsp;&nbsp;&nbsp;1.8.2 | Nchanga | 26 |
|  | 1.9 | Mining methods | Mining methods | 26 |
|  | 1.10 | Processing and recovery methods | Processing and recovery methods | 27 |
|  | 1.11 | Infrastructure | Infrastructure | 27 |
|  | 1.12 | Economic analysis summary - dual presentation | Economic analysis summary - dual presentation | 27 |
|  |  | &nbsp;&nbsp;&nbsp;1.12.1 | Key assumptions | 29 |
|  |  | &nbsp;&nbsp;&nbsp;1.12.2 | Production plan | 29 |
|  |  | &nbsp;&nbsp;&nbsp;1.12.3 | Capital and operating costs | 32 |
|  |  | &nbsp;&nbsp;&nbsp;1.12.4 | Economic results | 36 |
|  | 1.13 | Sensitivity analysis | Sensitivity analysis | 37 |
|  | 1.14 | Environmental studies, permitting, and social or community impact | Environmental studies, permitting, and social or community impact | 39 |
|  | 1.15 | Qualified Person's conclusions | Qualified Person's conclusions | 40 |
|  |  | &nbsp;&nbsp;&nbsp;1.15.1 | Initial Assessment status | 40 |
|  |  | &nbsp;&nbsp;&nbsp;1.15.2 | Economic assessment | 40 |
|  |  | &nbsp;&nbsp;&nbsp;1.15.3 | The QP recommends | 40 |
| 2 | Introduction | Introduction | Introduction | 41 |
|  | 2.1 | Registrant for whom the TRS was prepared | Registrant for whom the TRS was prepared | 41 |
|  | 2.2 | Terms of reference and purpose | Terms of reference and purpose | 41 |
|  | 2.3 | Units of measure | Units of measure | 41 |
|  | 2.4 | Defined terms and abbreviations | Defined terms and abbreviations | 42 |
|  | 2.5 | Sources of information | Sources of information | 43 |
|  | 2.6 | Personal inspection of the property | Personal inspection of the property | 43 |
|  | 2.7 | Summary of previously filed technical report | Summary of previously filed technical report | 44 |
|  | 2.8 | Qualified Persons | Qualified Persons | 44 |
|  | 2.9 | Reliance on the registrant | Reliance on the registrant | 44 |
| 3 | Property description | Property description | Property description | 45 |
|  | 3.1 | Property description | Property description | 45 |
|  | 3.2 | Project location | Project location | 46 |
|  | 3.3 | Ownership | Ownership | 49 |
|  | 3.4 | Mineral rights | Mineral rights | 49 |
|  | 3.5 | Description of property rights | Description of property rights | 50 |
|  | 3.6 | Infrastructure and access | Infrastructure and access | 50 |
|  | 3.7 | Royalty payments and fiscal obligations | Royalty payments and fiscal obligations | 51 |

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| | |
|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | 3.8 | Significant encumbrances to the property | Significant encumbrances to the property | 51.0 |
|  |  | &nbsp;&nbsp;&nbsp;3.8.1 | Environmental compliance obligations | 51.0 |
|  |  | &nbsp;&nbsp;&nbsp;3.8.2 | Permit conditions | 51.0 |
|  |  | &nbsp;&nbsp;&nbsp;3.8.3 | Social and land use obligations | 52.0 |
|  | 3.9 | Significant factors and risks affecting access | Significant factors and risks affecting access | 52.0 |
|  |  | &nbsp;&nbsp;&nbsp;3.9.1 | Operational risks | 52.0 |
|  |  | &nbsp;&nbsp;&nbsp;3.9.2 | Regulatory and social risks | 52.0 |
|  | 3.10 | Adjacent properties | Adjacent properties | 53.0 |
| 4.0 | Accessibility, climate, local resources, infrastructure, and physiography | Accessibility, climate, local resources, infrastructure, and physiography | Accessibility, climate, local resources, infrastructure, and physiography | 54.0 |
|  | 4.1 | Topography and land description | Topography and land description | 54.0 |
|  |  | &nbsp;&nbsp;&nbsp;4.1.1 | Flora and fauna | 54.0 |
|  | 4.2 | Access to the property | Access to the property | 54.0 |
|  |  | &nbsp;&nbsp;&nbsp;4.2.1 | Regional access | 54.0 |
|  |  | &nbsp;&nbsp;&nbsp;4.2.2 | Inter-site access and product transport routes | 55.0 |
|  | 4.3 | Climate description | Climate description | 57.0 |
|  | 4.4 | Availability of required infrastructure | Availability of required infrastructure | 57.0 |
|  |  | &nbsp;&nbsp;&nbsp;4.4.1 | Power | 57.0 |
|  |  | &nbsp;&nbsp;&nbsp;4.4.2 | Water | 57.0 |
|  |  | &nbsp;&nbsp;&nbsp;4.4.3 | Supplies | 57.0 |
|  |  | &nbsp;&nbsp;&nbsp;4.4.4 | Personnel | 57.0 |
| 5.0 | History | History | History | 58.0 |
|  | 5.1 | Early exploration and discovery (pre-1950) | Early exploration and discovery (pre-1950) | 58.0 |
|  |  | &nbsp;&nbsp;&nbsp;5.1.1 | Nchanga | 58.0 |
|  |  | &nbsp;&nbsp;&nbsp;5.1.2 | Konkola | 58.0 |
|  | 5.2 | Systematic development and state ownership (1950s–1999) | Systematic development and state ownership (1950s–1999) | 58.0 |
|  |  | &nbsp;&nbsp;&nbsp;5.2.1 | Expansion under colonial and early independence era (1950s–1969) | 58.0 |
|  |  | &nbsp;&nbsp;&nbsp;5.2.2 | Nationalisation and ZCCM era (1969–1999) | 59.0 |
|  | 5.3 | Privatisation and Anglo American Corporation (2000–2002) | Privatisation and Anglo American Corporation (2000–2002) | 59.0 |
|  | 5.4 | Vedanta Resources (2004–2019) | Vedanta Resources (2004–2019) | 59.0 |
|  | 5.5 | Provisional liquidation (2019–2024) | Provisional liquidation (2019–2024) | 60.0 |
|  |  | &nbsp;&nbsp;&nbsp;5.5.1 | Production curtailment | 61.0 |
|  |  | &nbsp;&nbsp;&nbsp;5.5.2 | Exploration and development activity | 61.0 |
|  |  | &nbsp;&nbsp;&nbsp;5.5.3 | Infrastructure condition | 61.0 |
|  |  | &nbsp;&nbsp;&nbsp;5.5.4 | Resolution and resumption of control | 61.0 |
|  | 5.6 | Production history | Production history | 62.0 |
|  | 5.7 | Key development milestones | Key development milestones | 63.0 |
| 6.0 | Geological setting and mineralisation | Geological setting and mineralisation | Geological setting and mineralisation | 64.0 |
|  | 6.1 | Regional geology | Regional geology | 64.0 |
|  |  | &nbsp;&nbsp;&nbsp;6.1.1 | Lithostratigraphy of the Central African Copperbelt | 66.0 |
|  |  | &nbsp;&nbsp;&nbsp;6.1.2 | Mineralisation genesis | 67.0 |
|  |  | &nbsp;&nbsp;&nbsp;6.1.3 | Structural and tectonic evolution | 67.0 |
|  | 6.2 | Konkola local geology | Konkola local geology | 67.0 |
|  |  | &nbsp;&nbsp;&nbsp;6.2.1 | Mineralisation | 70.0 |
|  |  | &nbsp;&nbsp;&nbsp;6.2.2 | Major structural controls on mineralisation | 72.0 |
|  | 6.3 | Nchanga local geology | Nchanga local geology | 73.0 |
|  |  | &nbsp;&nbsp;&nbsp;6.3.1 | Mineralisation | 73.0 |
|  |  | &nbsp;&nbsp;&nbsp;6.3.2 | Major structural controls on mineralisation | 73.0 |
|  | 6.4 | Summary of geological characteristics | Summary of geological characteristics | 74.0 |
| 7.0 | Exploration | Exploration | Exploration | 76.0 |
|  | 7.1 | Exploration history – Konkola and Nchanga | Exploration history – Konkola and Nchanga | 76.0 |

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| | |
|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 7.2 | Drilling methods | Drilling methods | Drilling methods | 77.0 |
|  | 7.3 | Core recovery | Core recovery | Core recovery | 77.0 |
|  | 7.4 | Core logging | Core logging | Core logging | 77.0 |
|  | 7.5 | Sample selection | Sample selection | Sample selection | 77.0 |
|  | 7.6 | QAQC program | QAQC program | QAQC program | 77.0 |
|  | 7.7 | Konkola Mine | Konkola Mine | Konkola Mine | 78.0 |
|  |  | &nbsp;&nbsp;&nbsp;7.7.1 | Drillhole locations | Drillhole locations | 78.0 |
|  |  | &nbsp;&nbsp;&nbsp;7.7.2 | Hydrogeology | Hydrogeology | 79.0 |
|  |  | &nbsp;&nbsp;&nbsp;7.7.3 | Exploration program summary | Exploration program summary | 79.0 |
|  | 7.8 | Nchanga Business Unit | Nchanga Business Unit | Nchanga Business Unit | 79.0 |
|  |  | &nbsp;&nbsp;&nbsp;7.8.1 | Drillhole locations | Drillhole locations | 79.0 |
|  |  | &nbsp;&nbsp;&nbsp;7.8.2 | Hydrogeology | Hydrogeology | 82.0 |
|  |  | &nbsp;&nbsp;&nbsp;7.8.3 | Exploration program summary | Exploration program summary | 82.0 |
|  | 7.9 | Geotechnical data, testing, and analysis | Geotechnical data, testing, and analysis | Geotechnical data, testing, and analysis | 82.0 |
|  |  | &nbsp;&nbsp;&nbsp;7.9.1 | Konkola | Konkola | 82.0 |
|  |  |  | 7.9.1.1 | Geotechnical drilling | 82.0 |
|  |  |  | 7.9.1.2 | Geotechnical testing | 82.0 |
|  |  |  | 7.9.1.3 | Seismicity | 83.0 |
|  |  |  | 7.9.1.4 | In situ stress | 84.0 |
|  |  |  | 7.9.1.5 | Groundwater | 84.0 |
|  |  | &nbsp;&nbsp;&nbsp;7.9.2 | Nchanga | Nchanga | 85.0 |
| 8.0 | Sample preparation, analyses, and security | Sample preparation, analyses, and security | Sample preparation, analyses, and security | Sample preparation, analyses, and security | 86.0 |
|  | 8.1 | Sample preparation and analysis | Sample preparation and analysis | Sample preparation and analysis | 86.0 |
|  | 8.2 | Sample preparation method | Sample preparation method | Sample preparation method | 86.0 |
|  | 8.3 | Analytical method | Analytical method | Analytical method | 86.0 |
|  | 8.4 | Bulk density measurement | Bulk density measurement | Bulk density measurement | 86.0 |
|  | 8.5 | Quality assurance quality control program | Quality assurance quality control program | Quality assurance quality control program | 87.0 |
|  | 8.6 | Sample security | Sample security | Sample security | 87.0 |
|  | 8.7 | Quality assurance quality control – Konkola | Quality assurance quality control – Konkola | Quality assurance quality control – Konkola | 88.0 |
|  |  | &nbsp;&nbsp;&nbsp;8.7.1 | Konkola | Konkola | 88.0 |
|  |  |  | 8.7.1.1 | CRM | 88.0 |
|  |  |  | 8.7.1.2 | Repeats | 91.0 |
|  |  |  | 8.7.1.3 | Blanks | 92.0 |
|  | 8.8 | Quality assurance quality control - Nchanga | Quality assurance quality control - Nchanga | Quality assurance quality control - Nchanga | 92.0 |
|  |  | &nbsp;&nbsp;&nbsp;8.8.1 | Chingola Open Pit C and E Extension (COP E Ext) | Chingola Open Pit C and E Extension (COP E Ext) | 93.0 |
|  |  |  | 8.8.1.1 | CRM | 93.0 |
|  |  |  | 8.8.1.2 | Repeats | 94.0 |
|  |  | &nbsp;&nbsp;&nbsp;8.8.2 | Luano | Luano | 95.0 |
|  |  |  | 8.8.2.1 | CRM | 95.0 |
|  |  |  | 8.8.2.2 | Blanks | 97.0 |
|  |  |  | 8.8.2.3 | Repeats | 97.0 |
|  |  | &nbsp;&nbsp;&nbsp;8.8.3 | Stockpile 16 | Stockpile 16 | 98.0 |
|  |  |  | 8.8.3.1 | CRM | 98.0 |
|  |  | &nbsp;&nbsp;&nbsp;8.8.4 | QAQC conclusion | QAQC conclusion | 100.0 |
|  | 8.9 | Qualified Person's opinion | Qualified Person's opinion | Qualified Person's opinion | 100.0 |
|  |  | &nbsp;&nbsp;&nbsp;8.9.1 | Historical data | Historical data | 100.0 |
|  |  | &nbsp;&nbsp;&nbsp;8.9.2 | Sample security | Sample security | 100.0 |
|  |  | &nbsp;&nbsp;&nbsp;8.9.3 | QP's opinion on sample preparation, security and analytical procedures | QP's opinion on sample preparation, security and analytical procedures | 100.0 |
|  |  | &nbsp;&nbsp;&nbsp;8.9.4 | Laboratory condition and umpire laboratory | Laboratory condition and umpire laboratory | 101.0 |
|  |  | &nbsp;&nbsp;&nbsp;8.9.5 | QAQC program | QAQC program | 101.0 |
|  |  | &nbsp;&nbsp;&nbsp;8.9.6 | Assessment of QAQC results | Assessment of QAQC results | 101.0 |
|  |  | &nbsp;&nbsp;&nbsp;8.9.7 | Implication for Mineral Resource confidence | Implication for Mineral Resource confidence | 101.0 |
|  |  | &nbsp;&nbsp;&nbsp;8.9.8 | QAQC recommendations | QAQC recommendations | 102.0 |
| 9.0 | Data verification | Data verification | Data verification | Data verification | 102.0 |
|  | 9.1 | Historic data | Historic data | Historic data | 102.0 |
|  | 9.2 | Modern data | Modern data | Modern data | 102.0 |
|  |  | &nbsp;&nbsp;&nbsp;9.2.1 | Database | Database | 102.0 |
|  |  | &nbsp;&nbsp;&nbsp;9.2.2 | Exported data validation | Exported data validation | 103.0 |
|  |  | &nbsp;&nbsp;&nbsp;9.2.3 | Data verification | Data verification | 103.0 |

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|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;9.2.4 | Database security | Database security | 103.0 |
|  | 9.3 | Data verification limitations - Konkola | Data verification limitations - Konkola | Data verification limitations - Konkola | 104.0 |
|  | 9.4 | Data verification limitations - Nchanga | Data verification limitations - Nchanga | Data verification limitations - Nchanga | 104.0 |
|  | 9.5 | Qualified Person's opinion | Qualified Person's opinion | Qualified Person's opinion | 105.0 |
|  |  | &nbsp;&nbsp;&nbsp;9.5.1 | Historical data | Historical data | 105.0 |
|  |  | &nbsp;&nbsp;&nbsp;9.5.2 | Modern data | Modern data | 105.0 |
|  |  | &nbsp;&nbsp;&nbsp;9.5.3 | Assessment of identified verification limitations | Assessment of identified verification limitations | 105.0 |
|  |  | &nbsp;&nbsp;&nbsp;9.5.4 | Data adequacy conclusion | Data adequacy conclusion | 105.0 |
| 10.0 | Mineral processing and metallurgical testing | Mineral processing and metallurgical testing | Mineral processing and metallurgical testing | Mineral processing and metallurgical testing | 106.0 |
|  | 10.1 | Testing nature, extent, and analytical procedures | Testing nature, extent, and analytical procedures | Testing nature, extent, and analytical procedures | 106.0 |
|  | 10.2 | Testing laboratories | Testing laboratories | Testing laboratories | 106.0 |
|  | 10.3 | Test sample representativity | Test sample representativity | Test sample representativity | 106.0 |
|  | 10.4 | Testing results, assumptions, and deleterious elements | Testing results, assumptions, and deleterious elements | Testing results, assumptions, and deleterious elements | 107.0 |
|  |  | &nbsp;&nbsp;&nbsp;10.4.1 | Konkola concentrator | Konkola concentrator | 107.0 |
|  |  | &nbsp;&nbsp;&nbsp;10.4.2 | Nchanga TLP | Nchanga TLP | 108.0 |
|  | 10.5 | Qualified Person's opinion | Qualified Person's opinion | Qualified Person's opinion | 110.0 |
| 11.0 | Mineral Resource estimates | Mineral Resource estimates | Mineral Resource estimates | Mineral Resource estimates | 111.0 |
|  | 11.1 | Introduction | Introduction | Introduction | 111.0 |
|  | 11.2 | KCM Integrated Operations - Mineral Resources | KCM Integrated Operations - Mineral Resources | KCM Integrated Operations - Mineral Resources | 112.0 |
|  |  | &nbsp;&nbsp;&nbsp;11.2.1 | Mineral Resource uncertainty | Mineral Resource uncertainty | 114.0 |
|  |  | &nbsp;&nbsp;&nbsp;11.2.2 | Cut-off grade derivation | Cut-off grade derivation | 114.0 |
|  | 11.3 | &nbsp;&nbsp;&nbsp;Konkola | &nbsp;&nbsp;&nbsp;Konkola | &nbsp;&nbsp;&nbsp;Konkola | 115.0 |
|  |  | &nbsp;&nbsp;&nbsp;11.3.1 | Data | Data | 116.0 |
|  |  | &nbsp;&nbsp;&nbsp;11.3.2 | Geological interpretation | Geological interpretation | 117.0 |
|  |  |  | 11.3.2.1 | Estimation domains | 118.0 |
|  |  |  | 11.3.2.2 | Definition of hangingwall and footwall surfaces | 118.0 |
|  |  | &nbsp;&nbsp;&nbsp;11.3.3 | Statistics and compositing | Statistics and compositing | 125.0 |
|  |  |  | 11.3.3.1 | Variography | 128.0 |
|  |  | &nbsp;&nbsp;&nbsp;11.3.4 | Block model and estimation parameters | Block model and estimation parameters | 129.0 |
|  |  |  | 11.3.4.1 | Estimation parameters | 130.0 |
|  |  |  | 11.3.4.2 | Bulk density | 130.0 |
|  |  | &nbsp;&nbsp;&nbsp;11.3.5 | Block model validation | Block model validation | 131.0 |
|  |  |  | 11.3.5.1 | Swath plots | 131.0 |
|  |  |  | 11.3.5.2 | Visual validation | 133.0 |
|  |  |  | 11.3.5.3 | Statistical validation | 134.0 |
|  |  | &nbsp;&nbsp;&nbsp;11.3.6 | Classification criteria | Classification criteria | 135.0 |
|  |  | &nbsp;&nbsp;&nbsp;11.3.7 | Mineral Resource uncertainty | Mineral Resource uncertainty | 137.0 |
|  |  | &nbsp;&nbsp;&nbsp;11.3.8 | Mineral Resource Estimate | Mineral Resource Estimate | 137.0 |
|  | 11.4 | Nchanga assets | Nchanga assets | Nchanga assets | 137.0 |
|  |  | &nbsp;&nbsp;&nbsp;11.4.1 | Chingola open pit D and F (COP DF) | Chingola open pit D and F (COP DF) | 138.0 |
|  |  |  | 11.4.1.1 | Data | 138.0 |
|  |  |  | 11.4.1.2 | Geological interpretation and generation of 3D representation | 139.0 |
|  |  |  | 11.4.1.3 | Statistics and compositing | 139.0 |
|  |  |  | 11.4.1.4 | Block model and estimation parameters | 140.0 |
|  |  |  | 11.4.1.5 | Bulk density | 141.0 |
|  |  |  | 11.4.1.6 | Estimation validation | 141.0 |
|  |  |  | 11.4.1.7 | Classification criteria | 142.0 |
|  |  |  | 11.4.1.8 | Mineral Resource uncertainty | 143.0 |
|  |  |  | 11.4.1.9 | Mineral Resource estimate | 143.0 |
|  |  | &nbsp;&nbsp;&nbsp;11.4.2 | Luano | Luano | 144.0 |
|  |  |  | 11.4.2.1 | Data | 144.0 |
|  |  |  | 11.4.2.2 | Geological interpretation and generation of 3D representation | 144.0 |
|  |  |  | 11.4.2.3 | Statistics and compositing | 145.0 |
|  |  |  | 11.4.2.4 | Block model and estimation parameters | 146.0 |
|  |  |  | 11.4.2.5 | Bulk density | 146.0 |
|  |  |  | 11.4.2.6 | Estimation validation | 146.0 |
|  |  |  | 11.4.2.7 | Classification criteria | 148.0 |

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|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | 11.4.2.8 | Mineral Resource uncertainty | 149.0 |
|  |  |  | 11.4.2.9 | Mineral Resource estimate | 149.0 |
|  |  | &nbsp;&nbsp;&nbsp;11.4.3 | Chingola Open Pit C and E Extension (COP E Ext) | Chingola Open Pit C and E Extension (COP E Ext) | 150.0 |
|  |  |  | 11.4.3.1 | Data | 150.0 |
|  |  |  | 11.4.3.2 | Geological interpretation and generation of 3D representation | 151.0 |
|  |  |  | 11.4.3.3 | Statistics and compositing | 153.0 |
|  |  |  | 11.4.3.4 | Block model and estimation parameters | 154.0 |
|  |  |  | 11.4.3.5 | Bulk density | 155.0 |
|  |  |  | 11.4.3.6 | Estimation validation | 155.0 |
|  |  |  | 11.4.3.7 | Classification criteria | 156.0 |
|  |  |  | 11.4.3.8 | Mineral Resource uncertainty | 157.0 |
|  |  |  | 11.4.3.9 | Mineral Resource estimate | 158.0 |
|  |  | &nbsp;&nbsp;&nbsp;11.4.4 | Tailings dams TD03 and TD04 | Tailings dams TD03 and TD04 | 158.0 |
|  |  |  | 11.4.4.1 | Data | 158.0 |
|  |  |  | 11.4.4.2 | Generation of volume / tonnage and grade | 158.0 |
|  |  |  | 11.4.4.3 | Mining, processing, and recovery | 159.0 |
|  |  |  | 11.4.4.4 | Classification criteria | 160.0 |
|  |  |  | 11.4.4.5 | Mineral Resource estimate | 160.0 |
|  |  | &nbsp;&nbsp;&nbsp;11.4.5 | Stockpile SP16 | Stockpile SP16 | 160.0 |
|  |  |  | 11.4.5.1 | Data | 161.0 |
|  |  |  | 11.4.5.2 | Block model and estimation parameters | 162.0 |
|  |  |  | 11.4.5.3 | Bulk density | 162.0 |
|  |  |  | 11.4.5.4 | Mining, processing, and recovery | 162.0 |
|  |  |  | 11.4.5.5 | Classification criteria | 162.0 |
|  |  |  | 11.4.5.6 | Mineral Resource uncertainty | 163.0 |
|  |  |  | 11.4.5.7 | Mineral Resource estimate | 163.0 |
|  | 11.5 | Qualified Person's opinion | Qualified Person's opinion | Qualified Person's opinion | 163.0 |
| 12.0 | Mineral Reserve estimates | Mineral Reserve estimates | Mineral Reserve estimates | Mineral Reserve estimates | 165.0 |
| 13.0 | Mining methods | Mining methods | Mining methods | Mining methods | 165.0 |
|  | 13.1 | Introduction | Introduction | Introduction | 165.0 |
|  | 13.2 | Konkola Mine | Konkola Mine | Konkola Mine | 166.0 |
|  |  | &nbsp;&nbsp;&nbsp;13.2.1 | Konkola Mine - Geotechnical considerations | Konkola Mine - Geotechnical considerations | 166.0 |
|  |  |  | 13.2.1.1 | Geotechnical domains | 167.0 |
|  |  |  | 13.2.1.2 | Structural geology summary | 175.0 |
|  |  | &nbsp;&nbsp;&nbsp;13.2.2 | Geotechnical considerations for mining | Geotechnical considerations for mining | 178.0 |
|  |  |  | 13.2.2.1 | Stope stability and design | 178.0 |
|  |  |  | 13.2.2.2 | Stope dilution estimation | 178.0 |
|  |  |  | 13.2.2.3 | Infrastructure placement | 178.0 |
|  |  |  | 13.2.2.4 | Crown pillar and subsidence risk | 178.0 |
|  |  | &nbsp;&nbsp;&nbsp;13.2.3 | Ground support and numerical modelling | Ground support and numerical modelling | 178.0 |
|  |  | &nbsp;&nbsp;&nbsp;13.2.4 | Hydrogeology | Hydrogeology | 179.0 |
|  |  |  | 13.2.4.1 | Hydrology summary | 179.0 |
|  |  |  | 13.2.4.2 | Aquifer parameters and testing | 178.0 |
|  |  |  | 13.2.4.3 | Dewatering volumes and rates | 180.0 |
|  |  |  | 13.2.4.4 | Chingola dolomite | 180.0 |
|  |  |  | 13.2.4.5 | Recharge | 180.0 |
|  |  |  | 13.2.4.6 | Dewatering system and boreholes | 181.0 |
|  |  |  | 13.2.4.7 | Water balance and groundwater model status | 182.0 |
|  |  |  | 13.2.4.8 | Water quality | 183.0 |
|  |  |  | 13.2.4.9 | Mine schedule and dewatering plan | 184.0 |

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|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | 13.2.4.10 | Future dewatering rates | 186.0 |
|  |  |  | 13.2.4.11 | Pumping infrastructure – Konkola Mine | 186.0 |
|  |  |  | 13.2.4.12 | Konkola Mine water management infrastructure | 187.0 |
|  |  |  | 13.2.4.13 | Upgrade of existing pumping infrastructure | 187.0 |
|  |  |  | 13.2.4.14 | Risks | 188.0 |
|  |  | &nbsp;&nbsp;&nbsp;13.2.5 | Existing mining – Konkola Mine | Existing mining – Konkola Mine | 189.0 |
|  |  | &nbsp;&nbsp;&nbsp;13.2.6 | Planned mining methods - Konkola Mine | Planned mining methods - Konkola Mine | 189.0 |
|  |  | &nbsp;&nbsp;&nbsp;13.2.7 | Mining unit dimensions | Mining unit dimensions | 191.0 |
|  |  | &nbsp;&nbsp;&nbsp;13.2.8 | Mining dilution and recovery factors | Mining dilution and recovery factors | 192.0 |
|  |  | &nbsp;&nbsp;&nbsp;13.2.9 | Mine design | Mine design | 193.0 |
|  |  | &nbsp;&nbsp;&nbsp;13.2.10 | Mining operations | Mining operations | 195.0 |
|  |  | &nbsp;&nbsp;&nbsp;13.2.11 | Backfill – Konkola Mine | Backfill – Konkola Mine | 196.0 |
|  |  |  | 13.2.11.1 | Paste fill geomechanics and fill strength | 197.0 |
|  |  |  | 13.2.11.2 | Paste fill placement and retention | 198.0 |
|  |  | &nbsp;&nbsp;&nbsp;13.2.12 | Ventilation – Konkola Mine | Ventilation – Konkola Mine | 199.0 |
|  | 13.3 | Nchanga Operations | Nchanga Operations | Nchanga Operations | 200.0 |
|  |  | &nbsp;&nbsp;&nbsp;13.3.1 | COP D and F Surface Pit | COP D and F Surface Pit | 201.0 |
|  |  |  | 13.3.1.1 | Geotechnical considerations | 202.0 |
|  |  |  | 13.3.1.2 | Geotechnical considerations Nchanga open pits | 202.0 |
|  |  | &nbsp;&nbsp;&nbsp;13.3.2 | Planned underground mining – Nchanga | Planned underground mining – Nchanga | 206.0 |
|  |  |  | 13.3.2.1 | Mining dilution and recovery factors |  |
|  | 13.4 | Tailings reclamation | Tailings reclamation | Tailings reclamation | 207.0 |
|  |  | &nbsp;&nbsp;&nbsp;13.4.1 | Sources of production TD03, TD04 | Sources of production TD03, TD04 | 207.0 |
|  |  | &nbsp;&nbsp;&nbsp;13.4.2 | Tailings dam inventory | Tailings dam inventory | 208.0 |
|  |  | &nbsp;&nbsp;&nbsp;13.4.3 | Processing methodology and plant design | Processing methodology and plant design | 208.0 |
|  |  | &nbsp;&nbsp;&nbsp;13.4.4 | Production schedule | Production schedule | 209.0 |
|  |  | &nbsp;&nbsp;&nbsp;13.4.5 | Materials handling, slurry pumping | Materials handling, slurry pumping | 209.0 |
|  | 13.5 | Konkola Mine – conceptual mining plan | Konkola Mine – conceptual mining plan | Konkola Mine – conceptual mining plan | 209.0 |
|  |  | &nbsp;&nbsp;&nbsp;13.5.1 | Near-term production (Measured and Indicated Resources) | Near-term production (Measured and Indicated Resources) | 209.0 |
|  |  | &nbsp;&nbsp;&nbsp;13.5.2 | Full Resource Case | Full Resource Case | 210.0 |
|  | 13.6 | Mining personnel | Mining personnel | Mining personnel | 211.0 |
|  | 13.7 | Full resource scenario | Full resource scenario | Full resource scenario | 211.0 |
|  |  | &nbsp;&nbsp;&nbsp;13.7.1 | Full resource scenario assumptions | Full resource scenario assumptions | 212.0 |
|  |  | &nbsp;&nbsp;&nbsp;13.7.2 | Conceptual production profile | Conceptual production profile | 212.0 |
|  |  | &nbsp;&nbsp;&nbsp;13.7.3 | Inferred Mineral Resource cautionary statement | Inferred Mineral Resource cautionary statement | 212.0 |
| 14.0 | Processing and recovery methods | Processing and recovery methods | Processing and recovery methods | Processing and recovery methods | 213.0 |
|  | 14.1 | Konkola concentrator | Konkola concentrator | Konkola concentrator | 214.0 |
|  |  | &nbsp;&nbsp;&nbsp;14.1.1 | Konkola process description | Konkola process description | 214.0 |
|  |  |  | 14.1.1.1 | Historical performance | 215.0 |
|  |  |  | 14.1.1.2 | Restart performance | 216.0 |
|  |  | &nbsp;&nbsp;&nbsp;14.1.2 | Plant design and equipment | Plant design and equipment | 218.0 |
|  |  | &nbsp;&nbsp;&nbsp;14.1.3 | Plant operations | Plant operations | 219.0 |
|  |  | &nbsp;&nbsp;&nbsp;14.1.4 | Konkola LOMP production schedule | Konkola LOMP production schedule | 220.0 |
|  | 14.2 | Nchanga concentrators | Nchanga concentrators | Nchanga concentrators | 222.0 |
|  |  | &nbsp;&nbsp;&nbsp;14.2.1 | Historical performance | Historical performance | 223.0 |
|  |  | &nbsp;&nbsp;&nbsp;14.2.2 | Nchanga LOM production | Nchanga LOM production | 225.0 |
|  | 14.3 | Nchanga TLP | Nchanga TLP | Nchanga TLP | 227.0 |
|  |  | &nbsp;&nbsp;&nbsp;14.3.1 | Historical performance | Historical performance | 228.0 |
|  |  | &nbsp;&nbsp;&nbsp;14.3.2 | Restart performance | Restart performance | 230.0 |
|  |  |  | 14.3.2.1 | Plant design and equipment | 231.0 |
|  |  |  | 14.3.2.2 | Nchanga TLP LOMP production | 231.0 |
|  | 14.4 | Nchanga smelter | Nchanga smelter | Nchanga smelter | 232.0 |

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;14.4.1 | Recent smelter performance | Recent smelter performance | 233.0 |
|  |  | &nbsp;&nbsp;&nbsp;14.4.2 | Smelter condition | Smelter condition | 235.0 |
|  |  | &nbsp;&nbsp;&nbsp;14.4.3 | Concentrate blending and third-party feed requirements | Concentrate blending and third-party feed requirements | 236.0 |
|  |  |  | 14.4.3.1 | Sources of third-party concentrate | 236.0 |
|  |  |  | 14.4.3.2 | Availability of third-party concentrate | 236.0 |
|  |  |  | 14.4.3.3 | Existing contracts and commercial terms | 237.0 |
|  |  |  | 14.4.3.4 | Alternatives to third-party concentrate procurement | 238.0 |
|  |  |  | 14.4.3.5 | Assessment of supply certainty | 238.0 |
|  |  | &nbsp;&nbsp;&nbsp;14.4.4 | Nkana refinery | Nkana refinery | 238.0 |
|  |  |  | 14.4.4.1 | Mode of operation, general condition | 238.0 |
|  |  |  | 14.4.4.2 | Production | 240.0 |
|  | 14.5 | Proposed processing methods | Proposed processing methods | Proposed processing methods | 240.0 |
|  | 14.6 | Proposed flow sheet | Proposed flow sheet | Proposed flow sheet | 240.0 |
|  | 14.7 | Plant design and equipment | Plant design and equipment | Plant design and equipment | 240.0 |
|  | 14.8 | Plant operations | Plant operations | Plant operations | 240.0 |
|  | | | | | 241.0 |
| 15.0 | Infrastructure | Infrastructure | Infrastructure | Infrastructure | 241.0 |
|  | 15.1 | Roads | Roads | Roads | 242.0 |
|  | 15.2 | Rail | Rail | Rail | 242.0 |
|  | 15.3 | Port facilities | Port facilities | Port facilities | 243.0 |
|  | 15.4 | Water dams | Water dams | Water dams | 244.0 |
|  | 15.5 | Dumps | Dumps | Dumps | 244.0 |
|  | 15.6 | Licensing and permitting | Licensing and permitting | Licensing and permitting | 244.0 |
|  | 15.7 | Konkola operation waste dumps | Konkola operation waste dumps | Konkola operation waste dumps | 244.0 |
|  | 15.8 | Nchanga Operation waste dumps | Nchanga Operation waste dumps | Nchanga Operation waste dumps | 245.0 |
|  | 15.9 | Tailings disposal | Tailings disposal | Tailings disposal | 246.0 |
|  |  | &nbsp;&nbsp;&nbsp;15.9.1 | Tailings deposition locations | Tailings deposition locations | 246.0 |
|  |  | &nbsp;&nbsp;&nbsp;15.9.2 | LOM capacity and expansion opportunities | LOM capacity and expansion opportunities | 249.0 |
|  |  | &nbsp;&nbsp;&nbsp;15.9.3 | Licensing and permitting | Licensing and permitting | 250.0 |
|  |  | &nbsp;&nbsp;&nbsp;15.9.4 | Stability and TSF management processes | Stability and TSF management processes | 250.0 |
|  | 15.10 | Power | Power | Power | 251.0 |
|  |  | &nbsp;&nbsp;&nbsp;15.10.1 | Existing operating power supply capacity and expansion | Existing operating power supply capacity and expansion | 252.0 |
|  |  | &nbsp;&nbsp;&nbsp;15.10.2 | Emergency power supply and expansion | Emergency power supply and expansion | 252.0 |
|  | 15.11 | Water | Water | Water | 252.0 |
|  |  | &nbsp;&nbsp;&nbsp;15.11.1 | Raw water | Raw water | 253.0 |
|  |  | &nbsp;&nbsp;&nbsp;15.11.2 | Konkola operations raw water balance | Konkola operations raw water balance | 253.0 |
|  |  | &nbsp;&nbsp;&nbsp;15.11.3 | Nchanga Operations raw water balance | Nchanga Operations raw water balance | 253.0 |
|  |  | &nbsp;&nbsp;&nbsp;15.11.4 | Potable water (domestic water) | Potable water (domestic water) | 253.0 |
|  | 15.12 | Pipelines | Pipelines | Pipelines | 254.0 |
|  | 15.13 | Ancillary surface infrastructure and expansions | Ancillary surface infrastructure and expansions | Ancillary surface infrastructure and expansions | 254.0 |
|  |  | &nbsp;&nbsp;&nbsp;15.13.1 | Internal rail network | Internal rail network | 255.0 |
|  |  | &nbsp;&nbsp;&nbsp;15.13.2 | Office building | Office building | 255.0 |
|  |  | &nbsp;&nbsp;&nbsp;15.13.3 | Change houses and other buildings | Change houses and other buildings | 255.0 |
|  |  | &nbsp;&nbsp;&nbsp;15.13.4 | Infrastructure related to life of mine expansions | Infrastructure related to life of mine expansions | 255.0 |
| 16.0 | Market studies and contracts | Market studies and contracts | Market studies and contracts | Market studies and contracts | 256.0 |
|  | 16.1 | Market information | Market information | Market information | 256.0 |
|  |  | &nbsp;&nbsp;&nbsp;16.1.1 | Market for KCM's products | Market for KCM's products | 256.0 |
|  |  | &nbsp;&nbsp;&nbsp;16.1.2 | Copper demand | Copper demand | 256.0 |
|  |  | &nbsp;&nbsp;&nbsp;16.1.3 | Copper supply | Copper supply | 257.0 |
|  |  | &nbsp;&nbsp;&nbsp;16.1.4 | Cobalt demand | Cobalt demand | 257.0 |
|  |  | &nbsp;&nbsp;&nbsp;16.1.5 | Cobalt supply | Cobalt supply | 257.0 |
|  |  | &nbsp;&nbsp;&nbsp;16.1.6 | Study price and sales terms | Study price and sales terms | 258.0 |
|  |  | &nbsp;&nbsp;&nbsp;16.1.7 | Copper pricing for NSR cut-off grade estimation | Copper pricing for NSR cut-off grade estimation | 259.0 |
|  | 16.2 | Contracts and status | Contracts and status | Contracts and status | 259.0 |
|  |  | &nbsp;&nbsp;&nbsp;16.2.1 | Forward sales and hedging | Forward sales and hedging | 259.0 |
|  |  | &nbsp;&nbsp;&nbsp;16.2.2 | Site development contracts | Site development contracts | 259.0 |
|  |  | &nbsp;&nbsp;&nbsp;16.2.3 | Operating contracts | Operating contracts | 260.0 |

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amcconsultants.com ix

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|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;16.2.4 | Other agreements and contracts | Other agreements and contracts | 261.0 |
| 17.0 | Environmental studies, permitting, and plans | Environmental studies, permitting, and plans | Environmental studies, permitting, and plans | Environmental studies, permitting, and plans | 263.0 |
|  | 17.1 | Environmental studies, permitting, and social or community impact | Environmental studies, permitting, and social or community impact | Environmental studies, permitting, and social or community impact | 263.0 |
|  | 17.2 | Permitting requirements | Permitting requirements | Permitting requirements | 263.0 |
|  | 17.3 | Rehabilitation, closure, and post closure planning | Rehabilitation, closure, and post closure planning | Rehabilitation, closure, and post closure planning | 263.0 |
| 18.0 | Capital and operating costs | Capital and operating costs | Capital and operating costs | Capital and operating costs | 264.0 |
|  | 18.1 | Konkola Mine operating cost estimate | Konkola Mine operating cost estimate | Konkola Mine operating cost estimate | 264.0 |
|  |  | &nbsp;&nbsp;&nbsp;18.1.1 | Operating development | Operating development | 265.0 |
|  |  | &nbsp;&nbsp;&nbsp;18.1.2 | Stoping production cost | Stoping production cost | 265.0 |
|  |  | &nbsp;&nbsp;&nbsp;18.1.3 | Power supply and consumption | Power supply and consumption | 265.0 |
|  |  |  | 18.1.3.1 | Dewatering power consumption | 267.0 |
|  |  |  | 18.1.3.2 | Ventilation power consumption | 268.0 |
|  |  | &nbsp;&nbsp;&nbsp;18.1.4 | Backfill | Backfill | 268.0 |
|  |  | &nbsp;&nbsp;&nbsp;18.1.5 | Underground rail tramming operations | Underground rail tramming operations | 268.0 |
|  |  | &nbsp;&nbsp;&nbsp;18.1.6 | Mine service functions | Mine service functions | 269.0 |
|  |  | &nbsp;&nbsp;&nbsp;18.1.7 | Labour and workforce costs | Labour and workforce costs | 269.0 |
|  |  | &nbsp;&nbsp;&nbsp;18.1.8 | Mill consumable costs | Mill consumable costs | 269.0 |
|  |  | &nbsp;&nbsp;&nbsp;18.1.9 | Freight cost of concentrate | Freight cost of concentrate | 269.0 |
|  |  | &nbsp;&nbsp;&nbsp;18.1.10 | Maintenance services and operating lease hire | Maintenance services and operating lease hire | 269.0 |
|  |  | &nbsp;&nbsp;&nbsp;18.1.11 | Water | Water | 269.0 |
|  |  | &nbsp;&nbsp;&nbsp;18.1.12 | Stores and spares and operating projects | Stores and spares and operating projects | 269.0 |
|  |  | &nbsp;&nbsp;&nbsp;18.1.13 | Administrative operating costs | Administrative operating costs | 269.0 |
|  |  | &nbsp;&nbsp;&nbsp;18.1.14 | Corporate allocations | Corporate allocations | 270.0 |
|  |  | &nbsp;&nbsp;&nbsp;18.1.15 | Summary | Summary | 270.0 |
|  | 18.2 | Nchanga Business Unit operating cost estimate | Nchanga Business Unit operating cost estimate | Nchanga Business Unit operating cost estimate | 272.0 |
|  |  | &nbsp;&nbsp;&nbsp;18.2.1 | Structure | Structure | 272.0 |
|  |  | &nbsp;&nbsp;&nbsp;18.2.2 | Tailings reclaim operations | Tailings reclaim operations | 272.0 |
|  |  | &nbsp;&nbsp;&nbsp;18.2.3 | COP E underground project | COP E underground project | 272.0 |
|  |  | &nbsp;&nbsp;&nbsp;18.2.4 | COP DF underground project | COP DF underground project | 273.0 |
|  |  | &nbsp;&nbsp;&nbsp;18.2.5 | Nchanga processing facilities | Nchanga processing facilities | 273.0 |
|  |  |  | 18.2.5.1 | Old East Mill schedule | 273.0 |
|  |  |  | 18.2.5.2 | New East Mill schedule | 273.0 |
|  |  |  | 18.2.5.3 | New West Mill schedule | 273.0 |
|  |  |  | 18.2.5.4 | Nchanga TLP | 273.0 |
|  |  | &nbsp;&nbsp;&nbsp;18.2.6 | NBU processing operating costs | NBU processing operating costs | 274.0 |
|  |  | &nbsp;&nbsp;&nbsp;18.2.7 | Corporate overheads | Corporate overheads | 274.0 |
|  |  | &nbsp;&nbsp;&nbsp;18.2.8 | Nchanga Smelter and refinery operating cost estimate | Nchanga Smelter and refinery operating cost estimate | 274.0 |
|  | 18.3 | Konkola Mine capital cost estimate | Konkola Mine capital cost estimate | Konkola Mine capital cost estimate | 274.0 |
|  |  | &nbsp;&nbsp;&nbsp;18.3.1 | Form of capital cost estimate | Form of capital cost estimate | 274.0 |
|  |  | &nbsp;&nbsp;&nbsp;18.3.2 | Overall infrastructure cost estimate – LOM | Overall infrastructure cost estimate – LOM | 275.0 |
|  |  | &nbsp;&nbsp;&nbsp;18.3.3 | Lateral and vertical underground development | Lateral and vertical underground development | 276.0 |
|  |  | &nbsp;&nbsp;&nbsp;18.3.4 | Konkola Mine growth capital fit out | Konkola Mine growth capital fit out | 276.0 |
|  |  |  | 18.3.4.1 | Defining infrastructure modules | 276.0 |
|  |  | &nbsp;&nbsp;&nbsp;18.3.5 | Konkola diamond drilling capital campaigns | Konkola diamond drilling capital campaigns | 278.0 |
|  |  | &nbsp;&nbsp;&nbsp;18.3.6 | Konkola concentrator facility capital estimate | Konkola concentrator facility capital estimate | 278.0 |
|  |  | &nbsp;&nbsp;&nbsp;18.3.7 | Mine closure | Mine closure | 279.0 |
|  |  | &nbsp;&nbsp;&nbsp;18.3.8 | Development program summary | Development program summary | 279.0 |
|  |  | &nbsp;&nbsp;&nbsp;18.3.9 | Capital expenditure plan | Capital expenditure plan | 279.0 |
|  | 18.4 | Nchanga Business Unit capital cost estimate | Nchanga Business Unit capital cost estimate | Nchanga Business Unit capital cost estimate | 280.0 |
|  |  | &nbsp;&nbsp;&nbsp;18.4.1 | Surface mining and reclamation of tailings dam capital costs | Surface mining and reclamation of tailings dam capital costs | 280.0 |
|  |  | &nbsp;&nbsp;&nbsp;18.4.2 | New underground projects | New underground projects | 280.0 |

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amcconsultants.com x

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| | |
|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;18.4.3 | COP E, COP DF underground operations | 280.0 |
|  |  | &nbsp;&nbsp;&nbsp;18.4.4 | Nchanga concentrator / mills facility capital estimate | 281.0 |
|  |  | &nbsp;&nbsp;&nbsp;18.4.5 | Nchanga TLP capital estimate | 281.0 |
|  |  | &nbsp;&nbsp;&nbsp;18.4.6 | Nchanga tailings facilities capital cost | 281.0 |
|  |  | &nbsp;&nbsp;&nbsp;18.4.7 | Smelter and refinery capital costs | 281.0 |
|  |  | &nbsp;&nbsp;&nbsp;18.4.8 | Mine closure | 282.0 |
|  |  | &nbsp;&nbsp;&nbsp;18.4.9 | Development program summary | 282.0 |
|  |  | &nbsp;&nbsp;&nbsp;18.4.10 | Capital Expenditure Plan – Nchanga Business Unit | 282.0 |
|  | 18.5 | Capital Expenditure Plan – KCM Integrated Operations | Capital Expenditure Plan – KCM Integrated Operations | 282.0 |
|  | 18.6 | Accuracy level of cost estimation | Accuracy level of cost estimation | 283.0 |
|  | 18.7 | KCM cost summaries | KCM cost summaries | 284.0 |
| 19.0 | Economic analysis | Economic analysis | Economic analysis | 285.0 |
|  | 19.1 | Full Resource Case (Including Inferred) | Full Resource Case (Including Inferred) | 285.0 |
|  | 19.2 | Measured and Indicated Resource Case (M&I Case) | Measured and Indicated Resource Case (M&I Case) | 285.0 |
|  | 19.3 | Key assumptions | Key assumptions | 286.0 |
|  |  | &nbsp;&nbsp;&nbsp;19.3.2 | Byproducts | 286.0 |
|  |  | &nbsp;&nbsp;&nbsp;19.3.2 | Third-party concentrate: basis for inclusion in economic analysis | 287.0 |
|  |  |  | Third-party concentrate sensitivity (partial and adjusted scenarios) | 287.0 |
|  | 19.4 | Production plans | Production plans | 287.0 |
|  | 19.5 | Economic results - dual presentation | Economic results - dual presentation | 291.0 |
|  | 19.6 | Sensitivity analysis | Sensitivity analysis | 300.0 |
| 20.0 | Adjacent properties | Adjacent properties | Adjacent properties | 302.0 |
|  | 20.1 | Chililabombwe | Chililabombwe | 302.0 |
|  |  | &nbsp;&nbsp;&nbsp;20.1.1 | Lubambe Copper Mine | 303.0 |
|  |  | &nbsp;&nbsp;&nbsp;20.1.2 | KoBold Zambia-Mingomba Project | 303.0 |
|  | 20.2 | Chingola | Chingola | 303.0 |
|  | 20.3 | Kitwe-Nkana refinery | Kitwe-Nkana refinery | 303.0 |
| 21.0 | Other relevant data and information | Other relevant data and information | Other relevant data and information | 304.0 |
|  | 21.1 | Konkola Deeps production expansion project | Konkola Deeps production expansion project | 304.0 |
|  |  | &nbsp;&nbsp;&nbsp;21.1.1 | Project outlook | 304.0 |
|  |  | &nbsp;&nbsp;&nbsp;21.1.2 | Strategic opportunities | 304.0 |
|  |  | &nbsp;&nbsp;&nbsp;21.1.3 | Recommended approach | 304.0 |
|  | 21.2 | Nchanga LP and Smelter expansion studies | Nchanga LP and Smelter expansion studies | 305.0 |
|  |  | &nbsp;&nbsp;&nbsp;21.2.1 | Project outlook | 305.0 |
|  |  | &nbsp;&nbsp;&nbsp;21.2.2 | Recommended approach | 305.0 |
| 22.0 | Qualified Person's interpretation and conclusions | Qualified Person's interpretation and conclusions | Qualified Person's interpretation and conclusions | 306.0 |
|  | 22.1 | Mineral Resource data | Mineral Resource data | 306.0 |
|  | 22.2 | Mineral Resources | Mineral Resources | 306.0 |
|  | 22.3 | Initial Assessment conclusions | Initial Assessment conclusions | 306.0 |
|  | 22.4 | Project economics | Project economics | 306.0 |
|  | 22.5 | Effective date and subsequent events | Effective date and subsequent events | 306.0 |
| 23.0 | Recommendations | Recommendations | Recommendations | 307.0 |
|  | 23.1 | Mineral Resource and geological recommendations | Mineral Resource and geological recommendations | 307.0 |
|  |  | &nbsp;&nbsp;&nbsp;23.1.1 | Resource infill and extension drilling | 307.0 |
|  |  | &nbsp;&nbsp;&nbsp;23.1.2 | Tailings storage facility drilling | 307.0 |
|  |  | &nbsp;&nbsp;&nbsp;23.1.3 | QAQC and data management | 307.0 |
|  | 23.2 | Mining recommendations | Mining recommendations | 308.0 |
|  |  | &nbsp;&nbsp;&nbsp;23.2.1 | Konkola Mine | 308.0 |
|  |  | &nbsp;&nbsp;&nbsp;23.2.2 | TD03/TD04 tailings reclamation | 308.0 |
|  |  | &nbsp;&nbsp;&nbsp;23.2.3 | Nchanga Underground projects | 308.0 |
|  | 23.3 | Processing and metallurgical recommendations | Processing and metallurgical recommendations | 308.0 |
|  |  | &nbsp;&nbsp;&nbsp;23.3.1 | Konkola Concentrator | 308.0 |
|  |  | &nbsp;&nbsp;&nbsp;23.3.2 | Nchanga TLP | 308.0 |

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amcconsultants.com xi

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|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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|:---|:---|:---|:---|:---|
|  | 23.4 | Infrastructure recommendations | Infrastructure recommendations | 309.0 |
|  | 23.5 | Economic and commercial recommendations | Economic and commercial recommendations | 309.0 |
|  | 23.6 | Summary of recommended work program | Summary of recommended work program | 309.0 |
| 24.0 | References | References | References | 310.0 |
|  | 24.1 | Unit of measurement and abbreviations | Unit of measurement and abbreviations | 311.0 |
|  |  | &nbsp;&nbsp;&nbsp;24.1.1 | Units of measurement | 311.0 |
|  |  | &nbsp;&nbsp;&nbsp;24.1.2 | Abbreviations | 311.0 |
| 25.0 | Reliance on information provided by the Registrant | Reliance on information provided by the Registrant | Reliance on information provided by the Registrant | 312.0 |
|  | 25.1 | Legal matters | Legal matters | 312.0 |
|  | 25.2 | Environmental and community matters | Environmental and community matters | 312.0 |
|  | 25.3 | Tailings storage facilities | Tailings storage facilities | 312.0 |
|  | 25.4 | Macroeconomic assumptions | Macroeconomic assumptions | 313.0 |
|  |  | &nbsp;&nbsp;&nbsp;25.4.1 | Market information | 313.0 |
|  | 25.5 | Community accommodations | Community accommodations | 313.0 |
|  | 25.6 | Governmental factors | Governmental factors | 313.0 |
|  | 25.7 | Historical production and operating data | Historical production and operating data | 313.0 |
|  | 25.8 | Contractor and business partner information | Contractor and business partner information | 313.0 |

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**Tables**

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| | | |
|:---|:---|:---|
| Table 1.1 | Operations and processing infrastructure licenses | 21 |
| Table 1.2 | KCM Mineral Resources – 1 April 2025 | 24 |
| Table 1.3 | Capital cost summary | 32 |
| Table 1.4 | Capital cost by operation – Full Resource Case (Including Inferred) | 33 |
| Table 1.5 | Capital cost by operation – M&I Case (Excluding Inferred) | 33 |
| Table 1.6 | Capital cost estimate accuracy | 33 |
| Table 1.7 | Average LOM unit operating cost by operation – Full Resource Case | 34 |
| Table 1.8 | Average unit operating cost summary – dual presentation | 34 |
| Table 1.9 | Total LOM operating costs – dual presentation | 34 |
| Table 1.10 | Konkola Mine operating cost breakdown – Full Resource Case | 35 |
| Table 1.11 | Konkola Mine operating costs – first five years | 35 |
| Table 1.12 | C1 cash cost and AISC by operation – dual presentation | 35 |
| Table 1.13 | Summarised economic results | 36 |
| Table 1.14 | Sensitivity analysis results – Full Resource Case | 38 |
| Table 1.15 | Sensitivity analysis results – M&I Case | 39 |
| Table 2.1 | Defined terms and abbreviations | 42 |
| Table 3.1 | Material property classification | 45 |
| Table 3.2 | Component assets within KCM Integrated Operations | 45 |
| Table 3.3 | KCM Integrated Operations — facility coordinates (WGS84 datum) | 48 |
| Table 3.4 | KCM mineral rights and tenure details | 49 |
| Table 3.5 | Summary of adjacent properties | 53 |
| Table 4.1 | Inter-site distances and access routes | 55 |
| Table 5.1 | Principal capital investments by Vedanta Resources (2004–2019) | 60 |
| Table 5.2 | Cumulative copper production by operation | 62 |
| Table 5.3 | Key development milestones | 63 |
| Table 6.1 | KCM deposit mineralisation extent | 74 |

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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|:---|:---|:---|
| Table 6.2 | Summary of geological characteristics of KCM operations | 74 |
| Table 7.1 | Exploration drill program – Konkola Mine | 79 |
| Table 7.2 | Exploration drill program – Nchanga Business Unit | 82 |
| Table 7.3 | Elastic rock properties | 82 |
| Table 7.4 | Local geology and hydrogeological units | 84 |
| Table 8.1 | List of corrected outcomes for 16 GBM911-16 CRMs | 88 |
| Table 8.2 | CRM sample submission – COP CE Ext | 93 |
| Table 8.3 | CRM sample submission with pass fail – SP16 | 99 |
| Table 8.4 | QP assessment of QAQC results by deposit | 101 |
| Table 8.5 | QAQC recommendations | 102 |
| Table 9.1 | QP assessment of data verification limitations — Konkola | 104 |
| Table 10.1 | Historical, restart, and plan Nchanga TLP recoveries | 110 |
| Table 11.1 | KCM Mineral Resources – 1 April 2025 | 113 |
| Table 11.2 | Cut-off grade input assumptions by asset | 114 |
| Table 11.3 | Top-caps - Konkola | 125 |
| Table 11.4 | Descriptive statistics pre- and post-compositing - Konkola | 127 |
| Table 11.5 | Variogram models - Konkola | 129 |
| Table 11.6 | Block model origin and extents | 129 |
| Table 11.7 | Konkola modelled stratigraphy | 130 |
| Table 11.8 | Bulk density by lithology - Konkola | 131 |
| Table 11.9 | Statistical comparison of composite and estimated values for TCu% - Konkola | 135 |
| Table 11.10 | Mineral Resource Konkola Mine – 1 April 2025 | 137 |
| Table 11.11 | Descriptive statistics for COP DF composited samples | 140 |
| Table 11.12 | Variogram models – COP DF | 140 |
| Table 11.13 | Block model origin and extents – COP DF | 140 |
| Table 11.14 | Estimation parameters – COP DF | 141 |
| Table 11.15 | Mineral Resource COP DF– 1 April 2025 | 143 |
| Table 11.16 | Descriptive statistics for raw versus composite drillholes – Luano East | 145 |
| Table 11.17 | Descriptive statistics for raw versus composite drillholes – Luano West | 145 |
| Table 11.18 | Top-caps by lithology for TCu% and ASCu% – Luano East and Luano West | 145 |
| Table 11.19 | Variogram models – Luano East and Luano West | 146 |
| Table 11.20 | Block model origin and extents - Luano East and Luano West | 146 |
| Table 11.21 | Bulk density - Luano East and Luano West | 146 |
| Table 11.22 | Statistical comparison of composite and estimated values - Luano East | 147 |
| Table 11.23 | Statistical comparison of composite and estimated values - Luano West | 148 |
| Table 11.24 | Mineral Resource Luano– 1 April 2025 | 150 |
| Table 11.25 | Statistics by mineralisation zone for composite data – COP E Ext | 153 |
| Table 11.26 | Block model origin and extents – COP E Ext | 154 |
| Table 11.27 | Estimation parameters – COP E Ext | 154 |
| Table 11.28 | Bulk density by lithology – COP E Ext | 155 |
| Table 11.29 | Drillhole versus block model mean grades – COP E Ext | 156 |
| Table 11.30 | Mineral Resource COP E Extension – 1 April 2025 | 158 |
| Table 11.31 | Summary statistics total copper tailings dam samples | 159 |
| Table 11.32 | Summary statistics acid soluble copper tailings dam samples | 159 |
| Table 11.33 | Mineral Resource TD03 and TD04– 1 April 2025 | 160 |
| Table 11.34 | Block model origin and extents - Luano East and Luano West | 162 |
| Table 11.35 | Estimation parameters – SP16 | 162 |
| Table 11.36 | Mineral Resource SP16 – 1 April 2025 | 163 |

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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|:---|:---|:---|
| Table 13.1 | KCM production scenarios – M&I Case and Full Resource Case | 165 |
| Table 13.2 | KCM LOM mining areas | 166 |
| Table 13.3 | KCM Shaft 3 summary of rock mass properties | 169 |
| Table 13.4 | KCM Shaft 4 summary of rock mass properties | 171 |
| Table 13.5 | Summary of water capture extrapolated over time | 183 |
| Table 13.6 | Indicative future mine inflow rates for the next 7-year mine plan | 186 |
| Table 13.7 | Mining methods currently employed by mining area at Konkola Mine | 189 |
| Table 13.8 | Konkola Mine mining methods | 190 |
| Table 13.9 | Typical stope dimensions | 191 |
| Table 13.10 | Mining dilution and recovery factors | 193 |
| Table 13.11 | Key development designs | 193 |
| Table 13.12 | Materials handling locations | 196 |
| Table 13.13 | Backfill infrastructure and strategic recommendations | 196 |
| Table 13.14 | Konkola paste fill design strengths (FoS=1.5) and paste fill recipes at 28 days curing | 198 |
| Table 13.15 | Machine types, counts, and utilisation factors | 199 |
| Table 13.16 | Summary of primary ventilation airflows | 199 |
| Table 13.17 | NOP Cut II design parameters | 204 |
| Table 13.18 | Nchanga underground mining methods | 206 |
| Table 13.19 | Schedule modifying factors | 207 |
| Table 13.20 | Available inventory from TD03 and 04 for the Nchanga TLP from 1 April 2025 | 208 |
| Table 13.21 | Production of tailings to processing | 209 |
| Table 13.22 | Konkola Mine production scenarios | 210 |
| Table 13.23 | KCM Mineral Resources by asset – 1 April 2025 | 212 |
| Table 13.24 | Conceptual Production Profile – Full Resource Scenario | 212 |
| Table 14.1 | Konkola concentrator major equipment | 219 |
| Table 14.2 | Capacity criteria | 219 |
| Table 14.3 | Comminution criteria | 220 |
| Table 14.4 | Flotation criteria | 220 |
| Table 14.5 | Konkola concentrator key assumptions | 221 |
| Table 14.6 | Nchanga concentrator capacities | 223 |
| Table 14.7 | Nchanga TLP highest annual performance | 229 |
| Table 14.8 | Copper production estimate | 229 |
| Table 14.9 | Nchanga TLP major unit processes | 231 |
| Table 14.10 | Nchanga smelter – basic design production parameters | 232 |
| Table 14.11 | Nchanga smelter – historical production | 233 |
| Table 14.12 | Nchanga smelter production – October 2024 | 235 |
| Table 14.13 | Smelter rebuild CAPEX – by section | 236 |
| Table 14.14 | Example monthly concentrate blend plan – June 2025 | 236 |
| Table 14.15 | Concentrate blending plan – FY25/26 business plan | 237 |

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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|:---|:---|:---|
| Table 14.16 | Nkana Refinery production – 2024-2025 | 240 |
| Table 15.1 | Operational TSF conditions, TD05 (Muntimpa) and Lubengele | 250 |
| Table 16.1 | Five-year copper forward prices (real US$2025) | 258 |
| Table 16.2 | Five-year copper trailing prices | 258 |
| Table 16.3 | Copper payability terms for Konkola and Nchanga Copper Concentrate | 258 |
| Table 16.4 | Major development contracts | 259 |
| Table 16.5 | Example of long-term contract components | 260 |
| Table 16.6 | Royalty charge relation to copper price | 261 |
| Table 18.1 | Rates assumed for operating lateral development | 265 |
| Table 18.2 | Stoping production cost | 265 |
| Table 18.3 | Konkola applicable power tariff assumptions | 266 |
| Table 18.4 | Konkola Business Unit power estimate | 266 |
| Table 18.5 | Konkola operating costs (first five years and total LOM) | 270 |
| Table 18.6 | Overall KDMP / Initial Project Capital Package estimate breakdown | 275 |
| Table 18.7 | Development program summary – Konkola Mine | 279 |
| Table 18.8 | Capital Expenditure Plan – Konkola Mine | 279 |
| Table 18.9 | Nchanga mill capital estimate schedule | 281 |
| Table 18.10 | Smelter and refinery capital estimate schedule (first five years) | 281 |
| Table 18.11 | Development Program - Nchanga TLP | 282 |
| Table 18.12 | Capital Expenditure Plan – Nchanga Business Unit | 282 |
| Table 18.13 | Capital Expenditure Plan – KCM Integrated Operations | 283 |
| Table 18.14 | KCM cost estimation accuracy | 283 |
| Table 18.15 | Average LOM operating cost by operation | 284 |
| Table 18.16 | Capital cost summary | 284 |
| Table 19.1 | Byproducts: Type, Quantity and Price Assumption | 286 |
| Table 19.2 | Economic results – KCM Integrated Operations | 291 |
| Table 19.3 | Full Resource Case production and cashflow schedule | 295 |
| Table 19.4 | M&I Case production and cashflow schedule | 299 |
| Table 19.5 | Sensitivity analysis results – Full Resource Case | 300 |
| Table 19.6 | Sensitivity analysis results – M&I Case | 301 |
| Table 23.1 | Recommended work program | 309 |
| Table 24.1 | TRS data and information sources | 310 |

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amcconsultants.com xv

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|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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**Figures**

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| | | |
|:---|:---|:---|
| Figure 1.1 | KCM Smelter Feed Profile – Full Resource Case (incl. external purchased concentrates) | 29 |
| Figure 1.2 | KCM Smelter Feed Profile – M&I Case (incl. external purchased concentrates) | 30 |
| Figure 1.3 | Total Copper Sold – Full Resource Case | 30 |
| Figure 1.4 | Total Copper Sold – M&I Case | 31 |
| Figure 1.5 | KCM Production Profile – Full Resource Case | 31 |
| Figure 1.6 | KCM Production Profile – M&I Case | 32 |
| Figure 1.7 | Sensitivity analysis graph – Full Resource Case | 38 |
| Figure 1.8 | Sensitivity analysis graph – M&I Case | 39 |
| Figure 3.1 | Map of Zambia showing the Copperbelt Region | 46 |
| Figure 3.2 | Property location map – KCM Integrated Operations | 47 |
| Figure 3.3 | Geographic location of Konkola Mines in Zambia | 48 |
| Figure 4.1 | Inter site logistics map | 55 |
| Figure 5.1 | KCM historical production FY06-FY24 | 62 |
| Figure 6.1 | Location of Lufilian Arc within Pan-African Belts of Central and Southern Africa | 64 |
| Figure 6.2 | Schematic cross section of the Lufilian fold belt | 65 |
| Figure 6.3 | Simplified Katanga Supergroup stratigraphy | 66 |
| Figure 6.4 | Geological map of the greater Konkola area | 68 |
| Figure 6.5 | Stratigraphic column of the Konkola Geology | 69 |
| Figure 7.1 | Drillhole location plan - Konkola | 78 |
| Figure 7.2 | Drillhole location plan – COP DF | 80 |
| Figure 7.3 | Drillhole location plan – Luano | 81 |
| Figure 7.4 | Drillhole location plan – COP E Extension | 81 |
| Figure 7.5 | Seismic system schematics at Konkola | 83 |
| Figure 7.6 | Location of three main aquifers in the Konkola Mine, section looking north | 85 |
| Figure 8.1 | Location plan of holes drilled from 2016 to 2023 - Konkola | 89 |
| Figure 8.2 | Shewhart plots for CRMs A, B, C, and D - Konkola | 90 |
| Figure 8.3 | Shewhart plots for CRMs E, F, and G - Konkola | 90 |
| Figure 8.4 | RPD plot TCu repeat samples no cut-off and at 1.5% TCu- Konkola - post 2016 data | 91 |
| Figure 8.5 | Blank samples plot showing 0.5% TCu upper limit | 92 |
| Figure 8.6 | HARD plot for repeat samples below 1.0% TCu | 94 |
| Figure 8.7 | HARD plot for repeat samples between 0.5% TCu and 3.0% TCu | 95 |
| Figure 8.8 | Shewhart plot for 0.81% TCu CRM - Luano | 96 |
| Figure 8.9 | Shewhart plot for 1.00% TCu CRM - Luano | 96 |
| Figure 8.10 | Shewhart plot for 2.47% TCu CRM - Luano | 96 |
| Figure 8.11 | Blank sample analytical results - Luano | 97 |
| Figure 8.12 | HARD plots for TCu% - Luano | 98 |
| Figure 8.13 | HARD plots for ASCu% - Luano | 98 |
| Figure 8.14 | Shewhart plot for % TCu CRM – SP16 | 99 |
| Figure 8.15 | Shewhart plot for 1.69% TCu CRM – SP16 | 100 |
| Figure 10.1 | Konkola concentrator recoveries | 108 |
| Figure 10.2 | Nchanga TLP copper production and recoveries - Restart and FY25-26 plan | 108 |
| Figure 10.3 | Historical Nchanga TLP copper recoveries | 109 |
| Figure 11.1 | Plan location of the KCM Mineral Deposits | 111 |
| Figure 11.2 | Plan view of mining areas at Konkola | 115 |
| Figure 11.3 | Drillhole location plan - Konkola | 116 |
| Figure 11.4 | Comparison between 2016 and 2024 wireframes - Konkola | 117 |
| Figure 11.5 | Plan view of historic mapping from 1850L plan - Konkola | 118 |
| Figure 11.6 | Contact analysis between non-mineralised and mineralised material - Konkola | 119 |
| Figure 11.7 | Hangingwall and footwall constraining surfaces - Konkola | 120 |
| Figure 11.8 | Along strike grade continuity - Konkola | 121 |
| Figure 11.9 | Box and whisker plot comparing TCu% across seven grade domains - Konkola | 121 |

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| Figure 11.10 | Q-Q plots comparing TCu% across seven grade domains - Konkola | 122 |
| Figure 11.11 | Block model and composites flagged by domain - Konkola | 123 |
| Figure 11.12 | Top-capping analysis - Konkola | 124 |
| Figure 11.13 | Plot of coefficient of variation versus composite length - Konkola | 126 |
| Figure 11.14 | Experimental semi-variogram model for TCu% - Domain 5 - Konkola | 128 |
| Figure 11.15 | Swath plots Measured and Indicated TCu% Domain 1 - Konkola | 131 |
| Figure 11.16 | Swath plots Measured and Indicated TCu% Domain 2 - Konkola | 132 |
| Figure 11.17 | Swath plot Inferred showing poor correlation between composites and block model - Konkola | 133 |
| Figure 11.18 | Visual comparison between input composites and estimated grades - Konkola | 134 |
| Figure 11.19 | Mineral Resource classification Konkola | 135 |
| Figure 11.20 | Average distance to sample support – Konkola | 136 |
| Figure 11.21 | Drillhole location plan – COP DF | 139 |
| Figure 11.22 | Swath plots – COP DF | 142 |
| Figure 11.23 | Plan view of drillhole locations - Luano | 144 |
| Figure 11.24 | Swath plots for Luano East | 147 |
| Figure 11.25 | Mineral Resource classification - Luano East and Luano West | 149 |
| Figure 11.26 | Drillhole location plan – COP E Ext | 151 |
| Figure 11.27 | Plan view of drillhole intersections and interpreted mineralisation Zones TCu% - COP E Ext | 151 |
| Figure 11.28 | Plan view of drillhole intersections and interpreted mineralisation Zones ASCu% - COP E Ext | 151 |
| Figure 11.29 | Histogram TCu% and ASCu% composite samples - Zone A, COP E Ext | 154 |
| Figure 11.30 | Swath plots – COP E Ext | 156 |
| Figure 11.31 | Plan view of Mineral Resource classification – COP E Ext | 157 |
| Figure 11.32 | Drillhole location plan – SP16 | 161 |
| Figure 13.1 | Location of KCM's Konkola and Nchanga Mining operations | 165 |
| Figure 13.2 | Plan view map of the Konkola mine showing the geotechnical domains | 168 |
| Figure 13.3 | Location of regional faults within the Konkola mine area | 176 |
| Figure 13.4 | Location of modelled faults within mine workings | 177 |
| Figure 13.5 | Cross section showing the interconnected nature of the Chingola dolomite (light blue) between KCM (right) and Lubambe (left) | 180 |
| Figure 13.6 | Subsidence area shown on InSAR ascending image | 181 |
| Figure 13.7 | Conceptual water balance | 183 |
| Figure 13.8 | Currently inferred phreatic surface based on measurements from shut in holes | 184 |
| Figure 13.9 | Rotated section showing the planned footwall dewatering drilling | 185 |
| Figure 13.10 | Konkola Mine dewatered, developed, and mined | 187 |
| Figure 13.11 | Dewatering schematic, with required upgrades shown in red | 188 |
| Figure 13.12 | Final mine outline map - plan view showing mining zone boundaries and key infrastructure | 191 |
| Figure 13.13 | Plan view of a loading level | 194 |
| Figure 13.14 | Isometric view of the loading system (LHOS) | 194 |
| Figure 13.15 | Isometric view of the loading system (panel stoping) | 195 |
| Figure 13.16 | Target paste design strength – 2 Exposures | 197 |

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| Figure 13.17 | Target paste design strength – 1 Exposure | 198 |
| Figure 13.18 | Paste fill arched shotcrete barricades | 199 |
| Figure 13.19 | Ventilation compared to production | 200 |
| Figure 13.20 | NBU active production zones | 201 |
| Figure 13.21 | Aerial photo and locations of open pits at Nchanga | 203 |
| Figure 13.22 | NOP Cut II geotechnical domains | 204 |
| Figure 13.23 | COP DF geotechnical zones | 205 |
| Figure 13.24 | Nchanga Underground mining operations (NUG) | 206 |
| Figure 13.25 | Nchanga site layout | 208 |
| Figure 13.26 | Konkola Mine development schedule | 210 |
| Figure 13.27 | Total project ore mining schedule | 211 |
| Figure 14.1 | KCM total flowsheet | 213 |
| Figure 14.2 | Konkola concentrator flowsheet | 215 |
| Figure 14.3 | Konkola historical ore treatment | 216 |
| Figure 14.4 | Konkola daily ore received since restart | 216 |
| Figure 14.5 | Konkola ore processed since restart | 217 |
| Figure 14.6 | Konkola recoveries since restart | 217 |
| Figure 14.7 | Konkola concentrate produced since restart | 217 |
| Figure 14.8 | Concentrate production and grade - Restart and FY25-26 plan | 218 |
| Figure 14.9 | Copper production and recoveries - Restart and FY25-26 plan | 218 |
| Figure 14.10 | Konkola LOM ore feed | 221 |
| Figure 14.11 | Konkola concentrate production | 221 |
| Figure 14.12 | Total copper metal in Konkola concentrate | 222 |
| Figure 14.13 | Nchanga business unit material flows | 222 |
| Figure 14.14 | Old East Mill historical actual vs budget ore milled (t) | 223 |
| Figure 14.15 | New East Mill historical actual vs budget ore milled (t) | 223 |
| Figure 14.16 | New West Mill historical actual vs budget ore milled (t) | 224 |
| Figure 14.17 | Old East Mill concentrate tonnes and grades | 224 |
| Figure 14.18 | New East Mill concentrate tonnes and grades | 225 |
| Figure 14.19 | New West Mill concentrate tonnes and grades | 225 |
| Figure 14.20 | Total LOM ore feed to the Nchanga concentrators | 226 |
| Figure 14.21 | Nchanga LOM high-grade concentrate production and grade | 226 |
| Figure 14.22 | Nchanga LOM low-grade concentrate production and grade | 226 |
| Figure 14.23 | Nchanga TLP flowsheet | 227 |
| Figure 14.24 | Historical Nchanga TLP throughput | 228 |
| Figure 14.25 | Nchanga TLP historical recoveries | 229 |
| Figure 14.26 | Nchanga TLP copper recovery since restart | 230 |
| Figure 14.27 | Nchanga TLP throughput since restart | 230 |
| Figure 14.28 | Nchanga TLP LOMP feed | 231 |
| Figure 14.29 | Nchanga TLP LOMP copper production and recovery | 231 |
| Figure 14.30 | Nchanga smelter block flow diagram – design rates shown | 232 |
| Figure 14.31 | Smelter downtime - FY22, FY23, FY24 | 234 |

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| Figure 14.32 | Nkana refinery – process flowsheet | 239 |
| Figure 15.1 | Map showing main roads connecting towns of Chingola and Chililabombwe | 242 |
| Figure 15.2 | Map showing rail infrastructure of Zambia Railways Limited | 243 |
| Figure 15.3 | Map showing waste dump locations at KCM | 245 |
| Figure 15.4 | Map showing locations of various waste dumps at Nchanga Mines | 246 |
| Figure 15.5 | Map showing locations of all TSFs of Konkola and Nchanga Operations | 247 |
| Figure 15.6 | Map showing detail view of TD05 Muntimpa TSF | 248 |
| Figure 15.7 | Map showing detail view of Lubengele TSF | 249 |
| Figure 18.1 | Konkola Mine operating cost profile for LOM schedule | 271 |
| Figure 18.2 | Konkola LOM split by activity | 271 |
| Figure 19.1 | KCM Smelter Feed Profile – Full Resource Case (incl. external purchased concentrates) | 288 |
| Figure 19.2 | KCM Smelter Feed Profile – M&I Case (incl. external purchased concentrates) | 288 |
| Figure 19.3 | Total Copper sold – Full Resource Case | 289 |
| Figure 19.4 | Total Copper sold – M&I Case | 289 |
| Figure 19.5 | KCM production profile – Full Resource Case | 290 |
| Figure 19.6 | KCM production profile – M&I Case | 290 |
| Figure 19.7 | Full Resource Case cashflow | 294 |
| Figure 19.8 | M&I Case cashflow | 294 |
| Figure 19.9 | Sensitivity analysis graph – Full Resource Case | 300 |
| Figure 19.10 | Sensitivity analysis graph – M&I Case | 301 |
| Figure 20.1 | Konkola deposit and surrounding properties | 302 |

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
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| **1** | **Executive summary** |

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**CAUTIONARY STATEMENT**

This Initial Assessment is preliminary in nature and includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorised as Mineral Reserves. There is no certainty that this Initial Assessment will be realised or that Inferred Mineral Resources will be converted to higher confidence categories. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. A companion Preliminary Feasibility Study Technical Report Summary presents economic analysis based exclusively on Measured and Indicated Mineral Resources.

**1.1** **Introduction** 

AMC Consultants (UK) Limited (AMC) was engaged by Konkola Copper Mines Plc (KCM) to prepare this Initial Assessment (IA) Technical Report Summary (TRS) for the KCM Integrated Operations located in the Zambian Copperbelt. This report has been prepared in compliance with Subpart 1300 of Regulation S-K (S-K 1300) as mandated by the United States Securities and Exchange Commission (SEC).

This IA TRS presents a comprehensive Life-of-Mine (LOM) Plan that includes mining from all KCM operations:

· Konkola Mine.

· Nchanga Business Unit – COP DF open pit and underground, COP E Extension underground, Nchanga Underground,
and Luano Underground.

· Reclamation of TD03 and TD04, plus Kakosa tailings, processed through the Nchanga Tailings Leach Plant
(TLP).

The technical contents of this report adhere to S-K 1300 requirements for reporting Mineral Resources. The M&I Case (Measured and Indicated, Excluding Inferred) is presented for comparison purposes in accordance with Item 1302(d)(4)(ii)(C); formal declaration of Mineral Reserves is provided in the separate PFS Technical Report Summary. The effective date of this report is 1 April 2025.

Unless otherwise stated, all units in this report are in metric (SI) units. Currency is presented in United States Dollars (US$).

**1.2** **Property description and ownership** 

The KCM Integrated Operations constitutes a single material property comprising an integrated copper production complex from ore extraction through to refined copper metal. Konkola Copper Mines Plc (KCM) is an integrated copper mining, processing, and refining operation located in the Copperbelt Province of the Republic of Zambia.

KCM was privatised in March 2000 when assets were acquired from the state-owned Zambia Consolidated Copper Mines Limited (ZCCM). Following the exit of Anglo American in September 2002, Vedanta Resources assumed operational control from November 2004, investing in smelter construction, the Konkola Concentrator, Nchanga Concentrators, and the Konkola Mine, Konkola Deep Mining Project (No. 4 Shaft, 6 Mtpa hoisting capacity). KCM's integrated metal production peaked at 160,000 tonnes per annum in FY 2013. In 2019, Zambia Consolidated Copper Mines Investment Holdings Plc (ZCCM-IH) commenced provisional liquidation proceedings, and operations were managed by a provisional liquidator until July 2024, when they were returned to Vedanta with shareholding restored to pre-liquidation status. Further details are provided in Section 5.

The properties covered by this IA TRS comprise the full KCM operations:

· Konkola Mine: Located near Chililabombwe, Republic of Zambia, approximately
20 kilometers (km) north of Chingola and 5 km south of the Democratic Republic of the Congo border.

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
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· Nchanga Business Unit: Located near Chingola, comprising multiple open pit and underground operations
including COP DF, COP E Extension, Nchanga Underground (UOB / LOB), and Luano.

· Tailings Recovery Operations: TD03, TD04, TD05, and Kakosa tailings,
processed through the Nchanga TLP.

· Processing Infrastructure: Konkola Concentrator, Nchanga Concentrators,
Nchanga Smelter, Nkana Refinery, and Nchanga TLP.

KCM is a subsidiary of CopperTech Metals Inc. (the registrant). Mineral rights associated with the Konkola and Nchanga license areas are held by Konkola Mineral Resources Limited (KMRL), a subsidiary of KCM. As of the effective date of this report, Vedanta Resources holds 79.4% of KCM's issued share capital, with ZCCM-IH holding 20.6%. Further details on the registrant are provided in Section 2.1 and on operational history, including ownership transitions, in Section 3.3.

For the Full Resource Case, the Konkola Mine and adjacent mineral processing facilities contribute approximately 91% of total payable copper production (6,059 kt of 6,650 kt), the Nchanga Business Unit contributes approximately 4% (289 kt), and the Nchanga TLP contributes approximately 5% (302 kt).

For the M&I Case, the Konkola Mine contributes approximately 87% of payable copper (788 kt of 901 kt) and the Nchanga TLP contributes approximately 13% (113 kt).

**1.3** **Mineral rights** 

KCM's mineral rights are governed by the Republic of Zambia's Minerals Regulation Commission Act (2024) and operate under Large-Scale Mining Licenses (LSMLs). The key licenses relevant to this IA are shown in Table 1.1.

Table 1.1 Operations and processing infrastructure licenses

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| **Asset** | **License** | **Description** | **Area (ha)** | **Expiry** |
| Konkola Mine | 7076-HQ-LML | Mining and concentrator operations | 6692 | 30 Mar 2050 |
| Nchanga Mine | 7075-HQ-LML | Nchanga mining and tailings operations | 8517 | 30 Mar 2050 |
| Nchanga TLP | 28174-HQ-MPL | Nchanga TLP operations | 177 | 16 Dec 2045 |
| Nkana Refinery | 20945-HQ-MPL | Refining activities at Kitwe | 50 | 18 Apr 2050 |

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As of the effective date of this report, and to the Qualified Person's knowledge, there are no material encumbrances, legal proceedings, or compliance issues that would adversely affect the standing of these licenses or KCM's ability to conduct operations. Standard regulatory and environmental obligations applicable to mining operations in Zambia are described in Section 3.

**1.4** **Geology and mineralisation** 

**1.4.1** **Regional geological setting** 

KCM's mining assets are located within the Central African Copperbelt, one of the most prolific sediment-hosted copper provinces globally. The deposits occur within the Neoproterozoic Katanga Supergroup, a sequence of sedimentary rocks that host significant copper-cobalt mineralisation across the Republic of Zambia and the Democratic Republic of the Congo (DRC).

The Lufilian Arc, a major structural feature, has influenced the deformation and mineralisation of KCM's deposits. The copper deposits are primarily stratiform, sediment-hosted, and are controlled by structural folding, thrust faulting, and lithological variations.

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| Konkola Copper Mines Plc | 0424076 |

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**1.4.2** **Mineralisation characteristics** 

The Konkola deposit is a sediment-hosted stratiform copper system, primarily situated within the Lower Roan Subgroup of the Katangan Supergroup. This geological sequence comprises sandstones, siltstones, and dolomites deposited in a shallow marine to fluvial environment, later subjected to regional deformation during the Lufilian Orogeny. The mineralisation is controlled by both stratigraphy and structure, with mineralisation occurring as laterally continuous, fine grained disseminations and bedding-parallel sulfide veinlets, locally enhanced by folding and faulting.

The mineralisation style varies across different mining areas. The Konkola Mine includes copper sulfides (chalcopyrite, bornite, and chalcocite) occurring as disseminations and veinlets within carbonaceous shales and dolomitic siltstones. The mineralisation of the various Nchanga deposits is described in more detail in Section 1.5.2 below.

**1.4.3** **Structural and hydrothermal influences** 

The Copperbelt deposits, including those at Konkola and Nchanga, exhibit complex structural features that have significantly influenced both the preservation and distribution of copper mineralisation.

These structures have not only enhanced mineralisation grades in localised zones but also facilitated the continuation of mineralisation at considerable depth.

**1.5** **Exploration and drilling status** 

There is no active exploration being undertaken at either Konkola or Nchanga assets. All drilling is resource infill or resource extension drilling. This includes all other means of exploration, for example geophysics.

**1.5.1** **Konkola** 

Current drilling and interpretation provide a solid basis for Mineral Resource estimation, but limitations persist due to:

· Sparse drilling in transition zones and extensions of mineralisation.

· Gaps in assay coverage.

· Delays in assay turnaround due to on-site laboratory constraints.

· Inconsistent quality assurance / quality control (QAQC) procedures in historical (pre-2016) data.

· Limited structural, geometallurgical and hydrogeological modelling.

To address these gaps and enable Resource upgrade and potential future Reserve conversion, an upgrade to the on-site analytical laboratory is recommended.

A phased drilling and data acquisition program is proposed to progressively upgrade the resource classification, de-risk geological understanding, and support long-term mine planning:

· Phase 1: Achieve a Measured classification for five years of production through a 60-meter (m) drill spacing
using underground and surface directional drilling.

· Phase 2: Target Indicated material for the next ten years of production through a combination of surface
directional and vertical drilling.

· Phase 3: Infill drill to enhance confidence in the Inferred Mineral Resource by reducing the drillhole
spacing.

· Phase 4: Undertake resource extension drilling at the lease boundary, consisting of a small number of
surfaces drillholes with an average depth of 1,500 m.

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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**1.5.2** **Nchanga** 

Drilling at Nchanga has historically focused on delineating both near-surface oxide resources for open pit mining and deeper sulfide zones for underground extraction. The Nchanga Underground and open pit deposits have benefited from extensive historical drilling. Modern drilling efforts have been limited in recent years due to operational constraints.

Recent technical reviews have identified key opportunities to enhance resource definition at Nchanga:

· Infill drilling to improve confidence in remnant underground ore zones, particularly where block cave
depletion and historic mining have left isolated pods of mineralisation.

· Drilling of open pit extensions at the margins of existing pit shells to define additional near-surface
oxide and supergene resources.

· Structural re-interpretation of fault zones and controls on high-grade shoots within the underground footprint.

Future geological development programs for Nchanga are proposed to:

· Investigate COP E Ext and COP DF for potential extensions and to increase geological confidence for proposed
development of underground mining.

· Collate the geological information and understanding for all current and past operating assets into a
single geological project. This will allow for the creation of an asset wide geological interpretation for the first time. With the goal
being to identify areas where mineralisation might have been overlooked both as extensions to known mineralisation and between known mineralisation.

· Investigate additional potential of along strike extensions of satellite prospects such as Luano and Fitwaola
which have insufficient tonnes and grade at this time to be considered as Mineral Resources.

**1.5.3** **Tailings dams** 

To develop TD05 (Nchanga) and Lubengele (Konkola) tailings dams for future inclusion in the Mineral Resource estimate, auger drilling and test work commenced at TD05 in mid-2025, at a 250 m by 250 m drill spacing for a total of 255 holes for 14,025 m. The goal is to achieve an Indicated Mineral Resource classification.

An identical program of drilling and test work is proposed for Lubengele, planned to commence on completion of TD05 drilling.

**1.6** **Mineral Resource estimate** 

**INFERRED MINERAL RESOURCE PROPORTION**

Approximately 69% of KCM Mineral Resources are classified as Inferred (262 Mt of 379 Mt). At Konkola Mine, approximately 86% of Resources are classified as Inferred (249 Mt of 290 Mt). Inferred Mineral Resources have a lower level of confidence and cannot be converted to Mineral Reserves. It is reasonably expected that the majority of Inferred Resources could be upgraded with continued exploration.

A Mineral Resource is an estimate of the in-situ concentration of solid material of economic interest, which serves as the point of reference for the Mineral Resource estimate. The Mineral Resource classification criteria and cut-off grade (COG) on an asset-by-asset basis. The Mineral Resource estimate as of 1 April 2025 for all KCM operations is summarised in Table 1.2 below.

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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Table 1.2 KCM Mineral Resources – 1 April 2025

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|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Asset** | <br>**Classification** | **Cut-off**<br>**TCu (%)** | **Tonnes**<br>**Mt** | **Total copper**<br>**TCu (%)** | **Copper**<br>**Cu (kt)** | **Total cobalt**<br>**TCo (%)** | **Cobalt**<br>**Co (kt)** |
|  | Measured | 1 | 5 | 3.5 | 163 | 0.07 | 3 |
|  | Indicated | 1 | 36 | 3.8 | 1369 | 0.07 | 25 |
| Konkola Mine | Measured + Indicated | 1 | 41 | 3.7 | 1533 | 0.07 | 29 |
|  | Inferred | 1 | 249 | 3.4 | 8355 | 0.06 | 149 |
|  | **Total** |  | **290** | **3.4** | **9888** | **0.06** | **178** |
|  | Indicated OP | 0.48 | 3 | 1.5 | 41 | 0.09 | 3 |
|  | Indicated UG | 1 | 13 | 1.6 | 202 | 0.04 | 5 |
| COP DF | Measured + Indicated | 1 | 16 | 1.6 | 243 | 0.05 | 9 |
|  | Inferred |  |  |  |  |  |  |
|  | **Total** |  | **16** | **1.6** | **243** | **0.05** | **9** |
|  | Measured |  |  |  |  |  |  |
|  | Indicated | 0.95 | 3 | 2.8 | 86 | 0.02 | 1 |
| Luano | Measured + Indicated | 0.95 | 3 | 2.8 | 86 | 0.02 | 1 |
|  | Inferred | 0.95 | 4 | 2.4 | 107 | 0.03 | 1 |
|  | **Total** |  | **8** | **2.6** | **193** | **0.03** | **2** |
|  | Measured |  |  |  |  |  |  |
|  | Indicated | 0.96 | 13 | 2.6 | 345 |  |  |
| COP E Ext | Measured + Indicated | 0.96 | 13 | 2.6 | 345 |  |  |
|  | Inferred | 0.96 | 9 | 2.4 | 221 |  |  |
|  | **Total** |  | **23** | **2.5** | **566** | **-** | **-** |
| Stockpile SP16 | Indicated | 0.41% ASCu | 7 | 1 | 67 |  |  |
| TD03 | Indicated |  | 8 | 0.8 | 65 | 0.01 | 1 |
| TD04 | Indicated |  | 28 | 0.6 | 174 | 0.03 | 8 |
|  | Measured |  | 5 | 3.5 | 163 | 0.07 | 3 |
|  | Indicated |  | 112 | 2.1 | 2349 | 0.04 | 43 |
| Total KCM | Measured + Indicated |  | 117 | 2.1 | 2512 | 0.04 | 46 |
|  | Inferred |  | 262 | 3.4 | 8683 | 0.06 | 150 |
|  | **Total** |  | **379** | **3.0** | **11195** | **0.05** | **196** |

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Notes:

· Mineral Resources are reported with an effective date of 1 April 2025.

· Mineral Resources are reported in their entirety. This report is an Initial Assessment prepared in accordance
with S-K 1300 and does not include a Mineral Reserve estimate.

· Approximately 70% of KCM Mineral Resources are classified as Inferred (262 Mt of 375 Mt). Inferred Mineral
Resources are considered too speculative geologically to be categorised as Mineral Reserves at this time, and there is no certainty that
Inferred Mineral Resources will be converted to higher confidence categories with additional exploration.

· Classification in accordance with S-K 1300.

· Cobalt grades for TD03 and TD04 are reported for geological completeness. Cobalt is not recovered in the
TLP electrowinning process and no cobalt revenue is attributed to TD03 or TD04 in the economic analysis.

· Point of reference: In situ material.

· Metallurgical recovery – Konkola Mine: Concentrator 89% Cu, 30% Co; Smelter 98.7% Cu, 60% Co; Refinery
96.75% Cu payable.

· Metallurgical recovery – Nchanga: Concentrator 24–61% Cu (varies by deposit); Smelter 98.7%
Cu; Refinery 96.75% Cu payable.

· Metallurgical recovery – TD03/TD04: Nchanga TLP 74.8% acid soluble Cu; 48.1% total Cu to cathode.

· Processing route: Konkola/Nchanga Concentrator → Nchanga Smelter → Nkana Refinery; TD03/TD04
via Nchanga TLP.

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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· Tonnage and grade are rounded; this may result in minor computational discrepancies.

· Mineral Resources are 100% attributable to KCM.

The Mineral Resource classification incorporates distance to drillhole support based on a drillhole spacing study, base of mining depletion, geological and grade continuity, estimation confidence and knowledge of the Konkola mineralisation from 67 years of mining.

The total Measured and Indicated Mineral Resource is concentrated within areas of high drilling density and well-established geological control, particularly in the central and upper portions of the Konkola deposit. Inferred material is more prevalent at depth and along strike extensions, where drilling density remains limited.

**1.7** **Mineral Reserve estimate** 

No Mineral Reserves are declared in this Initial Assessment. Mineral Reserves for the KCM Integrated Operations have been separately estimated and declared in the companion Preliminary Feasibility Study Technical Report Summary: KCM Integrated Operations (AMC Consultants, effective 1 April 2025). The reader is directed to the PFS TRS for the Mineral Reserve estimate, supporting mine plan, modifying factors, and economic analysis.

Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

**1.8** **Development and operational status** 

KCM is a brownfield operation with over 95 years of continuous mining history. The Konkola Mine, Nchanga smelter, Nkana refinery, and associated processing infrastructure are established, operational facilities. KCM's integrated metal production peaked at 160,000 tonnes per annum in FY2013 and subsequently declined to approximately 55,000 tonnes per annum during the provisional liquidation period (2019–2024). Following the return of operational control to Vedanta in July 2024, KCM has commenced a restart and ramp-up of operations.

**1.8.1** **Konkola** 

Konkola is an established underground copper mining operation located near Chililabombwe, Republic of Zambia. Development activities are centered on the Konkola Deep Mining Project (KDMP), which provides access to deeper sections of the orebody via vertical shafts and underground declines. Mining is primarily undertaken using longitudinal longhole open stoping (LHOS) methods. Paste fill is not currently used at the operation, however it is a critical component for future extraction of flatly dipping areas of the orebody, where panel stoping is planned. Paste fill will enable secondary stope extraction and assist with regional geotechnical stability.

The operation is characterised by exceptionally high groundwater inflows and is regarded as one of the wettest underground mines globally, with an ore hoist-to-water pumping ratio of approximately 1:49. A comprehensive dewatering system is in place, including staged pumping stations, sumps, and water management infrastructure to maintain mine access and safety. The mine's ventilation systems have been progressively expanded to address increasing depth and the use of underground diesel fleets. Personnel access is provided via shaft hoisting systems and declines, supported by underground refuge chambers and surface infrastructure.

AMC's LOM hydrological analysis identified significant water recirculation at Konkola, estimated at 25-50% based on hydrological interpretation and incorporating previous studies (Dr Kawawa Banda et al, "Seepage Estimation Using Discharge Measurements in the Upper Kafue River, Zambia", 2017; and Konkola Surface Exclusion Plan, 2025). A scoping study evaluated piping discharge water to the Kafue River using large-diameter HDPE pipes to minimise recirculation. The estimated capital cost is $20 million (M), with a projected payback period of 2-3 months based on current dewatering system power consumption. Reducing recirculation could yield substantial operating and capital cost savings.

Surface facilities include the Konkola concentrator, where run-of-mine (ROM) ore is processed through crushing, milling, flotation, and dewatering. The produced concentrate is transported to the Nchanga smelter, with final copper production completed at the Nkana refinery via electrorefining.

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|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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Planned infrastructure upgrades at Konkola include:

· Refurbishment and optimisation of the concentrator circuit to improve throughput and metallurgical recovery.

· Upgrades to tailings pumping coupled with a paste fill plant and distribution system to facilitate a change
in mining method required to optimise resource recovery.

· Installation of a new pump station at 1,390 mL required for dewatering of the orebody, which is necessary
to facilitate mining.

· Improvements to energy efficiency and alignment of processing capacity with underground production targets.

Additionally, portions of the tailings stream are to be directed to the underground paste fill system, supporting sustainable mining and reduced surface deposition requirements.

**1.8.2** **Nchanga** 

Nchanga, located near Chingola, comprises both open pit and underground mining operations. The open pits historically targeted extensive near-surface oxide and supergene-enriched copper mineralisation, while the underground operation focused on deeper sulfide zones, including the Nchanga Block Cave.

The open pit operations have been significantly scaled back, with current activity centered on reclamation, small-scale remnant extraction, and waste management. However, opportunities remain to extend pit limits or exploit satellite pods through selective mining, subject to further study and economic assessment.

The Nchanga Underground operation is largely centered on remnant mining and the final stages of block caving. Production has declined as ore flow from the block cave reduces, but pockets of recoverable mineralisation remain accessible via selective stoping or slusher-based extraction methods.

Surface processing at Nchanga includes:

· The Nchanga concentrators, which historically processed both open pit and underground ore.

· The Nchanga TLP, which reprocesses material from TD03 and TD04, recovering
copper through acid leaching, solvent extraction, and electrowinning.

· The Nchanga smelter, which processes concentrate from both Konkola and historical Nchanga sources.

Planned and ongoing initiatives at Nchanga include:

· Optimisation of the Nchanga TLP to improve recovery from tailings reprocessing.

· Continued monitoring and maintenance of TSFs (e.g., TD05, Lubengele TSF).

· Evaluation of open pit expansion and underground remnant extraction options.

· Refurbishment of selected processing circuits to maintain operational integrity.

**1.9** **Mining methods** 

KCM's mining operations utilise a range of underground and surface mining methods, selected in accordance with orebody geometry and existing infrastructure.

The Konkola Mine targets the Kirilabombwe orebody to depths exceeding 2,000 m. Mining is conducted through mechanised longitudinal longhole open stoping (LHOS), accessed via vertical shafts and decline infrastructure. A redesign of the Konkola Deeps mine plan has changed the mining method in flatly dipping areas from post pillar cut-and-fill to panel stoping with paste fill, reducing development requirements by approximately 200 km and US$1 billion (B) over the LOM. Construction of a new pump station at 1,390 mL is critical for dewatering to access deeper mineralisation.

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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The Nchanga Business Unit comprises open pit and underground operations. Open pit mining uses conventional truck-and-shovel methods. Underground mining includes an active block cave with production forecast to decline over the next two years, after which remnant ore will be recovered using selective open stoping.

The Nchanga TLP recovers copper from historical tailings at TD03 and TD04, with opportunities identified to assess potential recovery from TD05 and Lubengele tailings facilities.

**1.10** **Processing and recovery methods** 

KCM's processing infrastructure comprises the Konkola concentrator, Nchanga concentrators, Nchanga TLP, Nchanga flash smelter, and Nkana refinery. These assets are operationally integrated and cannot be economically separated.

Key processing parameters:

· Konkola Concentrator Recovery: 89.1% copper recovery to concentrate

· Concentrate Grade: Approximately 33% copper

· Smelter Recovery: 98.7% copper recovery

· Refinery Recovery: 96.75% payable copper

· Nchanga TLP: 48.1% total copper recovery

Sulfide ores from Konkola and Nchanga are processed via conventional flotation to produce copper concentrates grading approximately 33% Cu. Concentrates are processed in the Nchanga flash smelter to produce copper anodes, which are refined at the Nkana refinery to produce LME Grade A copper cathode.

The Nchanga TLP processes oxide tailings from TD03, TD04, and Nchanga concentrator tailings through sulfuric acid leaching, solvent extraction, and electrowinning to produce copper cathode. The Nchanga TLP has demonstrated capacity of 50,000 tpd with estimated copper production of 118 tpd.

The LOM plan assumes purchase of 250,000–300,000 tpa of third-party concentrate from regional Zambian and DRC Copperbelt mines to supplement KCM's own internal feed. This is a process requirement of the Nchanga Flash Smelting Furnace, which requires a specific Fe / SiO₂ ratio in the feed blend that cannot be achieved using KCM's own concentrates alone, as both the Konkola and Nchanga concentrators produce high-silica concentrate (typically 20–22% SiO₂ against a preferred limit of less than 15% SiO₂). Third-party concentrate is purchased on a metal-return basis, KCM takes ownership of the concentrate and bears the associated price risk, and is not a toll processing arrangement.

Third-party concentrate has been sourced historically from large-scale open pit and underground copper producers in the Zambian and DRC Copperbelt, providing a diverse regional supply base within 200 to 500 kilometres of the Nchanga Smelter. The Copperbelt region produced approximately 4.3 million tonnes of copper in 2025 and is expected to grow further through 2030, providing a substantial regional concentrate supply base. However, a number of the largest Copperbelt mine expansions are expected to be accompanied by dedicated on-site smelting capacity over the LOM period, which would reduce the volume of concentrate available to third-party buyers such as KCM. In particular, Ivanhoe Mines has announced plans to commission an on-site direct-to-blister smelter at the Kamoa-Kakula Copper Complex in the DRC (500,000 tpa capacity), which, once operational, is expected to process Kamoa-Kakula's own concentrate internally rather than making it available to regional third-party smelters. Kamoa-Kakula concentrate has historically been one of the most desirable high-grade, low-silica feeds available to the Nchanga Flash Smelting Furnace (FSF) and its anticipated withdrawal from the regional market represents a material change in the third-party concentrate supply landscape over the LOM. While growing overall Copperbelt production from mines without access to proprietary smelting capacity is expected to partially offset this reduction, the absence of binding long-term supply contracts beyond FY2026 is identified as an essential risk requiring resolution. A structural factor supporting supply continuity is the Zambian government's 10% export levy on copper concentrate, which creates a material economic incentive for Zambian producers to supply domestic smelters rather than export, and the comparatively high logistics cost of shipping DRC-origin concentrate to overseas smelters relative to regional Copperbelt facilities effectively anchors domestically produced concentrate within the Zambian processing value chain. The QPs consider that there is a reasonable basis to expect that third-party concentrate will remain available at the volumes assumed in the LOM plan, given the scale of regional Copperbelt production and the structural inability of many smaller producers to develop proprietary smelting capacity. However, the absence of binding supply contracts beyond FY2026 introduces commercial uncertainty that the QPs consider to be a material risk to the LOM plan, and securing ongoing supply arrangements is identified as an essential commercial requirement. Further detail on sourcing, availability, contract terms, alternatives, and the basis for this assessment is provided in Section 14.4.3.

The sensitivity of project economics to this dependency has been assessed by modelling the removal of third-party concentrate from the LOM plan entirely, as set out in Section 19.3.2. The total NPV₈% impact comprises two components: the direct smelter contribution and the incremental acid procurement cost arising from reduced smelter throughput, calculated as the delta between the external market price of US$175/t and the internal transfer price of US$130/t. For the M&I Case, the direct smelter contribution accounts for approximately US$174M or approximately 8% of the base case NPV₈% of US$2,132M; the incremental acid procurement cost accounts for a further approximately US$71M, giving a combined reduction of approximately US$245M or approximately 11%, reducing the M&I Case NPV₈% to approximately US$1,887M. For the Full Resource Case, the direct smelter contribution accounts for approximately US$530M or approximately 7% of the base case NPV₈% of US$7,740M; the incremental acid procurement cost accounts for a further approximately US$173M, giving a combined reduction of approximately US$703M or approximately 9%, reducing the Full Resource Case NPV₈% to approximately US$7,037M. The KCM Integrated Operations remain economic under this sensitivity in both cases on the basis of KCM's own Mineral Resource production, and the uninterrupted sourcing of third-party concentrate is identified as an essential operational and commercial requirement throughout the life of mine.

**1.11** **Infrastructure** 

KCM's integrated operations span three principal sites connected by established road infrastructure across the Copperbelt Province. Run-of-mine ore from the Konkola Mine at Chililabombwe is processed through the on-site Konkola Concentrator. Copper concentrate is transported approximately 20 km by road to the Nchanga Flash Smelter at Chingola, with blister copper then transported approximately 55 km to the Nkana Refinery at Kitwe for electrorefining to LME Grade A cathode. All inter-site routes utilise high-quality tarmac roads capable of supporting loads up to 50 tonnes.

Power is supplied under a long-term agreement with Copperbelt Energy Corporation (CEC), providing 200 MW capacity to all KCM sites. This agreement has been in place for over 20 years. Water supply for processing operations is sourced primarily from the Kafue River system and from dewatering operations at the Konkola Mine, which pumps approximately 350,000 m³/day. The Konkola Mine operates a comprehensive staged dewatering system including pumping stations, sumps, and water management infrastructure critical to maintaining mine access and safety.

Export logistics for refined copper cathode rely on road freight to rail transfer points and onward transport to regional ports, including Dar-es-Salaam (Tanzania), Walvis Bay (Namibia), and Durban (South Africa). Further details on infrastructure and logistics are provided in Sections 4.

**1.12** **Economic analysis summary - dual presentation** 

In accordance with Item 1302(d)(4)(ii)(C) of Regulation S-K, the economic analysis is presented with equal prominence for both the Full Resource Case (including Inferred Resources) and the Measured and Indicated Case (excluding Inferred Resources).

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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**CAUTIONARY STATEMENT REGARDING INITIAL ASSESSMENT**

This Initial Assessment is preliminary in nature. It includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorised as Mineral Reserves, and there is no certainty that this Initial Assessment will be realised. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

**INFERRED MINERAL RESOURCE PROPORTION**

Approximately 70% of KCM Mineral Resources are classified as Inferred (262 Mt of 375 Mt). At Konkola Mine, approximately 86% of Resources are classified as Inferred (249 Mt of 290 Mt). Inferred Mineral Resources have a lower level of geological confidence and are considered too speculative to have economic considerations applied that would enable them to be categorised as Mineral Reserves at this time. There is no certainty that Inferred Mineral Resources will be converted to higher confidence categories, although this is expected to be achievable with continued systematic exploration.

**IMPORTANT DISCLOSURE**

The economic results INCLUDING Inferred Resources are preliminary and speculative.

The economic results EXCLUDING Inferred Resources represent the M&I Case and demonstrate the economic viability of the project based on Measured and Indicated Mineral Resources only.

This IA is based on a comprehensive LOM Plan that includes mining from:

· Konkola Mine – Measured, Indicated, and Inferred Mineral Resources (operating in 2025).

· Nchanga Indicated and Inferred Resources:

— COP DF open pit mine (operating in 2026).

— Nchanga COP E Underground (planned).

— Nchanga COP DF Underground (planned).

— Nchanga Luano Underground (planned).

· Reclamation of TD03 and TD04, processed through the Nchanga TLP (operating in 2025).

The IA is a preliminary technical and economic study of the economic potential of all parts of the KCM operations including Konkola Mine, Nchanga Tailings Recovery, and Nchanga mining operations.

The confidence in the overall LOM scenario is at an IA level of confidence.

The IA of the Nchanga deposits and the Inferred Mineral Resource component of the Konkola Mine is preliminary in nature; it includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorised as Mineral Reserves and as such, these Mineral Resources have not been demonstrated to have economic viability. There is no certainty that the IA will be realised.

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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**1.12.1** **Key assumptions** 

· Copper Price: P75 consensus pricing as per Table 16.1 (ranging from US$9,925/t to US$11,298/t over the
LOM assessment period).

· Cobalt Price: P50 consensus pricing (ranging from US$42,262/t to US$52,465/t over the LOM
 assessment period).

· Discount Rate: 8% real, pre-tax.

**1.12.2** **Production plan** 

· The basis of the economic model is the mining, processing, and smelting schedule as presented in this
report which includes mined tonnes (ore and waste), development meters, processed ore tonnes, grade, and recoveries.

· The Full Resource Case comprises production from Measured, Indicated, and Inferred Resources.

· The M&I Case comprises production from Measured and Indicated Mineral
Resources at Konkola Mine and Indicated Mineral Resources in TD03 and TD04.

The smelter feed profiles for both scenarios are shown in Figure 1.1 and Figure 1.2. Both cases assume third-party concentrate purchases to maintain smelter throughput at 850,000 tpa.

Figure 1.1 KCM Smelter Feed Profile – Full Resource Case (incl. external purchased concentrates)

Source: AMC, 2025.

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|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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Figure 1.2 KCM Smelter Feed Profile – M&I Case (incl. external purchased concentrates)

Source: AMC, 2025.

The total copper sold from the KCM operations across the life of operations, including copper anodes from the smelter, copper in cobalt alloy, and copper cathodes produced by the Nchanga TLP, is shown in Figure 1.3 and Figure 1.4.

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|:---|:---|
| Figure 1.3 | Total Copper Sold – Full Resource Case |

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![](ctm003_ex96-1img04.jpg)

Source: AMC, 2025.

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|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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|:---|:---|
| Figure 1.4 | Total Copper Sold – M&I Case |

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![](ctm003_ex96-1img05.jpg)

Source: AMC, 2025.

The production profiles for both scenarios are shown in Figure 1.5 and Figure 1.6. The Full Resource Case recovers a total of 6,650 kt (6.65 Mt) of payable copper over approximately 45 years, and the M&I Case recovers a total of 901 kt (0.90 Mt) of payable copper over approximately 11 years.

Figure 1.5 KCM Production Profile – Full Resource Case

Source: AMC, 2025.

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|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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Figure 1.6 KCM Production Profile – M&I Case

![](ctm003_ex96-1img07.jpg)

Source: AMC, 2025.

**1.12.3** **Capital and operating costs** 

Capital and operating costs for mining, processing, administration, and other costs to support the LOM for both Konkola Mine and Nchanga Operations are described in detail in Section 18 of this report.

The capital and operating costs for Konkola Mine have been developed to PFS level of accuracy (±25%). The unit operating cost estimates have been applied across the life of the operations.

The capital and operating costs for Nchanga mining operations (COP DF, COP E Extension, Luano, and Nchanga Underground) are based on historical operating data and benchmarked estimates and are defined to a lesser degree of confidence than Konkola Mine. These costs meet the requirements of an Initial Assessment but have not been developed to PFS-level confidence. Nchanga mining operations are included in the Full Resource Case only and are not part of the M&I Case.

Total capital expenditure for the Full Resource Case is US$5,984M over the approximately 45-year LOM, compared to US$1,066M for the M&I Case over approximately 11 years. Capital costs comprise growth capital for processing improvements and infrastructure upgrades, development capital for underground access and production development, and sustaining capital for ongoing operations including the Nchanga Smelter and Refinery. A summary of the capital cost estimates for both cases is presented in Table 1.3.

Table 1.3 Capital cost summary

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| | | |
|:---|:---|:---|
| **Capital Category** | **Full Resource Case (US$M)** | **M&I Case (US$M)** |
| Growth Capital | 787 | 152 |
| Capital Development | 3337 | 505 |
| Sustaining Capital | 1859 | 408 |
| **Total Capital** | **5984** | **1066** |

---

Note: Full Resource Case includes Measured, Indicated, and Inferred Mineral Resources. M&I Case is based on Measured and Indicated Resources only. A contingency of 10–15% has been applied to direct and indirect costs.

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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Table 1.4 presents the capital cost breakdown by operation for the Full Resource Case. The majority of capital expenditure (US$4,802M) is attributable to Konkola Mine, comprising KDMP development capital, growth capital for dewatering and processing infrastructure, and sustaining capital over the extended LOM. Nchanga Business Unit capital of US$812M includes development of the COP E, COP DF, and Luano underground operations.

Table 1.4 Capital cost by operation – Full Resource Case (Including Inferred)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Operation** | **Growth (US$M)** | **Development (US$M)** | **Sustaining (US$M)** | **Total (US$M)** |
| Konkola Mine | 464 | 2806 | 1532 | 4802 |
| Nchanga Business Unit | 247 | 532 | 33 | 812 |
| Nchanga TLP Operations | 76 |  | 37 | 113 |
| Nchanga Smelter & Refinery |  |  | 257 | 257 |
| **Total** | **787** | **3338** | **1859** | **5984** |

---

Note: The Full Resource Case includes Inferred Mineral Resources that do not have demonstrated economic viability. Nchanga Business Unit includes COP DF open pit, COP E underground, COP DF underground, and Luano underground. Smelter sustaining capital includes US$56.9M in FY2026 for refurbishment. Totals may not sum due to rounding.

Table 1.5 presents the capital cost breakdown for the M&I Case. This case is based exclusively on Measured and Indicated Resources at Konkola Mine and is consistent with the economic analysis presented in the separate PFS Technical Report Summary.

Table 1.5 Capital cost by operation – M&I Case (Excluding Inferred)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Operation** | **Growth (US$M)** | **Development (US$M)** | **Sustaining (US$M)** | **Total (US$M)** |
| Konkola Mine | 152 | 505 | 306 | 963 |
| Nchanga Smelter & Refinery |  |  | 102 | 102 |
| **Total** | **152** | **505** | **408** | **1066** |

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Note: M&I Case capital cost estimates are at PFS-level accuracy (±25%) with 10% contingency, consistent with the separate PFS TRS (Table 18.7). Nchanga mining operations and NBU expansion are excluded.

The accuracy of the capital and operating cost estimates varies by component, reflecting the different levels of study applied across the KCM operations. Table 1.6 summarises the cost estimate accuracy by component.

Table 1.6 Capital cost estimate accuracy

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| | | |
|:---|:---|:---|
| **Cost Component** | **Accuracy Range** | **Study Level** |
| Konkola Mine – Existing Operations | ±25% | PFS |
| Konkola Mine – KDMP Expansion | ±25% | PFS |
| Nchanga COP DF Open Pit | ±25–35% | IA / Scoping |
| Nchanga COP E Underground | ±40–50% | Conceptual |
| Nchanga Luano Underground | ±40–50% | Conceptual |
| Nchanga TLP Operations | ±25% | PFS |
| Nchanga Smelter & Refinery | ±25% | PFS |

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Note: Accuracy ranges for conceptual-stage items (COP E, Luano) are wider than PFS-level estimates, consistent with their preliminary study status. Cost estimates for these components are based on benchmarked data, historical operating costs, and conceptual engineering studies. Refer to Section 18 for detailed cost estimation methodology.

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|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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The average LOM unit operating costs by operation for the Full Resource Case are summarised in Table 1.7. Operating costs include mining, processing, and general and administrative (G&A) costs. Konkola Mine has the highest total unit operating cost at US$90.1/t ore, reflecting deep-level underground mining requirements, while Nchanga TLP Operations has the lowest at US$14.3/t due to the nature of tailings reprocessing.

Table 1.7 Average LOM unit operating cost by operation – Full Resource Case

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| | | | | |
|:---|:---|:---|:---|:---|
| **Operation** | **Mining (US$/t)** | **Processing (US$/t)** | **G&A (US$/t)** | **Total (US$/t)** |
| Konkola Mine | 70.9 | 14.4 | 4.8 | 90.1 |
| Nchanga Open Pit | 26.4 | 12.8 | 4.9 | 44.1 |
| Nchanga Underground | 47.5 | 12.8 | 13.5 | 73.8 |
| Nchanga TLP Operations | 1.5 | 9.8 | 3.0 | 14.3 |

---

Source: AMC, 2025. Full Resource Case includes Measured, Indicated, and Inferred Mineral Resources over the approximately 45-year LOM. Nchanga Open Pit includes COP DF operations. Nchanga Underground includes COP E, COP DF underground, and Luano operations. Operating costs for Nchanga mining operations are at Initial Assessment-level confidence.

Table 1.8 presents the average unit operating costs for both the Full Resource Case and the M&I Case. The lower unit cost for Konkola Mine in the Full Resource Case (US$92/t vs US$125/t) reflects economies of scale over the longer LOM period with higher sustained production rates. Nchanga Operations are included in the Full Resource Case only and are not part of the M&I Case.

Table 1.8 Average unit operating cost summary – dual presentation

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| | | | |
|:---|:---|:---|:---|
| **Operation** | **Unit** | **Full Resource Case** | **M&I Case** |
| Konkola Mine | US$/t ore | 92 | 125 |
| Nchanga Operations | US$/t ore | 76 | N/A |
| Nchanga TLP Operations | US$/t ore | 17 | 16 |

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Note: Operating costs include mining, processing, and site administration costs. Nchanga Operations include open pit, underground, and processing facilities at the Nchanga complex. M&I Case figures are consistent with the separate PFS TRS.

Table 1.9 presents total LOM operating costs for both scenarios. Total operating costs for the Full Resource Case are US$25,290M over the approximately 45-year LOM, compared to US$4,270M for the M&I Case over approximately 11 years.

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| | |
|:---|:---|
| Table 1.9 | Total LOM operating costs – dual presentation |

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| | | |
|:---|:---|:---|
| **Operation** | **Full Resource Case (US$M)** | **M&I Case (US$M)** |
| Konkola Mine | 22157 | 3678 |
| Nchanga Business Unit (NBU) | 1909 |  |
| Nchanga TLP Operations | 1224 | 592 |
| **Total Operating Costs** | **25290** | **4270** |
| Ore Processed (kt) | 338119 | 31478 |
| **Weighted Average Unit Cost (US$/t)** | **74.8** | **135.6** |

---

Note: The Full Resource Case includes Inferred Mineral Resources that do not have demonstrated economic viability. Nchanga Business Unit operating costs are excluded from the M&I Case. Nchanga TLP operating costs in the M&I Case relate to TD03 and TD04 tailings recovery only. Ore processed includes all sources feeding into the respective processing facilities. Weighted average unit cost is calculated across all operations.

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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Konkola Mine is the primary cost centre for both scenarios. Table 1.10 presents the detailed operating cost breakdown by major category for the Full Resource Case LOM. Production stoping (29.9%) and power costs (22.5%) together account for over half of total Konkola operating expenditure.

Table 1.10 Konkola Mine operating cost breakdown – Full Resource Case

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| | | | |
|:---|:---|:---|:---|
| **Cost category** | **LOM total (US$M)** | **% of total** | **Unit Cost (US$/t)** |
| Production Stoping | 6623 | 29.9% | 26.9 |
| Operating Development | 2685 | 12.1% | 10.9 |
| Backfill Operations | 742 | 3.3% | 3.0 |
| Power Costs | 4975 | 22.5% | 20.2 |
| KCM Labour (direct) | 1316 | 5.9% | 5.4 |
| G&A | 1186 | 5.4% | 4.8 |
| Mine Services | 310 | 1.4% | 1.3 |
| Tramming | 791 | 3.6% | 3.2 |
| **Mining Opex Subtotal** | **18628** | **84.1%** | **75.8** |
| Processing Costs | 3529 | 15.9% | 14.4 |
| **Total **Konkola Mine Operating Costs** | **22157** | **100.0%** | **90.1** |
| Ore Processed (Mt) | 245.9 |  |  |

---

Source: AMC, 2025. LOM Total is over the approximately 45-year Full Resource Case life. Unit costs calculated on 245.9 Mt total ore processed. Operating development includes underground drives within production zones. Power costs include electricity supply to all underground and surface operations. Processing costs include concentrator reagents, grinding media, and plant labour.

Table 1.11 presents the Konkola Mine operating cost profile for the first five fiscal years. Unit operating costs decline from US$162.9/t in FY2025/26 to US$107.5/t in FY2029/30 as production ramps up from 1,730 kt to 3,370 kt per annum, reflecting the significant operating leverage inherent in the underground mining operation.

Table 1.11 Konkola Mine operating costs – first five years

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Parameter** | **FY25/26** | **FY26/27** | **FY27/28** | **FY28/29** | **FY29/30** | **LOM total** |
| Ore Processed (kt) | 1730 | 2300 | 2300 | 4100 | 3370 | 245900 |
| Operating Costs (US$M) | 282.6 | 320.3 | 321.7 | 436.5 | 362.7 | 22157 |
| Unit Cost (US$/t) | 162.9 | 139.3 | 140.0 | 106.5 | 107.5 | 90.1 |

---

Source: AMC, 2025. Higher unit costs in early years reflect fixed cost absorption at lower production rates during the KDMP development ramp-up period. LOM average unit cost of US$90.1/t assumes sustained production rates of approximately 6 Mtpa at steady state.

Table 1.12 presents the C1 cash cost and all-in sustaining cost (AISC) for each operation under both scenarios. C1 cash cost includes all direct mining, processing, and site G&A costs, net of by-product credits. AISC additionally includes sustaining capital and royalties.

Table 1.12 C1 cash cost and AISC by operation – dual presentation

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| | | |
|:---|:---|:---|
| **Cost metric** | **Full Resource Case** | **M&I Case** |
| **KCM Underground** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;C1 Cash Cost (US$M) | 23028 | 3904 |
| &nbsp;&nbsp;&nbsp;&nbsp;C1 Cash Cost (US$/lb Cu) | 1.70 | 2.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;AISC (US$M) | 29270 | 4830 |
| &nbsp;&nbsp;&nbsp;&nbsp;AISC (US$/lb Cu) | 2.16 | 2.74 |
| **Nchanga Business Unit (NBU)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;C1 Cash Cost (US$M) | 1963 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;C1 Cash Cost (US$/lb Cu) | 3.02 |  |
| **Nchanga TLP Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;C1 Cash Cost (US$M) | 1224 | 592 |
| &nbsp;&nbsp;&nbsp;&nbsp;C1 Cash Cost (US$/lb Cu) | 1.84 | 2.38 |

---

Note: C1 and AISC are non-GAAP measures. C1 Cash Cost includes all direct mining, processing, and site G&A costs, and smelter and refinery costs net of by-product credits. AISC includes C1 plus sustaining capital and royalties. Full definitions and reconciliation provided in Section 18.

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| | |
|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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**1.12.4** **Economic results** 

The before-tax economic analysis is based on the project financial model developed to estimate annual cash flows and sensitivities for the KCM Operations that include Konkola Mine, Nchanga Underground operations, Nchanga open pits, Nchanga TLP used to process tailings from TD03 and TD04 and Nchanga Smelter.

The economic results are presented (Table 1.13) as a side-by-side comparison between the Full Resource Case and the Measured and Indicated Resource Case. The Nchanga TLP is part of the Nchanga Operations but has been separated out in the table below for clarity.

Table 1.13 Summarised economic results

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| | | | |
|:---|:---|:---|:---|
| **Item** | **Unit** | **Full Resource Case<br> (Including Inferred)** | **M&I Case<br> (Excluding Inferred)** |
| **Production** | | | |
| KCM Underground Ore Mined |  | 245889 | 31478 |
| KCM Underground Head Grade |  | 2.94 | 2.91 |
| KCM Underground Recovery |  | 86.5 | 89.1 |
| KCM Payable Copper |  | 6059 | 788 |
| NBU Ore Mined (OP + UG) |  | 24787 |  |
| NBU Payable Copper |  | 289 |  |
| Nchanga TLP Ore Mined |  | 67443 | 36142 |
| Nchanga TLP Payable Copper |  | 302 | 113 |
| Total Payable Copper |  | 6650 | 901 |
| Mine Life |  | ~45 | ~11 |
| **Revenue** |  |  |  |
| Gross Copper Revenue |  | 71319 | 9726 |
| Smelter and By-Product Credits |  | 47697 | 11806 |
| Freight and Refining Costs |  | (6732) | (817) |
| Net Revenue |  | 112284 | 20716 |
| **Operating Costs** |  |  |  |
| Mining (KCM UG + NBU + Nchanga TLP) |  | 25290 | 4270 |
| Smelter and Refinery |  | 41692 | 11141 |
| Total Royalties |  | 5173 | 706 |
| Total Operating Costs |  | 72154 | 16118 |

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|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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| | | | |
|:---|:---|:---|:---|
| **Item** | **Unit** | **Full Resource Case<br> (Including Inferred)** | **Mineral Reserve Case<br> (Excluding Inferred)** |
| **Capital Costs** |  |  |  |
| Growth Capital |  | 787 | 152 |
| Capital Development |  | 3337 | 505 |
| Sustaining Capital |  | 1859 | 408 |
| Total Capital |  | 5984 | 1066 |
| Closure Costs |  | 101 | 93 |
| **Unit Costs** |  |  |  |
| C1 Cash Cost¹ |  | 1.77 | 2.24 |
| All-in Sustaining Cost (AISC)¹ |  | 2.24 | 2.80 |
| **Economic Metrics** |  |  |  |
| Free Cash Flow |  | 34148 | 3439 |
| NPV₈% (pre-tax, real) |  | 7740 | 2132 |
| IRR (pre-tax, real) |  | N/A² | N/A² |
| Payback Period |  | ~2 | ~5.6 |

---

Notes:

<sup>1</sup> C1 and AISC are non-GAAP measures. Full definitions and reconciliation provided in Section 18.

<sup>2</sup> IRR is not reported as this is a brownfield operation generating positive free cash flow from Year 1.

The Full Resource Case (Including Inferred) represents the full potential of the KCM operations but is preliminary and speculative in nature, as described in the cautionary statement at the front of this report. The M&I Case (Excluding Inferred) demonstrates economic viability based on Measured and Indicated Resources only; a separate Preliminary Feasibility Study Technical Report Summary has been prepared on the basis of the M&I Case mine plan and technical parameters.

The net present value before tax at a discount rate of 8% per year (NPV8%) is US$7.7B for the Full Resource Case and US$2.1B for the M&I Case.

**1.13** **Sensitivity analysis** 

A sensitivity analysis on the NPV8% was undertaken for both the Full Resource Case and M&I Case, testing copper price, cobalt price, operating costs, and capital costs. The results are shown in Figure 1.7, Figure 1.8, Table 1.14, and Table 1.15. In both cases, the project is most sensitive to changes in copper price and operating costs.

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|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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Figure 1.7 Sensitivity analysis graph – Full Resource Case

![](ctm003_ex96-1img08.jpg)

Source: AMC, 2025.

Sensitivity analysis on the NPV8% for the Full Resource Case (Including Inferred) is summarised below.

Table 1.14 Sensitivity analysis results – Full Resource Case

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Parameter** | **80%** | **90%** | **100%** | **110%** | **120%** |
| Cu Price (NPV US$M) | 4137 | 5939 | 7740 | 9542 | 11343 |
| Co Price (NPV US$M) | 7707 | 7723 | 7740 | 7757 | 7774 |
| OPEX (NPV US$M) | 9118 | 8429 | 7740 | 7052 | 6363 |
| CAPEX (NPV US$M) | 8306 | 8023 | 7740 | 7457 | 7175 |

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|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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The sensitivity analysis for the M&I Case (Excluding Inferred) is shown below.

Figure 1.8 Sensitivity analysis graph – M&I Case

![](ctm003_ex96-1img09.jpg)

Source: AMC, 2025.

Table 1.15 Sensitivity analysis results – M&I Case

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Parameter** | **80%** | **90%** | **100%** | **110%** | **120%** |
| Cu Price (NPV US$M) | 962 | 1547 | 2132 | 2717 | 3302 |
| Co Price (NPV US$M) | 2124 | 2128 | 2132 | 2136 | 2140 |
| OPEX (NPV US$M) | 2620 | 2376 | 2132 | 1888 | 1644 |
| CAPEX (NPV US$M) | 2303 | 2217 | 2132 | 2047 | 1961 |

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**1.14** **Environmental studies, permitting, and social or community impact** 

KCM operates under valid Large-Scale Mining Licenses issued by the Zambian Ministry of Mines. Key permits include environmental authorisations under the Zambia Environmental Management Agency (ZEMA), water abstraction permits for dewatering operations, and tailings storage facility (TSF) operating permits. All required permits for current operations are in place. The Konkola license (7076-HQ-LML) expires 30 March 2050, and the Nchanga TLP license (28174-HQ-MPL) expires 16 December 2045. No new permits are required for the activities contemplated in this PFS.

Environmental management at KCM is governed by the Environmental Management Act (EMA) of 2011 and its subsidiary regulations. Based on the 2020 EPF audit report, KCM's total EPF liability across all locations was US$129M. As per the assessment, Nkana was classified under Category 1, while Nchanga, Konkola and Nampundwe were classified under Category 2, with a total cash contribution liability of US$12,037,058. KCM made a cash contribution of US$5,464,682, leaving an outstanding balance of US$6,572,376 during the liquidation period. The outstanding balance has been filed as a claim under the Creditors' Scheme of Arrangement by the Mines Safety Department and will be settled in accordance with the waterfall mechanism provided thereunder. KCM has been granted a two-year moratorium on liabilities from the date of Board reinstatement (31 July 2024). KCM is actively working to improve compliance with EPF requirements and enhance site categorisation, which is expected to reduce future cash contribution obligations. Estimated closure costs of US$101M have been included in the economic analysis (Section 19) and are based on preliminary closure planning, which may be refined in subsequent studies.

Tailings storage facilities are managed in accordance with the Global Industry Standard on Tailings Management (GISTM), with quarterly independent assessments conducted on all operational TSFs. Two operational TSFs (TD05 Muntimpa and Lubengele) are subject to ongoing stability monitoring and statutory compliance inspections. Further details on TSF conditions and management are provided in Section 15.9.

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| | |
|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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KCM's operations are located within established Copperbelt mining towns (Chililabombwe, Chingola, and Kitwe) with long-standing community relationships. Community development, resettlement programs, and stakeholder engagement activities are managed by KCM as described in Section 17. The Qualified Persons (QPs) have relied on the Registrant for information regarding environmental and community matters as disclosed in Section 25.

**1.15** **Qualified Person's conclusions** 

**1.15.1** **Initial Assessment status** 

This Initial Assessment is preliminary in nature. It includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorised as Mineral Reserves, and there is no certainty that this Initial Assessment will be realised. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

Approximately 84% of KCM Mineral Resources are classified as Inferred (268.6 Mt of 318.3 Mt). At Konkola Mine, approximately 96% of Mineral Resources are classified as Inferred (248.9 Mt of 259.4 Mt). The QP considers that significant additional drilling and technical studies are required to upgrade Inferred Resources to higher confidence categories. There is no certainty that Inferred Mineral Resources will be converted to higher confidence categories, although this is expected to be achievable with continued systematic exploration.

**1.15.2** **Economic assessment** 

The Full Resource Case (Including Inferred) returns an NPV₈% of US$7,740M over an approximately 45-year mine life. The M&I Case (Excluding Inferred) returns an NPV₈% of US$2,132M over an approximately 11-year mine life, demonstrating that the Measured and Indicated Mineral Resource portion of the KCM operations has a positive economic outcome independent of Inferred Resources. The Full Resource Case includes Inferred Mineral Resources that do not have demonstrated economic viability; there is no certainty that the cash flows presented for the Full Resource Case will be realised. The economic results for both cases are presented with equal prominence in Section 19 of this report.

Realisation of the value indicated by the Full Resource Case is dependent on adequate and timely investment of capital and the successful upgrade of Inferred Resources to higher confidence categories through continued drilling programs.

**1.15.3** **The QP recommends** 

· A phased resource infill and extension drilling program at Konkola
Mine (estimated cost US$11.5M over 18 months) to increase geological confidence and support the conversion of Inferred Resources to Indicated
and Measured categories, enabling future Mineral Reserve estimation.

· Drilling of TD05 (Nchanga) and Lubengele (Konkola) tailings storage facilities to generate first-time
Mineral Resource estimates (estimated cost US$0.5M).

· Completion of prefeasibility-level studies for the COP E Extension and COP DF underground projects at
Nchanga, based on current drilling results and Mineral Resources, to advance these toward Mineral Reserve estimation. The Nchanga resource
estimates should be updated to incorporate revised geological interpretations and modern estimation techniques (estimated cost US$1.5M).

· Updating of QAQC standard operating procedures and generation of master QAQC and Mineral Resource statement
reports, in preparation for external audit of Mineral Resource estimates (estimated cost US$0.3M).

· Completion of a Feasibility Study on the KCM Integrated Operations to support future investment and funding
processes (estimated cost US$1.0M).

The total recommended work program is estimated at US$18.3M over 18–24 months. A detailed summary of the recommended work program is presented in Section 23 (Table 23.1). There is no assurance that these recommendations will result in expanded Mineral Resources or Mineral Reserves.

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|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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|:---|:---|
| **2** | **Introduction** |

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AMC Consultants (UK) Limited (AMC) was engaged by Konkola Copper Mines Plc (KCM) to prepare this Initial Assessment (IA) Technical Report Summary (TRS) for the KCM Integrated Operations located in the Zambian Copperbelt. This report has been prepared in compliance with Subpart 1300 of Regulation S-K (S-K 1300) as mandated by the United States Securities and Exchange Commission (SEC). This IA TRS presents a comprehensive Life-of-Mine (LOM) Plan for all KCM operations, including Konkola Mine, Nchanga Business Unit, and Tailings Dam Recovery Operations. The technical contents of this report adhere to S-K 1300 requirements for reporting Mineral Resources.

In accordance with Item 1302(d)(4)(ii)(C), economic results are presented with equal prominence for both the Full Resource Case (Including Inferred) and the M&I Case (Excluding Inferred). A separate Preliminary Feasibility Study (PFS) Technical Report Summary has been prepared for the M&I Case, which supports the Mineral Reserve estimate declared in the companion PFS Technical Report Summary. The effective date of this report is 1 April 2025.

**2.1** **Registrant for whom the TRS was prepared** 

This TRS has been prepared for the registrant, CopperTech Metals Inc., and its subsidiary, KCM. KCM is the operator of the Konkola and Nchanga copper mining operations located in the Copperbelt Province of Zambia. KCM, and its subsidiary company Konkola Mineral Resources Limited (KMRL), is the legal holder of the mineral rights associated with the Konkola and Nchanga license areas and operates under large-scale mining licenses.

**2.2** **Terms of reference and purpose** 

This report has been prepared in accordance with S-K 1300 of the U.S. SEC and provides a Technical Report Summary for the KCM Integrated Operations, comprising:

· Konkola Mine and Konkola Concentrator

· Nchanga Underground and Open Pit operations

· Nchanga Concentrators

· Nchanga Tailings Leach Plant (TLP)

· Nchanga Smelter and Nkana Refinery

· Tailings Dams TD03, TD04, and TD05, and Kakosa Tailings

The purpose of this report is to present Mineral Resource estimates, development and operations reported as Mineral Resources, and associated technical assessments, including risk factors and economic considerations. The report constitutes an Initial Assessment for the KCM Integrated Operations, incorporating mine planning, extraction rates, and economic analysis for both the Full Resource Case and M&I Case.

This report was prepared by AMC, an independent mining consultancy, on behalf of KCM. AMC has no material interest in KCM or its affiliates.

**2.3** **Units of measure** 

Unless otherwise stated, all units in this report are in metric (SI) units. Currency is presented in United States Dollars (US$). The exchange rate used for financial modelling and conversions is the 2025 average exchange rate of ZMW 25.25 to US$1.00, unless stated otherwise.

Grades are reported as total copper (TCu) in percent (%), total cobalt (TCo) in percent (%), and acid soluble copper (ASCu) in percent (%). Tonnages are reported as dry metric tonnes (t) unless otherwise explicitly stated.

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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The unit mL refers to meter level and is the vertical elevation with reference to the collar position of 4 Shaft at Konkola.

**2.4** **Defined terms and abbreviations** 

Table 2.1 defines the principal facility names, abbreviations, and technical terms used throughout this TRS. Each term is defined at first use in the body of the report; the standardised form shown in Table 2.1 is used thereafter.

Table 2.1 Defined terms and abbreviations

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| | | |
|:---|:---|:---|
| **Defined term** | **Abbreviation** | **Description** |
| KCM Integrated Operations |  | The integrated mining, processing, smelting, and refining operations of Konkola Copper Mines Plc, comprising the Konkola Mine, Nchanga Concentrators, TD03, TD04, the Nchanga TLP, the Nchanga Smelter, and the Nkana Refinery, as described in Section 1.2. |
| Konkola Mine |  | The underground copper mine at Chililabombwe, Copperbelt Province, Zambia, operated by KCM. Includes all underground workings accessed via No. 1, No. 3, and No. 4 Shafts. |
| Konkola Deep Mining Project | KDMP | The development project providing deep-level access to the Konkola orebody via No. 4 Shaft and associated underground infrastructure. |
| Konkola Concentrator |  | The sulfide flotation concentrator located at the Konkola Mine site, processing run-of-mine ore from the Konkola Mine. |
| Tailings Dam 03 | TD03 | The historical tailings storage facility at the Nchanga site, from which tailings are reclaimed for processing through the Nchanga Nchanga TLP. |
| Tailings Dam 04 | TD04 | The historical tailings storage facility at the Nchanga site, from which tailings are reclaimed for processing through the Nchanga Nchanga TLP. |
| Nchanga TLP | Nchanga TLP | The acid leach and solvent extraction–electrowinning (SX-EW) facility at Nchanga that processes reclaimed tailings from TD03 and TD04 and current Nchanga Concentrators tailings. |
| Nchanga Smelter |  | The Outotec flash smelting facility at Nchanga, Chingola, with nameplate capacity of 311,000 tpa concentrate. Includes the sulfuric acid plant. |
| Nkana Refinery |  | The electrolytic copper refinery at Kitwe, producing LME Grade A copper cathode from Nchanga Smelter anode. |
| Nchanga Concentrators |  | The three concentrating mills at the Nchanga site: Open Pit East Mill (OEM), Nchanga East Mill (NEM), and North West Mill (NWM). Excluded from the PFS mine plan; included in infrastructure descriptions. |
| Nchanga Business Unit | NBU | The Nchanga mining and processing operations at Chingola, including underground and open pit mines. |
| Nampundwe Mine |  | The underground pyrite mine located approximately 50 km west of Lusaka, supplying flux to the Nchanga Smelter. |
| Longitudinal longhole open stoping | LHOS | The primary underground mining method applied at Konkola Mine. |
| Post pillar cut and fill | PPCF | A secondary mining method historically applied at Konkola Mine for flatly dipping sections; replaced by panel stoping with paste fill in the PFS mine plan. |
| Ore Shale Unit | OSU | The principal mineralised horizon at Konkola, a carbonaceous and dolomitic shale unit within the Lower Roan Group. |
| S-K 1300 |  | Regulation S-K, subpart 1300, of the U.S. Securities and Exchange Commission, governing disclosure of mining-related information. |
| Qualified Person | QP | As defined in S-K 1300 §1300(a). |

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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**2.5** **Sources of information** 

This report is based on data and information provided by KCM as outlined in Section 25 of this report, supplemented by AMC's independent analysis, site inspections, historical reports, and public domain references. Sources include:

· KCM geological models, drillhole databases, and quality assurance / quality control (QAQC) records.

· Processing plant flow sheets, production records, and metallurgical test work.

· Cost models, operating assumptions, and infrastructure documentation.

· Site visits, interviews with KCM technical teams, and historical technical studies.

Data verification steps were conducted in accordance with S-K 1300, and the Qualified Persons (QPs) have reviewed all relevant datasets for consistency and completeness.

**2.6** **Personal inspection of the property** 

In accordance with Item 1302(b)(2)(iii) of Regulation S-K, AMC Consultants (UK) Limited confirms that personal inspections of the KCM operations were conducted by the technical professionals responsible for the preparation of this Technical Report Summary.

AMC personnel conducted site inspections at the Konkola and Nchanga operations on the following occasions:

· November 2024: Initial site inspection covering Konkola Mine workings
(including active development headings, shaft systems, and ore passes), the Konkola Concentrator, surface infrastructure, and the Nchanga
Smelter and Refinery. The inspection included review of core storage facilities, geological logging practices, and sample preparation
procedures at the on-site laboratory.

· February 2025: Follow-up inspection focused on underground mining operations
at Konkola, including observation of longhole open stoping and panel stoping methods, rail haulage and tramming systems, dewatering infrastructure,
and ventilation circuits. Processing operations at the Nchanga TLP and tailings reclamation activities at TD03 and TD04 were also inspected.
Meetings were held with KCM operational and technical teams to verify production data, cost assumptions, and contractor arrangements.

· April 2025: Final inspection coinciding with the effective date of this report (1 April 2025). This inspection covered the Konkola Concentrator refurbishment progress, paste fill plant site, Nchanga Smelter
operations, and the Lubengele tailings storage facility. Updated geological models and mine plans were reviewed with KCM's geology and
mine planning teams, and datasets used in the preparation of this TRS were verified against site records.

IBIS Environmental personnel conducted site inspections during 2024 and 2025 in support of the environmental and social assessments presented in Sections 3.8.1 and 17 of this report, including baseline environmental monitoring, stakeholder engagement activities, and assessment of tailings storage facility conditions.

All inspections occurred during active operational periods. Observations made during site visits were cross-referenced with geological models, mine plans, production records, and historical datasets to validate the assumptions used in Mineral Resource estimation, mine planning, cost estimation, and economic analysis. The AMC professionals who conducted the site inspections are the same individuals responsible for the technical content of this TRS and who contributed to the conclusions and recommendations presented herein.

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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The Qualified Person is satisfied that the site inspections were of sufficient scope, frequency, and duration to support the conclusions presented in this report.

**2.7** **Summary of previously filed technical report** 

This report updates and supersedes any previous technical reports prepared for KCM in the United States of America or other jurisdictions, based on earlier geological models and classification criteria relying primarily on variogram ranges. The current assessment includes revised drillhole data, updated estimation methods, and a stricter classification framework as applied by AMC in line with current industry practice.

**2.8** **Qualified Persons** 

AMC is an independent third-party consulting firm comprising mining experts, including professional geologists and mining engineers. In accordance with S-K Item 1302(b)(1)(ii), AMC signs this TRS as a firm.

The AMC personnel who prepared this report are specialists in geology, Mineral Resource estimation, underground mining, geotechnical engineering, mineral processing, and mineral economics. All contributing personnel have more than five years of relevant experience in sediment-hosted copper deposits and underground mining operations and are members in good standing of recognised professional organisations including the Australasian Institute of Mining and Metallurgy (AusIMM).

AMC takes responsibility for all sections of this Report.

**2.9** **Reliance on the registrant** 

AMC have relied on information and assurance provided by KCM and several specialists employed by KCM. The detail of this reliance is provided in Section 25 of this document.

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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| **3** | **Property description** |

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**3.1** **Property description** 

This Initial Assessment has been prepared in accordance with Item 1302(d) of Regulation S-K and covers the KCM Integrated Operations, a single integrated mining complex comprising the Konkola Mine and Concentrator near Chililabombwe, the Nchanga Business Unit (NBU) operations near Chingola (including the Chingola Open Pit DF, Nchanga Underground, and the planned COP E Extension, COP DF Underground, and Luano Underground projects), the Nchanga TLP and associated TD03 and TD04 tailings recovery operations, the Nchanga Smelter, and the Nkana Refinery in Kitwe. The Nampundwe Pyrite Mine in Shibuyunji District, which supplies pyrite flux to the Nchanga Smelter, is a supporting asset within the KCM license portfolio but is not a copper-producing operation.

The scope of this Initial Assessment differs from the companion PFS Technical Report Summary in that it includes the full Mineral Resource base across all KCM operations, including Inferred Mineral Resources that are too speculative geologically to have the economic considerations applied to them that would enable classification as Mineral Reserves. The PFS is limited to the Mineral Reserve at Konkola Mine and the TD03/TD04 tailings recovery operations. The Nchanga Business Unit mining operations (COP DF open pit, COP DF Underground, COP E Extension, Luano Underground, and Nchanga Underground) are assessed in this Initial Assessment only and are not part of the PFS.

Per Item 1301 of Regulation S-K, the KCM Integrated Operations is classified as a single material property (Table 3.1). The integrated nature of operations — with Konkola concentrate processed through the Nchanga Smelter and refined at the Nkana Refinery — means that these assets cannot be economically or operationally separated. Per Item 1304, material properties receive individual detailed disclosures throughout this report. The component assets comprising the KCM Integrated Operations are summarised in Table 3.2.

Table 3.1 Material property classification

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| | | |
|:---|:---|:---|
| **Property** | **Classification** | **Justification** |
| KCM Integrated Operations | MATERIAL | Single integrated mining complex: Konkola Mine + Nchanga Operations + TD03/TD04 + Nchanga TLP + Smelter + Refinery. Common ownership, interdependent operations, integrated value chain from ore to refined copper. |

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Table 3.2 Component assets within KCM Integrated Operations

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| | | |
|:---|:---|:---|
| **Component** | **Status** | **Notes** |
| Konkola Mine | Operating | Primary production center; 87% of of M&I Case payable copper; 91% of Full Resource copper |
| TD03/TD04 Tailings Recovery | Operating | Integrated with Nchanga TLP; 13% of M&I Case payable copper |
| Nchanga COP DF Open Pit | Operating | Limited remaining life; Full Resource Case only |
| Nchanga COP DF Underground | Planned | IA-level confidence; Inferred Resources only |
| Nchanga COP E Extension | Planned | IA-level confidence; Inferred Resources only |
| Nchanga Luano | Planned | IA-level confidence; Inferred Resources only |
| Nchanga Underground (UOB / LOB) | Operating | Limited remaining mine life; Full Resource Case only |
| TD05 / Kakosa Tailings | Future | Not yet drilled; no Resource estimate |
| SP16 Stockpile | Marginal | Low grade (0.5% TCu) |
| Nampundwe Mine | Supporting | Pyrite source only; no copper production |

---

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| | |
|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

---

**3.2** **Project location** 

The KCM Integrated Operations are located in the Copperbelt Province of the Republic of Zambia (Figure 3.1), within a region that has historically been the backbone of Zambia's economy and remains a globally significant copper-producing district. The Konkola Mine is situated at Chililabombwe, approximately 20 km north of Chingola and 5 km south of the Zambia–DRC border, at latitude 12.375°S and longitude 27.831°E. The Nchanga Complex, including open pit and underground mines, concentrators, Nchanga TLP, and smelter, is located approximately 4 km from the town of Chingola at latitude 12.513°S and longitude 27.858°E. The Nkana Refinery is located in Kitwe at latitude 12.809°S and longitude 28.252°E. The Nampundwe Pyrite Mine is located in the Shibuyunji District of Central Province, approximately 320 km south of the Copperbelt operations, at latitude 15.492°S and longitude 27.910°E.

Geographic coordinates for all major facilities are presented in Table 3.3 and shown on the property location maps (Figure 3.2 and Figure 3.3).

Figure 3.1 Map of Zambia showing the Copperbelt Region

Source: Post-Mining Restoration in Zambia Screening native tree species for phytoremediation potential. 2021. ResearchGate. Retrieved from https://www.researchgate.net/figure/Map-of-Zambia-The-Copperbelt-region-is-marked-in-the-stripped-grey-and-the-sampled-areas_fig1_341293959. Accessed: 24 Mar 2025.

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|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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Figure 3.2 Property location map – KCM Integrated Operations

Source: Base map tiles© OpenStreetMap contributors. Coordinate system: WGS 84 (EPSG:4326), Decimal Degrees. Map accuracy within ±50 m of stated coordinates.

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| | |
|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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Figure 3.3 Geographic location of Konkola Mines in Zambia

![](ctm003_ex96-1img12.jpg)

Note: Map showing the location of Konkola Mines, Zambia.

Source: Google Earth Pro., 2025. Available at: https://earth.google.com. Accessed 10 March 2025.

Table 3.3 KCM Integrated Operations — facility coordinates (WGS84 datum)

---

| | | | |
|:---|:---|:---|:---|
| **Site / facility** | **Latitude** | **Longitude** | **License No.** |
| **Konkola Complex — Chililabombwe** |  |  |  |
| Konkola Mine (No. 4 Shaft) | 12.378820˚ S | 27.829329˚ E | 7076-HQ-LML |
| Konkola Mine (No. 1 Shaft) | 12.380048˚ S | 27.829103˚ E | 7076-HQ-LML |
| Konkola Mine (No. 3 Shaft) | 12.359064˚ S | 27.818375˚ E | 7076-HQ-LML |
| Konkola Concentrator | 12.375666˚ S | 27.829844˚ E | 7076-HQ-LML |
| **Nchanga Complex — Chingola** |  |  |  |
| Nchanga Underground (D Shaft) | 12.524812˚ S | 27.854832˚ E | 7075-HQ-LML |
| Chingola Open Pit DF (COP DF) | 12.555909˚ S | 27.815651˚ E | 7075-HQ-LML |
| Chingola Open Pit E Extension | 12.542381˚ S, | 27.814069˚ E | 7075-HQ-LML |
| Nchanga East Mill (Concentrator) | 12.526696˚ S | 27.858325˚ E | 28173-HQ-MPL |
| Nchanga West Mill (Concentrator) | 12.525773˚ S | 27.857918˚ E | 28173-HQ-MPL |
| Nchanga Smelter | 12.530508˚ S | 27.855137˚ E | 7075-HQ-LML |
| Nchanga TLP | 12.532698˚ S | 27.847922˚ E | 28174-HQ-MPL |
| **Tailings storage facility Facilities — Chingola** |  |  |  |
| TD03 — centroid | 12.502871˚ S | 27.794465˚ E | 7075-HQ-LML |
| TD04 — centroid | 12.513000˚ S | 27.797564˚ E | 7075-HQ-LML |
| **Nkana Refinery — Kitwe** |  |  |  |
| Nkana Refinery (Electrorefinery) | 12.657859˚ S | 28.082655˚ E | 20945-HQ-MPL |
| **Nampundwe Mine — Shibuyunji District** |  |  |  |
| Nampundwe Pyrite Mine | 15.492062˚ S | 27.909868˚ E | 7074-HQ-LML |

---

Notes: All coordinates in WGS84 decimal degrees. Complex-level coordinates represent the approximate centroid of each operational area. Areas sourced from Large-Scale Mining License schedules.

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| | |
|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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**3.3** **Ownership** 

KCM is an indirect subsidiary of CopperTech Metals Inc. (the Registrant). CopperTech holds its interest in KCM through Vedanta Resources (Jersey) Limited (VRJL). As of the effective date of this report, VRJL holds 79.42% of KCM's issued share capital, with Zambia Consolidated Copper Mines Investment Holdings Plc (ZCCM-IH) holding 20.58%. The Government of the Republic of Zambia holds one special share in KCM.

Mineral rights associated with the Konkola and Nchanga license areas are held by Konkola Mineral Resources Limited (KMRL), a wholly owned subsidiary of KCM. A complete schedule of mining licenses, mineral processing licenses, and associated areas is provided in Table 3.4.

In May 2019, ZCCM-IH petitioned the High Court of Zambia seeking to wind up KCM, and a provisional liquidator was appointed to oversee operations. On 6 November 2023, the parties entered into the KCM Shareholders Agreement, establishing the terms for the resumption of operational control by VRJL. The Scheme of Arrangement was sanctioned by the High Court on 28 June 2024 and became effective on 31 July 2024, at which point the provisional liquidator was removed and the board of directors of KCM was reinstated. In connection with the Scheme of Arrangement, VRJL entered into loan agreements with KCM for an aggregate principal amount of up to US$1.27 billion (B) to fund capital expenditure, creditor settlement, and community support. Further details on the Scheme of Arrangement and KCM Shareholders Agreement are provided in the Registrant's Registration Statement on Form S-1.

**3.4** **Mineral rights** 

KCM's mineral rights are governed by Zambia's Minerals Regulation Commission Act (2024).

The company operates under Large-Scale Mining Licenses (LSMLs) and Mineral Processing Licenses (MPLs) issued by the Ministry of Mines and Minerals Development (MMMD). These licenses grant KCM exclusive rights to explore, mine, and process copper within its designated areas. The key licenses relevant to current operations and processing infrastructure are shown in Table 3.4.

Table 3.4 KCM mineral rights and tenure details

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset** | **License** | **Description** | **Area (ha)** | **Expiry date** |
| Konkola Mine License | 7076-HQ-LML | Covers mining and concentrator operations at the Konkola Mine site in Chililabombwe | 6692.254 | 30 March 2050 |
| Nchanga License | 7075-HQ-LML | Covers Nchanga mining and tailings recovery operations in Chingola | 8516.93 | 30 March 2050 |
| Nchanga TLP License | 28174-HQ-MPL | Covers Nchanga TLP in Chingola | 177.0 | 16 December 2045 |
| Nchanga Old East Mill License | 28173-HQ-MPL | Covers all Nchanga concentrator operations in Chingola | 27.0 | 16 December 2045 |
| Nampundwe License | 7074-HQ-LML | Covers Pyrite mining and concentrator operations at Nampundwe located approximately 50 km west of Lusaka | 962.4528 | 30 March 2050 |
| Nkana Refinery License | 20945-HQ-MPL | Covers refining activities at the Nkana smelter and electro refinery in Kitwe | 50.0176 | 18 April 2050 |

---

Note: All licenses are held in the name of Konkola Copper Mines Plc and are associated with relevant surface rights and environmental approvals. As of the effective date of this report, there are no known encumbrances, material legal proceedings, material permit conditions, or compliance issues affecting the standing of these licenses.

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|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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**3.5** **Description of property rights** 

KCM holds exclusive rights to explore for, extract, process, and sell copper ores and related products within the boundaries of its mining licenses. These rights are granted under the Mines and Minerals Development Act (2015) of Zambia and are administered by the Ministry of Mines and Minerals Development. The licenses provide legal authority for both surface and underground mining activities, as well as construction and operation of associated infrastructure including processing plants, tailings storage facilities, waste management areas, and water abstraction systems.

Surface rights within the license areas are secured either directly through the mining licenses or through long-term leases with the Zambian Government. These rights permit the construction of mining infrastructure, roads, and processing facilities. Water abstraction rights have been obtained to support dewatering and processing operations, which are critical to underground mining viability.

Land access agreements have been established with local communities and traditional authorities to ensure uninterrupted mining and exploration activities. These agreements outline land-use policies, compensation frameworks, and sustainability commitments. In areas where project development has affected local landholders or settlements, resettlement action plans (RAPs) have been developed in line with Zambian regulatory requirements and international standards. These plans include structured consultation processes, physical relocation (where applicable), livelihood restoration programs, and monitoring mechanisms. Ongoing engagement with local communities is maintained to support KCM's social licence to operate.

As of the effective date of this report, all property rights are considered to be in good legal standing.

**3.6** **Infrastructure and access** 

The KCM Copperbelt operations are located within the towns of Chililabombwe, Chingola, and Kitwe in the Copperbelt Province of Zambia. The primary regional access route is the T3 Highway (Chingola–Chililabombwe Road), a sealed, all-weather tarmac road with a carriageway width of approximately 10 m, capable of supporting loads of up to 50 tonnes. The T3 Highway connects the Konkola and Nchanga operations and provides onward access to the Kasumbalesa Border Post, which serves as a key point for copper product exports and equipment imports.

Air transport is supported by the Simon Mwansa Kapwepwe International Airport in Ndola, approximately 130 km south-east of the Konkola Mine. The regional rail network connects to major southern and eastern African ports including Durban and Richards Bay (South Africa), Dar es Salaam (Tanzania), and Beira and Nacala (Mozambique), supporting export logistics for copper products and the import of equipment and bulk reagents.

Utilities required for operations, including power and water, are provided through established regional infrastructure. Power is supplied via the national grid through ZESCO Limited, Zambia's state-owned electricity utility. Detailed descriptions of infrastructure, topography, climate, and access conditions are presented in Section 4.

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| | |
|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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**3.7** **Royalty payments and fiscal obligations** 

Zambia's Minerals Regulation Commission Act (2024) mandates royalty payments based on copper production revenue at the following sliding scale rates:

· 4.0% for copper prices below US$4,000/t

· 6.5% for copper prices between US$4,000/t and US$5,000/t

· 8.5% for copper prices between US$5,000/t and US$7,000/t

· 10.0% for copper prices above US$7,000/t

KCM is additionally subject to a 30% corporate income tax and a 16% value-added tax (VAT) on applicable transactions. These fiscal obligations form part of the national revenue system and are not tied to community investment schemes. Community development initiatives are administered through separate corporate social responsibility (CSR) frameworks.

**3.8** **Significant encumbrances to the property** 

To the Qualified Person's knowledge, as of the effective date of this report, there are no material encumbrances to the KCM mining licenses or property rights that would prevent KCM from conducting mining operations. KCM is subject to standard regulatory, environmental, and social obligations that are typical for mining operations in Zambia, as described below.

**3.8.1** **Environmental compliance obligations** 

Based on the 2020 Environmental Protection Fund (EPF) audit report, Konkola Copper Mines Plc (KCM)'s total EPF liability across all locations was US$129 million (M). As per the assessment, Nkana was classified under Category 1, while Nchanga, Konkola and Nampundwe were classified under Category 2, with a total cash contribution liability of US$12,037,058.

KCM made a cash contribution of US$5,464,682, leaving an outstanding balance of US$6,572,376 during the liquidation period. Following the introduction of the Creditors' Scheme of Arrangement, the Mines Safety Department (MSD) successfully filed a claim for US$6,572,376 under the Scheme. As MSD falls under the Government of the Republic of Zambia (GRZ), settlement of this claim will be governed by the waterfall mechanism provided under the approved Scheme of Arrangement and will be affected in accordance with the structure set out therein.

In relation to the period of provisional liquidation, during which KCM was not under the control of Vedanta, KCM has been granted a two-year moratorium on liabilities from the date of Board reinstatement (31 July 2024). During this moratorium period, no payments in respect of such liabilities are required to be made.

KCM is actively working across all operational sites to improve compliance with EPF requirements and enhance site categorisation, which is expected to reduce future cash contribution obligations.

The recognised asset retirement obligation as of 31 March 2025 is US$66.6M.

Environmental compliance is governed by permits issued under the Environmental Management Act, including conditions related to tailings management, water quality, air emissions, and waste handling. KCM is subject to compliance and prevention orders issued by ZEMA requiring, among other things, rehabilitation of TD05, desilting and ecological restoration of natural streams, installation of off-gas cleaning systems at the Nchanga Smelter anode furnaces, and measures to ensure dam stability and zero discharge from pollution control dam areas. KCM has planned capital expenditures of approximately US$28 million over the next five years to address these compliance requirements. Total closure costs are estimated at US$101 million (Section 18). Updated closure plans have been prepared in line with IFC Environmental and Social Performance Standards and are currently pending before ZEMA. Detailed rehabilitation, closure, and post-closure planning is presented in Section 17.3.

**3.8.2** **Permit conditions** 

Mining and processing operations are subject to conditions outlined in licenses and permits issued by ZEMA and other regulatory authorities. These conditions address land disturbance, air and water discharge limits, hazardous materials management, and occupational health and safety standards. Non-compliance may result in fines, suspension of activities, or legal enforcement actions.

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| | |
|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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**3.8.3** **Social and land use obligations** 

KCM engages with local communities and traditional authorities on matters relating to land access, displacement, and environmental impacts. Where resettlement is required, KCM implements RAPs that include compensation mechanisms, livelihood restoration, and post-resettlement monitoring. These obligations are considered an integral part of maintaining the company's social licence to operate.

**3.9** **Significant factors and risks affecting access** 

**3.9.1** **Operational risks** 

KCM's operations at Konkola are exposed to a range of technical, environmental, and infrastructure-related risks that may affect the consistency of production and cost management. The principal operational risks are:

**Geological complexity:** The Konkola deposit is characterised by folded and faulted stratigraphy, variable mineralisation thickness, and locally disrupted mineralisation associated with thrust zones and synclinal folding. These geological features complicate stope layout, sequencing, and dilution control, particularly in areas where the mineralisation is pinched or offset. Variability in lithological contacts and the presence of soft interbedded units also pose geotechnical challenges for ground support and hangingwall stability. Ongoing reconciliation between modelled and actual mineralisation geometry is required to maintain operational efficiency and accurate resource and production forecasting.

**Dewatering requirements:** Konkola is one of the wettest underground mines globally, with groundwater inflows averaging approximately 350,000 m³/day, resulting in a hoisted ore-to-water ratio of approximately 1:49. Effective mine access and safety are contingent on continuous operation of multi-stage dewatering infrastructure, including underground pump chambers and high-capacity surface discharge systems. The scale and cost of dewatering represent a persistent operational and financial risk, particularly if equipment reliability, power supply, or maintenance programs are compromised. Dewatering limitations may also restrict access to deeper sections of the deposit and influence the achievable mining rate.

**Power supply reliability:** The operation is reliant on grid-connected hydroelectric power supplied by ZESCO, which is subject to seasonal variability due to rainfall-dependent reservoir levels. Periodic national power shortages and scheduled load-shedding events can disrupt production and impact critical systems such as dewatering, hoisting, ventilation, and ore processing. As the mine cannot operate without constant dewatering, interruptions to power supply present a significant operational risk. Existing backup capacity is limited and not sufficient to maintain full dewatering or production rates during extended outages.

**3.9.2** **Regulatory and social risks** 

KCM's ability to maintain uninterrupted access to its mining tenements and sustain long-term operations is subject to regulatory stability, community engagement, and ongoing compliance with environmental and licence obligations. While Zambia has an established mining regulatory framework and a supportive investment environment, the regulatory environment continues to evolve in response to economic pressures, global commodity prices, and stakeholder expectations.

**Government policy:** Zambia's mining sector has experienced policy and fiscal shifts over the past decade, including changes to royalty structures, VAT rules, and corporate tax rates. These adjustments have sometimes occurred with limited notice, affecting financial models and operational planning. Future policy reforms — particularly around beneficiation, local content requirements, or energy use — could introduce new compliance requirements.

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|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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**Community relations:** KCM operates in proximity to densely populated communities, some of which are directly affected by land access, water usage, or environmental outcomes from mining operations. While community engagement frameworks are in place, there remains a risk that local concerns regarding resettlement, employment, or environmental impacts could escalate, particularly in areas earmarked for expansion or infrastructure upgrades. Proactive engagement, grievance resolution mechanisms, and ongoing social investment are necessary to maintain trust and operational continuity.

**Licence renewals and regulatory compliance:** Retention of mineral rights is subject to compliance with licence conditions, including reporting obligations, environmental monitoring, and demonstration of continued exploration or development activity. Failure to meet these obligations may lead to penalties, delays in licence renewal, or revocation. Sustained compliance is critical to maintaining the right to operate.

**Artisanal mining:** Artisanal and small-scale mining activity along the Zambian Copperbelt is commonplace and may impact licensing and mining rights, surface access, and community relations in areas adjacent to KCM's operations.

**3.10** **Adjacent properties** 

The following section describes properties adjacent to or in the immediate vicinity of the KCM license areas. The descriptions are based on publicly available information disclosed by the respective owners and operators. The Qualified Person has not verified the information presented and it is not necessarily indicative of the mineralisation, geological characteristics, or economic potential of the KCM properties that are the subject of this TRS.

Table 3.5 Summary of adjacent properties

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Property** | **Owner / Operator** | **Location** | **Commodity** | **Status** | **Adjacent KCM License** |
| Mimbula Project | Moxico Resources | Chingola | Cu | Operating (OP) | 7075-HQ-LML |
| Mopani Nkana Complex | ZCCM-IH | Kitwe | Cu, Co | Operating (UG) | 20945-HQ-MPL |
| Lubambe Mine | EMR Capital / ZCCM-IH | Chililabombwe | Cu | Operating (UG) | 7076-HQ-LML |
| Mingomba Project | KoBold Metals / ZCCM-IH | Chililabombwe | Cu | Exploration | 7076-HQ-LML |

---

Note: UG = underground, OP = open pit. Ownership and status based on publicly available information as of March 2025.

These neighbouring operations are hosted within the same regional geological setting, notably the Lower Roan Subgroup of the Katangan Supergroup. While they share regional structural and stratigraphic continuity with the KCM deposits, each project is independently operated, and there are no current joint ventures or cooperative development agreements in place.

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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| | |
|:---|:---|
| **4** | **Accessibility, climate, local resources, infrastructure, and physiography** |

---

**4.1** **Topography and land description** 

KCM operations (including Nchanga and Konkola) are located on the Copperbelt and Central Provinces which are in North-Central Zambia and Central Zambia respectively. The Copperbelt Province is 13.06°S and 27.55°E and is host to the Konkola operations in the town of Chililabombwe and the Nchanga Mine in the town of Chingola. The Central Province which is home to the Nampundwe Mine is in the district of Shibuyunji, which lies between 15°S and 26°E.

The town of Chililabombwe lies at an elevation of 1,360 meters (m) on the Central African Plateau. It is a low-lying land which extends to the border with the DRC. The topography between the hills is gently undulating with deeply weathered red lateritic soils. The top-soils are generally sandy but with a heavier textured subsoil. Most of these lateritic soils are leached because of the high rainfall and hence tend to be acidic and relatively infertile. The town has a population of ~100,000 people.

The town of Chingola lies at an elevation of 1,363 m and has a topography that is generally hilly with steep slopes along the Kafue River. The soils are sandy in some areas and loamy in others. It has a population of ~157,000 people making it the third most populated town on the Copperbelt Province.

Shibuyunji District is located at an elevation of 1,202 m along the Great West Road. Its topography is generally flat and swampy with fertile soils conducive for farming. The district is bound by the Kafue River on one side and has a population of ~177,000 people.

**4.1.1** **Flora and fauna** 

Miombo woodland is principally the vegetation type found in the Copperbelt region. The common tree species found in this vegetation type are Brachystegia, Isoberliriia, and Julbernardia. The natural vegetation patterns of the region have, however, been extensively disturbed by human activities that include mining activities, wood harvesting for fuel (charcoal production), subsistence / shifting agriculture and plantations among other activities.

The vegetation within the KCM Nchanga Mining License Area has equally been significantly disturbed through mining, charcoal production, subsistence agriculture and other human activities. The diversity of wildlife species within the Nchanga mining license area is poor mainly because of mining operations, human settlements, agriculture and other human activities that have resulted in loss of wildlife habitat and subsequent loss in species diversity.

**4.2** **Access to the property** 

**4.2.1** **Regional access** 

The KCM Copperbelt operations are located within the towns of Chililabombwe, Chingola, and Kitwe in the Copperbelt Province of Zambia. The Nampundwe pyrite mine is located in the Shibuyunji District of Central Province, approximately 50 km west of Lusaka.

The primary regional access route is the T3 Highway (Chingola–Chililabombwe Road), a sealed, all-weather tarmac road with a carriageway width of approximately 10 m, capable of supporting loads of up to 50 tonnes with maximum transport dimensions of 12 m length, 5 m width, and 4.5 m height. The T3 Highway connects the Konkola and Nchanga operations and provides onward access to the Kasumbalesa Border Post to the north, which serves as a key point for imports from the DRC and copper product exports. Local roads connecting to the Nkana Refinery in Kitwe are a mix of sealed and gravel surfaces maintained by the municipal authority.

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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Air access is provided by Simon Mwansa Kapwepwe International Airport in Ndola, situated approximately 65 km from Kitwe, 120 km from Chingola, and 150 km from Chililabombwe. The airport provides scheduled passenger and cargo flights, facilitating personnel movement and time-sensitive materials logistics.

**4.2.2** **Inter-site access and product transport routes** 

The KCM Integrated Operations require the routine transport of intermediate products between sites. Copper concentrate produced at the Konkola Concentrator is transported by road to the Nchanga Smelter in Chingola. Copper anodes produced by the smelter are transported by road to the Nkana Refinery in Kitwe for electrorefining to copper cathode. Pyrite concentrate from the Nampundwe Mine is transported by road to the Nchanga Smelter for use in concentrate blending. Table 4.1 summarises the inter-site distances and access routes.

Table 4.1 Inter-site distances and access routes

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| | | | |
|:---|:---|:---|:---|
| **Route** | **Distance¹** | **Road type** | **Product / purpose** |
| Konkola → Nchanga (Chililabombwe → Chingola) | ~25 km | Sealed (T3 Highway) | Copper concentrate (Konkola Concentrator to Nchanga Smelter) |
| Nchanga → Nkana Refinery (Chingola → Kitwe) | ~55 km | Sealed (regional road) | Copper anodes (Nchanga Smelter to Nkana Refinery for electrorefining) |
| Konkola → Nkana Refinery (Chililabombwe → Kitwe) | ~80 km | Sealed (via Chingola) | Personnel; combined route for concentrate and anode transport |
| Nampundwe → Nchanga (Shibuyunji → Chingola) | ~350 km | Sealed (T2/T3 via Kapiri Mposhi) | Pyrite concentrate (Nampundwe Mine to Nchanga Smelter for blending) |
| Nchanga → Kasumbalesa Border Post (Chingola → DRC border) | ~40 km | Sealed (T3 Highway) | Copper product export; equipment and reagent imports from DRC |
| Kitwe → Simon Mwansa Kapwepwe Airport (Ndola) | ~65 km | Sealed | Personnel, time-sensitive materials |

---

Note:¹ Road distances are approximate road distances between town centers. Facility gate-to-gate distances may vary.

All inter-site product transport is by road. The local railway infrastructure in the Copperbelt is not currently operational for concentrate or product haulage due to the deteriorated condition of rolling stock and track in the Chililabombwe–Chingola corridor (refer to Section 15.2). Road freight is the primary logistics mode for both inter-site intermediate product movement and final product export.

The T3 Highway provides reliable year-round access between the Konkola and Nchanga operations. Local roads within the Copperbelt towns are generally maintained but are subject to deterioration during the wet season (November to March), with potholes a known hazard. Road conditions are not considered a material constraint on operations.

Detailed descriptions of road, rail, and port infrastructure are provided in Section 15. Export logistics, including routes to the ports of Dar es Salaam (Tanzania), Durban (South Africa), and Walvis Bay (Namibia), are described in Section 15.3.

Figure 4.1 illustrates the principal inter-site product transport routes connecting the KCM Integrated Operations, including the movement of copper concentrate, copper anodes, and pyrite concentrate between facilities.

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|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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Figure 4.1 Inter site logistics map

![](ctm003_ex96-1img13.jpg)

Notes: Schematic representation; facilities not to geographic scale. All inter-site product transport is by road. Local rail infrastructure is not currently operational for product haulage (refer Section 4).

Source: AMC, 2025. Adapted from KCM operational data and S-1 Registration Statement.

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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**4.3** **Climate description** 

The KCM operations are situated within a subtropical climate zone characterised by distinct wet and dry seasons. The wet season extends from approximately November to April, with the dry season from May to October. Mean annual rainfall across the Copperbelt region is approximately 1,200 mm, with the majority falling between December and March.

At the Konkola and Nchanga operations in the northern Copperbelt, average temperatures range from approximately 17°C in the cool dry season (June–August) to 27°C during the hot wet season (October–December). Conditions at the Nkana Refinery in Kitwe are broadly comparable given its proximity within the Copperbelt Province. The Nampundwe Mine, located approximately 320 km to the south in the Shibuyunji District, experiences a similar seasonal pattern but with marginally lower annual rainfall and slightly higher dry-season temperatures.

Increased rainfall during the wet season can affect surface transport between sites, tailings deposition rates, and water management at the TD03 and TD04 tailings storage facilities. However, all KCM operations, including Konkola Mine mining, the Nchanga open pit and concentrators, and the Nkana Refinery, operate on a year-round basis. There is no seasonal restriction to the operating season.

**4.4** **Availability of required infrastructure** 

The mine site is within the districts of Chingola, Chililabombwe, Kitwe, and Shibuyunji, infrastructure availability is detailed below. Utilities required for operation, including power and water, are provided through established regional infrastructure. Access to tailings and backfill facilities, as well as haul and access roads linking to the processing and smelting operations, is also in place.

**4.4.1** **Power** 

The mining area of interest have access to grid power. Copperbelt towns get their power through Copperbelt Energy Corporation (CEC) under a long-term power supply agreement. All infrastructure is well established and has been providing 200 megawatts (MW) for over 20 years.

**4.4.2** **Water** 

The Kafue River system passes through all Copperbelt towns and remains a source of water for all mining operations associated with KCM. Part of Kafue recharge water comes from the Konkola Mine which pumps approximately 350,000 m³/day. Even in drought seasons, the Kafue River still maintains a reasonable recharge to adequately cater for KCM mining and processing requirements.

**4.4.3** **Supplies** 

The Copperbelt regions have historically housed mining houses since 1925. Over the years other support industries have been established to supply consumables such as Mill Balls, Bolts and Nuts, Rubber and other mining consumables. Further, a number of companies have come up to supply valves, fuels and other materials requirement to support the LOM plan. Other supplies coming from overseas are transported through available international roads while some are air freighted through available airports.

**4.4.4** **Personnel** 

Surrounding areas have colleges that have consistently trained human resources for the mining industry. Of interest are institutions such as: The University of Zambia, The Copperbelt University, Northern Technical College all located within 500 km radius. KCM runs the Kitwe Trades School.

Over the years, Zambia has produced mining personnel with relevant experience. KCM has retained significant human capital in all fields in Sustainability, Human Capital Management, Metallurgy, Mining, Maintenance, Electrical to support the LOM plan. There is a clear succession plan in place and training is provided to ensure sustained performance.

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|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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|:---|:---|
| **5** | **History** |

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The KCM Integrated Operations encompass three mining license areas in Zambia: the Nchanga Large-scale Mining License (7075-HQ-LML) in Chingola, the Konkola Large-scale Mining License (7076-HQ-LML) in Chililabombwe, and the Nampundwe Large-scale Mining License (7074-HQ-LML) in Nampundwe. The mining history of these properties spans over nine decades and is closely tied to the broader development of the Zambian Copperbelt as one of the world's major copper-producing regions.

This section describes the type, amount, quality, and general results of exploration, development, and mining undertaken by previous owners. A detailed exploration history, including drilling campaigns and geological modelling, is presented in Section 7. Production history is discussed in Section 5.6.

**5.1** **Early exploration and discovery (pre-1950)** 

Copper prospecting in the Zambian Copperbelt intensified during the 1920s and 1930s under British colonial interests. In 1923, exclusive prospecting concessions were granted to the Anglo American Corporation (Anglo) for the Rhokana Concession and to Roan Selection Trust (RST) for the Rhodesia Congo Border Concession. Anglo operated the Nchanga and Konkola deposits; RST operated mines at Roan Antelope (Luanshya), Mufulira, and Chambishi.

**5.1.1** **Nchanga** 

Exploration at Nchanga commenced in 1923 with surface reconnaissance, geological mapping, and trenching that identified copper anomalies within the Lower Roan Group sediments. Development of the underground mine began in 1927. Initial underground mining commenced in 1931 but was suspended shortly thereafter due to catastrophic flooding and depressed copper prices. The mine was rehabilitated and underground mining recommenced in 1937 under Nchanga Consolidated Copper Mines Limited (NCCM). The town of Chingola was founded in 1943 to service the expanding Nchanga operations.

**5.1.2** **Konkola** 

Early exploration at Konkola (then known as Bancroft) was limited to surface mapping, trenching, and basic geochemical sampling. These activities identified copper anomalies within sedimentary formations and led to the recognition of the Ore Shale Unit (OSU) as the primary host of copper mineralisation. Shaft sinking commenced with No. 1 Shaft in 1953, with ore production beginning from the No. 1 and No. 2 Shafts in 1957. The mine was operated by Anglo under the Bancroft name until Zambia's independence in 1964, after which the town was renamed Chililabombwe.

**5.2** **Systematic development and state ownership (1950s–1999)** 

**5.2.1** **Expansion under colonial and early independence era (1950s–1969)** 

From the 1950s onwards, exploration at both Nchanga and Konkola transitioned towards systematic diamond drilling aimed at confirming the continuity and thickness of the mineralised horizons. Early drilling programs used spacings of 200–300 m, which were progressively reduced as the deposits became better defined. These programs confirmed the stratiform nature of the mineralisation and identified key structural controls including faults, folds, and lithological variations.

At Nchanga, open pit mining commenced in 1955 from the Nchanga Open Pit (NOP), targeting extensive near-surface oxide and supergene-enriched copper mineralisation. Subsequently, additional satellite open pits were developed around the Chingola arc, making the Nchanga complex one of the largest open-pit copper operations in Africa. Underground mining continued in parallel, targeting deeper sulfide zones including what later became the Nchanga block cave.

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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At Konkola, the No. 3 Shaft commenced production in 1963, accessing the Kirila Bombwe North ore body. Infrastructure expansion included rail links integrated into the colonial network connecting the Copperbelt to southern export ports. By the late 1960s, Zambian national copper production had reached approximately 769,000 tonnes per annum, with the Nchanga and Konkola operations contributing materially to this total.

**5.2.2** **Nationalisation and ZCCM era (1969–1999)** 

Following the Matero Reforms of August 1969, the Government of the Republic of Zambia (GRZ) acquired a 51% interest in the two major foreign mining corporations. Anglo's Zambian operations were reorganised as Nchanga Consolidated Copper Mines (NCCM), encompassing the Nchanga, Nkana, and Konkola Mines. RST's operations became Roan Consolidated Mines (RCM). In 1973, the GRZ redeemed all outstanding bonds and assumed full management control. In 1982, NCCM and RCM merged to form Zambia Consolidated Copper Mines Limited (ZCCM), a state-controlled parastatal.

During the ZCCM era, capital investment in exploration and development was severely constrained. No new mines were opened after 1979. The mining operations were used to fund social services and employment programs, reducing the capital available for reinvestment in geological exploration, equipment maintenance, and mine development. National copper production declined from a peak of approximately 750,000 tonnes in 1973 to approximately 250,000 tonnes in 2000. Throughout this period, limited exploration drilling was undertaken at the KCM properties and little investment was made in processing infrastructure or shaft deepening.

**5.3** **Privatisation and Anglo American Corporation (2000–2002)** 

The privatisation of ZCCM's operating divisions commenced in the late 1990s under the Mines and Minerals Act of 1995. KCM was formed in March 2000 to acquire the assets of the Konkola Mine, Nchanga Mine, and Nampundwe Mine from ZCCM. KCM was initially 65% owned by ZCI Holdings SA (a wholly owned subsidiary of Zambia Copper Investment Limited, itself 50.9% owned by Anglo), 20% by ZCCM, and 7.5% each by the International Finance Corporation (IFC) and CDC Financial Services (Mauritius) Limited. Anglo was the largest individual shareholder with an effective 33% interest.

During this short ownership period, Anglo initiated planning for the Konkola Deep Mining Project (KDMP), which envisaged deepening the Konkola Mine to access higher-grade ore below existing workings. However, depressed copper prices and the capital requirements of the project led Anglo to withdraw its investment in KCM on 16 September 2002. IFC and CDC exited at the same time. Following these departures, KCM was restructured with approximately 42% held by ZCCM-IH and approximately 58% by ZCI Holdings SA, with GRZ holding one special share.

**5.4** **Vedanta Resources (2004–2019)** 

Following a search for a strategic equity partner, Vedanta Resources (Vedanta) took over management of KCM in November 2004. Vedanta's shareholding subsequently increased to 79.4%, with ZCCM-IH retaining 20.6%. In 2003, prior to Vedanta's operational takeover, KCM had acquired the Nkana metallurgical complex ("SmelterCo") comprising a smelter, refinery, and associated sulfuric acid plants and infrastructure in Kitwe.

Vedanta undertook significant capital investment in both development and processing infrastructure.

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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Table 5.1 Principal capital investments by Vedanta Resources (2004–2019)

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|:---|:---|
| **Investment** | **Description** |
| **Nchanga Smelter** | New flash furnace smelter commissioned in 2008 incorporating Outotec technology, with nominal capacity of 311,000 tpa. Replaced the former Nkana smelter as the primary smelting facility. Integrated sulfuric acid plant producing approximately 1,850 tpd of sulfuric acid for leaching operations at the Nchanga TLP. |
| **Konkola No. 4 Shaft** | Sinking commenced in June 2006 as part of the KDMP. Designed with 6 Mtpa hoisting capacity to access the deeper Kirila Bombwe South ore body. The shaft provides access to mineralisation at approximately 1,000 m depth, with the ore body traced to below 1,800 m. |
| **Konkola Concentrator** | New 6 Mtpa nameplate capacity concentrator commissioned in 2008 at the Konkola site, employing conventional milling and flotation to produce copper concentrate for the Nchanga Smelter. |
| **Nchanga Concentrators** | Upgrades to the three existing concentrators (Old East Mill, New East Mill, and New West Mill), with a combined capacity of 13 Mtpa. |
| **KDMP (partial)** | Partial development of the Konkola Deep Mining Project, including No. 4 Shaft sinking and initial underground infrastructure development. The full KDMP, requiring dewatering and extension of underground infrastructure to access deeper mineralisation, was not completed. |

---

Source: KCM, 2025; S-1 Registration Statement.

Vedanta also invested in brownfield exploration studies for several satellite deposits within the existing license areas, including Kakosa North and South, Chingola Open Pit 'E' Extension (COP E Extension), Chingola Open Pit D and F (COP DF) underground, and the Upper Ore Body. Extension and infill drilling of known mineralisation was undertaken throughout this period, focused on geological development below and along strike of mineralisation in and around active mining areas. None of the brownfield projects had advanced to construction by the time of provisional liquidation in 2019.

Exploration during the Vedanta period (2004-2019) is described in detail in Section 7.1. The key exploration activities included higher-density infill and extension diamond drilling programs at Konkola and Nchanga, supported by improved drill rig technology, core recovery techniques, and enhanced geostatistical modelling. These programs allowed the systematic classification of Mineral Resources into Measured, Indicated, and Inferred categories.

Integrated metal production reached a high of approximately 160,000 tonnes of copper in Financial Year (FY) 2013, reflecting the benefit of the Vedanta-era capital investments. However, production subsequently declined to approximately 90,000 tonnes in FY 2019, driven by mining challenges at Konkola (including water management), declining open-pit inventory at Nchanga, and reduced smelter feed.

**5.5** **Provisional liquidation (2019–2024)** 

In May 2019, ZCCM-IH filed a winding-up petition in the High Court of Zambia, resulting from a shareholder dispute with Vedanta. The High Court appointed a provisional liquidator ("the Provisional Liquidator") to oversee KCM's operations. During this period, KCM's board was suspended and the company operated outside of Vedanta's direct management.

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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**5.5.1** **Production curtailment** 

Under the Provisional Liquidator's control, total copper production declined significantly, falling from approximately 90,000 tonnes in FY 2019 to a low of approximately 54,000 tonnes in FY 2024. The principal factors contributing to the production decline were:

· Reduced capital investment in mine development, equipment replacement, and infrastructure maintenance,
resulting in declining ore production from both Konkola Mine and the Nchanga open pit and underground operations.

· Less concentrate delivered to the Nchanga Smelter, leading to the smelter operating at less than 50% of
its nominal capacity.

· Minimal acid production from the smelter, restricting feed to the Nchanga TLP and curtailing cathode output
from Nchanga TLP operations.

· Failure to pay third-party concentrate suppliers on time, further reducing smelter utilisation of available
concentrate.

· A four-month care and maintenance period during FY 2025, prior to the resumption of normal operations.

**5.5.2** **Exploration and development activity** 

No exploration, infill, or extension drilling was undertaken by KCM during the provisional liquidation period. Geological and structural mapping was continued at Konkola to refine lithological contacts, structural deformation, and alteration patterns. The mapping program focused on surface and underground geological observations, detailed core logging, and high-resolution core photography to document lithological variations and structural controls on mineralisation.

Capital development expenditure was minimal. Net cash used in investing activities during FY 2024 (under the Provisional Liquidator) was approximately US$28M, declining to approximately US$13M in FY 2025 due to care and maintenance activities.

**5.5.3** **Infrastructure condition** 

During the provisional liquidation, limited investment in equipment maintenance and infrastructure refurbishment resulted in deterioration of key mining and processing assets. Underground mining equipment at Konkola experienced reduced availability, and the Nchanga processing circuits operated below designed capacity. The condition of the Nkana Refinery tank house and the Nchanga Smelter required substantial refurbishment upon resumption of control.

**5.5.4** **Resolution and resumption of control** 

In 2023, Vedanta and ZCCM-IH resolved the shareholder dispute through a scheme of arrangement under which Vedanta committed to a revised investment program. The scheme was sanctioned by the High Court of Zambia on 28 June 2024 and became effective on 31 July 2024 (the "Scheme Effective Date"). On that date, the Provisional Liquidator was removed and Vedanta's control and ownership of KCM was reinstated, with shareholding restored to 79.4% Vedanta (through VRHL) and 20.6% ZCCM-IH. The board was reconstituted.

Since the resumption of control, Vedanta has deployed approximately US$125M to refurbish assets across the integrated operations and restore production. Under Vedanta's management from 31 July 2024 through 31 December 2025, KCM has achieved a production run rate of approximately 140,000 tonnes per annum of copper.

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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**5.6** **Production history** 

Mining and metal production from the KCM properties is summarised below. Production data prior to FY 2006 is limited due to the transition from ZCCM records. Detailed exploration history from the pre-1950s through the current period is discussed in Section 7.1.

Cumulative copper production from the KCM properties since commencement of operations is substantial.

Table 5.2 Cumulative copper production by operation

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| | | |
|:---|:---|:---|
| **Operation** | **First Production** | **Cumulative Cu Extracted** |
| **Konkola Complex** | 1957 | ~3.2 Mt |
| **Nchanga Complex** | 1937 (UG); 1955 (OP) | ~14.3 Mt |

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Source: KCM historical operational records; first production dates corroborated by KCM corporate website (kcm.co.zm) and publicly available Zambian Copperbelt mining history sources. Cumulative extraction includes all production since commencement.

KCM integrated metal production was highest in FY 2013 at approximately 160,000 tonnes of copper. Production continued on a downward trajectory to approximately 90,000 tonnes in FY 2019, at which point provisional liquidation commenced. During the provisional liquidation period (FY 2020–FY 2024), metal production averaged approximately 55,000 tonnes per annum and reached a low of approximately 54,000 tonnes in FY 2024. Production has remained below historic levels during the restart period.

A summary of KCM's historical production from FY 2006 to FY 2024 is shown in Figure 5.1.

Figure 5.1 KCM historical production FY06-FY24

![](ctm003_ex96-1img14.jpg)

Source: KCM, 2025.

Due to mining challenges during the provisional liquidation, less concentrate was delivered to the smelter, leading to the smelter operating at less than 50% capacity. This led to minimal acid production, restricting Nchanga TLP production. The smelter did not adequately utilise available concentrate in the country due to failure to pay concentrate suppliers on time.

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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KCM has demonstrated production capability of 160,000 tonnes per annum with all operations running optimally. The installed smelting and refining capacity is 300,000 tonnes per annum. KCM has installed capacity to produce in excess of 200,000 tonnes per annum of copper in concentrates at Konkola and 100,000 tonnes of copper cathodes from the tailings leach facility at Nchanga. With planned investment in mining and processing facilities, KCM is positioned to produce over 300,000 tonnes per annum of finished copper.

**5.7** **Key development milestones** 

Table 5.3 summarises the principal development milestones for the KCM Integrated Operations.

Table 5.3 Key development milestones

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| | | |
|:---|:---|:---|
| **Year** | **Operation** | **Milestone** |
| 1923 | Nchanga | Exploration commenced; surface reconnaissance and geological mapping. |
| 1927 | Nchanga | Underground mine development commenced. |
| 1931 | Nchanga | Initial underground mining commenced; suspended due to flooding and low copper prices. |
| 1937 | Nchanga | Underground mining recommenced under NCCM. |
| 1943 | Nchanga | Town of Chingola founded to service Nchanga operations. |
| 1953 | Konkola | No. 1 Shaft sinking commenced (Bancroft Mine). |
| 1955 | Nchanga | Open pit mining commenced from the Nchanga Open Pit. |
| 1957 | Konkola | First ore production from No. 1 and No. 2 Shafts. |
| 1963 | Konkola | No. 3 Shaft commenced production. |
| 1969 | All | GRZ acquired 51% interest in mining companies (Matero Reforms). Anglo operations reorganised as NCCM. |
| 1982 | All | NCCM and RCM merged to form ZCCM. |
| 2000 | All | KCM formed; acquired Konkola, Nchanga, and Nampundwe assets from ZCCM. Anglo American as strategic partner. |
| 2002 | All | Anglo American, IFC, and CDC withdrew from KCM. |
| 2003 | Nkana | KCM acquired Nkana metallurgical complex (SmelterCo) comprising smelter, refinery, and sulfuric acid plants. |
| 2004 | All | Vedanta assumed management of KCM (November). |
| 2006 | Konkola | Sinking of No. 4 Shaft commenced (KDMP). |
| 2008 | Nchanga | New Nchanga Smelter commissioned (Outotec technology, 311,000 tpa capacity). |
| 2008 | Konkola | New 6 Mtpa Konkola concentrator commissioned. |
| 2019 | All | Provisional liquidation commenced (May). Production decline accelerated. |
| 2024 | All | Scheme of arrangement sanctioned (June). Provisional Liquidator removed; Vedanta control restored (July). |

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Source: KCM, 2025; S-1 Registration Statement; public sources. Nampundwe development milestones are not available in sufficient detail for inclusion*.*

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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| **6** | **Geological setting and mineralisation** |

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The KCM operations are part of the Zambian Copperbelt, a major segment of the Central African Copperbelt, one of the world's most significant sediment-hosted copper provinces. The primary host rocks for copper-cobalt mineralisation belong to the Katanga Supergroup.

**6.1** **Regional geology** 

The KCM operations are part of the Zambian Copperbelt, a major segment of the Central African Copperbelt, one of the world's most significant sediment-hosted copper provinces, Figure 6.1. The Central African Copperbelt forms part of the Lufilian Arc, a large Neoproterozoic fold-and-thrust belt that developed due to the collision between the Congo and Kalahari cratons during the Pan-African Orogeny (~650-500 Ma). This collision shaped the arcuate Copperbelt structure, characterised by large-scale recumbent folding, thrust faulting, and shear zones, which significantly influenced copper mineralisation distribution. The Copperbelt comprises Neoproterozoic-age sedimentary sequences that were initially deposited in an ancient rift environment and later subjected to regional tectonic deformation, further impacting the structural and mineralisation framework of the region.

Figure 6.1 Location of Lufilian Arc within Pan-African Belts of Central and Southern Africa

Source: Wendorff, M., 2011. Tectonosedimentary expressions of the evolution of the Fungurume foreland basin in the Lufilian Arc, Neoproterozoic-Lower Palaeozoic, Central Africa. Geological Society of London Special Publications, 357, 69-83. https://doi.org/10.1144/SP357.5.

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The primary host rocks for copper-cobalt mineralisation belong to the Katanga Supergroup, a thick succession of marine sedimentary sequences that unconformably overlie the older Basement Complex, which consists of metamorphic and igneous rocks such as schists, gneisses, and granitic intrusions. These basement rocks form the structural foundation for the overlying stratigraphic sequences and influence local deposit geometry. The Katanga Supergroup is subdivided into several formations, with the most economically significant being the Lower Roan Subgroup, which hosts the bulk of copper mineralisation within sandstones, siltstones, and carbonate-rich rocks. The overlying Mwashia and Kundelungu Groups contain additional sedimentary sequences that play roles in fluid migration and structural modification of mineral deposits.

The geological evolution of the Central African Copperbelt is defined by key processes that influenced mineralisation:

· Initial rift-related deposition (880-750 Ma): The formation of the Katanga Supergroup occurred within
a rift basin, leading to the accumulation of thick siliciclastic and carbonate sediments that laid the foundation for later mineralisation.

· Main phase of basin subsidence (750-650 Ma): Continued deposition of marine sediments, including black
shales, carbonates, and siltstones, established the stratigraphic framework that would later host copper deposits.

· Orogenic compression and mineral remobilisation (~650-500 Ma): The Lufilian Orogeny deformed the Katanga
rocks, inducing folding, thrusting, and faulting that created structural traps, facilitating fluid migration and concentrating copper-cobalt
mineralisation.

The copper deposits of the Zambian Copperbelt are classified as sediment-hosted stratiform copper deposits, with mineralisation occurring as disseminated sulfides within shales, siltstones, and dolomitic horizons. These deposits formed through the interaction of metal-bearing hydrothermal fluids with sulfur-rich reductants, leading to the precipitation of copper sulfides (Figure 6.2). The complex structural modifications from the Lufilian Orogeny played a crucial role in shaping the distribution and quality of mineralisation zones, making structural controls a key factor in the localisation of mineralisation.

Figure 6.2 Schematic cross section of the Lufilian fold belt

![](ctm003_ex96-1img16.jpg)

Source: Selley, D., Broughton, D., Scott, R., Hitzman, M., Bull, S., Large, R., McGoldrick, P., Croaker, M., & Pollington, N. (2005). A new look at the geology of the Zambian Copperbelt. Society of Economic Geologists, 100th Anniversary Volume, pp. 000-000.

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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**6.1.1** **Lithostratigraphy of the Central African Copperbelt** 

The Katanga Supergroup is subdivided into three major stratigraphic groups that play a crucial role in copper mineralisation.

Roan Group (dominant copper host) consisting of:

· Lower Roan Subgroup (Mindola and Kitwe Formations) in Zambia, has a mixed upper and a predominantly siliciclastic
lower. With:

— Basal conglomerate arkoses of coarse clastic sediments of alluvial fans deposited in an intra-cratonic rift basin forming a porous and permeable unit that later acted as a conduit for mineralising fluids.

— Quartzite and feldspathic sandstones from braided streams, interbedded with conglomerates.

Organically rich finely laminated dolomitic shales, dolomites and siltstones. This unit contains the Ore Shale Unit (OSU), which hosts the stratiform copper-cobalt mineralisation found in the Konkola area. The high organic content created a reducing environment, leading to sulfide precipitation and the formation of extensive copper-rich zones.

· Upper Roan Subgroup overlies the Lower Roan, in Zambia it is a predominantly carbonate unit. Consisting
of thick often massive and recrystallised carbonate sequences, with interbedded shales and siltstones. With the change between the two
formations marked by the presence of a conglomerate breccia.

Nguba Group (overlying marine sequences) composed of carbonates, black shales, and calcareous siltstones, deposited in a deeper marine setting. Acting as a regional aquitard, restricted hydrothermal fluid flow and impacting mineralisation patterns. Some zones within the Nguba Group contain secondary copper enrichment, where remobilised fluids have introduced additional mineralisation.

Kundelungu Group (late-stage overlying sequences) consisting of thick quartzites, sandstones, and glaciogenic diamictites, representing deposition in a post-orogenic setting. These units do not host significant copper mineralisation but provide structural control by acting as competent layers that influence the development of folds and thrust faults.

Figure 6.3 illustrates a simplified stratigraphic column of the Kataga Supergroup and geological units containing copper mineralisation.

Figure 6.3 Simplified Katanga Supergroup stratigraphy

![](ctm003_ex96-1img17.jpg)

Source: Wendorff, M. (2011). Tectonosedimentary expressions of the evolution of the Fungurume foreland basin in the Lufilian Arc, Neoproterozoic-Lower Palaeozoic, Central Africa. Geological Society of London Special Publications, 357, 69-83. https://doi.org/10.1144/SP357.5.

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| Konkola Copper Mines Plc | 0424076 |

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**6.1.2** **Mineralisation genesis** 

Copper deposits of the Zambian Copperbelt are sediment-hosted stratiform deposits, formed through the interplay of sedimentation, basin evolution, and hydrothermal fluid migration. During Neoproterozoic rifting, metal-bearing basinal brines circulated through permeable Roan Group sediments. Copper and cobalt were leached from basement rocks and precipitated upon reacting with sulfur-rich reductants (such as organic matter and pyrite) within the OSU. Near-surface oxidation led to the formation of oxide copper minerals (malachite, azurite, and chrysocolla). Supergene enrichment enhanced chalcocite-dominated mineralisation, improving mineralisation grades.

**6.1.3** **Structural and tectonic evolution** 

The Central African Copperbelt has experienced multiple deformational events. Key structural features include:

· The Lufilian Orogeny (~650-500 Ma) - deforming the Copperbelt with crustal shortening and folding that
led to the formation of broad northwest-trending synclines and anticlines.

· Compression resulted in the development of thrust faults, which served as secondary pathways for fluid
movement and mineralisation deposition.

· The Konkola Syncline preserves high-grade copper mineralisation by trapping mineralisation within fold
closures.

· Thrust faults and shear zones have segmented the mineralised horizons, resulting in localised enrichment
zones and structural complexity.

· The Nguba Group functions as a major aquitard, restricting hydrothermal fluid flow and impacting mineralisation
deposition.

Primary mineralisation is hosted within the OSU. Regional-scale shear zones and low-angle thrust faults have influenced the redistribution of mineralisation, creating high-grade copper zones. Reactivated fault structures have remobilised copper-cobalt mineralisation, leading to the formation of secondary enrichment zones.

**6.2** **Konkola local geology** 

The geological map of the greater Konkola areas is shown in Figure 6.4. The Konkola deposit (shown in grey) is adjacent to the Kirilabombwe anticline.

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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Figure 6.4 Geological map of the greater Konkola area

![](ctm003_ex96-1img18.jpg)

Source: KCM, 2025.

Konkola mineralisation is hosted within the Lower Roan Subgroup, see the stratigraphic column in Figure 6.5. Key geological units include:

· Lower Roan Subgroup consisting of:

— Multiple coarse-grained conglomerates and sandstones at the base of the sequence.

— Footwall Quartzite (FWQ) a thick, well-cemented quartzite, forming a structurally competent horizon beneath the main mineralised zones.

Ore Shale Unit (OSU), the primary copper-bearing unit, composed of carbonaceous shales and interbedded siltstones. The mineralised OSU is characterised by fine-grained sulfide dissemination and bedding-parallel veinlets, with mineral deposition controlled by sedimentary permeability, organic matter content, and structural influences. Key geological features include:

— Primary host rock: Carbonaceous black shale interbedded with dolomite and siltstone.

— Structural complexity: Folding and thrust faulting create zones of enhanced mineralisation.

— Hydrothermal alteration: Carbonate veining, and minor sericite alteration.

— Hangingwall Quartzite (HWQ), a sequence of arkosic and cherty sandstones above the OSU, influencing groundwater movement and structural stability.

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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Figure 6.5 Stratigraphic column of the Konkola Geology

![](ctm003_ex96-1img19.jpg)

Source: KCM, 2025.

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**6.2.1** **Mineralisation** 

The Konkola deposit is classified as a sediment hosted stratiform copper deposit, formed in low-energy, reducing sedimentary environments. Mineralisation is primarily hosted within fine-grained sedimentary units, where copper sulfides precipitated under anoxic conditions. The deposit exhibits two distinct styles of mineralisation, influenced by lithological and structural controls: shale-hosted and sandstone-hosted copper mineralisation.

Shale-hosted fine grained copper mineralisation occurs within carbonaceous siltstones and shales of the OSU, forming laterally extensive, stratiform deposits. Copper deposition took place in multiple phases, beginning with primary hypogene sulfide mineralisation, followed by supergene enrichment, which enhanced mineralisation grades near the surface. Structural remobilisation further concentrated copper within fold hinges and fault intersections, creating localised high-grade zones.

In contrast, sandstone-hosted copper mineralisation is found in porous quarzitic sandstones of the FWQ, where mineralising fluids migrated into high-permeability zones, leading to structurally controlled, localised mineralisation deposition. Although less laterally extensive than shale-hosted mineralisation, these zones often contain higher-grade copper concentrations.

The dominant economic minerals at Konkola include chalcopyrite, bornite, and chalcocite. These primary copper sulfide minerals define the economic potential of the deposit, with bornite and chalcocite typically associated with higher copper grades, while chalcopyrite remains the most widespread. Cobalt is present often occurring as the copper cobalt sulfide (CuCo<sub>2</sub>S<sub>4</sub>) carrollite.

The mineralogy of the KCM operation varies significantly across different mining areas, reflecting differences in host rock composition, structural complexity, hydrothermal alteration, and secondary enrichment processes.

**Primary sulfide mineralisation**

The primary (hypogene) mineralisation at Konkola is characterised by the deposition of copper-bearing sulfide minerals within the OSU under reducing conditions during the initial formation of the deposit. This mineralisation style represents the earliest stage of copper enrichment and is largely controlled by the chemical composition of the host rock, basin-scale fluid migration, and diagenetic processes. Unlike secondary mineralisation, which results from later enrichment or oxidation, primary mineralisation is associated with the original precipitation of copper sulfides from hydrothermal fluids during the deposit's formation.

The distribution of chalcopyrite, bornite, and pyrite varies according to temperature, fluid composition, and permeability at the time of deposition. Chalcopyrite-dominant zones represent the earliest sulfide mineralisation, forming as a stable copper-iron sulfide under moderate-temperature conditions. Bornite-rich zones indicate higher copper enrichment, often associated with hydrothermal upgrading, while pyrite-dominant areas suggest less copper availability during early diagenesis.

In addition to its layer-parallel stratiform distribution, primary mineralisation at Konkola has also been affected by later structural reworking. In some areas, copper sulfides have been remobilised along shear zones and fault intersections, locally increasing mineralisation grades. These structural features, combined with hydrothermal alteration, have influenced the spatial variability of primary mineralisation and its transition into enriched secondary mineralisation zones. Key sources of copper from primary mineralisation are summarised below:

· Chalcopyrite (CuFeS ₂):

— The most abundant copper-bearing sulfide at Konkola, particularly in deeper, unaltered hypogene zones.

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— Typically forms as fine-grained disseminations within the shale matrix or as vein-hosted mineralisation along bedding planes and fractures.

— Chalcopyrite is the primary mineral in lower-grade areas but can be locally enriched where it has been altered by later hydrothermal or supergene processes.

· Bornite (Cu ₅ FeS ₄):

— Occurs in regions of increased thermal alteration, often in association with chalcopyrite.

— Found in higher-grade copper zones, where it partially replaces chalcopyrite, increasing the copper-to-iron ratio in the ore.

— Bornite is particularly notable in areas affected by hydrothermal fluid influx, where its formation is linked to sulfidation reactions and temperature variations.

· Pyrite (FeS ₂):

— Widespread across the OSU, with higher concentrations in lower-grade areas where it formed as an early diagenetic phase before copper mineralisation.

— Acts as an indicator of reducing conditions, which were crucial for the precipitation of copper sulfides.

— While not an economic source of copper, pyrite plays a role in buffering sulfur activity within the mineralising system and influencing later enrichment processes.

**Supergene enrichment and secondary mineralisation**

The process of supergene enrichment enhances copper grades at Konkola by transforming primary sulfides into secondary, more copper-rich minerals. This enrichment occurs when meteoric water infiltrates the deposit, dissolving copper from upper oxidised zones and redepositing it at deeper levels where chemical conditions shift from oxidising to reducing. This results in the conversion of chalcopyrite and bornite into higher-grade chalcocite and covellite, which has greater copper content per unit mass.

At Konkola, supergene enrichment is particularly evident in structurally favorable zones, such as areas with increased fracture permeability, shear zones, and fold hinges. These geological features provide pathways for descending copper-rich solutions and serve as natural deposition sites where secondary sulfides precipitate. As a result, supergene-enriched horizons often exhibit higher copper grades than the original primary sulfide mineralisation, making them economically significant for mining.

Secondary mineralisation, a broader term that encompasses supergene enrichment, refers to all mineral changes that occur after the initial formation of the deposit. This includes both sulfide transformations and the development of oxidised copper minerals. In the near-surface portions of the Konkola deposit, prolonged exposure to oxygen and acidic groundwater has altered sulfides into secondary copper oxides and carbonates, such as malachite, azurite, and chrysocolla.

· Chalcocite (Cu ₂ S) and Covellite
(CuS): Formed due to the leaching of primary sulfides and redeposition in enrichment blankets.

· Malachite (Cu ₂ (CO ₃)(OH) ₂)
and Azurite (Cu ₃ (CO ₃) ₂ (OH) ₂):
Common in weathered zones, particularly in the Nchanga Open Pit and Kakosa deposits.

· Chrysocolla and Cuprite: Found in oxidised portions, particularly along structural conduits where groundwater
movement has promoted oxidation.

These oxidised minerals mark the transition from the weathered surface layers down to the enriched sulfide zone.

While secondary sulfide mineralisation generally improves copper recovery through flotation due to the higher copper-to-iron ratio of minerals like chalcocite and digenite, oxide mineralisation poses different processing challenges. Copper oxides are less responsive to flotation and require acid leaching methods for effective recovery. The extent of oxidation and supergene enrichment at Konkola influences metallurgical performance, with some areas containing both highly reactive secondary sulfides and less flotation-efficient oxidised copper zones.

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The structural complexity of the Konkola deposit has a significant impact on the distribution of supergene enrichment and secondary mineralisation. Fault networks and shear zones have facilitated the downward migration of copper-bearing fluids, leading to localised zones of high-grade enrichment. At the same time, impermeable lithological boundaries, such as certain carbonate-rich layers, have acted as barriers, influencing where secondary mineralisation is concentrated.

Together, these processes have resulted in a vertically zoned deposit, with near-surface oxidised minerals transitioning into secondary sulfide-rich enrichment zones, which in turn grade into the deeper primary hypogene sulfides. Understanding the interplay between these mineralisation styles is critical for mine planning and processing, as different zones require distinct extraction strategies to optimise recovery.

**Hydrothermal alteration**

Hydrothermal alteration plays a role in modifying and upgrading mineralisation, particularly near shear zones and fault-controlled structural corridors. These alterations have influenced both the primary and secondary mineralisation processes, affecting mineral assemblages, metal mobility, and grade distribution.

These alteration zones often mark fluid pathways that controlled sulfide precipitation and redistribution, making them critical for targeting high-grade mineralisation shoots.

The primary hydrothermal alteration phases linked to mineralisation in the Konkola region include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Silicification:

— Quartz veining and silica flooding occur in and around ore-bearing units, enhancing rock competency but reducing permeability.

— This process often preserves sulfide mineralisation and is commonly associated with chalcopyrite-rich zones in the OSU.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Sericite-carbonate replacement:

— Fine-grained sericite (white mica) and carbonate minerals replace original feldspar and clay-rich components within shale and sandstone units.

— This alteration is associated with early-stage copper precipitation, often forming a chalcopyrite-pyrite assemblage, later overprinted by more copper-rich phases such as bornite and chalcocite.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Chloritic overprinting:

— Localised along shear zones and fault boundaries, chlorite alteration is indicative of hydrothermal fluid interaction and mechanical deformation.

— This alteration style is frequently linked to structural remobilisation of copper, where early-deposited chalcopyrite is upgraded to bornite and chalcocite, enhancing mineralisation grades in these zones.

**6.2.2** **Major structural controls on mineralisation** 

The dominant structural feature shaping mineralisation at Konkola is the Konkola Syncline, a large-scale fold that has helped preserve mineralised horizons by shielding them from erosion and oxidation. The syncline geometry has also acted as a mineralisation trap, concentrating copper-bearing fluids along the fold axis.

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In addition to folding, thrust faulting has played a role in mineralisation. Several major fault systems cut across the deposit, creating structural traps where mineralising fluids were focused along shear zones, fault intersections, and competency contrasts between rock units. These faults have led to:

· Thickening of mineralised zones, particularly in areas where repeated thrusting has stacked ore-bearing
units.

· Structural reworking of sulfides, with some areas experiencing remobilisation, resulting in localised
grade increases.

· Formation of high-grade lenses, particularly where faults intersect with lithological permeability contrasts,
enhancing fluid-rock interaction.

**6.3** **Nchanga local geology** 

The Nchanga mining complex is situated at the northwestern edge of the Kafue Anticline with mineralisation primarily hosted within the Lower Roan Subgroup, and specifically the Upper Ore Body (UOB), and the Lower Ore Body (LOB).The Nchanga mining complex spans a broader range of geological variability than at Konkola including the COP DF, COP E Extension, Luano, and underground deposits in both the UOB and LOB.

As at Konkola, the mineralisation at Nchanga is hosted within the Lower Roan Subgroup, with the enrichment of Arkosic sediments following the intrusion of the Neoproterozoic Nchanga basement granite. The emplacement and subsequent cooling of the Nchanga granite led to copper and cobalt enriched fluid migration across several horizons within the Lower Roan Subgroup, notably the UOB and LOB.

**6.3.1** **Mineralisation** 

Mineralisation at Nchanga comprises a sediment hosted stratiform copper deposit, formed in a low-energy, reducing sedimentary environment. Whilst the deposit genesis is similar to Konkola, the mineralisation displays a heterogeneous mix of oxide, supergene, and primary sulfide mineralisation due to prolonged weathering and groundwater interaction. Copper occurs in oxidised forms (malachite, chrysocolla) at the surface, while supergene sulfides (chalcocite, covellite) dominate in the enrichment zone, transitioning into primary chalcopyrite and bornite at greater depth.

The COP DF deposit area is situated at the lower south-eastern edge of the Nchanga asset, approximately 22 km directly south of Konkola with high copper concentrations present in the OSU.

At the upper north-eastern edge of the Nchanga assets is the Luano deposit area, approximately 20 km south-east of Konkola. Mineralisation is hosted within the Lower Roan Subgroup OSU and includes locally enriched carbonate horizons.

The Nchanga COP E deposit area is located to the immediate north of COP DF, and some 22 km south of Konkola. The mineralisation appears to be an extension of the Konkola deposit with mineralisation occurring in carbonaceous shales.

**6.3.2** **Major structural controls on mineralisation** 

The Nchanga COP DF deposit exhibits high copper concentrations in the OSU and is situated within a fault-bounded basin, with thrust faulting and folding enhancing the preservation of mineralisation in trap sites. Mineralisation displays a steep dip of 50-70° with the structural complexity increasing with depth.

The Luano deposit area comprises broad fold structures, with fewer faults that at the other deposits providing greater continuity of mineralisation. The mineralisation has a moderate dip of 25-40°.

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The Nchanga COP E deposit follows the regional synclinal trend, with localised structural disturbances which influence the geometry and thickness of mineralisation. The mineralisation sees dips varying between 45-70°, becoming shallower (30-40°) where the syncline starts to flatten out.

**6.4** **Summary of geological characteristics** 

The geographic extents of the Konkola and Nchanga deposits reported as Mineral Resources are summarised in Table 6.1.

Table 6.1 KCM deposit mineralisation extent

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|:---|:---|:---|:---|:---|
| **Deposit** | **Length (km)** | **Width (m)** | **Depth (m)** | **Mineralisation** |
| Konkola | ~ 5 | 5 – 50 | > 1,000 | Chalcopyrite, bornite |
| COP DF | ~ 1.5 | 3 - 50 | 300 - 600 | Malachite, chrysocolla, cuprite, bornite, and chalcopyrite |
| Luano | ~ 2 | 3 - 20 | 200 - 400 | Malachite, chrysocolla, cuprite, chalcocite, bornite, and chalcopyrite |
| COP E Extension | ~0.8 | 3 - 50 | ~300 |  |

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Table 6.2 summarises the variable geological conditions across Konkola and Nchanga assets.

Table 6.2 Summary of geological characteristics of KCM operations

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|:---|:---|
| &nbsp;&nbsp;**Operation** | &nbsp;&nbsp;**Geological characteristics** |
| &nbsp;&nbsp;Konkola | &nbsp;&nbsp; · Location: Centrally located in the Konkola mining district, approximately 15 km north of Nchanga.<br> · Host lithology: The OSU hosts the majority of copper mineralisation, overlain by the Hangingwall Quartzite. Dominated by chalcopyrite-pyrite mineralisation, with bornite becoming more prominent in structurally complex zones. Structural deformation, particularly thrust faulting, has created zones of higher permeability, allowing for localised remobilisation of copper and increased grade variability. Deep-seated hydrothermal fluids have contributed to minor silicification and sericite alteration, modifying the host rock and influencing metallurgical properties.<br> · Structural controls: The deposit is preserved within the Konkola Syncline, a broad northwest-trending fold structure. Thrust faulting and shear zones segment the mineralisation, creating localised enrichment and structural complexity.<br> · Deposit geometry and dip: The mineralisation is moderately to steeply dipping (45-70°), conforming to the synclinal structure. The dip increases sharply at depth, requiring specialised mining techniques.<br> · Hydrogeology: Konkola is among the wettest underground mines, with high groundwater inflows along faulted and fractured zones, necessitating intensive dewatering measures. |
| &nbsp;&nbsp;COP DF | &nbsp;&nbsp; · Location: Lower south-eastern edge of the Nchanga asset, approximately 22 km directly south of Konkola.<br> · Host lithology: Similar to the main Konkola deposit, with high copper concentrations in the OSU.<br> · Structural controls: Situated in a fault-bounded basin, with thrust faulting and folding enhancing preservation of mineralisation.<br> · Deposit geometry and dip: The mineralisation maintains a steep dip (50-70°), with structural complexity increasing significantly at depth.<br> · Hydrogeology: High groundwater management requirements due to fault connectivity and potential hydraulic connections to nearby mining areas, requiring continuous high-capacity dewatering. |
| &nbsp;&nbsp;Luano | &nbsp;&nbsp; · Location: Upper north-east edge of the Nchanga assets, approximately 20 km south-east of Konkola.<br> · Host lithology: Primarily Roan Group sediments, with localised carbonate-rich horizons.<br> · Structural controls: Characterised by broad fold structures, with fewer faults than other deposits, making mineralisation zones more continuous.<br> · Deposit geometry and dip: The mineralisation has a moderate dip (25-40°), with predictable continuity.<br> · Hydrogeology: Moderate groundwater inflows, but no major aquifer-related challenges. |
| &nbsp;&nbsp;COP E Extension | &nbsp;&nbsp; · Location: Lower south-eastern edge of the Nchanga asset immediately north of COP DF, approximately 22 km directly south of Konkola.<br> · Host lithology: Extension of the Konkola deposit, with continuous mineralisation in carbonaceous shales.<br> · Structural controls: The deposit follows the regional synclinal trend, with localised structural disturbances influencing mineralisation geometry and thickness.<br> · Deposit geometry and dip: The dip varies between 45-70°, with localised shallower zones (30-40°) where the syncline flattens.<br> · Hydrogeology: Similar dewatering challenges as Konkola Deep, requiring intensive pumping infrastructure and hydrogeological monitoring. |

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The mineralisation styles in the OSU vary significantly depending on lithology, alteration intensity, and structural influences thus there are distinct differences existing between mineralisation in the different mining areas.

· Konkola: Retains a predominantly primary sulfide assemblage, with disseminated chalcopyrite and bornite
hosted in the OSU. Minimal supergene alteration has occurred due to limited fluid penetration and deep burial, preserving the hypogene
mineralisation style.

· Kakosa South and Fitwaola (see Figure 11.1): Higher carbonate content has resulted in localised alteration
differences, affecting both rock strength and processing requirements. Sulfide mineralisation is more dispersed, with some areas exhibiting
lower supergene influence due to carbonate buffering effects, which limited acid-driven leaching.

· Nchanga: Mineralisation displays a heterogeneous mix of oxide, supergene, and primary sulfide mineralisation
due to prolonged weathering and groundwater interaction. Copper occurs in oxidised forms (malachite, chrysocolla) at the surface, while
supergene sulfides (chalcocite, covellite) dominate in the enrichment zone, transitioning into primary chalcopyrite and bornite at greater
depth.

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| **7** | **Exploration** |

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Exploration at KCM has been ongoing since discovery. The drilling database contains both historical and modern data from diamond core drilling. Modern drilling programs have focused on resource definition and upgrading classification.

There is no active exploration being undertaken at either Konkola or Nchanga assets. All exploration described below is historic and conducted by previous asset owners. All proposed drilling is resource infill or resource extension drilling. This includes all other means of exploration, for example geophysics.

**7.1** **Exploration history – Konkola and Nchanga** 

The exploration history of both Konkola and Nchanga spans over a century and includes:

· Multiple phases of geophysical surveys, geological mapping, hydrogeochemical sampling, and diamond drilling.

· Surface mapping and trenching, which provided the first indications of copper anomalies.

· Geochemical sampling, used to establish baseline geochemical signatures.

· Diamond drilling campaigns (1950s–1980s), which confirmed the stratiform nature of the OSU and outlined
the structural framework of the deposit.

· Higher-density drilling programs (1990s–2000s), improving confidence in grade continuity and allowing
for systematic Mineral Resource classification.

· Geostatistical modelling, integrating conditional simulation and variography techniques to refine resource
estimates.

**Early exploration (pre-1950s):** Initial Surface Reconnaissance: The earliest exploration efforts at Konkola were limited to surface mapping, trenching, and basic geochemical sampling. These activities aimed to identify copper anomalies and determine potential mineralised zones. Mapping efforts focused on understanding lithological and structural features; while trenching and shallow sampling confirmed the presence of copper within sedimentary formations. Although these early techniques were rudimentary, they led to the identification of the OSU, which was later recognised as the primary host of copper mineralisation at Konkola.

**Systematic diamond drilling phase (1950s–1980s):** From the 1950s onwards, exploration transitioned towards systematic diamond drilling, aimed at confirming the continuity and thickness of the OSU. Early drilling programs initially used wider spacing of 200–300 m, which was progressively reduced as the deposit was better defined. These programs provided critical insights into the stratiform nature of the deposit, confirming that copper mineralisation was laterally extensive and relatively continuous over several kilometres. Through this phase, key structural controls on mineralisation were identified, including faults, folds, and lithological variations, which were recognised as significant influences on grade distribution.

**Advancements in geological modelling (1990s–2004):** The 1990s marked a significant shift in geological strategy, coinciding with the privatisation of Zambian mining assets, which increased investment in geological studies. Higher-density infill and extension diamond drilling programs were undertaken, supported by improved drill rig technology, core recovery techniques, and enhanced geostatistical modelling. These advancements allowed for the systematic classification of Mineral Resources into Measured, Indicated, and Inferred categories, reducing uncertainty and improving the reliability of resource estimates.

In November 2004 KCM commenced management of the Konkola and Nchanga assets. From this time focus has been on production, then the development of smaller brownfields assets within and around the existing mining areas these include COP E Extension, COP DF underground, Kakosa North and South, Upper Ore Body and tailings dams.

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Recent production from the 2006 onwards is discussed in Section 5.6.

**Drilling (2004 to 2019):** Extension and infill drilling of known mineralisation was undertaken prior to provisional liquidation through ZCCM-IH in May 2019. The geological development focused on infill drilling below and along strike of mineralisation in and around active mining areas.

**Since 2019**: No exploration, infill and extension drilling has been undertaken by KCM. Geological and structural mapping has been undertaken at Konkola to refine lithological contacts, structural deformation, and alteration patterns to update the geological interpretation. The mapping program has focused on surface and underground geological observations, detailed core logging and high-resolution core photography to documenting lithological variations and structural controls on mineralisation.

**7.2** **Drilling methods** 

Collection and collation of drillhole data for Konkola and Nchanga is the same.

Infill and extension drillholes are drilled using pneumatic or electric hydraulic diamond coring underground drill rigs. Drill rod sizes include BQ, NQ, HQ, and PQ diameter depending on length and purpose of hole (dewatering or resource infill) which are specified by site geologists / hydrogeologists. Diamond drilling is outsourced to specialist drilling companies.

All drilled core is cleaned, measured and placed in appropriately labelled core boxes and transported from underground to the surface core yard facilities. The contractor performs all the work necessary to complete or abandon each hole in the manner specified by KCM.

**7.3** **Core recovery** 

A minimum core recovery of 90% is expected in the mineralisation. Core recovery is measured and checked during core logging.

**7.4** **Core logging** 

Core logging procedure includes recording information such as lithology, rock type, visible mineralisation, degree of weathering, RQD, and joint density. The logging is done manually on paper log template. Drill logs are then checked and verified by the supervising geologist and approved. The logs are then entered into Excel spread sheets and are again checked for transcription errors.

**7.5** **Sample selection** 

After logging the drillhole, the geologist prepares a sampling sheet. The entire mineralisation unit is sampled, including some portion of the footwall and hangingwall so as to have a clear definition of the mineralisation boundary. The sample interval is a maximum of 1 m in mineralisation, and 0.5 m in the immediate footwall and hangingwall formations.

Generally, for infill and extension drilling whole core is submitted for sample preparation and analysis. From mid-2025, for example sections, half core is being submitted so as to retain material in the core tray for audit purposes.

**7.6** **QAQC program** 

As part of QAQC, blank and certified reference material (CRM) samples are inserted consecutively for every five primary samples for small batches <20 samples or every ten primary samples for batches >30 samples. As a general guide, a minimum of three and a maximum of five CRM samples are used per batch. CRMs are used for counterchecking the accuracy of analytical method applied. Repeats are also used as part of QAQC and are prepared by retrieving coarse rejects and pulp samples from the laboratory and re-submitting them for assaying. At least 20% of combined course and pulps samples are submitted to the laboratory. Repeat samples are aimed at checking reproducibility or precision of the laboratory. Repeat samples are repacked and assigned different sample numbers prior to resubmission to the laboratory for re-assay. CRMs are inserted after every tenth sample in all the drillholes within the mineralisation.

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After logging the core, the core is sampled as per sampling procedure and is dispatched to the analytical laboratory for assaying.

**7.7** **Konkola Mine** 

**7.7.1** **Drillhole locations** 

Drillhole location plan for Konkola, showing 4,245 drillholes, see Figure 7.1. Drillholes pre- 2016 are black. Drillholes from 2016 onwards are shown in red. Further detail is provided in context in Section 11.3.

Figure 7.1 Drillhole location plan - Konkola

Source: AMC, 2025.

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**7.7.2** **Hydrogeology** 

At Konkola the following testing and monitoring has been established:

· Piezometer Installation: Monitoring wells have been established to measure groundwater levels and flow
rates.

· Pump Testing: Conducted to determine aquifer permeability, hydraulic conductivity, and inflow rates into
mine workings.

· Hydrogeological Modelling: A numerical groundwater flow model is under development to predict future dewatering
requirements and optimise water management strategies.

· Water Quality Assessments: Routine sampling of mine water is conducted to monitor contamination risks
and compliance with environmental standards.

See Section 13.2.4 for hydrogeological information in the context of the mining method and mine plan.

**7.7.3** **Exploration program summary** 

The planned drilling programs are designed as a phased approach with each phase targeting varying Resource classifications ranging from Measured, Indicated, and Inferred. The exploration program at Konkola Mine is summarised in Table 7.1.

Table 7.1 Exploration drill program – Konkola Mine

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|:---|:---|:---|:---|:---|
| **Phase** | **Objective** | **Drill spacing** | **Meters** | **Target classification** |
| Phase 1 | 5-year production confidence | 60 m | TBD | Measured |
| Phase 2 | 10-year production confidence | 120 m | TBD | Indicated |
| Phase 3 | Inferred upgrade | 200 m | TBD | Indicated |
| Phase 4 | Boundary extension | Exploratory | TBD | Inferred |

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**7.8** **Nchanga Business Unit** 

**7.8.1** **Drillhole locations** 

Drillhole location plan for COP DF showing 445 drillholes is shown in Figure 7.2.

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Figure 7.2 Drillhole location plan – COP DF

![](ctm003_ex96-1img21.jpg)

Source: AMC, 2025.

Drillhole location plan for Luano showing 241 drillholes is shown in Figure 7.3.

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Figure 7.3 Drillhole location plan – Luano

![](ctm003_ex96-1img22.jpg)

Source: KCM, 2025.

Drillhole location plan for COP E showing 283 drillholes is shown in Figure 7.4. The drillholes in green have not been used in the resource estimation for more detail see Section 11.6.3.1.

Figure 7.4 Drillhole location plan – COP E Extension

Source: AMC, 2025.

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**7.8.2** **Hydrogeology** 

Nchanga COP E Ext, COP DF and Luano are in proximity to historic large open pits as such they have undergone long term dewatering. The level of study for Nchanga COP E Ext, COP DF, and Luano is at an early stage, and the status of existing groundwater conditions will be assessed as part of the project development.

**7.8.3** **Exploration program summary** 

The planned drilling programs at Nchanga are designed to upgrade the current Inferred Mineral Resources to Indicated classification and support future prefeasibility studies for underground development. The exploration program for Nchanga Business Unit assets is summarised in Table 7.2.

Table 7.2 Exploration drill program – Nchanga Business Unit

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| | | | | |
|:---|:---|:---|:---|:---|
| **Asset** | **Objective** | **Current classification** | **Drill spacing** | **Target classification** |
| COP DF | Resource upgrade and extension | Indicated + Inferred | 60-80 m | Indicated |
| COP DF Underground | Define underground potential | Inferred | 80-100 m | Indicated |
| COP E Extension | Infill and upgrade | Inferred | 80-100 m | Indicated |
| Luano | Infill and upgrade | Inferred | 100-120 m | Indicated |

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Notes:

· COP DF, COP E Extension, and Luano are currently classified as Inferred Resources and require infill drilling
to support future Mineral Reserve estimation.

· Drill spacing targets are based on achieving Indicated classification per S-K 1300 requirements.

· Detailed drilling programs and budgets are provided in Section 23 (Recommendations).

**7.9** **Geotechnical data, testing, and analysis** 

**7.9.1** **Konkola** 

**7.9.1.1** **Geotechnical drilling** 

Geotechnical drilling and logging are done specifically for geotechnical rock mass classification purposes. AMC has identified gaps in the available geotechnical data across KCM. To allow rock mass characterisation across the project, a geotechnical data collection program has been recommended to support the KDMP mine expansion project and the associated LOM studies required by KCM. AMC has designed a conceptual but executable resource definition (or drill out) program for the KDMP mining area (AMC Konkola KDMP Exploration Strategy report, Jan 2025).

**7.9.1.2** **Geotechnical testing** 

Elastic rock properties using in numerical modelling in 2012 are listed in Table 7.3. Any new data collected for rock properties should be used to revise the previous work. Previous rock property testing for Konkola provided by Itasca 1997 was utilised for numerical modelling in Section 13.2.3.

Table 7.3 Elastic rock properties

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Rock unit** | **Rock Mass Modulus (MPa)** | **Rock Mass Modulus (MPa)** | **Poisson's Ratio** | **Poisson's Ratio** | **UCS (MPa)** | **UCS (MPa)** | **Cohesion (MPa)** | **Cohesion (MPa)** | **Friction angle (°)** | **Friction angle (°)** |
| Quartzite |  | 17800 |  | 0.2 |  | 150 |  | 5.3 |  | 48.0 |
| Ore Shale |  | 13300 |  | 0.2 |  | 150 |  | 4.0 |  | 37.5 |
| Conglomerate |  | 31600 |  | 0.2 |  | 170 |  | 7.0 |  | 52.6 |
| Unit 'A' |  | 168 |  | 0.3 |  | 5 |  | 2.4 |  | 3.0 |

---

Source: AMC, 2012.

Geotechnical sampling and testing are recommended to be performed with future resource definition programs.

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**7.9.1.3** **Seismicity** 

KCM has experienced seismicity, with the first recorded event on 8 January 1995. This prompted the purchase of a seismic monitoring system. Four events have since been recorded with Richter magnitudes greater than 6. The source of the earthquakes was found to be well outside the mine region. Mine scale seismic events have been recorded with local magnitudes up to 2.1 since November 1996. The most recent 2.1 event was in June 2020.

The Mine at No 1 Shaft and No 3 Shaft has previously identified a number of high stress pockets with seismic events recorded at No 1 Shaft. Seismic damage was predominantly observed in drives and included falls of ground, rock burst, fracturing and onion skin like unravelling.

Previous observations have noted that the intensity of ground damage from high stress conditions and seismic events reduces the further away the excavation is from the OSU and footwall (KCM, 2000).

Regions of the mine with relatively strong rock mass are likely to be associated with the seismicity. It is expected that seismicity will become more common as the mine develops deeper, particularly in this area.

Seismic monitoring continued during the KCM provisional liquidation proceedings period to allow a baseline prior to the mine restart. AMC recommends ongoing assessment of the seismic data in the future to understand the events and source in relation to rock mass, faults or dewatering. Figure 7.5 presents a schematic diagram of the Konkola IMS seismic system. The IMS system, commissioned in 2012 comprises of 12 sensors (triaxial and uniaxial 4.5 Hz geophones) and allows real time monitoring.

Figure 7.5 Seismic system schematics at Konkola

Source: GCMP, 2022b.

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**7.9.1.4** **In situ stress** 

Previous modelling indicated that stress on closure pillars was likely to significantly increase with vertical depth. An updated LOM will require a detailed review of the expected damage to closure pillars and ability to recover these.

Since the pause in production, AMC recommends that the underground operations undertake a review of development performance for general convergence and damage in drives due to the orientation of drives, and standoff distance of the drives from stoping areas, including stress mapping guidance. Horizontal stress is noted as sub-parallel to the foliation and mineralisation and is the dominant influence on damage to development within pillars and the footwall.

AMC recommends that in situ stress testing is undertaken at the lowest level in the future to confirm the orientation of the stress field at depth which is based on the current limited testing. In situ stress has critical implications (safety, production reliability, etc.) that higher induced stress will cause at these mining depths.

**7.9.1.5** **Groundwater** 

The stratigraphic units of the local area are detailed below in Table 7.4, including the average thickness of each unit and their hydrogeological significance (aquifer or aquiclude). The general strike orientation of the units is from south to north, with a dip towards the west at an angle of approximately 40° (GCMP, 2020).

Groundwater inflows are collected and used to characterise the rock mass generally as damp, dripping or wet conditions. The hydrogeological information is presented in the KCM mine designs and used in geotechnical stability analysis (GCMP, 2022).

Figure 7.6 shows the three main aquifers in the Konkola mine sequence. The base of the hangingwall aquifer 2024 modelled structure is ~40 m in the hangingwall of the OSU and indicated to have very high flow rates ~2,000 mL/s. The footwall aquifer contains slightly cemented sands and is described as damp and the FWQ and LPC aquifer has a minimum distance of approximately 100 m from the mine workings and characterised as dripping ground water conditions.

Table 7.4 Local geology and hydrogeological units

---

| | | |
|:---|:---|:---|
| **Stratigraphy** | **Thickness (m)** | **Hydrogeological unit** |
| Upper Roan Dolomite | >400 | Aquifer |
| Shale with Grit | 70 | Aquiclude |
| Chingola Dolomite | 15 | Aquifer |
| Dolomitic Schist | 20 | Minor aquifer |
| Upper Banded Shale | 18 | Aquiclude |
| Feldspathic Quartzite | 18 | Aquiclude |
| Upper Banded Sandstone | 15 | Aquifer |
| Pink Quartzite | 5 | Aquiclude |
| Lower Banded Sandstone | 10 | Aquifer |
| Lower Banded Shale | 10 | Aquiclude |
| Arkose | 15 | Minor aquifer |
| Basement | >400 | Impermeable |

---

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Figure 7.6 Location of three main aquifers in the Konkola Mine, section looking north

![](ctm003_ex96-1img25.jpg)

Source: KCM, 2025.

**7.9.2** **Nchanga** 

Nchanga COP E Ext, COP DF, and Luano are early-stage projects geotechnical conditions will be assessed as part of the project development.

Recent drilling incorporates the collection of geotechnical logging for all drillholes. Laboratory test work and analysis will be undertaken as part of future prefeasibility-level studies.

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| **8** | **Sample preparation, analyses, and security** |

---

Sample preparation and analysis procedures at KCM follow industry-standard protocols. QAQC protocols include the use of certified reference materials (CRMs), blanks, and duplicate samples.

**8.1** **Sample preparation and analysis** 

Sample preparation and analysis for:

· Konkola analyses is undertaken at the KMRL laboratory at Konkola (Konkola analytical laboratory).

· Nchanga analyses is undertaken at the KMRL laboratory at Nchanga (Nchanga analytical laboratory).

Both laboratories are ISO/IEC 17025:2017 accredited by the Southern African Development Community Accreditation Service (SADCAS), representing internationally recognised standards for competence, impartiality, and consistent operation.

Sample preparation methods, analytical methods and quality control is the same at both laboratories and is applied uniformly across all assets.

Future drilling analysis is planned to be analyzed by in internationally recognised external laboratory.

**8.2** **Sample preparation method** 

Sample preparation method:

· Drying the received samples at a temperature of 110° Celsius plus or minus 5 degrees (110+/-5°C)
for a period up to 4 hours.

· Primary particle size reduction by crushing the samples from 150 mm to 12.7 mm.

· Secondary particle size reduction by crushing the entire primary crusher product of 12.7 mm or less to
than 4 mm.

· Repeated riffling of the secondary crusher product until a final portion measuring about 250 g to 300
g is obtained.

· The final riffle product is then pulverised to pulp of 90 percent passing 75 micron sieve (200 mesh),
packed into envelops as laboratory samples, and finally submitted to main laboratory for analysis.

· Coarse rejects and pulps are reclaimed where the coarse rejects are stored until it is confirmed they
are not required to metallurgical test work. The pulp rejects are retained.

**8.3** **Analytical method** 

The analytical method for each sample is a partial digestion via nitric and sulfuric acid for soluble copper, and complete digestion for total copper and total cobalt, with an Atomic Absorption Spectrometry (AAS) finish.

If total copper is greater than 10% Cu, the sample(s) are re-analyzed by using the electro-gravimetric method.

**8.4** **Bulk density measurement** 

Bulk density measurements are done at KMRL site mineralogy laboratory using the Archimedes method.

Samples are selected from the hangingwall and footwall formations and mineralised material. For mineralised material the sample is selected from HQ or a larger size drillhole. The core samples are cut using core cutting machine. One half of the sample is sent to the analytical laboratory for assaying, the other half is sent to the mineralogy laboratory for bulk density measurement. The samples used in the bulk density measurement range from 50 to 70 mm. Cracked and poor-quality samples are excluded.

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The samples are cleaned, dried at 105°C for 12 hours, cooled, weighted in air, dipped in wax, which is allowed to set, weighed in air, then immersed in water and weighted.

Bulk density is calculated using the following equation:

Where:

W1=weight of sample in air

Wa=weight of wax in air, that is =W2-W1

W2=weight of sample with wax in air

W3=weight of total sample in water after waxing

p=density of wax used

1=density of water

**8.5** **Quality assurance quality control program** 

QAQC is undertaken on TCu% and ASCu% analysis and is done via the submission of repeat samples and the submission of CRM's and blanks.

Repeats consist of fine rejects of samples within potentially economic mineralisation grade ranges. Samples for which laboratory assay results have been received, are repacked and assigned different sample numbers then resubmitted to the laboratory for re assay. The assay results of these samples are then compared to the original assays. Samples are submitted at a 1 in 10 ratio.

If the original and repeat assay differ by less than 10% precision is regarded acceptable, and the original assay results are cleared for use in resource estimation.

CRMs are inserted after every tenth sample in all the drillholes within the mineralisation. The analytical results of the CRMs are then plotted against the original CRMs grades. A +/- 2SD error difference from the CRM grade is considered an acceptable range, especially when dealing with relatively high-grade, i.e. grades above 2% TCu. With grade lower than TCu 2%, a +/- 3SD error difference is considered acceptable.

Additional quality controls include:

· Blind checks: For every 10 samples, one sample is randomly picked and inserted as a blind check by the
sample preparers to measure reproducibility of the analysis.

· Independent checks: Periodic insertion of previously analysed samples as independent checks to measure
reproducibility between analysis.

· The use of internal laboratory CRMs within each batch.

**8.6** **Sample security** 

Sample security is achieved by the monitored sample-tracking approach using both excel and hard copy records which indicates sample position at each stage from receipt to disposal. This also involves capturing of all details of both the team member submitting the samples and every analytical staff member handling the samples.

Before disposal, the analyzed batches are stored for retention, in a restricted-access sample storage room, to allow for any queries from the KCM department submitting the samples. Actual disposal is done by the KCM sample owner. This is to ensure accountability for samples falls with the sample owner.

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**8.7** **Quality assurance quality control – Konkola** 

**8.7.1** **Konkola** 

During the audit of the 2020 Mineral Resource, KMRL provided the auditor with a cumulative database of the all the QAQC work undertaken at Konkola mine. In order to ascertain the quality of the post 2016 data, the auditor segmented the data to conduct separate analyses for the old and new data.

For the post 2016 data the following observations have been made:

· The repeats showed 54% of TCu samples and 23% of the of ASCu being within 10% deviation. This observation
was deemed to be far short of the expectations for the assays to be included in the Mineral Resource work.

· The analysis of CRMs STD_A (3.44% TCu) and STD_C (2.48% TCu) showed consistently lower than expected results.
This is a concern and might indicate high-grade copper assays may be underestimated, that is a negative bias.

QAQC assessment undertaken in 2024, discussed below, incorporates the post 2016 drilling. The exercise covered analysis of the CRM for accuracy, repeats for precision and blanks for contamination.

**8.7.1.1** **CRM** 

For CRMs specific tasks include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· QAQC records validation: To ensure all results are recorded in the database and the QC results on all
the drillhole assay certificates for holes drilled after 2016 were examined.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· CRM validation: Konkola Mine utilises a range of CRMs sourced from Geostats Pty Ltd to monitor the accuracy
of the laboratory. Each CRM has a unique product ID associated with specific grade values and standard deviations.

To guarantee reliable performance analysis, the CRM results database was meticulously checked to verify that all CRM laboratory results were correctly linked to their corresponding certified values. It was discovered that the certified values for 16 analyses of GBM911-16 were initially assigned incorrectly in the database. After the corrections, 12 out of the 16 results have passed. With the remaining four values being outside +/-2SD.

Table 8.1 shows a list of the corrected CRM values in comparison to the incorrect entry.

Table 8.1 List of corrected outcomes for 16 GBM911-16 CRMs

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Original** | **Corrected** | **Corrected** |
| <br>**BHID** | <br>**Sample ID** | <br>**CRM** | **Laboratory** <br>**(TCu%)** | **Certified (TCu%)** | **Certified CRM** | **Status** |
| BV1611 | MX9864 | GBM911-16 | 2.52 | 3.44 Fail | 2.48 | Pass |
| BV1612 | MY33 | GBM911-16 | 2.42 | 3.44 Fail | 2.48 | Pass |
| BV1614 | MX9864 | GBM911-16 | 2.40 | 3.44 Fail | 2.48 | Pass |
| BV1615 | MY112 | GBM911-16 | 2.55 | 3.44 Fail | 2.48 | Pass |
| BV1616 | MY318 | GBM911-16 | 2.32 | 3.44 Fail | 2.48 | Pass |
| BV1619 | MY380 | GBM911-16 | 2.60 | 3.44 Fail | 2.48 | Pass |
| BV1623 | MY433 | GBM911-16 | 2.57 | 3.44 Fail | 2.48 | Pass |
| BV1631 | MY1077 | GBM911-16 | 2.24 | 3.44 Fail | 2.48 | Fail |
| BV1631 | MY1093 | GBM911-16 | 2.35 | 3.44 Fail | 2.48 | Pass |
| BV1633 | MY1199 | GBM911-16 | 2.92 | 3.44 Fail | 2.48 | Fail |
| BV1635 | MY1242 | GBM911-16 | 2.33 | 3.44 Fail | 2.48 | Pass |
| BV1635 | MY1257 | GBM911-16 | 2.60 | 3.44 Fail | 2.48 | Pass |
| BV1636 | MY1311 | GBM911-16 | 2.52 | 3.44 Fail | 2.48 | Pass |
| BV1637 | MY1363 | GBM911-16 | 2.59 | 3.44 Fail | 2.48 | Pass |
| BV1637 | MY1389 | GBM911-16 | 2.75 | 3.44 Fail | 2.48 | Fail |
| BV1638 | MY1400 | GBM911-16 | 2.74 | 3.44 Fail | 2.48 | Fail |

---

Note: +/- 1 SD is between 2.39 to 2.56% TCu, +/- 2 SD is between 2.30 to 2.65% TCu.

Source: KCM.

The rectified drillholes that passed the QAQC test were then plotted together with the failed drillholes and those without CRMs as shown in Figure 8.1. Also included are holes drilled up to November 2023.

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Figure 8.1 Location plan of holes drilled from 2016 to 2023 - Konkola

![](ctm003_ex96-1img27.jpg)

Source: AMC, 2025.

The analysis conducted on the entire database showed that majority of the CRM results from the laboratory were within the acceptable range of +/-2 standard deviations (SD) of the CRM mean as shown in Figure 8.2. However, Standard A showed a number of CRM values outside the 2SD. Another observation was that the majority of the laboratory results outside 2SD plotted below the mean value indicating a conservative negative bias. Figure 8.2 shows the results for standards A, B, C, and D from the analytical laboratory. Results for standard E, F, and G are presented as Figure 8.3.

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Figure 8.2 Shewhart plots for CRMs A, B, C, and D - Konkola

Source: AMC, 2025.

Figure 8.3 Shewhart plots for CRMs E, F, and G - Konkola

Source: AMC, 2025.

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**8.7.1.2** **Repeats** 

Repeat samples at Konkola mine are utilised to evaluate the laboratories precision. Samples submitted for re-assaying have been selected randomly without regard to the mineralisation or grade of the original sample. Therefore, the duplicate dataset comprises samples that are below the cut-off and outside the areas of mineralisation. The sample statistics indicate the below cut-off assay values account for 35% of the entire dataset.

The repeatability analysis has shown that precision is very poor in the dataset with grades below cut-off. This is due to laboratory precision decreasing significantly for values proximal to the detection limit. Samples with values below cut-off are not regarded for most of downstream processes and have minimal impact on geostatistical modelling and grade estimation.

Therefore, the inclusion of original sample assay values that are significantly below cut-off grade impact the overall outlook of the level of precision of the data. Based on this observation, only samples with TCu% grades above cut-off of 1.5% were considered for precision analysis.

The relative paired difference (RPD) plot method was used to assess the precision for both unfiltered (no cut-off) and filtered (above cut-off) dataset.

The RPD plots for TCu% show that approximately 55% of the unfiltered sample results are within 10% of the half relative difference whereas the filtered (above cut-off) dataset showed that approximately 76% of repeats fall within 10% of the half relative difference as shown in Figure 8.4. At 1.5% TCu cut-off 75% of data passing 10% RPD is lower than ideal for an operating mine, 85 to 90% of the data at 10% RPD would be a good result.

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| | |
|:---|:---|
| Figure 8.4 | RPD plot TCu repeat samples no cut-off and at 1.5% TCu- Konkola - post 2016 data |

---

![](ctm003_ex96-1img30.jpg)

Source: AMC, 2025.

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**8.7.1.3** **Blanks** 

Blanks are comprised of local material. Analysis shows that blank sample analytical results are generally below the 0.5% TCu threshold which is used to define blank material. The variations observed are the result of using locally sourced non-mineralised material such as FWQ, AGSST, and PC. Figure 8.5 shows the blank sample plot, with the 0.5% TCu threshold line. Where four results are in excess of 0.5% TCu.

The majority of the analyses of the blank samples indicate that there is no to little likelihood of contamination of the mineralised samples having occurred during sample preparation. It is not clear whether the assay results greater than 0.15% TCu were due to contamination or low-grade mineralisation within the blank sample itself but the number of these anomalous samples is small.

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| | |
|:---|:---|
| Figure 8.5 | Blank samples plot showing 0.5% TCu upper limit |

---

Source: AMC, 2025.

**8.8** **Quality assurance quality control - Nchanga** 

QAQC for the various Nchanga deposits is incomplete. The older generation of drillholes date back 50 years and the analytical data was not subject to modern QAQC. Much of the older generation of drilling is in areas where mining is complete. There is no or very limited QAQC data for:

· Nchanga
 Open Pit (NOP)

· Chingola
 Open Pit D and F (COP DF)

· Tailings
 dams TD03 and TD04

There is modern QAQC data for recent drilling for:

· Chingola
 Open Pit C and E Extension (COP E Ext)

· Luano

· Stockpile

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**8.8.1** **Chingola Open Pit C and E Extension (COP E Ext)** 

For the Chingola Open Pit C and E Extension (COP E Ext) QAQC is available for the 2011 to 2013 drillholes only. QAQC includes:

· CRM
 insertion at a rate of 1:10.

· Submission
 of selected pulp samples to the independent umpire laboratories Alfred H Knight (AHK), Kitwe,
 Zambia and Société Générale de Surveillance SA (SGS), Kitwe,
 Zambia.

No blanks were submitted.

**8.8.1.1** **CRM** 

Eleven CRMs were submitted for analysis. The number of submissions for each CRM is shown in<br> Table 8.2.

Shewhart plots for each CRM standardised to zero were generated. The following observations were made:

· CRM
 0.75% TCu - most of the analyses fall within the 2SD but there are more samples with a negative
 difference outside the 2SD plots than there are positive difference, this might indicate
 bias. The plot does not include 8 or 6% of the samples which have more than 20% deviation.

· CRM
 1.08% TCu – except for 3 or 7% of the samples with deviations above 20%, the analyses
 show reasonable precision.

· CRM
 1.47% TCu - has two significant outliers but generally show relatively reasonable precision.

· CRM
 1.54% TCu and 1.68% TCu shows the difference between the reported values and the CRM plotting
 within the 2SD with both positive and negative difference, on average the precision is reasonable.

· CRM
 2.14% TCu - one sample is significantly outside 2SD has more positive difference on average.
 This could be an indication of a slight bias in the data, generally the deviations are very
 small and contained within 1SD.

· CRM
 2.19% TCu, 2.62% TCu, 2.94% TCu, and 3.18% TCu - there are more positive deviations than
 they are negative ones, indications of possible bias in the sample analyses in those ranges,
 but the deviations are very small and contained within 1SD.

· CRM
 3.44% TCu – all the samples show positive deviations, but the deviations are very small
 and are contained within 1SD.

Table 8.2 CRM sample submission – COP CE Ext

---

| | |
|:---|:---|
| **CRM value (TCu%)** | **Number of samples submitted** |
| 0.75 | 134 |
| 1.08 | 41 |
| 1.47 | 48 |
| 1.54 | 57 |
| 1.65 | 11 |
| 2.14 | 45 |
| 2.19 | 4 |
| 2.62 | 48 |
| 2.94 | 67 |
| 3.18 | 77 |
| 3.44 | 11 |

---

Source: KCM.

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**8.8.1.2** **Repeats** 

HARD plots, Figure 8.6 and Figure 8.7, were used to assess the precision of repeat sample analysis of the combined independent laboratories AHK and SGS.

Samples below 1% TCu have a poor HARD with approximately 28% of samples achieving a HARD of 10%. For TCu repeats these values should be in excess of 90%. This indicates the poor repeatability. There is no indication as to whether the analysis of the results omits samples within 15 times the detection limit which is accepted practice to remove variability introduced from the increase in error as approaching the detection limit.

For samples between 0.5% and 3.0% TCu the approximately 90% of samples achieves a HARD of 10%, this is considered reasonable reproducibility.

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| | |
|:---|:---|
| Figure 8.6 | HARD plot for repeat samples below 1.0% TCu |

---

![](ctm003_ex96-1img32.jpg)

Source: KCM, 2025.

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| Figure 8.7 | HARD plot for repeat samples between 0.5% TCu and 3.0% TCu |

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Source: KCM, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;**8.8.2** **Luano** 

There are 241 drillholes in the Luano geological database. These holes were drilled in seven different phases from 1962 to 2014. QAQC data exists only for the phase seven drillholes, that is the 31 holes drilled from 2011 to 2014.

QAQC undertaken includes submission of CRMs, blanks, and pulp repeats.

**8.8.2.1** **CRM** 

Three CRMs were submitted for analysis at the Nchanga analytical laboratory. The CRM mean values are: 0.81% TCu, 1.00% TCu, and 2.47% TCu.

Shewhart plots for each CRM standardised to zero were generated, see Figure 8.8 to Figure 8.10.

The following observations were made:

· All
 CRMs are inside 3SD.

· Eight
 CRMs are between 2SD and 3SD for the 0.81% TCu CRM. These values are biased high for seven
 of the eight samples. However, the samples are evenly scattered across the x-axis.

· Samples
 between 1SD and 2SD are biased high for the 0.81% CRM.

· All
 CRMs for the 1.00% TCu are inside 2SD, the samples between 1SD and 2SD are biased high. These
 are scattered evenly across the x-axis.

· Nine
 samples are between 1SD and 2SD for the 2.47% TCu CRM.

The Shewhart plots indicate that for TCu%, the analytical assay values from the Nchanga analytical laboratory are a good quality with the majority of the values within +/- 2SD of the mean.

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| Figure 8.8 | Shewhart plot for 0.81% TCu CRM - Luano |

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Source: KCM, 2025.

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|:---|:---|
| Figure 8.9 | Shewhart plot for 1.00% TCu CRM - Luano |

---

![](ctm003_ex96-1img35.jpg)

Source: KCM, 2025.

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| | |
|:---|:---|
| Figure 8.10 | Shewhart plot for 2.47% TCu CRM - Luano |

---

![](ctm003_ex96-1img36.jpg)

Source: KCM, 2025.

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**8.8.2.2** **Blanks** 

Blank samples were inserted at a rate of 1:20 in each batch sent to the Nchanga analytical laboratory. The analysis of the results is shown in Figure 8.11.

The blank material is regularly registering values of TCu% less than 15 times the analytical method detection limit of 0.01% TCu. That is only 11 out of 89 samples returned a true blank result. This is sufficient to investigate laboratory sample preparation hygiene. The site visit indicated that the age and maintenance of equipment require attention.

The blank material is sourced locally and likely not a true blank. Consideration is being given to replacing the blank material source.

Figure 8.11 Blank sample analytical results - Luano

![](ctm003_ex96-1img37.jpg)

Source: KCM, 2025.

**8.8.2.3** **Repeats** 

Pulp duplicate of 336 samples were sent to SGS Kitwe Zambia. The analytical results were compared to the Nchanga analytical laboratory results using HARD plots.

For TCu% 90% of samples had less than 10% HARD, which is a good result for pulp repeats, see Figure 8.12. For ASCu% approximately 70% of samples had less than 10% HARD, see Figure 8.13. The analytical method used for ASCu% at SGS was different to that used at the Nchanga analytical laboratory. As such 70% of samples achieving a HARD of less than 10% is a reasonable result.

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| Figure 8.12 | HARD plots for TCu% - Luano |

---

![](ctm003_ex96-1img38.jpg)

Source: KCM, 2025.

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| Figure 8.13 | HARD plots for ASCu% - Luano |

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Source: KCM, 2025.

**8.8.3** **Stockpile 16** 

There are 281 drillholes in the SP16 geological database. These reverse circulation holes were drilled in two phases in 2001 and 2013. QAQC data exists for 133 holes drilled during 2013.

QAQC sample submission is limited to CRMs only.

**8.8.3.1** **CRM** 

Five different CRM's from Geostats Pty Ltd were submitted for SP16 drilling in 2013. These were purchases from Geostats Pty Ltd in Australia. CRM TCu% grades are: 0.23%, 0.75%, 0.82%, 1.69%, and 2.48%. Only limited data for each CRM is available, which excludes the certificates.

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Results inside +/-2SDs were considered a pass. More results outside +/-2SDs were biased high, see submission and pass fail rates in Table 8.3, Shewhart plots in Figure 8.14 and Figure 8.15.

Table 8.3 CRM sample submission with pass fail – SP16

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **CRM mean TCu%** | **Total number** | **Samples >-2SD** | **Samples >+2SD** | **Samples**<br> **>+/-3SD** | **% of sample outside 2SD** |
| 0.23 | 31 | 4 | 7 | # | 27 |
| 0.75 | 58 | 0 | 7 | # | 12 |
| 0.82 | 40 | 2 | 2 | # | 10 |
| 1.69 | 43 | 5 | 3 | # | 19 |
| 2.48 | 32 | 0 | 3 | # | 9 |
| **Total** | **204** | **13** | **22** |  | **17** |

---

Note: # - Insufficient information.

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| Figure 8.14 | Shewhart plot for % TCu CRM – SP16 |

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![](ctm003_ex96-1img40.jpg)

Source: KCM, 2025.

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| Figure 8.15 | Shewhart plot for 1.69% TCu CRM – SP16 |

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![](ctm003_ex96-1img41.jpg)

Source: KCM, 2025.

The incomplete CRM data alone is insufficient to form a full view of the performance of the QAQC for the 2013 SP16 drilling. It is unclear if some CRM samples might have been mislabelled, which could explain some of the extreme outlier results.

**8.8.4** **QAQC conclusion** 

In drilling completed since the 2000's some QAQC has been completed. Blanks have not always been submitted. The CRM results range from good, reasonable with slight negative bias, to poor.

Similarly, the pulp repeats (same laboratory and second laboratory) results are mixed with both good and poor results.

Results whether good or poor are consistent within each drilling program. This indicates the internal laboratory standards and potentially age of equipment is key to improved laboratory performance.

Batch-by-batch analysis of the QAQC on receipt of the data will provide the laboratory with real-time performance feedback.

**8.9** **Qualified Person's opinion** 

**8.9.1** **Historical data** 

There is limited, if any, sample preparation or analytical QAQC data for the historical samples. The QP notes that there has been no twin hole drilling to confirm the accuracy of the historical data. However, historical and modern / recent drilling are intermingled geographically, and at no time have recent drillholes provided results outside the values or range indicated by historic drilling.

**8.9.2** **Sample security** 

The QP is of the opinion that sample security on receipt of samples by the site laboratory is acceptable, with samples located in a monitored environment and restricted access storage post sample preparation.

**8.9.3** **QP's opinion on sample preparation, security and analytical procedures** 

Modern and recent sample preparation, security, and analytical procedures applied are appropriate for the style of mineralisation and the analytes of interest (TCu, ASCu, TCo). The partial acid digestion for soluble copper and complete digestion for total copper with AAS finish is an industry-standard method for sediment-hosted copper deposits. The Archimedes method for bulk density measurement is appropriate.

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8.9.4 Laboratory
 condition and umpire laboratory

A site visit to the KMRL analytical laboratory showed that the laboratory, due to age and use, requires physical maintenance and the replacement of old sample preparation and analytical equipment. Where there is doubt as to the condition of any of the site sample preparation and laboratory analytical equipment, an external third-party laboratory should be used.

Where there is a question about the performance of the QAQC for sample batches from the site laboratory, an umpire laboratory must be used. The QP recommends that external umpire laboratories (such as AHK or SGS, in Kitwe) be used for independent verification of assay results on a routine basis, particularly for batches where internal QAQC results fall outside acceptable deviation limits.

The QP recommends that the internal laboratory be used for grade control and close spaced infill drilling samples only and that an external laboratory is used for all new exploration and resource infill drilling until the refurbishment of the site laboratory.

This layered approach provides additional confidence in the reliability of assay data used in the geological and resource models.

8.9.5 QAQC program

It is the QP's opinion that the current QAQC program is reasonable. However, the following modifications should be implemented:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 inclusion and reporting of additional checks such as regular submission of coarse rejects,
 analytical duplicates in addition to repeats, sample sizing checks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Focus
 repeat submission on potentially economic mineralisation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Submission
 rates be fixed at between 1 in 10 and 1 in 20 depending on the QAQC sample type.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 use of an external or third-party laboratory for analytical repeats and coarse rejects should
 be undertaken quarterly.

8.9.6 Assessment
 of QAQC results

The QP has reviewed the available QAQC data for each deposit. For deposits with modern QAQC programs, standards plotting outside ±2SD and repeat precision below target thresholds were noted, which compromises the demonstrated accuracy and precision of the assays to varying degrees. For several Nchanga deposits, QAQC data is absent or incomplete. However, the QP is of the opinion that although these deficiencies add a degree of uncertainty, they would not significantly affect the outcome of the grade estimation for the purposes of this IA. See Table 8.4 for the QP opinion of the QAQC results for each deposit.

Table 8.4 QP assessment of QAQC results by deposit

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| | | | | |
|:---|:---|:---|:---|:---|
| **Deposit** | **CRM Accuracy** | **Repeat Precision** | **Blank** | **QP Opinion** |
| Konkola | Moderate - negative bias at high grades (Std A) | Moderate result above 1.5% TCu cut-off. Sub economic poor performance | Acceptable | Adequate for IA. Negative CRM implies potential understatement rather than overstatement of grade. Repeat precision below ideal target. |
| COP E Extension | Limited data reasonable results. Slight positive bias at lower grades. | Reasonable for samples between 0.5–3.0% TCu with 90% at HARD 10%. | Absent | Aequate for IA. CRM accuracy reasonable above 0.75% TCu. Repeat precision adequate for grades of interest (0.5–3.0% TCu) but poor for low grade. No blank data. QAQC absent for pre-2011 drillholes. Supports Inferred classification only. |
| Luano | Reasonable— majority within ±2SD across all three CRMs | Good for TCu (90% at HARD 10%); reasonable for ASCu (70%) | Concern — locally sourced blank not fit for purpose | Adequate for IA. CRM accuracy and repeat precision are good. Blank material is locally sourced and not fit for purpose. |
| SP16 | Poor to moderate — positive bias between 10 to 20% each CRM outside 2SD. | Absent | Absent | Adequate for IA. Sample is RC and not in situ. CRM data only — no repeats or blanks submitted. Positive CRM bias concentrated at grades below resource cut-off. No QAQC exists for the 2001 drilling phase (148 of 281 holes). |
| COP DF | Absent | Absent | Absent | Adequate for IA. Higher data uncertainty than deposits with modern QAQC. Absence does not preclude Inferred reporting given consistency between historical predictions and production outcomes at COP DF. Full modern QAQC required before DFS. |
| TD03 / TD04 | Absent | Absent | Absent | Adequate for IA. No QAQC program. Uncertainty mitigated by the semi-homogeneous nature of tailings material and ongoing TLP production reconciliation providing independent grade validation. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.9.7** **Implication for Mineral Resource confidence** 

The QP has considered the cumulative effect of the identified QAQC deficiencies on the reliability of the assay data used in the Mineral Resource estimates. The QP's opinion is that the data is adequate for the purposes of this IA for the following reasons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 negative CRM bias observed at Konkola (the principal deposit) is conservative: it implies
 potential understatement of TCu grade at higher ranges rather than overstatement. This does
 not create a risk of resource overestimation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Repeat
 precision, while below ideal, is within acceptable bounds when filtered for samples above
 the 1.5% TCu cut-off grade that is applied in the resource model. Below-cut-off samples,
 which dominate the poor precision statistics, have minimal influence on grade estimation
 for the declared resource.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Blank
 contamination at Luano is a concern but affects only the Inferred Resource (not in the M&I
 Case mine plan) and is flagged for Definitive Feasibility Study (DFS) investigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 geographic intermingling of historical and modern drilling, with consistent grade ranges
 across both datasets, provides indirect validation of the historical data despite the absence
 of formal QAQC records for older samples.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Production
 reconciliation at Konkola, where the mine has operated continuously since 1957, provides
 over six decades of independent grade confirmation in mined areas. This operational validation
 carries significant weight in assessing the reliability of the underlying assay data.

The QP is satisfied that the QAQC deficiencies, individually and in aggregate, add a degree of uncertainty to the assay database but do not materially compromise the reliability of the Mineral Resource estimates at the IA level of confidence.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.9.8** **QAQC recommendations** 

The QP recommends the following actions to improve assay data confidence.

Table 8.5 QAQC recommendations

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| | | |
|:---|:---|:---|
| # | Recommendation | Priority / timing |
| 1 | Implement batch-by-batch QAQC analysis with real-time performance feedback to KMRL. CRM, blank, and duplicate results to be reviewed before each batch is accepted / finalised. | Immediate. Implement for all current and future drilling programs. |
| 2 | Failed batches to be re-assayed at an umpire laboratory. | Implement within 3 months. Required for DFS data confidence. |
| 3 | Submit blanks on all drilling programs. Use certified blank material rather than locally sourced non-mineralised rock to eliminate ambiguity in blank results. | Immediate. Implement for all current and future drilling programs. |
| 4 | Establish routine umpire laboratory program with AHK or SGS (Kitwe) for independent repeat assays on a minimum 1:20 basis. Repeated should focus on economic grade ranges, with limited low-grade material | Implement within 3 months. Required for DFS data confidence. |
| 5 | Complete laboratory equipment upgrade program at KMRL. Replace ageing sample preparation and analytical equipment identified during AMC site visit. Equipment condition directly correlates with precision performance. | Phased program; priority items before DFS drilling commences. |
| 6 | Include twin hole drilling in the KDMP resource definition program (Section 23) to provide independent confirmation of historical data accuracy in areas where pre-2016 drilling is the sole data source. | Include in DFS drill program design. |
| 7 | Investigate and characterise the negative CRM bias at Konkola (Standard A). Determine whether bias is systematic (method-related) or episodic (equipment/operator-related) and implement corrective measures to eliminate the bias source in future analytical work. | Before DFS resource estimation. Priority investigation. |

---

Source: AMC, 2025.

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| **9** | **Data verification** |

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**9.1** **Historic data** 

The bulk of the data informing the current Mineral Resource estimates for most of the KCM assets is historical and was collected over a period spanning 50 years that the assets have been in operation.

Prior to the privatisation of the Zambian Copperbelt mines, all the data for the operations of all the mines on the Zambian Copperbelt was maintained centrally in a Borehole Master File database.

On privatisation in the early 1990s, each of the new operators was able to extract from the repository the data pertaining to their operations.

The data verification undertaken for each of the KCM assets includes:

· Comparison
 of the modern database entries for the collar, assay and survey records against printouts
 from the Borehole Master File downloads.

· Plotting
 plans and sections using data from the modern database and comparing the position of the
 drillhole and geology with the drillhole and geology position on the historic manually generated
 plans and sections.

A significant portion of the historic drill data relates to areas that have since been mined out.

**9.2** **Modern data** 

**9.2.1** **Database** 

After drillhole logging the drill log spread sheets are sent to the database administrator who imports the data into the AcQuire Database. The database has validations switched on for lithological and assay type names, project codes, sample depths, i.e. the 'from' and 'to' depths of the samples, etc. Any errors associated with these fields and others are highlighted at import stage. Records with errors are not written to the database. A check report is run, with the database administrator sending import errors back to the originator geologist for correction.

Once all errors are corrected, verification is done by the originator's supervisor and the data is again sent to the database administrator for importation into the Acquire database.

The check import method is run again, and if no further errors are detected, the entry method is changed to, insert, update or merge depending on the data type. The data is written into the database.

Consistency checks are done by extracting the newly imported data from the database, importing it into the mining software, e.g. Datamine®, de-surveying and displaying it in graphic windows for spatial and orientation visual validations.

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**9.2.2** **Exported data validation** 

After data is exported from the database and imported to mining software the following validations are carried out to ensure data integrity:

· Check
 for missing data in collar file, survey file, geology file and assay file.

· Check
 survey data for bearing beyond 360° and inclination beyond ±90°.

· Check
 for data duplication.

· Check
 for outliers in terms of spatial location.

· Check
 for overlapping sample intervals.

· Missing
 intervals.

· Consistency
 in geological logging.

· Check
 that drillhole length is not less than the sampling length.

· Visual
 inspection of plotted drillhole trace.

During validation, some drillholes were found to have missing assay values. A thorough check found that those missing values were also missing on the actual log sheets. Further analysis reviewed that the missing values were outside the 1% TCu and did not affect the downstream process. The checks also found several samples with very high-grades and physical checks were conducted which verified that there were no typographic errors and the high-grades in the database were as per the values provided on the laboratory certificates.

**9.2.3** **Data verification** 

Data validation has been undertaken on data provided. This included drillhole collar surveys, downhole geological logging observations, sample selection and preparation, sample analysis, analytical results, and other test data.

Random checking has been undertaken of the geological database against the drillhole log sheets. Analytical results in the database were reviewed against the laboratory output MS Excel files checking for importation and transcription errors.

Verification included reviewing adherence to the: geological logging procedures, and the sample selection and preparation procedures.

**9.2.4** **Database security** 

Database backup is done on a weekly basis. This is managed by the MS server support team Server Consultants.

Database changes are only done on request by the data originator after discussing them with their supervisor, highlighting the changes that have been made which the data originator would like to have effect in the database, the changes are sent to the Database administrator together with the instructions for the changes. Once the changes are discussed and it's agreed to update the records concerned, the update is made in the database and the instructions are filed on the Geology server for possible future reference. For some records like lithological name and assay values, the old record is maintained in columns, Formation_C, TCu1, ASCu1, TCo1, and ASCo1, while the updated record is maintained in Columns Formation, TCu, ASCu, TCo, and ASCo.

Corruption due to typographic error is avoided mainly by restricting the number of users that can write to the database. Most users are only assigned copy rights and usually work with extracted data. Currently only the database administrator has access to import data. Manual inputting of data into the database is avoided. The preference is to import data in CSV format as an output of Excel spread sheets. The Excel spreadsheets have gone a rigorous verification process as described below.

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**9.3** **Data verification limitations - Konkola** 

During the data verification process, several limitations and challenges were identified:

· CRM
 Supply Shortages: Some assay batches lacked sufficient CRMs, limiting the ability to systematically
 validate analytical accuracy.

· Quartz
 Blank Contamination: Independent audits identified trace mineralisation in quartz blanks,
 raising concerns about their effectiveness in detecting contamination.

· Historical
 Data Gaps: Some older drillhole records lack complete metadata, particularly in relation
 to core recovery rates and downhole surveys.

· Inconsistent
 Twin Drilling Data: While some historical twin drilling has been conducted, the coverage
 is limited, reducing the ability to fully validate historical datasets.

· Incomplete
 Sample Disposal Records: Records on sample reject and pulp retention times were found to
 be inconsistent, creating gaps in long-term data verification.

These limitations impact the ability to fully assess data reliability across all historical and current Konkola drilling programs. The QP has assessed each limitation for its potential impact on the adequacy of the data used in this IA, as set out in Table 9.1 below.

Table 9.1 QP assessment of data verification limitations — Konkola

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| | | |
|:---|:---|:---|
| **Limitation** | **QP assessment** | **Impact on data adequacy for IA** |
| CRM supply shortages: some assay batches lacked sufficient CRMs | CRM insertion rate target is 1:10. Shortages reduce the proportion of batches with independent accuracy checks. The 2024 QAQC reassessment (Section 8.7) reviewed the full CRM database and corrected identified errors. | Low. Shortages are episodic and do not invalidate the batches where CRMs were inserted. The negative CRM bias identified at Konkola is conservative. Does not compromise the IA resource estimates. |
| Quartz blank contamination: trace mineralisation identified in quartz blanks | The blank material is locally sourced non-mineralised rock (FWQ, AGSST, PC). It is unclear whether elevated results reflect contamination or inherent low-grade mineralisation in the blank material itself. | Low. At Konkola, blank results are generally below the 0.08% TCu threshold (Section 8.7.1.3). |
| Historical data gaps: some older drillhole records lack complete metadata (core recovery, downhole surveys) | Older drillholes from the Borehole Master File era may lack core recovery and survey data. These drillholes are geographically intermingled with modern drilling that does have complete metadata. | Low. |
| Inconsistent twin drilling data: limited coverage reduces ability to fully validate historical datasets | Some historical twin drilling has been conducted but coverage is limited. No systematic twin hole program has been implemented. Modern drilling in the same areas as historical holes provides indirect validation. | Low to moderate. The absence of a systematic twin hole program is a recognised gap. Grade consistency between historical and modern drillhole results located in nearby comfort. Twin hole drilling is recommended in the KDMP program (Section 23). |
| Incomplete sample disposal records: inconsistent reject and pulp retention records | Records on sample reject and pulp retention times are inconsistent. | Low. Sample disposal records do not affect the quality of the assay data already in the database. The limitation relates to the ability to perform retrospective verification, which is relevant only if re-assay is required. |

---

Source: AMC, 2025.

9.4 Data verification
 limitations - Nchanga

During the data verification process for the Nchanga deposits, several limitations and challenges were identified:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Absence
 of QAQC for historical data: No formal QAQC data exists for the COP DF and TD03/TD04 drilling
 databases, which predate modern QAQC practices. The older generation of Nchanga drillholes
 spans up to 50 years of drilling history conducted in the absence of standardised analytical
 quality controls. This introduces a degree of uncertainty regarding the accuracy and precision
 of the underlying assay data for these deposits. The impact is assessed as low to moderate
 — COP DF has been subject to active mining without systematic grade discrepancies between
 predictions and production outcomes, and TD03/TD04 grade uncertainty is partially mitigated
 by the semi-homogeneous nature of tailings material and ongoing TLP production reconciliation.
 Refer to Table 8.5 for deposit-level QP assessments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Limited
 blank and repeat submission across Nchanga deposits: Blank submissions are absent for COP
 E Extension and SP16. Repeat submissions are absent for SP16. Luano has both blanks and repeats
 but the blank material is locally sourced and not fit for purpose (Section 8.8.2.2). COP
 E Extension has repeat submissions to umpire laboratories but no blanks. The absence of blanks
 prevents contamination assessment for these deposits; the absence of repeats for SP16 prevents
 precision assessment. Impact is assessed as low for COP E Extension and Luano given the grade
 ranges involved, and low to moderate for SP16 where the combined absence of repeats and blanks
 is a material gap in the QAQC dataset.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· CRM
 supply shortages: Some Nchanga assay batches lacked sufficient CRMs, limiting the ability
 to systematically validate analytical accuracy across all drilling phases. This is particularly
 relevant for SP16, where only 204 CRM submissions were recorded across 133 drillholes drilled
 in 2013, and no CRM data exists for the 2001 drilling phase (148 of 281 total drillholes).
 Impact is low for deposits with adequate CRM coverage (Luano, COP E Extension) and moderate
 for SP16 given the partial dataset and incomplete CRM certificates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Historical
 data gaps: Some older Nchanga drillhole records lack complete metadata, particularly in relation
 to core recovery rates and downhole surveys. This is most significant for COP DF and the
 pre-2011 portion of the COP E Extension database where modern logging standards were not
 applied. Impact is low — missing metadata affects individual intercept confidence but
 does not introduce systematic bias. Areas with sparse or incomplete data are classified at
 lower confidence (Inferred) in the resource model.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Incomplete
 pulp and reject sample disposal records: Records on sample reject and pulp retention times
 are inconsistent across Nchanga drilling programs, creating gaps in long-term data verification.
 Impact is low — sample disposal records do not affect the quality of assay data already
 in the database. The limitation relates to the ability to perform retrospective re-assay
 verification only.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Drillhole
 orientation errors: Drillhole orientation (strike) required correction in a number of drillholes
 in the Upper Orebody (UOB). Errors were identified during the data verification process,
 checked against hard copy geological logs, and corrected prior to resource estimation. The
 QP is satisfied that the corrected orientation data is reliable for the purposes of the resource
 estimates presented in this IA.

These limitations impact the ability to fully assess data reliability across all Nchanga drilling programs. The QP has assessed each limitation for its potential impact on the adequacy of the data used in this IA. The cumulative effect of these limitations on the Mineral Resource estimates, is set out in Table 8.4 and Table 8.5 of Section 8.

9.5 Qualified Person's
 opinion

The QP considers that the only potential material risk with respect to data verification relates to the QAQC issues discussed in Section 8. A small subset of historical data has been excluded from the resource estimation to address these concerns.

The QP has reviewed the data verification procedures applied to both the historical and modern drilling databases across the KCM Integrated Operations. The verification scope included collar, assay, and survey records for the Konkola deposit, the Nchanga deposits (COP DF, COP E Extension, Luano), SP16, TD03, and TD04. The QP's assessment of data adequacy for the purposes of this IA TRS is set out below.

9.5.1 Historical
 data

The historical data has been verified by comparison of the modern AcQuire database entries against the Borehole Master File (original logs), and by plotting plans and sections from the database against historically hand generated hard-copy plans and sections. These verification methods are appropriate for validation of historic data and are consistent with industry practice for long-operating Copperbelt mines where centralised data repositories (Borehole Master File) were maintained prior to individual mine privatisation.

A significant portion of the historical data relates to areas that have since been mined out, which reduces the reliance on historical data for the resource estimates in this IA.

9.5.2 Modern data

The modern data management procedures are described in Section 9.2. The QP considers these procedures to be appropriate and consistent with good industry practice

9.5.3 Assessment
 of identified verification limitations

The data verification process identified five limitations for the Konkola dataset (Section 9.3) and six limitations for the Nchanga dataset (Section 9.4). The QP has assessed the Konkola limitations individually in Table 9.1. For the Nchanga deposits, the QP's deposit-level assessment of the cumulative effect of data and QAQC limitations is set out in Table 8.4 and Table 8.5.

The Konkola verification limitations are individually and collectively of low to moderate materiality, as documented in Table 9.1. The Nchanga limitations vary by deposit — COP E Extension and Luano carry moderate data uncertainty primarily attributable to partial QAQC coverage and blank material quality respectively; COP DF and TD03/TD04 carry higher data uncertainty due to the complete absence of modern QAQC, mitigated in each case by production reconciliation evidence and the nature of the mineralisation. SP16 carries moderate uncertainty due to the limited and incomplete CRM-only QAQC dataset.

9.5.4 Data adequacy
 conclusion

The QP is of the opinion that the data verification procedures applied to the KCM drilling databases are adequate for the purposes of this IA TRS. The historical data verification (and the modern data verification (AcQuire database validation controls, two-stage import process, nine-point exported data validation, and random checking against log sheets and laboratory certificates) together provide reasonable assurance that the data used in the Mineral Resource estimates is reliable.

The identified verification limitations are individually and collectively of low to moderate materiality. None of the limitations introduce a systematic bias or error source that would materially affect the Mineral Resource estimates at the IA level of confidence. The only area of moderate concern relates to the QAQC deficiencies discussed in Section 8, which are addressed in the QP's opinion in Section 8.9. Those deficiencies add a degree of analytical uncertainty but as discussed in that section, do not compromise the reliability of the data being used as an input into the grade estimation.

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| **10** | **Mineral processing and metallurgical testing** |

---

Metallurgical testing has been conducted to support process flowsheet design. Key recovery parameters:

· Konkola
 Concentrator: 89.1% copper recovery

· Nchanga
 Concentrators: Variable recovery by ore type

· Nchanga
 TLP: 74.8% acid soluble copper recovery

· Smelter:
 98.7% copper recovery

The primary processing method employed at the KCM concentrators at both Konkola and Nchanga is conventional froth flotation, a technique for the beneficiation of mixed sulfide and oxide copper ores. The current processing circuits consist of grinding, sulfide flotation in roughing, scavenging and cleaner configuration stages to recover primary copper sulfides. Tails from the sulfide flotation circuit containing unrecovered sulfides and oxide copper species undergo controlled potential sulfidation (CPS) with sodium hydrosulfide (NaHS), and are subsequently floated in an oxide rougher, scavenger with regrind, and cleaner flotation circuit to recover a portion of the oxide copper species. The processing circuit is described in detail in Section 14.1.

This two-stage approach has been validated through extensive operational performance at the site, with the sulfidation step tailored to optimise recovery from the mineral assemblage present within the Konkola deposit, which includes chalcopyrite, bornite, chalcocite, malachite, and azurite.

No novel or experimental processing routes have been introduced. The employed methodology is widely used within the copper industry, particularly for base metal operations processing transition ores with a blend of sulfide and oxide minerals. As such, no additional metallurgical test work has been deemed necessary to validate the general applicability of the process.

**10.1** **Testing nature, extent, and analytical procedures** 

KCM is an active operating mine with multiple process streams at the Konkola Concentrator.

The current metallurgical performance inputs used in the production plan are derived from ongoing plant data obtained since operations resumed in August 2024 and historical metallurgical performance. As such, past test work has been superseded by current performance data, which reflects actual operating conditions and ore variability encountered during production.

**10.2** **Testing laboratories** 

All metallurgical and analytical testing is conducted on site:

· Konkola
 analyses are undertaken at the KMRL laboratory at Konkola (Konkola analytical laboratory).

· Nchanga
 analyses are undertaken at the KMRL laboratory at Nchanga (Nchanga analytical laboratory).

The laboratory is a wholly owned facility of KCM and is independent of external influence. It operates under internationally recognised quality assurance standards and is certified to BSI ISO9001:2015.

The laboratory performs routine process monitoring, metallurgical accounting, and quality control testing, which directly informs plant adjustments and long-term production planning.

**10.3** **Test sample representativity** 

Test samples are collected for confirmation of metallurgical performance and for testing of potential changes in reagents and operating conditions.

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Samples used for metallurgical tracking and process control are considered indicative of the ore being processed. Sampling is ongoing and responsive to mining progression. As new zones are accessed within the deposit, representative samples are taken and metallurgically assessed to ensure processing parameters are continuously optimised for maximum recovery and concentrate quality. This practice ensures metallurgical performance remains reliable over the life of the mine.

Despite strong internal QAQC protocols, several limitations were identified during independent reviews. These include occasional shortages of CRMs, trace mineralisation detected in quartz blanks, inconsistent sample disposal records, and limited twin-drilling coverage for validation. In particular, the quality of some assay batches was previously impacted by equipment ageing, although this is being addressed through a phased equipment upgrade program.

To ensure precision and mitigate data bias, QAQC reviews conducted in 2024 included reassessment of CRM results and corrections to historical data mismatches. Additional confirmation steps involved reanalysis of failed batches and implementation of stricter reference standard controls.

Where further validation is required, external umpire laboratories are recommended for independent verification of assay results, especially where internal QAQC results fall outside acceptable deviation limits. This layered approach provides additional confidence in the reliability of assay data used in the geological and metallurgical models.

Monthly Mineralogical Composite Reports, issued for October 2024, January 2025 and February 2025, further reinforce the robustness of the metallurgical data. These reports are prepared by the ISO-certified Konkola Analytical Services Department and follow a standardised methodology (Ref. KCM / MD / SIQ / MM01) to quantify copper and cobalt minerals in flotation feeds, tailings, and concentrates. The repeatability of analytical methods and the monthly reconciliation of flotation performance with mineralogical observations provide internal validation of laboratory and plant data. Trends in acid-soluble copper, mineral liberation, and gangue composition across months offer critical insight into both ore variability and plant response. Each report is signed by project mineralogists and approved by the Head Mineralogist, strengthening confidence in the internal QA process.

**10.4** **Testing results, assumptions, and deleterious elements** 

**10.4.1** **Konkola concentrator** 

Konkola Concentrator is operational and will continue to be in operation for the mine life. The primary data inputs for metallurgical forecasting are derived from plant operational data collected in the operational period up until 2022 and since the recommencement of production in August 2024.

This real-time data supersedes earlier bench-scale test work. While historical metallurgical testing was performed during earlier phases and feasibility assessment, the operational data now used offers superior representativity by directly reflecting the current process streams and ore variability encountered across mining areas.

Figure 10.1 aggregates the historical Konkola concentrator performance and recoveries since the recommencement of production in July 2024.

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Figure 10.1 Konkola concentrator recoveries

Source: AMC, 2025.

Total copper recovery is closely related to the acid soluble copper content (ASCu). The recommended total copper recoveries are given by:

TCu(%) = -76.883 x ASCu(%)/TCu(%) + 96.573

The concentrate produced from the Konkola ore body is relatively free of deleterious elements and is a suitable feed for the Nchanga smelter. The main controls required are for silica and MgO content.

Main gangue minerals in concentrate are argillite and quartz / feldspars. Gangue minerals comprise approximately 1/3rd of the concentrate mass. High silica and MgO are deleterious to smelter operation. The preferred contents are <15% and <1.5% respectively. Typical Konkola concentrate has 20-22% silica and 2.5 to 3% MgO. This is controlled by blending at the smelter.

**10.4.2** **Nchanga TLP** 

The primary data inputs for metallurgical forecasting are derived from plant operational data collected in the operational period up until 2022 and since the recommencement of production in August 2024. The operational data now used offers superior representativity by directly reflecting the current process streams and ore variability encountered across mining areas.

Figure 10.2 shows copper production and recovery performance since the restart and the FY25-26 plan.

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Figure 10.2 Nchanga TLP copper production and recoveries - Restart and FY25-26 plan

Source: KCM, 2025.

Historical copper recoveries are shown in Figure 10.3 below.

Figure 10.3 Historical Nchanga TLP copper recoveries

![](ctm003_ex96-1img44.jpg)

Source: KCM, 2025.

Recovery performance was reduced in the four-year period from 2020 to 2024 due to operating and financial constraints.

This data provides the basis for estimation of the long-term recovery performance of the Nchanga TLP. Collation of recovery data is given in Table 10.1.

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Table 10.1 Historical, restart, and plan Nchanga TLP recoveries

---

| | | |
|:---|:---|:---|
| **Recovery data** | **ASCu recovery (%)** | **Note** |
| Historical average 2010 to 2024 | 70.62 | 14 yr period. |
| Historical average excluding 2020 to 2024 data | 74.75 | 10 yr period. Excludes 4 yr period of operating and financial constraint. |
| Restart period August 2024 to January 2025 | 69.05 | 6 months. |
| Last 3 months of restart | 76.51 | Excludes first 3 months of restart. |
| Plan FY25-26 | 71.05 | Plan ramps up from 69.7% recovery to 74.8% recovery. |
| Plan FY25-26 Q4 | 74.82 | 3 months of plan. |

---

The final period of the FY25-26 plan coincides with a relatively consistent 10-year period of operational performance. A recovery of 74.8% ASCu is suitable for long-term planning of the Nchanga TLP performance.

**10.5** **Qualified Person's opinion** 

In the opinion of the QP, the data provided is adequate for the purpose used in the TRS and procedures used are part of conventional industry practice.

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| **11** | **Mineral Resource estimates** |

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**INFERRED MINERAL RESOURCE DISCLOSURE**

Approximately 69% of KCM Mineral Resources are classified as Inferred (262 Mt of 379 Mt). Inferred Mineral Resources have a lower level of confidence and are considered too speculative geologically to be categorised as Mineral Reserves at this time. Inferred Mineral Resources are included in the Full Resource Case economic analysis presented in Section 19 only; the M&I Case economic analysis excludes all Inferred Mineral Resources. It is reasonably expected, though not certain, that the majority of Inferred Mineral Resources could be upgraded to Indicated or Measured classification with continued drilling and exploration.

**11.1** **Introduction** 

Figure 11.1 shows the location of KCM mining rights and Konkola and Nchanga assets.

Figure 11.1 Plan location of the KCM Mineral Deposits

Source: AMC, 2025.

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The Mineral Resource classification criteria and cut-off grade on an asset-by-asset basis are based on combinations of the:

· Geological
 and grade continuity.

· Drill
 data density.

· Data
 quality.

· Estimation
 quality.

· Historical
 mining.

· Mining
 method.

· Potential
 for the mining method to transition from surface to underground.

· Depth
 of mineralisation to surface.

**11.2** **KCM Integrated Operations - Mineral Resources** 

Per Item 1304 of Regulation S-K 1300, each material property is presented with individual disclosures.

A Mineral Resource is an estimate of the in-situ concentration of solid material of economic interest, which serves as the point of reference for the Mineral Resource estimate. The Mineral Resource classification criteria and cut-off grade (COG) are determined on an asset-by-asset basis, as set out in Sections 11.3 and 11.4 below. The Mineral Resource estimate as of 1 April 2025 for all KCM operations is summarised in Table 11.1 below.

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Table 11.1 KCM Mineral Resources – 1 April 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Asset** | <br>**Classification** | **Cut-off**<br>**TCu (%)** | **Tonnes**<br>**Mt** | **Total copper**<br>**TCu (%)** | **Copper**<br>**Cu (kt)** | **Total cobalt**<br>**TCo (%)** | **Cobalt**<br>**Co (kt)** |
|  | Measured | 1 | 5 | 3.5 | 163 | 0.07 | 3 |
|  | Indicated | 1 | 36 | 3.8 | 1369 | 0.07 | 25 |
| Konkola Mine | Measured + Indicated | 1 | 41 | 3.7 | 1533 | 0.07 | 29 |
|  | Inferred | 1 | 249 | 3.4 | 8355 | 0.06 | 149 |
|  | Total |  | **290** | **3.4** | **9888** | **0.06** | **178** |
|  | Indicated OP | 0.48 | 3 | 1.5 | 41 | 0.09 | 3 |
|  | Indicated UG | 1 | 13 | 1.6 | 202 | 0.04 | 5 |
| COP DF | Measured + Indicated | 1 | 16 | 1.6 | 243 | 0.05 | 9 |
|  | Inferred |  |  |  |  |  |  |
|  | Total |  | **16** | **1.6** | **243** | **0.05** | **9** |
|  | Measured |  |  |  |  |  |  |
|  | Indicated | 0.95 | 3 | 2.8 | 86 | 0.02 | 1 |
| Luano | Measured + Indicated | 0.95 | 3 | 2.8 | 86 | 0.02 | 1 |
|  | Inferred | 0.95 | 4 | 2.4 | 107 | 0.03 | 1 |
|  | Total |  | **8** | **2.6** | **193** | **0.03** | **2** |
|  | Measured |  |  |  |  |  |  |
|  | Indicated | 0.96 | 13 | 2.6 | 345 |  |  |
| COP E Ext | Measured + Indicated | 0.96 | 13 | 2.6 | 345 |  |  |
|  | Inferred | 0.96 | 9 | 2.4 | 221 |  |  |
|  | Total |  | **23** | **2.5** | **566** | **-** | **-** |
| Stockpile SP16 | Indicated | 0.41% ASCu | 7 | 1 | 67 |  |  |
| TD03 | Indicated |  | 9 | 0.8 | 65 | 0.01 | 1 |
| TD04 | Indicated |  | 28 | 0.6 | 174 | 0.03 | 8 |
|  | Measured |  | 5 | 3.5 | 163 | 0.07 | 3 |
|  | Indicated |  | 112 | 2.1 | 2349 | 0.04 | 43 |
| Total KCM | Measured + Indicated |  | 117 | 2.1 | 2512 | 0.04 | 46 |
|  | Inferred |  | 262 | 3.4 | 8683 | 0.06 | 150 |
|  | Total |  | **379** | **3.0** | **11195** | **0.05** | **196** |

---

Notes:

· Mineral
 Resources are reported with an effective date of 1 April 2025.

· No
 Mineral Reserves are declared as part of this Initial Assessment. Mineral Resources are reported
 in their entirety.

· Approximately
 70% of KCM Mineral Resources are classified as Inferred (262 Mt of 375 Mt). Inferred Mineral
 Resources are considered too speculative geologically to be categorised as Mineral Reserves
 at this time, and there is no certainty that Inferred Mineral Resources will be converted
 to higher confidence categories with additional exploration.

· Classification
 in accordance with S-K 1300.

· Cut-off
 grades are applied on an asset-by-asset basis as set out in the individual deposit resource
 tables in Sections 11.3 to 11.4.

· Cobalt
 grades for TD03 and TD04 are reported for geological completeness. Cobalt is not recovered
 in the TLP electrowinning process and no cobalt revenue is attributed to TD03 or TD04 in
 the economic analysis.

· Point
 of reference: In situ material.

· Metallurgical
 recovery – Konkola Mine: Concentrator 89% Cu, 30% Co; Smelter 98.7% Cu, 60% Co; Refinery
 96.75% Cu payable.

· Metallurgical
 recovery – Nchanga: Concentrator 24–61% Cu (varies by deposit); Smelter 98.7%
 Cu; Refinery 96.75% Cu payable.

· Metallurgical
 recovery – TD03/TD04: Nchanga TLP 74.8% acid soluble Cu; 48.1% total Cu to cathode.

· Processing
 route: Konkola/Nchanga Concentrator → Nchanga Smelter → Nkana Refinery; TD03/TD04
 via Nchanga TLP.

· Tonnage
 and grade are rounded; this may result in minor computational discrepancies.

· Mineral
 Resources are 100% attributable to KCM.

**11.2.1** **Mineral Resource uncertainty** 

Mineral Resource estimates may be materially affected by the following risk factors:

· **Data quality:** Limited QAQC data exists for historical drillholes. Modern and historical drilling
 are intermingled geographically, and at no time have recent drillholes provided results outside
 the range indicated by historical drilling. As mining progresses, reliance on historical
 data diminishes. The QP recommends implementation of comprehensive QAQC protocols on all
 future drillholes (Section 23).

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· **Geological variability:** The Konkola deposit is characterised by folded and faulted stratigraphy,
 variable mineralisation thickness, and locally disrupted mineralisation associated with thrust
 zones and synclinal folding. These features affect estimation confidence in areas of structural
 complexity, particularly where drillhole spacing is wide. The geological model accounts for
 known structural controls, but unidentified faults or changes in mineralisation geometry
 between drillholes may affect local block grade estimates.

· **Metallurgical recovery:** Recovery assumptions are based on historical plant performance and limited
 variability testwork. Variations in ore type, oxidation state (reflected in the ASCu ratio),
 and feed blend may affect achieved recoveries relative to the assumptions applied.

· **Economic assumptions:** The Mineral Resource is constrained by a 1.0% TCu cut-off grade reflecting
 reasonable prospects for eventual economic extraction. Changes to metal prices, exchange
 rates, mining costs, or processing costs could materially affect the quantity of material
 reported above cut-off.

The QP considers that these risk factors are consistent with a deposit of this geological type and at this stage of exploration maturity, and do not represent unusual or atypical uncertainty relative to comparable sediment-hosted copper deposits on the Zambian Copperbelt. The most significant pathway to reducing uncertainty is the infill drilling program recommended in Section 23, which would support progressive conversion of Inferred Resources to higher confidence categories.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.2 Cut-off
 grade derivation

Cut-off grades for all sulfide and mixed sulfide and oxide copper mineralisation are derived using a Net Smelter Return (NSR) breakeven method, in which the NSR per tonne of minable material at a given grade equals the total operating cost. The general expression is:

*COG (%TCu) = (Cm + Cp + CG&A - CCo) ÷ NSR₁%*

Where:

 

*NSR₁% (US$/t ore per 1%TCu) = PCu × (Rconc × Rsmelt × Rpay) ÷ 100*

And the variables are defined as:

---

| | | |
|:---|:---|:---|
| **Symbol** | **Description** | **Unit** |
| Cm | Mine operating cost | US$/t ore |
| Cp | Processing cost | US$/t ore |
| CG&A | Site general and administration cost | US$/t ore |
| CCo | Cobalt by-product credit, recognised at low payability rates per Section 16.1.6 | US$/t ore |
| PCu | Copper price used for COG estimation | US$/t Cu |
| Rconc | Concentrator metallurgical recovery | % |
| Rsmelt | Smelter recovery | % |
| Rpay | Refinery copper payability | % |

---

Smelter treatment and refining charges and freight (Table 16.3) are applied where relevant and act to reduce the effective NSR, offset partially by the integrated smelter economics for KCM's own concentrates. The copper price used for all COG derivations is US$9,000/t Cu (Section 16.1.7).

The key input assumptions by asset are summarised in the table below. Operating costs used for COG derivation are concept-level estimates prepared at the time of resource estimation, prior to and independent of the mine study. The LOM average costs in Table 18.15 reflect a mix of PFS-level and IA-level modelling across a 45-year production schedule including ramp-up periods and serve a different purpose. Deriving resource COGs from concept-level cost proxies ahead of the formal mine study is consistent with standard industry practice under S-K 1300. Metallurgical recoveries are as reported in the individual deposit resource tables in Sections 11.3 to 11.4.

Table 11.2 Cut-off grade input assumptions by asset

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Asset** | **Mining method** | **Cm + Cp + CG&A - CCo<br> (US$/t ore, net of cobalt<br> by-product credit)<sup>1</sup>** | **Rconc (%)** | **Rsmelt (%)** | **Rpay (%)** | **PCu (US$/t)** | **Resulting COG** |
| Konkola Mine | Underground | 90.1 | 89 | 98.7 | 96.75 | 9000 | 1.0% TCu |
| COP DF | Open pit | 25.0<sup>2</sup> | 61 | 98.7 | 96.75 | 9000 | 0.48% TCu |
| COP DF | Underground | 73.8 | 53 | 98.7 | 96.75 | 9000 | 1.0% TCu |
| Luano | Underground | 73.8 | ~90<sup>3</sup> | 98.7 | 96.75 | 9000 | 0.95% TCu |
| COP E Extension | Underground | 46.0<sup>4</sup> | 56 | 98.7 | 96.75 | 9000 | 0.96% TCu |
| SP16 | Surface stockpile | 44.1 | -<sup>5</sup> | 98.7 | 96.75 | 9000 | 0.4% ASCu |
| TD03 / TD04 | Tailings reclamation | 14.3 | -<sup>6</sup> | -<sup>6</sup> | -<sup>6</sup> |  | None applied<sup>6</sup> |

---

Notes:

<sup>1</sup> Operating costs shown are net of the cobalt by-product credit (C_Co), applied at low payability rates per Section 16.1.6. The column heading represents the net value (Cm + Cp + CG&A - CCo) used as the numerator in the COG derivation.

<sup>2</sup> COP DF Open Pit: operating cost of US$25/t reflects the lower mining cost applicable to the shallow open pit geometry at concept-level resource estimation, net of cobalt by-product credit per Note 1.

<sup>3</sup> Luano: ~90% represents the blended metallurgical recovery used in the COG derivation, incorporating both the oxide and sulfide ore characteristics of the deposit. See Section 11.4.1.

<sup>4</sup> COP E Extension: no cobalt credit applied; cobalt is not estimated for this deposit (refer Section 11.4.3.9). Operating cost of US$46/t reflects concept-level resource estimation inputs.

<sup>5</sup> SP16 is a surface stockpile with both acid-soluble (ASCu) and acid-insoluble (AICu) copper fractions. The COG is expressed on an ASCu basis using the acid-soluble copper recovery through the processing route. See Section 11.4.3.

<sup>6</sup> TD03 and TD04 are tailings deposits processed entirely through the Nchanga TLP. All material is required to be processed; no grade-based cut-off is applied. See Section 11.4.4.

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**11.3** **Konkola** 

All mineralisation is predominately hosted in the shale formation (OSU) with some mineralisation extending to the adjacent hangingwall and footwall formations.

The Konkola mineralisation consists of seven mining areas. These include: Konkola East, Konkola Flats, Konkola Extension, Bancroft North, Bancroft Central, Bancroft Deeps, Bancroft South (see Figure 11.2). These mining areas will be referred to as collectively as Konkola.

Figure 11.2 Plan view of mining areas at Konkola

Source: AMC, 2025.

The Konkola deposit is one of the largest in the region with copper grades averaging above 3% TCu.

The current block model was generated AMC in 2024. It is based on the 2016 SRK South Africa block model and includes drillholes completed since 2016.

Datamine® and Surpac® mining software was used to visualize and undertake the grade estimation. Supervisor® software was used for geostatistical assessment.

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**11.3.1** **Data** 

The Konkola geological database contains 4,245 drillholes. The database is comprised of four files, collar, survey, geology, and assay. In 2024 an additional 251 drillhole have been incorporated.

The assay file contains a column called "Asscode" that separates waste from mineralisation using a geological cut-off grade of 1% TCu. Samples with grades below 1% TCu are coded 0 and those above 1% TCu are coded 1. Internal dilution was considered i.e., samples within the mineralisation below cut-off grade were coded as 1 based on the criteria that they were not more than 2 m thickness.

Drillholes are shown in plan view in Figure 11.3. Drillholes from 2016 onwards are shown in red and are present along the strike length of the mineralisation.

Figure 11.3 Drillhole location plan - Konkola

Source: AMC, 2025.

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**11.3.2** **Geological interpretation** 

Between 2021 to 2024, the Konkola geology team completed a campaign to improve the structural understanding using underground geological mapping to refine the geological interpretation.

Prior to this, the 2016 geological models captured geological structures like faults with a displacement greater than 20 m. Other structures, such as stope scale faults, were not captured. Structures with less than 20 m displacement have been observed to be critical in the mine performance with respect to short-term mine planning.

Geological mapping and drillhole data were both used in the 2024 interpretation update. The lithological and mineralisation wireframes updated are the bottom of HWA, HWQ, OSU, FWS, PC, AGS, and FWQ including the grade wireframes (AFW and AHW) modelled at 1% TCu geological cut-off.

With more drilling and geological mapping information acquired, several other fault structures have been defined and added to the geological models that where not present in the 2016 model as shown in Figure 11.4.

Figure 11.4 Comparison between 2016 and 2024 wireframes - Konkola

Source: AMC, 2025.

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Steps used to update the geological interpretation:

· **Geological mapping:** Detailed structural mapping was carried out of all current faces and data plotted
 directly into MicroStation software (.dgn format).

· **Review of old plans:** geological level plans from upper levels were reviewed to confirm the continuity
 of the faults that have been added to the updated geological interpretation. Where these
 were confirmed, they were included via scanning and digitising of the geology. Figure 11.5
 shows an example of historic geological mapping from the top levels.

· **Drillhole logging:** data collected from new drillholes was used for interpretation of fault kinematics.

· **Geological interpretation:** Surpac® version 6.6 was used to update the 2016 geological interpretations
 surfaces. The 2016 surfaces for each formation were imported into Surpac® and sectioned
 at either 20 m or 40 m spacings. The strings were updated to honor current mapping
 and new drillholes. The grade shells (AFW and AHW) interpretation was also updated.

Figure 11.5 Plan view of historic mapping from 1850L plan - Konkola

![](ctm003_ex96-1img49.jpg)

Source: AMC, 2025.

**11.3.2.1** **Estimation domains** 

Grade estimation domains were established in two steps: defining the hangingwall and footwall surfaces and then defining zones of grades continuity along strike (geostatistical stationarity).

**11.3.2.2** **Definition of hangingwall and footwall surfaces** 

The hangingwall and footwall surfaces were defined using a 1% TCu cut-off. Whilst the OSU is typically the host for mineralisation, in some location's mineralisation is observed extending into the hangingwall and footwall of the OSU. In other instances, the OSU is not mineralised for its entire thickness.

The hangingwall and footwall surfaces were interpreted on section and digitised. The resulting strings were then explicitly modelled to generate the AFW and AHW wireframe surfaces.

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Contact analysis of sample intervals on either side of the interpreted boundary illustrates that the contact between the mineralised and non-mineralised sections of the drillhole is a sharp boundary (Figure 11.6). Within the domain, sample grades are typically greater than 1% TCu, and outside of the wireframes, the sample grades drop to 0.3% TCu.

Figure 11.6 Contact analysis between non-mineralised and mineralised material - Konkola

Source: AMC, 2025.

The hangingwall and footwall surfaces shown in Figure 11.7 were used in Datamine® to apply domain codes to the sample intervals. All compositing, exploratory data analysis, and estimations are constrained within this boundary.

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Figure 11.7 Hangingwall and footwall constraining surfaces - Konkola

![](ctm003_ex96-1img51.jpg)

Source: AMC, 2025.

**Along strike continuity**

As shown in Figure 11.8, visual analysis of the copper grades illustrates the existence of multiple distinct grade populations along strike within the mineralised zone defined by the hangingwall and footwall surfaces. These grade domains are believed to be structurally related features, with both sin and post-mineralisation relationships.

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Figure 11.8 Along strike grade continuity - Konkola

![](ctm003_ex96-1img52.jpg)

Source: AMC, 2025.

Both box and whisker plots (Figure 11.9) and Q-Q plots (Figure 11.10) support the existence of the lateral grade domains and provide evidence that the domains should be estimated separately to ensure the stationarity needed for ordinary kriging.

---

| | |
|:---|:---|
| Figure 11.9 | Box and whisker plot comparing TCu% across seven grade domains - Konkola |

---

![](ctm003_ex96-1img53.jpg)

Source: AMC, 2025.

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| Figure 11.10 | Q-Q plots comparing TCu% across seven grade domains - Konkola |

---

Source: AMC, 2025.

Domains four and five have been split into two separate domains using the fold axis as the domain boundary. These domains share the same grade populations. They have been separated to allow the application of the two structural orientations resulting from the fold hinge.

During grade estimation, some domain boundaries were used to provide hard constraints, while others were used to apply soft constraints, as follows:

· Z1/Z2, Z2/Z3, Z4/Z5 = Soft boundary (allow data sharing 50 m inside adjacent zones).

· Z3/Z4, Z5/Z6, Z6/Z7 = Hard boundary (no data sharing allowed between adjacent zones).

All compositing, exploratory data analysis, and estimation were conducted using these domains as individual estimation domains (Figure 11.11).

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| | |
|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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Figure 11.11 Block model and composites flagged by domain - Konkola

Source: AMC, 2025.

Top-capping analysis of grade was investigated using Supervisor® software. On a domain-by-domain basis, data distributions were considered on the raw composite data to ensure outliers were appropriately controlled during the compositing and estimation process. Top-caps were applied where breaks in the grade distributions were observed (Figure 11.12). The top-caps applied to the composites for the Konkola estimate are outlined as Table 11.3.

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| | |
|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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Figure 11.12 Top-capping analysis - Konkola

Source: AMC, 2025.

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|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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Table 11.3 Top-caps – Konkola

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Element** | **Domain** | **Capping value** | **Number of samples cut** | **Percentile** |
|  | 1 | 17.00 | 5 | 99.90 |
|  | 2 | 10.00 | 6 | 99.90 |
|  | 3 | 15.00 | 7 | 99.90 |
| TCU (%) | 4 | 15.00 | 4 | 100 |
|  | 5 | 11.00 | 8 | 99.80 |
|  | 6 | 8.00 | 7 | 99.50 |
|  | 7 | 6.00 | 5 | 99.50 |
|  | 1 | 8.50 | 6 | 99.90 |
|  | 2 | 7.00 | 3 | 99.90 |
|  | 3 | 9.00 | 7 | 99.90 |
| ASCu (%) | 4 | 6.50 | 5 | 99.90 |
|  | 5 | 7.00 | 4 | 99.90 |
|  | 6 | 3.00 | 5 | 99.60 |
|  | 7 | 2.70 | 5 | 99.50 |
|  | 1 | 0.85 | 5 | 99.90 |
|  | 2 | 0.60 | 3 | 99.90 |
|  | 3 | 0.45 | 3 | 100 |
| TCO (%) | 4 | 0.85 | 2 | 100 |
|  | 5 | 0.73 | 2 | 99.90 |
|  | 6 | 0.74 | 0 | 100 |
|  | 7 | 0.50 | 2 | 99.80 |

---

Source: AMC, 2025.

**11.3.3** **Statistics and compositing** 

The Konkola deposit's sample lengths range from 0.10 m to a maximum of 15 m, with a mean of 0.60 m. Both copper samples underwent a composite length sensitivity analysis to help select the most appropriate composite length during interpolation. The study compares the composites' coefficient of variation (CoV) at various composite lengths.

The study showed a decrease in CoV at 1 m, where the first of two inflexion points is observed.

The degree of change flattens slightly from a 1 m to 2 m composite length, with a consistent decline observed after the 1 m composite (Figure 11.13).

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| | |
|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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Figure 11.13 Plot of coefficient of variation versus composite length - Konkola

![](ctm003_ex96-1img57.jpg)

Source: AMC, 2025.

Due to the laminated and stratiform nature of the mineralisation and the first inflexion point is observed at the 1 m composite length, a one-meter composite length has been selected as the composite length for the Konkola estimate. Descriptive statistics for copper, acid copper and cobalt before and after compositing are presented as Table 11.4.

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|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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Table 11.4 Descriptive statistics pre- and post-compositing – Konkola

**Total Copper**

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **All** | **All** | **Domain 1** | **Domain 1** | **Domain 2** | **Domain 2** | **Domain 3** | **Domain 3** | **Domain 4** | **Domain 4** | **Domain 5** | **Domain 5** | **Domain 6** | **Domain 6** | **Domain 7** | **Domain 7** |
| <br>Type | **Raw** | **Comp** | **Raw** | **Comp** | **Raw** | **Comp** | **Raw** | **Comp** | **Raw** | **Comp** | **Raw** | **Comp** | **Raw** | **Comp** | **Raw** | **Comp** |
| Samp | 60579 | 36815 | 13117 | 8653 | 7090 | 4571 | 15748 | 9497 | 13968 | 8298 | 6045 | 3391 | 2443 | 1292 | 2143 | 1098 |
| Min | 0.01 | 0.01 | 0.01 | 0.15 | 0.02 | 0.20 | 0.01 | 0.06 | 0.01 | 0.01 | 0.01 | 0.11 | 0.03 | 0.84 | 0.03 | 0.64 |
| Max | 49.06 | 27.88 | 30.65 | 26.43 | 18.95 | 14.13 | 30.60 | 27.88 | 23.50 | 21.93 | 41.13 | 19.08 | 49.06 | 22.66 | 10.05 | 8.88 |
| Avg | 3.99 | 4.09 | 4.00 | 4.13 | 3.57 | 3.65 | 5.05 | 5.19 | 3.39 | 3.45 | 3.75 | 3.76 | 2.76 | 2.74 | 3.44 | 3.49 |
| SD | 2.22 | 1.97 | 2.37 | 2.08 | 1.78 | 1.50 | 2.49 | 2.13 | 1.77 | 1.64 | 1.92 | 1.53 | 1.55 | 1.17 | 1.35 | 1.08 |
| CV | 0.56 | 0.48 | 0.59 | 0.50 | 0.50 | 0.41 | 0.49 | 0.41 | 0.52 | 0.47 | 0.51 | 0.41 | 0.56 | 0.43 | 0.39 | 0.31 |

---

**Acid Soluble Copper**

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **All** | **All** | **Domain 1** | **Domain 1** | **Domain 2** | **Domain 2** | **Domain 3** | **Domain 3** | **Domain 4** | **Domain 4** | **Domain 5** | **Domain 5** | **Domain 6** | **Domain 6** | **Domain 7** | **Domain 7** |
| <br>Type | **Raw** | **Comp** | **Raw** | **Comp** | **Raw** | **Comp** | **Raw** | **Comp** | **Raw** | **Comp** | **Raw** | **Comp** | **Raw** | **Comp** | **Raw** | **Comp** |
| Samp | 60437 | 36726 | 13075 | 8626 | 7079 | 4559 | 15731 | 9488 | 13920 | 8264 | 6043 | 3391 | 2429 | 1285 | 2135 | 1098 |
| Min | 0 | 0.01 | 0.01 | 0.01 | 0 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.009 | 0.01 | 0.01 | 0.01 |
| Max | 21.82 | 12.859 | 21.4 | 12.859 | 13.91 | 7.537 | 14 | 12.825 | 12.83 | 12.81 | 18.4 | 7.865 | 21.82 | 8.855 | 5.62 | 5.356 |
| Avg | 0.441 | 0.446 | 0.62 | 0.61 | 0.316 | 0.31 | 0.448 | 0.468 | 0.333 | 0.34 | 0.561 | 0.539 | 0.302 | 0.285 | 0.245 | 0.227 |
| SD | 1.02 | 0.915 | 1.278 | 1.093 | 0.822 | 0.721 | 1.128 | 1.071 | 0.717 | 0.647 | 1.073 | 0.884 | 0.693 | 0.489 | 0.51 | 0.443 |
| CV | 2.311 | 2.051 | 2.06 | 1.793 | 2.603 | 2.323 | 2.519 | 2.288 | 2.155 | 1.902 | 1.914 | 1.638 | 2.291 | 1.717 | 2.079 | 1.955 |

---

**Total Cobalt**

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **All** | **All** | **Domain 1** | **Domain 1** | **Domain 2** | **Domain 2** | **Domain 3** | **Domain 3** | **Domain 4** | **Domain 4** | **Domain 5** | **Domain 5** | **Domain 6** | **Domain 6** | **Domain 7** | **Domain 7** |
|  | **Raw** | **Comp** | **Raw** | **Comp** | **Raw** | **Comp** | **Raw** | **Comp** | **Raw** | **Comp** | **Raw** | **Comp** | **Raw** | **Comp** | **Raw** | **Comp** |
| Samp | 59009 | 36084 | 12838 | 8470 | 7009 | 4522 | 15418 | 9323 | 13832 | 8236 | 5841 | 3309 | 2379 | 1265 | 1670 | 946 |
| Min | 0.00 | 0.00 | 0.00 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.01 | 0.00 | 0.01 |
| Max | 1.49 | 1.02 | 0.99 | 0.96 | 0.99 | 0.92 | 0.88 | 0.55 | 1.49 | 1.02 | 0.90 | 0.85 | 0.84 | 0.74 | 0.76 | 0.57 |
| Avg | 0.08 | 0.08 | 0.12 | 0.12 | 0.07 | 0.06 | 0.04 | 0.04 | 0.08 | 0.08 | 0.08 | 0.08 | 0.12 | 0.12 | 0.07 | 0.07 |
| SD | 0.10 | 0.09 | 0.14 | 0.12 | 0.08 | 0.07 | 0.04 | 0.04 | 0.09 | 0.08 | 0.10 | 0.09 | 0.10 | 0.10 | 0.09 | 0.08 |
| CV | 1.31 | 1.17 | 1.20 | 1.03 | 1.18 | 1.03 | 1.20 | 1.04 | 1.13 | 0.99 | 1.28 | 1.14 | 0.88 | 0.80 | 1.23 | 1.09 |

---

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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11.3.3.1 Variography

Nugget effect was interpreted using downhole variograms for each domain and element of interest. Experimental downhole variograms were generated using 1 m composite lengths. Downhole variogram models were then generated to estimate the vertical intercepts of the model, which was set as the nugget effect for each variogram.

Directional variograms were generated for copper, acid-soluble copper and cobalt within each domain using top-cap 1 m composites. Within Supervisor®, directions were established for horizontal, across-strike and dip-plane orientations using directional continuity maps. Semi variogram models were generated for the major, semi major and minor orientations, using a range of angular tolerances and lag distanced to best interpret the experimental semi-variogram, as demonstrated in Figure 11.14.

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| | |
|:---|:---|
| Figure 11.14 | Experimental semi-variogram model for TCu% - Domain 5 - Konkola |

---

![](ctm003_ex96-1img58.jpg)

Source: AMC, 2025.

The resulting semi-variogram models were set to the Datamine® software orientation and exported as Datamine® variogram control files. Table 11.5 outlined the variogram parameters used in the estimation of the Konkola resource estimate. The author notes the maximum range of continuity for the copper domains is 60 to 725 m.

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|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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Table 11.5 Variogram models – Konkola

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Structure 1** | **Structure 1** | **Structure 1** | **Structure 1** | **Structure 2** | **Structure 2** | **Structure 2** | **Structure 2** |
| <br>**Element** | <br>**Domain** | <br>**Nugget** | **Sill** | **Major (m)** | **Semi**<br> **Major (m)** | **Minor (m)** | **Sill** | **Major (m)** | **Semi**<br> **Major (m)** | **Minor (m)** |
|  | 1 | 0.15 | 0.64 | 15.0 | 10.0 | 8.0 | 0.21 | 150.0 | 50.0 | 15.0 |
|  | 2 | 0.20 | 0.64 | 20.0 | 10.0 | 4.0 | 0.18 | 150.0 | 120.0 | 8.0 |
|  | 3 | 0.10 | 0.74 | 20.0 | 17.0 | 3.0 | 0.16 | 300.0 | 150.0 | 8.0 |
| TCu | 4 | 0.10 | 0.53 | 40.0 | 35.0 | 10.0 | 0.37 | 220.0 | 180.0 | 25.0 |
|  | 5 | 0.20 | 0.40 | 43.0 | 25.0 | 5.0 | 0.40 | 500.0 | 300.0 | 10.0 |
|  | 6 | 0.10 | 0.33 | 25.0 | 25.0 | 4.0 | 0.57 | 725.0 | 650.0 | 20.0 |
|  | 7 | 0.20 | 0.54 | 11.0 | 18.0 | 2.0 | 0.26 | 60.0 | 50.0 | 15.0 |
|  | 1 | 0.15 | 0.66 | 25.0 | 10.0 | 15.0 | 0.19 | 200.0 | 40.0 | 25.0 |
|  | 2 | 0.15 | 0.67 | 10.0 | 10.0 | 6.0 | 0.18 | 100.0 | 70.0 | 15.0 |
|  | 3 | 0.15 | 0.55 | 60.0 | 60.0 | 10.0 | 0.30 | 325.0 | 200.0 | 15.0 |
| ASCu | 4 | 0.15 | 0.61 | 45.0 | 15.0 | 5.0 | 0.24 | 165.0 | 100.0 | 15.0 |
|  | 5 | 0.20 | 0.44 | 22.0 | 20.0 | 5.0 | 0.36 | 300.0 | 125.0 | 18.0 |
|  | 6 | 0.10 | 0.59 | 20.0 | 15.0 | 4.0 | 0.31 | 225.0 | 150.0 | 20.0 |
|  | 7 | 0.15 | 0.44 | 17.0 | 15.0 | 7.0 | 0.41 | 45.0 | 45.0 | 20.0 |
|  | 1 | 0.20 | 0.62 | 15.0 | 10.0 | 15.0 | 0.18 | 90.0 | 40.0 | 20.0 |
|  | 2 | 0.20 | 0.46 | 25.0 | 10.0 | 4.0 | 0.35 | 150.0 | 140.0 | 8.0 |
|  | 3 | 0.10 | 0.60 | 22.0 | 30.0 | 10.0 | 0.30 | 260.0 | 360.0 | 15.0 |
| TCo | 4 | 0.20 | 0.50 | 10.0 | 20.0 | 5.0 | 0.30 | 150.0 | 150.0 | 30.0 |
|  | 5 | 0.20 | 0.35 | 80.0 | 25.0 | 3.0 | 0.45 | 190.0 | 230.0 | 6.0 |
|  | 6 | 0.20 | 0.52 | 9.0 | 20.0 | 2.0 | 0.29 | 110.0 | 50.0 | 7.0 |
|  | 7 | 0.10 | 0.57 | 35.0 | 35.0 | 3.0 | 0.33 | 150.0 | 150.0 | 12.0 |

---

**11.3.4** **Block model and estimation parameters** 

The block model has an origin of easting 1,900 m, northing 31,500 m, and vertical -700 m. The parent block dimensions are 20 m in the easting and northing and directions and 2 m in the vertical, see Table 11.6. The thin vertical cell is to allow for the preservation of the laminated nature of the mineralisation.

Table 11.6 Block model origin and extents

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Direction** | **Origin (m)** | **Parent block**<br>**size (m)** | **Number of**<br> **parent blocks** | **Model extent (m)** | **Minimum sub**<br> **block size (m)** |
| Easting (m) | 1900 | 20 | 350 | 8900 | 5 |
| Northing (m) | 31500 | 20 | 475 | 41000 | 5 |
| Rl (m) | -700 | 2 | 2200 | 3700 | 1 |

---

The primary surfaces used in the initial stages of the block model generation are those of the hangingwall and footwall of the mineralisation (AHW and AFW) and the hangingwall and footwall of the OSU. These surfaces were assigned to the block model with an "Asscode" of 1 within the mineralisation surfaces and a "rock code" of 20. These two units were assigned to the block model using a sub-blocking technique to preserve the volume of the estimated units. The minimum sub-block sizes 5 m in the easting and northing and 1 m in the vertical direction.

The remainder of the stratigraphic sequence was applied to the model at a parent block level (no sub-blocking) using the stratigraphic sequence outlined in Table 11.7. The use of the parent blocks to flag the remaining stratigraphic sequence was to reduce the overall size of the model.

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|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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Table 11.7 Konkola modelled stratigraphy

---

| | | |
|:---|:---|:---|
| **Description** | **Code** | **ROCK** |
| Dolomite | DOL |  |
| Shale with Grit | SWG | 8 |
| Hangingwall aquifer | HWA | 9 |
| Hangingwall quartzite | HWQ | 10 |
| Ore Shale Unit | OSU | 20 |
| Footwall conglomerate | FWC |  |
| Footwall sandstone | FWS | 30 |
| Pours Conglomerate | PC | 40 |
| Argillaceous Sandstone | AGS | 50 |
| Footwall Quartzite | FWQ | 60 |
| Basal Conglomerate | BC | 70 |

---

The model is also flagged with:

· Mined – 0 = Mined, 1 = In situ

· Dwater – 0 = not dewatered, 1 = dewatered

· Ozone – 111 = ore

· Topo – Proportion of block above topography

· Class – Resource classification (1=Measured, 2=Indicated, and 3=Inferred)

**11.3.4.1** **Estimation parameters** 

Grade estimated into the blocks was interpolated using Ordinary Kriging. During estimation, dynamic anisotropy was implemented which makes use of the orientation of the geology represented by the wireframe triangles or strings and allows the interpolation of the local strike and dip into each of the blocks in the model. These angles are then used to orientate the search ellipsoid to the individual block strike and dip during the kriging estimation process.

The estimation was done in three stages with the condition that only a maximum of three samples could be selected from each drillhole.

· Pass 1: Blocks estimated within the first search volume (SVOL1) with minimum and maximum number of samples
of nine and 12.

· Pass 2: The blocks not estimated within the first search (SVOL1) were estimated using second search volume
(SVOL2) twice the search radius while maintaining the same number of samples as used in pass 1.

· Pass 3: Blocks still un-estimated after the second search (SVOL2), were then estimated using a third search
(SVOL3) with the minimum number of samples.

The kriged estimate utilises a locally varying anisotropic (LVA) search within Datamine®. The process assigns the geological trend of the footwall surface to the Datamine® model. During the estimation, the search ellipse defined by the variograms is rotated to conform with the structural trend of the project. The use of LVA is a common technique for ensuring the geological trend is honored in dipping stratiform deposits.

**11.3.4.2** **Bulk density** 

The bulk density values assigned are from the historical and current studies. Table 11.8 shows the bulk density value and the rock code assigned to each lithology assigned in the block model.

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|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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Table 11.8 Bulk density by lithology – Konkola

---

| | | |
|:---|:---|:---|
| **Lithology** | **Bulk density (t/m<sup>3</sup>)** | **Rock code** |
| HWA | 2.58 | 9 |
| HWQ | 2.61 | 10 |
| OSU | 2.68 | 20 |
| FWS | 2.56 | 30 |
| PC | 2.56 | 40 |
| AGS | 2.56 | 50 |
| FWQ | 2.56 | 60 |
| BC | 2.56 | 70 |

---

**11.3.5** **Block model validation** 

Three separate methods have been applied to validate the block model, they are swath plots, visual validation and statistical analysis.

**11.3.5.1** **Swath plots** 

Swather plots have been conducted domain-by-domain comparing the trends of the modelled estimates and input composites. A good correlation between input composites and estimated values is observed in the Measured and Indicated, as shown in Figure 11.15 and Figure 11.16.

---

| | |
|:---|:---|
| Figure 11.15 | Swath plots Measured and Indicated TCu% Domain 1 – Konkola |

---

![](ctm003_ex96-1img59.jpg)

Source: AMC, 2025.

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|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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|:---|:---|
| Figure 11.16 | Swath plots Measured and Indicated TCu% Domain 2 - Konkola |

---

Source: AMC, 2025.

The correlation in the Inferred areas of the resource is far less robust, indicating the drillhole spacing used for the Inferred material is inappropriate for the classification (Figure 11.17). This observation is consistent with the variography, which illustrates materials are classified as Inferred outside the variogram ranges, which indicates there is no correlation between sample pairs.

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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Figure 11.17 Swath plot Inferred showing poor correlation between composites and block model - Konkola

![](ctm003_ex96-1img61.jpg)

Source: AMC, 2025.

**11.3.5.2** **Visual validation** 

Estimated block grades were validated visually by comparing them to sample data. Visual inspection assisted in validating the grade variations observed in the samples (high- and low-grades). A good correlation between input composites and estimated block values is shown in Figure 11.18.

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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Figure 11.18 Visual comparison between input composites and estimated grades - Konkola

Source: AMC, 2025.

**11.3.5.3** **Statistical validation** 

The statistics of the capped composites were compared to OK estimates in the block model. As observed in Table 11.9. The mean of the composites compared well with the estimates within all zones having an OK / DH (%) difference of not more than 10% which is acceptable. Zone 1 gave the highest percent difference due to the low-grade samples towards the south end of Zone 1 that lowered the grade of the estimates. Zone 1 gave the highest per cent difference due to the low-grade samples towards the south end of Zone 1, which lowered the grade of the estimates. However, these low-grade samples could not be analysed separately as the sample size would not have been enough for statistical and geostatistical work.

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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| | |
|:---|:---|
| Table 11.9 | Statistical comparison of composite and estimated values for TCu% - Konkola |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Domain** | **Composite (DH)** | **Composite (DH)** | **Composite (DH)** | **Composite (DH)** | **Composite (DH)** | **OK** | **OK** | **OK** | **OK** | **OK** | |
|  | **Nsam** | **Min** | **Max** | **Mean** | **SD** | **Nblocks** | **Min** | **Max** | **Mean** | **SD** | **OK/DH**<br>**(%) Diff** |
| 1 | 9010 | 0.15 | 17 | 4.1 | 2.04 | 181432 | 1.38 | 9.5 | 3.67 | 1.21 | -10 |
| 2 | 4571 | 0.2 | 10 | 3.65 | 1.49 | 88942 | 1.54 | 6.42 | 3.48 | 0.68 | -5 |
| 3 | 9492 | 0.06 | 15 | 5.18 | 2.11 | 177402 | 1.53 | 9.76 | 4.69 | 1.11 | -9 |
| 4 | 8241 | 0.01 | 15 | 3.44 | 1.61 | 423032 | 1.09 | 11.04 | 3.44 | 1.1 | 0 |
| 5 | 3376 | 0.11 | 11 | 3.76 | 1.48 | 132776 | 1.67 | 7.14 | 4.03 | 0.93 | 7 |
| 6 | 1292 | 0.84 | 8 | 2.72 | 1.01 | 43105 | 1.48 | 4.36 | 2.57 | 0.5 | -6 |
| 7 | 1098 | 0.64 | 6 | 3.48 | 1.06 | 66236 | 1.84 | 5.04 | 3.62 | 0.54 | 4 |

---

Figure 11.19 Mineral Resource classification Konkola

![](ctm003_ex96-1img63.jpg)

Source: AMC, 2025.

**11.3.6** **Classification criteria** 

The Konkola is an established operation with a history of production since 1957. The economic outcomes described within the report underpin support for the eventual economic extraction.

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
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The Mineral Resource classification criteria and cut-off grade are based on:

· Geological and grade continuity

· Drill data density and spacing

· Data quality

· Estimation quality

· Mining and production history

A drillhole spacing study developed at site in 2019 is the basis for the general classification outlines. This is a conditional simulation technique to determine the optimal drilling spacing for Measured and Indicated. The study concluded that a drillhole spacing of 50 m by 25 m can be used for Measured classification and 150 m by 200 m can be used for an Indicated classification.

Parent blocks with an average distance of 50 m to a drillhole are classified as Measured and those with an average of 150 m to a drillhole are classified as Indicated. Resources with an average distance of more than 150 m and above the shaft bottom are classified as Inferred.

Where parent blocks are than 150 m below the base of mining in mineralisation (in ore development) and classified as Inferred the classification has been upgraded to Indicated. This gives in ore development the same weight as a drillhole.

It is noted that the average distance to sample support for the Inferred Resources varies from several hundred meters to approximately 1,700 m (Figure 11.20). Analysis of the ranges of the variograms shows a maximum range of 750 m, outside which correlation between sample points cannot be demonstrated.

A geological cut-off grade for the Mineral Resource of 1.0% TCu has been derived using a metal price of US$9,000/t Cu, in conjunction with typical historic mining modifying factors and concept level mine designs. For further information see Section 13 to Section 19.

Figure 11.20 Average distance to sample support - Konkola

![](ctm003_ex96-1img64.jpg)

Source: AMC, 2025.

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|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

---

**11.3.7** **Mineral Resource uncertainty** 

Mineral Resources are not Mineral Reserves and do not necessarily demonstrate economic viability. There is no certainty that all or any part of this Mineral Resource will be converted into Mineral Reserve.

The Konkola Mineral Resource was classified into a Measured, Indicated, and Inferred Mineral Resource.

Mineral Resource estimates may be materially affected by the quality of data, natural geological variability of mineralisation, metallurgical recovery, and the accuracy of the economic assumptions supporting reasonable prospects for economic extraction including metal prices, and mining and processing costs.

The classification of Inferred, with the wide drill data spacing, is supported via a good understanding of the geological and grade continuity observed from drilling and the extensive mining history.

The upgrade in the classification of the Mineral Resource from Inferred through to Measured represents an increased understanding of the items that materially impact geological variability. This results in minimisation of uncertainty and reduced risk.

Resource classification upgrades are achieved through increasing geological understanding by reducing the drillhole spacing, for Konkola this will come from the planned resource infill and extension drilling programs, for more detail see Section 23.

**11.3.8** **Mineral Resource Estimate** 

The Mineral Resource estimate (using a 1% TCu cut-off grade) for the Konkola Mine is shown in Table 11.10. The Mineral Resource classification considers drillhole spacing studies, data quality, structural and lithological continuity, and estimation confidence. The 2024 Mineral Resource has been depleted for production to the effective date of 1 April 2025.

Table 11.10 Mineral Resource Konkola Mine – 1 April 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Classification** | **Cut-off<br> TCu%** | **Tonnes<br> (Mt)** | **TCu%** | **ASCu%** | **TCo%** | **Cu (kt)** | **Co (kt)** |
| Measured | 1 | 5 | 3.47 | 0.76 | 0.07 | 163 | 3 |
| Indicated | 1 | 36 | 3.76 | 0.47 | 0.07 | 1369 | 25 |
| **Measured + Indicated** | **1.0** | **41** | **3.73** | **0.50** | **0.07** | **1533** | **29** |
| Inferred | 1 | 249 | 3.35 | 0.65 | 0.06 | 8355 | 149 |
| **Total** | **1.0** | **290** | **3.37** | **0.66** | **0.06** | **9888** | **178** |

---

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Mineral Resources are reported with an effective date of 1 April 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Classification in accordance with S-K 1300.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· No Mineral Reserves are declared as part of this Initial Assessment. Mineral Resources are reported in
their entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Approximately 87% of Konkola Mineral Resources are classified as Inferred. Inferred Mineral Resources
are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorised
as Mineral Reserves, and there is no certainty that all or any part of the Inferred Mineral Resources will be converted to Measured or
Indicated Mineral Resources with additional exploration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A geological cut-off grade of 1.0% TCu has been derived using a metal price of US$9,000/t Cu, in conjunction
with typical historic mining modifying factors and concept level mine designs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Tonnage and grade are rounded and this may result in computational discrepancies that are not material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Point of reference: In situ material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Metallurgical recovery: Concentrator 89% Cu, 30% Co to concentrate; Smelter 98.7% Cu, 60% Co; Refinery
96.75% Cu payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Processing route: Konkola Concentrator → Nchanga Smelter → Nkana Refinery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Mineral Resources are 100% attributable to KCM.

**11.4** **Nchanga assets** 

Mineralisation at Nchanga is predominately hosted within two major units, the UOB and the LOB. While there has been significant historic and recent open pit mining there has been less recent underground mining. Many of the assets at Nchanga have downdip extensions and are being assessed in studies for transition to underground mining.

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| | |
|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

---

The UOB mineralisation is a stratiform type of mineralisation whose main host rock is the TFQ with some of the mineralisation extending into adjacent UBS formation on the hangingwall and BSSU on the footwall.

The UOB contains both copper and cobalt mineralisation for which the grades have been interpreted and estimated separately.

Mineralisation of the LOB is not continuous and occurs in isolated locations throughout the mining license separated by barren gaps and basement highs. Each isolated LOB deposit has been interpreted and estimated separately. Unlike the UOB, the LOB has very low cobalt grades and in some assets, cobalt is not estimated. LOB is key unit of interest at COP DF, Luano, and COP E Ext.

**11.4.1** **Chingola open pit D and F (COP DF)** 

Both COP D and COP F are tabular and with dips ranging from 35° to 40°, with the majority of the mineralisation occurring in the ARK.

Mining at Chingola open pit D (COP D) and Chingola open pit F (COP F) commenced in 2004. Mining has been via open pit with the transition to underground mining part of recent mining studies. Open pit mining is ongoing.

The COP DF resource block model was last updated in 2014, subsequent updates are due to depletion from production.

**11.4.1.1** **Data** 

There are 455 drillholes in the COP DF geological database. Most of the holes were drilled in the 1980's. Between 2007 and 2010, 138 holes were drilled. There is no QAQC data for either generation of drillholes.

The drillhole spacing varies from 50 m by 50 m, to 30 m by 30 m, to closer spacing of 15 m by 15 m, see the drillhole location plan in Figure 11.21.

amcconsultants.com 138

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| | |
|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

---

Figure 11.21 Drillhole location plan – COP DF

![](ctm003_ex96-1img65.jpg)

Source: AMC, 2025.

**11.4.1.2** **Geological interpretation and generation of 3D representation** 

COP F is comprised of mixed oxide and sulfide copper minerals extending to a depth of approximately 100 m before transitioning to dominantly sulfide minerals. COP D oriented east-west is the dominant mineralisation thicker with more grade and containing mixed oxides and sulfides at depth.

Wireframes of the 3D geological interpretation were constructed from 60 m space cross section strings, where the strings were snapped to the drillholes. The mineralisation interpretation was defined based on a minimum geological cut-off of 0.5% TCu. Internal waste less than 5 m vertical thickness was included in the mineralisation interpretation.

Strings were wireframed to form a solid which was used for sample selection and generation of the block model.

**11.4.1.3** **Statistics and compositing** 

Drillhole intervals within the 3D geological interpretation wireframes were composited to 2.5 m, see Table 11.11.

amcconsultants.com 139

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| | |
|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

---

Table 11.11 Descriptive statistics for COP DF composited samples

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Project area** | **Variable** | **TCu%** | **ASCu%** | **TCo%** | **ASCo%** |
|  | Count | 2901 | 2842 | 2725 | 2390 |
|  | Minimum | 0.06 | 0.00 | 0.00 | 0.00 |
|  | Maximum | 6.95 | 4.45 | 2.29 | 0.52 |
| COP D | Mean | 1.37 | 0.44 | 0.06 | 0.01 |
|  | Std. Dev. | 0.93 | 0.57 | 0.11 | 0.03 |
|  | Coeff. Var. | 0.67 | 1.30 | 1.95 | 2.25 |
|  | Count | 897 | 876 | 715 | 685 |
|  | Minimum | 0.00 | 0.00 | 0.00 | 0.00 |
| COP F | Maximum | 17.06 | 9.21 | 0.40 | 0.34 |
|  | Mean | 2.21 | 0.65 | 0.04 | 0.01 |
|  | Std. Dev. | 2.31 | 1.00 | 0.05 | 0.02 |
|  | Coeff. Var. | 1.04 | 1.54 | 1.12 | 1.74 |

---

COP F sample interval mean value is higher than for COP D for TCu%. The COP D coefficient of variation (standard deviation divided by the mean) indicates stronger grade continuity for COP D than COP F which has a coefficient of variation of 1.04. The coefficient of variation for COP D cobalt at around two indicates less continuity and more complexity in the estimation.

Omi-directional variograms were generated using the 2.5 m composites. Variogram models are shown in Table 11.12.

Table 11.12 Variogram models – COP DF

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Structure 1** | **Structure 1** | **Structure 1** | **Structure 1** | **Structure 1** | **Structure 1** |
| <br>**Location** | <br>**Element** | <br>**Nugget** | **Sill** | **Major (m)** | **Semi**<br> **Major (m)** | **Minor (m)** | **Rotation**<br> **Angle Z** | **Rotation**<br> **Angle Y** |
|  | TCu% | 0.5168 | 0.3636 | 71.8 | 71.8 | 7.5 | 258 | 45 |
|  | ASCu% | 0.0237 | 0.0234 | 78.4 | 78.4 | 7.5 | 258 | 45 |
| COP D | TCo% | 0.0029 | 0.0014 | 102.0 | 102.0 | 7.5 | 258 | 45 |
|  | ASCo% | 0.0002 | 0.0004 | 164.0 | 164.0 | 7.5 | 258 | 45 |
|  | TCu% | 1.6860 | 3.8980 | 136.8 | 136.8 | 7.5 | 258 | 45 |
|  | ASCu% | 0.5403 | 0.3746 | 133.6 | 133.6 | 7.5 | 258 | 45 |
| COP F | TCo% | 0.0001 | 0.0014 | 208.1 | 208.1 | 7.5 | 258 | 45 |
|  | ASCo% | 0.0000 | 0.0000 | 85.4 | 85.4 | 7.5 | 258 | 45 |

---

**11.4.1.4** **Block model and estimation parameters** 

The parent block dimensions are 30 m in the easting and northing directions and 5 m in the vertical direction (Table 11.13). The narrow vertical dimension is to allow for the preservation of the laminated nature of the mineralisation.

Table 11.13 Block model origin and extents – COP DF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Direction** | **Origin (m)** | **Parent block**<br> **size (m)** | **Number of**<br> **parent blocks** | **Model extent**<br> **(m)** | **Minimum sub**<br> **block size**<br> **(m)** |
| Easting (m) | 4110 | 30 | 136 | 4080 | NA |
| Northing (m) | 13980 | 30 | 135 | 4050 | NA |
| Rl (m) | -392 | 5 | 165 | 825 | NA |

---

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| | |
|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

---

Wireframes for each lithology were filled with blocks. This also included the Upper Banded Shale to define the upper hangingwall and below the basement surface to the bottom of the block model. Block models for each lithology were stamped with the lithology code and combined into one block model. Mineralisation is represented by the 0.5% TCu wireframe which was filled with blocks and added over the lithological block models.

The grades for TCu%, ASCu%, TCo%, and ASCo% were estimated into the block model using ordinary kriging. Three search passes were used for all grade variables. Estimation parameters are shown in Table 11.14. the second and third passes were only applied to block cells not estimated by earlier search passes.

Table 11.14 Estimation parameters – COP DF

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Search Ellipse (m)** | **Search Ellipse (m)** | **Search Ellipse (m)** | **Rotation** | **Rotation** | **Rotation** | **Number of samples** | **Number of samples** |
| <br>**Search** | **X** | **Y** | **Z** | **Z Axis** | **Y Axis** | **X Axis** | **Min** | **Max** |
| 1 | 100 | 100 | 7.5 | 258 | 45 |  | 5 | 10 NA |
| 2 | 200 | 200 | 15 | 258 | 45 |  | 5 | 10 NA |
| 3 | 500 | 500 | 37.5 | 258 | 45 |  | 3 | 5 NA |

---

Note: Order of rotation is Z, Y.

Approximately 80% of the block grades were estimated during the first search pass and 20% during the second search pass.

**11.4.1.5** **Bulk density** 

There are no bulk density measurements. The historical bulk density of 2.58 t/m<sup>3</sup> was used for mineralisation and 2.5 t/m<sup>3</sup> for waste.

**11.4.1.6** **Estimation validation** 

Estimation validation was undertaken by visual comparison of drillholes to the estimated block model and by swath (moving average) plots. Swath plots were generated full depth for 16 sections perpendicular to strike and on a bench-by-bench basis.

Swath plots were generated perpendicular to mineralisation over 1,300 m, with overlapping plots due to changes in the orientation of mineralisation. The weighted mean of the drillhole composites and the estimated block grades for TCu%, ASCu%, and TCo% were allocated in 100 m swathes / windows along 16 section lines.

The review indicates that there is very close correspondence between the means of the estimates and the composites in areas of dense drilling data compared to areas of limited drilling.

Swath plots for 15 m high benches were also generated and reviewed graphically. Again, there is a close correspondence between weighted average composite grade and weighted average estimated block grade in areas with more data, that is the area above 1,250 masl which is largely mined out.

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| | |
|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

---

Figure 11.22 Swath plots – COP DF

![](ctm003_ex96-1img66.jpg)

Source: AMC, 2025.

**11.4.1.7** **Classification criteria** 

The Mineral Resource classification criteria and cut-off grade are based on:

· Geological and grade continuity

· Drill data density

· Data quality

· Estimation quality

· Proximity of mineralisation to surface

There is adequate drillhole coverage in the eastern side of the deposits which corresponded to the sub-outcrop positions prior to the commencement of mining. QAQC for data from the 1980's is not available however there is good correlation and consistency in the copper grade distribution within the mineralisation to imply reliability in the data.

Blocks estimated within the first ordinary kriging search pass (search ellipse 100 m × 100 m × 7.5 m; refer Table 11.13) are classified as Indicated, reflecting adequate drillhole coverage and positive estimation validation in areas proximal to sampling. Approximately 80% of block grades were estimated during the first search pass. Blocks requiring the second search pass (200 m × 200 m × 15 m) are also classified as Indicated where geological and grade continuity can be demonstrated. Blocks estimated only within the third search pass (500 m × 500 m × 37.5 m), reflecting wide drill spacing and lower estimation confidence, are classified as Inferred. Resource classification upgrades are achieved through infill drilling to reduce drillhole spacing to within the first search pass criteria.

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| | |
|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

---

Current mining has been largely open pit. Studies are ongoing for the transition to underground mining.

A geological cut-off grade for the Mineral Resource of 1.0% TCu has been derived, using a metal price of US$9,000/t Cu, in conjunction with typical historic mining modifying factors and concept level mine designs. For further information see Section 13 to Section 19.

**11.4.1.8** **Mineral Resource uncertainty** 

Mineral Resources are not Mineral Reserves and do not necessarily demonstrate economic viability. There is no certainty that all or any part of this Mineral Resource will be converted into Mineral Reserve.

COP DF was classified as Indicated Mineral Resource.

Mineral Resource estimates may be materially affected by the quality of data, natural geological variability of mineralisation, metallurgical recovery, and the accuracy of the economic assumptions supporting reasonable prospects for economic extraction including metal prices, and mining and processing costs.

Resource classification upgrades are achieved through increasing geological understanding by reducing the drillhole spacing, for COP DF this will come from proposed infill drilling programs.

**11.4.1.9** **Mineral Resource estimate** 

The Mineral Resource estimate for COP DF is shown in Table 11.15. COP DF contains both open pit and underground mining potential. The Mineral Resource classification considers drillhole spacing studies, data quality, structural and lithological continuity, and estimation confidence.

Cut-off grades are based on mining method:

· Open pit: 0.48% TCu (reflecting lower mining costs)

· Underground: 1.0% TCu

Cut-off grades were derived using a metal price of US$9,000/t Cu in conjunction with typical mining modifying factors and concept-level mine designs. See Section 13.2 for details.

Table 11.15 Mineral Resource COP DF– 1 April 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Classification** | **Cut-off<br> TCu%** | **Tonnes<br> (Mt)** | **TCu%** | **ASCu%** | **TCo%** | **ASCo%** | **Cu (kt)** |
| Measured |  |  |  |  |  |  |  |
| Indicated - Open Pit | 0.48 | 2.8 | 1.46 | 0.21 | 0.09 | 0.01 | 41 |
| Indicated - Underground | 1 | 12.8 | 1.58 | 0.17 | 0.04 | 0.01 | 202 |
| **Measured + Indicated** | **-** | **15.6** | **1.56** | **0.18** | **0.05** | **0.01** | **243** |
| Inferred |  |  |  |  |  |  |  |
| **Total** | **-** | **15.6** | **1.56** | **0.18** | **0.05** | **0.01** | **243** |

---

Notes:

· Mineral Resources are reported with an effective date of 1 April 2025.

· No Mineral Reserves are declared as part of this Initial Assessment. Mineral Resources are reported in
their entirety.

· Classification in accordance with S-K 1300.

· Inferred Mineral Resources are considered too speculative geologically to be categorised as Mineral Reserves
at this time, and there is no certainty that Inferred Mineral Resources will be converted to higher confidence categories with additional
exploration.

· A geological cut-off grade of 0.48% TCu (open pit) and 1.0% TCu (underground) has been applied.

· Tonnage and grade are rounded and this may result in computational discrepancies that are not material.

· Point of reference: In situ material.

· Metallurgical recovery – Open Pit: Concentrator 61% Cu, 54% Co; Smelter 98.7% Cu, 60% Co; Refinery
96.75% Cu payable.

· Metallurgical recovery – Underground: Concentrator 53% Cu, 23% Co; Smelter 98.7% Cu, 60% Co; Refinery
96.75% Cu payable.

· Processing route: Nchanga Concentrator → Nchanga Smelter → Nkana Refinery.

· Mineral Resources are 100% attributable to KCM. Mineral Resources are reported in their entirety.

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| | |
|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

---

**11.4.2** **Luano** 

The Luano deposit lies on the north limb of the Nchanga Syncline.

Open pit mining at Luano occurred from 1982 to 1997. Transition to underground mining is part of recent mining studies.

The Luano resource block model was last updated in 2022.

**11.4.2.1** **Data** 

There are 241 drillholes in the Luano geological database. These holes were drilled in seven different phases from 1962-1963, 1967-1981, 1996, 2000-2001, 2005, 2009-2011, and 2014.

QAQC data exists only for the phase seven drillholes, that is the 31 holes drilled from 2011 to 2014. QAQC is discussed in Section 8.8.2. The QAQC on recent drillholes has shown good laboratory performance.

There is no QAQC data for the earlier generation of drillholes.

The drillhole spacing varies from 120 m spaced sections in the west to 60 m spaced sections in the east. Between section lines 43W and 44W there is only one drillhole (Figure 11.23) which is barren although there is no change in the geology. This has been interpreted as a gap in mineralisation and resulted in the Luano being divided into Luano East and Luano West.

Figure 11.23 Plan view of drillhole locations - Luano

![](ctm003_ex96-1img67.jpg)

Source: KCM, 2025.

**11.4.2.2** **Geological interpretation and generation of 3D representation** 

The Luano deposit lies on the north limb of the Nchanga Syncline. The north limb in this area is formed by a highly folded overturned succession of Lower Roan metasediments. The beds in general dip north-east at 50º - 60º. Like the strata, the axial planes of the folds are overturned to the south-west. The fold axes run parallel to the general strike and normally plunge west.

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| | |
|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

---

The mineralisation is predominantly hosted in the transition and extends to the LBS formation at the top and the underlying ARK formation. Mineralisation occurs both as oxides and sulfides mainly in the form of malachite, chrysocolla and cuprite for the former and chalcocite, bornite and chalcopyrite for the latter

Wireframes of the 3D geological interpretation for the ARK, TR, and LBS were constructed from perpendicular to strike cross section strings, where the strings were snapped to the drillholes. A 0.5%TCu grade was used to delineate mineralisation.

A minimum thickness of 5 m or equivalent of mineralisation above 0.5% cut-off was required. Internal dilution of up to 2.5 m was allowed.

**11.4.2.3** **Statistics and compositing** 

Samples were composited a 1.5 m. This was selected as the 95th percentile of sample length ranking. Statistical analysis by unit indicates similarities in the TCu% and ASCu% values. This observation resulted in the combing of the TR and ARK in Luano West and TR and LBS in Luano East.

The descriptive statistics for the raw drillhole data and composite data is shown in Table 11.16 and Table 11.17.

Table 11.16 Descriptive statistics for raw versus composite drillholes – Luano East

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Raw data** | **Raw data** | **Raw data** | **Raw data** | **Raw data** | **Composite data** | **Composite data** | **Composite data** | **Composite data** | **Composite data** |
| <br>**Variable** | **Number** | **Min.** | **Max.** | **Mean** | **Std.Dev** | **Number** | **Min.** | **Max.** | **Mean** | **Std.Dev** |
| TCu% | 1632 | 0 | 18.20 | 2.67 | 2.78 | 877 | 0 | 15.33 | 2.63 | 2.53 |
| ASCu% | 1632 | 0 | 15.97 | 1.73 | 2.28 | 877 | 0 | 15.11 | 1.76 | 2.16 |
| TCo% | 1632 | 0 | 0.37 | 0.02 | 0.03 | 877 | 0 | 0.34 | 0.02 | 0.03 |
| ASCo% | 1632 | 0 | 0.12 | 0.00 | 0.01 | 877 | 0 | 0.08 | 0.00 | 0.01 |
| Length (m) | 1632 | 0.05 | 3.10 | 0.81 | 0.45 | 877 | 0.75 | 1.50 | 1.49 | 0.09 |

---

Table 11.17 Descriptive statistics for raw versus composite drillholes – Luano West

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Raw data** | **Raw data** | **Raw data** | **Raw data** | **Raw data** | **Composite data** | **Composite data** | **Composite data** | **Composite data** | **Composite data** |
| <br>**Variable** | **Number** | **Min.** | **Max.** | **Mean** | **Std.Dev** | **Number** | **Min.** | **Max.** | **Mean** | **Std.Dev** |
| TCu% | 361 | 0 | 29.12 | 3.01 | 3.23 | 221 | 0.16 | 15.54 | 3.00 | 2.69 |
| ASCu% | 361 | 0 | 15.5 | 1.54 | 2.13 | 221 | 0.01 | 10.77 | 1.46 | 1.78 |
| TCo% | 361 | 0 | 0.25 | 0.03 | 0.04 | 221 | 0.00 | 0.23 | 0.03 | 0.03 |
| ASCo% | 361 | 0 | 0.2 | 0.01 | 0.02 | 221 | 0.00 | 0.18 | 0.01 | 0.01 |
| Length (m) | 361 | 0.13 | 3 | 0.92 | 0.36 | 221 | 1 | 1.5 | 1.49 | 0.05 |

---

Grade capping of composites has been used to minimise the impact of outliers. Top-caps were used for TCu% and AsCu%, see Table 11.18.

---

| | |
|:---|:---|
| Table 11.18 | Top-caps by lithology for TCu% and ASCu% – Luano East and Luano West |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **East** | **East** | **West** |
|  | **ARK** | **LBS** | **ALL** |
| TCu% | 9 | 9 | 8 |
| ASCu% | 5 | 6 | 5 |

---

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| | |
|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

---

Omi-directional variograms using the top-capped composite data was generated. Variogram models are shown in Table 11.19.

Table 11.19 Variogram models – Luano East and Luano West

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Location** | **Element** | **Nugget** | **Sill** | **Major (m)** | **Semi Major (m)** | **Minor (m)** |
|  | TCu% | 0.688 | 0.372 | 59 | 59 | 59 |
|  | ASCu% | 0.619 | 0.396 | 77.6 | 77.6 | 77.6 |
| East | TCo% | 0.452 | 0.548 | 96.2 | 96.2 | 96.2 |
|  | ASCo% | 0.118 | 1.00 | 77.3 | 77.3 | 77.3 |
|  | TCu% | 0.654 | 0.654 | 129.2 | 129.2 | 129.2 |
|  | ASCu% | 0.594 | 0.594 | 209.4 | 209.4 | 209.4 |
| West | TCo% | 0.417 | 0.417 | 156.3 | 156.3 | 156.3 |
|  | ASCo% | 0.565 | 0.565 | 153.8 | 153.8 | 153.8 |

---

**11.4.2.4** **Block model and estimation parameters** 

The parent block dimensions are 30 m in easting, 15 m in northing directions and 5 m in the vertical direction, Table 11.20. The thin Z direction is to allow for the preservation of the laminated nature of the mineralisation.

Table 11.20 Block model origin and extents - Luano East and Luano West

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Direction** | **Origin (m)** | **Parent block**<br> **size (m)** | **Number of**<br> **parent blocks** | **Model extent (m)** | **Minimum sub<br> block size (m)**  |
| Easting (m) | 14400 | 30 | 70 | 16500 | 3.750 |
| Northing (m) | 20600 | 15 | 88 | 21920 | 1.875 |
| Rl (m) | 670 | 5 | 140 | 1370 | 0.625 |

---

For both Luano East and Luano West, ordinary kriging was used to estimate block grades. Negative kriging weights were reset to zero. A search range of 160 m in all directions was used. The minimum number of samples used was eight and the maximum number of samples was 12. All blocks model cells were estimated in one search pass.

**11.4.2.5** **Bulk density** 

Bulk density used was based on measurements collected in 2016. Bulk density values by lithology used for Luano East and Luano West are shown in Table 11.21.

Table 11.21 Bulk density - Luano East and Luano West

---

| | |
|:---|:---|
| **Unit** | **Bulk density (t/m<sup>3</sup>)** |
| ARK | 2.49 |
| LBS | 2.43 |
| TR | 2.33 |
| Waste | 2.50 |

---

**11.4.2.6** **Estimation validation** 

Estimation validation was undertaken by visual comparison of drillholes to the estimated block model and by swath (moving average) plots.

Swath plots were generated along strike and in the vertical. Across strike there are six sections perpendicular to strike for Luano West and for 18 sections for Luano East, see Figure 11.24. The swath plot window for Luano West is 120 m and 60 m for Luano East.

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The top-capped composite mean was compared to the grade estimation in the block model within each window. The composites and estimates compare reasonably well, with the top-capped higher values not reflected in the block model grade.

Figure 11.24 Swath plots for Luano East

![](ctm003_ex96-1img68.jpg)

Source: KCM, 2025.

Luano West composite sample to block model grade swath plot comparison did not perform as well as the Luanoa West comparison. This is interpreted to be a result of limited data available at the larger drill spacing in Luano West.

The statistical comparisons of the composite versus block model values for Luano East are shown in Table 11.22. The mean values show a reasonable comparison for all elements except ASCo% which has fewer samples used to populate the estimation.

Luano West statistical comparisons of the composite versus block model values shown in Table 11.23, exhibits the same poor results as the swath plot analysis, with the block model average grade bring moderately lower than the composite average grades.

Table 11.22 Statistical comparison of composite and estimated values - Luano East

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Capped composites** | **Capped composites** | **Capped composites** | **Capped composites** | **Block model** | **Block model** | **Block model** | **Block model** | **Mean Diff.** |
| <br>**Variable** | **Min.** | **Max.** | **Mean** | **Std.Dev** | **Min.** | **Max.** | **Mean** | **Std.Dev** | **(%)** |
| TCu% | 0 | 9.0 | 2.57 | 2.32 | 0.49 | 6.50 | 2.46 | 1.11 | 4 |
| ASCu% | 0 | 6.0 | 1.64 | 1.77 | 0.13 | 4.83 | 1.62 | 0.88 | 1 |
| TCo% | 0 | 0.1 | 0.02 | 0.02 | 0.00 | 0.07 | 0.02 | 0.01 | 7 |
| ASCo% | 0 | 0.03 | 0.00 | 0.01 | 0.00 | 0.02 | 0.00 | 0.00 | 11 |

---

Source: KCM, 2025.

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Table 11.23 Statistical comparison of composite and estimated values - Luano West

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Variable** | **Capped composites** | **Capped composites** | **Capped composites** | **Capped composites** | **Block model** | **Block model** | **Block model** | **Block model** | **Mean Diff.** |
| **Variable** | **Min.** | **Max.** | **Mean** | **Std.Dev** | **Min.** | **Max.** | **Mean** | **Std.Dev** | **(%)** |
| TCu% | 0.16 | 8 | 2.84 | 0.78 | 0.86 | 5.74 | 2.40 | 0.77 | 16 |
| ASCu% | 0.01 | 5 | 1.36 | 1.06 | 0.14 | 3.99 | 1.24 | 0.73 | 9 |
| TCo% | 0.00 | 0.1 | 0.03 | 0.87 | 0.01 | 0.08 | 0.03 | 0.02 | 12 |
| ASCo% | 0.00 | 0.03 | 0.01 | 0.77 | 0.00 | 0.02 | 0.01 | 0.00 | 21 |

---

Source: KCM, 2025.

**11.4.2.7** **Classification criteria** 

The Mineral Resource classification criteria and cut-off grade are based on:

· Geological and grade continuity

· Drill data density

· Data quality

· Estimation quality

· Proximity of mineralisation to surface

There is adequate drillhole coverage in Luano East. There is reasonable QAQC on the recent drilling. Estimation validation is positive. Mineralisation is close to surface for Luano East, with a shallow plunge as the mineralisation moves to the west.

There is no QAQC on the historic drilling. Luano West drilling is more widely spaced. Estimation validation is poor.

Ordinary kriging was applied using a single isotropic search radius of 160 m (refer Section 11.4.2.4). Drillhole spacing in Luano East ranges from 30 m to 50 m, comfortably within the search radius, and estimation validation for Luano East is positive; accordingly, Luano East blocks are classified as Indicated. Drillhole spacing in Luano West is more widely spaced at up to 120 m, and statistical validation shows a moderate negative bias in the block model relative to composite grades; accordingly, Luano West blocks are classified as Inferred. The variogram ranges for Luano East (major range 59 m for TCu%) and Luano West (major range 129 m for TCu%) support this distinction, as Luano West blocks at wider spacing approach the limit of spatial correlation. Resource classification upgrades are achieved through proposed infill and extension drilling programs (refer Section 23.1.1).

Current mining is by open pit. Studies are ongoing for both open pit and the transition to underground mining.

A cut-off grade for the Mineral Resource of 0.95% TCu has been derived using a metal price of US$9,000/t Cu, in conjunction with historic mining modifying factors and concept level mine designs. For further information see Section 13 to Section 19.

The application of the classification is shown in plan view in Figure 11.25.

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Figure 11.25 Mineral Resource classification - Luano East and Luano West

![](ctm003_ex96-1img69.jpg)

Source: KCM, 2025.

**11.4.2.8** **Mineral Resource uncertainty** 

Mineral Resources are not Mineral Reserves and do not necessarily demonstrate economic viability. There is no certainty that all or any part of this Mineral Resource will be converted into Mineral Reserve.

Luano was classified as an Indicated and Inferred Mineral Resource.

Mineral Resource estimates may be materially affected by the quality of data, natural geological variability of mineralisation, metallurgical recovery, and the accuracy of the economic assumptions supporting reasonable prospects for economic extraction including metal prices, and mining and processing costs.

Resource classification upgrades are achieved through increasing geological understanding by reducing the drillhole spacing, for Luano this will come from the proposed resource infill and extension drilling programs, for more detail see Section 23.1.1.

**11.4.2.9** **Mineral Resource estimate** 

The Mineral Resource estimate (using a 0.95% TCu cut-off grade) for Luano East and Luano West is shown in Table 11.24. The Mineral Resource classification considers drillhole spacing studies, data quality, structural and lithological continuity, and estimation confidence.

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Table 11.24 Mineral Resource Luano – 1 April 2025

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Classification** | **Cut-off <br> TCu%** | **Tonnes<br> (Mt)** | **TCu %** | **ASCu %** | **TCo %** | **Cu (kt)** |
| Measured |  |  |  |  |  |  |
| Indicated | 0.95 | 3.1 | 2.77 | 1.70 | 0.02 | 86 |
| **Measured + Indicated** | 0.95 | 3.1 | 2.77 | 1.70 | 0.02 | 86 |
| Inferred | 0.95 | 4.4 | 2.44 | 1.28 | 0.03 | 107 |
| **Total** | **0.95** | **7.5** | **2.58** | **1.45** | **0.03** | **193** |

---

Notes:

· Mineral Resources are reported with an effective date of 1 April 2025.

· No Mineral Reserves are declared as part of this Initial Assessment. Mineral Resources are reported in
their entirety.

· Classification in accordance with S-K 1300.

· Inferred Mineral Resources are considered too speculative geologically to be categorised as Mineral Reserves
at this time, and there is no certainty that Inferred Mineral Resources will be converted to higher confidence categories with additional
exploration.

· A geological cut-off grade of 0.95% TCu has been applied.

· Tonnage and grade are rounded and this may result in computational discrepancies that are not material.

· Point of reference: In situ material.

· Metallurgical recovery: Concentrator 24% Cu, 31% Co; Smelter 98.7% Cu, 60% Co; Refinery 96.75% Cu payable.

· Processing route: Nchanga Concentrator → Nchanga Smelter → Nkana Refinery.

· Mineral Resources are 100% attributable to KCM.

**11.4.3** **Chingola Open Pit C and E Extension (COP E Ext)** 

Chingola Open Pit C and E Extension (COP E Ext) has not been developed; there has been no mining.

COP E Ext resource model was last updated in 2014.

**11.4.3.1** **Data** 

There are 283 drillholes in the COP E Ext database of which 210 are historical and 73 were drilled in 2011 to 2013. See Section 8.8.1 for the QAQC for the CRMs and repeats for the 2011 to 2013 drillholes. No blanks samples were submitted.

The drillhole spacing ranges from 30 m to 120 m. With more density drilled areas averaging 50 m.

Data verification identified two types of anomalous data:

· Drillholes the stratigraphic sequence inverted.

· Drillholes with stratigraphic sequence inconsistent with the surrounding drillholes.

Drillholes unable to be understood in the context of the geology were removed from the database. Drillholes removed from the database are shown in green in Figure 11.26 COP E Ext drillhole location plan.

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Figure 11.26 Drillhole location plan – COP E Ext

Source: AMC, 2025.

**11.4.3.2** **Geological interpretation and generation of 3D representation** 

Wireframes of the 3D geological interpretation were constructed from digitised cross section strings, where the strings were snapped to the drillholes.

The Pink Quartzite (PQ) from between the Banded Sandstone Lower (BSSL) and Banded Sandstone Upper (BSSU) largely is absent. As such the three units have been combined into one unit the Banded Sandstone (BSS).

The LOB mineralisation was interpreted as ten discrete zones, labelled A to J, of mineralisation at a 0.5% TCu geological cut-off.

Zone A represents a large proportion of the mineralisation. Spatially Zone A is associated with the sediments of the Arkose formation infilling the basement trough. Zone C is associated with a basement high, where the Arkose formation is comparatively thinner and consequently the mineralisation is thinner. Zones F to J are based on one drillhole intersection each.

Figure 11.27 shows a plan view of the drillhole intersections colored by grade with the ten mineralised Zones outlines as dotted lines. This shows a core of TCu% grade greater than 1.5% TCu in Zone A with a halo of lower grade intersections. The ASCu% intersections are lower grade indicating the mineralisation in the LOB is more sulfide rich, see Figure 11.28.

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|:---|:---|
| Figure 11.27 | Plan view of drillhole intersections and interpreted mineralisation Zones TCu% - COP E Ext |

---

Note: Drillholes colored by TCu%.

Source: AMC, 2025.

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|:---|:---|
| Figure 11.28 | Plan view of drillhole intersections and interpreted mineralisation Zones ASCu% - COP E Ext |

---

Note: Drillholes colored by ASCu%.

Source: AMC, 2025.

**11.4.3.3** **Statistics and compositing** 

Sample intervals are composited to 2.5 m with a minimum length of 1.25 m. Composited statistics by mineralised Zone is shown in Table 11.25 and the histogram for Zone A composites for TCu% and ASCu% is shown in Figure 11.29.

Table 11.25 Statistics by mineralisation zone for composite data – COP E Ext

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **% TCu** | **% TCu** | **% TCu** | **% TCu** | **% TCu** | **% AsCu** | **% AsCu** | **% AsCu** | **% AsCu** | **% AsCu** |
| <br>**W/F** | **No**<br>**drillholes** | **No**<br>**samples** | **Min** | **Max** | **Mean** | **Stand Dev** | **CoV** | **Min** | **Max** | **Mean** | **Stand Dev** | **CoV** |
| A | 24 | 319 | 0.18 | 14.8 | **2.35** | 1.96 | 0.83 | 0.01 | 8.32 | **0.46** | 0.93 | 2.04 |
| B | 4 | 50 | 0.18 | 9.21 | **2.32** | 1.74 | 0.75 | 0.03 | 3.28 | **0.22** | 0.53 | 2.43 |
| C | 4 | 17 | 0.58 | 4.31 | **1.56** | 1.01 | 0.65 | 0.14 | 4.15 | **1.11** | 1.13 | 1.02 |
| D | 5 | 43 | 0.25 | 14.7 | **4.12** | 3.47 | 0.84 | 0.05 | 7.55 | **1.23** | 1.4 | 1.14 |
| E | 3 | 6 | 0.44 | 6.83 | **2.94** | 2.6 | 0.89 | 0.29 | 5.29 | **2.46** | 2.18 | 0.89 |
| F | 1 | 2 | 0.93 | 1.47 | **1.2** | 0.27 | 0.22 | 0.68 | 1.38 | **1.03** | 0.35 | 0.34 |
| G | 1 | 2 | 0.42 | 5.12 | **2.77** | 2.35 | 0.85 | 0.21 | 4.51 | **2.36** | 2.15 | 0.91 |
| H | 1 | 3 | 0.85 | 6.34 | **4.26** | 2.43 | 0.57 | 0.32 | 3.87 | **2.62** | 1.63 | 0.62 |
| I | 1 | 2 | 1.36 | 2.05 | **1.7** | 0.34 | 0.2 | 0.58 | 0.92 | **0.75** | 0.17 | 0.22 |
| J | 1 | 4 | 0.36 | 2.86 | **1.43** | 0.92 | 0.65 | 0.06 | 0.46 | **0.25** | 0.15 | 0.61 |

---

Source: KCM.

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|:---|:---|
| Figure 11.29 | Histogram TCu% and ASCu% composite samples - Zone A, COP E Ext |

---

![](ctm003_ex96-1img73.jpg)

Source: KCM, 2025.

The TCu% histogram shows multiple copper populations.

Semi-variogram modelling was generated in Isatis software. The semi-variograms generated were derived from 2.5 m composites from Zone A. The other zones did not have enough samples to generate variograms.

**11.4.3.4** **Block model and estimation parameters** 

The parent block dimensions are 25 m by 25 m in the easting and northing directions and 5 m in the vertical direction (Table 11.26), which is approximately half the drill spacing.

Table 11.26 Block model origin and extents – COP E Ext

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Direction** | **Origin (m)** | **Parent block**<br> **size (m)** | **Number of parent**<br> **blocks** | **Model extent (m)** | **Minimum sub**<br> **block size (m)** |
| Easting (m) | 5500 | 25 | 80 | 2000 | NA |
| Northing (m) | 17000 | 25 | 82 | 2050 | NA |
| Rl (m) | 650 | 5 | 150 | 750 | NA |

---

Wireframes for each lithology were filled with blocks.

The grades for TCu% and ASCu% were estimated into the block model using ordinary kriging for Zones A to E. Three search passes were used for all grade variables. Estimation parameters are shown in Table 11.27. The second and third passes were only applied to block cells not estimated by earlier search passes.

Table 11.27 Estimation parameters – COP E Ext

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| | | | |
|:---|:---|:---|:---|
| | **Search ellipse (m)** | **Search ellipse (m)** | **Search ellipse (m)** |
| <br>**Search** | **X** | **Y** | **Z** |
| 1 | 150 | 210 | 15 |
| 2 | 300 | 420 | 30 |
| 3 | 750 | 1050 | 75 |

---

Note: No rotation was applied. Minimum and maximum sample count constraints were applied per standard ordinary kriging practice.

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Zones F to J were each assigned the average composite grade for TCu% and ASCu% from the drillholes passing through each zone.

**11.4.3.5** **Bulk density** 

Bulk density measurements were collected from 432 samples of core drilled from 2011 to 2013. Small pieces of core of approximately 4 cm x 4 cm x 4 cm were weighted at the Nchanga analytical laboratory.

Bulk density was reported by lithology, see Table 11.28. Bulk density was assigned based on the mean value for each lithology.

Table 11.28 Bulk density by lithology – COP E Ext

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Lithology** | **No. of samples** | **Minimum** | **Maximum** | **Mean** | **Standard**<br> **Deviation** | **Coefficient of**<br> **Variation** |
| UHW | 111 | 1.86 | 3.30 | **2.46** | 0.26 | 0.11 |
| UBS | 34 | 2.28 | 3.15 | **2.50** | 0.15 | 0.069 |
| TFQ | 40 | 2.06 | 2.88 | **2.39** | 0.15 | 0.06 |
| BSS | 138 | 1.84 | 2.83 | **2.40** | 0.19 | 0.08 |
| LBS | 52 | 1.98 | 3.20 | **2.37** | 0.21 | 0.09 |
| ARK | 38 | 2.02 | 2.91 | **2.59** | 0.14 | 0.05 |
| BAS | 11 | 2.46 | 2.97 | **2.77** | 0.15 | 0.06 |

---

Source: KCM.

**11.4.3.6** **Estimation validation** 

Estimation validation was undertaken by visual comparison of drillholes versus the grade estimation, and by swath (moving average) plots.

Visual inspection between individual drillholes and the block grade estimate show a reasonable correlation for both TCu% and ASCu% grades.

Swath plots spaced approximately every 90 m in Zone A. Swath plots for Zone A for TCu% and ASCu% are shown in Figure 11.30. Mean grades of the drillhole data and block model were also compared, Table 11.29.

The average TCu% composite versus block estimate is between 1% and 0.5% TCu difference. This is an average 15% difference in TCu%. Generally, the composite sample grade is lower than the block model grade. Some of the higher-grade composites have been smeared. The same relationship is shown in the ASCu% estimation.

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Figure 11.30 Swath plots – COP E Ext

![](ctm003_ex96-1img74.jpg)

Source: KCM.

The mean grades of the drillhole data versus block model show the block model grades are slightly higher with less variation than that represented in the drillhole data.

Table 11.29 Drillhole versus block model mean grades – COP E Ext

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Data** | **Data** | **Data** | **Data** | **Block estimates** | **Block estimates** | **Block estimates** | **Block estimates** | **Block estimates** |
| <br>**Field** | **Minimum** | **Maximum** | **Mean** | **Stand.** <br> **Dev.** | **Minimum** | **Maximum** | **Mean** | **Stand.** <br> **Dev.** | **% difference** |
| % TCu | 0.18 | 14.80 | 2.56 | 2.20 | 0.93 | 8.47 | 2.61 | 1.19 | 2.0% |
| % AsCu | 0.04 | 8.32 | 0.56 | 1.08 | 0.07 | 2.81 | 0.57 | 0.43 | 1.8% |

---

**11.4.3.7** **Classification criteria** 

The Mineral Resource classification criteria and cut-off grade are based on:

· Geological and grade continuity

· Drill data density

· Data quality

· Estimation quality

· Proximity of mineralisation to surface

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QAQC for data from the 1980's is not available the QAQC for the 2011 to 2013 drilling is reasonable. Historic drillholes that do not align geologically have been removed from the interpretation and estimation.

A cut-off grade for the Mineral Resource of 0.96% TCu has been derived, using a metal price of US$9,000/t Cu, in conjunction with typical historic mining modifying factors and concept level mine designs. For further information see Section 13 to Section 19.

Zones E to J are not considered to have potential for eventual economic extraction due to their relative size and the spatial location in relation to Zones A to D and were not included in the Mineral Resource estimate.

The well-informed portion of Zone A is classified as Indicated. The peripheral edges of Zone A and surrounding Zone B, C, and D are classified as Inferred, see Figure 11.31.

Figure 11.31 Plan view of Mineral Resource classification – COP E Ext

![](ctm003_ex96-1img75.jpg)

Source: KCM.

Ordinary kriging was used to estimate Zones A to E using three search passes (refer Table 11.26). Blocks within Zone A estimated during the first search pass (search ellipse 150 m × 210 m × 15 m) are classified as Indicated, reflecting adequate drillhole coverage and reasonable estimation validation with a mean grade difference of approximately 2% between composites and block model estimates(refer Table 11.28). Blocks within Zone A estimated only in the second or third search passes (extending to 300 m × 420 m × 30 m and 750 m × 1,050 m × 75 m respectively), and all blocks within Zones B to E, are classified as Inferred, reflecting wider drill spacing and lower estimation confidence. Zones F to J were assigned the average composite grade from passing drillholes rather than by kriging interpolation, reflecting insufficient data density for geostatistical estimation; these zones are accordingly classified as Inferred. Zones E to J have been excluded from the Mineral Resource estimate due to insufficient potential for economic extraction relative to their spatial position. Resource classification upgrades are achievable through infill drilling within Zones B to D to within the first search pass criteria.

Studies are ongoing to assess future mining methods.

**11.4.3.8** **Mineral Resource uncertainty** 

Mineral Resources are not Mineral Reserves and do not necessarily demonstrate economic viability. There is no certainty that all or any part of this Mineral Resource will be converted into Mineral Reserve.

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COP E Extension was classified into an Indicated and Inferred Mineral Resource.

Mineral Resource estimates may be materially affected by the quality of data, natural geological variability of mineralisation, metallurgical recovery, and the accuracy of the economic assumptions supporting reasonable prospects for economic extraction including metal prices, and mining and processing costs.

**11.4.3.9** **Mineral Resource estimate** 

The Mineral Resource estimate (using a 0.96% TCu cut-off grade) for COP E Ext is shown in Table 11.30. The Mineral Resource classification considers drillhole spacing studies, data quality, structural and lithological continuity, and estimation confidence.

Table 11.30 Mineral Resource COP E Extension – 1 April 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Classification** | **Cut-off<br> TCu%** | **Tonnes<br> (Mt)** | **TCu %** | **ASCu %** | **TCo %** | **Cu (kt)** |
| Measured |  |  |  |  |  |  |
| Indicated | 0.96 | 13.1 | 2.63 | 0.51 |  | 345 |
| **Measured + Indicated** | 0.96 | 13.1 | 2.63 | 0.51 |  | 345 |
| Inferred | 0.96 | 9.4 | 2.35 | 0.51 |  | 221 |
| **Total** | **0.96** | **22.5** | **2.51** | **0.51** | **-** | **566** |

---

Notes:

· Mineral Resources are reported with an effective date of 1 April 2025.

· No Mineral Reserves are declared as part of this Initial Assessment. Mineral Resources are reported in
their entirety.

· Classification in accordance with S-K 1300.

· Inferred Mineral Resources are considered too speculative geologically to be categorised as Mineral Reserves
at this time, and there is no certainty that Inferred Mineral Resources will be converted to higher confidence categories with additional
exploration.

· A geological cut-off grade of 0.96% TCu has been applied.

· Tonnage and grade are rounded and this may result in computational discrepancies that are not material.

· Point of reference: In situ material.

· Metallurgical recovery: Concentrator 56% Cu; Smelter 98.7% Cu; Refinery 96.75% Cu payable.

· Processing route: Nchanga Concentrator → Nchanga Smelter → Nkana Refinery.

· Mineral Resources are 100% attributable to KCM.

**11.4.4** **Tailings dams TD03 and TD04** 

The tailings dams were originally identified as having the potential to provide material that could be used to neutralise excess acid from sulfur dioxide capture.

**11.4.4.1** **Data** 

In September 2000, 1,645.5 m representing 78 drillholes were drilled at TD03 and 1,090.5 m representing 64 drillholes were drilled at TD04.

Drilling was by 50 mm auger, on a 150 m by 150 m spacing, and sampled on 1.5 m lengths. The drillhole stopped in when the underlying soil profile was reached. 1.5 m long samples were riffle split using a Jones riffle splitter to 1/8th portion. Adjacent samples were combined to produce a 3 m composite sample. The remaining 7/8th sample was discarded.

Samples were prepared and analyzed for total copper and acid soluble copper, where total copper is greater than 0.5% TCu, at AHK laboratories in Kitwe / Kalulushi.

Pulp rejects were composited into a four-drillhole grid pattern for leach tests. KCM Nchanga analytical laboratory completed the leach tests at 25°C to determine gangue acid consumption (GAC). Sample spacing for GAC is in effect 300 m by 300 m.

**11.4.4.2** **Generation of volume / tonnage and grade** 

Histograms of the 3 m samples indicate a largely normal grade distribution with a small higher-grade tail for the total copper mineralisation within TD03.

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| Table 11.31 | Summary statistics total copper tailings dam samples |

---

---

| | | |
|:---|:---|:---|
| **Total copper (%)** | **TD03** | **TD04** |
| Number of Samples | 538 | 394 |
| Minimum | 0.06 | 0.07 |
| Maximum | 1.27 | 1.61 |
| Mean | 0.71 | 0.62 |
| Median | 0.71 | 0.61 |
| Mode | 0.73 | 0.57 |
| Standard Deviation | 0.16 | 0.17 |
| Variance | 0.026 | 0.028 |
| Standard Error | 0.01 | 0.01 |
| Confidence Level (95.0%) | 0.0137 | 0.017 |

---

Table 11.32 Summary statistics acid soluble copper tailings dam samples

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| | | |
|:---|:---|:---|
| **Acid soluble copper (%)** | **TD03** | **TD04** |
| Number of Samples | 509 | 344 |
| Minimum | 0.23 | 0.16 |
| Maximum | 1.06 | 1.49 |
| Mean | 0.52 | 0.44 |
| Median | 0.51 | 0.40 |
| Mode | 0.49 | 0.42 |
| Standard Deviation | 0.15 | 0.19 |
| Variance | 0.02 | 0.04 |
| Standard Error | 0.01 | 0.01 |
| Confidence Level (95.0%) | 0.013 | 0.019 |

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TD03 and TD04 dam surface profiles were digitised from the Nchanga topographic survey and updated with the drillhole collar spot heights. The pre dam surface topographic profile was used as the based and three-dimensional shells of the volume were created.

Small trenched were dug at both TD03 and TD04 to collect samples for bulk density determination. Samples represented the upper unconsolidated material only. Values measured range from 1.1 to 1.3 t/m<sup>3</sup>. This value is lower than anticipated, with a historical value of 1.55 t/m<sup>3</sup> used to convert the tailings dam volume to a mass.

**11.4.4.3** **Mining, processing, and recovery** 

Mining of TD03 is generally via hydraulic mining. Current mining is of the coarser beached tailings material is by excavator.

Recovery of tailings at the Nchanga TLP in 2024 is 78.3% from acid soluble copper. Combined with the low recovery from non-acid soluble copper this equates to 37% recovery for total copper.

An elevated temperature leach upgrade for the Nchanga TLP is proposed. This will increase the acid soluble recover by 20%. With the total copper recovery proposed to increase to 67%.

Noting the Nchanga TLP treats all tails from Nchanga concentrate and not just material from the tailings dams.

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**11.4.4.4** **Classification criteria** 

Material within TD03 and TD04 has been classified as Indicated on the basis of systematic drilling on a nominal 150 m × 150 m grid using 50 mm auger drillholes sampled on 1.5 m intervals, analytical data quality (538 samples for TD03 and 394 samples for TD04 for total copper; refer Table 11.30 and Table 11.31), gangue acid consumption sampling on an effective 300 m × 300 m grid, metallurgical test work on samples from both deposits, and reconciliation against ongoing Nchanga TLP production from TD03. The dam surface profiles were digitised from topographic survey data updated with drillhole collar spot heights and three-dimensional shells created from pre-dam topographic profiles, supporting confidence in the tonnage estimate. All material within the defined tailings dam boundaries is classified as Indicated; no Inferred classification has been applied, reflecting the relatively homogeneous grade distribution and adequate drill coverage across both deposits.

No cut-off grade has been applied as all material will be required to be processed as accurate modelling of a grade distribution is challenging.

TD03 is being processed through the Nchanga TLP. The processing and economic outcomes described within the report underpin support for the eventual economic extraction of the tailing's material.

**11.4.4.5** **Mineral Resource estimate** 

TD03 is currently in production, with tailings recovered by hydro sluicing and excavator. The Mineral Resource estimates for TD03 and TD04 are tabulated in Table 11.33.

Table 11.33 Mineral Resource TD03 and TD04 – 1 April 2025

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Asset** | <br>**Classification** | **Cut-off**<br>**TCu (%)** | **Tonnes**<br>**Mt** | **Total copper**<br>**TCu%** | **Copper**<br>**Cu (kt)** | **Acid soluble<br> copper**<br>**ASCu%** | **Total cobalt**<br>**TCo%** |
| TD03 | Indicated |  | 8 | 0.8 | 65 | 0.6 | 0.01 |
| TD04 | Indicated |  | 28 | 0.6 | 174 | 0.4 | 0.03 |

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Notes:

· Mineral Resources are reported with an effective date of 1 April 2025.

· No Mineral Reserves are declared as part of this Initial Assessment. Mineral Resources are reported in
their entirety.

· Classification in accordance with S-K 1300.

· No cut-off grade has been applied as all material will be required to be processed.

· Tonnage and grade are rounded and this may result in computational discrepancies that are not material. Contained copper for TD03
and TD04 is calculated from unrounded survey estimates (TD03: 8.49 Mt at 0.77% TCu; TD04: 27.65 Mt at 0.63% TCu); refer to Section 11.4.4.

· TD03 ASCu% reflects the remaining inventory as at 1 April 2025 following reclamation of higher-ASCu material since 2021; refer
to Table 13.20.

· Point of reference: In situ material (tailings in dam).

· Metallurgical recovery: Nchanga TLP 74.8% acid soluble Cu; 48.1% total Cu to cathode.

· Cobalt is present in situ but is not recovered in the TLP electrowinning process. Cobalt grades are reported
for geological completeness; no cobalt revenue is attributed to TD03 or TD04 in the economic analysis.

· Processing route: Nchanga TLP → Copper cathode.

· Mineral Resources are 100% attributable to KCM.

**11.4.5** **Stockpile SP16** 

Low-grade copper mineralisation within the Banded Sandstone (BSS) horizons, located stratigraphically between the LOB and UOB, is regarded as refractory due to the poor response of this material to normal metallurgical treatment routes. It has been termed the Chingola Refractory Ore (CRO) being soft micaceous and not inclined to float. The copper has been identified as largely hydroxyl and tied up with phlogopite and other chlorite micas. There are two types of micaceous copper mineralisation in the oxidised zone of the sulfide mineralisation and micaceous copper mineralisation in the weathered BSS.

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During previous mining of multiple Nchanga open pits, when passing through the deposit to mine from the UOB to the LOB, the intermediate material between the target layers must be mined. This intermediate material is in the BSS, Pink Quartzite and shale marker horizons. When mineralisation is between 1% to 2% TCu grade this becomes the Intermediate Orebody (IOB). The intermediate material with CRO material is stockpiled for later processing.

As stockpiled material is no longer in situ and has been rehandled, care with any statistical analysis is required as spatial continuity will no longer represent that of the in situ mineralisation. Relationships within and between variables are now largely meaningless, with the material being semi-homogeneous. Hence care must be taken with the estimation.

Drilling of SP16 stockpile occurred in 2001 and 2013. The last update to the resource estimation for SP16 was in 2016. Selective mining of SP16 has been undertaken regularly since the stockpile was created. The Mineral Resource estimation has been depleted for mining as at 1 April 2025.

**11.4.5.1** **Data** 

Drilling from 2000 (133 drillholes) and 2013 (148 drillholes) has produced 281 reverse circulation drillholes, reducing the average drillhole spacing to approximately 50 m by 50 m, see Figure 11.32.

Drillhole samples have been composited to 2 m intervals, with the majority sample length at 1 m. No top-capping has been applied, with the log probability plot for TCu exhibiting a single population.

Figure 11.32 Drillhole location plan – SP16

![](ctm003_ex96-1img76.jpg)

Source: KCM.

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**11.4.5.2** **Block model and estimation parameters** 

The parent blocks dimensions of 25 m in easting, 25 m in northing directions and 5 m in the vertical direction were used to make the block model, Table. The thin Z sub cell allows for the preservation of the surveyed topographic profile.

Table 11.34 Block model origin and extents - Luano East and Luano West

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Direction** | **Origin<br> (m)** | **Parent block**<br> **size (m)** | **Number of**<br> **parent blocks** | **Model<br> extent (m)** | **Minimum sub**<br> **block size (m)** |
| Easting (m) | 13.100 | 25 | 64 | 1600 | 25 |
| Northing (m) | 21700 | 25 | 52 | 1300 | 25 |
| Rl (m) | 1260 | 5 | 38 | 190 | 0.4 |

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SP16 has been treated as a single deposit with no domaining or top-capping. Understanding of the heterogeneity and data density are required to select a reasonable estimation method for re handled material. Inverse distance squared (ID<sup>2</sup>) has been used as there is reasonable data density and ID<sup>2</sup> does not rely on the use of variography, which requires the demonstration of spatial continuity. Table 11.35 shows the search parameters. An octant search was used with a minimum of two octants filled by a minimum of one sample and a maximum of four samples. A second search pass was used but the ranges were not reported.

Table 11.35 Estimation parameters – SP16

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Search ellipse (m)** | **Search ellipse (m)** | **Search ellipse (m)** | **Rotation** | **Rotation** | **Rotation** | **Number of samples** | **Number of samples** | **Search Range** | **Search Range** | **Search Range** |
| <br>**Search** | **X** | **Y** | **Z** | **Z**<br> **Axis** | **Y**<br> **Axis** | **X**<br> **Axis** | **Min** | **Max** | **Major** | **Minor** | **Vertical** |
| 1 | 0 | 0 | 50 | 1 | 2 | 3 | 3 | 25 NA | 120 | 120 | 20 |

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Swath plots were created in three-dimensions to assess the estimation. They show a reasonable estimate with some grade smoothing.

**11.4.5.3** **Bulk density** 

Core samples at 121 mm in diameter were collected and subject to the Archimedes method to determine dry bulk density. In 2000 this derived a bulk density for SP16 material of 1.78 g/m<sup>3</sup>. In 2001 this was revised to 1.89 g/m<sup>3</sup> after additional work. The higher value has been used in reporting tonnage.

It is unclear what additional work was undertaken and how many samples were collected for either program.

**11.4.5.4** **Mining, processing, and recovery** 

Metallurgical test work has been completed on drillhole samples from the 2013 drilling. Test work includes mineralogy, characterisation, and an assessment of flotation and leachability.

Characterisation summary concluded:

· Cupriferous micas are the largest copper contributor to the TCu% accounting for ~35% of the TCu.

· Sulfide minerals chalcopyrite, bornite and chalcocite contribute 18% of the TCu, in the samples tested.

· Pyrite content is 1.91% by weight.

· Malachite accounts for ~47% of the ASCu.

· Other ASCu contributors are pseudo malachite, chrysocolla and cupriferous mica with minor ASCu contribution
from chalcocite.

**11.4.5.5** **Classification criteria** 

Material within SP16 has been classified as Indicated on the basis of drillhole spacing, analytical data quality, metallurgical test work, and estimation quality. SP16 was treated as a single estimation domain with no domaining applied. Grade estimation used inverse distance squared (ID²), which was selected as appropriate for re-handled stockpile material given reasonable data density and the absence of a requirement to demonstrate spatial continuity through variography. Estimation was conducted using an octant search with a minimum of one sample per octant and a maximum of four samples per octant, within a primary search ellipse of 120 m × 120 m × 20 m (refer Table 11.34). All material within the defined SP16 boundary is classified as Indicated; no Inferred classification has been applied.

A 0.4% AsCu cut-off grade has been applied as using a metal price of US$9,000/t Cu, in conjunction with typical historic modifying factors and processing costs.

There are some areas of low-grade and mining will be required to be selective to maximise the performance of the higher-grade material.

Selective mining has been ongoing from SP16. All Mineral Resource estimation tonnages have been depleted for production to 1 April 2025.

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**11.4.5.6** **Mineral Resource uncertainty** 

Mineral Resources are not Mineral Reserves and do not necessarily demonstrate economic viability. There is no certainty that all or any part of this Mineral Resource will be converted into Mineral Reserve.

SP16 was classified as an Indicated Mineral Resource.

Mineral Resource estimates may be materially affected by the quality of data, natural geological variability of mineralisation, metallurgical recovery, and the accuracy of the economic assumptions supporting reasonable prospects for economic extraction including metal prices, and processing costs.

**11.4.5.7** **Mineral Resource estimate** 

The Mineral Resource estimate for SP16, with a cut-off grade of 0.4% ASCu, is shown in Table 11.36. The Mineral Resource classification considers drillhole sample spacing, analytical analysis, metallurgical test work, and estimation confidence.

Table 11.36 Mineral Resource SP16 – 1 April 2025

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|:---|:---|:---|:---|:---|:---|:---|
| <br>**Asset** | <br>**Classification** | **Cut-off**<br>**ASCu (%)** | **Tonnes**<br>**Mt** | **Total copper**<br>**TCu (%)** | **Copper**<br>**Cu (kt)** | **Acid soluble copper**<br>**ASCu %** |
| SP16 | Indicated | 0.4 | 6.6 | 1.01 | 67 | 0.6 |

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Notes:

· Mineral Resources are reported with an effective date of 1 April 2025.

· No Mineral Reserves are declared as part of this Initial Assessment. Mineral Resources are reported in
their entirety.

· Classification in accordance with S-K 1300.

· A geological cut-off grade of 0.4% ASCu has been derived using a metal price of US$9,000/t Cu, in conjunction
with typical historic mining modifying factors.

· Tonnage and grade are rounded and this may result in computational discrepancies that are not material.

· Point of reference: Broken stockpile material (not in situ).

· Metallurgical recovery: Concentrator ASCu 1.0% Cu; AICu 3.0% Cu; Smelter 98.7% Cu; Refinery 96.75% Cu
payable.

· Processing route: Nchanga Concentrator → Nchanga Smelter → Nkana Refinery.

· Cobalt grades are not estimated for SP16.

· Mineral Resources are 100% attributable to KCM.

**11.5** **Qualified Person's opinion** 

It is the QP's opinion that the Konkola Mineral Resource block models are representative of the informing data and that this data is of sufficient quality to support the Mineral Resource estimate to Measured, Indicated, and Inferred confidence levels.

The Nchanga assets COP DF, Luano, and COP E Extension informing data has been collected at different historic times, much in the absence of rigorous QAQC, and as a result not all input data is of the same quality. However, mining and processing has successfully been undertaken at both COP DF and COP E Extension in areas based on historic data. This does not wholly negate future uncertainty and additional drilling via select twin holes would be useful to verify some areas with older data. The grade estimation block models although created using all available data should be updated to include lithological interpretations (where absent) and consider the use of new estimation techniques. It is the QP's opinion that while there is room for improvement the resource estimations for the Nchanga assets COP DF, Luano, and COP E Extension are representative of the informing data and are of a suitable quality for use as the primary input for reporting the Mineral Resource estimation to Indicated, and Inferred confidence levels.

It is the QP's opinion that the TD03, TD04, and SP16 volume, tonnage and grade are representative of the informing data and that this data is of sufficient quality to support the Mineral Resource estimate to an Indicated confidence level.

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| **12** | **Mineral Reserve estimates** |

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No Mineral Reserves are declared in this Initial Assessment.

This Initial Assessment has been prepared to evaluate the economic potential of the KCM Mineral Resource base, including Inferred Mineral Resources, in accordance with Item 1302(d)(4)(ii) of Regulation S-K, Subpart 1300. An Initial Assessment is preliminary in nature and does not support the determination of Mineral Reserves.

Mineral Reserves for the KCM Integrated Operations have been separately estimated and declared in the companion Preliminary Feasibility Study Technical Report Summary: KCM Integrated Operations (AMC Consultants, effective 1 April 2025), which demonstrates economic viability based exclusively on Measured and Indicated Mineral Resources after the application of modifying factors. The reader is directed to the PFS TRS for the Mineral Reserve estimate, supporting mine plan, modifying factors, and economic analysis.

Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

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| **13** | **Mining methods** |

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**Cautionary Statement Regarding Forward-Looking Information**

This section contains forward-looking information and forward-looking statements within the meaning of applicable securities legislation. Forward-looking statements in this section include, but are not limited to, statements regarding: planned mining methods and their expected performance; anticipated production rates, mine life, and development schedules; projected mining dilution and recovery factors; planned underground development, paste fill infrastructure, and ventilation systems; equipment fleet requirements and workforce plans; expected dewatering rates, pump infrastructure upgrades, and groundwater management; and geotechnical assumptions underpinning mine design.

Actual results may differ materially from those expressed or implied by such forward-looking statements due to risks and uncertainties including, but not limited to: variations in actual geotechnical conditions from those modelled; changes in groundwater inflow rates or failure to achieve projected dewatering capacity; delays in commissioning of the paste fill plant, 1390 mL pump station, or ventilation shaft upgrades; contractor performance and equipment productivity below plan; unforeseen geological structures or ground conditions; changes in commodity prices affecting cut-off grades; and regulatory, labour, or supply chain disruptions. See Section 2 for a comprehensive discussion of risk factors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 Introduction

KCM operates a range of mining areas across the Zambian Copperbelt. Mining methods are selected and adapted to suit the geological setting, orebody geometry, ground conditions, and infrastructure at each deposit. KCM's assets include the Konkola Mine and Nchanga mining complex (Figure 13.1).

This Initial Assessment presents a conceptual mining approach for the KCM Integrated Operations based on the full Mineral Resource inventory. The Mineral Resource base of 318.3 Mt @ 3.11% TCu supports a potential mine life of approximately 45 years, subject to conversion of Inferred Resources to higher confidence categories through continued exploration.

Production schedules for the near-term are based on the M&I Case mine plan, with longer-term production contingent on Resource conversion and infrastructure development. The two production scenarios considered in this Initial Assessment are summarised in Table 13.1.

Table 13.1 KCM production scenarios – M&I Case and Full Resource Case

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| **Scenario** | **Basis** | **Tonnage (Mt)** | **TCu%** | **Cu (kt)** | **Mine life** |
| M&I Case | Measured and Indicated Resources | 68 | 1.7 | 1156 | ~11 years |
| Full Resource Case | Measured, Indicated and Inferred Resources | 318.3 | 3.11 | 9945 | ~45 years |

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Figure 13.1 Location of KCM's Konkola and Nchanga Mining operations

Source: AMC, 2025.

As part of the KCM operations, Table 13.2 identifies the KCM operations that have been included as part of the LOM assessment.

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Table 13.2 KCM LOM mining areas

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| **Mining Zone** | **Orebody** |
| Konkola Mine (Konkola Mine) | Konkola East<br> Konkola Flats<br> Konkola Extension<br> Bancroft North<br> Bancroft Central<br> Bancroft South<br> Bancroft Deeps |
| Nchanga Business Unit (NBU) | COP DF open pit (OP)<br> COP DF underground (UG)<br> COP E Ext UG<br> Nchanga UG TFQ – New West Mill<br> Nchanga UG BSS – New East Mill<br> Nchanga UG BSS – New West Mill<br> Recovery Blocks<br> Block A<br> Block K<br> Chingola B<br> Luano<br> Tailings reclamation (TD03, TD04, TD05, Kakosa) |

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**13.2** **Konkola Mine** 

The Konkola Mine is one of the deepest and most geotechnically complex underground mines in the region. Mining methods include longitudinal LHOS and panel stoping with paste fill. The operation is characterised by exceptionally high groundwater inflows (approximately 350,000 m³/day).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.1 Konkola Mine - Geotechnical considerations

Two classification systems were used to assess the rock mass conditions and to develop design parameters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Q-system (Barton et al., 1974): Applied to assess rock mass conditions in development. This system incorporates
RQD, joint characteristics, water inflow, and stress reduction to classify rock mass quality to enable ground support type recommendations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Modified Q' system (Matthews et al., 1981; Potvin, 1988): Used for evaluating stope stability. This
system omits water and stress terms to focus on joint-controlled stability some 10 m either side of the orebody in the hangingwall and
footwall, for an assessment of stable stope dimension and an estimate for the potential of unplanned overbreak (ELOS).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.1.1 Geotechnical domains

The orientation of the orebody and associated mining areas are aligned with the dip of mineralisation and ground conditions. The orebody dips between 35° and 70°, with an average thickness of 9 m. Konkola East and Flats orebody dips are relatively shallow with ground conditions ranging from fair to good, with localised poor-quality zones typically associated with weaker lithologies such as Unit A. The overall rock mass is competent with manageable stress levels. Ground support requirements are largely influenced by lithological variability and structural intersections. Stope stability will be influenced by the span of the relatively shallow dipping hangingwall.

The orebody steepens from Konkola Extension through the Bancroft zones. The deeper areas show greater variability in rock mass quality, ranging from very poor, particularly near faulted zones, to good. Increased stress magnitudes, rock mass relaxation, and plastic strain zones are evident at depth, especially in the hangingwall where structures intersect weaker units (e.g., Unit A and ore shale). These zones are more prone to deformation and overbreak, necessitating more robust support designs, particularly in development headings and stope hangingwalls.

Primary lithology units include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Hangingwall quartzite**: Generally competent; sequence of siltstones, sandstones, and shales, with
interbedded dolomite and gabbro intrusions, localised weak zones at the contact with the ore shale, occasionally where Unit A is present.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Ore Shale Units A–E**: Variable siltstone unit with five subunits (A to E), with mechanical
behaviour closely tied to dip and composition. Unit A is the weakest unit, clay-altered, that behaves like a shear surface, correlating
with poor ground and higher dilution potential. Thickness increases with orebody dip; Units B–E show improved rock strength, with
Unit B being the most massive and competent. Unit D is gradational with carbonate bands, while Unit E marks the orebody top and progressively
thickens.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Footwall quartzite**: Generally competent quartzite; supports much of the mine's infrastructure
and comprises conglomerates, sandstones, and aquifer-hosting formations local weakness at lithological contacts.

The mining areas and geotechnical domains are presented in the following zones outlined in Table 13.3 and Table 13.4. Figure 13.2 shows the locations of the geotechnical domains in relation to mine infrastructure. These were assessed independently from available geotechnical mapping data to determine ground conditions and support requirements.

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Figure 13.2 Plan view map of the Konkola mine showing the geotechnical domains

Source: AMC, 2025.

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Table 13.3 KCM Shaft 3 summary of rock mass properties

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|:---|:---|:---|:---|:---|:---|:---|:---|
| **Area** | **Zone<br> (mW)** | **Rock mass <br> properties** | **Hangingwall<br> quartzite** | **Ore shale** | **Unit A** | **Footwall** | **Mining method** |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 2200 | RQD | 52 | 81.2 | 0 | 68 | Shallow dip (below 30°) uphole (panel) LHOS<br> Steep dip (above 45°) LHOS |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 2200 | RMR | 67.5 | 58 | 4 | 59 | Shallow dip (below 30°) uphole (panel) LHOS<br> Steep dip (above 45°) LHOS |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 2200 | Q | 13.6 | 5.0 | 0.02 | 5.6 | Shallow dip (below 30°) uphole (panel) LHOS<br> Steep dip (above 45°) LHOS |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 2200 | Q' |  |  |  |  | Shallow dip (below 30°) uphole (panel) LHOS<br> Steep dip (above 45°) LHOS |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 2200 | Intact rock strength (MPa) | >250 | >200 | 12.5 | >200 | Shallow dip (below 30°) uphole (panel) LHOS<br> Steep dip (above 45°) LHOS |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 2200 | Ground water | Flowing | Flowing | Flowing | Flowing | Shallow dip (below 30°) uphole (panel) LHOS<br> Steep dip (above 45°) LHOS |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 2200 | Stress state | Low | Low | Low | Low | Shallow dip (below 30°) uphole (panel) LHOS<br> Steep dip (above 45°) LHOS |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL |  | Rockmass characterisation | Good | Fair | Very poor | Fair |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1800 | RQD | 80 | 24 | 0 | 31 |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1800 | RMR | 60 | 57.5 | 4 | 50 |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1800 | Q | 6.20 | 4.80 | 0.02 | 2.12 |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1800 | Q' | 32.5 | 5.2 | 2.1 | 4.0 |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1800 | Intact rock strength (MPa) | >250 | >200 | 12.5 | >200 |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1800 | Ground water | Flowing | Flowing | Flowing | Flowing |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1800 | Stress state | Low | Low | Low | Low |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL |  | Rockmass characterisation | Fair | Fair | Poor | Poor |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1400 | RQD | 62 | 21 | 0 | 65 |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1400 | RMR | 67.5 | 60 | 4 | 50 |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1400 | Q | 13.9 | 6.2 | 0 | 2.1 |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1400 | Q' |  |  |  |  |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1400 | Intact rock strength (MPa) | >250 | >200 | 12.5 | >200 |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1400 | Ground water | Flowing | Flowing | Flowing | Flowing |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1400 | Stress state | Low | Low | Low | Low |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL |  | Rockmass characterisation | Good | Fair | Very poor | poor |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1000 | RQD | 72 | 43 | 0 | 60.5 |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1000 | RMR | 69 | 64 | 12 | 65.5 |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1000 | Q | 16.4 | 9.6 | 0 | 11.2 |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1000 | Q' | 11.5 | 2.7 | 0 | 3.8 - 10.6 |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1000 | Intact rock strength (MPa) | >250 | >200 | 12.5 | >200 |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1000 | Ground water | Flowing | wet | wet | wet |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1000 | Stress state | Low | Low | Low | Low |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL |  | Rockmass characterisation | Good | Fair | Very poor | Poor to good |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 600 | RQD | 61 | 43 | 0 | 51 |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 600 | RMR | 64.5 | 56 | 12 | 64 |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 600 | Q | 10.1 | 4 | 0 | 9.6 |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 600 | Q' | 8.4 | 2.3 | 0 | 3.2 – 8.4 |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 600 | Intact rock strength (MPa) | >250 | >200 | 12.5 | >200 |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 600 | Ground water | Flowing | Flowing | Flowing | Flowing |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 600 | Stress state | Low | Low | Low | Low |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL |  | Rockmass characterisation | Good | Fair | Very poor | Fair |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 200 | RQD | 61 | 43 | 0 | 51 |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 200 | RMR | 64.5 | 56 | 12 | 64 |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 200 | Q | 10.1 | 4 | 0 | 9.6 |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 200 | Q' |  |  |  |  |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 200 | Intact rock strength (MPa) | >250 | >200 | 12.5 | >200 |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 200 | Ground water | Flowing | Flowing | Flowing | Flowing |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 200 | Stress state | Low | Low | Low | Low |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL |  | Rockmass characterisation | Good | Fair | Very poor | Fair |  |

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|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Area** | **Zone<br> (mW)** | **Rock mass <br> properties** | **Hangingwall<br> quartzite** | **Ore shale** | **Unit A** | **Footwall** | **Mining method** |
| KONKOLA EXTENSION<br> Average ore body dip is 30° | 3200 | RQD | 68 | 47.5 | 21 | 56 | Shallow dip (below 30°) uphole (panel) LHOS |
| KONKOLA EXTENSION<br> Average ore body dip is 30° | 3200 | RMR | 67.5 | 56.5 | 5 | 64 | Shallow dip (below 30°) uphole (panel) LHOS |
| KONKOLA EXTENSION<br> Average ore body dip is 30° | 3200 | Q | 13.9 | 4.3 | 0 | 9.6 | Shallow dip (below 30°) uphole (panel) LHOS |
| KONKOLA EXTENSION<br> Average ore body dip is 30° | 3200 | Q' | 11.1 | 3.5 | 0 | 2.4 | Shallow dip (below 30°) uphole (panel) LHOS |
| KONKOLA EXTENSION<br> Average ore body dip is 30° | 3200 | Intact rock strength (MPa) | >250 | >200 | 12.5 | >200 | Shallow dip (below 30°) uphole (panel) LHOS |
| KONKOLA EXTENSION<br> Average ore body dip is 30° | 3200 | Ground water | Damp / wet | Damp | Damp | Damp | Shallow dip (below 30°) uphole (panel) LHOS |
| KONKOLA EXTENSION<br> Average ore body dip is 30° | 3200 | Stress state | Moderate to high | Moderate to high | Moderate to high | Moderate to high | Shallow dip (below 30°) uphole (panel) LHOS |
| KONKOLA EXTENSION<br> Average ore body dip is 30° |  | Rockmass characterisation | Good | Fair | Very poor | Fair |  |
| KONKOLA EXTENSION<br> Average ore body dip is 30° | 3600 | RQD | 86.5 | 66.5 | 0 | 72.5 |  |
| KONKOLA EXTENSION<br> Average ore body dip is 30° | 3600 | RMR | 60 | 57.5 | 7.5 | 54.5 |  |
| KONKOLA EXTENSION<br> Average ore body dip is 30° | 3600 | Q | 6.2 | 4.8 | 0 | 3.4 |  |
| KONKOLA EXTENSION<br> Average ore body dip is 30° | 3600 | Q' |  |  |  |  |  |
| KONKOLA EXTENSION<br> Average ore body dip is 30° | 3600 | Intact rock strength (MPa) | >250 | >200 | 12.5 | >200 |  |
| KONKOLA EXTENSION<br> Average ore body dip is 30° | 3600 | Ground water | Damp / wet | Damp | Damp | Damp |  |
| KONKOLA EXTENSION<br> Average ore body dip is 30° | 3600 | Stress state | Low | Low to moderate | Low | Low |  |
| KONKOLA EXTENSION<br> Average ore body dip is 30° |  | Rockmass characterisation | Fair | Fair | Very poor | Poor |  |
| KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 4200 | RQD | 62 | 73.2 | 0 | 63 | Shallow dip (below 30°) uphole (panel) LHOS |
| KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 4200 | RMR | 60 | 60 | 9.5 | 62.5 | Shallow dip (below 30°) uphole (panel) LHOS |
| KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 4200 | Q | 6.2 | 6.2 | 0 | 8.1 | Shallow dip (below 30°) uphole (panel) LHOS |
| KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 4200 | Q' | 11.1 | 3.8 | 0 | 14.6 | Shallow dip (below 30°) uphole (panel) LHOS |
| KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 4200 | Intact rock strength (MPa) | >250 | >200 | 12.5 | >200 | Shallow dip (below 30°) uphole (panel) LHOS |
| KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 4200 | Ground water | Damp | Damp | Damp | Damp | Shallow dip (below 30°) uphole (panel) LHOS |
| KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 4200 | Stress state | Low | Low | Low | Low | Shallow dip (below 30°) uphole (panel) LHOS |
| KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) |  | Rockmass characterisation | Fair | Fair | Very poor | Fair |  |
| KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 4800 | RQD | 45 | 57 | 0.2 |  |  |
| KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 4800 | RMR | 59 | 53 | 9.5 | 62 |  |
| KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 4800 | Q | 5.6 | 2.9 | 0 | 7.7 |  |
| KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 4800 | Q' |  |  |  |  |  |
| KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 4800 | Intact rock strength (MPa) | >250 | >200 | 12.5 | >200 |  |
| KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 4800 | Ground water | Wet / flowing | wet | wet | Wet |  |
| KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 4800 | Stress state | Low to moderate | Low | Low | Low |  |
| KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) |  | Rockmass characterisation | Fair | Poor | Very poor | Fair |  |
| KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 2520 | RQD | 50 | 85.5 | 0 | 70 |  |
| KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 2520 | RMR | 53.5 | 47.5 | 12 | 64 |  |
| KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 2520 | Q | 3.1 | 1.6 | 0 | 9.6 |  |
| KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 2520 | Q' |  |  |  |  |  |
| KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 2520 | Intact rock strength (MPa) | >250 | >200 | 12.5 | >200 |  |
| KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 2520 | Ground water | Flowing | wet | wet | Wet |  |
| KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 2520 | Stress state | Low To moderate | Moderate to high | Moderate to high | Low to moderate |  |
| KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) |  | Rockmass characterisation | Poor | Poor | Very poor | Fair |  |

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amcconsultants.com 170

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|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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Table 13.4 KCM Shaft 4 summary of rock mass properties

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Area** | **Zone** | **Rock mass <br> properties** | **Hangingwall Q** | **Ore shale** | **Unit A** | **Footwall** | **Mining <br> method** |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,250 mN – 2,300 mN | RQD | 90 | 80 | 20 | 85 | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,250 mN – 2,300 mN | RMR | 69 | 55.5 | 17.5 | 63.5 | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,250 mN – 2,300 mN | Q | 16.4 | 3.8 | 0.1 | 9.1 | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,250 mN – 2,300 mN | Q' |  |  |  |  | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,250 mN – 2,300 mN | Intact rock strength (MPa) | 150 | 150 | 150 | 165 | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,250 mN – 2,300 mN | Joint Orientation | Unfavourable | Fair | Unfavourable | Unfavourable | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,250 mN – 2,300 mN | Ground water | Damp | Damp | Dry | Damp / wet / drip / flow | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,250 mN – 2,300 mN | Stress state | Medium | Medium | Medium | Medium | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,250 mN – 2,300 mN | Rockmass characterisation | Good | Poor | Very poor | Fair | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,300 mN – 2,330 mN | RQD | 90 | 80 | 20 | 85 | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,300 mN – 2,330 mN | RMR | 69 | 60 | 17.5 | 63.5 | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,300 mN – 2,330 mN | Q | 16.4 | 6.2 | 0.1 | 9.1 | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,300 mN – 2,330 mN | Q' |  |  |  |  | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,300 mN – 2,330 mN | Intact rock strength (MPa) | 150 | 150 | 150 | 165 | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,300 mN – 2,330 mN | Joint Orientation | Unfavourable | Fair | Unfavourable | Unfavourable | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,300 mN – 2,330 mN | Ground water | Damp / wet | Damp / wet | Dry | Damp / wet | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,300 mN – 2,330 mN | Stress state | Medium | Medium | Medium | Medium | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,300 mN – 2,330 mN | Rockmass characterisation | Good | Fair | Very poor | Fair | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,330 mN – 2,450 mN | RQD | 87 |  | 20 | 75 | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,330 mN – 2,450 mN | RMR | 76 | 59 | 17.5 | 63.5 | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,330 mN – 2,450 mN | Q | 34.8 | 5.6 | 0.1 | 9.1 | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,330 mN – 2,450 mN | Q' |  |  |  |  | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,330 mN – 2,450 mN | Intact rock strength (MPa) | 150 | 150 | 150 | 165 | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,330 mN – 2,450 mN | Joint Orientation | Very favourable | Fair | Unfavourable | Fair | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,330 mN – 2,450 mN | Ground water | Damp | Damp | Dry | Wet | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,330 mN – 2,450 mN | Stress state | Medium | Medium | Medium | Low to moderate | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,330 mN – 2,450 mN | Rockmass characterisation | Good | Fair | Very poor | Fair | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,450 mN – 2,650 mN | RQD | 70 | 60 | 10 | 65 | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,450 mN – 2,650 mN | RMR | 76 | 57.5 | 17.5 | 60 | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,450 mN – 2,650 mN | Q | 34.8 | 4.8 | 0.1 | 6.2 | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,450 mN – 2,650 mN | Q' |  |  |  |  | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,450 mN – 2,650 mN | Intact rock strength (MPa) | 150 | 150 | 150 | 150 | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,450 mN – 2,650 mN | Joint Orientation | Very favourable | Fair | Unfavourable | Fair | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,450 mN – 2,650 mN | Ground water | Damp | Dry | Dry | Wet | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,450 mN – 2,650 mN | Stress state | High | Medium | Medium | Low to moderate | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,450 mN – 2,650 mN | Rockmass characterisation | Good | Fair | Very poor | Fair | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,650 mN – Fault Zone | RQD | 70 | 60 | 10 | 65 | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,650 mN – Fault Zone | RMR | 62.5 | 35.5 | 12 | 56 | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,650 mN – Fault Zone | Q | 8.1 | 0.4 | 0 | 4 | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,650 mN – Fault Zone | Q' |  |  |  |  | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,650 mN – Fault Zone | Intact rock strength (MPa) | 150 | 100 | 2 | 129 | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,650 mN – Fault Zone | Joint Orientation | Unfavourable | Unfavourable | Very unfavourable |  | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,650 mN – Fault Zone | Ground water | Dry | Dry | Dry |  | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,650 mN – Fault Zone | Stress state | High | Medium | High |  | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,650 mN – Fault Zone | Rockmass characterisation | Fair | Very poor | Very poor | Fair | LHOS |

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|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Area** | **Zone** | **Rock mass <br> properties** | **Hangingwall Q** | **Ore shale** | **Unit A** | **Footwall** | **Mining <br> method** |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,870 mN – 2,050 mN | RQD | 100 | 100 | 0 | 100 | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,870 mN – 2,050 mN | RMR | 85 | 79 | 30 | 68 | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,870 mN – 2,050 mN | Q | 91.5 | 48 | 0.2 | 14.7 | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,870 mN – 2,050 mN | Q' |  |  |  |  | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,870 mN – 2,050 mN | Intact rock strength (MPa) | >200 | >200 | 100 | 175 | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,870 mN – 2,050 mN | Joint Orientation | Favourable | Very favourable | Very favourable | Fair / Unfavourable | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,870 mN – 2,050 mN | Ground water | Damp | Damp | Damp | Damp / wet / drip / flow | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,870 mN – 2,050 mN | Stress state | Medium | Medium | Medium | Medium | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,870 mN – 2,050 mN | Rockmass characterisation | Very good | Very good | Very poor | Good | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,050 mN – 2,150 mN | RQD | 87 | 90 | 0 |  | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,050 mN – 2,150 mN | RMR | 74.5 | 56 | 23 | 63 | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,050 mN – 2,150 mN | Q | 29.6 | 4 | 0.4 | 8.6 | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,050 mN – 2,150 mN | Q' |  |  |  |  | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,050 mN – 2,150 mN | Intact rock strength (MPa) | 150 | 100 | 0 | 150 | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,050 mN – 2,150 mN | Joint Orientation | Unfavourable | Fair / Very unfavourable | Fair | Unfavourable | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,050 mN – 2,150 mN | Ground water | Wet | Wet | Wet | Wet | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,050 mN – 2,150 mN | Stress state | Medium | High | Medium | Medium | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,050 mN – 2,150 mN | Rockmass characterisation | Good | Fair | Very poor | Fair | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,150 mN – 2,200 mN – Fault Zone | RQD | 100 | 82.5 | 0 | 100 | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,150 mN – 2,200 mN – Fault Zone | RMR | 67 | 55.5 | 16 |  | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,150 mN – 2,200 mN – Fault Zone | Q | 13.2 | 3.8 | 0.1 |  | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,150 mN – 2,200 mN – Fault Zone | Q' |  |  |  |  | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,150 mN – 2,200 mN – Fault Zone | Intact rock strength (MPa) | 150 | 87.5 | 0 | 125 | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,150 mN – 2,200 mN – Fault Zone | Joint Orientation | Fair | Fair / Very unfavourable | Very unfavourable | Fair | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,150 mN – 2,200 mN – Fault Zone | Ground water | Wet | Damp / wet | Damp | Flowing | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,150 mN – 2,200 mN – Fault Zone | Stress state | High | High | Low | Medium | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,150 mN – 2,200 mN – Fault Zone | Rockmass characterisation | Good | Poor | Very poor |  | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,200 mN – 2,250 mN | RQD | 100 | 100 | 10 | 70 | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,200 mN – 2,250 mN | RMR | 67 | 61 | 17.5 | 63 | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,200 mN – 2,250 mN | Q | 13.2 | 6.9 | 0.1 | 8.6 | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,200 mN – 2,250 mN | Q' |  | 19 |  |  | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,200 mN – 2,250 mN | Intact rock strength (MPa) | 150 | >200 | 150 | 100 | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,200 mN – 2,250 mN | Joint Orientation | Fair | Unfavourable | Very unfavourable | Unfavourable | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,200 mN – 2,250 mN | Ground water | Wet | Wet | Damp / wet | Damp / wet / drip / flow | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,200 mN – 2,250 mN | Stress state | High | High | Low | Medium | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,200 mN – 2,250 mN | Rockmass characterisation | Good | Fair | Very poor | Fair | LHOS |

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amcconsultants.com 172

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| | |
|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Area** | **Zone** | **Rock mass <br> properties** | **Hangingwall Q** | **Ore shale** | **Unit A** | **Footwall** | **Mining <br> method** |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,500 mN – 1,600 mN | RQD |  |  |  |  | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,500 mN – 1,600 mN | RMR | 66.5 | 65.5 | 23.5 | 61.5 | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,500 mN – 1,600 mN | Q | 12.5 | 11.2 | 0.1 | 7.3 | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,500 mN – 1,600 mN | Q' |  | >424 |  |  | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,500 mN – 1,600 mN | Intact rock strength (MPa) | 200 | 150 | 3 | 143 | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,500 mN – 1,600 mN | Joint Orientation | Unfavourable | Very unfavourable | Very unfavourable |  | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,500 mN – 1,600 mN | Ground water | Dry | Dry | Dry | Wet | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,500 mN – 1,600 mN | Stress state | High | High | Low | Low to moderate | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,500 mN – 1,600 mN | Rockmass characterisation | Good | Good | Very poor | Fair | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,600 mN – 1,700 mN | RQD | 90 | 100 | 0 | 100 | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,600 mN – 1,700 mN | RMR | 74 | 79 | 30 | 68 | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,600 mN – 1,700 mN | Q | 28 | 48 | 0.2 | 14.7 | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,600 mN – 1,700 mN | Q' |  |  |  |  | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,600 mN – 1,700 mN | Intact rock strength (MPa) | >200 | >200 | 100 | 175 | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,600 mN – 1,700 mN | Joint Orientation | Favourable | Very favourable | Very unfavourable | Fair / Unfavourable | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,600 mN – 1,700 mN | Ground water | Damp | Damp | Damp | Damp / wet / drip / flow | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,600 mN – 1,700 mN | Stress state | Medium | Medium | Medium | Medium | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,600 mN – 1,700 mN | Rockmass characterisation | Good | Very good | Very poor | Good | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,700 mN – 1,800 mN | RQD | 90 | 100 | 0 | 100 | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,700 mN – 1,800 mN | RMR | 74 | 79 | 30 | 68 | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,700 mN – 1,800 mN | Q | 28 | 48 | 0.2 | 14.7 | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,700 mN – 1,800 mN | Q' |  |  |  |  | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,700 mN – 1,800 mN | Intact rock strength (MPa) | >200 | >200 | 100 | 175 | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,700 mN – 1,800 mN | Joint Orientation | Favourable | Very favourable | Very unfavourable | Fair / Unfavourable | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,700 mN – 1,800 mN | Ground water | Damp | Damp | Damp | Damp / wet / drip / flow | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,700 mN – 1,800 mN | Stress state | Medium | Medium | Medium | Medium | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,700 mN – 1,800 mN | Rockmass characterisation | Good | Very good | Very poor | Good | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,800 mN – 1,870 mN | RQD | 90 | 100 | 0 | 100 | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,800 mN – 1,870 mN | RMR | 74 | 79 | 30 | 68 | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,800 mN – 1,870 mN | Q | 28 | 48 | 0.2 | 14.7 | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,800 mN – 1,870 mN | Q' |  |  |  |  | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,800 mN – 1,870 mN | Intact rock strength (MPa) | >200 | >200 | 100 | 175 | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,800 mN – 1,870 mN | Joint Orientation | Favourable | Very favourable | Very unfavourable | Fair / unfavourable | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,800 mN – 1,870 mN | Ground water | Damp | Damp | Damp | Damp / wet / drip / flow | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,800 mN – 1,870 mN | Stress state | Medium | Medium | Medium | Medium | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,800 mN – 1,870 mN | Rockmass characterisation | Good | Very good | Very poor | Good | LHOS |

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amcconsultants.com 173

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|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Area** | **Zone** | **Rock mass <br> properties** | **Hangingwall Q** | **Ore shale** | **Unit A** | **Footwall** | **Mining <br> method** |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,640 mN – Fault zone | RQD | 70 | 80 | 12.5 | 80 | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,640 mN – Fault zone | RMR | 62.5 | 35.5 | 12 | 56 | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,640 mN – Fault zone | Q | 8.1 | 0.4 | 0 | 4 | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,640 mN – Fault zone | Q' |  |  | 0 |  | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,640 mN – Fault zone | Intact rock strength (MPa) | 150 | 150 | 2 | 129 | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,640 mN – Fault zone | Joint Orientation | Unfavourable | Unfavourable | Unfavourable | Fair | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,640 mN – Fault zone | Ground water | Dry | Dry | Dry | Wet | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,640 mN – Fault zone | Stress state | High | High | High | Medium | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,640 mN – Fault zone | Rockmass characterisation | Fair | Very poor | Very poor | Fair | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,640 mN – 2,700 mN | RQD | 69.5 | 66 | 0 | 75 | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,640 mN – 2,700 mN | RMR | 73 | 66.5 | 24 | 56 | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,640 mN – 2,700 mN | Q | 25 | 12.5 | 0.1 | 4 | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,640 mN – 2,700 mN | Q' |  |  |  |  | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,640 mN – 2,700 mN | Intact rock strength (MPa) | 220 | 200 | 2 | 150 | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,640 mN – 2,700 mN | Joint Orientation | Fair | Very unfavourable |  | Unfavourable | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,640 mN – 2,700 mN | Ground water | Dry | Dry | Dry | Dry | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,640 mN – 2,700 mN | Stress state |  | Medium / High | High | Medium | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,640 mN – 2,700 mN | Rockmass characterisation | Good | Good | Very poor | Fair | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,700 mN – 2,800 mN | RQD | 69.5 | 85 |  |  | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,700 mN – 2,800 mN | RMR | 73 | 6.5 | 24 | 50 | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,700 mN – 2,800 mN | Q | 25 | 6.5 | 0.1 | 2 | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,700 mN – 2,800 mN | Q' |  |  |  |  | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,700 mN – 2,800 mN | Intact rock strength (MPa) | 220 | 150 | 2 | 175 | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,700 mN – 2,800 mN | Joint Orientation | Fair | Fair / Unfavourable | Unfavourable | Unfavourable | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,700 mN – 2,800 mN | Ground water | Dry | Dry | Dry | Dry | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,700 mN – 2,800 mN | Stress state | Medium | Medium | Medium | Medium | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,700 mN – 2,800 mN | Rockmass characterisation | Good | Fair | Very poor | Poor | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,800 mN – 2,900 mN | RQD | 90 | 85 | 0 | 70 | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,800 mN – 2,900 mN | RMR | 63 | 58 | 24 | 60 | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,800 mN – 2,900 mN | Q | 8.6 | 5 | 0.1 | 6 | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,800 mN – 2,900 mN | Q' |  |  |  |  | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,800 mN – 2,900 mN | Intact rock strength (Mpa) | 150 |  | 2 | 150 | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,800 mN – 2,900 mN | Joint Orientation | Unfavourable | Unfavourable | Unfavourable | Unfavourable | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,800 mN – 2,900 mN | Ground water | Dry / damp | Dry | Dry | Dry | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,800 mN – 2,900 mN | Stress state | Medium | Medium | Medium | Medium | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,800 mN – 2,900 mN | Rockmass characterisation | Fair | Fair | Very poor | Fair | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,900 mN – 3,000 mN | RQD | 90 | 82.5 | 0 | 82.5 | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,900 mN – 3,000 mN | RMR | 63 | 64.5 | 24 | 58 | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,900 mN – 3,000 mN | Q | 8.6 | 10 | 0.1 | 5 | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,900 mN – 3,000 mN | Q' |  |  |  |  | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,900 mN – 3,000 mN | Intact rock strength (Mpa) | 150 | 150 | 2 | 160 | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,900 mN – 3,000 mN | Joint Orientation | Unfavourable | Unfavourable | Very unfavourable | Unfavourable | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,900 mN – 3,000 mN | Ground water | Dry / Damp | Dry | Dry | Dry | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,900 mN – 3,000 mN | Stress state | Medium | Medium | Medium | Medium | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,900 mN – 3,000 mN | Rockmass characterisation | Fair | Fair | Very poor | Fair | LHOS |
| BANCROFT CENTRAL (920 mN and 1,220 mN)<br> Average orebody dip is 61° | 700 mN – 1,100 mN | RQD | 25 |  |  |  | LHOS |
| BANCROFT CENTRAL (920 mN and 1,220 mN)<br> Average orebody dip is 61° | 700 mN – 1,100 mN | RMR | 59.5 | 56 | 28 | 68 | LHOS |
| BANCROFT CENTRAL (920 mN and 1,220 mN)<br> Average orebody dip is 61° | 700 mN – 1,100 mN | Q | 5.9 | 4 | 0.2 | 14.7 | LHOS |
| BANCROFT CENTRAL (920 mN and 1,220 mN)<br> Average orebody dip is 61° | 700 mN – 1,100 mN | Q' |  |  |  |  | LHOS |
| BANCROFT CENTRAL (920 mN and 1,220 mN)<br> Average orebody dip is 61° | 700 mN – 1,100 mN | Intact rock strength (Mpa) | 150 | 150 | 2.5 | >200 | LHOS |
| BANCROFT CENTRAL (920 mN and 1,220 mN)<br> Average orebody dip is 61° | 700 mN – 1,100 mN | Joint Orientation | Fair / unfavourable | Fair / unfavourable | Very unfavourable | Unfavourable | LHOS |
| BANCROFT CENTRAL (920 mN and 1,220 mN)<br> Average orebody dip is 61° | 700 mN – 1,100 mN | Ground water | Dry / damp | Damp / wet | Dry | Wet | LHOS |
| BANCROFT CENTRAL (920 mN and 1,220 mN)<br> Average orebody dip is 61° | 700 mN – 1,100 mN | Stress state | High | High | Low | Medium | LHOS |
| BANCROFT CENTRAL (920 mN and 1,220 mN)<br> Average orebody dip is 61° | 700 mN – 1,100 mN | Rockmass characterisation | Fair | Fair | Very poor | Good | LHOS |
| BANCROFT CENTRAL (920 mN and 1,220 mN)<br> Average orebody dip is 61° | 1,100 mN – 1,500 mN | RQD | 78 | 100 | 35 |  | LHOS |
| BANCROFT CENTRAL (920 mN and 1,220 mN)<br> Average orebody dip is 61° | 1,100 mN – 1,500 mN | RMR | 66.5 | 65.5 | 28.5 | 61.5 | LHOS |
| BANCROFT CENTRAL (920 mN and 1,220 mN)<br> Average orebody dip is 61° | 1,100 mN – 1,500 mN | Q | 12.5 | 11.2 | 0.2 | 7.3 | LHOS |
| BANCROFT CENTRAL (920 mN and 1,220 mN)<br> Average orebody dip is 61° | 1,100 mN – 1,500 mN | Q' |  | >424 |  |  | LHOS |
| BANCROFT CENTRAL (920 mN and 1,220 mN)<br> Average orebody dip is 61° | 1,100 mN – 1,500 mN | Intact rock strength (Mpa) | 200 | 150 | 3 | 193 | LHOS |
| BANCROFT CENTRAL (920 mN and 1,220 mN)<br> Average orebody dip is 61° | 1,100 mN – 1,500 mN | Joint Orientation | Unfavourable | Very unfavourable | Very unfavourable | Unfavourable | LHOS |
| BANCROFT CENTRAL (920 mN and 1,220 mN)<br> Average orebody dip is 61° | 1,100 mN – 1,500 mN | Ground water | Dry | Dry | Dry | Dry | LHOS |
| BANCROFT CENTRAL (920 mN and 1,220 mN)<br> Average orebody dip is 61° | 1,100 mN – 1,500 mN | Stress state | High | High | Low | Low to moderate | LHOS |
| BANCROFT CENTRAL (920 mN and 1,220 mN)<br> Average orebody dip is 61° | 1,100 mN – 1,500 mN | Rockmass characterisation | Good | Good | Very poor | Fair | LHOS |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Area** | **Zone** | **Rock mass <br> properties** | **Hangingwall Q** | **Ore shale** | **Unit A** | **Footwall** | **Mining <br> method** |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 500 mN – 700 mN | RQD | 85 | 100 | 35 | 90 | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 500 mN – 700 mN | RMR | 52.5 | 65.5 | 23.5 | 56 | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 500 mN – 700 mN | Q | 2.8 | 11 | 0.1 | 4 | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 500 mN – 700 mN | Q' |  |  |  |  | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 500 mN – 700 mN | Intact rock strength (Mpa) | 150 | 150 | 3 | 152 | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 500 mN – 700 mN | Joint Orientation | Fair / Unfavourable | Very unfavourable | Very unfavourable | Unfavourable | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 500 mN – 700 mN | Ground water | Dry / Damp | Dry | Dry | Dry | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 500 mN – 700 mN | Stress state | High | High | Low | Medium | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 500 mN – 700 mN | Rockmass characterisation | Poor | Good | Very poor | Fair | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mN – 500 mN | RQD | 85 | 80 | 38 | 80 | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mN – 500 mN | RMR | 85 | 74.5 | 39 | 69.5 | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mN – 500 mN | Q | 91.5 | 29.6 | 0.7 | 17.3 | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mN – 500 mN | Q' |  |  |  |  | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mN – 500 mN | Intact rock strength (Mpa) | >200 | >250 | 50 | 200 | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mN – 500 mN | Joint Orientation | Very unfavourable | Very unfavourable | Very unfavourable | Very unfavourable | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mN – 500 mN | Ground water | Dry | Dry | Dry | Dry | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mN – 500 mN | Stress state | Very high (seismicity) | Very high (seismicity) | Very high (seismicity) | Very high (seismicity) | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mN – 500 mN | Rockmass characterisation | Very good | Good | Very poor | Good | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mS – 200 mN | RQD | 100 | 85 | 33 | 80 | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mS – 200 mN | RMR | 57.5 | 41 | 7 | 69 | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mS – 200 mN | Q | 4.8 | 0.8 | 0.02 | 16.4 | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mS – 200 mN | Q' |  |  |  |  | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mS – 200 mN | Intact rock strength (Mpa) | 200 | 40-150 | 5 | 150 | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mS – 200 mN | Joint Orientation | Unfavourable | Unfavourable | Unfavourable | Unfavourable | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mS – 200 mN | Ground water | Wet | Wet | Wet | Wet | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mS – 200 mN | Stress state | Medium | Medium | Medium | Medium | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mS – 200 mN | Rockmass characterisation | Fair | Very poor | Very poor | Good | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mS – 600 mS | RQD | 24 | 65 | 33 | 57.5 | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mS – 600 mS | RMR | 67 | 66 | 7 | 52 | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mS – 600 mS | Q | 13.2 | 11.9 | 0.02 | 2.6 | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mS – 600 mS | Q' |  |  |  |  | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mS – 600 mS | Intact rock strength (Mpa) | 150 | 150 | 5 | 150 | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mS – 600 mS | Joint Orientation | Unfavourable | Unfavourable | Unfavourable | Unfavourable | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mS – 600 mS | Ground water | Wet | Wet | Wet | Wet | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mS – 600 mS | Stress state | Low | High | Medium | Medium | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mS – 600 mS | Rockmass characterisation | Good | Good | Very poor | Poor | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 600 mS – 1,000 mS | RQD | 60 | 70 | 12.5 | 60 | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 600 mS – 1,000 mS | RMR | 65 | 47 | 3.5 | 45 | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 600 mS – 1,000 mS | Q | 10.7 | 1.5 | 0.01 | 1.2 | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 600 mS – 1,000 mS | Q' |  |  |  |  | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 600 mS – 1,000 mS | Intact rock strength (Mpa) | 150 | 100 | 0 - 5 | 130 | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 600 mS – 1,000 mS | Joint Orientation | Unfavourable | Unfavourable | Unfavourable | Unfavourable | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 600 mS – 1,000 mS | Ground water | Wet | Wet | Wet | Wet | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 600 mS – 1,000 mS | Stress state | Medium | Medium | Low | Medium | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 600 mS – 1,000 mS | Rockmass characterisation | Good | Poor | Very poor | Poor | LHOS |

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**13.2.1.2** **Structural geology summary** 

The structural framework of Konkola Mine is influenced by major regional faults, a fault series local to the mine working, and the associated minor structural features, including bedding planes and joint sets. These structures influence rock mass behaviour, stress redistribution, and excavation stability.

**Major structures**

The two principal fault systems that dominate the regional setting are the Lubengele Fault to north of Shaft 3 and Luansobe Fault to south of Shaft 1 (Figure 13.3).

Within the mine workings the major structures include the Cross Fault, a brecciated zone with gouge infill up to 2 m wide, which presents a potential risk to development due to its brittle and low-strength nature. In total, 11 significant faults have been modelled within the mine area. These structures trend northeast-southwest and exhibit steep dips, often aligning sub-parallel or oblique to the orebody. When fault orientations align obliquely or sub-parallel to excavations, it modifies stress fields, which can enhance or destabilise excavations depending on their properties and geometry. The location of the modelled faults in relation to the mine workings is presented in Figure 13.4.

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Figure 13.3 Location of regional faults within the Konkola mine area

Source: AMC, 2025.

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Figure 13.4 Location of modelled faults within mine workings

Source: AMC, 2025.

**Minor structures**

The rock mass is further subdivided by three dominant joint sets:

1 Bedding: Typically found in the ore shale with a dip range of 15<sup>o</sup> to 70<sup>o</sup> in the fold axis (nose area), and 51<sup>o</sup> to 80<sup>o</sup> is found in the fold hinges.

2 Oblique joints: Dipping from 33<sup>o</sup> to 74<sup>o</sup>, these joints trend at angles relative to bedding, with variable spacing and roughness.

3 Cross joints: Typically, steeply dipping (54<sup>o</sup> to 87<sup>o</sup>), orientated perpendicular to bedding, though often weakly developed.

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Joint characteristics vary across the mine. In the northern limb, joints are closely spaced and often partially infilled with clay or rock fragments, reducing rock mass quality. Subsidiary faults tend to follow bedding or orebody geometry and commonly intersect major faults, resulting in structurally complex zones.

**13.2.2** **Geotechnical considerations for mining** 

**13.2.2.1** **Stope stability and design** 

Stability assessed with modified stability graphs (dips 25°, 55°, 70°), resulted in generally stable, with paste backfill improving crown and hangingwall stability particularly in flatter dipping areas. Tactical pillars near major structures may be required. Stopes are to be mined and backfilled sequentially, forming sill pillars where required and cable bolt support is required in zones of variable ground or low dip. Site-specific reassessment is recommended during short-term planning using updated structural and mapping data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.2.2 Stope dilution estimation

Dilution was evaluated using the ELOS method (Clark & Pakalnis, 1997). In fair ground, ELOS estimates are low, typically 0.5–1.0 m. Increased overbreak may occur in the Extension and Bancroft North areas, or where stopes intersect major structures. Drill and blast designs should be adjusted to limit overbreak near persistent structures. In flatter dipping areas stope support is likely to be required in the hangingwall to enable mineable stope strike lengths.

**13.2.2.3** **Infrastructure placement** 

Major infrastructure, including declines, should be placed in competent footwall quartzite, maintaining a standoff of at least 20 m from major faults. Alignment should minimise intersections with faults or aquifers. Raise bore assessments are recommended for ore passes and shafts in jointed or near-surface ground.

**13.2.2.4** **Crown pillar and subsidence risk** 

Crown pillar designs consider dynamic loading, structural influence, and blasting effects. Ongoing monitoring and review of open stopes and paste backfill are advised to maintain stability.

Historic shallow mining has resulted in surface subsidence. KCM manages these risks through its Subsidence and Sinkhole Management Plan (2022), aligned with Zambian regulations. AMC recommends satellite-based monitoring for regional subsidence linked to dewatering.

13.2.3 Ground support and numerical modelling

Ground support requirements at Konkola were assessed using the Q-system and wedge analysis methods. Indicative support designs were developed for decline, level access, and ore drive dimensions under varying ground conditions. The assessment confirmed that current support standards are broadly appropriate, though cable bolting is required in areas of poor ground quality, especially where fault zones or weak units such as Unit A are encountered.

Unwedge modelling identified structurally controlled wedge failures as a potential hazard in certain development orientations. Intersection stability can be achieved with double-strand cable bolts, though high-stress areas and wide spans may require increased support or intersection redesign. Avoiding 4-way intersections at depth is advised to reduce instability risks.

Numerical modelling using FLAC3D was completed for both shallow and steeply dipping stoping zones. Results highlight stress relaxation and strain concentration around stope walls, with hangingwall displacement reaching up to 0.5 m in some areas. Plastic strain thresholds indicate that localised ground damage may occur near faults and in deeper zones, particularly where stopes or development intersect major structures.

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Stress redistribution is more pronounced in poor ground conditions, and numerical models indicate that hangingwall instability risks increase with depth. Modelling of multiple mining options shows that designs incorporating regional or central pillars offer improved stability, with central pillars performing best overall.

AMC recommends:

· Ongoing geotechnical inspections in areas approaching plastic strain thresholds.

· Calibration of models using CMS and stope performance data.

· Consideration of backfilling or sill pillars in critical zones.

· Optimisation of drilling and blasting practices to reduce overbreak.

· Implementation of a site monitoring program to track displacement and ground response.

**13.2.4** **Hydrogeology** 

**13.2.4.1** **Hydrology summary** 

The hydrogeological conditions across the KCM assets vary significantly, directly impacting dewatering strategies, groundwater inflows, and overall water management. These variations are primarily controlled by structural features, lithological permeability, and the presence of major fault and fracture networks. Regional fault systems and lithological interfaces act as primary groundwater conduits, influencing the connectivity between aquifers and mine workings.

The geological setting of the operation consists of a sequence of sedimentary and metamorphic units with varying degrees of permeability and water-bearing capacity. Structural deformation has further influenced hydrogeological conditions by creating preferential groundwater flow paths, particularly in fault zones and fractured lithologies.

The hydrogeological regime at Konkola Mine is characterised by fractured, permeable fault zones within schists and dolomites that require extensive dewatering. Less permeable lithologies such as quartzites and shales act as hydraulic barriers. Substantial historical inflows have necessitated a robust pumping system to maintain safe and efficient operations.

**13.2.4.2** **Aquifer parameters and testing** 

The following hydrogeological testing and monitoring has been established at Konkola:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Piezometer installation**: Monitoring wells established to measure groundwater levels and flow rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Pump testing**: Conducted to determine aquifer permeability, hydraulic conductivity, and inflow rates
into mine workings. Test well DW01, drilled into the Chingola dolomite, demonstrates high hydraulic conductivity with minimal drawdown
under current pumping conditions (~1,800 m³/day).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Water quality assessments**: Routine sampling of mine water to monitor contamination risks and compliance
with environmental standards.

Dewatering at Konkola has been on-going since the 1950s. As such, the operational data collected over more than 70 years of pumping is preferable to theoretical pump testing. Similar to most hard rock mine sites, groundwater flow is controlled by barriers (lithological contacts and structures) and conduits (cave cracks, old exploration drill holes, natural fracture zones) rather than the local-scale properties (K, T, S) of the geological formations.

The best way to assess the bulk-scale aquifer properties is to adjust the inputs to the groundwater model, which was done as part of the work in 2014. The model used 387 surface borehole records, more than 8,500 groundwater level measurements, many of which were related to underground drain hole records, flume flow records, and pumping records from all pump stations. Pumping tests were done in similar formations at a nearby site in 2001. The properties from the pumping tests were used as initial inputs to the 2014 model and were subsequently adjusted during model calibration. Hydraulic conductivity (K) values ranged from 0.7 m/d to 3 m/d. Storativity (S) values ranged from 5x10-4 to 3x10-6.

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There is currently no basis to adjust the aquifer properties that were used in the 2014 calibrated groundwater model. The only recent data is: (i) flow rates measured at the pumping stations, (ii) flow rates measured in underground drainage holes, and (iii) shut in pressures measured in underground drainage holes. All these data have been used as part of the on-going dewatering assessment. Sealed vibrating wire piezometers have been proposed as part of the hydrogeology studies going forward. In the current database, the drill holes (controlled water) only account of about 35% of the inflow, but they do show that sustained flows can be retained on the higher mine levels.

**13.2.4.3** **Dewatering volumes and rates** 

Groundwater inflows average ~350,000 m³/day, with inflows concentrated at levels 720L and 950L. Most discharge is pumped via VS1F (60%) and VS1B (30%) shafts using three main pump stations at 985L, 690L, and 370L. Future inflows are projected to increase moderately with depth.

**13.2.4.4** **Chingola dolomite** 

The Chingola dolomite is a regionally connected aquifer with a flat-water table at ~500L. Subsidence-related cracks tap into this aquifer, providing recharge to the mine. The Mwashia shale acts as a semi-confining layer (Figure 13.5).

Figure 13.5 Cross section showing the interconnected nature of the Chingola dolomite (light blue) between KCM (right) and Lubambe (left)

![](ctm003_ex96-1img81.jpg)

Source: AMC, 2025.

**13.2.4.5** **Recharge** 

Recharge is driven primarily by rainfall, with 50–75% of mine water originating from surface infiltration and 25–50% from recirculation. Estimated recharge is ~200–300 mm/year across a 250 km² area. InSAR shows infiltration across the subsidence zone (Figure 13.6).

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Figure 13.6 Subsidence area shown on InSAR ascending image

![](ctm003_ex96-1img82.jpg)

Source: AMC, 2025.

**13.2.4.6** **Dewatering system and boreholes** 

Dewatering relies on a combination of crosscut and drainage hole systems targeting both the footwall and hangingwall aquifers. Crosscuts are spaced approximately every 500 m along strike and provide access for installation of drainage holes, which are drilled upward into the hangingwall and downward into the footwall.

A future drilling program aims to deliver ~48,000 m/year of drill length to support sustained depressurisation of the host rock. This approach will be critical to achieving pressure reductions ahead of production development and minimising water ingress into the mine workings. Drilling infrastructure is expected to include ~12 drainage holes per crosscut, with hole lengths typically between 200 to 350 m.

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Test well DW01, drilled into the Chingola dolomite, demonstrates high hydraulic conductivity with minimal drawdown under current pumping conditions (~1,800 m³/day). The low drawdown confirms regional interconnectivity of the dolomite and reinforces its role as the principal groundwater contributor to the mine system.

**13.2.4.7** **Water balance and groundwater model status** 

A numerical groundwater flow model is under development to predict future dewatering requirements and optimise water management strategies. Pending completion of this model, the following conceptual water balance is noted:

· Total average inflow: ~350,000 m³/day (current conditions, mining above 950 mL).

· Sources: Chingola dolomite (principal contributor), surface infiltration via subsidence cracks, fault-conduit
recharge.

· Short-term mining (Years 1–7): Focused on currently dewatered zones (Konkola East, Konkola Flats,
Konkola Extension) where inflows are better understood and controlled.

· Longer-term: Production from deeper zones (Bancroft sector) contingent on commissioning of the 1,390 mL
pump station. Short-term inflow spikes projected to exceed 450,000 m³/day as mine development progresses along the full 12 km strike.

The conceptual water balance diagram shown below is based on the most recent data from site. The dominant source in the water balance is the regional dolomite. The pump station capacities are shown in Figure 13.7.

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Figure 13.7 Conceptual water balance

![](ctm003_ex96-1img151.jpg)

Source: AMC, 2025.

The previous numerical model showed that a high proportion of the water can be captured on the 950L or above. The available monitoring data supports the model. The inflow data indicates it should be possible to retain about 40% of the inflow on the 950L, particularly if there is an increased density of future drainage holes. A plan has been prepared to update the 2014 numerical model. The flow rates in Table 13.5 have been predicted based on judgement following review of both the 2014 model and the most recent monitoring data from the drainage holes.

Table 13.5 Summary of water capture extrapolated over time

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year 1** | **Year 2** | **Year 3** | **Year 4** | **Year 3** | **Year 6** | **Year 7** | **Year 10** | **Year 20** | **Year 30** |
| Total dewatering rate | 380000 | 400000 | 420000 | 420000 | 430000 | 420000 | 410000 | 430000 | 410000 | 410000 |
| Water that can be managed on 970L | 380000 | 400000 | 420000 | 420000 | 430000 | 420000 | 410000 | 240000 | 170000 | 170000 |
| Water to be managed on 1150L |  |  |  |  |  |  |  | 190000 | 190000 | 90000 |
| Water to be managed on 1350L |  |  |  |  |  |  |  |  | 50000 | 150000 |

---

Notes: Flow rates in m3/day, assumes no major ground collapse rapid subsidence, assumes no improvement in surface infrastructure, based on preliminary mine planning assumptions.

**13.2.4.8** **Water quality** 

The overall discharge water quality shows near-neutral pH, and major ions within target limits for both HWA and FWA. TSFs water has alkaline pH and elevated nitrate and chloride (beneficial to maintain separation of water pumped from UG from TSFs water). Total suspended solids (TSS) are the key challenge, along with potential copper and zinc levels which occasionally exceed guideline limits of 100 mg/liter.

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**13.2.4.9** **Mine schedule and dewatering plan** 

Short-term mining (next 5 – 7 years), activities will focus on the currently dewatered zones of Konkola East, Konkola Flats, and Konkola Extension, where groundwater inflows are better understood and controlled. This allows mining to progress without requiring major new infrastructure in the immediate term. Figure 13.8 shows the currently inferred phreatic surface based on measurements from the available shut in holes. A pressure head of about 150 m (200 psi) can be inferred for the 720L.

In the longer term, production from deeper zones, particularly the Bancroft sector, will be contingent on the timely development of the 1390L pump station and associated dewatering infrastructure. This pump station is essential for enabling mining below 950L and unlocking the deeper Mineral Resources within the Bancroft sector.

Dewatering efforts must be synchronised with the mine schedule to avoid production delays and to ensure safe working conditions. As mine development progresses along the full 12 km strike of the orebody, inflows are expected to fluctuate, with short-term spikes projected to exceed 450,000 m³/day. Additional pumping capacity and infrastructure upgrades will be critical to maintaining production continuity and managing inflow variability.

Figure 13.8 Currently inferred phreatic surface based on measurements from shut in holes

![](ctm003_ex96-1img83.jpg)

Source: AMC, 2025.

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Figure 13.7 and Figure 13.8 show the planned hangingwall dewatering crosscuts located every 500 m strike length. In total, there will be about 15 dewatering crosscuts per level. Given that the main constraint on ore production has historically been slow footwall development because of water, a more systematic dewatering hole drilling plan will be required. This is currently expected to be:

· Crosscuts driven from the dewatering level towards the ore shale every 500 m spacing along strike to provide
drilling access for advanced dewatering holes.

· Drill stations will be about 100 m into each crosscut.

— The goal is: (i) to depressurise the crosscuts through the footwall in advance of the face, and (ii) to dewater the production development and workings in the ore shale. Given the wider spacing of the footwall dewatering crosscuts, lateral holes will also be required between the crosscuts.

— Most holes can be drilled at less than 45° (upward), but some holes will need to be drilled at steeper angles due to the dip of the orebody and the need to get the higher holes.

— For each crosscut, the budget should be about 4,000 m of drilling for the array of holes from the drill stations and any cover holes that may be required in advance of the crosscut.

· The crosscuts will be terminated about 20 m short of the ore shale (i.e. they don't go into the
hangingwall). A total of 12 drainage holes into the hangingwall is currently assumed: three at 45° up, six at 20° up, and three
flat, for a total of 4,000 m of drilling into the hangingwall. The holes would go 5-10 m past the HWA and would terminate within the Shale
with Grit.

· Drilling will be carried out at a nominal diameter of 125 mm using LM110 drills (or similar). Most hole
lengths would be between 200 and 350 m. Planning should currently assume a total of about 48,000 m per year drilling (based on six crosscuts
being advanced per year), so a minimum of three dewatering drills will be required.

Figure 13.9 Rotated section showing the planned footwall dewatering drilling

![](ctm003_ex96-1img84.jpg)

Source: AMC, 2025.

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**13.2.4.10** **Future dewatering rates** 

Planned depressurisation using crosscut-based drainage holes will enable 30–50 m pressure reduction in ~6 months with localised inflows of 45,000–60,000 m³/day. Long-term capacity must exceed current system (~360,000 m³/day), aiming for 500,000 m³/day. Current estimated inflow rates are shown in Table 13.6.

Table 13.6 Indicative future mine inflow rates for the next 7-year mine plan

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year 1** | **Year 2** | **Year 3** | **Year 4** | **Year 5** | **Year 6** | **Year 7** |
| Konkola East 720L | 150000 | 170000 | 140000 | 100000 | 70000 | 60000 | 50000 |
| Konkola East 800L | 40000 | 30000 | 30000 | 40000 | 60000 | 30000 | 20000 |
| Konkola East 870L |  |  | 30000 | 30000 | 50000 | 50000 | 60000 |
| Konkola Flats 720L | 35000 | 45000 | 55000 | 50000 | 20000 | 20000 | 10000 |
| Konkola Flats 800L |  |  | 10000 | 30000 | 40000 | 50000 | 40000 |
| Konkola Flats 870L |  |  |  | 20000 | 40000 | 40000 | 60000 |
| Konkola Extension 720L | 60000 | 60000 | 40000 | 20000 | 20000 | 20000 | 10000 |
| Konkola Extension 800L |  |  | 20000 | 40000 | 40000 | 40000 | 30000 |
| Konkola Extension 870L |  |  |  | 10000 | 20000 | 40000 | 50000 |
| **Total 970L and below** | **95000** | **95000** | **95000** | **80000** | **70000** | **70000** | **90000** |
| **Total dewatering rate** | **380000** | **400000** | **420000** | **420000** | **430000** | **420000** | **410000** |

---

Notes: Flow rates in m<sup>3</sup>/day. Assumes no major ground collapse or rapid subsidence.

**13.2.4.11** **Pumping infrastructure – Konkola Mine** 

The current pumping infrastructure consists of staged systems at 370L, 690L, and 950L, with most inflows handled via VS1F and VS1B shafts. The 950L station is presently the deepest in operation. However, mining below this level, particularly in the Bancroft sector, requires the development of a new pump station at 1390L, along with new drainage drives at 1150L and 1350L, to provide the necessary dewatering capacity and operational redundancy (Figure 13.9).

Upgrades to the existing systems at 690L and 370L are required to increase the pumping rate beyond the current ~360,000 m³/day limit. Planned enhancements include additional pump columns, expansion of settlers and sumps, and optimisation of water handling networks. The target capacity is at least 450,000–500,000 m³/day to accommodate projected peak inflows and ensure resilience during high-water events or power disruptions.

Energy-efficient technologies such as variable frequency drives (VFDs) and automated pump control systems are recommended to reduce operating costs and improve performance. Redundant power supply systems, including diesel generators and ring-fed power lines, are also essential to mitigate the risks associated with load shedding and grid failure.

Emergency infrastructure includes a combination of control valves on dewatering boreholes, penstock valves, surge barriers, flood control doors, and temporary storage in haulage and drainage drives. These systems are critical for responding to short-term pump failures and allow the mine to manage water until backup systems are operational.

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Figure 13.10 Konkola Mine dewatered, developed, and mined

![](ctm003_ex96-1img85.jpg)

Source: AMC, 2025.

**13.2.4.12** **Konkola Mine water management infrastructure** 

Konkola's underground water management system incorporates a range of control and containment measures to manage inflows and ensure infrastructure protection:

· Control valves on dewatering boreholes allow water to be temporarily shut in during pump failures or power
outages. Valves are prioritised by flow rate, with higher-flow boreholes closed first. There were 48 such boreholes at 950L during the
2008 national power outage.

· Settlers and sumps provide sedimentation capacity and buffer inflows before pumping. Settlers slow flow
to drop suspended solids; sumps store water for transfer to pump stations.

· Surge barriers are temporary blockades in drainage and haulage drives to divert water from critical infrastructure
(e.g., No.1 shaft).

· Penstock valves, located near the 950L flood control door, regulate flow to downstream pumping systems
and are closed once sump capacity is exceeded.

· Flood control doors on 950L and 850L protect key pump stations during extreme inflow events. Timing of
closure is linked to available storage and system response.

· Emergency storage is provided by accessible drives on the footwall side. During major inflow events, these
areas offer temporary containment for up to ~2 hours before further controls must be activated to protect infrastructure.

**13.2.4.13** **Upgrade of existing pumping infrastructure** 

In the medium term (12-18 months), there is a need to upgrade the existing infrastructure from the current 370,000 m<sup>3</sup>/day to at least 450,000 m<sup>3</sup>/day. The upgrade works are shown in red on Figure 13.11 and should include:

· 690 mL (five additional pumps; and two to three pump columns).

· 370 mL (three Pump Columns).

· Water storage sumps and settlers, drain drives and dewatering crosscuts.

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The series of projects required to complete the upgrade works will require close focus and significant financial support. The pipe columns are 500 mm in diameter and the pipe is a long-lead order item. This is an example component of the system that demonstrates the complexities that will likely be encountered whilst attempting the upgrade works.

The integration of energy-efficient technologies, such as VFDs and automated control systems, is also recommended to optimise power consumption and reduce operational costs. Such improvements would not only enhance system performance but also contribute to the overall sustainability of the mining operation.

Figure 13.11 Dewatering schematic, with required upgrades shown in red

![](ctm003_ex96-1img86.jpg)

Source: AMC, 2025.

**13.2.4.14** **Risks** 

Due to continuous high groundwater inflows and significant pumping head, the dewatering system and associated emergency procedures must remain robust and highly reliable. Plans must account for power failures, ensuring back-up systems and clearly defined TARPs are in place.

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Proactive maintenance and defined KPIs, for pump reliability, flow rates, and energy use; are essential to optimise system performance. In emergencies, short-term inflow reduction (e.g., closing dewatering valves) and underground water storage are key to preserving time for backup power restoration.

The two-day national power outage in January 2008 tested these procedures under real conditions. Groundwater inflows (~292,000 m³/day) were partially managed by closing borehole valves, temporarily reducing inflows and allowing activation of flood doors and emergency systems.

Emergency protocols should be reviewed quarterly, with audits identifying gaps and maintaining the integrity of the underground water management system. The 2008 event and subsequent outages have reinforced the importance of ongoing readiness and redundancy.

**13.2.5** **Existing mining – Konkola Mine** 

Konkola Mine extracts ore from the Kirilabombwe anticline orebody using three principal production shafts: 1 Shaft, 3 Shaft, and 4 Shaft. These shafts support mining across two main areas referred to as the 3 Shaft and 4 Shaft mining areas. The operation commenced in 1957 with the commissioning of 1 Shaft, followed by 3 Shaft in 1963 and 4 Shaft in 2007. While 1 Shaft remains in use for personnel and supplementary hoisting, 4 Shaft is now the primary hoisting shaft in the southern portion of the orebody.

The two mining areas are separated above the 720-m level by a geologically barren zone approximately 1.5 km wide. This zone lacks economic mineralisation and is primarily composed of unmineralised lithologies. It presents a natural boundary between the historically distinct 3 Shaft and 4 Shaft operations. Despite this separation, underground development has since connected the two areas, allowing for integrated haulage and dewatering systems.

Three principal mining methods are employed at Konkola Mine: Longhole Open Stoping, Post Pillar Cut and Fill, and a Hybrid Overcut and Bench method. The selection of each method is based on orebody dip, ore thickness, ground conditions, and infrastructure availability. These methods are applied within specific mining zones as summarised in Table 13.7. Ongoing refinement of the mining approach supports improved recovery, stability, and alignment with long-term production planning.

Table 13.7 Mining methods currently employed by mining area at Konkola Mine

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|:---|:---|:---|:---|:---|:---|
| **Mining area** | **Boundaries** | **Orebody<br> dip (<sup>o</sup>)** | **Orebody**<br> **thickness (m)** | **Primary mining**<br> **method(s)** | **Backfill** |
| Bancroft North | 1,750 – 3,000 mN | 45 to 70° | 6 to 10 m | Longhole Open Stoping (LHOS) | Planned |
| Bancroft Central | 1,000 – 1,750 mN | 45 to 65° | 5 to 9 m | LHOS | Planned |
| Bancroft Deeps | 100 mS – 1,000 mN | 55 to 70° | 6 to 10 m | LHOS | Future (awaiting infrastructure) |
| Konkola Extension | 3,000 – 4,000 mN | 25 to 50° | 5 to 10 m | LHOS, PPCF, Hybrid Overcut & Bench | Mixed (some unfilled zones) |
| Konkola Flats | 4,200 – 4,800 mN | 10 to 25° | 10 to 13 m | Post Pillar Cut and Fill (PPCF) | Active |
| Konkola East | 0 – 2,400 mW | 30 to 60° | 6 to 12 m | LHOS | Planned |

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**13.2.6** **Planned mining methods - Konkola Mine** 

Planned mining at Konkola Mine aims to progressively unlock deeper mineralised zones through staged dewatering and infrastructure upgrades. The mine will continue to rely on the application of LHOS, Post Pillar Cut and Fill (PPCF), and Modified Overcut and Bench (MOCB) methods, selected based on orebody geometry, dip, and prevailing ground conditions. These methods will be deployed in different areas of the mine according to updated geotechnical assessments and the evolving dewatering strategy.

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The long-term mining vision incorporates expansion below the 1040L in the 4 Shaft area and continued extraction across dewatered sections of the 3 Shaft area. Target zones include Bancroft North, Bancroft Central, and Bancroft Deeps in the 4 Shaft area, as well as Konkola Flats, Konkola East, and Konkola Extension in the 3 Shaft area. Mining below 950L in 4 Shaft remains contingent on the commissioning of the 1390L pump station and associated infrastructure.

Mining methods have been selected based on orebody geometry, depth, and ground conditions, with all areas anticipated to make use of variations of LHOS or panel stoping. In flatter or structurally complex areas, support-intensive approaches and paste fill are expected to be required to maintain excavation stability. Paste fill will also be used in the majority of steeply dipping zones, particularly where structural complexity is anticipated at depth. Areas accessed via Shaft 4, such as Bancroft South and Bancroft Deeps, represent the deepest high-grade targets, while Konkola East remains an exploratory and developmental area where the final mining method may vary depending on local orebody characteristics. A summary of the planned mining methods for the Konkola Mine, is provided in Table 13.8. Figure 13.12 shows a plan view isometric of the mine zones and key infrastructure.

Table 13.8 Konkola Mine mining methods

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| | | |
|:---|:---|:---|
| **Ore zones** | **Mining method** | **Summary** |
| Konkola East | LHOS and panel stoping | · Exploratory / developmental area; method subject to geometry.<br>· Moderately to steeply dipping (50–70°) in upper / mid sections; flattens at depth (<45°). Method zoned by dip. Paste fill required for both. |
| Konkola Flats | LHOS and panel stoping | · Flatter, bullnose geometry with variable dips. Requires zoned extraction. Central to regional stress transfer; high fill reliance.<br>· Paste fill.<br>· Likely to use support-intensive methods. |
| Konkola Extension | LHOS (Blind Stoping) | · Steeply dipping (45–70°). Structural complexity at depth.<br>· Minor folding and drag structures.<br> · LHOS preferred; panel stoping possible in localised flatter areas.<br>· Paste fill. |
| Bancroft North | LHOS (Blind Stoping) | · Steeply dipping; increasing structural complexity at depth. Blind LHOS with paste fill.<br>· Paste fill. |
| Bancroft Central | LHOS (Blind Stoping) | · Steep dips with structural complexity at depth. Paste fill required to manage crown and rib stability. |
| Bancroft South | LHOS | · Zone with steepest orebody dip; high-grade target accessed via Shaft 4.<br>· Paste fill planned. |
| Bancroft Deeps | LHOS | · Deepest mineralised zone and high-grade target.<br>· Paste fill recommended as mine deepens to preserve stability.<br>· Shaft 4 access. |

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Figure 13.12 Final mine outline map - plan view showing mining zone boundaries and key infrastructure

![](ctm003_ex96-1img152.jpg)

Source: AMC, 2025.

13.2.7 Mining unit dimensions

Table 13.9 presents the typical stope dimensions for each mining method.

Table 13.9 Typical stope dimensions

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| | | | |
|:---|:---|:---|:---|
| Parameter | LHOS | Panel stoping | Notes |
| Stope strike length (m) | 20 m | 20 m | Determined by geotechnical domain and Q' stability assessment. |
| Stope height / dip extent (m) | 30 m | 5 – 10 m | LHOS: sublevel to sublevel. Panel: single cut height. |
| Stope width / orebody thickness (m) | 5–15 m (follows ore contacts + ELOS) | 15 m (follows ore contacts + ELOS) | Average ~9 m orebody thickness. |
| Hydraulic radius (m) | Approx. 3.5 m | Approx. 4.5 m | Used in Q' stability graph to assess stable span. |
| ELOS — hangingwall (m) | 0.5 | 1 | Derived from modified Q' stability assessment. |
| ELOS — footwall (m) | 0.5 | 0 | FW ELOS applied to LHOS only. |
| Sublevel interval (m) | 30 m | N/A | Determines drilling pattern and slot raise spacing. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.8 Mining dilution and recovery factors

Mining recovery and dilution estimates at Konkola are based on AMC's use of the Equivalent Linear Overbreak / Slough (ELOS) method, which estimates undesired material loss or gain during stoping. ELOS values were derived from the modified Q' stability assessment (Section 13.2.2) and applied as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• Panel stopes: ELOS of 1.0 m in the hangingwall, translating to an average planned dilution of 7%.

&nbsp;&nbsp;&nbsp;&nbsp;• Longhole open stopes: ELOS of 0.5 m in the hangingwall and 0.5 m in the footwall, translating to an average
planned dilution of 11%.

In addition to ELOS unplanned dilution estimate, an allowance for additional unplanned dilution of 5% has been applied to account for hangingwall and footwall overbreak beyond the ELOS envelope, backfill contamination at stope contacts, and incorporation of floor material during mucking.

Table 13.10 presents the total mining dilution and recovery factors applied to convert in situ Mineral Resource tonnes and grades to run-of-mine production tonnes and grades for the M&I Case mine plan.

Table 13.10 Mining dilution and recovery factors

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Mining method** | **ELOS Dilution <br> (Predicted <br> Unplanned <br> Dilution) (%)** | **Unplanned Dilution <br> (an allowance for <br> dilution additional <br> to ELOS (%)** | **Total <br> dilution <br> (%)** | **Mining <br> recovery <br> (%)** | **Dilution grade** |
| **LHOS** | 11% | 5% | 16% | 95% | zero-grade / country rock |
| **Panel Stoping** | 7% | 5% | 12% | 95% | zero-grade / country rock |
| **Ore Development** | 0 | 0 | 0 | 100 | N/A |
| **Waste Development** | 3 | 0 | 3 | 100 | N/A |

---

Recovery factors of 95% account for losses due to stope underbreak, failed mucking, or structural failure. For ore development, 100% recovery is assumed as the full excavation profile is processed. Waste development assumes 3% dilution from incidental material incorporated during excavation.

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**13.2.9** **Mine design** 

The underground mine design at Konkola incorporates a series of capital and operating developments to support LHOS and panel stoping across varying geotechnical and orebody conditions. Key development types, dimensions, gradients, and scheduling assumptions are summarised in Table 13.11.

Table 13.11 Key development designs

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Development**<br> **type** | **Dimensions**<br> **(W x H, m)** | **Profile** | **Gradient** | **Typical length / notes** | **Rate**<br> **(m/month)** | **Classification** |
| Declines & Inclines | 5.5 x 5.5 | Arched 1 m | ±1:7 to ±1:8 | 500 m spacing, 60 m standoff from orebody | 50 | Capital |
| Rail & Haulage Drives | 5.0 x 5.0 | Arched 1 m | ±1:200 | One per decline loop, fed by ore / waste passes | 50 | Capital |
| Drainage Drives | 4.5 x 4.5 | Arched 1 m | ±1:200 | Linked to Shaft 4 pump system | 50 | Capital |
| Level Accesses | 5.5 x 5.5 | Arched 1 m | ±1:50 | 80–150 m (LHOS), up to 250 m (panel stoping) | 50 | Capital |
| Return Air Drives | 5.0 x 5.0 | Arched 1 m | +1:50 (or ±1:7) | T-configurations near decline access | 50 | Capital |
| Fresh Air Drives | 4.5 x 4.5 | Arched 1 m | +1:50 (or ±1:7) | Located off decline and access crosscuts | 50 | Capital |
| Stockpiles & Loading | 5.5 x 5.0 | Arched 1 m | Flat | 17.5 m (standard), 60 m (LHOS stockpiles) | 50–60 | Capital |
| Sumps | 4.5 x 4.5 | Arched 1.5 m | Flat | Two per crosscut, 12.5 m each | 50 | Capital |
| Diamond Drill Drives | 5.0 x 5.0 | Arched 1 m | Flat | 30 m every second decline loop | 50 | Capital |

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Figure 13.13 to Figure 13.14 illustrates typical loading configurations for LHOS and panel stoping areas.

Figure 13.13 Plan view of a loading level

![](ctm003_ex96-1img87.jpg)

Source: AMC, 2025.

Figure 13.14 Isometric view of the loading system (LHOS)

Source: AMC, 2025.

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In the panel stoping area in Konkola Flats, a centralised loading area has been established (Figure 13.15), with all ore to be trucked to the loading area.

Figure 13.15 Isometric view of the loading system (panel stoping)

![](ctm003_ex96-1img89.jpg)

Source: AMC, 2025.

**13.2.10** **Mining operations** 

The Konkola Mine operation manages material movement through a structured haulage network that accommodates both ore and waste. Waste is largely hoisted to surface and processed or dumped, while ore follows designated tramming and hoisting routes to the surface concentrator. Handling systems differ by mining area and depth, reflecting the complexity of the orebody layout.

Waste rock from development headings is generally transported to surface, except for limited quantities in the Konkola Flats area. In this zone, selected development waste is temporarily deposited into open stopes and later recovered through lower access levels for use as backfill in panel stoping operations.

Across the remainder of the mine, waste is transported using the same tramming levels as ore but is segregated at tipping points. Dedicated waste tips are positioned adjacent to ore tips on the 590 mL, 875 mL, and 950 mL tramming levels. Waste is then delivered to shaft-specific passes and hoisted to surface, following this distribution:

· Waste hoisted via 3 Shaft is trucked to the 3 Shaft waste dump.

· Waste hoisted via 1 Shaft and 4 Shaft is conveyed to the 1 Shaft waste dump.

At surface, both dumps are equipped with crushing plants that process the waste rock into construction-grade aggregates for internal use or sale.

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Ore from stoping and development activities is collected using load haul dump (LHD) units and transferred to haul trucks. Trucks transport the ore to local tipping boxes positioned above the main tramming levels. From these points, the ore is transferred into rail cars and trammed to the shaft-specific tipping points for crushing and hoisting.

Material movement is dictated by both the mining area and the level of origin. Table 13.12 summarises the ore routing by area and tramming level.

Table 13.12 Materials handling locations

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Mining location** | **Mining location** | **Tip location** | **Tip location** | **Tramming** | **Shaft hoisting** |
| <br>**Mining area** | **Level** | **Section** | **Level** | **Section** | **level** | **route** |
|  | 610 mL | 600 mW-475 mW | 520 mL | 1,720 mW | 590 mL | 3 Shaft |
| Konkola East | 700 mL | 1,000 mW-800 mW | 520 mL | 1,865 mW | 590 mL | 3 Shaft |
|  | 760 mL | 2,200 mW-2,230 mW | 760 mL | 2,850 mN | 875 mL | 1 Shaft or 4 Shaft |
| Konkola Flats | 760 mL | 2,520 mW-4,200 mN | 760 mL | 2,850 mN | 875 mL | 1 Shaft or 4 Shaft |
| Konkola Extension | 825 mL | 3,700 mN-3,200 mN | 760 mL | 2,850 mN | 875 mL | 1 Shaft or 4 Shaft |
|  | 850 mL | 3,600 mN-3,645 mN | 840 mL | 3,600 mN | 875 mL | 1 Shaft or 4 Shaft |
| Bancroft North | 1,020 mL | 2,475 mN-2,440 mN | 930 mL | 2,120 mN & 2,475 mN | 950 mL | 1 Shaft or 4 Shaft |

---

**13.2.11** **Backfill – Konkola Mine** 

Backfilling is a critical component of the planned mining operations at Konkola, supporting stope stability, minimising surface subsidence, and enabling safe recovery of secondary stopes. Due to historical limitations with hydraulic fill systems, AMC have recommended the following:

· AMC recommends new paste fill system to replace historic hydraulic fill due to poor recovery rates and
unreliable strength.

· A 3 Mtpa system capacity, supporting Konkola East, Flats, and Extension.

A summary of the backfill infrastructure and strategic recommendations is provided in Table 13.13. The current hydraulic fill infrastructure is largely decommissioned or incomplete, with poor coarse tailings recovery previously constraining fill strength and performance. The proposed paste fill system incorporates filtration, cyclone classification, binder dosing, and dual-stage high-pressure pumping.

Table 13.13 Backfill infrastructure and strategic recommendations

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| | | |
|:---|:---|:---|
| **Element** | **Existing status** | **Recommendation** |
| East Fill Plant | Decommissioned | N/A |
| West Fill Plant | Only tanks in use | Consider rehab for Bancroft |
| Waste Rock Crusher | Incomplete | Not feasible |
| Paste Plant | Proposed at #3 Shaft | Fully new facility with tailings filtration and binder mixing |

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The system is designed to operate at approximately 72.8% solids content by weight, delivering paste at up to 200 m³/hr. through a tandem-pump reticulation system. The estimated transit time to the furthest stopes is approximately 50 minutes. Backfill strength requirements are governed by exposure conditions and vertical stress, with unconfined compressive strength (UCS) targets ranging from 150 to 300 kPa. Geomechanical analysis confirms these values are adequate for the proposed stope geometries.

A dual-stage underground reticulation system will deliver paste from surface to production areas. Piping has been specified to meet pressure and wear requirements, with detailed routing and booster station locations defined. Flow velocities and pressure losses have been modelled using updated rheological inputs to confirm transport viability across a ~5.6 km range.

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The design also incorporates operational safeguards including in-line flushing systems, emergency sumps, and segmental reticulation control to minimise risk of paste line blockage or failure. Backfill barricades will be constructed using pre-fabricated arch kits and shotcrete. Placement will follow established sequencing, with curing periods prior to mucking secondary stopes.

Test results from 2006 indicate high binder demand when using local cement, with performance improving substantially when using higher-grade imported binders. Future test work will include updated tailings characterisation, rheology, and UCS strength analysis using current tailings output and alternative binder blends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.11.1 Paste fill geomechanics and fill strength

AMC's design follows UCS-based criteria adapted from Terzaghi, Bloss, and Grice for vertical exposures. Stope fill requirements are based on orebody dip and exposure configuration.

Stopes in the shallow-dipping Konkola Flats will be mined as primary and secondary panels, with paste filling beginning after initial extraction. Fill curing is assumed to be 28 days before recovery of secondary stopes. Based on the analysis of the Konkola test work completed in 2006, AMC recommends the cement dosing rates shown in Table 13.14, for paste fill at 72%Cw density. This test work will be repeated as soon as stable mill operations producing representative tailings size fractions are available to confirm this advice.

Figure 13.16 shows the strength calculations for a dual exposure stope and Figure 13.17 shows the strength calculations for a single exposure stope.

Figure 13.16 Target paste design strength – 2 Exposures

![](ctm003_ex96-1img153.jpg)

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Figure 13.17 Target paste design strength – 1 Exposure

![](ctm003_ex96-1img154.jpg)

The target design strengths for paste fill are summarised in Table 13.14. These are calculated with a factor of safety of 1.5 and rounded up to the next 50 kPa UCS increment.

Table 13.14 Konkola paste fill design strengths (FoS=1.5) and paste fill recipes at 28 days curing

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| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Paste fill duty** | **Paste fill exposures** | **Maximum vertical<br> stress (kPa)** | **Target strength<br> design (kPa)** | **Cement binder<br> dosing (%)** |
| Bulk Fill |  | 100 | 150 | 2 |
| Primary and continuous advance | One | 150 | 250 | 4.0 |
| Primary – secondary | Two | 200 | 300 | 4.5 |

---

Future test work will verify binder content, investigate partial substitution using copper slag from the Chingola smelter, and refine strength / rheology parameters based on stable PSD tailings from the #4 Concentrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.11.2 Paste fill placement and retention

Paste fill is placed using arched shotcrete barricades with standardised Doherty wall frame kits to provide structural support (Figure 13.18).

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Figure 13.18 Paste fill arched shotcrete barricades

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| | |
|:---|:---|
| **Doherty wall frame kits** | **Completed barricade** |
| ![](ctm003_ex96-1img155.jpg) | ![](ctm003_ex96-1img156.jpg) |

---

Source: AMC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.12 Ventilation – Konkola Mine

The ventilation system at Konkola Mine is essential for maintaining safe working conditions by supplying fresh air, diluting contaminants, controlling heat, and meeting regulatory standards. Airflow requirements are determined from diesel equipment usage, heat loads, depth, and mining methods. Ventilation modelling and empirical calculations were used to optimise airflow distribution.

Airway velocities must fall within defined ranges to ensure efficient airflow and manageable pressure losses. The Primary raises optimally sized at 4.5 m diameter and secondary raises at 3 m × 3 m.

Heat management is crucial due to geothermal gradients and equipment heat load. Refrigeration is required when virgin rock temperature reaches 36°C, particularly in deeper mine areas, using surface and underground cooling systems to maintain a safe environment. While immediate refrigeration may not be necessary based on current heat sources and cooling power, deeper mining may require it as virgin rock temperatures approach 36°C.

The minimum airflow requirement for diesel equipment is 0.06 m³/s per kW of engine power. The mining fleet includes cable bolters, jumbos, production loaders, and trucks, with airflow requirements per unit ranging from 1.9 m³/s to 30.8 m³/s as summarised in Table 13.15.

Table 13.15 Machine types, counts, and utilisation factors

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Equipment description** | **Rated**<br> **power**<br> **(kW)** | **Vent** <br> **dilution** <br> **factor** | **Duty cycle** | **Eff diesel** <br> **power**<br> **(kW)** | **Engine Eff** <br> **(%)** | **Heat load** <br> **(kW)** | **Vent req**<br> **(m<sup>3</sup>/s)** |
| Sandvik DS422i Cable Bolter | 119 | 0.1 | 18% | 20.9 | 90% | 18.8 | 1.9 |
| Sandvik DD422i Jumbo Drill | 119 | 0.1 | 18% | 20.9 | 90% | 18.8 | 1.9 |
| Sandvik DL432i Production Drill | 119 | 0.1 | 18% | 20.9 | 90% | 18.8 | 1.9 |
| Sandvik LH515i Production Loader | 268 | 0.1 | 51% | 135.7 | 90% | 122.1 | 12.2 |
| Sandvik TH663i Production Trucks | 585 | 0.1 | 58% | 342.1 | 90% | 307.9 | 30.8 |

---

The primary ventilation system consists of fresh air supplied via intake shafts and exhaust air via return airways. The current performance impacted by fan maintenance of some fans. The primary ventilation system requirements are summarised in Table 13.16 and Figure 13.19.

Table 13.16 Summary of primary ventilation airflows

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| | | | |
|:---|:---|:---|:---|
|  | **Capacity max quantity (m<sup>3</sup>/s)** | **Intake requirements (m<sup>3</sup>/s)** | **Variance (m<sup>3</sup>/s)** |
| Intake capacity | 2703 | 2185 | 520 |
| Return capacity | 1891 | 1456 | 435 |

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Figure 13.19 Ventilation compared to production

![](ctm003_ex96-1img90.jpg)

Source: AMC, 2025.

The future ventilation requirements for Konkola to meet production growth is necessary for sustaining planned production levels. To sustain production, a new 7.2 m diameter intake shaft and a matching return shaft are proposed.

**13.3** **Nchanga Operations** 

The Nchanga Business Unit (NBU) spans a broader range of geological variability, incorporating the following mining methods:

· Conventional open pit mining at COP DF and F Surface Pit.

· Block caving and remnant stoping in underground areas.

· Tailings reclamation from TD03 and TD04.

Active production is concentrated in two primary zones:

· COP D and F Surface Pit.

· Nchanga Underground (NUG) Inclined Block Cave, which targets the BSF and TFQ ore zones.

These operational zones are illustrated in Figure 13.15, with the NUG mine situated on the northwestern edge of the historical Nchanga Open Pit (NOP).

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Figure 13.20 NBU active production zones

![](ctm003_ex96-1img91.jpg)

Source: Google Earth, 2025 (modified).

**13.3.1** **COP D and F Surface Pit** 

Located approximately six kilometres southwest of the historical NOP, the COP D and F pit represents the sole active open-pit operation within the Nchanga complex. This pit exploits shallow copper oxide and sulfide mineralisation along the southern limb of the Nchanga Syncline.

Mining activities follow a conventional approach, beginning with drill-and-blast techniques, followed by hydraulic shovel excavation and truck haulage. Extracted ore is transported to a nearby processing facility, while waste material is deposited in adjacent dumps.

The pit is developed through staged pushbacks and top-down benching, guided by Whittle optimisation models. The design integrates both geotechnical slope controls and hydrological management systems to ensure operational safety and efficiency. Current annual production from COP D and F is approximately 1.6 Mt of copper ore.

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**13.3.1.1** **Geotechnical considerations** 

Geotechnical assessments were completed for both underground and open pit operations at Nchanga, drawing on historical ground control plans and current observations. The underground mine comprises the UOB and LOB, while open pit assessments focus on NOP Cut II and the COP DF.

**Rock mass conditions**

Geotechnical characterisation based on Q-System and RMR classifications indicates that the LOB is generally defined by fair to very good ground conditions. Key units such as Arkose and Rhyolite-Gabbro exhibit competent behaviour, while Lower Banded Shale presents more variable quality. In the UOB, conditions are more heterogeneous, ranging from very poor to very good, depending on lithology. Particularly poor ground is associated with the Banded Siltstone Shale, while better conditions are observed in Arkose and TFQ units.

No in situ stress measurements have been conducted. However, field observations suggest that mining along strike increases joint opening and localised rock mass damage. Minor rock spalling has been reported near fault zones and around remnant pillars. Seismic monitoring is not currently installed.

**Structural observations**

The LOB features moderate to steeply dipping joint sets with flat bedding, whereas the UOB includes moderately dipping structures with smooth, planar surfaces. These may present stability challenges where weathering is present. Both GCMPs provide protocols for managing structural risks, although AMC recommends updating these documents to reflect current best practice.

**13.3.1.2** **Geotechnical considerations Nchanga open pits** 

This section summarises the geotechnical findings for the KCM open pits, including the NOP and the COP DF. The primary focus is on COP DF, where further development is planned.

The Nchanga Mineral Resources are situated around the northern edge of the township of Chingola. Figure 13.21 shows the aerial photo and locations of open pits at Nchanga. This geotechnical gap analysis to identify fatal flaws covers both NOP Cut II and COP DF open pits with the priority focus on COP DF.

There is a good knowledge of the geology and hydrogeological units around the Nchanga Open Pit area. There appears to be ongoing slope monitoring at both NOP Cut II and COP DF pits using pit inspections, Slope Stability Radar (SSR) and prism systems. The ground water monitoring is undertaken regularly at COP DF and water level measurements are up to date.

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Figure 13.21 Aerial photo and locations of open pits at Nchanga

Source: AMC, 2015.

**NOP Cut II**

NOP Cut II is the largest historic open pit at Nchanga, previously mined to a depth of 435 m and partially backfilled. The orebody dips north at ~25°, with mineralisation hosted in Feldspathic Quartzite (TFQ) and Upper Banded Shale (UBS). The north wall (hanging wall) maintains a stable slope of ~42°, while the footwall follows the orebody dip.

A formal geotechnical design review has been completed, supported by slope monitoring via SSR, pit inspections, and prism systems. NOP Cut II geotechnical domains are shown in Figure 13.22 (GCMP, 2020). Mapping from existing pit exposures were used as the primary data source for identifying areas of poor rock quality within the pit design. The design parameters are presented in Table 13.17.

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Figure 13.22 NOP Cut II geotechnical domains

![](ctm003_ex96-1img93.jpg)

Source: GCMP, 2020.

Table 13.17 NOP Cut II design parameters

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Location** | **Stack** | **Bench height**<br> **(m)** | **Bench face**<br> **angle (°)** | **Bench width**<br> **(m)** | **Stack angle**<br> **(°)** | **Elevation** |
|  | Upper | 15 | 38 | 9 - 12 | 20 | URD |
| North wall (hangingwall) | Middle | 15 | 60 | 9 - 12 | 35 | Above CDOL |
|  | Lower | 15 | 70 | 9 - 12 | 48 | Below CDOL |
| South wall (footwall) | Overall | 15 | 70 | 9 - 12 | Follow dip of TFQ | Overall wall |

---

Bench design includes 15 m high benches with varying face and stack angles depending on elevation and lithology. Dewatering is managed via two sumps that feed into underground drainage systems for surface treatment.

**COP DF Pit**

COP DF is a separate and currently active open pit area, located southwest of the exhausted COP A, COP C, and COP E pits. The pits are planned to reach ~270 m depth (Pit F) and ~345 m depth (Pit D).

Mineralisation occurs within the Arkose Formation, adjacent to the basement unconformity, with the hanging wall located in the lower banded shale. Rock types include feldspathic quartzites, calc-schists, and local conglomerates.

Daily groundwater level monitoring and active dewatering are in place via surface and in-pit boreholes targeting key aquifers (URD, Chingola Dolomite, Banded Sandstone). A geotechnical domain model supports slope design and ongoing monitoring. Geotechnical domains determined by KCM for the COP DF are presented in Figure 13.23.

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Figure 13.23 COP DF geotechnical zones

Source: GCMP, 2020.

Key geotechnical risks for COP DF open pit include:

· Western Wall: Historical tension cracks and circular failures were observed in the northwest pit sector.
Geotechnical assessment is recommended to manage and implement appropriate design and controls.

· South Wall: A major wall slip in 2012 involved toppling and circular failure. While material has stabilised,
a wide berm was established to mitigate future risk. Geotechnical assessment is recommended to manage and implement appropriate design
and controls.

· Additional hazards include slab collapses from unterraced high walls and low rock mass strength zones.

· Ongoing slope monitoring and regular review of groundwater behaviour and slope conditions are recommended.

· Mapping the open pits slopes for voids relating to artisanal mining is recommended implementation of a
void management plan.

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The additional geotechnical data should be used to confirm the geotechnical domains and update or confirm the supporting information. Ongoing monitoring in the existing mined areas will be important to develop an understanding of the actual performance of all excavations, development, and stopes. The additional geotechnical and monitoring data must be used to inform an update to the geotechnical hazard management plan for Nchanga operations.

**13.3.2** **Planned underground mining – Nchanga** 

The following section outlines the underground assets that form part of the Nchanga Operations these include COP D and F, COPE Extension, Luano UG. Locations of these deposits are shown in Figure 13.24.

Figure 13.24 Nchanga Underground mining operations (NUG)

Source: Google Earth, 2025.

Table 13.18 summarises the proposed mining methods for the key ore zones currently considered as part of the LOM production strategy.

Table 13.18 Nchanga underground mining methods

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| | | |
|:---|:---|:---|
| **Orebody** | **Mining method** | **Description** |
| COP DF, COPE, Luano | Transverse sub-level open stoping. | Orebody widths justify transverse development layouts and wider stope spans. |

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13.3.2.1 Mining dilution and recovery factors

Modifying factors applied to the Nchanga Underground operations were developed to account for the impact of dilution, ore loss, and overbreak during mining. These factors reflect the anticipated performance of the selected mining methods under the geological and geotechnical conditions observed across the various deposits.

Where scheduling quantities were prepared for the Nchanga LOM areas, ore recovery and dilution factors were tailored to individual deposits. The following modifying factors were applied to schedule quantities as summarised in Table 13.19.

Table 13.19 Schedule modifying factors

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| | | | |
|:---|:---|:---|:---|
| **Modifying factors** | **COP DF** | **COP E** | **Luano** |
| Ore Recovery | 90% | 90% | 95% |
| Ore Dilution | 15% | 15% | 1 m ELOS floor, 1 m ELOS backs |

---

13.4 Tailings reclamation

13.4.1 Sources of production TD03, TD04

Tailings reclamation at the Nchanga site forms an important component of the production strategy, primarily supplying the Nchanga TLP with low-grade oxide material. Tailings originate from:

· Historical wet tailings deposited in Tailings
Dams TD03 and TD04.

· Dry coarse tailings remaining on the walls of
TD03 after previous hydraulic mining campaigns.

· Direct tailings streams from the New West Mill
(NWM), New East Mill (NEM), and Old East Mill (OEM) concentrators.

The Nchanga TLP is designed to recover copper not previously extracted during initial flotation, including acid-soluble copper, residual sulfides, and fine unliberated particles. Leaching is supported by an on-site acid plant with a capacity of 1,850 tonnes per day, supplemented by third-party acid purchases as required.

TD03 and TD04 are located approximately 7 km west of the main processing facilities (Figure 13.25). The wet tailings are recovered via hydraulic mining, while dry tailings from TD03 are loaded using conventional earthmoving equipment and transported by truck to the NEM, where they are re-slurried and pumped to the Nchanga TLP for leaching.

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Figure 13.25 Nchanga site layout

Source: Google Earth.

**13.4.2** **Tailings dam inventory** 

The March 2024 tonnage estimate for the tailings deposits recorded 10.34 Mt dry tailings in TD03 and 27.65 Mt wet tailings in TD04. The inventory available for processing as at 1 April 2025, updated to reflect tailings reclaimed at TD03 during 2024 and early 2025, is set out in Table 13.20 below.

Table 13.20 Available inventory from TD03 and 04 for the Nchanga TLP from 1 April 2025

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Facility** | **CoG** | **Tonnes (Mt)** | **TCu (%)** | **AsCu (%)** | **TCo (%)** |
| TD03 | 0.0% TCu | 8.49 | 0.77 | 0.41 | 0.00 |
| TD04 | 0.0% TCu | 27.65 | 0.63 | 0.42 | 0.03 |

---

Note: Inventory reflects Mineral Resources as at 1 April 2025. The total Mineral Resource for TD03 and TD04 is 36.1 Mt (see Table 11.33); the inventory available for processing shown above reflects depletion for reclamation activity at TD03 during 2024 and early 2025.

**13.4.3** **Processing methodology and plant design** 

The Nchanga TLP processes tailings at a nominal rate of 11 to 16 million tonnes per annum using a well-established three-stage hydrometallurgical process:

1 Sulfuric Acid Leaching: dissolves acid-soluble copper fractions from tailings material.

2 Solvent Extraction (SX): selectively recovers and purifies copper in solution.

3 Electrowinning (EW): produces high-purity copper cathode suitable for LME Grade A certification.

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Dry tailings from TD03 are first ground at the NEM or OEM before entering the leach circuit. Wet tailings from TD04 are pumped directly to the Nchanga TLP following hydraulic reclamation.

**13.4.4** **Production schedule** 

Tailings recovery will be staged to align with Nchanga TLP throughput and acid availability. The dry reclaim contract at TD03 is active from October 2024 to January 2026, targeting an output of 8.47 Mt. Wet tailings recovery from TD04 is expected to ramp up progressively, with production forecast as presented in Table 13.21. AMC estimated the production tonnes for TD04.

Table 13.21 Production of tailings to processing

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Source** | **FY25** | **FY26** | **FY27** | **FY28** | **FY29** | **FY30** | **Total (kt)** |
| TD03 (Dry) |  | 8474 |  |  |  |  | 8474 |
| TD04 (Wet) | 6000 | 9000 | 9000 | 3650 |  |  | 27650 |

---

Total acid-soluble copper (ASCu) recovery from TD03 is projected at 59,448 tonnes, while TD04 is expected to yield 117,465 tonnes of ASCu across its reclamation schedule.

**13.4.5** **Materials handling, slurry pumping** 

The wet tailings reclamation operation at TD04 is contracted to Fraser Alexander Zambia under a five-year agreement commencing 1 December 2024. The scope of work includes:

· Hydro-mining using 5 to 6 high-pressure water
cannons.

· Operation of two intermediate pumping stations.

· Full operational staffing (157 to 193 personnel)
and maintenance responsibilities.

KCM retains responsibility for power, water, major infrastructure, lime for pH control, and electrical maintenance.

The dry tailings at TD03 are reclaimed by Hanhe Industries Zambia, using 70-tonne haul trucks over a 9.9 km haul route to the NEM plant. Dry tailings are then re-slurried and pumped to the Nchanga TLP for processing.

**13.5** **Konkola Mine – conceptual mining plan** 

**13.5.1** **Near-term production (Measured and Indicated Resources)** 

The near-term production profile for Konkola Mine, based on Measured and Indicated Resources, spans the period from 2025 to 2035. Ore production from Konkola Mine comprises 31 Mt of ore at a mined grade of 2.9% TCu and 0.06% TCo, with contained metal of 899 kt total copper and 19 kt total cobalt, delivered to the processing facility.

The total Konkola Mine development schedule (Figure 13.26) comprises a total of 33 km of lateral capital development meters, 5 km of capital vertical development and 60 km of lateral operating development.

The Konkola development schedule illustrates requirements for 45,000 to 20,000 m per year of development required in years 1-3 before it stabilises between 15,000 to 5,000 m per year for the remainder of the M&I Case mine plan.

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Figure 13.26 Konkola Mine development schedule

![](ctm003_ex96-1img97.jpg)

Source: AMC, 2025.

**13.5.2** **Full Resource Case** 

The full Mineral Resource at Konkola Mine totals 290 Mt @ 3.37% TCu containing 9,888 kt copper. Approximately 86% of this Resource is classified as Inferred.

Subject to successful Resource conversion through continued exploration, the full Resource base supports a potential mine life of approximately 45 years at steady-state production rates of 5-6 Mtpa. Realisation of this potential is contingent on:

· Conversion of Inferred Resources to Indicated / Measured categories through infill drilling.

· Staged development of dewatering infrastructure, including the 1390L pump station.

· Expansion of ventilation capacity (new intake and return shafts).

· Construction and commissioning of paste fill plant (3 Mtpa capacity).

· Progressive development of deeper mining zones (Bancroft sector below 950L).

Table 13.22 Konkola Mine production scenarios

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Case** | **Basis** | **Tonnage (Mt)** | **TCu%** | **Cu (kt)** | **Mine Life** |
| M&I Case | M+I Resources | 31 | 2.9 | 899 | ~10 years |
| Full Resource Case | M+I+Inf Resources | 290 | 3.37 | 9888 | ~45 years |

---

Notes:

· M&I Case based on Measured and Indicated Mineral Resources per Section 11.

· Full Resource Case based on Measured, Indicated and Inferred Mineral Resources per Section 11.

· Approximately 86% of Konkola Mine Resources are classified as Inferred.

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Reclaimed tailings material from TD03 and TD04 provides ore feed during the early years of operation, ensuring copper output is maintained at approximately 80 ktpa during the Konkola Mine expansion. As Konkola Mine production ramps up to steady-state levels of approximately 120 ktpa recovered copper, reliance on tailings feed decreases (Figure 13.27).

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| | |
|:---|:---|
| Figure 13.27 | Total project ore mining schedule |

---

![](ctm003_ex96-1img98.jpg)

Source: AMC, 2025.

**13.6** **Mining personnel** 

The Konkola Mine is an existing and ongoing operation the workforce consists of a combination of, up to five, different mining contractors and fixed level of supporting KCM personnel. The costing and productivity planning for mining activities has been planned on unit cost rates from mining contractors and not on individual personnel allocations. The operations occupy a well populated area with a long history of mining exposure. It has been assumed that the KCM workforce will continue to be drawn from the local population, with a very limited number of temporary ex-patriot specialist advisors. As production levels increase, staff will be re-assigned from parts of the operations that are being depleted. Additional staff will be drawn from the local population and trained appropriately along with specialist partner mining contracting companies.

**13.7** **Full resource scenario** 

This IA evaluates the economic potential of the full KCM Mineral Resource base. The following table summarises the Mineral Resources available for the conceptual mine plan.

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Table 13.23 KCM Mineral Resources by asset – 1 April 2025

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Asset** | **Indicated (Mt)** | **Inferred (Mt)** | **Total (Mt)** | **TCu%** | **Cu (kt)** |
| Konkola Mine | 41 | 249 | 290 | 3.37 | 9888 |
| COP DF | 16 |  | 16 | 1.60 | 243 |
| COP E Extension | 13 | 9 | 23 | 2.51 | 566 |
| Luano | 3 | 4 | 8 | 2.58 | 193 |
| TD03/TD04 | 37 |  | 37 | 0.65 | 239 |
| SP16 | 7 |  | 7 | 1.01 | 67 |
| **KCM Total** | **117** | **262** | **379** | **2.95** | **11195** |

---

Notes:

· Mineral Resources are reported in their entirety with an effective date of 1 April 2025.

· Measured Resources (5 Mt at Konkola Mine) are included in the Indicated total for simplicity.

· TD03/TD04 figures represent the combined Indicated Resource (TD03 9 Mt + TD04 28 Mt).

· Classification in accordance with S-K 1300.

**13.7.1** **Full resource scenario assumptions** 

The full Resource scenario assumes:

· Continued exploration to convert Inferred Resources to Indicated / Measured categories.

· Staged infrastructure development at Konkola Mine (dewatering to 1390L, expanded ventilation, paste fill
plant).

· Progressive development of Nchanga underground deposits (COP DF UG, COP E Extension, Luano).

· Tailings reclamation from TD03 and TD04 per the M&I Case mine plan schedule.

· Steady-state production of 5-6 Mtpa at Konkola Mine, 2-3 Mtpa at Nchanga UG.

· Mine life of approximately 45 years.

**13.7.2** **Conceptual production profile** 

The conceptual production profile for the full Resource scenario is summarised in Table 13.24.

Table 13.24 Conceptual Production Profile – Full Resource Scenario

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| | | | | |
|:---|:---|:---|:---|:---|
| **Phase** | **Years** | **Ore (Mtpa)** | **Cu (ktpa)** | **Primary source** |
| Ramp-up | 1-5 | 3-5 | 80-120 | TD03/TD04, Konkola Mine |
| Steady-state | 6-35 | 7-8 | 180-220 | Konkola Mine, Nchanga UG |
| Decline | 36-45 | 4-6 | 100-150 | Konkola Mine (deep zones) |

---

**13.7.3** **Inferred Mineral Resource cautionary statement** 

**INFERRED MINERAL RESOURCE Cautionary Statement**

Approximately 69% of KCM Mineral Resources are classified as Inferred (262 Mt of 379 Mt). At Konkola Mine, approximately 86% of Mineral Resources are classified as Inferred (249 Mt of 290 Mt).

Inferred Mineral Resources have a lower level of geological confidence than Indicated or Measured Resources. There is no certainty that further exploration will result in conversion of Inferred Resources to higher confidence categories, or that the full Resource scenario will be realised. It is reasonably expected, however, that the majority of Inferred Resources could be upgraded to Indicated category with continued infill drilling.

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| **14** | **Processing and recovery methods** |

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The processing capability of KCM consists of assets at three sites:

· Konkola - concentrator and tailings storage facility

· Nchanga - concentrators, Nchanga TLP, flash smelter, acid plant

· Kitwe – Nkana refinery

Current and future requirements and provision of utilities such as power, water and related infrastructure is described in Section 15 of this TRS. The KCM Processing sites are an existing and ongoing operation, and current personnel levels are maintained during the life of operations for each site. As production rates improve, it is anticipated that the improved productivity will be absorbed by a reasonably static workforce contingent.

The existing processing infrastructure has sufficient capacity to support the full Mineral Resource scenario presented in this Initial Assessment. At steady-state production of 7-8 Mtpa ore feed, the Konkola concentrator (6 Mtpa capacity), Nchanga concentrators (13.4 Mtpa combined capacity), and downstream smelting / refining facilities can accommodate the approximately 45-year mine life without major capacity expansion.

The total flowsheet is highly integrated due to material flows between each asset as shown in

Figure 14.1.

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| Figure 14.1 | KCM total flowsheet |

---

Source: KCM, 2025.

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The overall processing philosophy is to treat sulfide ores where the valuable fraction is comprised mainly of chalcopyrite with 10% to 20% acid soluble copper minerals from the Konkola Mine, Nchanga Underground, and Open pit (various) via conventional sulfide flotation to produce copper concentrates. Copper concentrates with copper grades exceeding 33% Cu are processed in the Nchanga flash smelter to produce copper anodes. Concentrates with lower grade copper content are produced by the Nchanga concentrators and are sold to third parties or may be blended with higher-grade concentrates for processing in the flash smelter. The smelter also produces cobalt alloy for sale from the Cobalt Refining Furnaces (see Figure 14.1).

Tails from the Nchanga concentrators at up to 13.4 Mtpa contain acid soluble copper and are processed in the Nchanga TLP. Reclaimed tails from historic TSFs are combined with the Nchanga concentrator tails to increase the available throughput to the Nchanga TLP. The Nchanga TLP is a sulfuric acid leaching plant that produces copper cathodes via solvent extraction and electrowinning.

Sulfuric acid for the Nchanga TLP can be supplied by a sulfuric acid plant treating the flash smelter off gas stream (1,850 tpd Acid Plant) and by a sulfur-burning acid plant (500 tpd SB Acid Plant). Acid can also be supplied by third parties from the Zambian, Namibian and South African markets if required. Smelter operation for acid production is a critical unit operation and a bottleneck where concentrate supplies are restricted. Make up supplies of acid are purchased on market as required. If insufficient acid is available for the Nchanga TLP, Nchanga concentrator operational throughput may be curtailed.

The Nkana electrolytic refinery processes anodes from the Nchanga flash smelter and produces LME grade A copper cathodes, pure copper starter sheets for the Nchanga TLP electrowinning tank house, and slimes (residue from anode dissolution) containing precious metals for sale.

**14.1** **Konkola concentrator** 

The Konkola concentrator was designed as a nameplate 6.0 Mtpa throughput concentrator producing copper concentrate from an ore with copper sulfides and oxidised copper minerals.

**14.1.1** **Konkola process description** 

The flowsheet is shown in Figure 14.2.

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Figure 14.2 Konkola concentrator flowsheet

![](ctm003_ex96-1img100.jpg)

Source: KCM, 2025.

Ore is recovered from underground via shaft haulage and conveyed or trucked to the stockpile. The ore is stored on a 21,000-t live capacity stockpile before it is fed to either one of two comminution circuits. Each circuit consists of a SAG mill in series with a ball mill in closed circuit with a 10-cyclone hydro cyclone cluster. Both mills use trommel screens at discharge with undersize streams combined in the cyclone feed sump. The cyclone overflows are combined, lime is added for pH control – target 9 to 9.5 – and the total stream is fed to a common flotation circuit. Each comminution circuit has a capacity of 3 Mtpa. The combined cyclone overflow has a product size of 90-92% passing 75 µm (P90-92 of 75 µm).

The flotation circuit is a conventional design comprised of a conditioning tank, Primary and Secondary sulfide Rougher flotation banks, CPS circuit, Oxide Roughers, Oxide Cleaners, Oxide Re-cleaners, a Flotation Column for cleaning of secondary rougher sulfide concentrate, and Scavenger cells. The flotation circuit has a design capacity of 6 Mtpa. Cyclone overflow feeds a conditioning tank where collectors Sodium Iso Propyl Xanthate (SIPX) and Flex 31 (an enhanced Xanthate collector) are added. Frother is added to the feed well of the first flotation cell, the junction between rougher and scavenger. Rougher concentrate reports directly to the high rate concentrate thickener. Rougher flotation tails report to secondary roughers and further collector added. Secondary rougher concentrate reports to the column cleaner cell. Column concentrate is combined with primary rougher concentrate and reports to the high rate concentrate thickener.

Secondary rougher tails report to the controlled potential sulfidation tank of the oxide flotation circuit. NaHS, additional collector and frother are added to the slurry and then pumped to the oxide rougher cells. Oxide rougher tails report to final tails. Oxide rougher concentrates are pumped to the oxide cleaner cells. Oxide cleaner concentrate is pumped to the oxide recleaner cells. Oxide recleaner concentrates are pumped to the concentrate high-rate thickener. Oxide recleaner tails are recirculated to the oxide cleaner cells. Oxide cleaner cell tails report to the oxide circuit regrind mill discharge sump. Mill discharge is pumped to a cyclone classifier with overflow directed to the head of the oxide rougher circuit. Cyclone underflow is reground in the regrind mill and reports to the mill discharge sump. The column cleaner cell tail is pumped to two scavenger flotation cells. The scavenger concentrate is combined with the secondary sulfide rougher concentrate and pumped to the column cleaner cell. Tails from the oxide scavengers is recombined with the main flotation circuit feed in the primary conditioning tank.

Tailings are stored in tailings holding tanks where the tailings feed a backfill plant or are pumped to the Lubengele tailings dam.

**14.1.1.1** **Historical performance** 

Performance prior to the 2023 shutdown is shown in the figures below.

The concentrator operation has been characterised by ongoing under design capacity performance (Figure 14.3).

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Figure 14.3 Konkola historical ore treatment

Source: AMC, 2025.

**14.1.1.2** **Restart performance** 

The concentrator recommenced operations in August 2024. Performance since the restart is shown in the figures below (Figure 14.4 to Figure 14.7).

Figure 14.4 Konkola daily ore received since restart

Source: AMC, 2025.

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Figure 14.5 Konkola ore processed since restart

![](ctm003_ex96-1img103.jpg)

Source: AMC, 2025.

Figure 14.6 Konkola recoveries since restart

![](ctm003_ex96-1img104.jpg)

Source: AMC, 2025.

Figure 14.7 Konkola concentrate produced since restart

Source: AMC, 2025.

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Since the recommencement of operations, the concentrator has operated in an on / off mode to accommodate low ore supply. Ore is stockpiled until sufficient ore is available to operate for approximately seven days at a nominal daily throughput of 5,000 to 6,000 tonnes or approximately 2/3rds of capacity. This enables the concentrator to operate at acceptable efficiency for those periods. Copper recoveries and concentrate grades were generally close to plan for the period. Concentrate production and grade, and copper production and recovery for the restart period and the FY25-26 plan are shown in Figure 14.8 and Figure 14.9 below.

Figure 14.8 Concentrate production and grade - Restart and FY25-26 plan

Source: AMC, 2025.

Figure 14.9 Copper production and recoveries - Restart and FY25-26 plan

Source: AMC, 2025.

**14.1.2** **Plant design and equipment** 

Major items of equipment are outlined in Table 14.1.

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Table 14.1 Konkola concentrator major equipment

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| | | |
|:---|:---|:---|
| **Item** | **Size** | **Number** |
| SAG mill | 6.1 m x 6.7 m | 2 |
| Ball mill | 6.1 m x 9.1 m | 2 |
| Cyclone cluster | 10 x Krebs Gmax20 | 2 |
| Primary roughers | 100 m<sup>3</sup> | 4 |
| Secondary roughers | 100 m<sup>3</sup> | 4 |
| Oxide roughers | 100 m<sup>3</sup> | 4 |
| Oxide cleaners | 30 m<sup>3</sup> | 4 |
| Oxide recleaners | 10 m<sup>3</sup> | 3 |
| Scavengers | 30 m<sup>3</sup> | 2 |
| Column cleaner | 64 m<sup>3</sup> | 1 |
| Regrind ball mill | 2.8 m x 4 m | 1 |
| Regrind cyclone cluster | 3 x Krebs Gmax10 | 1 |
| High rate thickener | 12 m | 1 |
| Pressure filter | 54 tph | 1 |
| Backfill plant |  |  |

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**14.1.3** **Plant operations** 

Current operating design criteria are given in Table 14.2, Table 14.3, and Table 14.4.

Table 14.2 Capacity criteria

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| | |
|:---|:---|
| **Production capacity of plant** | **6,000,000 dry MT/year (Nominal)** |
| Operating days / year | 330 |
| Shifts / day | 2 |
| **Crushing** |  |
| Effective working hours per shift | 8 |
| Effective operating hours / year | 5280 |
| Average hourly throughput of the plant | 1,136.37 dry MTPH (Nominal) |
| Average moisture | 5% |
| Capacity of feeding system | 1,200 dry MTPH or 19,200 MT/DAY |
| Design Capacity | 1,500 dry MTPH |
| Dust emission from stack | within 150 mg/Nm<sup>3</sup> |
| **Milling** |  |
| Production of mined ore | 19,200 MT/DAY for two stream operation |
| Operating hrs / day | 24 |
| Shifts / day | 3 |
| Moisture | 5% |
| Mill availability | 95% |
| Capacity of the Grinding system / stream | 380 DMTPH |
| Capacity of the Grinding system / stream | 400 dry MTPH |
| Design capacity (with 10% margin) / stream | 440 dry MTPH |
| **Stockpile live capacity** |  |
| Minimum hour feed considered | 30 hours |
| Capacity per hour (for both streams) | 842 MTPH |
| Live capacity of the Stockpile | 25,260 MT |
| Design live feed capacity of the Stockpile | 26,000 Tons |

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Table 14.3 Comminution criteria

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| | |
|:---|:---|
| **SAG Mill** | **Criteria** |
| Specific Gravity | 2.75 |
| Bulk density | 1.6 t/m<sup>3</sup> |
| Feed moisture | 5% average |
| Feed size | 80% < 150 mm, 100% < 250 mm |
| Crusher Work Index | 18.8 KWH/T |
| Rod mill work index | 12.1 KWH/T |
| JK Drop parameters | Ta= 0.48, b=0.88, A=53.2, A\*b= 46.8 |
| Ball Mill |  |
| Specific Gravity | 2.75 |
| Bulk density | 1.6 t/m<sup>3</sup> |
| Feed size | Approx. 80% < 2.8 mm |
| Ball Mill work index | 13.8 KWH/T |
| Product size | 85-88% < 74 microns |

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Table 14.4 Flotation criteria

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| | |
|:---|:---|
| **Flotation** | **Criteria** |
| Specific gravity of ore | 2.75 |
| Bulk density | 1.59-1.62 t/m<sup>3</sup> |
| Total copper grade | 3.1-3.34% |
| Acid soluble copper grade | 0.25-0.6% |
| Acid insoluble copper grade | 2.5-2.99% |
| Design recovery - total copper | 89% |
| Design grade of recoverable copper | 40-41% |
| Feed rate | 880 MTPH (dry) |
| Solid concentration in feed slurry | 33/+2-1 % solids w/w |
| Collector | SIPX at 5% v/v |
| CPS reagent | NAHS at 2% v/v |
| Frother | BETA at 85% v/v |
| pH of feed slurry to flotation section | 7-8 |
| Feed particle size | 85% (-) 74 microns |
| Regrinding cyclone overflow particle size | 80% (-) 44 microns |
| pH modifier | Milk of Lime at 4% v/v |
| Froth factor | 3 minimum |
| Process water pH | Neutral pH |
| Sulfide rougher pH | 10 – 10.5 |
| Dosage SIPX | 48-50 g/t ore |
| Dosage Beta Froth | 72-75 g/t ore |
| Dosage NAHS | 130-135 g/t ore |
| Dosage Lime | 50 g/t ore |

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**14.1.4** **Konkola LOMP production schedule** 

The LOMP Konkola concentrator production schedule is shown in Figure 14.10 based on planned ore receipts from the Konkola mine.

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Figure 14.10 Konkola LOM ore feed

![](ctm003_ex96-1img108.jpg)

Source: AMC, 2025.

Concentrate produced by the concentrator is transported by road to the Nchanga smelter. The main assumptions for the LOMP are shown in Table 14.5.

Table 14.5 Konkola concentrator key assumptions

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| | |
|:---|:---|
| **Parameter** | **Value** |
| Total Cu recovery% | TCu rec = -95.824\*(ASCu/TCu) + 99.146 |
| Acid soluble Cu recovery% | 35 |
| Cu concentrate grade% | 33 |

---

Annual concentrate production is shown in Figure 14.11.

Figure 14.11 Konkola concentrate production

![](ctm003_ex96-1img109.jpg)

Source: AMC, 2025.

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Total copper metal in concentrate is shown in Figure 14.12.

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|:---|:---|
| Figure 14.12 | Total copper metal in Konkola concentrate |

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Source: AMC, 2025.

**14.2** **Nchanga concentrators** 

The Nchanga concentrator group consists of three concentrators treating ore from underground, open pits, and reclaimed from stockpiles. The material flows are shown in Figure 14.13.

Figure 14.13 Nchanga business unit material flows

![](ctm003_ex96-1img111.jpg)

Source: KCM, 2025.

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Capacities of the concentrators are given in Table 14.6.

Table 14.6 Nchanga concentrator capacities

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| | | |
|:---|:---|:---|
| **Concentrator** | **Capacity** | **Ore feed** |
| Old East Mill | 4.4 | Cut II / CRO / COP |
| New East Mill | 6.5 | CRO |
| New West Mill | 2.5 | NUG |

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**14.2.1** **Historical performance** 

Historical performance from 2015 to 2023 is shown in Figure 14.14, Figure 14.15, and Figure 14.16 below. The concentrators rarely achieved planned ore throughputs primarily due to mining constraints.

Figure 14.14 Old East Mill historical actual vs budget ore milled (t)

Source: AMC, 2025.

Figure 14.15 New East Mill historical actual vs budget ore milled (t)

![](ctm003_ex96-1img113.jpg)

Source: AMC, 2025.

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Figure 14.16 New West Mill historical actual vs budget ore milled (t)

Source: AMC, 2025.

Concentrate production and grades are also shown in Figure 14.17, Figure 14.18, and Figure 14.19. The ore feed to these concentrators has generally been low copper grades with high proportions of acid soluble copper minerals. Flotation recoveries consequently were poor and final copper grades in concentrates were generally very low and unsuitable as feeds to the smelter. A lower limit of approximately 20% Cu has been applied to concentrates to be blended with higher-grade concentrates to meet the copper grade feed specifications of the smelter.

Figure 14.17 Old East Mill concentrate tonnes and grades

![](ctm003_ex96-1img115.jpg)

Source: AMC, 2025.

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Figure 14.18 New East Mill concentrate tonnes and grades

Source: AMC, 2025.

Figure 14.19 New West Mill concentrate tonnes and grades

Source: AMC, 2025.

**14.2.2** **Nchanga LOM production** 

The LOM production schedule for Nchanga is shown in Figure 14.20, Figure 14.21, and Figure 14.22. The schedule depletes Mineral Resources by 2037 / 2038. All three concentrators are in production for the period but are all underutilised with utilisations between 25 and 50% each. Efficiencies could be captured by consolidating feeds to two or even a single concentrator.

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| Figure 14.20 | Total LOM ore feed to the Nchanga concentrators |

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Source: AMC, 2025.

Figure 14.21 Nchanga LOM high-grade concentrate production and grade

![](ctm003_ex96-1img119.jpg)

Source: AMC, 2025.

Figure 14.22 Nchanga LOM low-grade concentrate production and grade

![](ctm003_ex96-1img120.jpg)

Source: AMC, 2025.

The high-grade concentrate is derived from higher-grade satellite underground deposits and assumes lower recoveries with the maintenance of higher copper grades in the concentrates. This material is assumed suitable as a smelter feed. Low-grade concentrates are derived from lower grade refractory ores.

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**14.3** **Nchanga TLP** 

The Nchanga TLP processes low-grade oxide tailings from the Nchanga concentrators (Old East Mill, New East Mill, New West Mill) and the Tailings Dam (TD03 and TD04).

The key operations are:

· Sulfuric Acid Leaching: Dissolves acid-soluble copper from tailings (~0.35% Cu feed grade).

· SX: Extracts copper from solution and concentrates it for EW.

· EW: Produces Grade A LME copper cathode.

The Nchanga TLP flowsheet is given in Figure 14.23.

Figure 14.23 Nchanga TLP flowsheet

![](ctm003_ex96-1img121.jpg)

Source: KCM, 2025.

The tailings streams from the Nchanga concentrators are combined and pumped to a pre-leach thickener (PLT) at up to 13.4 Mtpa. Hydraulically remined tailings from tailings dams TD03 and TD04 are combined and pumped to a second pre-leach thickener. Process water recovered from the PLTs is reused in tails reclamation and for general plant use. Thickened underflows from the PLTs are pumped to two pre-leach agitated tanks and then pumped directly to 4 leach pachucas (air agitated reaction tanks) – 3 operating, 1 standby. Concentrated sulfuric acid is added to the pachuca feed. Residence time in the pachucas is approximately two hours. Acidified and leached slurry is pumped to a counter current decantation train (CCD). Slurry enters at CCD2. The overflow consisting of pregnant copper containing leach solution (PLS) is pumped to CCD1 for further clarification before the clarified overflow is pumped to 2 pregnant liquor tanks. Underflow from CCD1 is returned to CCD2 to minimise solution losses. Underflow from CCD2 feeds CCD3 and subsequently CCD4 and 5. Overflow from CCD3 is pumped to the solvent extraction circuit. Overflows from CCD4 and CCD5 are returned to the previous CCD.

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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The now barren underflow from CCD5 is pumped to a neutralisation circuit where lime is added to neutralise acid and increase the pH to ~7. The neutralised product is pumped to the Muntimpa tailings dam.

The SX circuit consists of four trains each comprised of three extraction stages and two stripping stages. The PLS from the holding tanks is pumped to the SX circuit where it is mixed with a copper complexing reagent (lixiviant) in kerosene to remove the copper from the acidic aqueous PLS. The loaded organic phase now containing the copper is pumped to the stripping circuit where it contacts spent electrolyte from the tank house and the copper is redissolved in the aqueous electrolyte. The now high copper solution (advanced electrolyte) is pumped to the tank house for electrowinning of the copper onto cathodes. The solid copper cathodes are bundled for sale and export. The barren aqueous phase from the extraction circuit (raffinate) is collected and neutralised in the effluent treatment circuit for disposal.

**14.3.1** **Historical performance** 

The performance of the Nchanga TLP prior to 2023 is shown in Figure 14.24.

Figure 14.24 Historical Nchanga TLP throughput

Source: AMC, 2025.

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| | |
|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

---

The recovery performance is in Figure 14.25.

Figure 14.25 Nchanga TLP historical recoveries

![](ctm003_ex96-1img123.jpg)

Source: AMC, 2025.

Recovery performance was reduced in the four-year period from 2020 to 2024 due to operating and financial constraints. Maintenance, manpower, working capital reductions combined to impact availability and utilisation.

Historically the Nchanga TLP had highest annual throughput in 2015 / 2016 (Table 14.7).

Table 14.7 Nchanga TLP highest annual performance

---

| | |
|:---|:---|
| **Item** | **Value** |
| Annual Nchanga concentrator tailings (Mt) | 11.4 |
| Annual tailings reclaim (Mt) | 5.0 |
| Weighted average ASCu % | 0.44 |
| Copper recovery (%) | 77 |
| Copper produced (t/d) | 151 |

---

AMC notes that in a single year (2012 / 13) 7.0 Mt of tailings were reclaimed.

AMC estimates the following copper production is achievable (Table 14.8). The reduced recovery for future processing through the Nchanga TLP relates to the reduced expected ASCu% grade to be fed through the plant.

Table 14.8 Copper production estimate

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| | |
|:---|:---|
| **Item** | **Value** |
| Plant capacity (tpd) | 50000 |
| Weighted average ASCu (%) | 0.35 |
| Copper recovery (%) | 74.8 |
| Operational availability (%) | 90 |
| Copper production (t/d) | 118 |

---

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| | |
|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

---

**14.3.2** **Restart performance** 

The Nchanga TLP recommenced operations in August 2024. Overall recovery performance is shown in Figure 14.26.

Figure 14.26 Nchanga TLP copper recovery since restart

Source: AMC, 2025.

The throughput since the restart is shown below in Figure 14.27.

Figure 14.27 Nchanga TLP throughput since restart

Source: AMC, 2025.

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| | |
|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

---

**14.3.2.1** **Plant design and equipment** 

Nchanga TLP major unit processes are in Table 14.9.

Table 14.9 Nchanga TLP major unit processes

---

| | | |
|:---|:---|:---|
| **Equipment** | **Capacity / size** | **Units** |
| Pre-leach thickeners | >25,000 tpd | 2 |
| Pachuca leach | ~4,000 tph at 2-hour residence | 4 |
| Counter current decant | ~2,500 tph/unit | 5 |
| Neutralisation circuit | ~2,500 tph | 1 |
| Solvent Extraction and stripping | ~2,100 m<sup>3</sup>/hr | 4 |
| Tank house - EW | 280 tpd Cu | 1 |
| Neutralisation circuit |  | 1 |

---

**14.3.2.2** **Nchanga TLP LOMP production** 

The LOMP production schedule is outlined in Figure 14.28 below. Copper production and copper recovery are shown in Figure 14.29.

Figure 14.28 Nchanga TLP LOMP feed

![](ctm003_ex96-1img126.jpg)

Source: AMC, 2025.

Figure 14.29 Nchanga TLP LOMP copper production and recovery

Source: AMC, 2025.

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| | |
|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

---

The Nchanga TLP has substantial unused capacity from 2028 / 2029 when both Nchanga concentrator tails volume and tailings reclaim volume reduce. A doubling of copper cathode production is possible with additional feed sources.

**14.4** **Nchanga smelter** 

Figure 14.30 shows a basic block flow diagram of the smelter and the design values for internal flow parameters. Table 14.10 shows basic design production parameters for the smelter. Key assumptions used are as follows:

· Concentrate throughput of 850 ktpa results from feed rate of 112.5 tph and overall time utilisation of
86.1%.

· Cu production of 311.86 ktpa results from feed Cu content of 37.6% and Cu recovery of 97.7%.

· Strong acid production of 1,850 tpd results from sulfur (S) conversion of 2.9 (~95%).

Figure 14.30 Nchanga smelter block flow diagram – design rates shown

Source: KCM, 2025.

Table 14.10 Nchanga smelter – basic design production parameters

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| | | | |
|:---|:---|:---|:---|
| **No.** | **Parameter** | **Units** | **Design value** |
| 1 | Feed rate | t/h | 112.5 |
| 2 | Feed rate | t/a (annum) | 849000 |
| 3 | Copper production | t Cu/a | 311860 |
| 4 | Strong acid production | t/day | 1850 |
| 5 | Cobalt Alloy | t/hr | 2.9 |

---

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|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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**14.4.1** **Recent smelter performance** 

The smelter completed a major shutdown (40 days duration) in 2016 when required repairs to the Flash Smelting Furnace (FSF) and slag cleaning furnace (SCF) were completed. In addition, major repairs to other in line, critical units, such as the waste heat boiler (WHB) and electrostatic precipitator (ESP) were completed. Table 14.11 shows smelter performance from FY2017 to FY2023.

Table 14.11 Nchanga smelter – historical production

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2017/18** | **2017/18** | **2018/19** | **2018/19** | **2019/20** | **2019/20** | **2020/21** | **2020/21** | **2021/22** | **2021/22** | **2022/23 YTD** | **2022/23 YTD** |
| <br>**Particulars** | **Budget** | **Actual** | **Budget** | **Actual** | **Budget** | **Actual** | **Budget** | **Actual** |  |  |  |  |
| **Cu-recovery** | **98.70%** | **98.78%** | **98.70%** | **98.8%** | **98.646** | **97.838** | **98.70%** | **98.50%** | **98.70%** | **98.47%** | **98.70%** | **98.23%** |
| **Avg. Dry Conc Feed rate - FSF T/Hr** | **93.83** | **69.98** | **105.25** | **67.293** | **86.625** | **63.222** | **75.42** | **67.46** | **67.08** | **65.73** | **65.00** | **66.40** |
| **Dry Concentrate feed (without Lime)** | **693541** | **503741** | **781747** | **436268** | **569185** | **276399** | **569080** | **447115** | **447818** | **389361** | **223900** | **148561** |
| **Lime Requirement** | 36502 | 25696 | 32573 | 12931 | 29957 | 11123 | 28454 | 17335 | 25846 | 15613 | 11784 | 5778 |
| **Avg Dry Conc Cu-Grade** | **32.63%** | **29.47%** | **29.96%** | **29%** | **27%** | **29%** | **31.16%** | **33.49%** | **28.83%** | **32.97%** | **31.53%** | **31.41%** |
| **Gross Anodes Production** | **210482** | **138066** | **207618** | **113274** | **139018** | **75550** | **153672** | **133752** | **140269** | **118208** | **63853** | **39023** |
| **Secondary Anode Production** | **3300** | **6437** | **3600** | **5628** | **3600** | **4720** | **3600** | **3432** | **3300** | **2920** | **1500** | **1704** |
| **Primary Production (Including Cu in alloy & Chunks)** | **236780** | **155842** | **240021** | **129235** | **159315** | **82926** | **175361** | **149005** | **161140** | **136090** | **73357** | **44963** |
| **Primary Anodes** | **207182** | **131629** | **204018** | **107646** | **135418** | **70830** | **149057** | **130320** | **136969** | **115289** | **62353** | **37319** |
| **Cobalt Alloy Generation** | **42534** | **31124** | **51972** | **28241** | **35047** | **13541** | **30705** | **21295** | **31297** | **21193** | **14935** | **8500** |
| **Cu in Cobalt Alloy** | **29597** | **23028** | **36003** | **20001** | **23897** | **10409** | **26304** | **17219** | **24171** | **18517** | **11004** | **7140** |
| **Co in Cobalt Alloy** | **1718** | **916** | **2082** | **802** | **747** | **325** | **689** | **280** | **652** | **206** | **209** | **96** |
| **Cu in Alloy/Primary Cu** | **13%** | **15%** | **15%** | **15%** | **15%** | **13%** | **15%** | **12%** | **0.15%** | **0.14%** | **0.15%** | **0.16%** |
| **Cu in Alloy/Total Alloy** | **70%** | **74%** | **69%** | **71%** | **68%** | **77%** | **86%** | **81%** | **77%** | **87%** | **74%** | **84%** |

---

In April 2024, the FSF was forced to execute an emergency shutdown, permitting the contents of the furnace to freeze without drainage, leaving 70 cm of blister and 20 cm of slag in the hearth. Following cooling, the top slag layer was manually dug out. The smelter recommenced operations in October 2024 and an estimated 960 t of blister copper were melted out of the FSF during the restart sequence. The start-up was well managed, and no boiler leaks or other collateral damage were incurred.

The smelter is now operating steadily at 60-75 tph dry feed (see Table 14.12). Hearth temperatures remain a concern. Localised elevated readings on under-hearth thermocouples under the reaction shaft are likely indicative of diminished refractory lining in the area and the risk of a burn-through and liquid runout exists. Increased heat extraction fan capacity has been deployed beneath the furnace and thermocouple temperatures are being monitored continually. Operators intend to limit feed rate to the current range until the major shutdown in October 2025. The smelter processed 406.2 kt through Dec YTD which is an annualised run rate of 542 ktpa. Average Dec YTD feed rate was 72 tph. However, the smelter remains concentrate constrained and has been forced to take unplanned stoppages due to inability to assemble an appropriate concentrate feed blend while operating at 75 tph. Operators intend to continue with a feed rate set point of 70-75 tph as this rate generates a more pyrometallurgically stable environment in the FSF than when operating at 60-65 tph.

A feed rate of 102 tph has been demonstrated (FY11/12) and KCM operators express confidence that the design feed rate of 112.3 tph can be safely maintained subject to appropriate concentrates being available to present a feed blend that is within the thermodynamic operating envelope of the FSF. On-line time for the FSF (which determines the production rate of the smelter together with the concentrate feed rate) is planned to use the following downtime factors:

· 45 days every five years - Major rebuilds of
furnaces, acid plant, oxygen plant.

· 2 days per month - repairs requiring feed being
off.

· 30 minutes per day - time allotted for minor
repairs requiring feed to be off.

· This schedule results in an overall time utilisation
of 89.2% which is reasonable and in line with similar smelter installations.

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|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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Figure 14.31 shows the major sources of smelter downtime in the last three years. All of the unplanned downtime events shown are preventable:

· Low feed stock - Inability to source sufficient feed concentrates has been the largest contributor over
the last two years. The Konkola mine has not been able to supply concentrate to plan and KCM has not been able to locally source appropriate
replacement concentrate of appropriate metallurgical quality at acceptable commercial terms. The effects of this item can be expected
to decrease as output from the Konkola mine increases.

· Significant downtime has also been recorded to repair waste heat recovery boiler (WHRB) leaks and for
routine clearing of WHRB throat leaks. Throat build-up and WHRB leaks are accentuated by slow running (low feed rate) and erratic running
(stop-start operation of the FSF). Steady operation at feed rates inside the designed range can be expected to decrease the effects of
these items.

Figure 14.31 Smelter downtime - FY22, FY23, FY24

![](ctm003_ex96-1img129.jpg)

Source: AMC, 2025.

Copper recoveries averaged 97.27% in October which is ~1% below plan, however discard slag assays are now between 0.2% and 0.3% which will result in recoveries increasing to the planned level of 98.4%.

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|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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Table 14.12 Nchanga smelter production – October 2024

**Smelter October performance and November Plan**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **September** | **September** | | **October, 2024** | **October, 2024** | **October, 2024** | |
| **2024** | **2024** | <br>**Description** | **MTD as at October 31t** | **MTD as at October 31t** | **MTD as at October 31t** | **November**<br>**2024** |
| **Plan** | **Actual** | **Input metrics** | **Plan** | **Actual** | **Var** | **Projection** |
| 0 | 0 | Operating hours hrs. | 589 | 496 | -92 | 589 |
| 0 | 0 | Total Concentrates Fed | 36200 | 30662 | -5538 | 37342 |
| 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Primary Cu Input | 10496 | 7649.61 | -2846 | 10446 |
| 0 | 0 | Avg. Dry Feed rate — FSF t/h | 62 | 61 | -1 | 62 |
| 0.00% | 0.00% | Avg Dry Cone Cu-Grade | 28.99% | 24.95% | -4.05% | 27.98% |
| 0.00% | 0.00% | Avg Dry Cone S-Grade | 17.84% | 18.27% | 0.43% | 18.18% |
|  |  | **Efficiency metrics** |  |  |  |  |
| 0.00% | 0.00% | Cu-recovery- Operational | 98.40% | 97.27% | -1.13% | 98.40% |
| 0.00% | 0.00% | Co-recovery | 60.00% | 60.02% | 0.02% | 60.00% |
| 0.00% | 0.00% | Cu in Alloy/Total Alloy | 75.00% | 80.46% | 5.46% | 85.48% |
|  |  | **Output metrics** |  |  |  |  |
| 0 | 76 | Primary Production Mt | 10328 | 6981 | -3348 | 10279 |
| 0 | 76 | Primary Anodes Mt | 8779 | 5615 | -3164 | 8737 |
| 0 | 0 | Sulphuric Acid Prod Mt | 17590 | 13411 | -4179 | 18485 |
| 0 | 0 | Sulphuric Acid Prod Mt 500TPD | 0 | 0 | 0 | 0 |

---

Regardless of the availability of KCM concentrate, particularly Konkola high-grade concentrate, the smelter must run due to the tightly integrated flowsheet of the overall KCM operation. Starter sheets for the conventional-style, Nchanga TLP EW are manufactured by the Nkana Refinery using stripper anodes produced by the Nchanga Smelter. Sulfuric acid produced from smelter off gas and from the 500 tpd sulfur-burning acid plant is essential for low-cost operation of the Nchanga TLP.

The smelter is now running at 65-75 tph. Although operation at the minimum, technically feasible, feed rate of 60-65 tph of dry concentrate feed is practical and has the advantage of conserving concentrate stocks and minimising the need for repeated shutdowns due to the shortage of concentrate, the FSF is thermodynamically more stable at 70-75 tph and the overall risk profile of the integrated complex is lowered.

**14.4.2** **Smelter condition** 

Following the unplanned shutdown of the Smelter in 2024, Hatch Limited (Hatch), a global multidisciplinary management, engineering and development company conducted a detailed assessment of the KCM concentrators, the Nchanga TLP, the Smelter and the Refinery. Hatch's remit was to assess process condition and readiness for re-start and to formulate a ramp-up plan and to identify risks to stable continued operation. Hatch delivered their final report in July 2024.

The Smelter successfully restarted in September 2024. The FSF is now due for a campaign rebuild including a full relining of the FSF including the hearth, having run since 2016 on the current hearth lining. The hearth brick was installed in 2008 and has lasted well. A major shutdown is planned for 45 days and is scheduled to begin in April 2026. KCM has drawn on the detailed condition assessments conducted by Hatch to develop the repair / rebuild program to be undertaken in conjunction with the relining of the FSF, SCF, and two cobalt refining furnaces (CoRFs).

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|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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Capital expenditure allocated for the campaign rebuild is US$32.8M - US$10.0M in FY24/25 for advance purchase of long lead items such as specialty furnace refractories and bespoke water-cooled copper furnace cooling elements and $23.0M for replacement equipment, specialty contractors and consumables to be spent in FY25/26. Table 14.13 shows a breakdown of capital expenditure by smelter section. The scope of the rebuild has been thoroughly developed by Hatch and KCM operators and engineers. This work was aided by the extended, unplanned downtime in 2024 which permitted internal inspections and assessments that would not otherwise have been possible.

Table 14.13 Smelter rebuild CAPEX – by section

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| | |
|:---|:---|
| **Section** | **Cost (US$)** |
| Furnace rebuilds, WHB repairs, Dryer refurbishment, anode wheel upgrade | 19100550 |
| Acid plant refurbishment | 10041470 |
| Oxygen Plant refurbishment | 726230 |
| Miscellaneous items | 2886875 |
| Smelter rebuild total | 32755125 |

---

The next campaign is planned for five years which is aligned with worldwide industry performance for similar furnaces and systems.

**14.4.3** **Concentrate blending and third-party feed requirements** 

Stable thermodynamic operation of the direct-to-blister smelting process relies on operators maintaining an appropriate feed concentrate blend to the FSF. The FSF requires a feed blend that achieves a specific Fe / SiO₂ ratio, a target total copper content, and controlled sulfur content. Multiple blending metrics are targeted simultaneously, as summarized in the example blend plan at Table 14.14.

Table 14.14 Example monthly concentrate blend plan – June 2025

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Jun' 2025-26 blend plan** | **Blend (%)** | **100<br> (%)** | **DMT** | **Cu<br> (%)** | **Fe <br> (%)** | **SiO<sub>2 </sub>(%)** | **CaO (%)** | **S <br> (%)** | **Bi<br> (ppm)** | **Co<br> (%)** | **AsCu (%)** | **Au** |
| Nchanga | 5 | 5.00 | 2303 | 5 | 6.7 | 22 | 0 | 7.2 | 272.00 | 0.4 | 1.83 | 0.00 |
| Konkola | 20 | 20.00 | 9212 | 20 | 7.6 | 21.8 | 0 | 15.1 | 161.00 | 0.8 | 1.78 | 0.00 |
| Pyrite | 8 | 8.00 | 3685 | 8 | 23.6 | 1.4 | 11.3 | 30.4 | 0.00 | 0 | 0.00 | 0.00 |
| Zambian Chalcopyrite A | 36 | 36.00 | 16582 | 36 | 20.8 | 12.9 | 0.2 | 26.4 | 28.00 | 0.1 | 1.48 | 0.00 |
| Zambian Chalcopyrite B | 0 | 0.00 | 0 | 0 | 24.5 | 8 | 0.1 | 28.7 | 474.30 | 0 | 0.48 | 0.00 |
| Zambian Chalcopyrite C | 0 | 0.00 | 0 | 0 | 6.8 | 12.4 | 0.7 | 19.9 | 474.83 | 0 | 4.04 |  |
| Zambian Chalcopyrite D | 0 | 0.00 | 0 | 0 | 15.8 | 15.9 | 0.1 | 23.1 | 73.23 | 0.1 | 1.04 | 0.01 |
| Slag Concentrate (local) | 4 | 4.00 | 1842 | 4 | 14.5 | 13.5 | 2.9 | 17.3 | 146.00 | 0.5 | 3.59 |  |
| DRC Chalcopyrite | 0 | 0.00 | 0 | 0 | 1.6 | 16.3 | 1.1 | 12.4 | 131.00 | 0 | 7.47 |  |
| DRC Chalcocite A | 14 | 14.00 | 6448 | 14 | 2.6 | 21.9 | 0.6 | 5.1 | 13.00 | 0 | 1.12 | 0.00 |
| DRC Chalcocite B | 8 | 8.00 | 3685 | 8 | 6.7 | 0.2 | 0.1 | 10.3 | 95.00 | 0.1 | 4.90 |  |
| DRC Chalcocite C | 0 | 0.00 | 0 | 0 | 17.6 | 25.8 | 0.4 | 28 | 85.00 | 0 | 4.17 |  |
| Lime | 5 | 5.00 | 2303 | 5 | 0 | 2.6 | 49 | 0 | 0.00 | 0.1 | 0.00 |  |
| Total | 100.00 | 100.00 | 46060 | 20 | 12.63 | 13.95 | 3.64 | 17.54 | 70.34 | 0.26 | 1.67 | 0.00 |
|  |  |  |  |  | Fe / SiO<sub>2</sub> | 0.91 |  |  |  |  |  |  |
|  |  |  |  |  | Normalised Silica | 21.4 |  |  |  |  |  |  |

---

Note: Third-party concentrate sources are identified by concentrate type and origin. The blend chemistry and proportions shown are representative of actual operational blending as at the effective date.

KCM's own concentrates, produced at the Konkola Concentrator and Nchanga Concentrators, carry elevated silica content, typically 20–22% SiO₂, which materially exceeds the preferred smelter feed limit of less than 15% SiO₂. Operating the FSF on KCM's own concentrates alone would result in an Fe / SiO₂ ratio below the thermodynamic operating envelope of the furnace, causing instability in the reaction shaft, reduced copper recovery into the blister phase, increased slag losses, and potential damage to the refractory lining. To correct this imbalance, chalcopyrite-dominant concentrates with higher iron and lower silica content must be incorporated into the feed blend. This is a metallurgical design requirement of the FSF and is not a matter of commercial preference.

Third-party concentrate sourced from other Copperbelt mines serves this blending function. The principal feeds used in the current blend are chalcopyrite-dominant concentrates sourced from large-scale Zambian open pit producers and high-grade chalcocite concentrates from DRC underground operations proximate to the Zambian border, where available. These feeds are high-iron, lower-silica concentrates that counterbalance the silica-rich KCM internal feed and bring the blended FSF input within its operating parameters.

14.4.3.1 Sources of third-party concentrate

Third-party concentrate is sourced from copper mines operating in the Zambian and DRC Copperbelt region, which constitutes the world's second largest copper-producing region and generated an estimated combined 4.3 million tonnes of copper in 2025. The proximity of these mines, the majority within 200 to 500 kilometres of the Nchanga Smelter, enables road-based concentrate logistics at commercially viable freight rates.

Principal sources in recent supply history include large-scale Zambian open pit operations producing chalcopyrite concentrate at approximately 29% Cu with low silica content; Zambian chalcopyrite producers at approximately 23–24% Cu; high-grade DRC chalcocite concentrate sources at approximately 47% Cu with very low silica, which have historically been among KCM's preferred high-grade feed sources due to their proximity to the Zambian border and favourable blend chemistry; and various smaller Copperbelt producers including slag concentrate facilities located in the Chingola and Chililabombwe areas.

14.4.3.2 Availability of third-party concentrate

The overall concentrate supply environment on the Zambian and DRC Copperbelt is assessed as favourable for continued third-party procurement, for the following reasons.

Total copper production in the two-country Copperbelt region is growing materially. Zambia's copper output reached approximately 890,000 tonnes in calendar year 2025, up approximately 8% year-on-year, and the Zambian government has set a production target of 3 million tonnes per annum by 2031, underpinned by approximately US$10B in committed mining investment over 2022–2026. DRC production was approximately 3.4 million tonnes in 2025. Collectively the Copperbelt produced approximately 4.3 million tonnes of copper in 2025 and output is forecast to grow further through 2030.

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|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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Not all of this production, however, generates concentrate available to third-party smelters such as the Nchanga FSF. A critical structural development occurred in December 2025 when Ivanhoe Mines commissioned the Kamoa-Kakula on-site direct-to-blister copper smelter (500,000 tpa capacity) in the DRC. This facility, constructed at a capital cost of approximately US$1.1B, is designed to process Kamoa-Kakula's own concentrate internally, transitioning the mine from a concentrate exporter to a refined anode producer. At full ramp-up (targeted by end of 2026), Kamoa-Kakula's own smelter is expected to absorb the approximately 400,000 tonnes per annum of copper produced at the complex, materially reducing the volume of Kamoa concentrate available to third-party smelters. Prior to this commissioning, Kamoa-Kakula concentrate was a sought-after high-grade, low-silica feed for regional smelters including the Nchanga FSF.

This development illustrates an important structural dynamic in the Copperbelt concentrate market: while total copper production is growing, a number of the largest individual mine expansions are being accompanied by dedicated on-site smelting and refining capacity. Large-scale projects with sufficient production volumes, power supply access, and capital availability, such as Kamoa-Kakula, can justify the investment in proprietary smelting infrastructure. Smaller producers and mines that lack access to reliable power supply, cannot justify the capital outlay (in excess of US$500M for a facility of meaningful scale), or are located outside established acid and logistics corridors, are not able to replicate this model and continue to sell concentrate into the regional market. The Nchanga Smelter, as an established 850,000 tpa facility with existing acid plant infrastructure and Copperbelt logistics connectivity, is well-positioned to service these producers.

A further structural factor supporting supply continuity is the Zambian regulatory framework governing concentrate exports. The Government of Zambia applies a 10% export levy on copper concentrate, reflecting a deliberate national policy of encouraging value addition within Zambia rather than export of unprocessed or semi-processed material. This levy creates a material economic disincentive for Zambian concentrate producers to divert supply to export markets or to non-Zambian smelters, effectively anchoring domestically produced concentrate within the Zambian processing value chain. For Zambian producers, the export levy, combined with the additional logistics cost of trucking concentrate to Dar es Salaam or other export corridors for onward shipment, makes supply to regional Copperbelt smelters such as the Nchanga Smelter the economically dominant off-take route. An equivalent structural dynamic applies to high-grade concentrate sources located in the DRC proximate to the Zambian border. The cost of trucking DRC-origin concentrate to deep-water ports for shipment to smelters in Asia is substantially higher than the road freight cost to regional Copperbelt smelters; accordingly, DRC mines within the relevant catchment area have a strong commercial preference for supplying regional Zambian smelters. These structural economics provide a durable basis for the QPs' assessment that third-party concentrate will remain available to KCM throughout the life of operations at commercially reasonable terms. They do not, however, eliminate the commercial risk associated with the absence of binding long-term supply contracts, which is identified as a material risk to the LOM plan and is assessed in Section 14.4.3.5 below.

The net effect is that regional concentrate availability is expected to remain adequate, though sourcing requires active commercial management as the largest individual contributors reduce their open market volumes. KCM's smelting capacity, its position as a regional concentration hub, and its established relationships with multiple concentrate suppliers provide a structural advantage in securing ongoing supply.

14.4.3.3 Existing contracts and commercial terms

As of the effective date of this report (1 April 2025), KCM has entered into supply agreements with multiple third-party concentrate suppliers covering the FY2025/26 period. These agreements are short-term in nature, consistent with industry practice for concentrate trading in the Copperbelt region. Concentrate purchases are made on a metal-return basis, meaning KCM takes ownership of the purchased concentrate and pays a concentrate purchase price linked to the contained metal value, less treatment and refining charges, payability deductions, and freight. This is a standard commercial purchase arrangement, KCM is not operating as a toll processor of third-party material; it acquires the concentrate as a feedstock input and retains the processed metal output, bearing the associated market price risk on both the purchase and the refined product sale.

The terms of current supply agreements, as reflected in the FY2025/26 business plan blending schedule (Table 14.15), include: concentrate purchase prices calculated by reference to prevailing LME copper prices less treatment charges (at prevailing TC / RC rates in the African market, estimated at US$60/dmt and US$0.06/lb respectively for long-term planning purposes, consistent with the payability terms in Table 16.3); volumes procured under individual contracts ranging from approximately 10,000 to 60,000 dry metric tonnes per month per supplier, with multiple concurrent suppliers engaged to provide blend flexibility and supply security; and contract durations of one fiscal year or less, with renewal subject to commercial negotiation.

Table 14.15 Concentrate blending plan – FY25/26 business plan

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| | **Opening stock** | **Opening stock** | **Opening stock** | **Receipts** | **Receipts** | **Receipts** | **Treatment** | **Treatment** | **Treatment** | **Closing stock** | **Closing stock** | **Closing stock** |
| <br>**Own concentrates** | **DMT** | **TCu (%)** | **Fine Cu** | **DMT** | **TCu (%)** | **Fine Cu** | **DMT** | **TCu (%)** | **Fine Cu** | **DMT** | **TCu (%)** | **Fine Cu** |
| Nchanga hg |  | 20.0 |  | 63995 | 20.0 | 12799 | 19415 | 20.0 | 3883 | 44580 | 20.0 | 8916 |
| Konkola hg | 483 | 33.0 | 159 | 151608 | 33.00 | 50031 | 151653 | 33.00 | 50045 | 438 | 33.00 | 145 |
| Pyrite | 1000 | 0.3 | 3 | 72001 | 0 | 216 | 43288 | 0.3 | 130 | 29713 | 0.3 | 89 |
| Total own | 1483 |  | 162 | 287604 |  | 63046 | 214355 |  | 54058 | 74732 |  | 9150 |
| **Purchased concentrates** | **Purchased concentrates** | **Purchased concentrates** | **Purchased concentrates** | **Purchased concentrates** | **Purchased concentrates** | **Purchased concentrates** | **Purchased concentrates** | **Purchased concentrates** | **Purchased concentrates** | **Purchased concentrates** | **Purchased concentrates** | **Purchased concentrates** |
| Zambian Chalcopyrite A |  | 29.1 |  | 185233 | 29.00 | 53718 | 185233 | 29.00 | 53718 |  | 0.0 |  |
| Zambian Chalcopyrite C |  | 44.5 |  |  | 0.0 |  |  | 0.0 |  |  | 0.0 |  |
| Zambian Chalcopyrite D |  | 26.0 |  |  | 0.0 |  |  | 0.0 |  |  | 0.0 |  |
| Slag Concentrate (local) | 325 | 25.0 | 81 | 13416 | 25.0 | 3354 | 13416 | 25.0 | 3354 | 325 | 25.0 | 81 |
| Zambian Chalcopyrite B |  | 0.0 |  | 12569 | 0.0 |  | 12569 | 0.0 |  |  | 0.0 |  |
| DRC Chalcopyrite |  | 49.1 |  | 4688 | 48.00 | 2250 | 4688 | 48.0 | 2250 |  | 0.0 |  |
| DRC Chalcocite A | 235 | 48.0 | 113 | 60101 | 48.00 | 28848 | 60101 | 48.0 | 28848 | 235 | 48.0 | 113 |
| DRC Chalcocite B | 200 | 47.0 | 94 | 29333 | 47.0 | 13786 | 29333 | 47.0 | 13786 | 200 | 47.0 | 94 |
| DRC Chalcocite C |  | 29.6 |  |  | 0 |  |  | 0.0 |  |  | 0.0 |  |
| Total purchased | 759 |  | 288 | 292771 |  | 101957 | 292771 |  | 101957 | 759 |  | 288 |
| Total concentrates | 2242 |  | 450 | 580375 |  | 165002 | 507126 | 30.76 | 156015 | 75491 |  | 9438 |

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Note: Third-party concentrate sources are identified by concentrate type and origin. The blend plan volumes and grades shown are based on the KCM FY25/26 business plan as at the effective date.

No binding concentrate supply contracts extend beyond FY2026, and this is identified as a critical commercial risk requiring ongoing management. The LOM plan assumes that 250,000–300,000 tpa of third-party concentrate will be available throughout the mine life at commercially reasonable terms. This assumption is consistent with the observed regional supply environment but is not supported by binding long-term contractual commitments. The ability to renew and extend supply arrangements will depend on continued growth in Copperbelt concentrate production from mines that do not have access to proprietary smelting capacity, ongoing commercial relationships with concentrate traders and producers, and KCM's ability to offer competitive processing terms relative to alternative smelting routes available to concentrate sellers.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4.3.4 Alternatives to third-party concentrate procurement

In the absence of sufficient third-party concentrate, KCM has identified the following alternative pathways, each with differing economics and operability implications.

The primary operational mitigation is blend management using additional lime addition and pyrite concentrate from the Nampundwe Mine to partially adjust the FSF feed chemistry. These materials are available in limited volumes and can partially compensate for the silica imbalance, but cannot fully replicate the blend correction provided by high-volume chalcopyrite concentrate feed at required tonnages. Operating on a lime-heavy blend reduces smelter throughput and copper recovery into the blister phase.

A second mitigation is operation of the sulfur-burning acid plant (500 tpd capacity) to partially compensate for reduced off-gas acid production where smelter throughput declines. This reduces the incremental acid shortfall but does not eliminate it; if off-gas acid production falls by more than 500 tpd (i.e. if smelter throughput falls to less than approximately 60% of current operating rate), net TLP acid availability would be constrained.

Third-party acid procurement from regional suppliers in Zambia, Namibia, and South Africa represents the fall-back option for TLP operations. Current market prices for sulfuric acid on the Zambian Copperbelt have been elevated, with spot prices reaching up to US$700 per tonne in Kolwezi, DRC, in late 2025 following Zambia's imposition of an acid export ban in September 2025. The economic model applies an internal acid transfer price of US$130 per tonne, representing the estimated avoided cost of external procurement under normalised market conditions, credited against TLP operating costs. If third-party concentrate were unavailable and acid were required to be sourced externally at this transfer price, the incremental cost over the M&I Case life of mine would be approximately US$249M, based on approximately 1,917,000 tonnes of acid shortfall (55% of the 3,485,000 tonne LOM acid requirement, reflecting the proportion of smelter throughput attributable to third-party concentrate). At current Copperbelt spot acid prices, this incremental cost would be substantially higher. This acid cost exposure is incorporated in the fully integrated sensitivity analysis presented in Section 19.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4.3.5 Assessment of supply certainty

The QPs' assessment is that the availability of regional third-party concentrate at volumes sufficient to meet the LOM plan requirements of 250,000–300,000 tpa is plausible but not certain. The risk is assessed as moderate. Supporting factors for continued availability include the overall volume of Copperbelt concentrate production (which substantially exceeds KCM's requirements and is growing), the structural inability of many smaller regional producers to build proprietary smelting capacity, the established commercial relationships KCM has maintained with concentrate traders and mine operators, the geographical advantage of the Nchanga Smelter's location within the Zambian Copperbelt, and the competitive processing terms KCM can offer. Countervailing risk factors include the absence of long-term supply contracts, the Kamoa-Kakula smelter commissioning reducing one of the region's largest open-market concentrate sources, the potential for further mine-site smelter developments to reduce regional third-party concentrate availability over the LOM, and the competitive demand for regional concentrate from other Copperbelt smelters. The actual NPV impact of losing third-party concentrate supply, incorporating both the direct smelter contribution and the incremental acid procurement cost on TLP operations, is estimated at approximately US$350–370M against the base case NPV₈% of US$2,132M, representing a reduction of approximately 16–17%, as set out in the full sensitivity analysis in Section 19.

**14.4.4** **Nkana refinery** 

**14.4.4.1** **Mode of operation, general condition** 

The Nkana Refinery (Tank house, Refinery) is a large, conventional electro-refinery with a nominal capacity of 300 ktpa of grade A refined cathode (see Figure 14.32). Production utilises the starter sheet process whereby thin starter sheets of refined copper are plated on titanium blanks in the Stripper Section of the Tank house. Sheets are manually stripped and fabricated prior to loading in the commercial sections of the Tank house where they are grown to full weight. Anodes are consumed in two 11-day cycles and two refined cathodes are produced per anode. Approximately 18% of the anode weight is returned to the smelter as anode scrap. Overall scrap rate for the refinery is 22%.

The commercial section of the Tank house is arranged in 72 independently powered sections. Nine independent electrolyte circuits service eight sections each.

The Refinery operated reliably and well in the past, achieving >95% current efficiency and producing >95% grade A quality refined copper. In recent years the capacity of the refinery was reduced to 50% due to issues related to inability to maintain the facility in full operating condition.

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Figure 14.32 Nkana refinery – process flowsheet

![](ctm003_ex96-1img130.jpg)

Source: KCM, 2025.

The current mission of the Refinery is to produce starter sheets for the Nchanga TLP EW tank house. To accomplish this, stripper anodes are supplied by the Nchanga Smelter and consumed in the stripper section. Anodes produce good quality sheets while still dimensionally consistent which is about ½ weight. After this point the anodes are transferred to a commercial section to consume the remainder of the anodes and to produce refined cathode for sale. Anode scrap from these sections is returned to the Smelter for remelting.

In this mode of operation, one commercial electrolyte circuit is in service. As two sections only are required for this stripper anode refining duty, six sections in the operational electrolyte circuit are currently available for refining should copper be available in the smelter to produce and supply commercial anodes. Refining of such copper would be accomplished at minimal additional cost for power and reagents as operation of the electrolyte circuit (including labour) is a stay in business expense already incurred for production of Nchanga TLP starter sheets. The Refinery could currently be characterised as neat and tidy but very run down, with general observations as follows:

· Some cell-top hardware is in storage and available.

· Cells are in serviceable condition.

· Structures are not painted and are acid affected but appear
to be sound.

· Basement floors and sumps are acid compromised. While the damage
is significant, acid infiltration below the basement concrete floor has not yet resulted in sufficient "swell and heaving"
to distort the basic structure of the building.

Operators are aware of the conditions described and the most critical areas have already been repaired. One of three slimes recovery sumps has been repaired and re-tiled and repair of the second is scheduled for 2025. The worst floor area has been dug out, acid has been neutralised and the floor has been re-concreted. Acid-proofing of the concrete will be completed early in 2025. Plans are in place for similar repair of a second high-priority area. One high-priority area of steel structure has been sand blasted, repaired and re-painted. More similar repairs are budgeted for 2025.

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**14.4.4.2** **Production** 

Table 14.16 shows Refinery production for 2024-2025 YTD to January 2025. Gross copper production was 4,763.1 t versus the business plan (BP) of 12,033 t. This significant production shortfall is largely due to availability of anodes from the Smelter. Basic refinery performance parameters were as follows:

· Current efficiency 91.8% v. 96.0% planned

· Anode scrap rate 34.2% v. 18.0%

· Plant utilisation 93.3% v. 90.0%

· Dispatchability 84.9% v. 95.0%

Although operators are experiencing some difficulties maintaining stable electro-chemical conditions in the Tank house due to the small number of sections operating and are not meeting planned current efficiency, scrap rate and cathode dispatchability levels, the operation is stable and the primary mission of supplying acceptable quality starter sheets to the Nchanga TLP is being met.

Table 14.16 Nkana Refinery production – 2024-2025

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **2024 -2025 YTD** | **2024 -2025 YTD** | **2024 -2025 YTD** | | | | **January-25** | **January-25** | **January-25** | **January-25** | **Feb-25** | **Feb-25** |
| **Actual** | **BP** | **Var [Actual- <br>BP]** | <br>**DECEMBER-**<br>**24 Actual** | <br>**Parameter** | <br>**Units** | **Actual** | **Projection** | **BP** | **Var [Actual- <br>BP]** | **Projection** | **BP** |
| 4763.1 | 12033 | (7269.6) | **1084** | Gross Copper production | MT | **981** | 1707.0 | 4059.6 | (3078.7) | 1584.0 | 4197.1 |
| 2221 | 6997 | (4776.2) | **580** | &nbsp;&nbsp;REC Production | MT | **473** | **700.0** | 2611.7 | (2138.936) | 800.0 | 2914.0 |
| 2128 | 3293 | (1165.3) | **504** | S/S to TLP | MT | **508** | **656.0** | 840.4 | (332.246) | 550.0 | 675.6 |
| 414 | 1743 | (1328.1) | **0** | &nbsp;&nbsp;Q12 production | MT | **0.00** | 351.0 | 607.5 | (607.500) | 234.0 | 607.5 |
| 420 | 1743 | (1322.8) | **0** | Q12 Dispatch | MT | **0.00** | 351.0 | 607.5 | (607.5) | 234.0 | 607.5 |
| 6971 | 22000 | (15028.7) | **1194** | Nchanga Anodes Receipt | MT | **1578** | 2700.0 | 4500.0 | (2922.1) | 2160.0 | 4500 |
| 9.6 | 20.7 | (11.1) | **1** | Slimes Production | MT | **1.32** | 2.0 | 7.2 | (5.9) | 2.00 | 7.2 |
| 91.8 | 96.0 | (4.3) | **93** | Current Efficiency | % | **9X1** | 96.0 | 96.0 | (4.9) | 96.0 | 96.0 |
| 34.2 | 18.0 | (16.2) | **38** | Anodes Scrap Rate | % | **22.0** | 18.0 | 18.0 | 4.0 | 18.0 | 18.0 |
| 4.2 | 10.0 | 5.8 | **3** | Starter sheet scrap | % | **4.90** | 5.0 | 10.0 | 0.1 | 5.0 | 10.0 |
| 84.9 | 95.0 | (10.1) | **80** | Dispatchability | % | **88.2** | 95.0 | 95.0 | (6.8) | 95.0 | 95.0 |
| 93.3 | 90.0 | 3.3 | **94** | &nbsp;&nbsp;Plant Utilisation | % | **92** | 92 | 90.0 | 2.0 | 92 | 90.0 |

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**14.5** **Proposed processing methods** 

No new processing methods are proposed.

**14.6** **Proposed flow sheet** 

No new processing methods are proposed.

**14.7** **Plant design and equipment** 

See Sections 14.1.2 and 14.1.4.

**14.8** **Plant operations** 

Following the scheduled full-plant shutdown of 45 days in October / November 2025, the smelter is scheduled to return to production using the concentrate blending plan shown in Table 14.15. Planned feed rate prior to the shutdown is 70 tph and is planned to ramp up from 80 tph to 90 tph after the return to full operation. Full year throughput of 547,048 t is planned, using the standard smelter downtime schedule of 0.5 hours per day and two days per month (91.5% utilisation of available time).

Throughput for the five-year period from FY2025/26 to FY2029/30 is planned to rise to a maximum of 646,086 t which will require a feed rate of 81 tph at the standard time utilisation of 91.5%. From FY2031/32 onwards, throughput is planned at 850,000 tpa which is the nominal designed maximum production rate. This requires a feed rate of 112.3 tph at 86.4%-time utilisation. Smelter technical staff are confident this rate can be maintained provided an appropriate feed blend can be sourced. AMC concurs with this opinion.

Basic operating performance parameters calculated by smelter technical staff, e.g., 98.13% Cu recovery, 60% Co recovery, S conversion to sulfuric acid, have been used to model the planned performance of the smelter and refinery.

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| **15** | **Infrastructure** |

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KCM benefits from established infrastructure including road and rail access, grid power supply, water supply from the Kafue River system, and extensive processing and materials handling facilities developed over decades of operation. This infrastructure is sufficient to support the full Mineral Resource scenario presented in this Initial Assessment, with the exception of tailings storage capacity which will require expansion beyond the near-term production period.

This section of the report outlines the various infrastructure components supporting the ongoing mining and processing operations at the KCM mine site. It provides an overview of roads, railways, water dams, dumps, and tailings disposals, detailing their locations and roles in sustaining operations. Additionally, it summarises essential services such as power and water, including their sources and overall usage statistics. Ancillary service infrastructure supporting mining and processing activities is also addressed.

Furthermore, the report highlights planned future infrastructure expansions where applicable, offering insights into upcoming developments.

**15.1** **Roads** 

The mine sites are all existing operations and are connected to multiple local roads in the Chililabombwe, Chingola, Kitwe and adjacent towns. Internal town roads in these areas are primarily not always marked roadways and are a mix of dirt and tar roads. However, the main interconnecting roadway through the towns, Chingola-Chililabombwe Rd (T3), is a tar road that is kept in a decent and usable state and serves as the major route between towns and various mining sites, operations and the DRC Border. Thus, road access to support ongoing and future operations is well established in the area.

Roads in the local area are however prone to deterioration especially during the rainy seasons, and potholes are a frequent occurrence and risk to be aware of and dealt with when travelling on roadways. The map below visualises the main roadway, Chingola-Chililabombwe Rd (T3), and also shows existing railway infrastructure in-between towns covered in the next section (see Figure 15.1).

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Figure 15.1 Map showing main roads connecting towns of Chingola and Chililabombwe

Source: Google Earth Pro. (2025). Map showing main roads and railways around Chingola & Chililabombwe, Zambia. Google Earth. Available at: https://earth.google.com. Accessed 12 March 2025.

On a national scale, Zambia has a functioning network of major highways that is the lifeline for mining operations in the Copperbelt region. Major highways also connected to the neighboring countries of Tanzania and Namibia where access can be gained to port infrastructure for exports. Through highways connected to the neighboring countries of Botswana and Zimbabwe, access can also be gained to South Africa for port access for exports.

**15.2** **Rail** 

In recent years, Zambia's railways in the areas surrounding KCM are characterised by aged infrastructure and similarly aged rolling stock. This has resulted in significant operational challenges with operating rail services in the local areas surrounding the mine. Due to the deteriorating condition of existing railways running through the towns of Chililabombwe and Chingola, final product is not initially transported by railway. The primary method of transporting final product, and for inbound shipments of equipment or consumables, is road freight.

A viable rail export corridor that has been utilised in the past by KCM includes the Tazara railway line that stretches from the Zambian town of Kapiri Mphosi, through Tanzania and to the port of Der-es-salaam. Product still needs to be trucked via road for the initial 200 km from site to Kapiri Mphosi due to non-functioning local railways in the Copperbelt province. The Tazara railway is however not without its own challenges and has in recent years been plagued by operation challenges and infrastructure issues. At the time of reporting however the railway line is reported as open for freight and passenger use but needs extensive infrastructure upgrade and repair work. The below map shows current railway infrastructure reported in Zambia, showing both functioning and non-functioning networks (see Figure 15.2).

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There is a potential future rail corridor referred to as the Lubito Corridor that is planned to connect Angola's port of Lobito through the DRC to Zambia's Copperbelt. Current projections are for a completion date of 2029 (Lobito Corridor: What It Is & Why It Matters, 2025).

Figure 15.2 Map showing rail infrastructure of Zambia Railways Limited

Source: Zambia railways ltd, railway network Map showing major railway infrastructure. Available at: zrl.com.zm/rail -Accessed 17 March 2025.

**15.3** **Port facilities** 

Zambia is a landlocked country with no direct access to port facilities. Consequently, the transport of goods to and from the country and the mine relies exclusively on rail and road infrastructure. Accessible ports in other countries that have been utilised for product exports via existing logistical corridors include:

· Tanzania – Port of Dar-es-Salaam

· Namibia – Port of Walvis Bay

· South Africa – Port of Durban

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**15.4** **Water dams** 

Due to the primary source of raw water for operations being derived from underground dewatering activities, there is no significant need for above-ground water storage. The volume of water inflows into the underground mine operations at Konkola Mine far exceeds the required raw water usage. At Nchanga Mining operations, raw water from underground dewatering is supplemented with water abstracted from the Kafue River pump station. Consequently, there is no substantial water dam infrastructure for surface operations. The only operational dam is an emergency pollution control dam, constructed from the footprint of an old, reclaimed stockpile located adjacent to the TD02 historical TSF, which has been successfully reclaimed.

**15.5** **Dumps** 

As part of operations of both the Konkola and Nchanga Operations, waste rock dumps are utilised to dispose of any waste rock generated through mining operations. These facilities are subject to statutory compliance and operating waste rock dumps at Konkola Mine is subjected to statutory inspections conducted by an independent 3<sup>rd</sup> party inspector to ensure compliance to the applicable legislation.

**15.6** **Licensing and permitting** 

The framework for the independent inspection of mine dumps is outlined in The Mines and Minerals (Environmental) Regulations, 1997 (Statutory Instrument No. 29 of 1997), a subsidiary legislation of The Mines and Minerals Development Act (MMDA).

Licensing to own and operate waste dumps at Konkola is subject to The Environmental Management Act (EMA), 2011, Environmental Management (Licensing) Regulations, 2013. Statutory inspections are carried out in line with the required legislation to ensure compliance of the operated waste dumps.

**15.7** **Konkola operation waste dumps** 

The Konkola Mine, located on the outskirts of the town Chililabombwe, operates primarily two waste dumps, Dump A & B. Dump A is located west of the mine adjacent to shafts 1 & 4, and handles waste from these operations. Dump B is located North-west of shaft 3 about 2.5 km north of Dump A. Both dumps are in operation and are actively used to support ongoing operations, they respectively have coverage areas of approximately 48 ha for Dump B, and 48 – 50 ha for Dump A (see Figure 15.3).

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Figure 15.3 Map showing waste dump locations at KCM

![](ctm003_ex96-1img133.jpg)

Source: Google Earth Pro., 2025. Map showing waste dumps of Konkola Mine at Chililabombwe, Zambia. Google Earth. Available at: https://earth.google.com. Accessed 19 March 2025.

**15.8** **Nchanga Operation waste dumps** 

The primary source of waste dumps in the Nchanga mining operations is from historical open pit mining overburden stockpiles. The stockpiles are primarily located in the areas shown in the image below. The stockpiles in these areas are estimated to cover an area of over 1,200 ha based on historical overburden inventory dumps data from the mine (see Figure 15.4).

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Figure 15.4 Map showing locations of various waste dumps at Nchanga Mines

Source: Google Earth Pro., 2025. Map showing waste dump locations of Nchanga Mine located at Chingola, Zambia. Google Earth. Available at: https://earth.google.com. Accessed 19 March 2025.

**15.9** **Tailings disposal** 

**15.9.1** **Tailings deposition locations** 

Tailings disposal is achieved through pumped tailings to various TSFs located at different geographical locations throughout the Konkola Mines operational footprint. The operations include historic tailings facilities that are no longer in operation and in various stages of reclamation, and two operational facilities.

The current overview and state of TSFs in summary includes:

· TD02 – No longer in operation and fully reclaimed.

· TD03 – No longer used for deposition of tailings and currently in process of being reclaimed through
hydraulic mining and truck and shovel operations.

· TD04 – No longer used for deposition of tailings and earmarked for reclamation by hydraulic mining.

· TD05 – in operation and nearing maximum capacity. Investigation into stability and capacity increase
conducted, but opportunity was limited due to stability issues (details below).

· Lubengele – in operation, no plans for expansion, however facility has about 50% of design capacity
left.

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Locations of various TSFs in relation to neighboring towns and the main mining operations shown below (see Figure 15.5).

Figure 15.5 Map showing locations of all TSFs of Konkola and Nchanga Operations

Source: Google Earth Pro., 2025. Map showing the location TSF and mining operations of Konkola Mines, Zambia. Google Earth. Available at: https://earth.google.com. Accessed 12 March 2025.

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The two operational facilities which include Muntimpa (TD05) and Lubengele are each located in proximity to local towns and in close proximity to mining operations at Konkola and Nchanga.

The Muntimpa (TD05) facility is located just to the south of the town of Chingola and borders the outskirts of town (12°36'51.66"S, 27°53'13.16"E) (see Figure 15.6).

Figure 15.6 Map showing detail view of TD05 Muntimpa TSF

![](ctm003_ex96-1img136.jpg)

Source: Google Earth Pro., 2025. Map showing the location of Muntimpa TSF in Chingola, Zambia. Google Earth. Available at: https://earth.google.com. Accessed 12 March 2025.

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The Lubengele facility is located just to the north of the town of Chililabombwe and borders the outskirts of town (12°20'27.25"S, 27°49'53.35"E) (see Figure 15.7).

Figure 15.7 Map showing detail view of Lubengele TSF

Source: Google Earth Pro. (2025). Map showing the location of Lubengele TSF in Chililabombwe, Zambia. Google Earth. Available at: https://earth.google.com. Accessed 12 March 2025.

**15.9.2** **LOM capacity and expansion opportunities** 

With regards to the current capacity of available facilities, the Muntimpa (TD05) TSF is nearing its end of life and is expected at current mining rates to reach end of life near the end of 2028. An inspection into increasing its capacity was conducted by an independent third-party contractor, however capacity expansion was constrained due to concerns about stability. Initially the expansion capacity aimed for was 780 Mt, but according to report findings relating to stability issues, this has been constrained to a maximum expandable capacity of 590 Mt.

Currently there are no plans to extend the capacity of the Lubengele TSF and based on historical deposited tailings, the facility still has about 50% capacity remaining.

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The combined remaining capacity of operational TSFs (approximately 143 Mt) is sufficient for the near-term M&I Case production schedule. For the full Mineral Resource scenario presented in this Initial Assessment, additional tailings storage capacity will be required. Options under consideration include further expansion of Lubengele (subject to stability assessment), development of new TSF facilities, increased utilisation of paste backfill to reduce surface tailings deposition, and continued tailings reprocessing through the Nchanga TLP. Development of additional TSF capacity is a long lead-time item and will require progression through permitting and detailed engineering as the project advances.

Table 15.1 summarises the current conditions of operational TSF facilities.

Table 15.1 Operational TSF conditions, TD05 (Muntimpa) and Lubengele

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| | | |
|:---|:---|:---|
| **Description** | **TD05 - Muntimpa** | **Lubengele** |
| Last Assessment conducted available | Nov 2024, Capacity increase investigation report & Quarterly inspection report. | Quarterly inspection report Jan 2025. |
| Management Standard / guidelines Followed | Global Industry Standard on Tailings Management (GISTM). | Global Industry Standard on Tailings Management (GISTM). |
| Total Storage capacity original Design [Mt] | 534.8 | 200 |
| Total Storage Used [Mt] | 546 | 101 |
| Total Remaining [Mt] | 44 (Based on the 590 Mt increased capacity option). | 99 |
| Planned Capacity Increase [Mt] | 245 | None planned. |
| Final Planned Capacity [Mt] | 590 (780 not possible due to stability concerns). | 200 |
| Yearly deposition target [Mt] | To be confirmed based on new mining plan. | To be confirmed based on new mining plan. |
| Operational comments [During last reporting periods available] | Operating close to design freeboard and pond level reduction required.<br>Supernatant pond distance above limits, work was undertaken to lower levels. | Operating well within design freeboard limits.<br>Supernatant pond distance within limits.<br>Drains and spillways operational but needs repair work & cleaning. |
| Highlighted Major Risk / Scope required | Regardless of capacity increase, assessments pointed to stability issues, constraining the opportunity for additional capacity.<br>Increasing capacity is constrained to max of 590 Mt subject to the construction of a large Rockfill buttress to the south of the main wall, with interface filter drainage required. | Stability assessment update is required urgently to confirm stability in line with GISTM standards. Could infer additional scope for stability improvement dependent on outcome of work.<br>Needs update of 5YP deposition strategy to also infer LOM planning.<br>|

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**15.9.3** **Licensing and permitting** 

TSF facilities are managed by conducting routine statutory inspections carried out by an independent consultant on TSF facilities in line with compliance with the MMDA No. of 2015, the principal Act, and its subsidiary legislation the Mines and Minerals (Environmental) Regulations, 1997 (Statutory Instrument No. 29 of 1997).

In addition, the reports produced on statutory compliance follows the licensing requirements as provided for under the Zambian EMA of 2011 and its subsidiary legislation the Environmental Management (Licensing) Regulations, 2013 (Statutory Instrument Number 112 of 2013).

**15.9.4** **Stability and TSF management processes** 

KCM tailing management systems are aligned with the GISTM.

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Quarterly assessments are conducted by an independent consultant to report on TSF conditions and management. The inspections focus on:

· Tailings deposition in the quarter compared to planned targets.

· Pond water management and freeboard, also with focus on stability to deal with rainfall events.

· Beach profile.

· Piezometer readings are taken monthly at strategic locations on TSF dam walls for stability assessment.

· Environmental management is checked with effluent quality and limits of statutory limits of effluent discharge
verified. Air quality with regards to dust generation is checked.

· Appurtenant facilities inspected with focus on spillways and canals, wall slopes and toe areas and Filter
drains.

Quarterly reports are accompanied by dashboards highlighting risks, and priority of risks identified during the period of inspection, quarterly reports highlight any deviations from standards and advises remedial actions to be implemented to ensure continued compliance and safety of facilities.

In addition to the mentioned activities for statutory compliance as listed above, KCM also implement the following as part of their TSF Management policy:

· Maintaining a robust emergency response system, which includes developing plans in collaboration with
local communities and emergency services, as well as conducting regular mock exercises to test their emergency response procedures.

· Avoiding riverine and submarine tailings disposals in new projects.

· Maintaining transparency and building mutual trust with their stakeholders by keeping them informed about
tailings are managed and engaging with stakeholders throughout the entire lifecycle of the facilities.

· Working collaboratively with their community partners to develop long-term recovery actions required in
case of a tailing's facility failures.

· Review the performance on a periodic basis against their policy including the sharing of good practices
throughout the organization and stakeholders.

**15.10** **Power** 

KCM operations primarily draw their power from the CEC which owns and operates electricity transmission infrastructure in the Copperbelt region. CEC primarily purchases electricity from ZESCO, the national power utility in Zambia a state-owned power company. The primary sources of power for the CEC include:

· ZESCO is the primary source of power purchased.

· CEC owns thermal power generation assets totaling 80 MW capacity.

· Approximately 34 MW of Solar PV located at Riverside Solar PV park, Kitwe.

· Future plans also include development of a 40 MW hydropower plant in the North-Western province of Zambia.

· There are future KCM plans for renewable energy at Chililabombwe (150 MW) and thermal South Province (150
MW).

The ZESCO national grid in Zambia is limited geographically and is plagued by an overall supply deficit, with many parts of the country not currently under electrification. The primary source of electricity is hydroelectric, with the rest coming from thermal coal and imports from various neighbouring countries.

Power sources that feed into the ZESCO national grid include:

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· Hydroelectric power from various hydro power plants including Kariba North Bank, Kafue Gorge, Victoria
Falls, ITPC, Lunzua, Lusiwasi Lower, Chishimba Falls, Lunsemfwa Hydro.

· Thermo Coal plant located at Maamba Collieries.

· Imports come from various countries including South Africa, Mozambique, Malawi, and Zimbabwe.

· During times of additional power demand, like during smelter start-ups, or when grid failures occur, emergency
power capacity is available through the use of generators.

Some of the main characteristics of the power transmission system in the area of operations of Konkola Mines include:

· Transmission system has various voltage levels including 220 kV, 66 kV, and 11 kV.

· Konkola Mining operations tie into the 66 kV voltage lines at substations located in the towns of Chililabombwe
and Chingola.

· At the 66 kV substations, power is stepped down primarily to 11 kV, and in some cases to 33 kV, whereafter
power is then distributed to various other KCM operations substations before being stepped down further for use.

· Underground power reticulation is done at 11 kV, whereafter underground substations steps down power further
into required final usable voltages.

**15.10.1** **Existing operating power supply capacity and expansion** 

The existing operations at KCM have a current overall power capacity requirement of approximately 194 MW to fully operate all mining operations and supporting infrastructure. Power is distributed from substations located in Chingola, Chililabombwe, Nampundwe and Kitwe towns.

Power outages are a major threat to operations with emergency power only enough to cover critical loads and not continued operations. During unavailability of grid power, operations cannot continue until power is restored.

To support the expansion of mining operations and supporting infrastructure, power requirements are estimated to increase to approximately 250 MW during the initial development and ramp-up phase (Years 1-10). Power requirements for the steady-state production phase of the full Mineral Resource scenario will be confirmed as part of ongoing infrastructure planning.

**15.10.2** **Emergency power supply and expansion** 

Current emergency power is limited to a 24 MW capacity backup power plant located at Konkola mine in Chililabombwe and also includes two generators owned by a utility company in the plant areas which has a combined 20 MW emergency generator capacity. Thus, current total emergency power capacity is around 44 MW installed across the mine locations.

Due to further mine expansions, especially expansions relating to the KDMP underground expansions, more critical infrastructure is being introduced that will require emergency backup power in the event of grid failures. Due to this increased requirement of emergency power, an expansion of the existing backup power plant is planned, increasing the 24 MW capacity by 16 MW with the installation of two additional generators of 8 MW each. This will bring the total capacity of the backup power facility to 40 MW, and the total backup power across the entire operation to 60 MW.

**15.11** **Water** 

Konkola Mine is among the wettest underground mines globally, with recent underground dewatering pumping rates peaking at approximately 360,000 m³/day. Although the Nchanga Underground Mine is not as wet as Konkola, it also experiences substantial water inflow, with pumping rates frequently reaching peaks of around 75,000 m³/day.

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The overall raw water balance at Konkola Mine is significantly net positive, primarily due to the substantial water inflow from underground operations at Konkola Mines. Additionally, a large amount of potable water, sourced from a local water services provider, is utilised by various operations and supporting infrastructure.

**15.11.1** **Raw water** 

The primary source of raw water is derived from underground mining dewatering activities at the Nchanga and Konkola Mines. Both mines experience significant water inflows and seepage, necessitating continuous dewatering to maintain access to mining faces. Water is extracted by underground pumping chambers and pumped through mining shafts and brought to the surface.

With the expansion of operations at Konkola through the KDMP, the volume of water inflow is anticipated to increase as mining activities further intersect groundwater aquifers, which will further increase water quantities being pumped to the surface.

**15.11.2** **Konkola operations raw water balance** 

Konkola Mine's water balance involves discharging approximately 90% of the abstracted raw water from underground dewatering activities (360,000 m³/day) back into surface streams. The water is brought to the surface and discharged into surface channels, which then deposit it into the Kakosa Stream, ultimately leading to the Kafue River.

The remaining water is recirculated and used for various underground services, as process top-up water for the Konkola concentrator plant operations, and approximately 20,000 to 30,000 m³/day is supplied to the Mulonga Water and Sewerage Company, a local water and sewerage service provider. The Konkola Concentrator is reported to have a usage of up to 20,000 m³/day. However recent usage figures of operations show the usage over past few months being closer to around the 5,000 – 8,000 m³/day mark.

A significant portion of the water used in the Konkola Concentrator also eventually ends up in the Lubengele TSF as part of pumped tailings. A large portion of this water is mostly lost due to evaporation, seepage, and overflow, which is directed back to the Kafue River.

**15.11.3** **Nchanga Operations raw water balance** 

The Nchanga Operations raw water supply is made up of a combination of water abstracted from the Nchanga Underground Mine and also abstraction from the Kafue River pump station, located just north of Nchanga mining operations. According to recent site water balances from operations, the balance between these sources is close to a 50% split between the two, with fluctuations of around 10% being witnessed on either end. According to recent operational water balance figures, the Nchanga Operations on average used fresh raw water feed of around 120,000 to 140,000 m³/day.

The primary usage of this raw water is for the operations of the Old East Mill, New East Mill and New West Mill. With a large portion of this water ultimately ending up in the Tailings Leaching plant and the Muntimpa tailings storage facility, where it is either lost through evaporation, seepage or overflow into surface level streams. A portion of raw water is also re-directed to the Mulonga water treatment plant.

**15.11.4** **Potable water (domestic water)** 

Potable water supply and infrastructure in the area of Chingola, Mufulira, and Chililabombwe is provided by The Mulonga Water and Sewerage Company (MWSC). The existing infrastructure is aging and most of it has been in operation for about 50 years but still manages to provide the various operations with domestic water supply. In recent years local planned projects being led by MWSC is aiming to upgrade water treatment plants, pump stations, reservoirs and supply and transfer piping in the distribution network. According to recent operational water balances Nchanga Operations has used on average between 800 – 900 m³ of domestic water per day in the last few months of 2024 and beginning of 2025, a figure that seems to have steadily declined over the years from usage figures reported as far back as 2019. The Konkola operations is reported to use around anything from 1,500 up as high as 8,000 m³/day of domestic water, based on operational water balances from the last few months of 2024 and beginning of 2025. A value that seems to be fluctuating heavily on a month-by-month basis.

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**15.12** **Pipelines** 

Operations do not rely heavily on services from overland pipelines, except for lines running to and from TSF at Lubengele and Muntimpa (TD05).

At Lubengele tailings is transported to the TSF from the Konkola Concentrator plant by an approximately 5 km line running north through the town of Chililabombwe in the same corridor as railway infrastructure. Because of deposition locations that can change depending on TSF management, this distance can vary over time.

Another tailings pipeline, running more on the outskirts of the town connects the Konkola concentrator plant and the operations at 3 Shaft just north of the concentrator plant. This line is approximately 3 km in length. These lines are running mostly on surface with a few culvert crossings along the way where roads are intersected.

A new return line is also planned to run between the paste plant at 3 Shaft and the Lubengele TSF. This new line will be approximately 3 km in length but would be subject to final design.

At the Nchanga Operations, the main pipeline being utilised is a pipe corridor that connects TD05, Muntimpa and the process operations at Nchanga mine. Depending on final deposition location at the TSF, this pipeline is estimated to be around 8-9 km in length and is used for transporting tailings.

**15.13** **Ancillary surface infrastructure and expansions** 

As an existing operation, supporting infrastructure is in place to support current operations at the various mining and processing facilities which include:

· Various process plant infrastructure at Konkola & Nchanga Concentrators plants, Old East Mill, New
East Mill, New West Mill, Nchanga TLP, Nchanga Smelter, and the Nkana Refinery.

· Warehouses, maintenance shops, administration offices and other supporting infrastructure at the various
facilities.

· Other supporting infrastructure, various service workshops, wash bays, explosive storage sheds, water
treatment plant.

· Existing network of access and in in-plant roads, and railway infrastructure.

· Water supply and distribution systems.

· Existing power supply infrastructure including various substations for grid power tie-in, and power reticulation
and distribution to existing operations.

· Tailing storage facilities and paste backfill plants.

Following the implementation of the revival plan to restart operations, and ramp up production at existing operations , to support ongoing operations of mining at Konkola's 4 Shaft, the KDMP is also undertaken as an intensive brownfields capital upgrade project not only including underground expansions of mining and underground infrastructure, but also expansion of surface infrastructure which will include the development of additional surface level supporting infrastructure for mining operations at Shaft No.4. These upgrade items include:

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· Various surface infrastructure including warehouses, maintenance workshops, administration offices, kitchen
and canteen, clinic, and change houses.

· Network of surface roads and railways.

· Network of surface canals.

· Upgrade of emergency power capacity.

**15.13.1** **Internal rail network** 

The rail system envisaged will be constructed to connect with No.1 shaft existing rail infrastructure and will service all five conveyance compartments. The rail system will also interconnect the newly planned workshops, storage areas and hard standings. The rail system will also include marshalling yard.

**15.13.2** **Office building** 

An administration building is provided for within the surface infrastructure. A three-story brick building shall be provided to include:

· Large open plan office space on all 3 levels for approximately 340 people total.

· Central control room on ground level.

· 1x boardroom on ground level.

· Kitchen facilities on all floors.

· Reception area on ground level.

**15.13.3** **Change houses and other buildings** 

Other supporting infrastructure for staff will include change houses with shower, laundry and locker room access, and to provide other services as follows:

· Managerial change house

· General payroll change house

· Lamp houses with racks to house approximately 1,000 cap lamps

· Kitchen and tea-room

· Banksman's cabin

· Winder and raise bore workshop

· Explosives storage shed

· Diesel storage

· Parking areas

· Storage sheds (wire rope, skip and sheave, roper reeler)

· Hard standings and waste bin areas

· First aid clinic

**15.13.4** **Infrastructure related to life of mine expansions** 

In addition to the Konkola Mine expansion project, the Konkola Deep Mining Project, and the reclamation of TD03 and TD04 through hydro mining, the KCM LOM plan also considers other resources including:

· Konkola Mine Inferred Resources

· COP E, D & F

· Luano and Fitwaola

· Nchanga Open Pit

· Nchanga Underground

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| **16** | **Market studies and contracts** |

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Copper demand is expected to remain strong due to electrification trends and the energy transition. KCM sells refined copper through established market channels with pricing based on LME copper prices. The approximately 45-year mine life presented in this IA provides long-term exposure to forecast copper demand growth.

**16.1** **Market information** 

Copper is a transition metal that is known for several distinctive properties – it is highly malleable, ductile, a notably good conduction of thermal and electrical energy and does not readily corrode. These properties make copper especially useful for the manufacture of electrical wires; it is also widely used for piping, building material and in alloys.

Copper is relatively abundant in the earth's crust, particularly in the South American Andes and the Central African Copperbelt. Copper concentrates and cathode are the most widely traded and shipped forms of the metal, the latter being made by purification of copper ores or scrap metal via smelting and / or electrowinning. Cathode takes the form of high (>99.5%) purity metal sheets, which can be directly processed by downstream manufacturers.

Cobalt is a ferromagnetic transition metal that historically was extensively used in blue pigments. Modern use is predominantly in "superalloys" that are resistant to wear, corrosion and high temperatures, and – since the 1990s – in Lithium-Cobalt-Oxide batteries.

The large majority of the world's exploitable cobalt deposits are found in the Central African Copperbelt, where it is typically found alongside copper-containing ores. Crude cobalt hydroxide the most widely traded and shipped form, as well as refined products such as cobalt metal and pure cobalt nitrate, sulphate, or hydroxide.

**16.1.1** **Market for KCM's products** 

KCM's assets form an integrated mine-concentrator-smelter-refinery complex, the end products of which are (and will continue to be) copper anode, copper cathode, and Co-Cu alloy. Since the smelter is a separate business unit, for the purpose of this study the marketed products are copper sulfide concentrates and copper-cobalt concentrates (produced by the concentrator and Nchanga TLP).

**16.1.2** **Copper demand** 

**Demand elasticity:** Copper demand is strongly dependent on prevailing global economic conditions, with consumption currently dominated by Asia, at over 70% of the 2024 global supply of refined copper (International Wrought Copper Council (IWCC)). Growth in demand is influenced by the rate of economic and technological development, urbanisation, mechanisation, electrification, digitisation, and the transition to renewable energy sources.

Because of copper's unique physical properties, it is not readily substituted as an electrical conductor, hence demand has a significant impact on price. It is primarily traded in US$, so exchange rates may also influence price, independently of underlying macroeconomic demand.

**Short-term demand** (2025-2026) will be primarily influenced by Chinese / US / European economic conditions, real estate recovery in China, and the impact of any newly introduced tariffs on US imports.

**Medium-term demand** is expected to see steady growth, rising 2.6% a year to 2030 (faster than the 1.9% growth rate observed from 2006-2021).

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**Long-term demand** for copper will be heavily influenced by the success of the energy transition, particularly the extent of vehicle electrification and grid expansion. However, unlike metals such as Nickel and Cobalt, copper is agnostic to changes in battery technology. Estimates vary, but many sources expect demand to reach 50 Mt by 2050.

**16.1.3** **Copper supply** 

The IWCC estimates 2024 copper production to be 22.58 Mt of mined output and 26.71 Mt of refined copper, an increase of 1.6% and 2.4% respectively from 2023. 2025 supply is expected to grow c.2% in 2024.

**Supply elasticity:** Copper supply is inelastic due to the very long timescales (often 10+ years) and large financial commitments required to bring new mines into production, expand existing sites or restart mothballed facilities. This slow supply-side response can create significant short-term price volatility even when medium-term supply is balanced, for example in Q1 2024.

**Short-term supply** (2025-2026) is expected to be relatively tight if FQM's Cobre Panama remains off-line, with a slight deficit of concentrate and surplus of cathode following robust Chinese smelter growth.

**Medium-term,** S&P Global forecasts supply from existing mines to peak in 2025/2026 at 23.5 Mt, and total mined copper production to peak in 2030 at 27.3 Mt. Despite this, supply deficits could start to appear by 2030 (especially if production at Cobre Panama does not resume), due to robust demand increases.

**Long-term supply (2030 onwards)**. By 2035, the world's existing mines are expected to produce 15% less copper than in 2024, and while improved leaching technologies, tailings reprocessing, and scrap recycling could bring additional metal to the market, a limited number of new mining projects have been confirmed. This leaves copper supply in the 2030-2040 period as yet unknown and significantly dependent on metals prices – higher prices can justify the very large amounts of capital required for greenfield and brownfield expansion.

Generally, long-term supply is not expected to be sufficient to meet demand, with deficits possible by 2030 and likely in 2040-2050.

**16.1.4** **Cobalt demand** 

Global cobalt demand has grown rapidly over the past decade, from ~80 kt in 2014 to >190 kt in 2024, driven primarily by the increasing demand for electric vehicles (EVs) and renewable energy technologies.

However, the rise of lithium-iron-phosphate (LFP) batteries has suppressed demand for cobalt chemicals and prices have fallen accordingly. Despite recent price declines, cobalt remains crucial for battery stability and performance, ensuring its continued importance in the green transition, and the IEA is projecting that demand will rise to 344,000 metric tons in 2030 and then to 454,000 metric tons in 2040.

**16.1.5** **Cobalt supply** 

Cobalt supply has risen rapidly to meet demand, at 256 kt in 2024 (CMOC / Cobalt Institute). Due to shifts in battery technologies, there has been excess supply in the cobalt markets since 2023. This was expected to continue in the short-term, however, in February 2025 the Congolese government restricted supply with a 4-month export ban. Export restrictions may continue past this date.

The DRC looks set to continue to dominate supply in the near-term, with no expected increases to capacity in 2025, but in the medium-term Australian and Indonesian producers are projected to ramp up production.

In the long term, expansions in copper and nickel mining will boost the cobalt supply, since cobalt is typically found alongside copper and nickel-containing ores.

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**16.1.6** **Study price and sales terms** 

**Copper pricing:** The copper price used in the cashflow analysis of this report is based on P75 consensus price forecasts (as at December 2025). P75 represents the 75<sup>th</sup> percentile of analyst forecasts, meaning 75% of forecasts are at or below this price level. The pricing ranges from US$9,925/t to US$11,298/t over the LOM production period, with long-term prices from 2031 onwards at US$10,695/t. These forecasts are shown in Table 16.1. Table 16.2 shows five years of trailing prices.

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| Table 16.1 | Five-year copper forward prices (real US$2025) |

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|:---|:---|:---|:---|:---|:---|:---|:---|
| **Year** | **2025** | **2026** | **2027** | **2028** | **2029** | **2030** | **2031 + LT** |
| Price (US$/tonne) | 9925 | 11298 | 11116 | 11062 | 10981 | 11038 | 10695 |

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Source: S&P Global Capital IQ Dec 2025 forecast.

Table 16.2 Five-year copper trailing prices

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| **Year** | **2020** | **2021** | **2022** | **2023** | **2024** | **2025** |
| Price (US$/tonne) | 6175 | 9317 | 8822 | 8490 | 9250 | 9940 |

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Note: The 3-year trailing average is US$9,227/tonne (2023 – US$8,490/t; 2024 – US$9,250; 2025 – US$9,940/t).

Source: Statista, 2025.

**Copper payability:** Copper payability rates are taken from current internal Konkola and Nchanga rates. These are shown in Table 16.3. Treatment, refining and freight charges are taken from long term recent consensus forecasts within Africa however it should be noted that these are higher than current consensus forecasts in China where treatment and refining charges are currently forecast at $20/dmt and US$0.02/lb respectively and forecast to rise towards $67/dmt and US$0.07/lb in the long term. Current low treatment and refining charges put the smelters profitability at risk in the short-term.

Table 16.3 Copper payability terms for Konkola and Nchanga Copper Concentrate

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| **Item** | **Unit** | **Konkola** | **Nchanga TLP** |
| Copper Payability | % | 96.75 | 100.00 |
| Treatment Charge and premium adjustments | US$/dmt | 60 | 179 |
| Refining Charge | US$/lb | 0.06 |  |
| Freight Charge | US$/wmt | 175 | 180 |

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**Cobalt pricing:** Cobalt is contained in the Copper-Cobalt Concentrates produced but is not recognised as revenue within the Konkola and Nchanga mines. Cobalt alloy is recovered at the Nchanga Smelter where revenue is recognised. The cobalt value is recognised in the NSR calculations, at low payability rates, when assessing cut-off decisions. Payable rates for contained Copper and Cobalt within the Cobalt alloy are based on current short-term contracts with a sliding scale based on the Copper and Cobalt percentages contained within the alloy.

**Pricing note:** Commodity price forecasting is an inherently forward-looking exercise dependent upon numerous assumptions. Natural volatility in the copper and cobalt markets due to supply and demand factors, government export regulations, and developments in battery technology means that future copper and especially cobalt prices will move significantly above and below the selected study price over the expected approximately 45-year life of the Project. In light of this expected volatility, the chosen prices represent transparent, neutral price point both in line with historical pricing and with expected long-term pricing. AMC and KCM take no responsibility for future metals pricing.

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| Konkola Copper Mines Plc | 0424076 |

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16.1.7 Copper pricing for NSR cut-off grade estimation

The copper price used for NSR cut-off grade determination is US$9,000 per tonne, applied consistently across all sulfide and mixed sulfide and oxide copper mineralisation. This price is intentionally conservative relative to the study price (Section 16.1.6) to ensure Mineral Resources reflect a robust reasonable prospect for eventual economic extraction across a range of market conditions. The NSR methodology, input parameters, and resulting cut-off grade by asset are set out in Section 11.2.2.

16.2 Contracts and status

16.2.1 Forward sales and hedging

KCM currently does not engage in forward sales for the minerals produced.

16.2.2 Site development contracts

KCM will need to enter into a variety of contracts to develop the site expansion. As a brownfield expansion, certain contracts covering existing operations can be extended to cover the development areas (e.g. utilities, security, waste disposal). Some design work has already been contracted and carried out, but most construction contracts are still to be awarded.

Major proposed contracts for development are show in Table 16.4.

Table 16.4 Major development contracts

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| | |
|:---|:---|
| **Area** | **Major contracts** |
| Ops & Maintenance – Underground Mining | Drilling & Blasting – currently contracted |
| Ops & Maintenance – Underground Mining | Backfill |
| Ops & Maintenance – Underground Mining | Production – currently contracted |
| Ops & Maintenance – Underground Mining | Development & Materials handling – currently contracted |
| Ops & Maintenance – Underground Mining | Ventilation |
| Ops & Maintenance – Underground Mining | SIB Projects |
| Ops & Maintenance – Underground Mining | Professional & Technical Services |
| Ops & Maintenance – Underground Mining | Equipment Maintenance – locomotive maintenance contracted; UG production machinery maintenance contracted |
| Ops & Maintenance – Underground Mining | Building Maintenance |
| Ops & Maintenance – Underground Mining | Other |
| Ops & Maintenance – Open pit Mining | Drilling & Blasting |
| Ops & Maintenance – Open pit Mining | Production – Rehandle at Old East Mill and L&H from TD03 and TD04 currently contracted |
| Ops & Maintenance – Open pit Mining | Development – COP DF currently contracted |
| Ops & Maintenance – Open pit Mining | SIB Projects |
| Ops & Maintenance – Open pit Mining | Professional & Technical Services |
| Ops & Maintenance – Open pit Mining | Equipment Maintenance |
| Ops & Maintenance – Open pit Mining | Building Maintenance |
| Ops & Maintenance – Open pit Mining | Other |
| Ops & Maintenance – Concentrator, Smelter, SXEW | Production Operations |
| Ops & Maintenance – Concentrator, Smelter, SXEW | Professional & Technical Services |
| Ops & Maintenance – Concentrator, Smelter, SXEW | Equipment Maintenance |
| Ops & Maintenance – Concentrator, Smelter, SXEW | Building Maintenance |
| Ops & Maintenance – Concentrator, Smelter, SXEW | Other |
| Ops & Maintenance – Tailings Facilities | Operations – material movement contracted |
| Ops & Maintenance – Tailings Facilities | Professional & Technical Services |
| Ops & Maintenance – Tailings Facilities | Equipment Maintenance |
| Ops & Maintenance – Infrastructure, Utilities, Civil Works | Fuel Farm / Emergency Power Station |
| Ops & Maintenance – Infrastructure, Utilities, Civil Works | Electrical Infrastructure |
| Ops & Maintenance – Infrastructure, Utilities, Civil Works | Water (supply / treatment) Infrastructure |
| Ops & Maintenance – Infrastructure, Utilities, Civil Works | Dewatering Infrastructure – UG pump ops & maintenance contracted. Piping unknown |
| Ops & Maintenance – Infrastructure, Utilities, Civil Works | Data / telecoms / surveillance / security Infrastructure |
| Ops & Maintenance – Infrastructure, Utilities, Civil Works | Air and Ventilation Plants & Infrastructure |
| Ops & Maintenance – Infrastructure, Utilities, Civil Works | Lighting Infrastructure |
| Ops & Maintenance – Infrastructure, Utilities, Civil Works | Roads Infrastructure |
| Ops & Maintenance – Infrastructure, Utilities, Civil Works | Warehouse / Transport / Logistics Infrastructure |
| Ops & Maintenance – Infrastructure, Utilities, Civil Works | Other Infrastructure (e.g. fire suppression systems) |
| Ops & Maintenance – Ancillary Plants (e.g. cement, acid) | Cement / Paste backfill plant |
| Ops & Maintenance – Ancillary Plants (e.g. cement, acid) | Acid plant |
| Ops & Maintenance – Ancillary Plants (e.g. cement, acid) | Lime Plant |
| Ops & Maintenance – Supply Chain, Procurement & Logistics | Inbound transport & clearing |
| Ops & Maintenance – Supply Chain, Procurement & Logistics | Outbound transport & clearing |
| Ops & Maintenance – Supply Chain, Procurement & Logistics | Other |
| Ops & Maintenance – Camp & Site Services | Catering |
| Ops & Maintenance – Camp & Site Services | Housekeeping, cleaning & laundry |
| Ops & Maintenance – Camp & Site Services | Pest Control |
| Ops & Maintenance – Camp & Site Services | Landscaping |
| Ops & Maintenance – Camp & Site Services | Transport (within site and local) |
| Ops & Maintenance – Camp & Site Services | Clinic & OT |
| Ops & Maintenance – Camp & Site Services | Entertainment & Leisure |
| Ops & Maintenance – Camp & Site Services | Admin, Leisure, Residential & Security Buildings Maintenance |
| Ops & Maintenance – Camp & Site Services | Security & Surveillance services |
| Ops & Maintenance – Camp & Site Services | Emergency Response services |
| Ops & Maintenance – Camp & Site Services | Waste Disposal (biological, chemical, industrial) |
| Ops & Maintenance – Camp & Site Services | Environmental & Biodiversity Monitoring |
| Ops & Maintenance – Camp & Site Services | Health & Safety Monitoring |
| Ops & Maintenance – Camp & Site Services | Social and Community Services |
| Ops – General & Administrative | Legal Services |
| Ops – General & Administrative | Finance, Audit, Risk Services |
| Ops – General & Administrative | HR, Recruitment, Payroll Services & work permits |
| Ops – General & Administrative | International Travel & Visas |
| Ops – General & Administrative | Training & Educational |
| Ops – General & Administrative | IT services |
| Ops – General & Administrative | Professional Services & other G&A – |
| Key Consumables & Reagents | Concentrates |
| Key Consumables & Reagents | Scrap Copper |
| Key Consumables & Reagents | Diesel Fuel |
| Key Consumables & Reagents | Reagents (e.g. acid, lime, floccs) |
| Key Consumables & Reagents | Explosives |
| Key Consumables & Reagents | Grinding Media |
| Key Consumables & Reagents | Cement |
| Key Consumables & Reagents | Ground Engaging Tools |
| Key Consumables & Reagents | Other |
| Power & Other utilities supply | Electricity – ESP in place with ZESCO till 2035 |
| Power & Other utilities supply | Water |
| Power & Other utilities supply | Data & Telecommunication |
| Power & Other utilities supply | Other |
| Equipment Rental | Underground Equipment |
| Equipment Rental | Open pit Mining Equipment |
| Equipment Rental | TMF Equipment |
| Equipment Rental | Processing Equipment |
| Equipment Rental | Logistics Equipment |
| Equipment Rental | Maintenance, SIB & Civils Equipment |
| Equipment Rental | Pumps & Generators |
| Equipment Rental | Other Equipment (LVs, buses, ERT, landscaping) |

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| Konkola Copper Mines Plc | 0424076 |

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**16.2.3** **Operating contracts** 

The current major long-term contracts in place at Konkola and / or Nchanga include:

· Underground mining – drill and blast, production, development, materials handling, locomotive maintenance,
machinery maintenance.

· Open pit mining – load & haul of material from TD03 and TD04, rehandle at Old East Mill, Nchanga
open pit zones COP DF.

· Dewatering pump operations and maintenance.

· TSF material movement.

· Power.

Table 16.5 Example of long-term contract components

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| | |
|:---|:---|
| **Area** | **Major contracts** |
| Ops & Maintenance – Underground Mining | Drilling & Blasting – currently contracted<br> Backfill<br> Production – currently contracted<br> Development & Materials handling – currently contracted<br> Ventilation<br> SIB Projects<br> Professional & Technical Services<br> Equipment Maintenance – locomotive maintenance contracted; UG production machinery maintenance contracted<br> Building Maintenance<br> Other |
| Ops & Maintenance – Open pit Mining | Drilling & Blasting<br> Production – Rehandle at Old East Mill and L&H from TD03 and TD04 currently contracted<br> Development – COP DF currently contracted<br> SIB Projects<br> Professional & Technical Services<br> Equipment Maintenance<br> Building Maintenance<br> Other |
| Ops & Maintenance – Concentrator, Smelter, SXEW | Production Operations<br> Professional & Technical Services<br> Equipment Maintenance<br> Building Maintenance<br> Other |
| Ops & Maintenance – Tailings Facilities | Operations – material movement contracted<br> Professional & Technical Services<br> Equipment Maintenance |
| Ops & Maintenance – Infrastructure, Utilities, Civil Works | Fuel Farm / Emergency Power Station<br> Electrical Infrastructure<br> Water (supply / treatment) Infrastructure<br> Dewatering Infrastructure – UG pump ops & maintenance contracted. Piping unknown<br> Data / telecoms / surveillance / security Infrastructure<br> Air and Ventilation Plants & Infrastructure<br> Lighting Infrastructure<br> Roads Infrastructure<br> Warehouse / Transport / Logistics Infrastructure<br> Other Infrastructure (e.g. fire suppression systems) |
| Ops & Maintenance – Ancillary Plants (e.g. cement, acid) | Cement / Paste backfill plant<br> Acid plant<br> Lime Plant<br>|

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| | |
|:---|:---|
| **Area** | **Major contracts** |
| Ops & Maintenance – Supply Chain, Procurement & Logistics | Inbound transport & clearing<br> Outbound transport & clearing<br> Other |
| Ops & Maintenance – Camp & Site Services | Catering<br> Housekeeping, cleaning & laundry<br> Pest Control<br> Landscaping<br> Transport (within site and local)<br> Clinic & OT<br> Entertainment & Leisure<br> Admin, Leisure, Residential & Security Buildings Maintenance<br> Security & Surveillance services<br> Emergency Response services<br> Waste Disposal (biological, chemical, industrial)<br> Environmental & Biodiversity Monitoring<br> Health & Safety Monitoring<br> Social and Community Services |
| Ops – General & Administrative | Legal Services<br> Finance, Audit, Risk Services<br> HR, Recruitment, Payroll Services & work permits<br> International Travel & Visas<br> Training & Educational<br> IT services<br> Professional Services & other G&A – |
| Key Consumables & Reagents | Concentrates<br> Scrap Copper<br> Diesel Fuel<br> Reagents (e.g. acid, lime, floccs)<br> Explosives<br> Grinding Media<br> Cement<br> Ground Engaging Tools<br> Other |
| Power & Other utilities supply | Electricity – ESP in place with ZESCO till 2035<br> Water<br> Data & Telecommunication<br> Other |
| Equipment Rental | Underground Equipment<br> Open pit Mining Equipment<br> TMF Equipment<br> Processing Equipment<br> Logistics Equipment<br> Maintenance, SIB & Civils Equipment<br> Pumps & Generators<br> Other Equipment (LVs, buses, ERT, landscaping) |

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**16.2.4** **Other agreements and contracts** 

As a condition of the commercial and licensing agreement with the Government of Zambia, mining and processing production is subject to a royalty on copper (depending on the copper spot price). Mining and processing operations are also subject to 30% Corporate Income Tax, from which the royalty tax is deductible (see Table 16.6).

Table 16.6 Royalty charge relation to copper price

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| | | |
|:---|:---|:---|
| **Price range** | **Rate (%)** | **Taxable amount** |
| Less than US$4,000 per tonne | 4 | The first US$4,000 per tonne |
| Between US$4,001 and US$5,000 per tonne | 6.5 | The next US$1,000 per tonne |
| Between US$5,001 and US$7,000 per tonne | 8.5 | The next US$2,000 per tonne |
| US$7,001 per tonne or more | 10 | Balance |

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| **17** | **Environmental studies, permitting, and plans** |

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KCM operates under environmental permits issued by the ZEMA. Environmental management programs are in place for tailings, water quality, air emissions, and closure planning. The existing environmental approvals and management frameworks are expected to support the approximately 45-year mine life presented in this Initial Assessment, subject to periodic renewal and updates as operations progress.

**17.1** **Environmental studies, permitting, and social or community impact** 

Currently, the identified Environmental and Social risks, baseline information and management measures for the Project are based on a 2001 site wide comprehensive ESIA assessment and associated Final Environmental Management Plan (FEMP), that was subsequently updated in 2009. Current Rehabilitation and Closure Plans and associated estimated costs and financial provisions are also derived from the collective 2009 FEMPs, however these are supported by annual statutory audits. Citizens for Better Environment (CBE) conducted the FY2024 audit, which validated an estimated total of US$127M for closure costs. There are expectations that the costs can escalate as a function of renewed country guidelines released in 2024 that could project the figure to up to $280M, to be confirmed as necessary closure planning updates are completed. The 2024 Zambian closure guidelines introduce enhanced requirements for long-term monitoring, water treatment, and community transition support. KCM expects to complete updated closure cost estimates aligned with these guidelines by Q4 2026, following ZEMA approval of the Knight Piésold closure plans.

Although still valid, these reports and plans are no longer fully relevant to the current and proposed activities and do not accurately reflect the status of the operations (including demolished or decommissioned infrastructure). KCM has identified this risk and has commenced a consolidated update to reassess impacts and mitigation measures across all the sites. KCM has commissioned Knight Piésold to complete new comprehensive ESIAs, Environmental and Social Management Plans (ESMPs) and Closure Plans for all unit operations to be delivered by end of 2026.

KCM routinely engages with the National Regulators to ensure it maintains a set of valid licenses and authorisations indicating licenses are secured and renewed to ensure validity. Permitting and approvals can be summarised by ESIA Approvals, water access and discharge, emissions to atmosphere, waste, and other more specific requirements as well as exploration, mining and processing licenses. As a member of the International Council on Mining and Metals (ICMM), KCM is in the process of aligning their tailings management practices with the GISTM (August 2020). Key elements including independent reviews, emergency response planning, and stakeholder engagement are in place, with full conformance targeted by end of 2027. KCM is known as one of the wettest mining operations in the world. Tailings dams are currently being encroached on by communities who either reside in close proximity to the dams, or plant seasonal crops within the tailings due to a lack of alternative land. The social economic environment presents challenges common to a declining industry which is exacerbated by a characteristic dependency on mining activity. Additionally, artisanal manual and mechanised illegal mining occurs within the premises of KCM's Nchanga Operations.

Actions to address Restoration Orders and Compliance Orders issued by ZEMA from 2017 to address major non-compliances remain in progress. KCM has established action plans and expects progressive resolution through 2026–2027. These matters do not currently affect the validity of operating permits.

KCM is actively engaged in updating Environmental Impact Assessments and Closure plans for all KCM operations. Progress, communication with stakeholders and reporting is being managed by the KCM environmental management team. Environmental and Social Management Plans and Closure Plans for all KCM sites have been submitted to ZEMA. Approval is anticipated in H2 2026, following which updated closure cost estimates will be finalised.

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**17.2** **Permitting requirements** 

KCM operations are governed by Zambia's Mining and Minerals Development Act (2015) and associated environmental and labour regulations.

The Konkola operation is currently permitted under a valid Large-Scale Mining License 7076-HQ-LML, with Nchanga Operations permitted under license 7075-HQ-LML. These licenses allow for underground or open pit and underground copper extraction respectively, and associated processing activities through to March 2050.

Environmental approvals are in place through the EPF and project-specific Environmental Management Plans (EMPs), which govern water management, tailings disposal, and rehabilitation obligations. KCM maintains active compliance with these requirements through regular monitoring, internal audits, and reporting to the ZEMA.

Additional permits cover water abstraction, effluent discharge, and waste handling. Social and land-use agreements have been established with local communities to address resettlement, access, and stakeholder engagement obligations. These agreements are managed through structured compensation and sustainability programs.

No material permitting constraints are currently identified that would prevent continued operation under the current LOM plan. However, the renewal of certain licenses and approvals will require periodic reassessment to align with project expansion, infrastructure upgrades, and future resource development.

The current Large-Scale Mining Licenses expire in March 2050. For the full Mineral Resource scenario extending to approximately FY2069/70, license renewals will be required. Under the Zambia Mining and Minerals Development Act (2015), license renewals are routinely granted for operations in good standing, and KCM does not anticipate material constraints to renewal.

**17.3** **Rehabilitation, closure, and post closure planning** 

KCM has prepared updated closure plans in line with the IFC Environmental and Social Performance Standards which are currently pending before ZEMA. Closure plans address physical and socio-economic closure. The closure plans have been developed through a process of a closure framework establishment, stakeholder consultation and closure cost estimation.

The KCM operations are long-life operations and closure plans will be subject to ongoing review as the operations progress. KCM aims to conduct progressive rehabilitation undertaken during the operational phase without hindering regular mining activities in areas no longer affected by mining operations.

Current closure cost estimates total approximately US$127M based on the FY2024 audit by Citizens for Better Environment. Updated estimates aligned with the 2024 Zambian guidelines are expected to be finalised by Q4 2026, following ZEMA approval of the revised closure plans.

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| **18** | **Capital and operating costs** |

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This section presents capital and operating cost estimates for the approximately 45-year mine life based on Mineral Resources presented in this Initial Assessment. Cost estimates are in real 2025 US dollars (1 April 2025 base date) unless otherwise stated.

**COST ESTIMATE ACCURACY AND CONTINGENCY DISCLOSURE**

Cost estimates in this Initial Assessment are prepared to varying accuracy levels depending on the study stage for each component:

· Pre-Feasibility Level (±25%, 15% contingency): Konkola Mine mining and processing, TD03/TD04
 operations, Nchanga existing operations.

· Scoping Study Level (±35-50%, 25% contingency): Nchanga COP DF Underground, COP E Extension, Luano
Underground.

The overall confidence in the economic assessment is at an Initial Assessment level.

**18.1** **Konkola Mine operating cost estimate** 

This section outlines the estimated operating costs for the KCM operations, detailing the annual expenditures required to sustain mining, processing, infrastructure, dewatering, and general administrative functions. The cost model has been developed using a combination of historical site data, the 2025/2026 Budget plan, current contractual obligations with business partners, and benchmarking against similar underground operations within the Central African Copperbelt.

Operating costs were categorised into the following principal components:

· Operating development (underground drives within production zones, i.e. Within or directly connected to
stoping).

· Stoping production costs (covering drill and blast, and load and haul of broken rock to the entry point
of the material handling system).

· Power costs (split into supply and consumption) and split into the costs for major operating functions
at the site).

· Underground rail system operation (i.e. Tramming costs with a variable component dependent on how much
broken rock is moved underground from production / development areas to the shafts).

· Mine services (such as compressed air, underground light vehicle fleet, communications, underground roadway
maintenance, etc.).

· Backfill covering the completed operating components of the new proposed paste fill system including surface
plant operation, delivery of paste to the underground and stope filling activities.

· Dewatering (specific contractor work packages on the management of the underground dewatering infrastructure).

· Labour costs, direct costs of all KCM employees split by major work department.

· Mill consumables cost and freight costs associated with concentrate production.

· Store and spares.

· General and administrative (G&A) costs.

· Operating projects allowance.

· Corporate overheads.

All cost figures are presented in real 2025 (1 April 2025) US$ unless otherwise specified.

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The basis for each cost estimate includes detailed inputs from contractor agreements, utility pricing, site productivity assumptions, workforce models, and historical cost records.

**18.1.1** **Operating development** 

Development cost estimates are based on agreed FY2024 contract rates from business partners Hahne, Tauro, Opermin, Reliant, and AAC. These contractors complete mine lateral and vertical development, production activities, and provide labour to the operation of underground rail and management of dewatering systems in inactive mining blocks.

Unit costs rates were based on contractual rates for each individual contractor and a summary of the weighted average of activity-based rates is presented in Table 18.1. Where future development profiles lacked established rates, AMC developed proxy estimates based on comparable dimensions, equipment type, and expected ground support requirements.

Table 18.1 Rates assumed for operating lateral development

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| | | | | |
|:---|:---|:---|:---|:---|
| **Type of development** | **Profile - cross section** | **Excavation cost<br> (US$/m<sup>3</sup>)** | **Ground support<br> allowance (US$/m<sup>3</sup>)** | **Total<br> (US$/m<sup>3</sup>)** |
| Ore drive | 5.5 m W x 5.5 m H (arch) | 157.2 | 17.85 | 175.9 |
| Fill drive (mining through paste fill) | 5.5 m W x 5.5 m H (arch) | 150.9 | 15.15 | 166.0 |

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**18.1.2** **Stoping production cost** 

Stoping costs covering drill and blast, and load and haul of broken mineralised rock to the material handling system) Table 18.2. Where the distance between the stope and an available ore pass is close (within 250 m), the production loaders will tram and tip direct into passes. Alternatively, they will load into trucks that will then haul rock to the nearest operating pass. No differentiation on cost by the two main mining method is made. The main component difference between the two main mining methods proposed is the backfill placement cost which is considered separately within its own category. AMC would suggest that KCM negotiate with business partners once the panel stoping method has been approved on a unique applicable rate.

Table 18.2 Stoping production cost

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| | | |
|:---|:---|:---|
| **Activity** | **Rate (US$)** | **Unit** |
| Production Ore | 30 | $ per tonne |

---

Mining areas were assigned to each business partner / mining contractor in accordance with existing agreements. These allocations were honoured in production and development scheduling and inform the cost and equipment modelling across each mining zone. The allocation of these areas may require future review to ensure the best utilisation of the business partners capability.

**18.1.3** **Power supply and consumption** 

The Konkola asset power costs are split into two components:

● A cost for the amount of installed power equipment (a small proportion of the total) based on the power rating of equipment connected to the network.

● A cost for the consumption of power (measured in kWh), where several different power tariffs are applicable.

Power is supplied by two separate utility companies (Kanona and Zesco).

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For the FY2025/26 because of present drought conditions affecting hydroelectricity generation in Zambia and thus ability to generate in-country power, Zesco (power company) import power from elsewhere and pass on an imported power tariff. AMC were advised by Vedanta to assume this tariff, which is significantly higher than the standard tariff, will not be applicable long term when all power is expected to be purchased with no import power requirements.

The detail of the power tariff is presented in Table 18.3.

Table 18.3 Konkola applicable power tariff assumptions

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| | | | |
|:---|:---|:---|:---|
| **Category** | **Units** | **FY2025/26** | **FY2029/30 onwards** |
| Kanona Power | % | 50 | 0 |
| Zesco Local Power | % | 33 | 100 |
| Zesco Imported Power | % | 18\* | 0 |
| Kanona Tariff | US$/kWh | 0.13 | 0.095 |
| Zesco Local Tariff | US$/kWh | 0.116 | 0.090 |
| Zesco Imported Tariff | US$/kWh | 0.145 | 0.145 |
| Connection Charges on MD | US$/kW | 2.33 | 2.33 |
| Connection Charges on Energy | US$/kWh | 0.025 | 0.025 |
| Excise Duty (of total cost) | % | 3 | 3 |

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Note: \* It is assumed that the imported power tariff will only apply until FY2029/30 (Guidance from Vedanta).

The power cost estimate is presented in Table 18.4.

Table 18.4 Konkola Business Unit power estimate

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| | | | | |
|:---|:---|:---|:---|:---|
| **Area** | **FY2025/26**<br> **Installed** <br> **Capacity** <br> **(mW)** | **Basis for** <br> **adjustment over** <br> **LOM** | **Peak (not** <br> **necessarily in** <br> **same year)** | **Total Consumed**<br> **Power (MWh)** |
| Mill / Concentrator | 124 | Production Rate | 130 | **-** |
| &nbsp;&nbsp;Pumping (i.e. Mine dewatering) | 707 | &nbsp;&nbsp;Production Rate | 816 | **-** |
| &nbsp;&nbsp;Workshops | 2 | &nbsp;&nbsp;Fixed | 3.75 | **-** |
| &nbsp;&nbsp;3 Shaft Mining Area | 82 | &nbsp;&nbsp;Fixed + Variable upon expansion | 90.8 | **-** |
| &nbsp;&nbsp;4 Shaft Mining Area | 118 | &nbsp;&nbsp;Fixed | 130 | **-** |
| &nbsp;&nbsp;Others | 35 | &nbsp;&nbsp;Production Rate | 38.8 | **-** |
| &nbsp;&nbsp;Total | 1068 | &nbsp;&nbsp;**-** | 1209 | **-** |
| Mill / Concentrator | 118808 | Mill feed (tonnes input) | 322193 | 13365752 |
| Pumping (i.e. Mine dewatering) | 357909 | Production Rate | 412697 | 18126007 |
| Workshops | 1283 | Mostly fixed | 1389 | 62345 |
| 3 Shaft Mining Area | 162909 | Fixed + Mostly Variable | 228682 | 7499243 |
| 4 Shaft Mining Area | 34852 | Fixed + Mostly Variable | 330062 | 12378106 |
| Others | 68274 | Production Rate | 75102 | 3400070 |
| Total | 744035 | **-** | 1287443 | 54831523 |

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|:---|:---|:---|:---|:---|
| **Area** | **FY2025/26**<br> **Installed** <br> **Capacity** <br> **(mW)** | **Basis for** <br> **adjustment over** <br> **LOM** | **Peak (not** <br> **necessarily in** <br> **same year)** | **Total** <br> **Consumed**<br> **Power (MWh)** |
| **Power Cost Split** | **FY 2025/26** <br> **Cost**<br> **(US$M)** | **-** | **Peak (not** <br> **necessarily in** <br> **same year)** | **Total** <br> **(US$M)** |
| Mill / Concentrator, (US$M) | 18.64 | **-** | 37.92 | 1595 |
| &nbsp;&nbsp;Pumping (i.e. Mine dewatering), (US$M) | &nbsp;&nbsp;56.16 | &nbsp;&nbsp;**-** | &nbsp;&nbsp;59.22 | &nbsp;&nbsp;2193 |
| &nbsp;&nbsp;Workshops (US$M) | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;**-** | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;7 |
| &nbsp;&nbsp;3 Shaft Mining Area, (US$M) | &nbsp;&nbsp;25.56 | &nbsp;&nbsp;**-** | &nbsp;&nbsp;32.81 | &nbsp;&nbsp;741 |
| &nbsp;&nbsp;4 Shaft Mining Area, (US$M) | &nbsp;&nbsp;5.47 | &nbsp;&nbsp;**-** | &nbsp;&nbsp;42.28 | &nbsp;&nbsp;1631 |
| &nbsp;&nbsp;Others, (US$M) | &nbsp;&nbsp;10.71 | &nbsp;&nbsp;**-** | &nbsp;&nbsp;11.24 | &nbsp;&nbsp;403 |
| &nbsp;&nbsp;**TOTAL (US$M)** | &nbsp;&nbsp;**116.75** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**183.68** | &nbsp;&nbsp;**6570** |
| &nbsp;&nbsp;Kanona Power (US$M) | &nbsp;&nbsp;48.36 | &nbsp;&nbsp;**-** | &nbsp;&nbsp;65.88 | &nbsp;&nbsp;225 |
| &nbsp;&nbsp;Zesco Local Power (US$M) | &nbsp;&nbsp;28..05 | &nbsp;&nbsp;**-** | &nbsp;&nbsp;115.87 | &nbsp;&nbsp;4742 |
| &nbsp;&nbsp;Zesco Imported Power (US$M) | &nbsp;&nbsp;18.88 | &nbsp;&nbsp;**-** | &nbsp;&nbsp;25.72 | &nbsp;&nbsp;85 |
| &nbsp;&nbsp;Connection Service Charge on Energy (US$M) | &nbsp;&nbsp;18.60 | &nbsp;&nbsp;**-** | &nbsp;&nbsp;32.19 | &nbsp;&nbsp;1366 |
| &nbsp;&nbsp;Excise Duty, (US$M) | &nbsp;&nbsp;2.86 | &nbsp;&nbsp;**-** | &nbsp;&nbsp;3.89 | &nbsp;&nbsp;152 |
| &nbsp;&nbsp;**Total (US$m)** | &nbsp;&nbsp;**116.75** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**243.55** | &nbsp;&nbsp;**6570** |

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The power consumption of the concentrator is mostly variable with a significant portion of the cost associated with the primary grinding circuits.

The power consumption of Shaft 3 and Shaft 4 mining regions will be mostly variable related to the volume of rock passing along the material transport network and through primary underground crushing and hoisting. There is a fixed component that will slowly grow over time as more fixed infrastructure is added (e.g., new loading stations and primary and secondary ventilation additions).

The power consumption associated with dewatering is expected to increase over time. While the actual volumes of water removed from the mine are not expected to increase significantly over the life of the mine, the vertical distance that water must be pumped to remove it from the mine to surface will increase as the main operating areas of the mine will be deeper with continued mining.

**18.1.3.1** **Dewatering power consumption** 

Dewatering is a critical component of underground mine operations at KCM due to the substantial volume of water encountered throughout the mine. Effective water management is necessary to maintain safe and stable working conditions, prevent flooding, and enable continuous access to production areas.

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The KCM dewatering system consists of a tiered approach comprising major pump stations, secondary dewatering infrastructure, and mobile units. Dewatering costs are categorised into the following operational functions:

● Major Dewatering Pump Stations: These fixed installations represent the backbone of the dewatering network and are responsible for lifting the bulk of inflowing water to surface.

● Secondary Dewatering Pump Stations: These support stations assist with regional water movement and are strategically placed to manage inflows from shafts, development areas, and inactive headings.

● Tertiary Dewatering: Mobile pumps are deployed in active mining zones to manage short-term inflows and development water. These units are frequently relocated. The main types are submersible.

**18.1.3.2** **Ventilation power consumption** 

Ventilation power consumption was calculated for both primary surface fans and secondary underground fans.

Primary fans located at the surface provide bulk airflow for the mine's production zones.

Power consumption is calculated as follows:

● Power (kWh/year) = Days per year × Fan operating hours × Rated fan power (kW) × Availability × Utilisation

Secondary ventilation includes localised fans and booster fans serving haulage areas, development headings, and shaft access links. Fan types include:

● Single 90 kW units

● Twin 90 kW configurations (180 kW total)

Power costs follow the same formula as primary fans, adjusted by fan duty cycle and location-specific factors.

**18.1.4** **Backfill** 

The backfill operating cost is split into Surface plant operation, costs for maintaining the delivery system to underground, the production cost of the paste fill and contractor cost. It was assumed that either an existing business partner or a new specialist will be used for the day-to-day filling operations underground in setting up for fill pours, building fill barricades etc. The main component cost of the paste fill is the binding agent with the rest of the raw material coming from the tailings stream and thus the cost of producing is already included in the process costs.

**18.1.5** **Underground rail tramming operations** 

It was assumed that the trains used for the new rail levels (1150 and 1350) would consist of electric 20 t class locomotives with the types of wagon being bottom dump wagons although side tip wagons are also a possible alternative. This is based on detail of the capital projects associated with these levels.

Within the 2025/26 Budget model, KCM have used a US$3.0/tonne rock moved for tramming operations. AMC were also supplied with a short productivity assessment on the Konkola Mine rail system though this was for a time period prior to 2019.

AMC did a simplistic buildup of costs using information from the Costmine database to confirm that this budget cost was appropriate to apply to the LOM plan.

AMC have assumed that this cost also includes the allowance for the operation of personnel trains which are currently an important aspect of moving the underground workforce from shaft plat areas to production areas at the start and end of shifts.

Based on this work a cost of US$2.85/tonne rock was applied in the model, assuming efficiency saving from the higher volumes of train movements that will occur.

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**18.1.6** **Mine service functions** 

Several of mine service functions were assigned specific costs.

● Compressed air services: a small allowance for the operation of this infrastructure.

● Underground road maintenance: it was assumed that to achieve the required efficiencies in production fleet performance, that this area would require additional focus. It was assumed that there will be sufficient dedicated motor graders used to maintain underground roadways. It was assumed that suitable road sheeting material would be available for application to high traffic flow trucking paths.

● Underground light vehicles: an allowance for operating consumables for the fleet.

**18.1.7** **Labour and workforce costs** 

KCM provides labour for non-contracted mining activities. These include technical services, shaft operation and maintenance team, engineering services, stores, logistics, concentrator staff and health and safety. KCM provided detailed personnel counts, salary tiers, and organizational structures of the current operational workforce (2025) which was used as starting point of the model. Labour costs include wages, benefits, and payroll overheads for permanent staff, business partners, and contractors assigned to operational areas.

**18.1.8** **Mill consumable costs** 

The mill consumable costs at the Konkola Concentrator cover the main reagent / chemicals and grinding media that are used in grinding, flotation and concentrate production. Cost estimates used the budget consumption rates at a starting point with small improvement in efficiency assumed as the mill operates up at its baseplate capacity for most of the LOM.

**18.1.9** **Freight cost of concentrate** 

This cost is incurred in management of the concentrate produced and loading onto suitable trucks for transport to the Nchanga smelter. The applied rate is US$7.0/tonne of concentrate produced.

**18.1.10** **Maintenance services and operating lease hire** 

These costs largely relate to shaft and headframe management (e.g. mud pumping, scaffolding for inspections) and other surface assets.

**18.1.11** **Water** 

The required water supply for KCM operations was estimated split by major function. The Concentrator is the main use of water on site, and the applicable rate of consumption is 0.13 m<sup>3</sup>/tonne processed. The consumption for the other functions was left flat using the 2025/2026 Budget estimates.

**18.1.12** **Stores and spares and operating projects** 

The allocation for stores and spares and operating projects was left at budget settings. These were US$10.89M for stores and spares in the budget year 2025/26 and then US$10.35M for majority of LOM. Operating projects were set at US$4.17M/year. It was assumed that this cost allocation would include ongoing operational readiness and efficiency works.

**18.1.13** **Administrative operating costs** 

Administrative costs cover site administration, regulatory compliance, workforce management, and business partner agreements that ensure smooth and efficient operation of the mine.

These expenditures include human capital management, training, logistics, and IT services.

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**18.1.14** **Corporate allocations** 

The budget 2025/26 value of US$14.75M/year was assumed to be apply for every year in the entire LOM.

**18.1.15** **Summary** 

The operating cost summary for Konkola for the LOM and first five years is presented in Table 18.5, Figure 18.1, and Figure 18.2. The average cost for LOM is US$90/tonne feed to mill.

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| Table 18.5 | Konkola operating costs (first five years and total LOM) |

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|:---|:---|:---|:---|:---|:---|:---|
| **Category** | **Total (US$M)** | **FY2025/26** | **FY2026/27** | **FY2027/28** | **FY2028/29** | **FY2029/30** |
| Production Stoping | 6623 | 44.0 | 57.3 | 57.5 | 112.4 | 90.7 |
| Operating Development | 2685 | 23.7 | 31.4 | 36.5 | 36.9 | 38.5 |
| Backfill Operations | 742 | 0.0 | 0.0 | 0.0 | 6.2 | 9.7 |
| Power Costs | 4975 | 98.1 | 108.5 | 103.7 | 122.7 | 86.6 |
| KCM Labour (direct) | 1316 | 26.1 | 26.3 | 27.1 | 27.5 | 28.7 |
| G&A | 1186 | 26.3 | 26.3 | 26.3 | 26.3 | 26.3 |
| Mine Services | 310 | 6.7 | 6.8 | 7.9 | 8.4 | 8.4 |
| Tramming | 791 | 10.9 | 10.4 | 10.5 | 21.8 | 16.1 |
| **Mining Opex Subtotal** | **18628** | **235.8** | **266.9** | **269.4** | **362.2** | **304.8** |
| Processing Costs | 3529 | 46.8 | 53.4 | 52.3 | 74.3 | 58.0 |
| **Total** | **22157** | **282.6** | **320.3** | **321.7** | **436.5** | **362.7** |
| Tonnes processed at mill (Mt) | 245.9 | 1.73 | 2.30 | 2.30 | 4.10 | 3.37 |
| **Total (US$/t feed to mill)** | **90.1** | **162.9** | **139.3** | **140.0** | **106.5** | **107.5** |

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Source: AMC, 2025.

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Figure 18.1 Konkola Mine operating cost profile for LOM schedule

![](ctm003_ex96-1img138.jpg)

Source: AMC, 2025.

Figure 18.2 Konkola LOM split by activity

Source: AMC, 2025.

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**18.2** **Nchanga Business Unit operating cost estimate** 

**18.2.1** **Structure** 

The Nchanga operating cost is composed of the following categories:

● Mining operating cost for existing open pit sources (COP DF open pit).

● Mining operating cost for reclaiming existing completed tailings storage facility landform / inventories as feed for the Nchanga TLP (TD03, TD04).

● Mining operating cost for new underground projects (COP E, COP DF, and Luano).

● Processing operating costs for the three Nchanga mills (Old East Mill, New East Mill and New West Mill).

● Processing operating costs for the Nchanga TLP facility including attached anode production facilities.

● Operating costs for the active (as of 2025) Tailings Storing facility known as TD05<sup>1</sup>.

● Engineering services costs (covering technical services).

● Administration costs.

● Corporate overheads.

**18.2.2** **Tailings reclaim operations** 

The two historic completed tailings dams at Nchanga are considered together. Reclamation of Tailings Dam 3 is planned to be completed by the end of the 2025/26 UK financial year.

The bulk of tailings Dam 3 will be reclaimed by conventional truck and shovel mining operations due to the material not being suitable for hydraulic mining. The material is freely diggable and hence doesn't require blasting.

Tailings Dam 4 will be reclaimed by the hydraulic mining method.

The tailings will be loaded into suitable public road legal trucks which will then transport material to the Nchanga TLP facility. Mining costs of US$3.5/tonne and transportation costs of US$2.50/tonne were estimated for a combined total cost of US$5.50/tonne Nchanga TLP feed.

**18.2.3** **COP E underground project** 

The COP E underground project consists of new underground mining operation north of the existing COP DF open pit. A concept portal location has been designed on the Eastern side of the existing COP DF open pit by AMC but no specific work on this location has been completed.

The confidence in the cost and production estimate for COP E is at Concept Study level.

The operating cost estimate assumes that contractors would be used for all development and stoping. The following contractor rates were assumed:

● US$30/tonne for production stoping.

● Secondary development advance (i.e. Mining of all development in mineralisation) of US$311/m for the cut, and a rate of US$145/m<sup>3</sup> for haulage of the broken mined rock up to surface.

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**18.2.4** **COP DF underground project** 

The COP DF underground project is proposed underground mining beneath the existing COP DF open pit and targeting the extraction of the same copper mineralisation / lode.

Given the proximity to the conceptual COP E underground working, the two mining areas will be linked by access development. A decision on whether both operations will have dedicated portals and declines for permanent access or share a portal location will need to be examined in a future study, but for this study, each mine has a separate portal and decline access.

The confidence in the cost and production estimate for COP DF is at Concept Study level.

**18.2.5** **Nchanga processing facilities** 

The Nchanga business unit has the following processing assets:

● Nchanga Old East Mill is capable of milling feed ore and producing copper concentrate and a tailings stream.

● Nchanga New East Mill is capable of milling feed ore and producing copper concentrate and a tailings stream.

● Nchanga New West Mill is capable of milling feed ore and producing copper concentrate and a tailings stream.

● Nchanga TLP capable of processing tailings stream and producing copper "anode".

The determination of which source feed is sent to which processing facility was based on:

● Current budget plan.

● Previous concept long term strategy spreadsheets provided by KCM.

● Some general assumptions on what would be logical.

**18.2.5.1** **Old East Mill schedule** 

The Old East Mill will process:

● COP DF open pit feed

● Underground COP DF feed

**18.2.5.2** **New East Mill schedule** 

The New East Mill will process:

● TD03 feed (running at capacity in 2025/26 but with concentrate circuit bypassed so not producing concentrate as feed material is reclaimed tailings).

● Nchanga BSS underground feed.

● Luano underground feed.

**18.2.5.3** **New West Mill schedule** 

The New West Mill will process COP E underground feed.

**18.2.5.4** **Nchanga TLP** 

The final tailings stream from the NBU consists of the tailings stream from the Nchanga TLP and any material that is sent directly to the Tailings Storage Facility bypassing the Nchanga TLP. Based on latest budget planning, the only tailings stream that is planned to bypass the Nchanga TLP is the tailings stream from milling the COP DF inventory within the Old East Mill in 2025/26 and 2026/27. This is because this material does not have sufficient acid soluble copper grade.

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**18.2.6** **NBU processing operating costs** 

The operating costs for the processing and general and administrative costs NBU comprise the following categories:

● Power

● Reagents

● Labour

● Repairs and maintenance

**18.2.7** **Corporate overheads** 

The corporate overheads for the Nchanga Business Unit are estimated at US$15.28M/year based on the 2025/2026 Nchanga budget. This value was not adjusted while operations continue.

**18.2.8** **Nchanga Smelter and refinery operating cost estimate** 

AMC has applied treatment costs and payability rates in line with the KCM 2025/2026 business plan.

**18.3** **Konkola Mine capital cost estimate** 

The estimate was split into the major component of the site which are:

● The Konkola Mine inclusive of all underground workings and the associated connected shafts / raises and hoists and mining related surface infrastructure.

● The Konkola concentrator on surface.

● The Konkola tailings storage facility (known as the Lubengele tailings storage facility).

● Other surface infrastructure. E.g., new paste fill plant, electrical switchyard, mine offices, etc.

**18.3.1** **Form of capital cost estimate** 

The capital cost estimate was completed for the LOM schedule (with last schedule year defined as FY2073/74). At this point the concentrate produced falls below the point where the fixed costs of the operation can be covered. This schedule was built on the entire known Mineral Resource base.

The capital estimate was split into:

● A specific list of new capital projects based on existing work and updated by AMC and KBU working together to refine the estimate. This is referred to as the "KDMP" or "Initial Project Capital Package". The majority of these are capital projects identified as vital for the business to rejuvenate the operation so it is fit for purpose to achieve the future business goals, particularly in increasing total production feed to the Konkola concentrator of 6 Mtpa. These items can be considered a mixture of growth (adding new function) and fix-up capital (i.e., Restoring function to existing parts of the operation). These packages of work are all expected to be completed within the first 10 years of operation.

● The new underground lateral and vertical capital development. This is grouped into two main cost areas. Development that forms the backbone of the infrastructure systems (e.g. dewatering drives, rail horizons), and development that allows for access and production from the valuable mineralisation (e.g. access declines to individual stoping panels). This development generally exists as unique task solids within the Deswik Life of Mine schedule file. Some development was not fully designed because it was not justified for this level of study. E.g. individual fill holes for backfill panel stopes, but costs were still estimated for all development activities.

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● New capital infrastructure items not within the Initial Project Capital Package. These are primarily fit outs of underground drives or installation of equipment E.g. new underground mobile fleet workshop constructed as the depth and center of mining activities increases.

● Sustaining capital infrastructure expenditure – essentially maintaining, refurbishment or minor replacements of items that form the installed facilities. E.g. yearly allowance / spend for the Konkola concentrator to keep it working over an extended life.

**18.3.2** **Overall infrastructure cost estimate – LOM** 

For the Initial Project Capital Package, the capital expenditure estimation is divided into direct and indirect costs. The indirect cost allowances comprise of the following, owner's team expenses, EPCM costing allowance and overall project contingency. The indirect costs are projected as a percentage of total project cost, inclusive of growth allowance for the various packages.

Table 18.6 presents the individual packages included in this capital cost estimation; detailed cost estimations were derived using the following methodologies:

● Updated supplier quotations.

● Price calculations based on industry rates and derived quantities.

● Previous supplier quotations with escalation rates applied.

● Industry database pricing.

The estimation accuracy meets and in places exceeds Pre-Feasibility guidelines and standards. This initial profile has been developed by AMC with the input from Senior KCM management and will require more detailed scheduling with participation from the KCM project team to coordinate with all simultaneous activities.

Table 18.6 Overall KDMP / Initial Project Capital Package estimate breakdown

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|:---|:---|
| **WBS package** | **Total amount per package<br> (US$M)** |
| **Indirect cost** |  |
| EPCM and Owner's Costs | 67.43 |
| Contingency | 37.46 |
| **Direct cost** |  |
| Mid Shaft Loading (1,010 mL) | 2.4 |
| Bottom Shaft Loading (1,430 mL) | 14.56 |
| 1,390 mL (feeding to 1,430 mL) Crusher No.2 | 15.22 |
| Panels BMR / Koepe | 0.45 |
| 1,390 mL Pump Chamber | 123.63 |
| 1 Shaft Deepening | 8.8 |
| Spillage Shaft from 1,505 m to 1,390 m level | 0.57 |
| Vent Shafts | 51.58 |
| Concentrator Stream 2 | 7.26 |
| Tramming Upgrade Phase 2 (875 mL) | 23.13 |
| Tramming 1,150 mL | 21.2 |
| Tramming 1,350 mL | 13.1 |
| 1,150 mL Tipping Station | 0.91 |
| 1,350 mL Tipping Station | 0.88 |
| 875 Track Rehab | 0.51 |
| 950 Track Rehab | 0.95 |
| 590 mL Rail Upgrade | 2.21 |
| Emergency power plant | 39.54 |
| Surface Development | 24.46 |
| Non-Process Infrastructure | 4.81 |
| Automation of the Winder | 2.9 |
| **Backfill plant** | 46.92 |
| **Total** | **510.88** |

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**18.3.3** **Lateral and vertical underground development** 

The underground development is split into three major types. These are:

● Lateral capital development: These are the horizontal or inclined (max +/- 1 in 7 gradient) tunnels that are required to mine the mineralisation of the deposit. This development is *further divided into two main categories:* 

 

Primary – considered Backbone infrastructure including all capital chambers and drives around the shafts and the mine wide rail levels incorporating the material handling system that allows all rock to be delivered to major shafts for hoisting.

— KDMP development – considered panel / production area - which are the incline / declines that connect the mine wide rail drives and setup the production stoping areas.

● Vertical capital development: These are the vertical or inclined (max 30 degrees from vertical) development types which include all ventilation rises, rock passes, dewatering drillholes and are limited to development that would be completed by the existing mining contractors, i.e. Do not include new vent raises development from surface that likely would require an engagement with a specialised contractor.

**18.3.4** **Konkola Mine growth capital fit out** 

**18.3.4.1** **Defining infrastructure modules** 

As the mine is developed and the production front moves into new mining areas and into new levels at depth, there is a continual requirement to complete capital fit out of various mined development to extend mine services and function.

To include all these capital fit out projects into a LOM schedule in Deswik form would be time consuming and not add value at this level of study. However, it is still important to capture a broad estimate of how much capital fit out is required on an annual basis and the number of different items, particularly the higher cost items. The method by which these items were estimated is by defining infrastructure modules (also referred to as IMODs). These are essentially a scoped list of the components that make up a complete fit out of an item.

These IMODs were grouped into categories by function as follows (no contingency or owner's costs are included in the estimate):

● Production support infrastructure:

Surface bulk emulsion explosive storage facility. Cost: US$1.90M.

Bulk emulsion dropper (600 m vertical). Cost: US$1.68M.

Extension of bulk emulsion system by 250 m vertical. Cost: US$0.69M.

Major underground explosives magazine (fit out). 40 t bulk emulsion +detonator bay. Cost: US$0.46M.

Large Consumables store (3 Mtpa production) (ground support, pipe, vent bag, etc.). Cost: US$0.77M.

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● Dewatering infrastructure:

Secondary pump station. Cost: US$3.41M.

Rising main to surface (600 m vert. 200 L/s). Cost: US$1.75M.

UG Rising main extension (250 m vertical, 200 L/s). Cost: US$0.77M.

Submersible pump unit. Cost: US$0.03M.

Long term access bypass for dewatering hammerhead. Cost: US$0.33M.

● Mine Services infrastructure:

Paste fill hole from surface to 590 mL. 370 m<sup>3</sup>/hr capacity. Cost: US$1.40M per pair (1 in service, 1 backup) completed at same time.

Paste fill extension, 125 m vertical, Cost: US$0.44M.

Paste fill horizontal extension, 500 m horizontal extension. US$0.21M.

Mine water surface dropper (600 m vertical). 60 L/s capacity. Cost: US$1.74M.

Mine water extension (250 m vertical). 60 L/s capacity. Cost: US$0.83M.

● Material Handling infrastructure:

Ore / waste pass with truck loading chute. Cost: US$2.44M.

Underground fine ore bin – 2,000 t capacity, 30 m vertical. Cost: US$2.48M.

Grizzly installation on top of ore / waste pass. Cost: US$0.06M.

● Workforce support infrastructure:

Workforce precinct 250-person capacity. Cost: US$1.48M.

Refuge chamber: 100-person capacity (installed within development): Cost: US$0.30M.

Refuge chamber: 30-person relocatable container. Cost: US$0.08M.

Refuge chamber: 4-person relocatable container. Cost: US$0.05M.

Escapeway: 1,000 m vertical ladderway installed. Cost: US$8.31M.

● Mobile fleet support infrastructure:

Heavy vehicle parkbay facility. 10 vehicles. Cost: US$0.02M.

Light vehicle parkbay facility. 8 vehicle capacity. Cost: US$0.02M.

Main heavy vehicle mobile fleet workshop. Cost US$9.58M.

Satellite heavy vehicle mobile fleet workshop. Cost: US$0.04M.

● Electrical infrastructure:

11 kV surface to underground (500 m vertical). Cost: US$1.69M.

11 kV (200 m vertical extension). Cost: US$0.97M.

Major underground substation 20 mVA. Cost: US$1.80M.

Minor underground substation 2 mVA. Cost: US$0.10M

Jumbo starter box: US$0.02M.

Distribution board: US$0.03M.

Switchboard: Cost: US$0.44M.

High voltage cable run (100 m length). US$0.045M.

● Mine ventilation infrastructure:

Underground booster fan installation 500 kW rating. 40 m<sup>3</sup>/s. Cost: US$0.76M.

Underground booster fan installation. 200 kW rating. 200 kw. 40 m<sup>3</sup>/s. Cost: US$0.57M.

Ventilation barricade. Cost: US$0.008M.

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Ventilation regulator. Cost: US$0.042M.

Ventilation doors. Single set. Cost: US$0.061M.

Ventilation - Twin vent doors. Cost: US$0.092M.

Secondary fan. 75 kW. 25 m<sup>3</sup>/s. Cost: US$0.037M.

Secondary fan. 180 kW. 38 m<sup>3</sup>/s. Cost: US$0.082M.

● Rail fixed capital infrastructure:

Major rail workshop. Servicing and maintenance of locomotives and wagons. Cost: US$3.36M.

Grouted<sup>2</sup> ore / waste pass from production tip level to rail horizon (50 m length) fitted with rail wagon chute. US$0.783M.

Ungrouted ore / waste pass from production tip level to rail horizon (50 m length) fitted with rail wagon chute. US$0.669M.

Rail installation. Standard 2 rail-lines parallel to each other to allow for tramming in both directions. Cost: US$0.425M per 100 m of installed section.

Side car dumping station. Cost: US$1.90M.

Bottom car dumping station. Cost: US$2.05M.

Train operations hub. Control / monitoring terminal within underground office. US$0.105M.

An important aspect of these IMODs is that can be scaled where necessary.

It should be noted that once the schedule and the information on the existing installed infrastructure was examined, it was determined that there were no requirements for some of the IMODs costed. E.g. At this time there are no planned direct truck chutes required for the material handling system.

The design team evaluated the LOM design and built up a table of requirements for each major zones of the mine.

**18.3.5** **Konkola diamond drilling capital campaigns** 

The diamond drilling campaigns to increase confidence in mineralisation are considered capital costs. There are two categories of drilling campaign. The first are the major drilling campaigns that will involve the engagement of a suitable external contractor to place multiple drill rigs underground and complete an extended program of drilling. The second are the much smaller and more regular campaigns that are more production focused in proving up material that will be mined in the near term.

KCM have committed to completing substantial diamond drilling in the next few years to increase the Mineral Resource confidence and inventory.

**18.3.6** **Konkola concentrator facility capital estimate** 

The future growth capital spend on the Konkola concentrator is proposed to be limited due to there being no planned expansion of the baseplate capacity of the facility. It should be noted that the baseplate capacity will be restored by the "Concentrator Stream 2" work package. As such growth capital is likely to be limited to general improvement projects. An allowance of US$0.15 m/year was estimated.

The future sustaining capital spend on the Konkola concentrator consists of general annual sustaining spend for most operating years. It is likely that larger expenditure will occur at approximately 7-10 yearly intervals representing extended overhauls or major refurbishment projects. Given the schedule life is nearly 50 years, this cost was approximated by assuming a sustaining cost of 2% of the estimated 2025 replacement cost of the concentrator (approx. US$350M). The combined capital spend is presented with slightly less forecast for the initial years given the refurbishment work already completed as part of the restart of the operation and works planned for the FY2025/2026 year.

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**18.3.7** **Mine closure** 

The costs for mine closure for the Konkola have been estimated in the mine closure plan generated and updated for each domain of the operations and have been included in the cost estimate of the total operations.

**18.3.8** **Development program summary** 

The development program summary for Konkola Mine is summarised in Table 18.7.

Table 18.7 Development program summary – Konkola Mine

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| | | | |
|:---|:---|:---|:---|
| **Project** | **Description** | **Timeline** | **Status** |
| KDMP Completion | 4 Shaft deepening, 1150/1350 levels | FY2025-2030 | In progress |
| Paste Fill Plant | Surface paste plant and reticulation | FY2025-2027 | Planned |
| 1390 Level Pumping | Critical dewatering infrastructure | FY2025-2028 | Critical path |
| Ventilation Upgrade | Primary and secondary fans | FY2026-2029 | Planned |

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**18.3.9** **Capital expenditure plan** 

A summary of the capital expenditure plan for Konkola Mine is presented in Table 18.8. Total LOM capital for the Full Resource Case is US$4,802M, comprising Capital Development (US$2,806M), Growth Capital (US$464M), and Sustaining Capital (US$1,532M).

Capital development includes lateral and vertical development required to access ore zones at depth. Growth capital is focused on major infrastructure projects including the 1390mL pump chamber, concentrator upgrades, and shaft deepening. Peak capital expenditure of US$270M occurs in FY2030, with significant investment continuing through FY2034 to support ramp-up to full production capacity.

Table 18.8 Capital Expenditure Plan – Konkola Mine

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fiscal year** | **Capital Development<br> (US$M)** | **Growth Capital<br> (US$M)** | **Sustaining Capital<br> (US$M)** | **Total<br> (US$M)** |
| FY2025 | 129.0 | 31.4 | 11.9 | 172.3 |
| FY2026 | 98.1 | 48.5 | 23.1 | 169.7 |
| FY2027 | 92.6 | 84.8 | 30.0 | 207.5 |
| FY2028 | 177.5 | 66.0 | 37.5 | 281.1 |
| FY2029 | 137.6 | 14.9 | 38.6 | 226.2 |
| FY2030 | 148.1 | 91.6 | 43.9 | 283.7 |
| FY2031 | 134.5 | 95.7 | 57.4 | 287.6 |
| FY2032 | 123.5 | 30.9 | 57.1 | 206.0 |
| FY2033 | 145.2 | 20.9 | 61.3 | 197.9 |
| FY2034 | 103.3 | 20.8 | 43.8 | 167.9 |
| **FY2035–FY2070** | **1516** | **5** | **1081** | **2602** |
| **LOM Total** | **2806** | **511** | **1486** | **4802** |

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**18.4** **Nchanga Business Unit capital cost estimate** 

**18.4.1** **Surface mining and reclamation of tailings dam capital costs** 

There are no capital requirements for the existing tailings reclaim operations at TD03 and TD04.

**18.4.2** **New underground projects** 

For many of the new proposed underground projects, the list of required capital items is similar. Although open pit mining has occurred on several of these deposits previously, the existing capital infrastructure still present and in operating state is limited. For all mines it was assumed that production will be from underground operations only.

**18.4.3** **COP E, COP DF underground operations** 

The diamond drilling campaign required to improve the confidence in the resource is estimated to be US$1.90M and US$1.26M. This is included in the 2025/26 Budget.

A proposed list of required surface capital items is as follows:

● Access roads (either new or upgrade of existing) to site boundaries.

● Construction of ROM pad and road train / surface truck transfer facility.

● Site offices and start / end of shift facilities (change house / muster point / meeting area).

● Lay down yard and some warehouse facilities.

● Surface workshop, sheds for limited parking equipment out of weather.

● Go line / parkbay for end of shift parking of underground mobile equipment fleet.

● Perimeter fencing and security functions.

● Surface explosive magazine storage facilities (several weeks capacity).

● Portal establishment (excavation of box cut, portal works), and associated infrastructure (signage / lighting / shotcrete / tag board).

● Surface roads (unpaved, maintained by grader).

● Surface paste fill facility (assumed to supply both COP E and COP DF underground mines).

● Surface ventilation (installed surface fans and structures i.e. Evasé).

● Electrical substation / switchyard / surface power line connection.

● Water management for water pumped out of mine) Ie. Tanks, surface pond, discharge equipment / piping (dependent on operating license).

● Dropper for HV power, diesel fuel supply.

Given the estimated mine life based on the known mineral inventory, it was assumed that the underground capital fit out of the mine would be kept to a level appropriate for a 12-year mine life, and would consist of the following:

● Underground workforce facility (consisting of Crib room / operations office / refuge chamber) in a central location adjacent to main decline.

● Mobile equipment support (for basic maintenance and daily inspection). Major rebuilds are assumed to be completed at a surface workshop facility. Given the size of the mine and expected total fleet, full workshop facilities underground are not justified.

● Underground store / supply storage (e.g. regular consumables like ground support, mine service functions).

● Underground magazine. Assume that explosives are brought down into the mine using the main decline as required and stored at a central facility.

● Underground refueling facility (consisting of connection of the surface dropper, tank, fuel bowsers).

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**18.4.4** **Nchanga concentrator / mills facility capital estimate** 

● The future growth capital spend on the Nchanga mills is proposed to be limited due to there being no planned expansion of their existing baseplate capacity. It is also possible that the number of mills operating could be consolidated down to only two mills, dependent on the available source feed and final decisions on which of the potential underground projects proceed.

● The future sustaining capital expenditure on the Nchanga mills (Table 18.9) is estimated to consist of annual sustaining spend for most operating years. It is likely that larger spends will need to take place at approximately 5-6 yearly intervals representing extended overhauls or major refurbishment projects.

Table 18.9 Nchanga mill capital estimate schedule

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Item category** | **Total<br> Project Life<br> (US$M)** | **FY<br> 2025/26<br> Year 1** | **FY<br> 2026/27<br> Year 2** | **FY<br> 2027/28<br> Year 3** | **FY<br> 2028/29<br> Year 4** | **FY<br> 2029/30<br> Year 5** | **FY<br> 2030/31<br> Year 6** | **FY2<br> 031/32<br> Year 7** | **FY<br> 2032/33<br> Year 8** | **FY<br> 2033/34<br> Year 9** | **FY<br> 2034/35<br> Year 10** | **FY<br> 2035/36<br> Year 11** |
| Sustaining Capital (all mills) | 22.9 | 4.10 | 2.50 | 2.50 | 2.50 | 3.00 | 3.00 | 3.00 | 3.00 | 1.20 | 1.20 | 1.00 |

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**18.4.5** **Nchanga TLP capital estimate** 

The project capital costs associated with the Nchanga TLP facility at NBU are:

● Permanent cathodes (US$19.5M) Improved performance and reduced maintenance intervals.

● Elevated temperature leaching upgrade works. Total is US$36.6M.

**18.4.6** **Nchanga tailings facilities capital cost** 

● The currently active tailings dam is referred to as TD05. It is proposed that this dam will be closed and replaced with a new Tailings Dam (referred to as Tailings Dam 6).

● The growth capital expenditure for the new Tailings Dam consist of study works and the construction itself (e.g. establishment of bund walls and earthworks).

● Total all up cost estimated to be 19.8M.

● There is a significant sustaining capital project that must be completed on Tailings Dam 5 for it to keep operating into the future. This is known as TD05 Buttress civil works. Total cost for this project is $30M.

● A general sustaining capital allowance is estimated at US$0.50/tonne processed for whichever tailings dam is active and this covers the continued production of final tailings streams.

**18.4.7** **Smelter and refinery capital costs** 

The sustaining costs for the smelter were based on required spend to maintain baseplate capacity without any allowance for new features or functions. There is significant refurbishment cost assumed to be spent in the next year to restore function of the asset giving previous significant periods of non-operating and general aging of the facility.

Table 18.10 Smelter and refinery capital estimate schedule (first five years)

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Category** | **FY26** | **FY27** | **FY28** | **FY29** | **FY30** | **LOM Total** |
| **Nchanga Smelter** | Growth Capital |  |  |  |  |  |  |
|  | Sustaining Capital | 56.9 | 4.5 | 4.5 | 4.5 | 4.5 | **257.0** |
|  | **Total** | **56.9** | **4.5** | **4.5** | **4.5** | **4.5** | **257.0** |
| **Nkana Refinery** | Growth Capital |  |  |  |  |  |  |
|  | Sustaining Capital |  |  |  |  |  |  |
|  | **Total** |  |  |  |  |  |  |

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**18.4.8** **Mine closure** 

The costs for mine closure for the Nchanga Business units have been estimated in the mine closure plan generated and updated for each domain of the operations and have been included in the cost estimate of the total operations.

**18.4.9** **Development program summary** 

The development program summary for Nchanga Business Unit – Nchanga TLP is summarised in Table 18.11.

Table 18.11 Development Program - Nchanga TLP

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| | | | |
|:---|:---|:---|:---|
| **Project** | **Description** | **Timeline** | **Status** |
| TD03 Hydraulic Mining | Slurry pumping system upgrade | FY2025 | Operating |
| TD04 Dry Mining | Loader / truck fleet deployment | FY2025-2026 | Planned |
| NCHANGA TLP Capacity Expansion | Throughput increase to 3.5 Mtpa | FY2026-2027 | Planned |

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**18.4.10** **Capital Expenditure Plan – Nchanga Business Unit** 

A summary of the capital expenditure plan for the Nchanga Business Unit is presented in Table 18.12. Total LOM capital for Nchanga is US$812M, comprising Capital Development (US$532M), Growth Capital (US$247M), and Sustaining Capital (US$33M). The majority of capital expenditure occurs between FY2026 and FY2033, supporting the development of Cop E, Cop D&F, and Luano underground operations.

Table 18.12 Capital Expenditure Plan – Nchanga Business Unit

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fiscal year** | **Capital Development<br> (US$M)** | **Growth Capital<br> (US$M)** | **Sustaining Capital<br> (US$M)** | **Total<br> (US$M)** |
| FY2025 | 0.0 | 1.9 | 4.0 | 5.9 |
| FY2026 | 7.6 | 33.2 | 1.8 | 42.6 |
| FY2027 | 45.3 | 47.2 | 22.6 | 115.1 |
| FY2028 | 34.0 | 37.0 | 23.3 | 94.3 |
| FY2029 | 71.6 | 32.1 | 23.8 | 127.5 |
| FY2030 | 88.0 | 27.4 | 25.3 | 140.7 |
| FY2031 | 88.0 | 34.5 | 38.8 | 161.3 |
| FY2032 | 82.3 | 23.7 | 35.9 | 141.9 |
| FY2033 | 52.8 | 10.2 | 36.5 | 99.5 |
| FY2034 | 21.2 | 0.0 | 18.1 | 39.3 |
| FY2035 | 19.8 | 0.0 | 16.8 | 36.6 |
| FY2036 | 19.8 | 0.0 | 16.8 | 36.6 |
| FY2037 | 1.2 | 0.0 | 5.3 | 6.5 |
| **LOM Total** | **532** | **247** | **33** | **812** |

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Source: AMC, 2025.

**18.5** **Capital Expenditure Plan – KCM Integrated Operations** 

A summary of the capital expenditure plan for KCM Integrated Operations is presented in Table 18.13. Total LOM capital for the Full Resource Case is US$5,984M, comprising Capital Development (US$3,337M), Growth Capital (US$787M), and Sustaining Capital (US$1,859M). Peak capital expenditure of US$422M occurs in FY2031, with capital requirements declining after FY2035 as the operation transitions to steady-state production.

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Table 18.13 Capital Expenditure Plan – KCM Integrated Operations

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fiscal year** | **Capital Development<br> (US$M)**  | **Growth Capital** <br> **(US$M)** | **Sustaining Capital** <br> **(US$M)** | **Total**<br> **(US$M)** |
| FY2025 | 129.0 | 51.6 | 75.3 | 255.8 |
| FY2026 | 105.7 | 119.5 | 36.0 | 261.3 |
| FY2027 | 138.0 | 121.3 | 59.6 | 318.8 |
| FY2028 | 211.5 | 90.6 | 72.6 | 374.7 |
| FY2029 | 209.2 | 47.0 | 49.8 | 306.0 |
| FY2030 | 236.1 | 119.1 | 55.5 | 410.7 |
| FY2031 | 222.5 | 130.2 | 69.0 | 421.6 |
| FY2032 | 205.8 | 54.6 | 68.4 | 328.9 |
| FY2033 | 198.0 | 31.1 | 70.2 | 299.3 |
| FY2034 | 124.4 | 20.8 | 51.9 | 197.1 |
| **FY2035–FY2070** | **1557** | **3** | **1250** | **2810** |
| **LOM Total** | **3337** | **787** | **1859** | **5984** |

---

Source: AMC, 2025.

**18.6** **Accuracy level of cost estimation** 

Cost estimates were developed using FY2024 actuals, contractor agreements, internal productivity assumptions, and AMC's benchmark database. The following study-level accuracy ranges apply Table 18.14.

Table 18.14 KCM cost estimation accuracy

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| | | | |
|:---|:---|:---|:---|
| **Cost category** | **Study Level** | **Accuracy** | **Contingency** |
| Konkola Mining Operations | Pre-Feasibility | ±25% | 10% |
| Nchanga Mining (existing) | Pre-Feasibility | ±25% | 15% |
| Nchanga Mining (new projects) | Scoping Study | ±35% | 25% |
| COP E Underground | Scoping Study | ±50% | 25% |
| COP DF Underground | Scoping Study | ±50% | 25% |
| Luano Underground | Scoping Study | ±50% | 25% |
| Processing & Infrastructure | Pre-Feasibility | ±25% | 15% |

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**18.7** **KCM cost summaries** 

Table 18.15 presents the average LOM operating cost per tonne of ore for each operation, categorised by Mining, Processing, and G&A costs. Konkola Mine has the highest total operating cost at US$90/t, reflecting the deep-level underground mining requirements, while Nchanga TLP Operations has the lowest at US$14.3/t due to the nature of tailings reprocessing.

Table 18.16 summarises the capital cost requirements for both the Full Resource Case (Including Inferred) and the M&I Case (Excluding Inferred). Total capital for the Full Resource Case is US$5,984M over the ~45-year LOM, compared to US$1,066M for the M&I Case over ~11 years.

Table 18.15 Average LOM operating cost by operation

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| | | | | |
|:---|:---|:---|:---|:---|
| **Operation** | **Mining (US$/t)** | **Processing (US$/t)** | **G&A (US$/t)** | **Total (US$/t)** |
| Konkola Mine | 70.9 | 14.35 | 4.83 | **90.1** |
| Nchanga Open Pit | 26.4 | 12.8 | 4.9 | **44.1** |
| Nchanga Underground | 47.5 | 12.8 | 13.5 | **73.8** |
| Nchanga TLP Operations | 1.5 | 9.8 | 3.0 | **14.3** |

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Source: AMC, 2025.

Table 18.16 Capital cost summary

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| | | |
|:---|:---|:---|
| **Capital category** | **Full Resource Case<br> (US$M)** | **M&I Case<br> (US$M)** |
| Growth Capital | 787 | 152 |
| Capital Development | 3337 | 505 |
| Sustaining Capital | 1859 | 408 |
| **Total Capital** | **5984** | **1066** |

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Source: AMC, 2025.

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| **19** | **Economic analysis** |

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**CAUTIONARY STATEMENT REGARDING INITIAL ASSESSMENT**

This Initial Assessment is preliminary in nature and includes Inferred Mineral Resources that are considered too speculative geologically to be categorised as Mineral Reserves. There is no certainty that this Initial Assessment will be realised. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Economic results are presented for two cases - Full Resource Case (including Inferred) and M&I Case (excluding Inferred) - with equal prominence in accordance with Item 1302(d)(4)(ii)(C) of Regulation S-K.

**INFERRED MINERAL RESOURCE PROPORTION**

Approximately 69% of KCM Mineral Resources are classified as Inferred (262 Mt of 379 Mt); at Konkola Mine approximately 86% are classified as Inferred (249 Mt of 290 Mt). Inferred Mineral Resources cannot currently be categorised as Mineral Reserves and are included in the Full Resource Case only - the M&I Case in Section 19.2 excludes all Inferred Mineral Resources. It is reasonably expected, though not certain, that continued drilling could upgrade the majority of Inferred Mineral Resources to higher confidence categories.

**19.1** **Full Resource Case (Including Inferred)** 

The first scenario is an Initial Assessment based on a comprehensive LOM Plan that includes mining from:

● Konkola Mine – Measured, Indicated, and Inferred Mineral Resources (operating in 2025).

● Nchanga Indicated and Inferred Resources:

— COP DF open pit mine (operating in 2025).

— Nchanga COP E Underground (planned).

— Nchanga COP DF Underground (planned).

— Nchanga Luano Underground (planned).

● Reclamation of Tailings Dams 03 and 04, processed through the Nchanga TLP (operating in 2025).

The Initial Assessment is a preliminary technical and economic study of the economic potential of all parts of the KCM operations including Konkola Mine, Nchanga Tailings Recovery, and Nchanga mining operations. The confidence in the overall LOM scenario is at an Initial Assessment level of confidence.

The Initial Assessment of the Nchanga deposits and the Inferred Mineral Resource component of the Konkola Mine is preliminary in nature. It includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorised as Mineral Reserves and as such, these Mineral Resources have not been demonstrated to have economic viability. There is no certainty that the Initial Assessment will be realised.

**19.2** **Measured and Indicated Resource Case (M&I Case)** 

In accordance with Item 1302(d)(4)(ii)(C) of Regulation S-K, the economic analysis excluding Inferred Mineral Resources is presented with equal prominence to the Full Resource Case. This scenario is referred to as the 'M&I Case' throughout this report.

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The M&I Case is a sub-set of the Full Resource Case Life-of-Mine plan, limited to the mining of Measured and Indicated Mineral Resources at the Konkola Mine and the recovery of tailings from TD03 and TD04. Measured and Indicated Resources comprise approximately 13% of the total Konkola Mineral Resource. This Initial Assessment does not declare Mineral Reserves; the formal Mineral Reserve estimate is presented in the companion PFS Technical Report Summary (AMC, 2026).

The M&I Case mine plan has been constructed to reflect production from the Measured and Indicated Mineral Resources only, with any Inferred Mineral Resources included in the production profile treated as waste and assigned zero grade.

The underground development plan has been focused on accessing and recovering the Measured and Indicated Mineral Resources. The capital investment program has also been limited to expenditure that relates to the M&I Case mine plan only.

The purpose of the M&I Case is to demonstrate that the Measured and Indicated Mineral Resource portion of the KCM operations can support a positive economic outcome independent of Inferred Mineral Resources, and that the mine plan meets the technical requirements of a viable production schedule, consistent with the level of confidence supporting the Mineral Reserve estimate declared in the companion PFS Technical Report Summary.

It should be noted that KCM intends to continue resource infill drilling to expand confidence in the Mineral Resource base and to continually develop the mine plan to adapt to improving resource definition of the Konkola Mine deposit. KCM will invest capital and drilling to develop the potential of the LOM plan scenario based on the positive potential from the investments.

The tailings recovery schedule for TD03 and TD04 is unchanged between the Full Resource Case and the M&I Case. No Measured or Indicated Mineral Resources have been estimated for the Nchanga open pit and underground operations; accordingly, these operations are excluded from the M&I Case and appear only in the Full Resource Case.

**19.3** **Key assumptions** 

● **Copper price: P75** consensus pricing ranging from US$9,925/t to US$11,298/t over the LOM assessment period.

● **Cobalt price:** P50 consensus pricing (ranging from US$42,262/t to US$52,465/t over the LOM assessment period).

● **Discount rate:** 8% real, pre-tax

● **Royalty:** 4-10% sliding scale based on copper price.

19.3.1 Byproducts

The KCM Integrated Operations generates two principal byproducts from the smelting and refining circuit: cobalt alloy and sulphuric acid. Both are credited against operating costs within the financial model. The quantities and price assumptions for each byproduct, for the Full Resource Case (45-year LOM) and the Measured and Indicated Case (11-year LOM), are set out in Table 19.1 below.

Table 19.1 Byproducts: Type, Quantity and Price Assumption

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|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Full Resource Case (FRC) <br> 45-Year LOM** | **Full Resource Case (FRC) <br> 45-Year LOM** | **Measured & Indicated Case<br> (M&I) 11-Year LOM** | **Measured & Indicated Case<br> (M&I) 11-Year LOM** | **Revenue Treatment in<br> Financial Model** |
| Byproduct | Unit | **LOM Quantity** | **Price Assumption** | **LOM Quantity** | **Price Assumption** |  |
| Cobalt alloy (all smelter sources)¹ | t alloy | 2155565 | US$42,262–52,465/t Co² | 386809 | US$42,262–52,465/t Co² | Credited in Smelting & Credits line; sold externally |
| of which: KCM & Nchanga own concentrate | t alloy | 1312704 |  | 164517 |  |  |
| of which: third-party external concentrate³ | t alloy | 842861 |  | 222292 |  |  |
| Cobalt (Co) content in alloy | t Co | 56601 | US$42,262–52,465/t Co² | 8194 | US$42,262–52,465/t Co² | Payable Co fraction applied to market price |
| Sulphuric acid⁴ | t | 17912050 | US$130/t⁵ | 3484630 | US$130/t⁵ | Transfer-priced credit; consumed internally by Nchanga TLP for copper leaching |

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Notes:

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|:---|:---|
| ¹ | Cobalt alloy quantities reflect total smelter output, inclusive of cobalt alloy attributable to third-party external concentrate processed at the KCM Nchanga Smelter. Third-party concentrate is acquired by KCM on a metal-return ownership basis — KCM is not operating as a toll processor. The inclusion of third-party concentrate in the smelter feed is a metallurgical requirement of the flash smelting process (see Section 14.4.3); for financial treatment of associated revenues and costs, see Section 19.3.2. |

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| ² | Cobalt price based on P50 analyst consensus ranging from US$42,262/t to US$52,465/t Co over the life of mine (FY26–FY70 for Full Resource Case; FY26–FY36 for M&I Case). Revenue is calculated on the payable cobalt fraction within the alloy product. Payability is 32% for the majority of the LOM (FY32–FY68), stepping down to 19% and 16% during ramp-up (FY26–FY31) and tail (FY69–FY70) years, as per marketing terms and consistently applied in the financial model. |

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³ Cobalt alloy attributable to third-party external concentrate: Full Resource Case 842,861 t alloy; M&I Case 222,292 t alloy. The cobalt revenue from this stream is captured in the Smelting & Credits line of the financial model.

⁴ Sulphuric acid is produced as a byproduct of the smelting process
and is consumed internally as a reagent at the Nchanga Tailings Leach Plant (TLP). The quantity shown represents gross production over
the respective LOM; no acid is sold externally. The internal transfer price credit is applied in the financial model.

⁵ Sulphuric acid internal transfer price: US$130/t (constant,
all years), as applied in the Smelter & Refinery Financials calculation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.3.2 Third-party concentrate: basis for inclusion in economic analysis

The economic analysis for both the Full Resource Case and the M&I Case includes revenue and costs attributable to the purchase and processing of third-party copper concentrate through the Nchanga Flash Smelter. The QPs consider the inclusion of these cash flows to be appropriate and consistent with the requirements of Item 601(b)(96)(iii)(B)(19)(ii) of Regulation S-K for the reasons set out below.

The primary basis for this inclusion is metallurgical. KCM's own concentrates, produced at the Konkola and Nchanga Concentrators, carry elevated silica content of typically 20–22% SiO₂, materially exceeding the preferred FSF feed limit of less than 15% SiO₂. Operating the flash smelter on KCM's own concentrates alone would produce an Fe/SiO₂ ratio outside the thermodynamic operating envelope of the furnace, causing instability in the reaction shaft, increased slag losses, reduced copper recovery into the blister phase, and potential refractory damage. To correct this imbalance, chalcopyrite-dominant concentrates with higher iron and lower silica content must be incorporated into the feed blend. This is a design requirement of the FSF, not a matter of commercial preference. The Nchanga Flash Smelter has a design throughput capacity of 850,000 tpa of concentrate, and KCM's own mining operations do not generate sufficient concentrate volume to sustain that throughput across the life of operations. As a consequence of both the blending requirement and the capacity utilisation profile, the LOM plan assumes the purchase of 250,000–300,000 tpa of third-party concentrate to supplement KCM's own feed (see Section 14.4.3 and the smelter feed profiles in Figure 19.1 and Figure 19.2).

Critically, the smelting of sulfide concentrates, whether KCM's own or third-party, is the primary source of sulphur dioxide from which sulphuric acid is produced at the Nchanga acid plant (capacity 1,850 tpd). This acid is the essential reagent for the Nchanga Tailings Leach Plant (TLP), which processes KCM's own mineralised tailings resource (TD03 and TD04, included in both economic cases). The TLP contributed 302 kt of payable copper over the Full Resource Case LOM and 113 kt over the M&I Case LOM, representing a material component of KCM's own integrated production. Without third-party concentrate supplementing smelter feed, sulphuric acid output would be materially reduced; the shortfall would need to be sourced from external third-party acid suppliers at significantly higher cost (as disclosed in Section 14.4.3), materially altering the economics attributable to KCM's own mineralisation.

The QPs therefore conclude that the third-party concentrate processing activity is operationally integral to the economic viability of KCM's own Mineral Resources. The inclusion of associated revenues and costs in the economic model does not misrepresent the economics of the property's own mineralisation; rather, their exclusion would produce a materially distorted result by removing a cost-offset that is structurally dependent on KCM's own processing infrastructure and resource base.

In the interests of transparency, the financial contribution of third-party concentrate processing is separately identified throughout this report. Table 19.1 presents third-party concentrate volumes, grade, and attributable metal production as distinct line items. In Table 19.2 and Table 19.3, concentrate purchase costs (Full Resource Case: US$40.1B; M&I Case: US$10.6B) and smelter and refinery credits (Full Resource Case: US$4.3B; M&I Case: US$0.8B) are disclosed as separate cost line items, enabling readers to assess the net economic contribution of third-party processing activity. C1 and AISC unit cost metrics are calculated on KCM's integrated metal production only, excluding third-party concentrate metal, as noted in the footnotes to Table 19.2 and Table 19.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.3.2.1 Third-party concentrate sensitivity (partial and adjusted scenarios)

To assess the sensitivity of project economics to the dependency on third-party concentrate, the following analysis models the removal of third-party concentrate from the LOM plan entirely for both the Full Resource Case and the M&I Case. The total NPV₈% impacts and their component parts are set out below.

**M&I Case**

The total NPV₈% impact for the M&I Case is approximately US$350–370M, representing a reduction of approximately 16–17% from the base case NPV₈% of US$2,132M, reducing it to approximately US$1,760–1,780M. The KCM Integrated Operations remain economic under this sensitivity on the basis of KCM's own Mineral Resource production.

The total impact comprises two components. The first is the direct smelter contribution: removal of the revenue and cost contribution associated with processing third-party concentrate through the Nchanga Smelter, by 55%, reflecting the proportion of contained copper attributable to third-party concentrates in the M&I Case, reduces NPV₈% by approximately US$174M or approximately 8%. The second is the incremental acid procurement cost: the reduction in smelter throughput by 55% reduces internal acid production proportionally, creating a shortfall of approximately 1,917,000 tonnes over the M&I Case LOM (55% of the 3,485,000 tonne LOM acid requirement). At the internal acid transfer price of US$130/t, representing the QPs' estimate of the avoided cost of external procurement under normalised market conditions, the incremental TLP operating cost is approximately US$249M over the LOM, with an NPV₈% impact of approximately US$180–200M.

**Full Resource Case**

The total NPV₈% impact for the Full Resource Case is approximately US$1,100–1,200M, representing a reduction of approximately 14–16% from the base case NPV₈% of US$7,740M, reducing it to approximately US$6,540–6,640M. The KCM Integrated Operations remain economic under this sensitivity on the basis of KCM's own Mineral Resource production.

The total impact comprises two components. The first is the direct smelter contribution: removal of the third-party concentrate contribution by 39%, reflecting the proportion of contained copper attributable to third-party concentrates in the Full Resource Case, reduces NPV₈% by approximately US$530M or approximately 7%. The second is the incremental acid procurement cost: the reduction in smelter throughput by 39% reduces internal acid production proportionally, creating a shortfall of approximately 6,986,000 tonnes over the Full Resource Case LOM (39% of the approximately 17,912,000 tonne LOM acid requirement). At US$130/t, the incremental TLP operating cost is approximately US$908M over the LOM, with a combined NPV₈% impact, together with the direct smelter contribution, of approximately US$1,100–1,200M.

**Conservative assumptions**

The analysis uses conservative assumptions throughout both cases. The US$130/t acid transfer price reflects the QPs' estimate of normalised external procurement cost as at the effective date of this report. Acid prices on the Central African Copperbelt are subject to variability depending on regional smelter operating rates, export policy, and logistics availability; in periods of tighter supply the market price for sulphuric acid has historically exceeded the US$130/t assumption, which would increase the cost impact accordingly. The KCM Integrated Operations remain economic under this sensitivity in both cases on the basis of KCM's own Mineral Resource production, and the uninterrupted sourcing of third-party concentrate is identified as an essential operational and commercial requirement throughout the life of mine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.4 Production plans

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The basis of the economic model is the mining, processing and smelting schedule as presented in this report
which includes mined tonnes (ore and waste), development meters, processed ore tonnes, grade and recoveries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The KCM Full Resource Case comprises production from Measured, Indicated and Inferred Resources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The KCM M&I Case comprises production from Measured and Indicated Mineral Resources at Konkola Mine
and Indicated Mineral Resources in TD03 and TD04.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A concept blend plan was developed to determine the copper metal and cobalt alloy produced from the available
feed sources. Based on instructions from KCM, it was assumed that the excess smelter capacity in each year is filled by concentrates purchased
from external third parties. These concentrates are assumed to meet the specifications required by the smelter over the life of the operations.
No material (concentrate nor produced copper) generated from third party purchased concentrates has been included in any Mineral Resource
estimates for KCM.

The smelter feed profiles for both scenarios are shown in Figure 19.1 and Figure 19.2.

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Figure 19.1 KCM Smelter Feed Profile – Full Resource Case (incl. external purchased concentrates)

![](ctm003_ex96-1img140.jpg)

Source: AMC, 2025.

Figure 19.2 KCM Smelter Feed Profile – M&I Case (incl. external purchased concentrates)

Source: AMC, 2025.

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The total copper sold from the KCM operations across the life of operations, including copper anodes from the smelter, copper in cobalt alloy, and copper cathodes produced by the Nchanga TLP, is shown in Figure 19.3 and Figure 19.4.

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| Figure 19.3 | Total Copper sold – Full Resource Case |

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![](ctm003_ex96-1img142.jpg)

Source: AMC, 2025.

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| Figure 19.4 | Total Copper sold – M&I Case |

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Source: AMC, 2025.

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The production profiles for both scenarios are shown in Figure 19.5 and Figure 19.6. The Full Resource Case recovers a total of 6,650 kt (6.65 Mt) of payable copper over approximately 45 years, and the M&I Case recovers a total of 901 kt (0.90 Mt) of payable copper over approximately 11 years.

Figure 19.5 KCM production profile – Full Resource Case

![](ctm003_ex96-1img144.jpg)

Source: AMC, 2025.

Figure 19.6 KCM production profile – M&I Case

![](ctm003_ex96-1img145.jpg)

Source: AMC, 2025.

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**19.5** **Economic results - dual presentation** 

In accordance with Item 1302(d)(4)(ii)(C), economic results are presented with equal prominence for two scenarios: Full Resource Case (Including Inferred, based on Measured, Indicated, and Inferred Mineral Resources) and M&I Case (Excluding Inferred, based on Measured and Indicated Mineral Resources). The M&I Case demonstrates economic viability; a separate PFS TRS has been prepared for this case. A summary of the economic results is presented in Table 19.1.

Table 19.2 Economic results – KCM Integrated Operations

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| | | | |
|:---|:---|:---|:---|
| **Item** | **Unit** | **Full Resource Case<br> (With Inferred)** | **M&I Case<br> (Without Inferred)** |
| **KCM** | **KCM** | **KCM** | **KCM** |
| KCM Ore mined | kt | 245889 | 31478 |
| KCM Ore head grade | %T Cu | 2.94% | 2.91% |
| KCM Ore Recovery | % | 86.5% | 89.1% |
| KCM Cu Payable | kt | 6059 | 788 |
| Smelter Recovery | % | 98.1% | 98.1% |
| KCM Cu Payable with Smelter Recovery | kt | 6145 | 800 |
| Operating Costs- Mining + G&A | US$M | 22157 | 3678 |
| Smelting & Credits | US$M | 871 | 226 |
| Total Operational Cost (C1)<sup>1</sup> | US$M | 23028 | 3904 |
| Total Royalties | US$M | 4710 | 620 |
| Growth Capital | US$M | 464 | 152 |
| Capital Development | US$M | 2806 | 505 |
| Sustaining Capital | US$M | 1532 | 306 |
| C1 Cash Cost<sup>1</sup> | US$M | 23028 | 3904 |
| C1 Cash Cost<sup>2</sup> | $/lb Cu | 1.70 | 2.21 |
| All-in Sustaining Cost<sup>3</sup> | US$M | 29270 | 4830 |
| All-in Sustaining Cost<sup>4</sup> | $/lb Cu | 2.16 | 2.74 |
| **NBU** | **NBU** | **NBU** | **NBU** |
| NBU Ore mined | kt | 24787 | 0 |
| NBU Ore head grade | %T Cu | 2.43% | 0.00 |
| NBU Ore Recovery | % | 49.6% | 0.0 |
| NBU Cu Payable | kt | 289 | 0 |
| Smelter Recovery | % | 98% |  |
| NBU Cu Payable with smelter recovery | kt | 295 |  |
| Freight Charge | US$M | 185 | 0 |
| Treatment and Refining Charges | US$M | 128 | 0 |
| Operating Costs- Mining + G&A | US$M | 1909 | 0 |
| Smelting & Credits | US$M | 53 |  |
| Total Operational Cost (C1)<sup>1</sup> | US$M | 1963 |  |
| Total Royalties | US$M | 227 | 0 |
| Growth Capital | US$M | 247 | 0 |
| Capital Development | US$M |  | 0 |
| Sustaining Capital | US$M | 565 | 0 |
| C1 Cash Cost<sup>1</sup> | US$M | 1963 | 0 |
| C1 Cash Cost<sup>2</sup> | $/lb Cu | 3.02 | 0.00 |
| All-in Sustaining Cost<sup>3</sup> | US$M | 2755 | 0 |
| All-in Sustaining Cost<sup>4</sup> | $/lb Cu | 4.23 | 0.00 |

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|:---|:---|:---|
| **Item** | **Full Resource Case<br> (With Inferred)** | **M&I Case<br> (Without Inferred)** |
| **Nchanga TLP** |  |  |
| Nchanga TLP Ore mined | 67443<sup>6</sup> | 36142<sup>7</sup> |
| Nchanga TLP Ore head grade | 0.88% | 0.65% |
| Nchanga TLP Ore Recovery | 50.7% | 48.1% |
| Nchanga TLP Cu Payable | 302 | 113 |
| Freight Charge | 65 | 24 |
| Treatment and Refining Charges | 0 | 0 |
| Operating Costs | 1224 | 592 |
| Total Royalties | 236 | 86 |
| Growth Capital | 76 | 0 |
| Capital Development | 0 | 0 |
| Sustaining Capital | 37 | 0 |
| C1 Cash Cost<sup>1</sup> | 1224 | 592 |
| C1 Cash Cost<sup>2</sup> | 1.84 | 2.38 |
| All-in Sustaining Cost<sup>3</sup> | 1497 | 679 |
| All-in Sustaining Cost<sup>4</sup> | 2.25 | 2.73 |
| Consolidated | Consolidated | Consolidated |
| KCM UG Ore mined | 245889 | 31478 |
| KCM UG Ore head grade | 2.94% | 2.91% |
| KCM UG Ore Recovery | 86.5% | 89.1% |
| KCM Cu Payable | 6059 | 788 |
| NBU Open Pit Ore mined | 2648 | 0 |
| NBU Open Pit Ore head grade | 1.38% | 0.00% |
| NBU Open Pit Ore recovery | 61.41% | 0.00% |
| NBU Open Pit Cu payable | 22 | 0 |
| NBU Underground Ore mined | 22139 | 0 |
| NBU Underground Ore head grade | 2.56% | 0.00% |
| NBU Underground Ore recovery | 49.47% | 0.00% |
| NBU Underground Cu payable | 267 | 0 |
| Nchanga TLP Ore mined | 67443 | 36142 |
| Nchanga TLP Ore head grade | 0.88% | 0.65% |
| Nchanga TLP Ore recovery | 50.7% | 48.1% |
| Nchanga TLP Cu Payable | 302 | 113 |
| Third Party Concentrate | 13116 | 3423 |
| Third Party concentrate grade | 33.2% | 33.0% |
| Third Party Metal Production | 4271 | 1108 |
| Integrated Metal Production | 6743 | 912 |
| Total Metal | 11014 | 2021 |
| Total Revenue | 112284 | 20716 |
| Total Royalty | 5173 | 706 |
| Mining Operating Costs | 25290 | 4270 |
| Smelter and Refinery Operating Costs | 5890 | 1338 |
| Smelter and Refinery Credits | -4298 | -759 |
| Concentrate Purchase cost | 40099 | 10562 |
| Growth Capital | 787 | 152 |
| Capital Development | 3337 | 505 |
| Sustaining Capital | 1859 | 408 |
| Closure Costs | 101 | 92.6 |
| C1 Cash Cost (total)<sup>1</sup> | 26247 | 4513 |
| C1 Unit Cash Cost (unit)<sup>2</sup> | 1.77 | 2.24 |
| All-in Sustaining Cost (total)<sup>3</sup> | 33279 | 5627 |
| All-in Sustaining Cost (unit)<sup>4</sup> | 2.24 | 2.80 |
| Net Revenue | 112284 | 20716 |
| Free Cash Flow | 34148 | 3439 |
| NPV<sup>8%</sup> (pre-tax, real basis) | 7740 | 2132 |
| Payback Period<sup>9</sup> | ~2 | ~5.6 |
| Mine Life | ~45 | ~11 |

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Notes:

<sup>1</sup> C1 Cash Cost includes all direct mining, processing, and site G&A costs, and smelter and refinery costs net of by-product credits (acid and cobalt revenue and incremental copper profit generated by the Nchanga Smelter and refinery from KCM concentrates). Treatment and refining charges (TC/RC) and freight deductions, normally accounted for as reductions in revenue, are added back to C1 cash costs to derive an approximate cost of finished metal.

 

<sup>2</sup> C1 Cash Cost per pound is calculated as total C1 cash costs divided by integrated metal produced during the period.

 

<sup>3</sup> All-in Sustaining Cost (AISC) is defined as C1 Cash Cost plus sustaining capital expenditure, and royalties. AISC is a non-GAAP measure presented for illustrative purposes and is reconciled to the operating and capital cost estimates in Section 18.

 

<sup>4</sup> AISC per pound is calculated by dividing total All-In Sustaining Costs (C1 cash costs + sustaining capital expenditure + royalties) by the integrated metal produced in the period. AISC is a non-GAAP measure presented for illustrative purposes and is reconciled to the operating and capital cost estimates in Section 18.

 

<sup>5</sup> No Measured or Indicated Resources have been estimated for NBU open pit and underground deposits. The M&I Case for Nchanga TLP reflects TD03/TD04 tailings recovery operations only.

 

<sup>6</sup> Includes Tailings recovery from TD03 and TD04.

 

<sup>7</sup> Comprises Tailings recovery from TD03 and TD04 only.

 

<sup>8</sup> Total Revenue represents payable copper revenue associated with KCM, NBU, and Nchanga TLP and third party concentrates. The cost of purchase for third party concentrates is shown in the operating costs.

 

<sup>9</sup> Payback period represents the time for cumulative free cash flow to equal total capital investment. IRR is not reported as this is a brownfield operation generating positive free cash flow from Year 1.

The NPV8% (pre-tax) is US$7,740M for the Full Resource Case (With Inferred) and US$2,132M for the M&I Case (Without Inferred). The annual cashflow profile for the Full Resource Case (With Inferred) is shown in Figure 19.7 and Table 19.3, and for the M&I Case (Without Inferred) is shown in Figure 19.8 and Table 19.4.

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Figure 19.7 Full Resource Case cashflow

![](ctm003_ex96-1img146.jpg)

Source: AMC, 2025.

Figure 19.8 M&I Case cashflow

Source: AMC, 2025.

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Table 19.3 Full Resource Case production and cashflow schedule

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Item** | **Unit** | **FY2026** | **FY2027** | **FY2028** | **FY2029** | **FY2030** | **FY2031** | **FY2032** | **FY2033** | **FY2034** | **FY2035** | **FY2036** | **Block 1<sup>7</sup> Subtotal** |
| **Production** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| KCM UG Ore Mined | kt | 1735 | 2299 | 2299 | 4100 | 3374 | 3486 | 5004 | 6001 | 6003 | 6002 | 6000 | **46302** |
| KCM UG Head Grade | %TCu | 3.17 | 2.87 | 2.77 | 3.03 | 2.98 | 2.81 | 2.81 | 2.88 | 2.95 | 2.96 | 2.92 | **2.92** |
| KCM UG Recovery | % | 86.9 | 89.3 | 91 | 87.8 | 87 | 87.8 | 87.8 | 88.2 | 87.6 | 87.1 | 87.2 | **87.8** |
| **KCM UG Cu Payable** | kt | **46.9** | **57.8** | **56.9** | **106.9** | **85.8** | **84.6** | **121.2** | **149.9** | **152.0** | **151.9** | **150.1** | **1164.0** |
| NBU Ore Mined (OP + UG) | kt | 1600 | 1047 | 490 | 1458 | 1958 | 4115 | 4115 | 3847 | 2902 | 1228 | 1014 | **23773** |
| **NBU Cu Payable** | kt | **13.1** | **8.9** | **8.4** | **20.6** | **29.6** | **50.4** | **42.0** | **41.7** | **31.3** | **16.1** | **17.0** | **279.0** |
| Nchanga TLP Ore Mined | kt | 12992 | 11500 | 11965 | 9048 | 4372 | 3952 | 3981 | 3711 | 2810 | 1181 | 964 | **66476** |
| Nchanga TLP Head Grade | %TCu | 0.72 | 0.64 | 0.69 | 0.79 | 1.08 | 1.75 | 1.41 | 1.21 | 0.90 | 0.94 | 1.16 | **0.88** |
| Nchanga TLP Recovery | % | 43 | 53.8 | 58.8 | 58.5 | 57.9 | 52.9 | 55.4 | 44.1 | 33.4 | 29.7 | 27.9 | **51.3** |
| **Nchanga TLP Cu Payable** | kt | **40.2** | **39.5** | **48.4** | **41.7** | **27.4** | **36.7** | **31.1** | **19.7** | **8.4** | **3.3** | **3.1** | **299.4** |
| **Total Payable Copper** | kt | **100.4** | **106.2** | **113.7** | **169.1** | **142.8** | **171.7** | **194.3** | **211.3** | **191.7** | **171.3** | **170.2** | **1742.7** |
| **Revenue** | **Revenue** | **Revenue** | **Revenue** | **Revenue** | **Revenue** | **Revenue** | **Revenue** | **Revenue** | **Revenue** | **Revenue** | **Revenue** | **Revenue** | **Revenue** |
| Net Revenue | US$M | 1838 | 2302 | 2251 | 2853 | 2550 | 2868 | 2815 | 2664 | 2607 | 2555 | 2554 | **27858** |
| **Operating Costs** | **Operating Costs** | **Operating Costs** | **Operating Costs** | **Operating Costs** | **Operating Costs** | **Operating Costs** | **Operating Costs** | **Operating Costs** | **Operating Costs** | **Operating Costs** | **Operating Costs** | **Operating Costs** | **Operating Costs** |
| Mining Operating Costs | US$M | 616 | 602 | 585 | 717 | 628 | 675 | 813 | 865 | 820 | 693 | 670 | **7684** |
| Smelter & Refinery OPEX | US$M | 112 | 128 | 133 | 142 | 126 | 130 | 132 | 131 | 132 | 132 | 132 | **1431** |
| Smelter & Refinery Credits | US$M | -(60) | -(78) | -(63) | -(81) | -(77) | -(89) | -(99) | -(98) | -(99) | -(100) | -(100) | **-(944)** |
| Concentrate Purchase Cost | US$M | 853 | 1090 | 961 | 989 | 976 | 980 | 774 | 473 | 599 | 745 | 754 | **9193** |
| Total Royalties | US$M | 69 | 88 | 92 | 136 | 113 | 137 | 148 | 161 | 147 | 131 | 130 | **1350** |
| **Capital Costs** | **Capital Costs** | **Capital Costs** | **Capital Costs** | **Capital Costs** | **Capital Costs** | **Capital Costs** | **Capital Costs** | **Capital Costs** | **Capital Costs** | **Capital Costs** | **Capital Costs** | **Capital Costs** | **Capital Costs** |
| Growth Capital | US$M | 52 | 119 | 121 | 91 | 46 | 119 | 130 | 55 | 31 | 21 | 0 | **784** |
| Capital Development | US$M | 129 | 106 | 138 | 211 | 209 | 236 | 222 | 206 | 198 | 124 | 115 | **1896** |
| Sustaining Capital | US$M | 75 | 36 | 60 | 73 | 51 | 56 | 69 | 68 | 70 | 52 | 43 | **652** |
| **Total Capital** | US$M | **256** | **261** | **319** | **375** | **306** | **411** | **422** | **329** | **299** | **197** | **158** | **3332** |
| **Unit Costs** | **Unit Costs** | **Unit Costs** | **Unit Costs** | **Unit Costs** | **Unit Costs** | **Unit Costs** | **Unit Costs** | **Unit Costs** | **Unit Costs** | **Unit Costs** | **Unit Costs** | **Unit Costs** | **Unit Costs** |
| C1 Cash Cost⁴ | US$M | 636 | 621 | 613 | 751 | 654 | 698 | 835 | 892 | 845 | 714 | 691 | **7951** |
| **C1 Cash Cost⁴** | US$/lb Cu | **2.87** | **2.65** | **2.45** | **2.01** | **2.08** | **1.85** | **1.95** | **1.91** | **2.00** | **1.89** | **1.84** | **2.07** |
| AISC⁴ | US$M | 780 | 745 | 765 | 959 | 819 | 891 | 1052 | 1121 | 1061 | 897 | 864 | **9954** |
| **AISC⁴** | US$/lb Cu | 3.52 | 3.18 | 3.05 | 2.57 | 2.60 | 2.35 | 2.46 | 2.41 | 2.51 | 2.38 | 2.30 | **2.59** |
| **Cash Flow** | **Cash Flow** | **Cash Flow** | **Cash Flow** | **Cash Flow** | **Cash Flow** | **Cash Flow** | **Cash Flow** | **Cash Flow** | **Cash Flow** | **Cash Flow** | **Cash Flow** | **Cash Flow** | **Cash Flow** |
| **Free Cash Flow** | US$M | **-8** | **212** | **224** | **576** | **478** | **625** | **626** | **803** | **709** | **757** | **809** | **5812** |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Item** | **Unit** | **FY2037** | **FY2038** | **FY2039** | **FY2040** | **FY2041** | **FY2042** | **FY2043** | **FY2044** | **FY2045** | **FY2046** | **FY2047** | **FY2048** | **FY2049** | **FY2050** | **FY2051** | **FY2052** | **FY2053** | **FY2054** | **FY2055** | **FY2056** | **FY2057** | **Block 2<sup>8</sup> Subtotal** |
| **Production** | **Production** | **Production** | **Production** | **Production** | **Production** | **Production** | **Production** | **Production** | **Production** | **Production** | **Production** | **Production** | **Production** | **Production** | **Production** | **Production** | **Production** | **Production** | **Production** | **Production** | **Production** | **Production** | **Production** |
| KCM UG Ore Mined | kt | 6000 | 6001 | 6000 | 6000 | 6003 | 6002 | 6000 | 6000 | 6000 | 6004 | 6000 | 6000 | 5999 | 6003 | 6001 | 6000 | 6000 | 6001 | 5999 | 6000 | 6009 | **126023** |
| KCM UG Head Grade | %TCu | 2.93 | 2.89 | 2.98 | 3.00 | 3.00 | 3.02 | 3.05 | 3.10 | 3.02 | 2.99 | 3.00 | 2.97 | 2.96 | 2.99 | 2.96 | 2.93 | 2.97 | 2.98 | 2.94 | 2.96 | 2.96 | **2.98** |
| KCM UG Recovery | % | 86.7 | 87.8 | 87.4 | 87.1 | 86.6 | 85.7 | 85.9 | 86.3 | 86.5 | 86 | 86 | 85.5 | 84.9 | 85.1 | 85.2 | 84.9 | 85.3 | 85.1 | 85.3 | 85.1 | 85.1 | **85.9** |
| **KCM UG Cu Payable** | kt | **149.5** | **149.5** | **153.2** | **154.0** | **153.0** | **152.5** | **154.4** | **157.6** | **153.7** | **151.7** | **151.9** | **149.4** | **148.0** | **149.8** | **148.2** | **146.7** | **149.3** | **149.3** | **147.4** | **148.2** | **148.6** | **3166.1** |
| NBU Ore Mined (OP + UG) | kt | 1014 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | **1014** |
| **NBU Cu Payable** | kt | **16.0** | **0.0** | **0.0** | **0.0** | **0.0** | **0.0** | **0.0** | **0.0** | **0.0** | **0.0** | **0.0** | **0.0** | **0.0** | **0.0** | **0.0** | **0.0** | **0.0** | **0.0** | **0.0** | **0.0** | **0.0** | **16.0** |
| Nchanga TLP Ore Mined | kt | 967 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | **967** |
| Nchanga TLP Head Grade | %TCu | 1.09 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | **1.09** |
| Nchanga TLP Recovery | % | 27.8 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | **27.8** |
| **Nchanga TLP Cu Payable** | kt | **2.9** | **0.0** | **0.0** | **0.0** | **0.0** | **0.0** | **0.0** | **0.0** | **0.0** | **0.0** | **0.0** | **0.0** | **0.0** | **0.0** | **0.0** | **0.0** | **0.0** | **0.0** | **0.0** | **0.0** | **0.0** | **2.9** |
| **Total Payable Copper** | kt | **168.5** | **149.5** | **153.2** | **154.0** | **153.0** | **152.5** | **154.4** | **157.6** | **153.7** | **151.7** | **151.9** | **149.4** | **148.0** | **149.8** | **148.2** | **146.7** | **149.3** | **149.3** | **147.4** | **148.2** | **148.6** | **3185.1** |
| **Revenue** | **Revenue** | **Revenue** | **Revenue** | **Revenue** | **Revenue** | **Revenue** | **Revenue** | **Revenue** | **Revenue** | **Revenue** | **Revenue** | **Revenue** | **Revenue** | **Revenue** | **Revenue** | **Revenue** | **Revenue** | **Revenue** | **Revenue** | **Revenue** | **Revenue** | **Revenue** | **Revenue** |
| Net Revenue | US$M | 2552 | 2473 | 2520 | 2520 | 2520 | 2521 | 2519 | 2517 | 2520 | 2521 | 2521 | 2523 | 2524 | 2523 | 2524 | 2514 | 2523 | 2523 | 2522 | 2524 | 2524 | **52929** |
| **Operating Costs** | **Operating Costs** | **Operating Costs** | **Operating Costs** | **Operating Costs** | **Operating Costs** | **Operating Costs** | **Operating Costs** | **Operating Costs** | **Operating Costs** | **Operating Costs** | **Operating Costs** | **Operating Costs** | **Operating Costs** | **Operating Costs** | **Operating Costs** | **Operating Costs** | **Operating Costs** | **Operating Costs** | **Operating Costs** | **Operating Costs** | **Operating Costs** | **Operating Costs** | **Operating Costs** |
| Mining Operating Costs | US$M | 671 | 534 | 539 | 536 | 535 | 537 | 540 | 529 | 523 | 527 | 532 | 535 | 539 | 539 | 534 | 534 | 530 | 530 | 529 | 521 | 513 | **11307** |
| Smelter & Refinery OPEX | US$M | 132 | 132 | 132 | 132 | 132 | 132 | 132 | 132 | 132 | 132 | 132 | 132 | 132 | 132 | 132 | 132 | 132 | 132 | 132 | 132 | 132 | **2776** |
| Smelter & Refinery Credits | US$M | -(99) | -(101) | -(100) | -(101) | -(101) | -(102) | -(101) | -(101) | -(101) | -(101) | -(101) | -(101) | -(100) | -(99) | -(100) | -(99) | -(100) | -(100) | -(100) | -(100) | -(100) | **-(2108)** |
| Concentrate Purchase Cost | US$M | 769 | 873 | 885 | 877 | 888 | 893 | 873 | 841 | 880 | 901 | 898 | 924 | 938 | 920 | 936 | 941 | 925 | 925 | 941 | 936 | 932 | **18897** |
| Total Royalties | US$M | 129 | 114 | 117 | 118 | 117 | 117 | 118 | 120 | 118 | 116 | 116 | 114 | 113 | 114 | 113 | 112 | 114 | 114 | 113 | 113 | 114 | **2435** |
| **Capital Costs** | **Capital Costs** | **Capital Costs** | **Capital Costs** | **Capital Costs** | **Capital Costs** | **Capital Costs** | **Capital Costs** | **Capital Costs** | **Capital Costs** | **Capital Costs** | **Capital Costs** | **Capital Costs** | **Capital Costs** | **Capital Costs** | **Capital Costs** | **Capital Costs** | **Capital Costs** | **Capital Costs** | **Capital Costs** | **Capital Costs** | **Capital Costs** | **Capital Costs** | **Capital Costs** |
| Growth Capital | US$M | 0 | 0 | 0 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | **3** |
| Capital Development | US$M | 107 | 94 | 92 | 82 | 96 | 84 | 76 | 67 | 77 | 75 | 73 | 67 | 66 | 64 | 58 | 56 | 45 | 38 | 31 | 23 | 18 | **1389** |
| Sustaining Capital | US$M | 51 | 45 | 52 | 47 | 45 | 49 | 46 | 55 | 37 | 37 | 36 | 41 | 47 | 33 | 30 | 29 | 31 | 36 | 26 | 25 | 46 | **844** |
| **Total Capital** | US$M | **158** | **139** | **144** | **130** | **142** | **133** | **122** | **122** | **114** | **112** | **109** | **107** | **113** | **97** | **88** | **85** | **76** | **75** | **58** | **48** | **64** | **2236** |
| **Unit Costs** | **Unit Costs** | **Unit Costs** | **Unit Costs** | **Unit Costs** | **Unit Costs** | **Unit Costs** | **Unit Costs** | **Unit Costs** | **Unit Costs** | **Unit Costs** | **Unit Costs** | **Unit Costs** | **Unit Costs** | **Unit Costs** | **Unit Costs** | **Unit Costs** | **Unit Costs** | **Unit Costs** | **Unit Costs** | **Unit Costs** | **Unit Costs** | **Unit Costs** | **Unit Costs** |
| C1 Cash Cost⁴ | US$M | 693 | 554 | 559 | 555 | 554 | 556 | 559 | 548 | 542 | 546 | 551 | 554 | 558 | 559 | 554 | 553 | 549 | 549 | 549 | 541 | 532 | **11715** |
| **C1 Cash Cost⁴** | US$/lb Cu | **1.87** | **1.68** | **1.65** | **1.64** | **1.64** | **1.65** | **1.64** | **1.58** | **1.60** | **1.63** | **1.65** | **1.68** | **1.71** | **1.69** | **1.70** | **1.71** | **1.67** | **1.67** | **1.69** | **1.65** | **1.62** | **1.67** |
| AISC⁴ | US$M | 873 | 713 | 728 | 720 | 716 | 721 | 723 | 724 | 696 | 699 | 703 | 709 | 719 | 706 | 697 | 694 | 694 | 699 | 688 | 679 | 691 | **14994** |
| **AISC⁴** | US$/lb Cu | **2.35** | **2.16** | **2.15** | **2.12** | **2.12** | **2.15** | **2.12** | **2.08** | **2.05** | **2.09** | **2.10** | **2.15** | **2.20** | **2.14** | **2.13** | **2.15** | **2.11** | **2.12** | **2.12** | **2.08** | **2.11** | **2.14** |
| **Cash Flow** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Free Cash Flow** | US$M | **792** | **783** | **804** | **828** | **808** | **811** | **836** | **874** | **855** | **834** | **835** | **811** | **788** | **819** | **820** | **809** | **846** | **847** | **848** | **873** | **869** | **17389** |

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Item** | **Unit** | **FY2058** | **FY2059** | **FY2060** | **FY2061** | **FY2062** | **FY2063** | **FY2064** | **FY2065** | **FY2066** | **FY2067** | **FY2068** | **FY2069** | **FY2070** | **Block 3<sup>9</sup> Subtotal** | **LOM<br> Total** |
| **Production** | **Production** | **Production** | **Production** | **Production** | **Production** | **Production** | **Production** | **Production** | **Production** | **Production** | **Production** | **Production** | **Production** | **Production** | **Production** | **Production** |
| KCM UG Ore Mined | kt | 6000 | 6003 | 6002 | 6000 | 6000 | 6002 | 6007 | 6006 | 6003 | 6002 | 6001 | 5176 | 2362 | **73564** | **245889** |
| KCM UG Head Grade | %TCu | 2.93 | 2.89 | 2.84 | 2.82 | 2.82 | 2.82 | 2.84 | 2.88 | 2.93 | 3.14 | 3.03 | 2.87 | 2.81 | **2.90** | **2.94** |
| KCM UG Recovery | % | 85.3 | 86.2 | 86.8 | 87.3 | 86.9 | 86.9 | 87.0 | 86.6 | 87.1 | 86.5 | 87.0 | 87.0 | 87.1 | **86.7** | **86.5** |
| **KCM UG Cu Payable** | kt | **147.4** | **146.6** | **145.4** | **144.9** | **144.3** | **144.5** | **145.7** | **147.1** | **150.3** | **159.9** | **155.4** | **126.9** | **56.7** | **1815.2** | **6145.2** |
| NBU Ore Mined (OP + UG) | kt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | **0** | **24787** |
| **NBU Cu Payable** | kt | **0.0** | **0.0** | **0.0** | **0.0** | **0.0** | **0.0** | **0.0** | **0.0** | **0.0** | **0.0** | **0.0** | **0.0** | **0.0** | **0.0** | **295.1** |
| Nchanga TLP Ore Mined | kt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | **0** | **67443** |
| Nchanga TLP Head Grade | %TCu | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | **0.00** | **0.88** |
| Nchanga TLP Recovery | % | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | **0.0** | **51.0** |
| **Nchanga TLP Cu Payable** | kt | **0.0** | **0.0** | **0.0** | **0.0** | **0.0** | **0.0** | **0.0** | **0.0** | **0.0** | **0.0** | **0.0** | **0.0** | **0.0** | **0.0** | **302.4** |
| **Total Payable Copper** | kt | **147.4** | **146.6** | **145.4** | **144.9** | **144.3** | **144.5** | **145.7** | **147.1** | **150.3** | **159.9** | **155.4** | **126.9** | **56.7** | **1815.2** | **6742.9** |
| **Revenue** | **Revenue** | **Revenue** | **Revenue** | **Revenue** | **Revenue** | **Revenue** | **Revenue** | **Revenue** | **Revenue** | **Revenue** | **Revenue** | **Revenue** | **Revenue** | **Revenue** | **Revenue** | **Revenue** |
| Net Revenue | US$M | 2521 | 2513 | 2501 | 2496 | 2490 | 2491 | 2504 | 2519 | 2522 | 2516 | 2519 | 2312 | 1593 | **31496** | **112284** |
| **Operating Costs** | **Operating Costs** | **Operating Costs** | **Operating Costs** | **Operating Costs** | **Operating Costs** | **Operating Costs** | **Operating Costs** | **Operating Costs** | **Operating Costs** | **Operating Costs** | **Operating Costs** | **Operating Costs** | **Operating Costs** | **Operating Costs** | **Operating Costs** | **Operating Costs** |
| Mining Operating Costs | US$M | 508 | 505 | 505 | 505 | 505 | 504 | 503 | 501 | 498 | 500 | 499 | 452 | 316 | **6299** | **25290** |
| Smelter & Refinery OPEX | US$M | 132 | 132 | 132 | 132 | 132 | 132 | 132 | 132 | 132 | 132 | 132 | 128 | 104 | **1683** | **5890** |
| Smelter & Refinery Credits | US$M | -(100) | -(100) | -(100) | -(100) | -(100) | -(100) | -(100) | -(100) | -(101) | -(98) | -(99) | -(87) | -(63) | **-(1246)** | **-(4298)** |
| Concentrate Purchase Cost | US$M | 941 | 941 | 941 | 941 | 941 | 941 | 941 | 941 | 915 | 817 | 863 | 941 | 941 | **12009** | **40099** |
| Total Royalties | US$M | 113 | 112 | 111 | 111 | 110 | 110 | 111 | 112 | 115 | 122 | 119 | 97 | 43 | **1388** | **5173** |
| **Capital Costs** | **Capital Costs** | **Capital Costs** | **Capital Costs** | **Capital Costs** | **Capital Costs** | **Capital Costs** | **Capital Costs** | **Capital Costs** | **Capital Costs** | **Capital Costs** | **Capital Costs** | **Capital Costs** | **Capital Costs** | **Capital Costs** | **Capital Costs** | **Capital Costs** |
| Growth Capital | US$M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | **0** | **787** |
| Capital Development | US$M | 5 | 5 | 4 | 5 | 4 | 4 | 4 | 4 | 3 | 3 | 7 | 2 | 1 | **53** | **3338** |
| Sustaining Capital | US$M | 30 | 31 | 24 | 36 | 31 | 28 | 38 | 25 | 24 | 25 | 24 | 25 | 22 | **363** | **1859** |
| **Total Capital** | US$M | **36** | **36** | **28** | **41** | **35** | **33** | **42** | **29** | **27** | **28** | **31** | **28** | **23** | **416** | **5984** |
| **Unit Costs** | **Unit Costs** | **Unit Costs** | **Unit Costs** | **Unit Costs** | **Unit Costs** | **Unit Costs** | **Unit Costs** | **Unit Costs** | **Unit Costs** | **Unit Costs** | **Unit Costs** | **Unit Costs** | **Unit Costs** | **Unit Costs** | **Unit Costs** | **Unit Costs** |
| C1 Cash Cost⁴ | US$M | 527 | 524 | 524 | 524 | 524 | 522 | 522 | 520 | 517 | 521 | 520 | 476 | 331 | **6551** | **26217** |
| **C1 Cash Cost⁴** | US$/lb Cu | **1.62** | **1.62** | **1.63** | **1.64** | **1.65** | **1.64** | **1.62** | **1.60** | **1.56** | **1.48** | **1.52** | **1.70** | **2.65** | **1.64** | **1.76** |
| AISC⁴ | US$M | 670 | 667 | 659 | 671 | 665 | 661 | 671 | 657 | 655 | 668 | 663 | 598 | 397 | **8301** | **33249** |
| **AISC⁴** | US$/lb Cu | **2.06** | **2.06** | **2.06** | **2.10** | **2.09** | **2.08** | **2.09** | **2.03** | **1.98** | **1.89** | **1.93** | **2.14** | **3.17** | **2.07** | **2.24** |
| **Cash Flow** | **Cash Flow** | **Cash Flow** | **Cash Flow** | **Cash Flow** | **Cash Flow** | **Cash Flow** | **Cash Flow** | **Cash Flow** | **Cash Flow** | **Cash Flow** | **Cash Flow** | **Cash Flow** | **Cash Flow** | **Cash Flow** | **Cash Flow** | **Cash Flow** |
| **Free Cash Flow** | US$M | **891** | **887** | **883** | **866** | **867** | **871** | **875** | **903** | **936** | **1014** | **975** | **752** | **227** | **10948** | **34148** |

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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Notes:

<sup>1</sup> This Initial Assessment is preliminary in nature and includes Inferred Mineral Resources that are considered too speculative geologically to have economic considerations applied that would enable them to be categorised as Mineral Reserves. There is no certainty that this Initial Assessment will be realised.

<sup>2</sup> Approximately 87% of the Mineral Resources included in this case are classified as Inferred. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

<sup>3</sup> Period head grades and recoveries represent weighted averages of ore processed during each period.

<sup>4</sup> C1 and AISC are non-GAAP measures. C1 Cash Cost includes all direct mining, processing, and site G&A costs, and smelter and refinery costs net of by-product credits (acid and cobalt revenue and incremental copper profit generated by the Nchanga Smelter and refinery from KCM concentrates). The incremental smelter margin attributable to third-party concentrate processing is excluded from the C1 calculation. Treatment and refining charges (TC/RC) and freight deductions, normally accounted for as reductions in revenue, are added back to C1 cash costs to derive an approximate cost of finished metal.

<sup>5</sup> Pre-tax, real (2025) basis. Discount rate: 8%.

<sup>6</sup> Rounding may cause apparent computational discrepancies.

<sup>7</sup> Block 1 covers the 11-year M+I life of mine. Includes Konkola Mine ramp-up from ~47 ktpa to ~113 ktpa, full TD03/TD04 TLP reclamation (FY2026–FY2029), and Nchanga Business Unit (NBU) production from COP DF and COP E Extension open pit and underground operations. This period maps directly to the companion Pre-Feasibility Study TRS. Capital intensity is highest in this block as the Konkola Deep Mine Project is executed.

<sup>8</sup> Block 2 covers 21 years of Konkola Mine operating at sustained steady-state throughput of approximately 6 Mtpa, delivering ~150 ktpa of payable copper. NBU and TLP operations have ceased by this point. The smelter runs at near-nameplate capacity with third-party concentrate supplementing Konkola feed. Capital requirements reduce materially to sustaining-only levels. Unit costs reach their lowest point across the LOM.

<sup>9</sup> Block 3 covers the final 13 years of Konkola Mine operations as the orebody transitions to deeper, lower-productivity zones and approaches mine closure. Production declines progressively from ~147 ktpa to ~57 ktpa in the final year. Sustaining capital remains active; closure costs of US$101M are incurred in the final years. Unit costs increase relative to Block 2 as fixed costs are spread over declining volumes.

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|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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Table 19.4 M&I Case production and cashflow schedule

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Item** | **Unit** | **FY2026** | **FY2027** | **FY2028** | **FY2029** | **FY2030** | **FY2031** | **FY2032** | **FY2033** | **FY2034** | **FY2035** | **FY2036** | **FY2037** | **FY2028** | **LOM Total** |
| **Production** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| KCM UG Ore Mined | kt | 1607 | 1283 | 1714 | 2591 | 3281 | 4174 | 4670 | 4368 | 3189 | 2665 | 1935 | 0 | 0 | **31478** |
| KCM UG Head Grade | %TCu | 3.44 | 3.54 | 3.10 | 2.89 | 2.93 | 2.91 | 2.79 | 2.78 | 2.77 | 2.79 | 2.79 | 0.00 | 0.00 | **2.91** |
| KCM UG Recovery | % | 87.2 | 85.1 | 88.1 | 89.0 | 88.3 | 88.9 | 89.7 | 89.5 | 90.8 | 90.5 | 89.9 | 0.0 | 0.0 | **89.1** |
| **KCM UG Cu Payable** | kt | **46.7** | **37.3** | **45.3** | **64.4** | **82.2** | **104.5** | **113.1** | **105.3** | **77.5** | **65.0** | **47.0** | **0.0** | **0.0** | **788.3** |
| NBU Ore Mined (OP + UG) | kt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | **0** |
| **NBU Cu Payable** | kt | **0.0** | **0.0** | **0.0** | **0.0** | **0.0** | **0.0** | **0.0** | **0.0** | **0.0** | **0.0** | **0.0** | **0.0** | **0.0** | **0.0** |
| Nchanga TLP Ore Mined | kt | 14492 | 9000 | 9000 | 3650 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | **36142** |
| Nchanga TLP Head Grade | %TCu | 0.68 | 0.63 | 0.63 | 0.63 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | **0.65** |
| Nchanga TLP Recovery | % | 45.6 | 49.9 | 49.9 | 49.9 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | **48.2** |
| **Nchanga TLP Cu Payable** | kt | **44.9** | **28.3** | **28.3** | **11.5** | **0.0** | **0.0** | **0.0** | **0.0** | **0.0** | **0.0** | **0.0** | **0.0** | **0.0** | **112.9** |
| **Total Payable Copper** | kt | **92.3** | **66.1** | **74.2** | **76.7** | **83.3** | **106.0** | **114.7** | **106.8** | **78.6** | **65.9** | **47.7** | **0.0** | **0.0** | **912.5** |
| **Revenue** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net Revenue | US$M | 1774 | 1868 | 1819 | 1868 | 1918 | 2169 | 2188 | 2106 | 1817 | 1687 | 1501 | 0 | 0 | **20716** |
| **Operating Costs** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Mining Operating Costs | US$M | 483 | 391 | 422 | 463 | 354 | 408 | 426 | 409 | 341 | 308 | 266 | 0 | 0 | **4270** |
| Smelter & Refinery OPEX | US$M | 111 | 123 | 127 | 131 | 120 | 125 | 126 | 125 | 119 | 117 | 113 | 0 | 0 | **1338** |
| Smelter & Refinery Credits | US$M | -(54) | -(55) | -(56) | -(65) | -(73) | -(80) | -(90) | -(88) | -(72) | -(67) | -(60) | (0) | (0) | **-(759)** |
| Concentrate Purchase Cost | US$M | 853 | 1090 | 961 | 989 | 976 | 980 | 945 | 944 | 943 | 941 | 941 | 0 | 0 | **10562** |
| Total Royalties | US$M | 63 | 55 | 60 | 61 | 66 | 85 | 88 | 82 | 60 | 50 | 36 | 0 | 0 | **706** |
| **Capital Costs** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Growth Capital | US$M | 23 | 56 | 45 | 8 | 10 | 10 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | **152** |
| Capital Development | US$M | 200 | 153 | 58 | 22 | 16 | 19 | 14 | 10 | 6 | 5 | 2 | 0 | 0 | **505** |
| Sustaining Capital | US$M | 57 | 28 | 26 | 49 | 62 | 48 | 31 | 35 | 30 | 22 | 19 | 0 | 0 | **408** |
| **Total Capital** | US$M | **280** | **237** | **129** | **80** | **87** | **76** | **46** | **46** | **36** | **27** | **22** | **0** | **0** | **1066** |
| **Unit Costs** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| C1 Cash Cost⁴ | US$M | 502 | 409 | 445 | 489 | 375 | 431 | 446 | 428 | 362 | 327 | 283 | 0 | 0 | **4513** |
| **C1 Cash Cost⁴** | US$/lb Cu | **2.47** | **2.81** | **2.72** | **2.89** | **2.04** | **1.84** | **1.76** | **1.82** | **2.09** | **2.25** | **2.69** | **0.00** | **0.00** | **2.24** |
| AISC⁴ | US$M | 622 | 492 | 531 | 600 | 503 | 563 | 565 | 545 | 452 | 400 | 339 | 0 | 0 | **5628** |
| **AISC⁴** | US$/lb Cu | **3.06** | **3.37** | **3.24** | **3.55** | **2.74** | **2.41** | **2.23** | **2.32** | **2.61** | **2.75** | **3.22** | **0.00** | **0.00** | **2.79** |
| **Cash Flow** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Free Cash Flow** | US$M | **33** | **28** | **176** | **209** | **388** | **575** | **646** | **589** | **390** | **311** | **182** | **-44** | **-44** | **3439** |

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Notes:

<sup>1</sup> The M&I Case is presented in accordance with Item 1302(d)(4)(ii)(C) and is based on Measured and Indicated Mineral Resources only. Any Inferred Mineral Resources within mine designs are treated as waste and assigned zero grade.

<sup>2</sup> No Mineral Reserves are declared in this Initial Assessment. The M&I Case mine plan and technical parameters are consistent with those underpinning the Mineral Reserve estimate declared in the companion PFS Technical Report Summary (AMC, 2026).

<sup>3</sup> NBU operations are excluded from the M&I Case as no Measured or Indicated Resources have been estimated for Nchanga open pit and underground deposits.

<sup>4</sup> Total Capital includes Closure Costs of US$93M (presented separately in Table 1.3 and Table 18.16).

<sup>5</sup> C1 and AISC are non-GAAP measures. C1 Cash Cost includes all direct mining, processing, and site G&A costs, and smelter and refinery costs net of by-product credits (acid and cobalt revenue and incremental copper profit generated by the Nchanga Smelter and refinery from KCM concentrates). The incremental smelter margin attributable to third-party concentrate processing is excluded from the C1 calculation. Treatment and refining charges (TC/RC) and freight deductions, normally accounted for as reductions in revenue, are added back to C1 cash costs to derive an approximate cost of finished metal.

<sup>6</sup> Pre-tax, real (2025) basis. Discount rate: 8%.

<sup>7</sup> Rounding may cause apparent computational discrepancies.

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**19.6** **Sensitivity analysis** 

A sensitivity analysis on the NPV<sub>8%</sub> was undertaken for both the Full Resource Case and M&I Case, testing copper price, cobalt price, operating costs, and capital costs. The results are shown in Figure 19.9, Figure 19.10, Table 19.5, and Table 19.6. In both cases, the project is most sensitive to changes in copper price and operating costs.

Figure 19.9 Sensitivity analysis graph – Full Resource Case

![](ctm003_ex96-1img148.jpg)

Source: AMC, 2025.

Sensitivity analysis on the NPV<sub>8%</sub> for the Full Resource Case:

Table 19.5 Sensitivity analysis results – Full Resource Case

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Parameter** | **80%** | **90%** | **100%** | **110%** | **120%** |
| Cu Price (NPV US$M) | 4137 | 5939 | 7740 | 9542 | 11343 |
| Co Price (NPV US$M) | 7707 | 7723 | 7740 | 7757 | 7774 |
| OPEX (NPV US$M) | 9118 | 8429 | 7740 | 7052 | 6363 |
| CAPEX (NPV US$M) | 8306 | 8023 | 7740 | 7457 | 7175 |

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Figure 19.10 Sensitivity analysis graph – M&I Case

Source: AMC, 2025.

Sensitivity analysis on the NPV<sub>8%</sub> for the M&I Case:

Table 19.6 Sensitivity analysis results – M&I Case

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Parameter** | **80%** | **90%** | **100%** | **110%** | **120%** |
| Cu Price (NPV US$M) | 962 | 1547 | 2132 | 2717 | 3302 |
| Co Price (NPV US$M) | 2124 | 2128 | 2132 | 2136 | 2140 |
| OPEX (NPV US$M) | 2620 | 2376 | 2132 | 1888 | 1644 |
| CAPEX (NPV US$M) | 2303 | 2217 | 2132 | 2047 | 1961 |

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| **20** | **Adjacent properties** |

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KCM is surrounded by a number of Properties engaged in the extraction of copper located in different Copperbelt towns. Certain of these properties are described below, based on public information disclosed by the respective owners. However, AMC is unable to verify such information, and such information is not necessarily indicative of the characteristics of the properties subject of this TRS.

**20.1** **Chililabombwe** 

The KCM license is surrounded by the Lubambe Mine and Mingomba-Kobold project on the Northern side as shown in Figure 20.1 below.

Figure 20.1 Konkola deposit and surrounding properties

![](ctm003_ex96-1img150.jpg)

Source: PorterGeo.

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**20.1.1** **Lubambe Copper Mine** 

Lubambe copper Mine is a large-scale mining operation operating underground copper mine. The Mine sits on a tenement area of approximately 58.1 km² which is part of the Konkola Musoshi Basin, located within Zambia's Copperbelt Province which hosts one of the largest copper deposits in the world.

The mineralisation is hosted in regionally extensive, variable organic rich, marginal marine siltstone or shale termed the Copperbelt Orebody member, colloquially known as the "Ore Shale". It forms the basal unit of the Kitwe Formation, which comprises interbedded siliciclastic and carbonate rocks. The deposit has a global mean grade of 1.95%TCu with individual drillhole assay composite grades ranging between 0.50-6.0% TCu and a varying orebody thickness of 2.0 - 6.0 m across a strike length of 5 km.

The operation produces a high - grade concentrate averaging 40% Cu, sold under offtake agreements to smelters in Zambia. The mine has a total workforce of approximately 2,650 FTE (full time equivalent). The Mine is serviced by an international road from Chingola to Kasumbalesa (<u>https://lubambe.com/</u> Lubambe website, 10 March 2025).

**20.1.2** **KoBold Zambia-Mingomba Project** 

The KoBold Zambia-Mingomba Project being developed by KoBold Metals in partnership with ZCCM-IH unites cutting-edge exploration technology and top Zambian talent to develop this tier one copper deposit. The project is at exploration stage with 50,000 m drilled in 17 months. It is anticipated to have production capacity of 300,000 tonnes per annum copper in concentrates with a $2.3 Billion United States Dollar investment (<u>https://www.koboldmetals.com/zambia/</u>, KoBold Website, 10 March 2025).

**20.2** **Chingola** 

In Chingola, there are mainly Mimbula Minerals operated by Moxico Resources plc (Moxico).

Moxico's portfolio of mineral rights includes three mining licenses within the Chingola cluster under which the Mimbula Copper Project currently operates, namely the 92.5% owned Mimbula (21816-HQ-LML) and Luano OB18 (8514-HQ-SML) mining licenses and the 100% owned Zuka (8440-HQ-SML) mining license.

The Mimbula Copper Project is Moxico's first producing asset. The Phase 1 operations produce 10,000 tonnes of copper cathode per annum using a heap leach and SX / EW process started in December 2022 (<u>https://www.moxicoresources.com/projects/republic-of-zambia/operations</u>, Mimbula Website 10 March 2025).

**20.3** **Kitwe-Nkana refinery** 

The Nkana refinery is surrounded by the Mopani Nkana Mining complex which comprise the following: South Ore Body, Central Shaft and Synclinorium Orebody shaft complexes on the south, Mindolo Deep Mine on the Northwestern Side. Associated Old and Synclinorium concentrators on the west and the cobalt plant (decommissioned northwards). The Mopani mining complex has been in operation since the 1930s and produces copper in concentrates shipping the same to its Mufulira Smelter Complex (<u>https://mopani.com.zm/,</u> Mopani website, 10 March 2025).

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| **21** | **Other relevant data and information** |

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This section presents information on potential expansion opportunities that are not included in the M&I Case economic analysis. These opportunities are based on Inferred Mineral Resources and conceptual studies that require further work to demonstrate technical and economic viability.

**21.1** **Konkola Deeps production expansion project** 

A conceptual study by AMC, utilising the HoV® modelling framework, evaluated the potential for the Konkola Deeps Mining Project (KDMP) to achieve a copper production rate of 300 ktpa. The study identifies the need for significant infrastructure investment, including a new vertical hoisting shaft and additional concentrator plant capacity, with estimated capital expenditure exceeding US$3.0B.

The current Inferred Mineral Resource of 248.9 million tonnes at 3.35% TCu provides a foundation for this target. However, the unconfirmed nature of Inferred Mineral Resources and high execution complexity, particularly dewatering challenges in the Bancroft zones, introduce significant risks that have not yet been addressed to an appropriate level of confidence for further reporting to the market.

**21.1.1** **Project outlook** 

The 300 ktpa production target for Konkola Mine is technically possible but requires further studies to confirm economic viability. Production could be expanded through targeted upgrading of the mine's infrastructure and mining capacity, potentially increasing project value through significant capital investment.

However, achieving this target requires various assumptions to be validated, including:

● Significant improvements in underground systems such as dewatering, materials handling, and backfill supply.

● Substantial decrease in cut-off grade through increased productivities, removal of systemic inefficiencies, cost savings through benefits of scale, application of new technology, and optimisation of mining methods.

● Significant improvement in the availability of utilities.

There is no certainty that additional resource infill drilling of Inferred Mineral Resources will result in an expanded Mineral Resource or Mineral Reserve, and investors are cautioned that these estimates are preliminary. Any decision to pursue this production target would be contingent on further detailed analysis and modelling to demonstrate, at the appropriate level of confidence, that value would be added to the operation.

**21.1.2** **Strategic opportunities** 

Opportunities exist to increase the current 167,500 tpa production through further drilling to convert Inferred Resources to Indicated Resources, supporting increased orebody definition, confidence and higher development and production rates. Investment in advanced infrastructure could enhance production scalability, subject to successful studies and risk mitigation.

**21.1.3** **Recommended approach** 

To advance the KDMP toward the 300 ktpa copper production target, the following work is recommended. This work should be conducted by applying an integrated project development framework appropriate to the available information and investment appetite of the company:

● Conduct further study to validate the technical and economic viability of the proposed new vertical shaft, concentrator plant expansion. The study costs are estimated at $3.5M over 24 months.

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· Implement a $5M infill drilling program (15,000
m) over 18 months to convert Inferred Mineral Resources (248.9 million tonnes at 3.35% TCu) to an Indicated Resource category, reducing
geological uncertainty.

· Perform geotechnical and hydrogeological studies
($1M over 12 months) to address dewatering risks in the Bancroft zones, critical to project execution. These recommendations aim to confirm
the project's scalability, but there is no assurance that they will result in expanded resources.

These recommendations aim to confirm the project's scalability, but there is no assurance that they will result in expanded Mineral Resources.

21.2 Nchanga LP and Smelter expansion studies

A high-level assessment was undertaken to evaluate the conditions required to reach 500 ktpa total copper output from the KCM operations. This assessment is inclusive of the KDMP 300 ktpa opportunity discussed above.

21.2.1 Project outlook

To reach the targeted output, the following conditions require assessment to demonstrate technical and economic viability. This assessment work has not been completed, and results have not been confirmed:

● Complete the design, engineering and investment for the Konkola 300 ktpa project described above (Section 21.1).

● Construct an additional Nchanga TLP at Konkola Mine to recover acid soluble copper from fresh tailings from the Konkola Concentrator and from the recovery and re-treatment of tailings deposited on the Lubengele TSF.

● Recover and re-treat tailings stored on Tailings Dam 05 through the Nchanga TLP

● Expand the capacity of the Nchanga Smelter from 850,000 tpa to 1,300,000 tpa of concentrate feed.

● Increase the purchase of third-party concentrate to feed the smelter and maintain maximum capacity.

**21.2.2** **Recommended approach** 

To increase the certainty of this assessment, the following work is recommended:

● Conduct further studies to validate the technical and economic viability of a proposed new Nchanga TLP at Konkola.

● Complete sampling and test work on fresh and TSF tailings at Konkola to confirm acid leach performance for copper recovery.

● Quantify the amount and distribution of tailings on the Lubengele TSF.

● Complete sampling and test work for recovery of tailings at TD05 to confirm acid leach performance for copper recovery.

● Quantify the amount and distribution of tailings on TD05.

● Conduct technical and economic studies on the expansion of the smelter.

● Confirm that sufficient third-party concentrate at an appropriate specification will be available to fill the capacity of the expanded smelter.

● Upon confirmation of the feasibility, execute an effective, integrated implementation plan to achieve these production levels.

The cost of these studies and test work is estimated at US$5M over 24 months. This estimate is separate from the cost of any development work to execute these projects. There is no assurance that these recommendations will result in expanded Mineral Resources.

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| **22** | **Qualified Person's interpretation and conclusions** |

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**22.1** **Mineral Resource data** 

The QP notes that QAQC analysis identified some standards plotting outside two standard deviations (2SD), which may affect accuracy and precision. However, the QP is of the opinion that this adds a degree of uncertainty but does not materially affect the outcome of grade estimation.

**22.2** **Mineral Resources** 

The Konkola Mine resource block model is representative of the informing data and supports the Mineral Resource estimate at Measured, Indicated, and Inferred confidence levels. The Konkola Mineral Resource has the potential to increase in both confidence and size through campaigns of infill and extension drilling.

**22.3** **Initial Assessment conclusions** 

The QP emphasises that:

● This Initial Assessment is preliminary in nature and includes Inferred Mineral Resources that are considered too speculative geologically to have economic considerations applied that would enable them to be categorised as Mineral Reserves.

● Approximately 86% of the Mineral Resources at Konkola Mine (249 Mt of 290 Mt) are classified as Inferred..

● There is no certainty that the Initial Assessment will be realised. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

● Significant additional drilling and technical studies are required to upgrade Inferred Resources to higher confidence categories.

**22.4** **Project economics** 

The economic analysis demonstrates substantial potential value from the KCM operations:

● The Full Resource Case (Including Inferred) returns an NPV8% of US$7,740M over an approximately 45-year mine life.

● The M&I Case (Excluding Inferred) returns an NPV8% of US$2,132M over an approximately 11-year mine life, demonstrating that the Measured and Indicated Mineral Resource portion has a positive economic outcome independent of Inferred Resources.

Realisation of this value is dependent on adequate and timely investment of capital and the successful upgrade of Inferred Resources to higher confidence categories through continued drilling programs.

**22.5** **Effective date and subsequent events** 

The effective date of the Mineral Resource estimates is 1 April 2025. Approximately 1.2 Mt of ore has been mined from Konkola Mine between the effective date and the date of this report, representing less than 0.5% of the total Mineral Resource. The QP considers this depletion to be not material, and the Mineral Resource estimates have not been adjusted.

The QP confirms, based on a review of production records and mine planning data, that no material changes to the underlying geological model, grade estimates, resource classification, or economic assumptions have occurred since the effective date. There have been no changes from the effective date of the TRS that would materially disaffirm or otherwise change any aspect of the TRS or require the filing of a new TRS in accordance with Regulation S-K.

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| **23** | **Recommendations** |

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Based on the findings of this Initial Assessment, the Qualified Person recommends the following work programs to advance the KCM Integrated Operations toward higher confidence levels and to support future investment and funding processes.

**23.1** **Mineral Resource and geological recommendations** 

**23.1.1** **Resource infill and extension drilling** 

A structured drilling program is recommended to increase geological confidence and upgrade the Mineral Resource classification at Konkola Mine. Approximately 86% of the Mineral Resources at Konkola Mine (249 Mt of 290 Mt) are classified as Inferred. The program comprises four phases:

**Phase 1 – Measured Resource Definition (Years 1–5 Production)**

● Objective: Achieve Measured classification for the first five years of production

● Method: Underground and surface directional drilling at 60 m spacing

● Estimated cost: US$3.0M

● Duration: 12 months

**Phase 2 – Indicated Resource Expansion (Years 6–15 Production)**

● Objective: Convert Inferred to Indicated Mineral Resources for an additional ten years of production

● Method: Combination of surface directional and vertical drilling

● Estimated cost: US$5.0M

● Duration: 18 months

**Phase 3 – Inferred Resource Confidence**

● Objective: Enhance confidence in the Inferred Mineral Resource through reduced drillhole spacing

● Method: Infill drilling targeting areas of higher geological uncertainty

● Estimated cost: US$2.0M

● Duration: 12 months

**Phase 4 – Resource Extension**

● Objective: Test for mineralisation extensions within the lease boundary

● Method: Limited surface drillholes with average depth of 1,500 m

● Estimated cost: US$1.5M

● Duration: 12 months

**23.1.2** **Tailings storage facility drilling** 

● Complete drilling programs at the TD05 and Lubengele tailings storage facilities to generate initial Mineral Resource estimates

● Estimated cost: US$0.5M

**23.1.3** **QAQC and data management** 

● Update standard operating procedures for sample preparation and analysis

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● Implement comprehensive QAQC protocols on all future drillholes

● Generate master QAQC reports and Mineral Resource statement reports

● Prepare documentation for external audit of Mineral Resource estimates

● Estimated cost: US$0.3M

**23.2** **Mining recommendations** 

**23.2.1** **Konkola Mine** 

● Complete detailed mine design and scheduling to Feasibility Study level

● Finalise contractor engagement strategy for underground mining operations

● Complete geotechnical studies to confirm stope designs and ground support requirements

● Advance dewatering infrastructure design, particularly the 1390 level pumping system

● Complete paste fill plant detailed engineering

● Estimated cost: US$2.0M

**23.2.2** **TD03/TD04 tailings reclamation** 

● Continue ongoing tailings characterisation to refine recovery estimates

● Optimise hydro sluicing operations based on current performance data

● Estimated cost: US$0.2M

**23.2.3** **Nchanga Underground projects** 

● Review and assess the geological understanding, inputs, and resource estimates for COP DF Underground, COP E Underground, and Luano Underground

● Complete Pre-Feasibility Study level work on COP E and COP DF Underground projects to advance these toward potential Mineral Reserve estimates

● Complete concept-level geotechnical and hydrogeological assessments

● Estimated cost: US$1.5M

**23.3** **Processing and metallurgical recommendations** 

**23.3.1** **Konkola Concentrator** 

● Complete Concentrator Stream 2 refurbishment to restore baseplate capacity

● Conduct variability test work on ore from different mining areas

● Estimated cost: US$0.5M (test work only; refurbishment capital included in economic analysis)

**23.3.2** **Nchanga TLP** 

● Complete detailed engineering for the elevated temperature leaching upgrade

● Conduct confirmatory test work on TD03/TD04 material to verify recovery assumptions

● Estimated cost: US$0.3M

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**23.4** **Infrastructure recommendations** 

● Complete detailed engineering for ventilation upgrades

● Finalise power supply arrangements with ZESCO

● Advance dewatering system detailed design

● Complete closure cost estimate update

● Estimated cost: US$0.5M

**23.5** **Economic and commercial recommendations** 

● Secure third-party concentrate supply agreements beyond 2026 to fill smelter capacity

● Complete Feasibility Study on the KCM Integrated Operations to support future investment and funding processes

● Update economic model with results from recommended studies

● Estimated cost: US$1.0M (Feasibility Study)

**23.6** **Summary of recommended work program** 

Table 23.1 Recommended work program

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|:---|:---|:---|
| **Work program** | **Estimated Cost (US$M)** | **Duration** |
| Phase 1 Drilling – Measured Resource | 3 | 12 months |
| Phase 2 Drilling – Indicated Resource | 5 | 18 months |
| Phase 3 Drilling – Inferred Confidence | 2 | 12 months |
| Phase 4 Drilling – Resource Extension | 1.5 | 12 months |
| Tailings Facility Drilling (TD05/Lubengele) | 0.5 | 6 months |
| QAQC and Data Management | 0.3 | 6 months |
| Mining Studies (Konkola Mine) | 2 | 12 months |
| Mining Studies (TD03/TD04) | 0.2 | 6 months |
| Mining Studies (Nchanga UG Projects) | 1.5 | 12 months |
| Processing and Metallurgical Studies | 0.8 | 12 months |
| Infrastructure Studies | 0.5 | 12 months |
| Feasibility Study and Commercial | 1 | 18 months |
| Total | 18.3 | 18–24 months |

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The QP recommends that these work programs be undertaken to advance the project to Feasibility Study level, to support the conversion of Inferred Resources to higher confidence categories, and to reduce the risks and uncertainties identified in this Initial Assessment.

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| **24** | **References** |

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See companion PFS TRS document for full reference list.

The sources of data and information used in the preparation of this TRS are presented in Table 24.1.

Table 24.1 TRS data and information sources

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|:---|:---|:---|:---|:---|
| **Category** | **Source** | **Date** | **File type** | **Title** |
|  | KCM | 2025 | pdf | KMRL Resource Reporting Procedure 2025 |
|  | KCM | 2024 | pdf | Geology of the Konkola Mine Area |
|  | KCM | 2025 | docx | Initial assessment report Nchanga Fitwaola |
|  | KCM | 2025 | docx | Initial assessment report Nchanga Mineral Resources R2 - Kakosa North and South |
|  | KCM | 2025 | docx | Initial assessment report Nchanga Mineral Resources R4 - Nchanga Deposits |
| **Mineral Resources** | KCM | 2025 | docx | Konkola Geological and Resource model update-v8 |
|  | KCM | 2016 | pdf | SRK Review of the update of the Konkola Mine resource model |
|  | KCM | 2019 | pdf | Appendix B - Drilling grid optimisation - Konkola Mine |
|  | KCM | 2000 | doc | KCM TD03_TD04 model November 2000 |
|  | KCM | 2025 | docx | Scope of Work for Muntimpa Tailings Storage Facility (TD05)_Reverse Circulation Drilling_04062025 |
|  | AMC | 2025 | pdf | 0424061 Konkola KDMP Exploration Strategy Report – 31 Jan 2025 |
|  | KCM | 2023 | pdf | Konkola Concentrator Flow Sheet |
|  | KCM | 2023 | xlsx | Historical Production Numbers BP Vs Actual |
|  | KCM | 2023 | xlsx | KBU Concentrator Production Cost for FY2022-23 |
|  | KCM | 2023 | xlsx | KBU Concentrator Production Cost for FY2021-22 |
|  | KCM | 2023 | docx | Design Technical Specification Ball Mill and SAG Mill |
|  | KCM | 2023 | pdf | Mass & Water Balance_West Mill |
|  | KCM | 2023 | pdf | PFD Cum Mass Balance_East Mill |
| **Mineral Processing** | KCM | 2023 | xlsx | Old East Mill Flow Sheet (Crushing, Milling and Flotation) |
|  | KCM | 2023 | xlsx | Historical Operating Performance |
|  | KCM | 2023 | xlsx | Production Cost for FY2022-23 |
|  | KCM | 2023 | pdf | PFD Cum Mass Balance_East Mill |
|  | KCM | 2023 | pdf | Mass & Water Balance_West Mill_R6 |
|  | KCM | 2024 | xlsx | Historical Performance 042024 |
|  | Hatch | 2024 | pdf | Nchanga TLP Start-up Plan Review |
|  | Hatch | 2024 | pdf | Concentrator Report |
| **Smelter** | KCM | 2023 | xlsx | Historical Nchanga Smelter Production Performance and Plant Capacity |
|  | KCM | 2023 | docx | Smelter Process Flow Chart |
| **Refinery** | KCM | 2024 | ppt | Nkana Refinery Process flow Sheet - December 2024 |
|  | WSP | 2018 | pdf | 2018 Groundwater Model Calibration Update Report Final |
|  | WSP | 2018 | pdf | 2018 Groundwater Numerical Modeling History |
| **Hydrology** | WSP | 2018 | pdf | 2018 Hydrogeological Conceptual Model Report Final |
|  | KCM | 2024 | xlsx | Dewatering Crosscut Flows 2023-2024 |
|  | KCM | 2024 | ppt | 3FY Dewatering Crosscut Plan and Water Predictions |
| **Environmental and Social** | IBIS | 2024 | pdf | IBIS_KCM E&S Review Report_Draft V1.0_submission |
| **Life of Mine Plan** | AMC | 2025 | pdf | 0424076 KCM LoM Report_29 August 2025 |
| **Mineral Reserves** | AMC | 2026 | pdf | 0424076 S-K 1300 TRS: KCM Integrated Operations (PFS) |
|  | AMC | 2025 | Deswik | 010 Report Export Per MLD_v4.9.9_FY |
|  | AMC | 2025 | Deswik | 042014 KCM Schedule_Master_v4.9.9 |
|  | AMC | 2025 | Deswik | 042014 KCM Schedule_Master_v4.9.9 |
| **Mine Designs** | AMC | 2025 | Deswik | KCM_LOM_Animation_875 v4.9.9 |
|  | KCM | 2021 | xlsx | 590mL tramming capacity study analysis - 3 Shaft 07122021 |
|  | KCM | 2021 | xlsx | 950 mL tramming capacity study analysis - 4 Shaft 21102021 |
|  | KCM | 2022 | pdf | Scheduling Parameters-KBU - 11.02.2022 |
| **Cost and Cashflow** | AMC | 2026 | xlsx | Full_KCM Cost Model_300Ktpa_V7 |

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**24.1** **Unit of measurement and abbreviations** 

**24.1.1** **Units of measurement** 

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| | |
|:---|:---|
| **Unit** | **Description** |
| % | percent |
| °C | degrees Celsius |
| g | gram |
| g/t | grams per tonne |
| ha | hectare |
| kg | kilogram |
| km | kilometer |
| kt | kilotonne (1,000 tonnes) |
| ktpa | kilotonnes per annum |
| kW | kilowatt |
| L | liter |
| m | meter |
| m² | square meter |
| m³ | cubic meter |
| m³/s | cubic meters per second |
| mm | millimeter |
| Mt | million tonnes |
| MW | megawatt |
| t | metric tonne |
| t/m³ | tonnes per cubic meter |
| tpa | tonnes per annum |
| tpm | tonnes per month |

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**24.1.2** **Abbreviations** 

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| | |
|:---|:---|
| **Abbreviation** | **Description** |
| AISC | All-in Sustaining Cost |
| AMC | AMC Consultants Pty Ltd |
| ASCu | Acid Soluble Copper |
| CIM | Canadian Institute of Mining, Metallurgy and Petroleum |
| Cu | Copper |
| Co | Cobalt |
| DRC | Democratic Republic of the Congo |
| E&S | Environmental and Social |
| EIA | Environmental Impact Assessment |
| FS | Feasibility Study |
| FY | Fiscal Year |
| HoV | Hierarchy of Value |
| IA | Initial Assessment |
| JORC | Joint Ore Reserves Committee |
| KCM | Konkola Copper Mines PLC |
| KDMP | Konkola Deeps Mining Project |
| LOM | Life of Mine |
| M&I | Measured and Indicated |
| mRL | meters Relative Level |
| NPV | Net Present Value |
| NSR | Net Smelter Return |
| PFS | Preliminary Feasibility Study |
| QAQC | Quality Assurance / Quality Control |
| QP | Qualified Person |
| ROM | Run of Mine |
| S-K 1300 | Subpart 1300 of Regulation S-K |
| SEC | U.S. Securities and Exchange Commission |
| SG | Specific Gravity |
| TCu | Total Copper |
| TD03 | Tailings Dam 03 |
| TD04 | Tailings Dam 04 |
| TD05 | Tailings Dam 05 |
| Nchanga TLP | Nchanga TLP |
| TRS | Technical Report Summary |
| TSF | Tailings Storage Facility |
| UG | Underground |
| US$ | United States Dollar |
| US$M | United States Dollar (millions) |
| ZESCO | Zambia Electricity Supply Corporation |

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| **25** | **Reliance on information provided by the Registrant** |

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In accordance with S-K Item 601(b)(96)(iii)(B)(25), this section: (i) identifies the categories of information provided by the Registrant upon which the QPs have relied; (ii) identifies the portions of this TRS prepared in reliance on such information; and (iii) explains why the QPs consider such reliance to be reasonable.

The QPs have relied on information provided by KCM, the Registrant, for various aspects of the KCM Integrated Operations. The QPs have not independently verified all information but have exercised professional judgment, assuming the information is accurate and complete as of the effective date of this report. Given the preliminary nature of this Initial Assessment and the inclusion of Inferred Mineral Resources, certain information may be subject to change as the project advances.

KCM staff provided the information openly and transparently during the preparation of this TRS. The QPs note that any material inaccuracies in the provided information could affect the reliability of this TRS.

The specific areas of reliance are as follows:

**25.1** **Legal matters** 

The QPs have not independently reviewed ownership of the KCM properties, underlying mineral tenure, surface rights, or permit conditions. Reliance is placed on representations provided by KCM.

***Relevant Sections: 3, 16, and 17.***

 ****

The QPs consider this reliance reasonable because verification of legal title, mineral tenure, and permit conditions requires legal expertise and access to official registries that are outside the technical scope of the QPs.

**25.2** **Environmental and community matters** 

The QPs have reviewed existing environmental and community matters and engaged with the Registrant to confirm understanding of the status of these matters at the time of review. The Registrant has provided, and the QPs have relied upon, information regarding the status and outlook for environmental impact assessments, closure plans, closure cost estimates, environmental bonds and liabilities, community impact and engagement, and related permitting.

***Relevant Sections: 17.***

 ****

The QPs consider this reliance reasonable because the Registrant has direct responsibility for environmental management and community engagement and has provided supporting documentation from qualified environmental specialists.

**25.3** **Tailings storage facilities** 

The Registrant has provided representations, independent expert reports, and plans for ongoing management of all active and dormant TSFs, confirming compliance with required standards. The QPs have relied on information and assurance provided by KCM and several specialists employed by KCM regarding the monitoring and stability assessment of the TSFs at the KCM operations.

***Relevant Sections: 3, 12, 13, and 17.***

 ****

The QPs consider this reliance reasonable because the Registrant has engaged independent specialists to assess TSF stability and compliance, and the QPs have reviewed the findings of these assessments.

The QPs consider this reliance reasonable because marketing arrangements and commercial terms for product sales are within the control of and negotiated by the Registrant.

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| Konkola Copper Mines Plc | 0424076 |

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**25.4** **Macroeconomic assumptions** 

The QPs have relied on macroeconomic assumptions provided by the Registrant and third-party sources, including foreign exchange rates, inflation rates, and discount rates used in the economic analysis. The copper and cobalt price forecasts are based on consensus pricing data from independent analyst forecasts (December 2025) as disclosed in Section 19.

***Relevant Sections: 18 and 19.***

 ****

**25.4.1** **Market information** 

The QPs have relied on information provided by the Registrant regarding market and pricing assumptions for the sale of copper products and the purchase of third-party concentrates.

***Relevant Sections: 16 and 19.***

 ****

The QPs consider this reliance reasonable because macroeconomic forecasting is outside the technical expertise of the QPs, and the assumptions used are derived from reputable third-party sources and are consistent with industry practice for initial assessments.

**25.5** **Community accommodations** 

The QPs have relied on information provided by the Registrant regarding commitments and plans to provide accommodations to local individuals and communities in connection with the mine plan, including resettlement programs, community development agreements, and stakeholder engagement activities.

***Relevant Sections: 3 and 17.***

The QPs consider this reliance reasonable because community relations and social commitments are within the control of and managed by the Registrant.

**25.6** **Governmental factors** 

The QPs have relied on information provided by the Registrant regarding governmental factors outside the expertise of the QPs, including the status and interpretation of mining legislation, fiscal terms, royalty structures, and regulatory approvals in the Republic of Zambia.

***Relevant Sections: 3, 12, 17, and 19.***

The QPs consider this reliance reasonable because interpretation of Zambian mining law, government policy, and fiscal regulations requires local legal and regulatory expertise that is outside the technical scope of the QPs.

**25.7** **Historical production and operating data** 

The QPs have relied on historical production records, operating costs, and performance data provided by the Registrant for the Konkola Mine, Nchanga operations, and Nchanga TLP.

***Relevant Sections: 7, 14, 15, and 18.***

 ****

The QPs consider this reliance reasonable because the Registrant maintains operational records in the normal course of business, and the QPs have reviewed the data for internal consistency and reasonableness.

**25.8** **Contractor and business partner information** 

The QPs have relied on contractual rates and productivity assumptions provided by the Registrant from agreements with mining contractors and business partners (including Hahne, Tauro, Opermin, Reliant, and AAC) for the development of operating cost estimates.

***Relevant Sections: 18.***

 ****

The QPs consider this reliance reasonable because the Registrant has existing contractual arrangements with these parties and has provided copies of relevant agreements for review.

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**Our offices**

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| | |
|:---|:---|
| **Australia** |  |
| <br> **Adelaide**<br>Level 2, 12 Pirie Street<br> Adelaide SA 5000 Australia<br>T +61 8 8201 1800<br> E adelaide@amcconsultants.com | **Brisbane**<br> Level 15, 100 Creek Street<br> Brisbane Qld 4000 Australia<br> T +61 7 3230 9000<br> E brisbane@amcconsultants.com |
| **Melbourne**<br>Level 12, 477 Collins Street<br> Melbourne Vic 3000 Australia<br>T +61 3 8601 3300<br> E melbourne@amcconsultants.com | **Perth**<br> Level 3, 1100 Hay Street<br> West Perth WA 6005 Australia<br> T +61 8 6330 1100<br> E perth@amcconsultants.com |
| **Canada** |  |
| **Toronto**<br>140 Yonge Street, Suite 200<br> Toronto ON M5C 1X6 Canada<br>T +1 647 953 9730<br> E toronto@amcconsultants.com<br>| **Vancouver**<br> 200 Granville Street, Suite 202<br> Vancouver BC V6C 1S4 Canada<br> T +1 604 669 0044<br> E vancouver@amcconsultants.com |
| **South Africa** |  |
| **Cape Town**<br>First Floor, Willowbridge Centre<br> Carl Cronje Drive<br> Cape Town 7530 South Africa<br>T +27 720 833 231<br> E capetown@amcconsultants.com<br>| **Centurion**<br> Ground Floor (G05), Building 14, Block B<br> Byls Bridge Office Park<br> Corner of Olievenhoutbosch and Jean Ave<br> Centurion 0157 South Africa<br> T +27 720 833 231<br> E capetown@amcconsultants.com |
| **United Kingdom** |  |
| **Reading**<br>Registered in England and Wales<br> Company No. 3688365<br> Office 336a, Davidson House<br>Forbury Square<br>Reading, Berkshire RG1 3EU United Kingdom<br> T +44 1628 778 256<br> E unitedkingdom@amcconsultants.com<br> Registered Office:<br> Kinetic Centre<br> Theobald Street<br> Elstree<br> Hertfordshire WD6 4PG United Kingdom |  |

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amcconsultants.com

## Exhibit 96.2

**Exhibit 96.2**

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| | |
|:---|:---|
| **AMC Consultants (UK) Limited** | ![](ctm003_ex96-2img01.jpg) |
| Registered in England and Wales No 3688365 |  |
| Office 336a, Davidson House, Forbury Square |  |
| Reading RG1 3EU |  |
| United Kingdom |  |
| T +44 1628 778 256 |  |
| E unitedkingdom@amcconsultants.com |  |
| amcconsultants.com |  |

---

**Report**

**S-K 1300 Technical Report Summary: KCM Integrated Operations (Preliminary Feasibility Study)**

Konkola Copper Mines Plc

AMC Project 0424076

31 March 2026

**mine smarter** 

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| | |
|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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**QUALIFIED PERSON — DATE AND SIGNATURE PAGE**

This Technical Report Summary has been prepared by AMC Consultants (UK) Limited, acting as the Qualified Person for all sections of this report. In accordance with Instruction 5 to Item 601(b)(96) of Regulation S-K, AMC Consultants (UK) Limited is an entity that satisfies the requirements of a qualified person under § 229.1300(b) and assumes responsibility for the Technical Report Summary as a whole.

AMC Consultants (UK) Limited confirms that it has the relevant experience, competence, and professional qualifications required to prepare and take responsibility for all sections of this TRS. The individual professionals within AMC who contributed to this report possess qualifications and experience appropriate to the subject matter of their contributions and are members of recognised professional organizations.

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| | |
|:---|:---|
| **Qualified Person:** | **Sections Responsible:** |
| AMC Consultants (UK) Limited<br> Registered in England and Wales No. 3688365<br> Office 336a, Davidson House, Forbury Square<br> Reading RG1 3EU, United Kingdom | All sections (Sections 1 through 25) |

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| | |
|:---|:---|
| **Signature:** | **Date:** |
| <br> *Authorised Signatory*<br> *AMC Consultants (UK) Limited*<br>| 31 March 2026 |

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| | |
|:---|:---|
| **Effective Date of TRS:** | 1 April 2025 |
| **Date of Report:** | 31 March 2026 |
| **AMC Project Number:** | 0424076 |

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Note: Pursuant to Instruction 5 to Item 601(b)(96), where an entity rather than an individual serves as the qualified person, the entity assumes responsibility for the Technical Report Summary. The authorised signatory executes this page on behalf of AMC Consultants (UK) Limited in its capacity as Qualified Person.

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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**Contents**

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|:---|:---|:---|:---|
| 1 | Executive summary | Executive summary | 14 |
|  | 1.1 | Introduction | 14 |
|  | 1.2 | Property description and ownership | 15 |
|  | 1.3 | Mineral rights | 15 |
|  | 1.4 | Geology and mineralisation | 15 |
|  | 1.5 | Exploration status | 15 |
|  | 1.6 | Development and operations status | 16 |
|  | 1.7 | Mineral Reserve estimate | 16 |
|  | 1.8 | Mineral Resources | 17 |
|  | 1.9 | Mining methods | 18 |
|  | 1.10 | Processing and recovery methods | 19 |
|  | 1.11 | Infrastructure | 20 |
|  | 1.12 | Economic analysis summary | 20 |
|  | 1.13 | Sensitivity analysis | 22 |
|  | 1.14 | Environmental studies, permitting, and social or community impact | 23 |
|  | 1.15 | Qualified Person's conclusions | 23 |
| 2 | Introduction | Introduction | 24 |
|  | 2.1 | Registrant for whom the TRS was prepared | 24 |
|  | 2.2 | Terms of reference and purpose | 24 |
|  | 2.3 | Units of measure | 24 |
|  | 2.4 | Defined terms and abbreviations | 24 |
|  | 2.5 | Sources of information | 25 |
|  | 2.6 | Personal inspection of the property | 26 |
|  | 2.7 | Summary of previously filed technical report | 26 |
|  | 2.8 | Qualified Persons | 26 |
|  | 2.9 | Reliance on the registrant | 26 |
| 3 | Property description | Property description | 27 |
|  | 3.1 | Property description | 27 |
|  | 3.2 | Project location | 27 |
|  | 3.3 | Description of property rights | 29 |
|  |  | 3.3.1 Surface and access rights | 30 |
|  | 3.4 | Mineral rights | 30 |
|  | 3.5 | Royalty payments | 31 |
|  | 3.6 | Significant encumbrances to the property | 31 |
|  |  | 3.6.1 Environmental compliance obligations | 31 |
|  |  | 3.6.2 Permit conditions | 32 |
|  |  | 3.6.3 Social and land use obligations | 32 |
|  | 3.7 | Significant factors and risks affecting access | 32 |
|  |  | 3.7.1 Operational risks | 32 |
|  |  | 3.7.2 Regulatory and social risks | 33 |
| 4 | Accessibility, climate, local resources, infrastructure, and physiography | Accessibility, climate, local resources, infrastructure, and physiography | 34 |
|  | 4.1 | Topography and land description | 34 |
|  |  | 4.1.1 Flora and fauna | 34 |
|  | 4.2 | Access to the property | 34 |
|  |  | 4.2.1 Regional access | 34 |
|  |  | 4.2.2 Highways and roads | 34 |
|  |  | 4.2.3 Rivers and waterways | 34 |
|  |  | 4.2.4 Railroads | 35 |
|  |  | 4.2.5 Airports and air access | 35 |
|  |  | 4.2.6 Inter-site access and product transport routes | 35 |
|  | 4.3 | Climate description | 36 |
|  | 4.4 | Availability of required infrastructure | 37 |
|  |  | 4.4.1 Power | 37 |
|  |  | 4.4.2 Water | 37 |
|  |  | 4.4.3 Supplies | 37 |
|  |  | 4.4.4 Personnel | 37 |

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| 5.0 | History | History | 38.0 |
|  | 5.1 | Early exploration and discovery (pre-1950) | 38.0 |
|  |  | 5.1.1 Nchanga | 38.0 |
|  |  | 5.1.2 Konkola | 38.0 |
|  | 5.2 | Systematic development and state ownership (1950s–1999) | 38.0 |
|  |  | 5.2.1 Expansion under colonial and early independence era (1950s–1969) | 38.0 |
|  |  | 5.2.2 Nationalisation and ZCCM era (1969–1999) | 39.0 |
|  | 5.3 | Privatisation and Anglo American Corporation (2000–2002) | 39.0 |
|  | 5.4 | Vedanta Resources (2004–2019) | 39.0 |
|  | 5.5 | Provisional liquidation (2019–2024) | 40.0 |
|  |  | 5.5.1 Production curtailment | 41.0 |
|  |  | 5.5.2 Exploration and development activity | 41.0 |
|  |  | 5.5.3 Infrastructure condition | 41.0 |
|  |  | 5.5.4 Resolution and resumption of control | 41.0 |
|  | 5.6 | Production history | 42.0 |
|  | 5.7 | Key development milestones | 43.0 |
| 6.0 | Geological setting, mineralisation, and deposit | Geological setting, mineralisation, and deposit | 44.0 |
|  | 6.1 | Regional geology | 44.0 |
|  |  | 6.1.1 Lithostratigraphy of the Central African Copperbelt | 46.0 |
|  |  | 6.1.2 Mineralisation genesis | 47.0 |
|  |  | 6.1.3 Structural and tectonic evolution | 47.0 |
|  | 6.2 | Local and property geology | 48.0 |
|  |  | 6.2.1 Stratigraphy | 48.0 |
|  |  | 6.2.2 Mineralisation | 50.0 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.2.1 Primary sulfide mineralisation | 50.0 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.2.2 Supergene enrichment and secondary mineralisation | 51.0 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.2.3 Hydrothermal alteration | 52.0 |
|  |  | 6.2.3 Variability in mineralisation across mining areas | 52.0 |
|  |  | 6.2.4 Major structural controls on mineralisation | 53.0 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.4.1 Summary of geological characteristics | 53.0 |
|  | 6.3 | Nchanga – deposit geology summary | 55.0 |
|  | 6.4 | TD03 and TD04 – tailings characterisation | 56.0 |
|  | 6.5 | Nampundwe – pyrite deposit summary | 56.0 |
| 7.0 | Exploration | Exploration | 57.0 |
|  | 7.1 | Konkola Mine | 57.0 |
|  |  | 7.1.1 Exploration history | 57.0 |
|  |  | 7.1.2 Drilling methods | 58.0 |
|  |  | 7.1.3 Core recovery | 58.0 |
|  |  | 7.1.4 Core logging | 58.0 |
|  |  | 7.1.5 Sample selection | 58.0 |
|  |  | 7.1.6 QAQC program | 58.0 |
|  |  | 7.1.7 Drillhole locations | 59.0 |
|  |  | 7.1.8 Hydrogeology | 60.0 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.8.1 Hydrogeological setting | 60.0 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.8.2 Stratigraphic hydrogeological units | 60.0 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.8.3 Hydrogeological investigations and data | 62.0 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.8.4 Groundwater inflow summary | 63.0 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.8.5 Aquifer characterisation | 63.0 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.8.6 Assessment status and data gaps | 63.0 |
|  |  | 7.1.9 Geotechnical data, testing, and analysis | 64.0 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.9.1 Geotechnical data sources | 64.0 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.9.2 Geotechnical testing – rock properties | 65.0 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.9.3 Rock mass classification summary by domain | 67.0 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.9.4 Seismicity | 67.0 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.9.5 In situ stress | 68.0 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.9.6 Geotechnical data gaps and recommended actions | 69.0 |

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|  | 7.2 | TD03 and TD04 – exploration and characterisation | 70.0 |
|  | 7.3 | Nchanga – exploration summary | 71.0 |
|  | 7.4 | Nampundwe – exploration summary | 71.0 |
| 8.0 | Sample preparation, analyses, and security | Sample preparation, analyses, and security | 72.0 |
|  | 8.1 | Sample preparation and analysis | 72.0 |
|  | 8.2 | Sample preparation method | 72.0 |
|  | 8.3 | Analytical method | 72.0 |
|  | 8.4 | Bulk density measurement | 72.0 |
|  | 8.5 | Quality assurance quality control | 73.0 |
|  |  | 8.5.1 QAQC protocols | 73.0 |
|  |  | 8.5.2 QAQC assessment — Konkola | 73.0 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5.2.1 CRM analysis — Konkola | 74.0 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5.2.2 Repeat analysis — Konkola | 77.0 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5.2.3 Blank analysis — Konkola | 78.0 |
|  |  | 8.5.3 QAQC conclusion | 78.0 |
|  | 8.6 | Qualified Person's opinion | 79.0 |
|  |  | 8.6.1 Historical data | 79.0 |
|  |  | 8.6.2 QP's opinion on sample preparation, security and analytical procedures | 79.0 |
|  |  | 8.6.3 Assessment of QAQC findings | 79.0 |
|  |  | 8.6.4 Implication for Mineral Resource confidence | 80.0 |
|  |  | 8.6.5 Laboratory condition and umpire laboratory | 80.0 |
|  |  | 8.6.6 QAQC recommendations for DFS | 80.0 |
| 9.0 | Data verification | Data verification | 81.0 |
|  | 9.1 | Historic data | 81.0 |
|  | 9.2 | Modern data | 81.0 |
|  |  | 9.2.1 Database | 81.0 |
|  |  | 9.2.2 Exported data validation | 81.0 |
|  |  | 9.2.3 Data verification | 82.0 |
|  |  | 9.2.4 Database security | 82.0 |
|  | 9.3 | Data verification limitations | 82.0 |
|  | 9.4 | Qualified Person's opinion | 83.0 |
| 10.0 | Mineral processing and metallurgical testing | Mineral processing and metallurgical testing | 84.0 |
|  | 10.1 | Testing nature, extent, and analytical procedures | 84.0 |
|  | 10.2 | Testing laboratories | 84.0 |
|  | 10.3 | Test sample representativity | 84.0 |
|  | 10.4 | Testing results, assumptions, and deleterious elements | 85.0 |
|  |  | 10.4.1 Konkola Concentrator | 85.0 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4.1.1 Processing factors | 86.0 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4.1.2 Deleterious elements and gangue mineralogy | 87.0 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4.1.3 Qualified Person's opinion | 88.0 |
|  |  | 10.4.2 Nchanga TLP | 88.0 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4.2.1 Processing factors | 90.0 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4.2.2 Deleterious elements and gangue factors | 92.0 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4.2.3 Qualified Person's opinion | 92.0 |
|  | 10.5 | Qualified Person's opinion — Mineral processing and metallurgical testing | 93.0 |
| 11.0 | Mineral Resource estimates | Mineral Resource estimates | 94.0 |
|  | 11.1 | Context | 94.0 |
|  | 11.2 | Konkola Mineral Resource estimate | 96.0 |
|  |  | 11.2.1 Classification criteria | 96.0 |
|  |  | 11.2.2 Cut-off grade derivation | 97.0 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.2.1 Mineral Resource cut-off grade | 97.0 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.2.2 Mineral Reserve cut-off — relationship to Mineral Resource COG | 99.0 |

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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| | | | |
|:---|:---|:---|:---|
|  |  | 11.2.3 Mineral Resource uncertainty | 99.0 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.3.1 Data | 99.0 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.3.2 Data quality and QAQC | 100.0 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.3.3 Geologic modeling | 100.0 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.3.4 Estimation | 100.0 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.3.5 Economic assumptions | 101.0 |
|  |  | 11.2.4 Uncertainty by classification — integrated assessment | 101.0 |
|  |  | 11.2.5 Mineral Resource estimate | 103.0 |
|  | 11.3 | TD03 and TD04 | 104.0 |
|  |  | 11.3.1 Data | 104.0 |
|  |  | 11.3.2 Generation of volume / tonnage and grade | 104.0 |
|  |  | 11.3.3 Mining, processing, and recovery | 105.0 |
|  |  | 11.3.4 Classification criteria | 106.0 |
|  |  | 11.3.5 Mineral Resource uncertainty | 107.0 |
|  |  | 11.3.6 Mineral Resource estimate | 107.0 |
|  | 11.4 | Qualified Person's opinion | 107.0 |
| 12.0 | Mineral Reserve estimates | Mineral Reserve estimates | 108.0 |
|  | 12.1 | Konkola Mine - Mineral Reserves | 108.0 |
|  |  | 12.1.1 Reserve classification and statement | 108.0 |
|  | 12.2 | Key assumptions, parameters, and methods used | 109.0 |
|  | 12.3 | Modifying factors | 110.0 |
|  |  | 12.3.1 Dilution and mining recovery | 110.0 |
|  |  | 12.3.2 Cut-off value | 110.0 |
|  |  | 12.3.3 Konkola NSR | 111.0 |
|  |  | 12.3.4 Royalty payments | 112.0 |
|  |  | 12.3.5 NSR cut-off value | 112.0 |
|  | 12.4 | Mineral Reserve risk factors | 112.0 |
| 13.0 | Mining methods | Mining methods | 113.0 |
|  | 13.1 | Cautionary statement regarding forward-looking information | 113.0 |
|  | 13.2 | Mining Method selection | 113.0 |
|  | 13.3 | Geotechnical models and parameters | 116.0 |
|  |  | 13.3.1 Rock mass classification | 116.0 |
|  |  | 13.3.2 Geotechnical domains | 116.0 |
|  |  | 13.3.3 Structural geology | 125.0 |
|  |  | 13.3.4 Geotechnical considerations for mining | 125.0 |
|  |  | 13.3.5 Ground support and numerical modelling | 126.0 |
|  | 13.4 | Hydrogeology | 126.0 |
|  |  | 13.4.1 Hydrogeology - Konkola Mine | 126.0 |
|  |  | 13.4.2 Aquifer parameters and testing | 126.0 |
|  |  | 13.4.3 Dewatering volumes and rates | 126.0 |
|  |  | 13.4.4 Chingola dolomite | 126.0 |
|  |  | 13.4.5 Recharge | 127.0 |
|  |  | 13.4.6 Dewatering system and boreholes | 128.0 |
|  |  | 13.4.7 Water Balance and groundwater model status | 129.0 |
|  |  | 13.4.8 Water quality | 129.0 |
|  |  | 13.4.9 Mine schedule and dewatering plan | 130.0 |
|  |  | 13.4.10 Future dewatering rates | 131.0 |
|  |  | 13.4.11 Pumping infrastructure – Konkola Mine | 132.0 |
|  |  | 13.4.12 Konkola Mine water management infrastructure | 133.0 |
|  |  | 13.4.13 Upgrade of existing pumping infrastructure | 133.0 |
|  |  | 13.4.14 Dewatering risks | 134.0 |
|  | 13.5 | Existing mining operations | 135.0 |
|  | 13.6 | Production rates, mine life, mining unit dimensions, and dilution and recovery factors | 135.0 |
|  |  | 13.6.1 Production rates and expected mine life | 135.0 |
|  |  | 13.6.2 Mining unit dimensions | 136.0 |
|  |  | 13.6.3 Mining dilution and recovery factors | 136.0 |

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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| | | | |
|:---|:---|:---|:---|
|  | 13.7 | Underground development and backfilling requirements | 137.0 |
|  |  | 13.7.1 Underground development | 137.0 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.7.1.1 Materials handling | 140.0 |
|  |  | 13.7.2 Backfill requirements | 140.0 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.7.2.1 Paste fill geomechanics and fill strength | 140.0 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.7.2.2 Paste fill placement and retention | 142.0 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.7.2.3 Paste fill costs | 143.0 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.7.2.4 Paste fill project timeline and future test work | 143.0 |
|  | 13.8 | Ventilation | 143.0 |
|  |  | 13.8.1 Air requirements | 143.0 |
|  |  | 13.8.2 Ventilation design parameters | 144.0 |
|  |  | 13.8.3 Development ventilation | 144.0 |
|  |  | 13.8.4 Stoping ventilation | 144.0 |
|  |  | 13.8.5 Temperature and refrigeration requirements | 144.0 |
|  |  | 13.8.6 Ventilation requirements for diesel equipment | 145.0 |
|  |  | 13.8.7 Primary ventilation | 145.0 |
|  | 13.9 | Mining equipment fleet | 147.0 |
|  | 13.10 | Mining personnel | 147.0 |
|  | 13.11 | Mining development and production schedule | 148.0 |
|  | 13.12 | Nchanga mining operations (Excluded from PFS) | 151.0 |
|  | 13.13 | Tailings reclamation | 151.0 |
|  |  | 13.13.1 Sources of production TD03, TD04 | 151.0 |
|  |  | 13.13.2 Tailings dam inventory | 152.0 |
|  |  | 13.13.3 Processing methodology and plant design | 152.0 |
|  |  | 13.13.4 Production schedule | 153.0 |
|  |  | 13.13.5 Materials handling, slurry pumping | 153.0 |
|  |  | 13.13.6 Tailings reclamation - Capital and operating costs | 153.0 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.13.6.1 TD03 reclaim costs | 153.0 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.13.6.2 TD04 reclaim costs | 153.0 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.13.6.3 Capital provisions for TD04 | 153.0 |
| 14.0 | Processing and recovery methods | Processing and recovery methods | 154.0 |
|  | 14.1 | Konkola Concentrator | 155.0 |
|  |  | 14.1.1 Konkola process description | 155.0 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1.1.1 Historical performance | 156.0 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1.1.2 Restart performance | 157.0 |
|  |  | 14.1.2 Plant design and equipment | 160.0 |
|  |  | 14.1.3 Plant operations | 160.0 |
|  |  | 14.1.4 Konkola Concentrator production schedule | 162.0 |
|  | 14.2 | Nchanga concentrators | 163.0 |
|  | 14.3 | Nchanga TLP | 164.0 |
|  |  | 14.3.1 Historical performance | 166.0 |
|  |  | 14.3.2 Restart performance | 167.0 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3.2.1 Plant design and equipment | 169.0 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3.2.2 Nchanga TLP production schedule | 169.0 |
|  | 14.4 | Nchanga Smelter | 171.0 |
|  |  | 14.4.1 Recent smelter performance | 171.0 |
|  |  | 14.4.2 Smelter condition | 175.0 |
|  |  | 14.4.3 Concentrate blending and third-party feed requirements | 175.0 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4.3.1 Sources of third-party concentrate | 177.0 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4.3.2 Availability of third-party concentrate | 177.0 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4.3.3 Existing contracts and commercial terms | 178.0 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4.3.4 Alternatives to third-party concentrate procurement | 179.0 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4.3.5 Assessment of supply certainty | 179.0 |
|  | 14.5 | Nkana Refinery | 180.0 |
|  |  | 14.5.1 Mode of operation, general condition | 180.0 |
|  |  | 14.5.2 Production | 181.0 |
|  | 14.6 | Nampundwe Mine – pyrite flux production | 183.0 |

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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|:---|:---|:---|:---|
|  | 14.7 | Sulfuric acid plant | 183.0 |
|  | 14.8 | Proposed processing methods | 183.0 |
|  | 14.9 | Proposed flow sheet | 183.0 |
|  | 14.10 | Plant design and equipment | 183.0 |
|  | 14.11 | Plant operations | 183.0 |
| 15.0 | Infrastructure | Infrastructure | 184.0 |
|  | 15.1 | Roads | 184.0 |
|  | 15.2 | Rail | 185.0 |
|  | 15.3 | Port facilities | 186.0 |
|  | 15.4 | Water dams | 186.0 |
|  | 15.5 | Dumps | 186.0 |
|  | 15.6 | Licensing and permitting | 187.0 |
|  | 15.7 | Konkola operation waste dumps | 187.0 |
|  | 15.8 | Tailings disposal | 188.0 |
|  |  | 15.8.1 Tailings deposition locations | 188.0 |
|  |  | 15.8.2 LOM capacity and expansion opportunities | 191.0 |
|  |  | 15.8.3 Licensing and permitting | 192.0 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.8.3.1 Stability and TSF management processes | 192.0 |
|  | 15.9 | Power | 193.0 |
|  |  | 15.9.1 Existing operating power supply capacity and expansion | 194.0 |
|  |  | 15.9.2 Emergency power supply and expansion | 194.0 |
|  | 15.10 | Water | 194.0 |
|  |  | 15.10.1 Raw water | 194.0 |
|  |  | 15.10.2 Konkola Mine raw water balance | 195.0 |
|  |  | 15.10.3 Potable water (domestic water) | 195.0 |
|  | 15.11 | Pipelines | 195.0 |
|  | 15.12 | Ancillary surface infrastructure and expansions | 195.0 |
|  |  | 15.12.1 Internal rail network | 196.0 |
|  |  | 15.12.2 Office building | 196.0 |
|  |  | 15.12.3 Change houses and other buildings | 196.0 |
|  | 15.13 | Nampundwe Mine infrastructure | 197.0 |
| 16.0 | Market studies | Market studies | 198.0 |
|  | 16.1 | Market information | 198.0 |
|  |  | 16.1.1 Market for KCM's products | 198.0 |
|  |  | 16.1.2 Copper demand | 198.0 |
|  |  | 16.1.3 Copper supply | 199.0 |
|  |  | 16.1.4 Cobalt demand | 199.0 |
|  |  | 16.1.5 Cobalt supply | 199.0 |
|  |  | 16.1.6 Study price and sales terms | 199.0 |
|  |  | 16.1.7 Copper pricing for Mineral Reserve cut-off estimation | 200.0 |
|  | 16.2 | Contracts and status | 201.0 |
|  |  | 16.2.1 Forward sales and hedging | 201.0 |
|  |  | 16.2.2 Site development contracts | 201.0 |
|  |  | 16.2.3 Operating contracts | 202.0 |
|  |  | 16.2.4 Other agreements and contracts | 204.0 |
| 17.0 | Environmental studies, permitting, and social or community impact | Environmental studies, permitting, and social or community impact | 205.0 |
|  | 17.1 | Environmental studies, permitting, and social or community impact | 205.0 |
|  | 17.2 | Permitting requirements | 205.0 |
|  | 17.3 | Rehabilitation, closure, and post closure planning | 206.0 |
|  | 17.4 | QP Opinion on Environmental, Social and Community Impact | 206.0 |
| 18.0 | Capital and operating costs | Capital and operating costs | 207.0 |
|  | 18.1 | Cost estimate basis and accuracy | 207.0 |
|  |  | 18.1.1 Estimation methodology | 207.0 |
|  |  | 18.1.2 Cost estimate accuracy and contingency disclosure | 207.0 |
|  |  | 18.1.3 Key assumptions and exclusions | 207.0 |

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|:---|:---|:---|:---|
|  | 18.2 | Operating cost summary | 208.0 |
|  |  | 18.2.1 Operating development | 208.0 |
|  |  | 18.2.2 Stoping production cost | 208.0 |
|  |  | 18.2.3 Power supply and consumption | 209.0 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2.3.1 Dewatering power consumption | 211.0 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2.3.2 Ventilation power consumption | 211.0 |
|  |  | 18.2.4 Backfill | 211.0 |
|  |  | 18.2.5 Underground rail tramming operations | 211.0 |
|  |  | 18.2.6 Mine service functions | 212.0 |
|  |  | 18.2.7 Labor and workforce costs | 212.0 |
|  |  | 18.2.8 Mill consumable costs | 212.0 |
|  |  | 18.2.9 Freight cost of concentrate | 212.0 |
|  |  | 18.2.10 Maintenance services and operating lease hire | 212.0 |
|  |  | 18.2.11 Water | 212.0 |
|  |  | 18.2.12 Stores and spares and operating projects | 213.0 |
|  |  | 18.2.13 Administrative operating costs | 213.0 |
|  |  | 18.2.14 Corporate allocations | 213.0 |
|  |  | 18.2.15 Summary | 213.0 |
|  | 18.3 | Capital cost summary | 214.0 |
|  |  | 18.3.1 Growth capital | 214.0 |
|  |  | 18.3.2 Sustaining capital and capitalised mining development | 215.0 |
|  |  | 18.3.3 Form of capital cost estimate | 216.0 |
|  |  | 18.3.4 Capital cost estimation methodology | 216.0 |
|  |  | 18.3.5 Lateral and vertical underground development | 216.0 |
|  |  | 18.3.6 Konkola Mine capital fit out | 217.0 |
|  |  | 18.3.7 Konkola diamond drilling capital campaigns | 217.0 |
|  |  | 18.3.8 Konkola Concentrator facility capital estimate | 217.0 |
|  |  | 18.3.9 TD03 AND TD04 tailings reclamation capital costs | 218.0 |
|  |  | 18.3.10 Smelter and refinery capital costs | 218.0 |
|  | 18.4 | Mine closure | 218.0 |
|  | 18.5 | Risk mitigation and cost control measures | 218.0 |
| 19 | Economic analysis | Economic analysis | 219.0 |
|  | 19.1 | Basis of economic analysis | 219.0 |
|  | 19.2 | Key assumptions | 219.0 |
|  |  | 19.2.1 Byproducts included in the cash flow model | 219.0 |
|  |  | 19.2.2 Production plan | 219.0 |
|  |  | 19.2.3 Revenue | 221.0 |
|  |  | 19.2.4 Third-party concentrate: basis for inclusion in economic analysis | 223.0 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2.4.1 Third-party concentrate sensitivity | 224.0 |
|  |  | 19.2.5 Government levies, taxes, and royalties | 225.0 |
|  | 19.3 | Economic results | 225.0 |
|  | 19.4 | Sensitivity analysis | 231.0 |
| 20 | Adjacent properties | Adjacent properties | 232.0 |
|  | 20.1 | Chingola area | 232.0 |
|  |  | 20.1.1 Mimbula Copper Project (Moxico Resources) | 232.0 |
|  | 20.2 | Kitwe area | 232.0 |
|  |  | 20.2.1 Mopani Copper Mines – Nkana Complex | 232.0 |
|  | 20.3 | Chililabombwe area | 233.0 |
|  |  | 20.3.1 Lubambe Copper Mine | 233.0 |
|  |  | 20.3.2 KoBold Zambia – Mingomba Project | 234.0 |
|  | 20.4 | Qualified Person's statement on adjacent properties | 234.0 |
| 21 | Other relevant data and information | Other relevant data and information | 235.0 |
| 22 | Interpretation and conclusions | Interpretation and conclusions | 236.0 |
|  | 22.1 | Mineral Resource data | 236.0 |

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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|:---|:---|:---|:---|
|  | 22.2 | Mineral Reserves | 236.0 |
|  | 22.3 | Mining and infrastructure | 236.0 |
|  | 22.4 | Processing and recovery methods | 237.0 |
|  | 22.5 | Project economics | 237.0 |
|  | 22.6 | Effective date and subsequent events | 237.0 |
| 23 | Recommendations | Recommendations | 238.0 |
|  | 23.1 | Mineral Resource and geological recommendations | 238.0 |
|  |  | 23.1.1 Resource infill and extension drilling | 238.0 |
|  |  | 23.1.2 QAQC and data management | 238.0 |
|  | 23.2 | Mining recommendations | 238.0 |
|  |  | 23.2.1 Konkola Mine | 238.0 |
|  |  | 23.2.2 TD03 AND TD04 tailings reclamation | 239.0 |
|  | 23.3 | Processing and metallurgical recommendations | 239.0 |
|  |  | 23.3.1 Konkola Concentrator | 239.0 |
|  |  | 23.3.2 Nchanga TLP | 239.0 |
|  | 23.4 | Infrastructure recommendations | 239.0 |
|  | 23.5 | Economic and commercial recommendations | 239.0 |
|  | 23.6 | Summary of recommended work program | 240.0 |
| 24 | References | References | 241.0 |
|  | 24.1 | List of references | 241.0 |
|  | 24.2 | Units of measurement and abbreviations | 242.0 |
|  |  | 24.2.1 Units of measurement | 242.0 |
|  |  | 24.2.2 Abbreviations | 242.0 |
| 25 | Reliance on information provided by the Registrant | Reliance on information provided by the Registrant | 244.0 |
|  | 25.1 | Legal matters | 244.0 |
|  | 25.2 | Environmental Management and Community Engagement | 244.0 |
|  |  | 25.2.1 Environmental and community matters | 244.0 |
|  |  | 25.2.2 Tailings storage facility facilities | 244.0 |
|  | 25.3 | Economic assumptions | 244.0 |
|  |  | 25.3.1 Macroeconomic assumptions | 244.0 |
|  |  | 25.3.2 Market information | 244.0 |
|  | 25.4 | Community accommodations | 245.0 |
|  | 25.5 | Governmental factors | 245.0 |

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**Tables**

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| | | |
|:---|:---|:---|
| Table 1.1 | KCM mineral rights and licenses | 15 |
| Table 1.2 | KCM Mineral Reserve estimate summary – 1 April 2025 | 17 |
| Table 1.3 | KCM Mineral Resource estimate summary (Exclusive of Mineral Reserves) – 1 April 2025 | 18 |
| Table 1.4 | Capital cost summary – Mineral Reserve case | 20 |
| Table 1.5 | Operating cost summary – Mineral Reserve case | 21 |
| Table 1.6 | Economic results – Mineral Reserve case | 21 |
| Table 1.7 | Sensitivity analysis results | 22 |
| Table 2.1 | Defined terms and abbreviations | 25 |
| Table 3.1 | KCM Integrated Operations — facility coordinates (WGS84 datum) | 29 |
| Table 3.2 | KCM mineral rights and tenure details | 30 |
| Table 4.1 | Inter-site distances and access routes | 35 |
| Table 5.1 | Principal capital investments by Vedanta Resources (2004–2019) | 40 |
| Table 5.2 | Cumulative copper production by operation | 42 |
| Table 5.3 | Key development milestones | 43 |

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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|:---|:---|:---|
| Table 6.1 | KCM deposit mineralisation extent | 53 |
| Table 6.2 | Summary of geological characteristics of KCM operations | 54 |
| Table 6.3 | Summary of TCu variogram ranges by estimation domain — Konkola | 55 |
| Table 7.1 | Local geology and hydrogeological units — Konkola | 60 |
| Table 7.2 | Summary of hydrogeological investigations — Konkola | 62 |
| Table 7.3 | Principal aquifer units — Konkola | 63 |
| Table 7.4 | Hydrogeological data gaps and recommended actions | 64 |
| Table 7.5 | Geotechnical data sources — Konkola | 65 |
| Table 7.6 | Elastic rock properties | 66 |
| Table 7.7 | Material geotechnical assumptions — Konkola | 67 |
| Table 7.8 | Rock mass conditions by geotechnical domain — Konkola | 67 |
| Table 7.9 | Geotechnical data gaps and recommended actions | 69 |
| Table 8.1 | List of corrected outcomes for 16 GBM911-16 CRMs | 74 |
| Table 8.2 | Summary of QAQC performance by deposit | 78 |
| Table 8.3 | QP assessment of QAQC findings by deposit | 79 |
| Table 8.4 | QAQC recommendations for DFS | 80 |
| Table 9.1 | QP assessment of data verification limitations | 83 |
| Table 10.1 | Key processing factors — Konkola Concentrator | 87 |
| Table 10.2 | Deleterious elements and gangue — Konkola concentrate | 87 |
| Table 10.3 | Historical, restart, and plan Nchanga TLP recoveries | 90 |
| Table 10.4 | Key processing factors — Nchanga TLP | 91 |
| Table 10.5 | Deleterious factors — Nchanga TLP | 92 |
| Table 11.1 | Key assumptions, parameters, and methods — Mineral Resource estimation | 95 |
| Table 11.2 | Cut-off grade input assumptions by asset | 98 |
| Table 11.3 | Uncertainty factor assessment by Mineral Resource classification — Konkola Mine | 101 |
| Table 11.4 | Mineral Resource Konkola Mine (Exclusive of Mineral Reserves) – 1 April 2025 | 103 |
| Table 11.5 | Summary statistics total copper tailings dam samples | 105 |
| Table 11.6 | Summary statistics acid soluble copper tailings dam samples | 105 |
| Table 11.7 | Mineral Resource TD03 and TD04 (Exclusive of Reserves) – 1 April 2025 | 107 |
| Table 11.8 | Mineral Resource TD03 and TD04 (Inclusive of Reserves) – 1 April 2025 | 107 |
| Table 12.1 | Konkola Mineral Reserve estimate – 1 April 2025 | 109 |
| Table 12.2 | Mining dilution and recovery factors by method | 110 |
| Table 12.3 | Konkola NSR elements (average across mining blocks) | 111 |
| Table 12.4 | Royalty charge relation to copper price | 112 |
| Table 12.5 | NSR cut-off by mining block | 112 |
| Table 13.1 | Mining method selection assessment | 114 |
| Table 13.2 | Mining method assignment by zone | 114 |
| Table 13.3 | KCM Shaft 3 summary of rock mass properties | 118 |
| Table 13.4 | KCM Shaft 4 summary of rock mass properties | 120 |
| Table 13.5 | Summary of water capture extrapolated over time | 129 |
| Table 13.6 | Indicative future mine inflow rates for the next 7-year mine plan | 131 |
| Table 13.7 | Mining methods currently employed by mining area at Konkola Mine | 135 |
| Table 13.8 | Typical stope dimensions | 136 |
| Table 13.9 | Mining dilution and recovery factors | 136 |
| Table 13.10 | Key development designs | 137 |
| Table 13.11 | Konkola paste fill design strengths (FoS=1.5) and paste fill recipes at 28 days curing | 141 |
| Table 13.12 | Paste fill capital cost estimation | 143 |
| Table 13.13 | Planned velocity ranges for different mine airways | 144 |
| Table 13.14 | Maximum temperature limits for acclimatised and non-acclimatised workers | 144 |
| Table 13.15 | Ventilation design criteria for diesel-powered equipment | 145 |
| Table 13.16 | Machine types, counts, and utilisation factors | 145 |
| Table 13.17 | Summary of primary ventilation airflows | 145 |
| Table 13.18 | Mining equipment fleet — steady state | 147 |
| Table 13.19 | Estimated mining workforce summary | 147 |
| Table 13.20 | Available inventory from TD03 and 04 for the Nchanga TLP from 1 April 2025 | 152 |
| Table 13.21 | Production of tailings to processing | 153 |
| Table 14.1 | Konkola Concentrator major equipment | 160 |
| Table 14.2 | Capacity criteria | 160 |
| Table 14.3 | Comminution criteria | 161 |
| Table 14.4 | Flotation criteria | 161 |
| Table 14.5 | Konkola Concentrator key assumptions | 162 |
| Table 14.6 | Nchanga Concentrator nominal capacities | 164 |

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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| | | |
|:---|:---|:---|
| Table 14.7 | Nchanga TLP highest annual performance | 167 |
| Table 14.8 | Copper production estimate | 167 |
| Table 14.9 | Nchanga TLP major unit processes | 169 |
| Table 14.10 | Nchanga Smelter – basic design production parameters | 171 |
| Table 14.11 | Nchanga Smelter – historical production | 172 |
| Table 14.12 | Nchanga Smelter production – October 2024 | 175 |
| Table 14.13 | Smelter rebuild CAPEX – by section | 176 |
| Table 14.14 | Example monthly concentrate blend plan – June 2025 | 178 |
| Table 14.15 | Concentrate blending plan – FY25/26 business plan | 182 |
| Table 14.16 | Nkana Refinery production – 2024-2025 | 184 |
| Table 15.1 | Summary of infrastructure by operating site | 192 |
| Table 15.2 | Operational TSF conditions, TD05 (Muntimpa) and Lubengele | 200 |
| Table 16.1 | Five-year copper forward prices (real US$2025) | 200 |
| Table 16.2 | Five-year copper trailing prices | 200 |
| Table 16.3 | Copper payability terms for Konkola and Nchanga Copper Concentrate | 200 |
| Table 16.4 | Major development contracts | 201 |
| Table 16.5 | Example of long-term contract components | 202 |
| Table 16.6 | Royalty charge relation to copper price | 204 |
| Table 18.1 | Cost estimate accuracy and contingency disclosure | 207 |
| Table 18.2 | Rates assumed for operating lateral development | 208 |
| Table 18.3 | Stoping production cost | 209 |
| Table 18.4 | Konkola applicable power tariff assumptions | 209 |
| Table 18.5 | Konkola power estimate | 210 |
| Table 18.6 | Konkola operating costs – Mineral Reserve case | 213 |
| Table 18.7 | Capital cost summary | 214 |
| Table 18.8 | Growth capital summary – Mineral Reserve case | 215 |
| Table 18.9 | Sustaining capital and capitalised mining development – Mineral Reserve case | 215 |
| Table 18.10 | Summary by category | 216 |
| Table 18.11 | Smelter and refinery capital estimate schedule (first five years) | 218 |
| Table 19.1 | Byproducts: Type, Quantity and Price Assumption | 219 |
| Table 19.2 | Consensus pricing forecast – Mineral Reserve case | 222 |
| Table 19.3 | Economic analysis summary – Mineral Reserve case | 225 |
| Table 19.4 | Mineral Reserve production and cashflow schedule | 229 |
| Table 19.5 | Sensitivity analysis table – Mineral Reserve | 231 |
| Table 19.6 | Copper price sensitivity with uniformly applied copper prices | 231 |
| Table 20.1 | Summary of adjacent properties | 232 |
| Table 23.1 | Recommended work program | 240 |
| Table 24.1 | TRS data and information sources | 241 |

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**Figures**

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| | | |
|:---|:---|:---|
| Figure 1.1 | Sensitivity analysis graph | 22 |
| Figure 3.1 | Map of Zambia showing the Copperbelt Region | 27 |
| Figure 3.2 | Property location map – KCM Integrated Operations | 28 |
| Figure 4.1 | Inter site logistics map | 36 |
| Figure 5.1 | KCM historical production FY06-FY24 | 42 |
| Figure 6.1 | Location of Lufilian Arc within Pan-African Belts of Central and Southern Africa | 44 |
| Figure 6.2 | Schematic cross section of the Lufilian fold belt | 45 |
| Figure 6.3 | Simplified Katanga Supergroup stratigraphy | 47 |

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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| Figure 6.4 | Geological map of the greater Konkola area | 48 |
| Figure 6.5 | Stratigraphic column of the Konkola geology | 49 |
| Figure 7.1 | Drillhole location plan - Konkola | 59 |
| Figure 7.2 | Location of three main aquifers in the Konkola Mine, section looking north | 61 |
| Figure 7.3 | Seismic system schematics at Konkola | 68 |
| Figure 8.1 | Location plan of holes drilled from 2016 to 2023 - Konkola | 75 |
| Figure 8.2 | Shewhart plots for CRMs A, B, C, and D - Konkola | 76 |
| Figure 8.3 | Shewhart plots for CRMs E, F, and G - Konkola | 76 |
| Figure 8.4 | RPD plot TCu repeat samples no cut-off and at 1.5% TCu- Konkola - post 2016 data | 77 |
| Figure 8.5 | Blank samples plot showing 0.5% TCu upper limit | 78 |
| Figure 10.1 | Konkola Concentrator recoveries | 86 |
| Figure 10.2 | Nchanga TLP copper production and recoveries - Restart and FY25-26 plan | 89 |
| Figure 10.3 | Historical Nchanga TLP copper recoveries | 89 |
| Figure 11.1 | Average distance to sample support - Konkola | 97 |
| Figure 13.1 | Final mine outline map - plan view showing mining zone boundaries and key infrastructure | 115 |
| Figure 13.2 | Plan view map of the Konkola Mine showing the geotechnical domains | 117 |
| Figure 13.3 | Cross section showing the interconnected nature of the Chingola dolomite (light blue) between KCM (right) and Lubambe (left) | 127 |
| Figure 13.4 | Subsidence area shown on InSAR ascending image | 128 |
| Figure 13.5 | Conceptual water balance | 129 |
| Figure 13.6 | Currently inferred phreatic surface based on measurements from shut in holes | 130 |
| Figure 13.7 | Rotated section showing the planned footwall dewatering drilling | 131 |
| Figure 13.8 | Konkola Mine dewatered, developed, and mined | 133 |
| Figure 13.9 | Dewatering schematic, with required upgrades shown in red | 134 |
| Figure 13.10 | Konkola Mine production schedule by area | 135 |
| Figure 13.11 | Konkola Mine hoisting schedule by shaft | 136 |
| Figure 13.12 | Plan view of a loading level | 138 |
| Figure 13.13 | Isometric view of the loading system (LHOS) | 139 |
| Figure 13.14 | Isometric view of the loading system (panel stoping) | 140 |
| Figure 13.15 | Target paste design strength – 2 Exposures | 141 |
| Figure 13.16 | Target paste design strength – 1 Exposure | 141 |
| Figure 13.17 | Paste fill arched shotcrete barricades | 143 |
| Figure 13.18 | Visual presentation of air flow through the mine | 146 |
| Figure 13.19 | Ventilation compared to production | 146 |
| Figure 13.20 | Konkola Mine development schedule | 148 |
| Figure 13.21 | Konkola Mine production schedule by area | 149 |
| Figure 13.22 | Konkola Mine hoisting schedule by shaft | 149 |
| Figure 13.23 | TD03 and TD04 mining schedule | 150 |
| Figure 13.24 | Total project ore mining schedule | 150 |
| Figure 13.25 | Nchanga site layout | 152 |
| Figure 14.1 | KCM total flowsheet | 154 |
| Figure 14.2 | Konkola Concentrator flowsheet | 155 |
| Figure 14.3 | Konkola historical ore treatment | 157 |
| Figure 14.4 | Konkola daily ore received since restart | 157 |
| Figure 14.5 | Konkola ore processed since restart | 158 |
| Figure 14.6 | Konkola recoveries since restart | 158 |
| Figure 14.7 | Konkola concentrate produced since restart | 158 |
| Figure 14.8 | Concentrate production and grade - Restart and FY25-25 plan | 159 |
| Figure 14.9 | Copper production and recoveries - Restart and FY25-26 plan | 159 |
| Figure 14.10 | Konkola Concentrator production schedule | 162 |
| Figure 14.11 | Konkola concentrate production | 163 |
| Figure 14.12 | Total copper metal in Konkola concentrate | 163 |
| Figure 14.13 | Nchanga TLP flowsheet | 165 |
| Figure 14.14 | Historical Nchanga TLP throughput | 166 |
| Figure 14.15 | Nchanga historical recoveries | 166 |
| Figure 14.16 | Nchanga TLP copper recovery since restart | 168 |
| Figure 14.17 | Nchanga TLP throughput since restart | 169 |
| Figure 14.18 | Nchanga TLP feed schedule – Mineral Reserve case | 170 |

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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| Figure 14.19 | Nchanga TLP Mineral Reserve mine plan copper production and recovery | 170 |
| Figure 14.20 | Nchanga Smelter block flow diagram – design rates shown | 171 |
| Figure 14.21 | Smelter downtime - FY22, FY23, FY24 | 174 |
| Figure 14.22 | Nkana Refinery – process flowsheet | 180 |
| Figure 15.1 | Map showing main roads connecting towns of Chingola and Chililabombwe | 185 |
| Figure 15.2 | Map showing rail infrastructure of Zambia Railways Limited | 186 |
| Figure 15.3 | Map showing waste dump locations at KCM | 187 |
| Figure 15.4 | Map showing locations of all TSFs of Konkola and Nchanga Operations | 189 |
| Figure 15.5 | Map showing detail view of TD05 Muntimpa TSF | 190 |
| Figure 15.6 | Map showing detail view of Lubengele TSF | 191 |
| Figure 18.1 | Konkola Mine operating cost profile – Mineral Reserve case | 213 |
| Figure 18.2 | Konkola Mine cost breakdown – Mineral Reserve case | 214 |
| Figure 19.1 | KCM Smelter Feed Profile – Mineral Reserve Case (incl. external purchased concentrates) | 220 |
| Figure 19.2 | Total copper sold from KCM operations | 220 |
| Figure 19.3 | KCM Mineral Reserve production profile | 221 |
| Figure 19.4 | Copper price forecast – consensus range | 222 |
| Figure 19.5 | Mineral Reserve cashflow | 228 |
| Figure 19.6 | Sensitivity analysis graph – Mineral Reserve | 231 |
| Figure 20.1 | Konkola deposit and surrounding properties | 233 |

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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| **1** | **Executive summary** |

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**1.1** **Introduction** 

AMC Consultants (UK) Limited (AMC) was engaged by Konkola Copper Mines Plc (KCM) to prepare this Preliminary Feasibility Study (PFS) Technical Report Summary (TRS) for the Konkola Mine and associated TD03 and TD04 operations located in the Zambian Copperbelt. This report has been prepared in compliance with Subpart 1300 of Regulation S-K (S-K 1300) as mandated by the United States Securities and Exchange Commission (SEC).

This PFS TRS presents the economic viability of mining Mineral Reserves at the Konkola Mine and the recovery of copper from TD03 and TD04. The technical contents of this report adhere to requirements for reporting on Mineral Reserves, as required by S-K 1300. The effective date of this report is 1 April 2025.

**1.2** **Property description and ownership** 

The KCM Integrated Operations constitutes a single material property comprising an integrated copper production complex from ore extraction through to refined copper metal. KCM is an integrated copper mining, processing, and refining operation located in the Copperbelt Province of the Republic of Zambia. KCM's operations produce refined copper cathode (LME Grade A) and cobalt alloy from two principal sources: underground mining at the Konkola Mine and recovery of copper from historical tailings dams at the Nchanga site. Run-of-mine ore from the Konkola Mine is processed through the Konkola Concentrator to produce copper concentrate, which is smelted at the Nchanga Smelter (an Outotec flash smelting facility) and refined at refined at the Nkana Refinery in Kitwe. Oxide copper from tailings is recovered through the Nchanga Tailings Leach Plant (the Nchanga TLP) via sulfuric acid leaching, solvent extraction, and electrowinning.

KCM's broader operations also include the Nchanga Business Unit (NBU), which comprises the Chingola Open Pit D and F (COP DF), underground operations (Nchanga Upper and Lower Ore Bodies), and several brownfield development prospects including COP E Extension, Luano, and Kakosa. These operations are covered in the companion Initial Assessment TRS. The Nchanga Business Unit mining operations are excluded from this PFS as they do not currently support Mineral Reserves.

KCM was privatised in March 2000 when assets were acquired from the state-owned Zambia Consolidated Copper Mines Limited (ZCCM). Following the exit of Anglo American in September 2002, Vedanta Resources assumed operational control from November 2004, investing in smelter construction, the Konkola Concentrator, Nchanga Concentrators, and the Konkola Mine, Konkola Deep Mining Project (No. 4 Shaft, 6 Mtpa hoisting capacity). KCM's integrated metal production peaked at 160,000 tonnes per annum in FY 2013. In 2019, Zambia Consolidated Copper Mines Investment Holdings Plc (ZCCM-IH) commenced provisional liquidation proceedings, and operations were managed by a provisional liquidator until July 2024, when they were returned to Vedanta with shareholding restored to pre-liquidation status. Further details are provided in Section 5.

The properties covered by this PFS TRS are:

· Konkola
 Mine: Located near Chililabombwe, Republic of Zambia, approximately 20 kilometers (km)
 north of Chingola and 5 km south of the Democratic Republic of the Congo (DRC) border. The
 mine lies within the Zambian Copperbelt, a region known for its extensive copper deposits
 and well-established mining infrastructure.

· TD03
 and TD04: Historical tailings dams located at the Nchanga site near Chingola, containing
 oxide copper deposited from past Nchanga Concentrators operations. Reclaimed tailings is
 reclaimed and processed through the Nchanga TLP to produce copper cathode.

KCM is a subsidiary of CopperTech Metals Inc. (the registrant). Mineral rights associated with the Konkola and Nchanga license areas are held by Konkola Mineral Resources Limited (KMRL), a subsidiary of KCM. As of the effective date of this report, Vedanta Resources holds 79.4% of KCM's issued share capital, with ZCCM-IH holding 20.6%. Further details on the registrant are provided in Section 2.1 and on operational history, including ownership transitions, in Section 5.

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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The Konkola Mine and adjacent mineral processing facilities contribute approximately 91% of recovered copper production over the life of the Mineral Reserve mine plan.

**1.3** **Mineral rights** 

KCM's mineral rights are governed by the Republic of Zambia's Minerals Regulation Commission Act (2024) and operate under Large-Scale Mining Licenses (LSMLs). The key licenses relevant to this PFS are shown in Table 1.1.

Table 1.1 KCM mineral rights and licenses

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|:---|:---|:---|:---|:---|
| **Asset** | **License** | **Description** | **Area (ha)** | **Expiry** |
| **Konkola** | **7076-HQ-LML** | **Mining and concentrator operations** | **6692** | **30 Mar 2050** |
| **Nchanga TLP** | **28174-HQ-MPL** | **Nchanga TLP operations** | **177** | **16 Dec 2045** |
| **Nkana Refinery** | **20945-HQ-MPL** | **Refining activities at Kitwe** | **50** | **18 Apr 2050** |

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As of the effective date of this report, and to the Qualified Person's (QP) knowledge, there are no material encumbrances, legal proceedings, or compliance issues that would adversely affect the standing of these licenses or KCM's ability to conduct operations. Standard regulatory and environmental obligations applicable to mining operations in Zambia are described in Section 3.

**1.4** **Geology and mineralisation** 

The Konkola deposit is a stratiform, sediment-hosted copper-cobalt deposit located within the Central African Copperbelt. Mineralisation is hosted in Neoproterozoic metasedimentary rocks of the Katanga Supergroup, primarily within the Ore Shale Unit (OSU). Copper mineralisation occurs as disseminated and vein-hosted chalcopyrite and bornite, with associated cobalt mineralisation. The orebody dips between 35° and 70° with an average thickness of approximately 9 meters (m). TD03 and TD04 comprise historical tailings from Nchanga Concentrators operations containing residual copper amenable to acid leaching.

**1.5** **Exploration status** 

Exploration at the Konkola deposit has been ongoing since its discovery in 1924, with systematic diamond drilling programs conducted from the 1950s through 2019. The drilling database comprises historical and modern diamond core data collected across multiple campaigns by successive asset owners, including ZCCM (pre-2000), Anglo American (2000-2002), and Vedanta Resources (2004-2019). No exploration, infill, or extension drilling has been undertaken since the commencement of provisional liquidation in May 2019.

Drilling methods employed at Konkola include pneumatic and electric hydraulic diamond coring using BQ, NQ, HQ, and PQ diameter core, with a minimum core recovery expectation of 90% in mineralised zones. Core logging records lithology, rock type, visible mineralisation, degree of weathering, RQD, and joint density. Sampling intervals are a maximum of 1 m within mineralisation, with 0.5 m intervals in the immediate footwall and hangingwall formations.

A quality assurance and quality control (QAQC) program is in place, incorporating blank and certified reference material (CRM) samples inserted at a rate of one per five primary samples (for batches of fewer than 20 samples) or one per ten primary samples (for batches exceeding 30 samples). Repeat analyses of coarse rejects and pulp samples comprise at least 20% of combined samples. Details of the QAQC program and sample preparation methods are provided in Sections 7 and 8.

Infill drilling to convert Inferred Mineral Resources to Indicated, and subsequently to support additional Mineral Reserve conversion, is recommended as a priority activity (Section 23.1.1).

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**1.6** **Development and operations status** 

KCM is a brownfield operation with over 95 years of continuous mining history. The Konkola Mine, Nchanga smelter, Nkana refinery, and associated processing infrastructure are established, operational facilities. KCM's integrated metal production peaked at 160,000 tonnes per annum in FY2013 and subsequently declined to approximately 55,000 tonnes per annum during the provisional liquidation period (2019-2024). Following the return of operational control to Vedanta in July 2024, KCM has commenced a restart and ramp-up of operations.

Underground mining at Konkola is currently operational, with ore produced from the Konkola Deep Mining Project (KDMP) via No. 4 Shaft (6 Mtpa hoisting capacity). Development activities are focused on establishing access to deeper production levels and transitioning mining methods from Post Pillar Cut and Fill (PPCF) to Panel Stoping with Paste Fill in flatly dipping areas of the orebody, which increases resource recovery and improves the ore-to-waste development ratio.

Surface processing facilities are operational, including the Konkola Concentrator (crushing, milling, flotation, and dewatering), the Nchanga Flash Smelter, the Nkana Refinery (electrorefining), and the Nchanga Tailings Leach Plant (TLP) for acid soluble copper recovery from TD03 and TD04. The integrated processing route produces LME Grade A refined copper cathode and cobalt alloy.

Key infrastructure supporting operations includes a long-term power supply agreement with Copperbelt Energy Corporation (CEC) providing 200 MW capacity, a comprehensive dewatering system managing approximately 350,000 m³/day of groundwater inflows at the Konkola Mine, and established road and logistics infrastructure connecting the Konkola, Nchanga, and Nkana sites across the Copperbelt Province.

The PFS mine plan contemplates sustained production from the existing infrastructure with capital investment in underground development, dewatering expansion (including the critical 1390 level pumping infrastructure), and sustaining capital across all facilities. No new greenfield infrastructure or major expansion capital beyond the existing operational footprint is required for the activities contemplated in this PFS.

**1.7** **Mineral Reserve estimate** 

This sub-section contains forward-looking information related to the Mineral Reserve estimates for the KCM Integrated Operations. The material factors that could cause actual results to differ materially from the conclusions, estimates, designs, forecasts, or projections in the forward-looking information include any significant differences from one or more of the material factors or assumptions set forth in this sub-section, including geological and grade interpretations, commodity prices, mining dilution and recovery assumptions, and forecasts associated with establishing the economic viability of the project.

The Mineral Reserve estimates presented herein have been prepared in accordance with the U.S. SEC S-K 1300 and have been reviewed and approved by the QPs. Mineral Reserves represent the economically mineable parts of Measured and Indicated Mineral Resources and include allowances for dilution and mining losses. Mineral Reserves based on Measured Mineral Resources have been classified as Proven Mineral Reserves, and Mineral Reserves based on Indicated Mineral Resources have been classified as Probable Mineral Reserves, consistent with S-K 1300 definitions. No Inferred Mineral Resources have been included in the Mineral Reserve estimate, the production schedule, or the economic analysis presented in this PFS. The Mineral Reserve estimate has been completed to a level appropriate for a Preliminary Feasibility Study and reflects the application of modifying factors, including mine design, production scheduling, metallurgical recovery, and economic parameters, to the Measured and Indicated Mineral Resources.

The Mineral Reserve estimates are based on a copper price assumption of US$8,600/t (US$3.90/lb) for NSR cut-off determination and US$28,000/t (US$12.70/lb) for cobalt. The economic analysis supporting the Mineral Reserve is based on P75 consensus copper price forecasts as detailed in Section 16. In the opinion of the QP, these price assumptions provide a reasonable basis for establishing the economic viability of the project and satisfy S-K 1300 requirements for commodity price disclosure.

The Mineral Reserve estimate as of 1 April 2025 is summarised in Table 1.2. The point of reference for Mineral Reserves is defined at the point where ore is delivered to the processing plant. As of the effective date of this report, Measured and Indicated Mineral Resources represent approximately 4% of the total Mineral Resource. The QPs consider that there is potential to increase Mineral Reserves through continued resource definition drilling as recommended in Section 23.1.1.

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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Table 1.2 KCM Mineral Reserve estimate summary – 1 April 2025

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Deposit** | **Classification** | **Tonnes (Mt)** | **TCu (%)** | **Cu (kt)** | **TCo (%)** | **Co (kt)** |
| **Konkola Mine** | **Proven** | **3** | **2.6** | **76** | **0.06** | **2** |
| **Konkola Mine** | **Probable** | **29** | **2.9** | **839** | **0.06** | **16** |
| Konkola Mine Total | Proven + Probable | 31 | 2.9 | 915 | 0.06 | 18 |
| **TD03** | **Probable** | **9** | **0.8** | **65** | **-** | **-** |
| **TD04** | **Probable** | **28** | **0.6** | **174** | **-** | **-** |
| KCM Total | Proven + Probable | 68 | 1.7 | 1154 | 0.03 | 18 |

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Notes:

· NSR
 cut-off values: Konkola Mine US$50–125/t ROM, calculated using a copper price of US$8,600/t
 Cu and cobalt price of US$28,000/t Co. No cut-off applied to TD03 AND TD04 (100% recovery
 of resource planned).

· Metallurgical
 recovery for Konkola Concentrator: 89.1% Cu (Mineral Reserve mine plan average).

· Metallurgical
 recovery for Nchanga TLP: 74.8% acid soluble copper recovery.

· Point
 of reference: Ore delivered to processing plant.

· Rounding
 may cause apparent inconsistencies in totals.

· Mineral
 Reserves are reported using a copper price of US$8,600/t (US$3.90/lb) and a cobalt price
 of US$28,000/t (US$12.70/lb) for NSR cut-off grade determination. The economic analysis in
 Section 19 applies P75 consensus copper pricing ranging from US$9,925/t to US$11,298/t over
 the production period.

The QPs are not aware of any environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant factors that could materially affect the Mineral Reserve estimates, other than as disclosed elsewhere in this report.

**1.8** **Mineral Resources** 

Mineral Resources for the KCM Integrated Operations are detailed in Section 11. Mineral Resources are reported exclusive of Mineral Reserves and do not have demonstrated economic viability. Inferred Mineral Resources are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorised as Mineral Reserves, and there is no certainty that all or any part of the Inferred Mineral Resources will be converted to Measured or Indicated Mineral Resources with additional exploration. Mineral Resources that are not Mineral Reserves have not been included in the production schedule, mine plan, or economic analysis presented in this PFS. The full Mineral Resource case is assessed in the companion Initial Assessment TRS (AMC, 2026). The Mineral Resource estimate as of 1 April 2025 is summarised in Table 1.3.

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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Table 1.3 KCM Mineral Resource estimate summary (Exclusive of Mineral Reserves) – 1 April 2025

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Deposit** | **Classification** | **Tonnes (Mt)** | **TCu (%)** | **Cu (kt)** | **TCo (%)** | **Co (kt)** |
| Konkola Mine | Measured | 1.4 | 3.7 | 52 | 0.05 | 1 |
| Konkola Mine | Indicated | 9.1 | 3.7 | 340 | 0.07 | 6 |
| Konkola Mine | M + I | 10.4 | 3.7 | 388 | 0.07 | 7 |
| Konkola Mine | Inferred | 249 | 3.4 | 8358 | 0.06 | 149 |
| Tailings Dam 03 ("TD03") | Indicated | 0.0 |  |  |  |  |
| Tailings Dam 04 ("TD04") | Indicated | 0.0 | - | - | - | - |
| **KCM Total** | **M + I** | **10.4** | **3.7** | **388** | **0.07** | **7** |
| **KCM Total** | **Inferred** | **249** | **3.4** | **8358** | **0.06** | **149** |

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Notes:

· Mineral
 Resources that are not Mineral Reserves do not have demonstrated economic viability.

· Mineral
 Resources are reported exclusive of Mineral Reserves.

· Point
 of reference: in situ material.

· Classification
 in accordance with S-K 1300.

· Cut-off
 grade: 1.0% TCu (Konkola Mine), based on a metal price of US$9,000/t Cu. No cut-off grade
 applied to TD03 AND TD04.

· TD03
 AND TD04 Mineral Resources have been fully converted to Probable Mineral Reserves (Section
 12).

· As
 of the effective date of this report, approximately 96% of the total Mineral Resource (exclusive
 of Mineral Reserves) is classified as Inferred and concentrated at the Konkola Mine. Inferred
 Mineral Resources are excluded from the PFS mine plan and economic assessment. Any Inferred
 material within mine designs has been treated as waste and assigned zero grade. The full
 Mineral Resource case is assessed in the companion Initial Assessment TRS (AMC, 2026).

· Overall
 metallurgical recovery — Konkola Mine: 88.2% Cu, 18.0% Co (ROM to refined metal). TD03
 AND TD04: 74.8% acid soluble copper.

· Rounding
 of figures may cause apparent inconsistencies in totals. Contained metal for TD03 and TD04 is calculated from unrounded survey estimates (TD03: 8.49 Mt at 0.77% TCu; TD04:
27.65 Mt at 0.63% TCu); refer to Section 11.3.

· Mineral
 Resources are 100% attributable to KCM.

· Mineral
 Resources are reported using a copper price of US$9,000/t (US$4.08/lb) for cut-off grade
 determination.

As of the effective date of this report, Measured and Indicated Mineral Resources represent approximately 4% of the total Mineral Resource (exclusive of Mineral Reserves), with the remaining 96% classified as Inferred and concentrated at the Konkola Mine. The predominance of Inferred Mineral Resources reflects the early stage of systematic exploration across much of the Konkola deposit; these resources require substantial infill drilling to advance to higher confidence categories suitable for Mineral Reserve conversion. Ongoing infill drilling programs are planned to improve geological confidence and support future Resource-to-Reserve conversion as recommended in Section 23.1.1.

**1.9** **Mining methods** 

Konkola Mine is an established underground copper mining operation. Development activities are centered on the Konkola Deep Mining Project (KDMP), which provides access to deeper sections of the orebody via vertical shafts and underground declines. Mining is primarily undertaken using longitudinal longhole open stoping (LHOS) methods.

The orebody dips between 35° and 70°, with average thickness of 9 meters (m). A mine plan redesign of KDMP formed an integral component of the PFS. The mining method applied to flatly dipping (<40°) parts of the orebody has been changed from Post Pillar Cut and Fill (PPCF) to Panel Stoping with paste fill as a key enabler. The change in mining method increases resource recovery, thereby improving the ore to waste development ratio.

The operation is characterised by exceptionally high groundwater inflows and is regarded as one of the wettest underground mines globally, with an ore hoist-to-water pumping ratio of approximately 1:49. A comprehensive dewatering system is in place, including staged pumping stations, sumps, and water management infrastructure to maintain mine access and safety.

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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**1.10** **Processing and recovery methods** 

KCM's processing infrastructure comprises the Konkola Concentrator, Nchanga concentrators, Nchanga TLP, Nchanga flash smelter, and Nkana refinery. These assets are operationally integrated and cannot be economically separated. Surface facilities at the Konkola Complex process run-of-mine (ROM) ore through crushing, milling, flotation, and dewatering. The produced concentrate is transported to the Nchanga Smelter, with final copper production completed at the Nkana Refinery via electrorefining.

Key processing parameters:

· Konkola
 Concentrator Recovery: 89.1% copper recovery to concentrate.

· Concentrate
 Grade: Approximately 33% copper.

· Smelter
 Recovery: 98.7% copper recovery.

· Refinery
 Recovery: 96.75% payable copper.

· Nchanga
 TLP Recovery: 48.1% total copper recovery (refer to Section 10 for acid soluble copper recovery
 details).

The LOM plan assumes purchase of 250,000–300,000 tpa of third-party concentrate from regional Zambian and DRC Copperbelt mines to supplement KCM's own internal feed. This is a process requirement of the Nchanga Flash Smelting Furnace, which requires a specific Fe / SiO₂ ratio in the feed blend that cannot be achieved using KCM's own concentrates alone, as both the Konkola and Nchanga concentrators produce high-silica concentrate (typically 20–22% SiO₂ against a preferred limit of less than 15% SiO₂). Third-party concentrate is purchased on a metal-return basis, KCM takes ownership of the concentrate and bears the associated price risk, and is not a toll processing arrangement.

Third-party concentrate has been sourced historically from large-scale open pit and underground copper producers in the Zambian and DRC Copperbelt, providing a diverse regional supply base within 200 to 500 kilometres of the Nchanga Smelter. The Copperbelt region represents one of the world's largest copper-producing areas and output is forecast to grow across the Mineral Reserve LOM period. A structural dynamic supporting supply continuity is the Zambian government's 10% export levy on copper concentrate, which creates a material economic incentive for Zambian producers to supply domestic smelters rather than export, and the comparatively high logistics cost of shipping DRC-origin concentrate to overseas smelters relative to regional Copperbelt facilities. However, a number of the largest Copperbelt mine expansions are expected to be accompanied by dedicated on-site smelting capacity over the LOM period, which would reduce the volume of concentrate available to third-party buyers. In particular, Ivanhoe Mines has announced plans to commission an on-site direct-to-blister smelter at the Kamoa-Kakula Copper Complex in the DRC (500,000 tpa capacity), which, once operational, is expected to process Kamoa-Kakula's own concentrate internally rather than making it available to regional third-party smelters. Kamoa-Kakula concentrate has historically been one of the most desirable high-grade, low-silica feeds available to the Nchanga Flash Smelting Furnace (FSF) and its anticipated withdrawal from the regional market represents a material change in the third-party concentrate supply landscape over the LOM. Active management of the regional supply base will accordingly be required throughout the LOM to maintain the assumed 250,000–300,000 tpa of third-party concentrate.

The QPs consider there is a reasonable basis to expect that sufficient concentrate will remain available at commercially reasonable terms given the scale of regional Copperbelt production, the structural inability of many smaller producers to develop proprietary smelting capacity, and the structural supply dynamics described in Section 14.4.3. However, the absence of binding supply contracts beyond FY2026 introduces commercial uncertainty that the QPs consider to be a material risk to the LOM plan, and securing ongoing supply arrangements is identified as an essential commercial requirement. The sensitivity of project economics to this dependency is assessed in Section 19.2.4, which models the removal of third-party concentrate from the LOM plan entirely. The total NPV₈% impact comprises two components: the direct smelter contribution accounts for approximately US$174M or approximately 8% of the base case NPV₈% of US$2,132M; the incremental acid procurement cost arising from reduced smelter throughput accounts for a further approximately US$71M, reflecting the delta between the external market price of US$175/t and the internal transfer price of US$130/t applied to the acid shortfall of approximately 1,917,000 tonnes. The combined NPV₈% reduction is approximately US$245M or approximately 11%, reducing the base case NPV₈% to approximately US$1,887M. The KCM Integrated Operations remain economic under this sensitivity on the basis of KCM's own Mineral Reserve production, and the uninterrupted sourcing of third-party concentrate is identified as an essential operational and commercial requirement throughout the life of mine.

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**1.11** **Infrastructure** 

KCM's integrated operations span three principal sites connected by established road infrastructure across the Copperbelt Province. Run-of-mine ore from the Konkola Mine at Chililabombwe is processed through the on-site Konkola Concentrator. Copper concentrate is transported approximately 20 km by road to the Nchanga Flash Smelter at Chingola, with blister copper then transported approximately 55 km to the Nkana Refinery at Kitwe for electrorefining to LME Grade A cathode. All inter-site routes utilise high-quality tarmac roads capable of supporting loads up to 50 tonnes.

Power is supplied under a long-term agreement with CEC, providing 200 MW capacity to all KCM sites. This agreement has been in place for over 20 years. Water supply for processing operations is sourced primarily from the Kafue River system and from dewatering operations at the Konkola Mine, which pumps approximately 350,000 m³/day. The Konkola Mine operates a comprehensive staged dewatering system including pumping stations, sumps, and water management infrastructure critical to maintaining mine access and safety.

Export logistics for refined copper cathode rely on road freight to rail transfer points and onward transport to regional ports, including Dar-es-Salaam (Tanzania), Walvis Bay (Namibia), and Durban (South Africa). Further details on infrastructure and logistics are provided in Sections 4 and 15.

**1.12** **Economic analysis summary** 

The before-tax economic analysis is based on the Mineral Reserve mine plan only. The economic model incorporates the operating cost, capital cost, and pricing inputs described in this report. Revenue assumptions are:

· Copper
 Price: P75 consensus pricing as per Table 19.2 (ranging from US$9,925/t to US$11,298/t over
 the Mineral Reserve production period).

· Cobalt
 Price: P50 consensus pricing (ranging from US$42,262/t to US$52,465/t over the Mineral Reserve
 production period).

· Discount
 Rate: 8% real, pre-tax.

Capital expenditure for the Mineral Reserve mine plan totals US$1,066M, comprising growth capital, capitalised mining development, and sustaining capital. A summary by category is presented in Table 1.4.

Table 1.4 Capital cost summary – Mineral Reserve case

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| | | |
|:---|:---|:---|
| **Capital category** | **Amount (US$M)** | **% of Total** |
| Growth Capital | 152 | 14 |
| 1390 mL Pump Chamber | 74.2 |  |
| Tramming Upgrade Phase 2 (875 mL) | 23.1 |  |
| Concentrator Stream 2 Refurbishment | 7.3 |  |
| Other growth projects (incl. EPCM & contingency) | 47.4 |  |
| Capitalised Mining Development | 505 | 47 |
| Lateral Development | 446.1 |  |
| Vertical Development | 59.2 |  |
| Sustaining Capital | 408 | 38 |
| KCM Underground Sustaining | 306.0 |  |
| Nchanga Smelter & Refinery Sustaining | 102.4 |  |
| **Total Capital** | **1066** | **100** |
| *Closure Costs (additional)* | *93* |  |

---

Note: All values in US$M. Capital cost estimates are at PFS accuracy level (±25%) with contingency of 10–15%. Totals may not sum due to rounding. Refer to Section 18 for detail.

Growth capital of US$152M comprises investments to support planned production rates, with the largest single item being the 1390 mL Pump Chamber (US$74.2M) for primary dewatering infrastructure. Capitalised mining development of US$505M reflects the underground lateral and vertical development required to access Mineral Reserves at the Konkola Mine, with the majority (US$353M) occurring in the first three years. Sustaining capital of US$408M covers ongoing equipment replacement and infrastructure maintenance across both the KCM underground operations and the Nchanga Smelter and Refinery.

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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Life-of-mine operating costs total US$4,849M, comprising KCM underground mining, Nchanga TLP tailings reclamation, and Nchanga Smelter and refinery operations. A summary by operational unit is presented in Table 1.5.

Table 1.5 Operating cost summary – Mineral Reserve case

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| | | | |
|:---|:---|:---|:---|
| **Operating Cost Category** | **LOM Total (US$M)** | **Unit Cost** | **Unit** |
| KCM Underground Mining | 3678 | 114 | US$/t ore |
| Nchanga TLP Operations | 592 | 13 | US$/t ore |
| Subtotal — Mining Operating Costs | 4270 |  |  |
| Smelter & Refinery Operating Costs | 1338 |  |  |
| **Smelter & Refinery Credits** | **(759)** |  |  |
| **Total Operating Costs** | **4849** |  |  |
| C1 Cash Cost<sup>1</sup> |  | 2.24 | US$/lb Cu |
| All-in Sustaining Cost (AISC)<sup>1</sup> |  | 2.80 | US$/lb Cu |

---

Note: <sup>1</sup> C1 and AISC are non-GAAP measures. C1 Cash Cost includes all direct mining, processing, and site G&A costs, net of by-product credits. AISC includes C1 plus sustaining capital, and royalties. Full definitions and reconciliation provided in Section 18. Refer to Section 18 for annual cost profiles.

KCM underground mining costs of US$3,678M (US$114/t ore average) include operating development, stoping, power, dewatering, backfill, and mine services. Nchanga TLP operating costs of US$592M (US$13/t ore) cover tailings reclamation and leach processing. Smelter and refinery operating costs of US$1,338M include the Nchanga Smelter, sulfuric acid plant, and Nkana Refinery.

The Mineral Reserve case economic results are summarised in Table 1.6.

Table 1.6 Economic results – Mineral Reserve case

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| | |
|:---|:---|
| **Item** | **Value** |
| **Production** | **Production** |
| Total Ore Mined (KCM UG + Nchanga TLP) | 67620 |
| KCM Underground Ore Mined | 31478 |
| KCM Underground Head Grade | 2.91 |
| KCM Underground Recovery | 89.1 |
| Nchanga TLP Ore Mined | 36142 |
| Nchanga TLP Head Grade | 0.65 |
| Nchanga TLP Recovery | 48.1 |
| **Total Integrated Copper Production** | **912** |
| Mine Life | ~11 |
| **Revenue** | **Revenue** |
| Gross Copper Revenue | 9726 |
| Smelter and By-Product Credits | 11806 |
| Concentrate purchase costs | (10562) |
| Freight and Refining Costs | (817) |
| **Net Revenue** | **10153** |
| **Economic Metrics** | **Economic Metrics** |
| **Free Cash Flow** | **3439** |
| **NPV₈% (pre-tax, real)** | **2132** |
| IRR (pre-tax, real) | N/A<sup>1</sup> |
| **Payback Period** | **~5.6** |

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Notes: <sup>1</sup> IRR is not reported as this is a brownfield operation generating positive free cash flow from Year 1. Capital and operating cost detail presented in Table 1.4 and Table 1.5 respectively.

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The economic analysis includes free cash flow of approximately US$309M from the processing of third-party purchased concentrates through the Nchanga Smelter, representing approximately 9% of total free cash flow. No third-party material has been included in any Mineral Resource or Mineral Reserve estimate. Excluding the third-party contribution, the pre-tax NPV<sub>8%</sub> is approximately US$1,958M; refer to Section 19 for further detail.

**1.13** **Sensitivity analysis** 

A sensitivity analysis on the NPV<sub>8%</sub> was undertaken on copper price, cobalt price, operating costs and capital costs. The results are shown in Figure 1.1 and summarised in Table 1.7. The project is most sensitive to changes in copper prices and operating costs.

Figure 1.1 Sensitivity analysis graph

![](ctm003_ex96-2img02.jpg)

Source: AMC, 2025.

Table 1.7 Sensitivity analysis results

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Parameter** | **80%** | **90%** | **100%** | **110%** | **120%** |
| **Cu Price (NPV US$M)** | **962** | **1547** | **2132** | **2717** | **3302** |
| **Co Price (NPV US$M)** | **2124** | **2128** | **2132** | **2136** | **2140** |
| **OPEX (NPV US$M)** | **2620** | **2376** | **2132** | **1888** | **1644** |
| **CAPEX (NPV US$M)** | **2303** | **2217** | **2132** | **2047** | **1961** |

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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**1.14** **Environmental studies, permitting, and social or community impact** 

KCM operates under valid Large-Scale Mining Licenses issued by the Zambian Ministry of Mines. Key permits include environmental authorisations under the Zambia Environmental Management Agency (ZEMA), water abstraction permits for dewatering operations, and tailings storage facility (TSF) operating permits. All required permits for current operations are in place. The Konkola license (7076-HQ-LML) expires 30 March 2050, and the TLP license (28174-HQ-MPL) expires 16 December 2045. No new permits are required for the activities contemplated in this PFS.

Environmental management at KCM is governed by the Environmental Management Act (EMA) of 2011 and its subsidiary regulations. Based on the 2020 EPF audit report, KCM's total EPF liability across all locations was US$129M. As per the assessment, Nkana was classified under Category 1, while Nchanga, Konkola and Nampundwe were classified under Category 2, with a total cash contribution liability of US$12,037,058. KCM made a cash contribution of US$5,464,682, leaving an outstanding balance of US$6,572,376 during the liquidation period. The outstanding balance has been filed as a claim under the Creditors' Scheme of Arrangement by the Mines Safety Department and will be settled in accordance with the waterfall mechanism provided thereunder. KCM has been granted a two-year moratorium on liabilities from the date of Board reinstatement (31 July 2024). KCM is actively working to improve compliance with EPF requirements and enhance site categorisation, which is expected to reduce future cash contribution obligations. Estimated closure costs of US$93M have been included in the economic analysis (Section 19) and are based on preliminary closure planning, which may be refined in subsequent studies.

Tailings storage facilities are managed in accordance with the Global Industry Standard on Tailings Management (GISTM), with quarterly independent assessments conducted on all operational TSFs. Two operational TSFs (TD05 Muntimpa and Lubengele) are subject to ongoing stability monitoring and statutory compliance inspections. Further details on TSF conditions and management are provided in Section 15.8.

KCM's operations are located within established Copperbelt mining towns (Chililabombwe, Chingola, and Kitwe) with long-standing community relationships. Community development, resettlement programs, and stakeholder engagement activities are managed by KCM as described in Section 17. The QPs have relied on the Registrant for information regarding environmental and community matters as disclosed in Section 25.

**1.15** **Qualified Person's conclusions** 

The QP concludes that:

· The
 Konkola Mine Mineral Reserve estimate is based on the mine plan and adjusted mining methods
 and systems described in this document.

· Mineral
 Reserves are currently derived exclusively from Measured and Indicated Mineral Resources,
 which represent approximately 4% of the total Konkola Mineral Resource (exclusive of Reserves).
 The remaining, approximately 96%, is classified as Inferred and has not been included in
 the Mineral Reserve estimate or the PFS mine plan. Conversion of Inferred Mineral Resources
 to higher confidence categories through infill drilling, as recommended in Section 23.1.1,
 has the potential to materially increase future Mineral Reserve estimates, subject to the
 application of applicable modifying factors.

· The
 economic analysis for the Mineral Reserve case demonstrates a positive outcome, with a pre-tax
 NPV₈% of US$2,132M and a payback period of 5.6 years.

· The
 timely and effective installation of the 1390 level pumping infrastructure is critical to
 achieving the required dewatering rates.

· Underground
 water management remains the principal technical risk to sustained production at the planned
 rates. The dewatering strategy is described in Section 13 and its capital requirements in
 Section 18.

The QP recommends:

· A
 systematic infill drilling program targeting conversion of Inferred Mineral Resources to
 Indicated, prioritizing areas adjacent to existing development and planned stoping blocks,
 to support future Mineral Reserve growth (Section 23.1.1).

· Prioritisation
 of the 1390 level pumping infrastructure installation.

· Ongoing
 monitoring of groundwater conditions and dewatering system performance.

· Continued
 geotechnical data collection and analysis to refine stope design parameters and dilution
 assumptions as mining advances into new areas (Section 23.2.1).

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| **2** | **Introduction** |

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AMC Consultants (UK) Limited (AMC) was engaged by Konkola Copper Mines Plc (KCM) to prepare this Preliminary Feasibility Study (PFS) Technical Report Summary (TRS) for the Konkola Mine and associated TD03 and TD04 operations located in the Zambian Copperbelt. This report has been prepared in compliance with Subpart 1300 of Regulation S-K (S-K 1300) as mandated by the United States Securities and Exchange Commission (SEC).

This PFS TRS presents the economic viability of mining Mineral Reserves at the Konkola Mine and the recovery of copper from TD03 and TD04. The Mineral Reserve mine plan and cash flow analysis are based exclusively on Mineral Reserves and do not include any Mineral Resources that have not been converted to Mineral Reserves.

The technical contents of this report adhere to requirements for reporting on Mineral Reserves, as required by S-K 1300. The effective date of this report is 1 April 2025.

**2.1** **Registrant for whom the TRS was prepared** 

This TRS has been prepared for the registrant, CopperTech Metals Inc., and its subsidiary, KCM. KCM is the operator of the Konkola Mine and associated TD03 and TD04 operations located in the Copperbelt Province of Zambia. KCM, and its subsidiary company Konkola Mineral Resources Limited (KMRL) is the legal holder of the mineral rights associated with the Konkola and Nchanga license areas and operates under large-scale mining licenses.

**2.2** **Terms of reference and purpose** 

This report has been prepared in accordance with S-K 1300 of the U.S. SEC and provides a TRS for the Konkola Mine and Konkola Concentrator, TD03, TD04, and the associated processing infrastructure including the Nchanga Smelter and Nkana Refinery.

The purpose of this report is to report information regarding Mineral Reserves, development progress, and associated technical assessments, including risk factors and economic considerations. The report constitutes a PFS focused on the Mineral Reserve estimate for the Konkola Mine, TD03 and TD04, incorporating revised mine planning, extraction rates, and modifying factors.

This report was prepared by AMC, an independent mining consultancy, on behalf of KCM. AMC has no material interest in KCM or its affiliates.

**2.3** **Units of measure** 

Unless otherwise stated, all units in this report are in metric (SI) units. Currency is presented in United States Dollars (US$). The exchange rate used for financial modelling and conversions is the 2025 average exchange rate of ZMW 25.25 to US$1.00, unless stated otherwise.

Grades are reported as total copper (TCu) in percent (%), total cobalt (TCo) in percent and acid soluble copper (ASCu) in percent. Tonnages (t) are reported as dry metric tonnes (t) unless otherwise explicitly stated.

The unit mL refers to meter level and is the vertical elevation with reference to the collar position of 4 Shaft at the Konkola Mine.

**2.4** **Defined terms and abbreviations** 

Table 2.1 defines the principal facility names, abbreviations, and technical terms used throughout this TRS. Each term is defined at first use in the body of the report; the standardised form shown in Table 2.1 is used thereafter.

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Table 2.1 Defined terms and abbreviations

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| | | |
|:---|:---|:---|
| **Defined Term** | **Abbreviation** | **Description** |
| KCM Integrated Operations |  | The integrated mining, processing, smelting, and refining operations of Konkola Copper Mines Plc, comprising the Konkola Mine, Nchanga Concentrators, TD03, TD04, the Nchanga TLP, the Nchanga Smelter, and the Nkana Refinery, as described in Section 1.2. |
| Konkola Mine |  | The underground copper mine at Chililabombwe, Copperbelt Province, Zambia, operated by KCM. Includes all underground workings accessed via No. 1, No. 3, and No. 4 Shafts. |
| Konkola Deep Mining Project | KDMP | The development project providing deep-level access to the Konkola orebody via No. 4 Shaft and associated underground infrastructure. |
| Konkola Concentrator |  | The sulphide flotation concentrator located at the Konkola Mine site, processing run-of-mine ore from the Konkola Mine. |
| Tailings Dam 03 | TD03 | The historical tailings storage facility at the Nchanga site, from which tailings are reclaimed for processing through the Nchanga TLP. |
| Tailings Dam 04 | TD04 | The historical tailings storage facility at the Nchanga site, from which tailings are reclaimed for processing through the Nchanga TLP. |
| Nchanga TLP | Nchanga TLP | The acid leach and solvent extraction–electrowinning (SX-EW) facility at Nchanga that processes reclaimed tailings from TD03 and TD04 and current Nchanga Concentrators tailings. |
| Nchanga Smelter |  | The Outotec flash smelting facility at Nchanga, Chingola, with nameplate capacity of 311,000 tpa concentrate. Includes the sulfuric acid plant. |
| Nkana Refinery |  | The electrolytic copper refinery at Kitwe, producing LME Grade A copper cathode from Nchanga Smelter anode. |
| Nchanga Concentrators |  | The three concentrating mills at the Nchanga site: Open Pit East Mill (OEM), Nchanga East Mill (NEM), and North West Mill (NWM). Excluded from the PFS mine plan; included in infrastructure descriptions. |
| Nchanga Business Unit | NBU | The Nchanga mining and processing operations at Chingola, including underground and open pit mines. Excluded from the PFS Mineral Reserve and mine plan. |
| Nampundwe Mine |  | The underground pyrite mine located approximately 50 km west of Lusaka, supplying flux to the Nchanga Smelter. Excluded from the PFS Mineral Reserve and mine plan. |
| Longitudinal longhole open stoping | LHOS | The primary underground mining method applied at Konkola Mine. |
| Post pillar cut and fill | PPCF | A secondary mining method historically applied at Konkola Mine for flatly dipping sections; replaced by panel stoping with paste fill in the PFS mine plan. |
| Ore Shale Unit | OSU | The principal mineralised horizon at Konkola, a carbonaceous and dolomitic shale unit within the Lower Roan Group. |
| S-K 1300 |  | Regulation S-K, subpart 1300 of the U.S. Securities and Exchange Commission, governing disclosure of mining-related information. |
| Qualified Person | QP | As defined in S-K 1300 §1300(a). |

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**2.5** **Sources of information** 

This report is based on data and information provided by KCM as outlined in Section 25 of this report, supplemented by AMC's own analysis, site inspections, historical reports, and public domain references. Sources include:

· KCM
 geological models, drillhole databases, and quality assurance / quality control (QAQC) records.

· Processing
 plant flow sheets, production records, and metallurgical test work.

· Cost
 models, operating assumptions, and infrastructure documentation.

· Site
 visits, interviews with KCM technical teams, and historical technical studies.

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Data verification steps were conducted in accordance with S-K 1300, and the Qualified Persons (QPs) have reviewed all relevant datasets for consistency and completeness.

**2.6** **Personal inspection of the property** 

In accordance with Item 1302(b)(2)(iii) of Regulation S-K, AMC confirms that personal inspections of the KCM operations were conducted by the technical professionals responsible for the preparation of this TRS.

AMC personnel conducted site inspections at the Konkola and Nchanga operations on the following occasions:

· November
 2024: Initial site inspection covering Konkola Underground mine workings (including active
 development headings, shaft systems, and ore passes), the Konkola Concentrator, surface infrastructure,
 and the Nchanga Smelter and Refinery. The inspection included review of core storage facilities,
 geological logging practices, and sample preparation procedures at the on-site laboratory.

· February
 2025: Follow-up inspection focused on underground mining operations at Konkola, including
 observation of longhole open stoping and panel stoping methods, rail haulage and tramming
 systems, dewatering infrastructure, and ventilation circuits. Processing operations at the
 Nchanga Tailings Leach Plant (TLP) and tailings reclamation activities at TD03 and TD04 were
 also inspected. Meetings were held with KCM operational and technical teams to verify production
 data, cost assumptions, and contractor arrangements.

· April
 2025: Final inspection coinciding with the effective date of the Mineral Resource and Mineral
 Reserve estimates (1 April 2025). This inspection covered the Konkola Concentrator refurbishment
 progress, paste fill plant site, Nchanga Smelter operations, and the Lubengele tailings storage
 facility. Updated geological models and mine plans were reviewed with KCM's geology and mine
 planning teams, and datasets used in the preparation of this TRS were verified against site
 records.

IBIS Environmental personnel conducted site inspections during 2024 and 2025 in support of the environmental and social assessments presented in Sections 16 and 20 of this report, including baseline environmental monitoring, stakeholder engagement activities, and assessment of tailings storage facility conditions.

All inspections occurred during active operational periods. Observations made during site visits were cross-referenced with geological models, mine plans, production records, and historical datasets to validate the assumptions used in Mineral Resource and Mineral Reserve estimation, mine planning, cost estimation, and economic analysis. The AMC professionals who conducted the site inspections are the same individuals responsible for the technical content of this TRS and who contributed to the conclusions and recommendations presented herein.

The QP is satisfied that the site inspections were of sufficient scope, frequency, and duration to support the conclusions presented in this report.

**2.7** **Summary of previously filed technical report** 

This report updates and supersedes any previous technical reports prepared for KCM in the United States of America or other jurisdictions, based on earlier geological models and classification criteria relying primarily on variogram ranges. The current assessment includes revised drillhole data, updated estimation methods, and a stricter classification framework as applied by AMC in line with current industry practice.

**2.8** **Qualified Persons** 

AMC is an independent third-party consulting firm comprising mining experts, including professional geologists and mining engineers. In accordance with S-K Item 1302(b)(1)(ii), AMC signs this TRS as a firm.

The AMC personnel who prepared this report are specialists in geology, Mineral Resource and Reserve estimation, underground mining, geotechnical engineering, mineral processing, and mineral economics. All contributing personnel have more than five years of relevant experience in sediment-hosted copper deposits and underground mining operations and are members in good standing of recognised professional organizations including the Australasian Institute of Mining and Metallurgy (AusIMM).

AMC takes responsibility for all sections of this Report.

**2.9** **Reliance on the registrant** 

AMC have relied on information and assurance provided by KCM and several specialists employed by KCM. The detail of this reliance is provided in Section 25 of this document.

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| **3** | **Property description** |

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**3.1** **Property description** 

The KCM Integrated Operations is located in the Copperbelt Province of the Republic of Zambia. The properties covered by this PFS comprise the Konkola Mine and Concentrator near Chililabombwe, the Nchanga TLP and Nchanga Smelter near Chingola, the Nkana Refinery in Kitwe, and historical TD03 and TD04 at the Nchanga site. The total combined license area of the KCM operations is approximately 6,919 hectares (ha). Infrastructure, access, and climate conditions are described in Section 4.

**3.2** **Project location** 

The Konkola operations are located in the Copperbelt Province of Zambia, Africa (Figure 3.1), within a region known for its extensive copper mining operations. This region has historically been the backbone of Zambia's economy and continues to be a key player in global copper production.

Figure 3.1 Map of Zambia showing the Copperbelt Region

![](ctm003_ex96-2img03.jpg)

Source: Post-Mining Restoration in Zambia Screening native tree species for phytoremediation potential. 2021. ResearchGate. Retrieved from https://www.researchgate.net/figure/Map-of-Zambia-The-Copperbelt-region-is-marked-in-the-stripped-grey-and-the-sampled-areas_fig1_341293959. Accessed: 24 Mar 2025.

The Konkola Mine and concentrator is located at Chililabombwe, approximately 20 km north of Chingola and 5 km south of the Zambia–DRC border. The site lies at approximately latitude 12.375005°S and longitude 27.830647°E.

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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The Nchanga Complex, including open pit and underground mines, concentrators, smelter, and the Nchanga TLP, is located approximately 4 km from the town of Chingola at latitude 12.512792°S and longitude 27.857893°E. The tailings storage facilities (TD03 and TD04) are situated between Konkola and Nchanga at latitude 12.501449°S and longitude 27.794603°E. The Nkana Refinery, where final copper cathode production is completed, is located in Kitwe at latitude 12.808555°S and longitude 28.251682°E. The Nampundwe Pyrite Mine, which supplies flux to the Nchanga Smelter, is located in the Shibuyunji District at latitude 15.491742°S and longitude 27.909511°E, approximately 320 km south of the Copperbelt operations. Geographic coordinates for all major facilities are presented in Table 3.1 and shown on the property location map (Figure 3.2).

Figure 3.2 Property location map – KCM Integrated Operations

![](ctm003_ex96-2img04.jpg)

Source: Base map tiles© OpenStreetMap contributors. Coordinate system: WGS 84 (EPSG:4326), Decimal Degrees. Map accuracy within ±50 m of stated coordinates.

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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Table 3.1 KCM Integrated Operations — facility coordinates (WGS84 datum)

---

| | | | |
|:---|:---|:---|:---|
| **Site / Facility** | **Latitude** | **Longitude** | **License No.** |
| **Konkola Complex — Chililabombwe** |  |  |  |
| Konkola Mine (No. 4 Shaft) | 12.378820˚ S | 27.829329˚ E | 7076-HQ-LML |
| Konkola Mine (No. 1 Shaft) | 12.380048˚ S | 27.829103˚ E | 7076-HQ-LML |
| Konkola Mine (No. 3 Shaft) | 12.359064˚ S | 27.818375˚ E | 7076-HQ-LML |
| Konkola Concentrator | 12.375666˚ S | 27.829844˚ E | 7076-HQ-LML |
| **Nchanga Complex — Chingola** |  |  |  |
| Nchanga Underground (D Shaft) | 12.524812˚ S | 27.854832˚ E | 7075-HQ-LML |
| Chingola Open Pit DF (COP DF) | 12.555909˚ S | 27.815651˚ E | 7075-HQ-LML |
| Chingola Open Pit E Extension | 12.542381˚ S, | 27.814069˚ E | 7075-HQ-LML |
| Nchanga East Mill (Concentrator) | 12.526696˚ S | 27.858325˚ E | 28173-HQ-MPL |
| Nchanga West Mill (Concentrator) | 12.525773˚ S | 27.857918˚ E | 28173-HQ-MPL |
| Nchanga Smelter | 12.530508˚ S | 27.855137˚ E | 7075-HQ-LML |
| Nchanga TLP | 12.532698˚ S | 27.847922˚ E | 28174-HQ-MPL |
| **Tailings storage facility Facilities — Chingola** |  |  |  |
| TD03 — centroid | 12.502871˚ S | 27.794465˚ E | 7075-HQ-LML |
| TD04 — centroid | 12.513000˚ S | 27.797564˚ E | 7075-HQ-LML |
| **Nkana Refinery — Kitwe** |  |  |  |
| Nkana Refinery (Electrorefinery) | 12.657859˚ S | 28.082655˚ E | 20945-HQ-MPL |
| **Nampundwe Mine — Shibuyunji District** |  |  |  |
| Nampundwe Pyrite Mine | 15.492062˚ S | 27.909868˚ E | 7074-HQ-LML |

---

Notes: All coordinates in WGS84 decimal degrees. Complex-level coordinates represent the approximate centroid of each operational area. Areas sourced from Large-Scale Mining License schedules.

**3.3** **Description of property rights** 

KCM holds exclusive rights to explore for, extract, process, and sell copper ores and related products within the boundaries of its large-scale mining licenses. These rights are granted under the Mines and Minerals Development Act (2015) of Zambia and are administered by the Ministry of Mines and Minerals Development.

The licenses provide legal authority for both surface and underground mining activities, as well as construction and operation of associated infrastructure including processing plants, TSFs, waste management areas, and water abstraction systems.

KCM's rights include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 exclusive right to access and extract copper-bearing ore within the defined license areas.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 right to process ore and produce copper concentrates and cathodes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 right to construct, operate, and maintain infrastructure for mining, processing, tailings,
 and logistics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 authority to sell and export copper products in line with national export guidelines.

Surface rights within the license areas are secured either directly through the mining licenses or through agreements with local authorities and landholders where required. As of the effective date of this report, all property rights are considered to be in good legal standing. To the QP's knowledge, there are no known material encumbrances, legal proceedings, or compliance issues that would adversely affect the standing of these licenses or KCM's ability to conduct operations.

KCM is an indirect subsidiary of CopperTech Metals Inc. (the Registrant). CopperTech holds its interest in KCM through Vedanta Resources (Jersey) Limited (VRJL). As of the effective date of this report, VRJL holds 79.42% of KCM's issued share capital, with Zambia Consolidated Copper Mines Investment Holdings Plc (ZCCM-IH) holding 20.58%. The Government of the Republic of Zambia holds one special share in KCM.

Mineral rights associated with the Konkola and Nchanga license areas are held by Konkola Mineral Resources Limited (KMRL), a wholly owned subsidiary of KCM. A complete schedule of mining licenses, mineral processing licenses, and associated areas is provided in Table 3.1.

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|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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In May 2019, ZCCM-IH petitioned the High Court of Zambia seeking to wind up KCM, and a provisional liquidator was appointed to oversee operations. On 6 November 2023, the parties entered into the KCM Shareholders Agreement, establishing the terms for the resumption of operational control by VRHL. The Scheme of Arrangement was sanctioned by the High Court on 28 June 2024 and became effective on 31 July 2024, at which point the provisional liquidator was removed and the board of directors of KCM was reinstated. In connection with the Scheme of Arrangement, VRHL entered into loan agreements with KCM for an aggregate principal amount of up to US$1.27 billion to fund capital expenditure, creditor settlement, and community support. Further details on the Scheme of Arrangement and KCM Shareholders Agreement are provided in the Registrant's Registration Statement on Form S-1.

**3.3.1** **Surface and access rights** 

KCM has secured surface rights through long-term leases with the Zambian Government. These rights permit the construction of mining infrastructure, roads, and processing facilities necessary for efficient operations. Additionally, water abstraction rights have been obtained to support dewatering and processing operations, which are critical to underground mining viability.

Land access agreements have been established with local communities and traditional authorities to ensure uninterrupted mining and exploration activities. These agreements outline land-use policies, compensation frameworks, and sustainability commitments.

In areas where project development has affected local landholders or settlements, resettlement action plans (RAPs) have been developed in line with Zambian regulatory requirements and international standards. These plans include structured consultation processes, physical relocation (where applicable), livelihood restoration programs, and monitoring mechanisms. Ongoing engagement with local communities is maintained to support KCM's social license to operate.

**3.4** **Mineral rights** 

KCM's mineral rights are governed by Zambia's Minerals Regulation Commission Act (2024). The company operates under Large-Scale Mining Licenses (LSML) issued by the Ministry of Mines and Minerals Development (MMMD). These licenses grant KCM exclusive rights to explore, mine, and process copper within its designated areas.

Table 3.2 KCM mineral rights and tenure details

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset** | **License** | **Description** | **Area (ha)** | **Expiry date** |
| **Konkola Mine License** | **7076-HQ-LML** | **Covers mining and concentrator operations at the Konkola Mine site in Chililabombwe** | **6692.254** | **30 March 2050** |
| **Nchanga License** | **7075-HQ-LML** | **Covers Nchanga mining and tailings reclamation operations in Chingola** | **8516.93** | **30 March 2050** |
| **Nchanga TLP License** | **28174-HQ-MPL** | **Covers Nchanga TLP in Chingola** | **177.0** | **16 December 2045** |
| **Nchanga Old East Mill License** | **28173-HQ-MPL** | **Covers all Nchanga Concentrators operations in Chingola** | **27.0** | **16 December 2045** |
| **Nkana Refinery License** | **20945-HQ-MPL** | **Covers refining activities at the Nkana smelter and electrorefining in Kitwe** | **50.0176** | **18 April 2050** |

---

All licenses are held in the name of KCM, the registrant, and are associated with relevant surface rights and environmental approvals. As of the effective date of this report, there are no known material encumbrances, legal proceedings, or compliance issues that would adversely affect the standing of these licenses or KCM's ability to conduct operations.

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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**3.5** **Royalty payments** 

KCM's mineral rights are governed by Zambia's Minerals Regulation Commission Act (2024), which mandates royalty payments based on copper production revenue:

· 4.0%
 for copper prices below $4,000/t.

· 6.5%
 for copper prices between $4,000/t and $5,000/t.

· 8.5%
 for copper prices between $5,000/t and $7,000/t.

· 10%
 for copper prices above $7,000/t.

Additionally, KCM is subject to a 30% corporate income tax and a 16% value-added tax (VAT) on applicable transactions. Compliance with these obligations is integral to the company's financial planning and investment strategy.

KCM's surface access agreements with local communities and authorities ensure continued mining and processing operations with minimal disruptions.

These fiscal obligations form part of the national revenue system and are not tied directly to community investment schemes. Community development initiatives are administered through separate corporate social responsibility (CSR) frameworks.

**3.6** **Significant encumbrances to the property** 

To the QP's knowledge, as of the effective date of this report, there are no material encumbrances to the KCM mining licenses or property rights that would adversely affect the ability to conduct mining operations.

KCM is subject to standard regulatory and environmental obligations that are typical for mining operations in Zambia, including contributions to the Environmental Protection Fund (EPF), compliance with environmental permits issued under the Environmental Management Act, and community engagement obligations associated with surface access agreements. These obligations are described below and are not considered encumbrances to the property.

**3.6.1** **Environmental compliance obligations** 

Based on the 2020 Environmental Protection Fund (EPF) audit report, Konkola Copper Mines Plc (KCM)'s total EPF liability across all locations was US$129M. As per the assessment, Nkana was classified under Category 1, while Nchanga, Konkola and Nampundwe were classified under Category 2, with a total cash contribution liability of US$12,037,058.

KCM made a cash contribution of US$5,464,682, leaving an outstanding balance of US$6,572,376 during the liquidation period. Following the introduction of the Creditors' Scheme of Arrangement, the Mines Safety Department (MSD) successfully filed a claim for US$6,572,376 under the Scheme. As MSD falls under the Government of the Republic of Zambia (GRZ), settlement of this claim will be governed by the waterfall mechanism provided under the approved Scheme of Arrangement and will be effected in accordance with the structure set out therein.

In relation to the period of provisional liquidation, during which KCM was not under the control of Vedanta, KCM has been granted a two-year moratorium on liabilities from the date of Board reinstatement (31 July 2024). During this moratorium period, no payments in respect of such liabilities are required to be made.

KCM is actively working across all operational sites to improve compliance with EPF requirements and enhance site categorisation, which is expected to reduce future cash contribution obligations.

The recognised asset retirement obligation as of 31 March 2025 is US$66.6M.

KCM contributes to the EPF established under the Mines and Minerals (Environmental Protection Fund) Regulations. The EPF provides financial assurance for mine closure, rehabilitation, and environmental monitoring obligations. KCM is currently classified as Category 3, requiring contributions equal to 20% of estimated closure costs. As of the most recent assessment, the total EPF liability attributable to KCM is approximately US$129 million (M), comprising a cash contribution requirement of approximately US$12M and a bank guarantee requirement of approximately US$116M. Cash contributions to date total approximately US$5M. KCM has been granted a moratorium on EPF payments and guarantees during the period of provisional liquidation, which is due to expire in July 2026. KCM is in discussions with the Zambia Environmental Management Agency (ZEMA) regarding the categorisation of certain sites, which may reduce the amount ultimately payable. The recognised asset retirement obligation as of 31 March 2025 is US$66.6M.

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|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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Environmental compliance is governed by permits issued under the Environmental Management Act, including conditions related to tailings management, water quality, air emissions, and waste handling. KCM is subject to compliance and prevention orders issued by ZEMA requiring, among other things, rehabilitation of TD05, desilting and ecological restoration of natural streams, installation of off-gas cleaning systems at the Nchanga Smelter anode furnaces, and measures to ensure dam stability and zero discharge from pollution control dam areas. KCM has planned capital expenditures of approximately US$28M over the next five years to address these compliance requirements.

The PFS estimates total closure costs of US$93M (Section 18). Updated closure plans have been prepared in line with IFC Environmental and Social Performance Standards and are currently pending before ZEMA. Detailed rehabilitation, closure, and post-closure planning is presented in Section 17.3.

**3.6.2** **Permit conditions** 

Mining and processing operations are subject to conditions outlined in licenses and permits issued by ZEMA and other regulatory authorities. These conditions address issues such as land disturbance, air and water discharge limits, hazardous materials management, and occupational health and safety standards. Non-compliance may result in fines, suspension of activities, or legal enforcement actions.

**3.6.3** **Social and land use obligations** 

KCM engages with local communities and traditional authorities on matters relating to land access, displacement, and environmental impacts. Where resettlement is required, KCM implements RAPs that include compensation mechanisms, livelihood restoration, and post-resettlement monitoring. These obligations are considered an integral part of maintaining the company's social license to operate.

**3.7** **Significant factors and risks affecting access** 

Several factors may impact KCM's ability to access and operate within its mining licenses.

**3.7.1** **Operational risks** 

KCM's operations at Konkola are exposed to a range of technical, environmental, and infrastructure-related risks that may affect the consistency of production and cost management. These include inherent geological complexity, the scale of dewatering required to maintain safe access, and dependence on stable power supply. Broader factors such as power load-shedding events and infrastructure constraints in Zambia's energy network may further exacerbate operational challenges, particularly given the continuous pumping requirements to manage high groundwater inflows.

Additionally, while Zambia has a long-standing mining regulatory framework, changes in government policy or economic conditions may impact fiscal terms, permit timelines, or broader infrastructure availability (e.g. energy and logistics). These macro-level risks, though external to the immediate operation, can influence KCM's ability to meet production and development targets.

**Geological Complexity:** The Konkola deposit is characterised by folded and faulted stratigraphy, variable mineralisation thickness, and locally disrupted mineralisation associated with thrust zones and synclinal folding. These geological features complicate stope layout, sequencing, and dilution control, particularly in areas where the mineralisation is pinched or offset. Variability in lithological contacts and the presence of soft interbedded units also pose geotechnical challenges for ground support and hangingwall stability. Ongoing reconciliation between modelled and actual mineralisation geometry is required to maintain operational efficiency and accurate reserve forecasting.

**Dewatering Requirements:** The Konkola Mine is recognised as one of the wettest underground mines globally, with groundwater inflows averaging approximately 350,000 cubic meters per day (m³/day), resulting in a hoisted ore-to-water ratio of 1:49. Effective mine access and safety are contingent on continuous operation of multi-stage dewatering infrastructure, including underground pump chambers and high-capacity surface discharge systems. The scale and cost of dewatering represent a persistent operational and financial risk, particularly if equipment reliability, power supply, or maintenance programs are compromised. Dewatering limitations may also restrict access to deeper sections of the deposit and influence the achievable mining rate.

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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**Power Supply Reliability:** The operation is reliant on grid-connected hydroelectric power, which is subject to seasonal variability due to rainfall-dependent reservoir levels. Periodic national power shortages and scheduled load-shedding events can disrupt production and impact critical systems such as dewatering, hoisting, ventilation, and ore processing. As the mine cannot operate without constant dewatering, interruptions to power supply present a significant operational risk. Existing backup capacity is limited and not sufficient to maintain full dewatering or production rates. A power reliability assessment and contingency planning will be required to support sustained production, particularly during ramp-up phases.

**3.7.2** **Regulatory and social risks** 

KCM's ability to maintain uninterrupted access to its mining tenements and sustain long-term operations is subject to regulatory stability, community engagement, and ongoing compliance with environmental and license obligations. While Zambia has an established mining regulatory framework and a supportive investment environment, shifts in government policy, fiscal regimes, or local stakeholder dynamics can introduce risks that impact financial planning, project timelines, or social license to operate.

The regulatory environment continues to evolve in response to economic pressures, global commodity prices, and stakeholder expectations. KCM must maintain alignment with both statutory requirements and community expectations to minimise the risk of operational delays or reputational harm.

**Government Policy Changes:** Zambia's mining sector has experienced policy and fiscal shifts over the past decade, including changes to royalty structures, VAT rules, and corporate tax rates. These adjustments have sometimes occurred with limited notice, affecting financial models and operational planning. Uncertainty in taxation, foreign exchange controls, or investment regulations may impact investor confidence or capital allocation strategies. In addition, future policy reforms—particularly around beneficiation, local content, or energy use—could introduce new compliance requirements.

**Community Relations:** KCM operates in proximity to densely populated communities, some of which are directly affected by land access, water usage, or environmental outcomes from mining operations. While community engagement frameworks are in place, there remains a risk that local concerns regarding resettlement, employment, or environmental impacts could escalate into resistance or protest, particularly in areas earmarked for expansion or infrastructure upgrades. Proactive engagement, grievance resolution mechanisms, and ongoing social investment are necessary to maintain trust and operational continuity.

**License Renewals and Regulatory Compliance:** Retention of mineral rights is subject to compliance with license conditions, including reporting obligations, environmental monitoring, and demonstration of continued exploration or development activity. Failure to meet these obligations may lead to penalties, delays in license renewal, or revocation. Environmental permits, in particular, are subject to periodic review and may include evolving requirements on air quality, tailings management, or water discharge limits. Sustained compliance is critical to maintaining the right to operate.

Artisanal mining along the Zambian Copperbelt is commonplace and can impact on licensing and mining rights.

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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|:---|:---|
| **4** | **Accessibility, climate, local resources, infrastructure, and physiography** |

---

**4.1** **Topography and land description** 

KCM operations (including Nchanga and Konkola) are located on the Copperbelt and Central Provinces which are in North-Central Zambia and Central Zambia respectively. The Copperbelt Province is 13.06°S and 27.55°E and is host to the Konkola operations in the town of Chililabombwe and the Nchanga Mine in the town of Chingola. The Central Province which is home to the Nampundwe Mine is in the district of Shibuyunji, which lies between 15°S and 26°E.

The town of Chililabombwe lies at an elevation of 1,360 meters (m) on the Central African Plateau. It is a low-lying land which extends to the border with the DRC. The topography between the hills is gently undulating with deeply weathered red lateritic soils. The top-soils are generally sandy but with a heavier textured subsoil. Most of these lateritic soils are leached because of the high rainfall and hence tend to be acidic and relatively infertile. The town has a population of ~100,000 people.

The town of Chingola lies at an elevation of 1,363 m and has a topography that is generally hilly with steep slopes along the Kafue River. The soils are sandy in some areas and loamy in others. It has a population of ~157,000 people making it the third most populated town on the Copperbelt Province.

Shibuyunji District is located at an elevation of 1,202 m along the Great West Road. Its topography is generally flat and swampy with fertile soils conducive for farming. The district is bound by the Kafue River on one side and has a population of ~177,000 people.

**4.1.1** **Flora and fauna** 

Miombo woodland is principally the vegetation type found in the Copperbelt region. The common tree species found in this vegetation type are Brachystegia, Isoberliriia, and Julbernardia. The natural vegetation patterns of the region have, however, been extensively disturbed by human activities that include mining activities, wood harvesting for fuel (charcoal production), subsistence / shifting agriculture and plantations among other activities.

The vegetation within the KCM Nchanga Mining License Area has equally been significantly disturbed through mining, charcoal production, subsistence agriculture and other human activities. The diversity of wildlife species within the Nchanga mining license area is poor mainly because of mining operations, human settlements, agriculture and other human activities that have resulted in loss of wildlife habitat and subsequent loss in species diversity.

**4.2** **Access to the property** 

**4.2.1** **Regional access** 

The KCM Copperbelt operations are located within the towns of Chililabombwe (population approximately 100,000), Chingola (population approximately 157,000), and Kitwe (population approximately 520,000) in the Copperbelt Province of Zambia. Kitwe is the largest city on the Copperbelt and serves as the regional commercial and administrative centre. The Nampundwe pyrite mine is located in the Shibuyunji District of Central Province, approximately 50 km west of Lusaka (population approximately 3.5 million), the national capital.

**4.2.2** **Highways and roads** 

The primary regional access route is the T3 Highway (Chingola–Chililabombwe Road), a sealed, all-weather tarmac road with a carriageway width of approximately 10 m, capable of supporting loads of up to 50 tonnes with maximum transport dimensions of 12 m length, 5 m width, and 4.5 m height. The T3 Highway connects the Konkola and Nchanga operations over approximately 25 km and provides onward access to the Kasumbalesa Border Post to the north, which serves as a key point for imports from the DRC and copper product exports.

The T2/T3 trunk road system connects the Copperbelt Province southward through Kapiri Mposhi to Lusaka and provides the principal road corridor for copper product export via the Kasumbalesa border (DRC) and, via the T2, onward to Dar es Salaam (Tanzania) and Durban (South Africa). The Nampundwe pyrite mine is accessed from Chingola via the T2/T3 route (approximately 350 km via Kapiri Mposhi).

Local roads connecting the Nchanga complex to the Nkana Refinery in Kitwe (approximately 55 km) are a mix of sealed regional road and sealed urban road, maintained by the Road Development Agency and the municipal authority, respectively. Local roads within the Copperbelt towns are generally maintained but are subject to deterioration during the wet season (November to March), with potholes a known hazard. Road conditions are not considered a material constraint on operations.

**4.2.3** **Rivers and waterways** 

The Kafue River, one of the principal tributaries of the Zambezi River, traverses the KCM operational area. The river passes through the Chingola district approximately 4 km south of the Nchanga complex, where its floodplain and steep valley slopes define the local topography (Section 4.1). The Kafue crosses the T3 Highway corridor between Chingola and Kitwe and continues southward through the Shibuyunji District, where it bounds the Nampundwe mining license area.

The Kafue River system is the primary source of process water for KCM's mining and processing operations (Section 4.4.2). Part of the Kafue recharge derives from the Konkola Mine dewatering system, which pumps approximately 350,000 m³/day. The river system maintains adequate flow for KCM's water requirements throughout the year, including during dry seasons.

The Kafue and its tributaries are not navigable for commercial purposes in the KCM operational area and do not serve as a means of transport access. Rivers are not a constraint on access to any of KCM's sites; all inter-site transport is by road (Section 4.2.5).

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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**4.2.4** **Railroads** 

The Copperbelt is served by the Tanzania–Zambia Railway Authority (TAZARA) and Zambia Railways Limited (ZRL) rail networks, which connect the province to the ports of Dar es Salaam (Tanzania), Durban and Richards Bay (South Africa), and Beira and Nacala (Mozambique) via interchange points at Kapiri Mposhi and Lusaka.

However, local railway infrastructure in the Chililabombwe–Chingola corridor is not currently operational for concentrate or product haulage due to the deteriorated condition of rolling stock and track. The rehabilitation of local rail links is identified as a potential logistics improvement in Section 15.2 but does not form part of the Mineral Reserve mine plan. Road freight is the primary logistics mode for all inter-site intermediate product movement and final product export.

The regional rail network remains available for inbound transport of bulk consumables (reagents, grinding media) and heavy equipment, subject to scheduling and capacity constraints on the national network.

**4.2.5** **Airports and air access** 

Air access is provided by Simon Mwansa Kapwepwe International Airport (IATA: NLA) in Ndola, situated approximately 65 km from Kitwe, 120 km from Chingola, and 150 km from Chililabombwe. The airport provides scheduled domestic and international passenger and cargo flights, facilitating personnel movement and time-sensitive materials logistics. Ndola is connected to Lusaka by daily scheduled services, and to Johannesburg (South Africa) by regular international services.

The Kenneth Kaunda International Airport in Lusaka provides additional international connectivity for personnel and air freight, located approximately 400 km south of the Copperbelt.

**4.2.6** **Inter-site access and product transport routes** 

The KCM Integrated Operations require the routine transport of intermediate products between sites. Copper concentrate produced at the Konkola Concentrator is transported by road to the Nchanga Smelter in Chingola. Copper anodes produced by the smelter are transported by road to the Nkana Refinery in Kitwe for electrorefining to copper cathode. Pyrite concentrate from the Nampundwe Mine is transported by road to the Nchanga Smelter for use in concentrate blending. Table 4.1 summarises the inter-site distances and access routes.

Table 4.1 Inter-site distances and access routes

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| | | | |
|:---|:---|:---|:---|
| **Route** | **Distance¹** | **Road type** | **Product / purpose** |
| Konkola → Nchanga (Chililabombwe → Chingola) | ~25 km | Sealed (T3 Highway) | Copper concentrate (Konkola Concentrator to Nchanga Smelter) |
| Nchanga → Nkana Refinery (Chingola → Kitwe) | ~55 km | Sealed (regional road) | Copper anodes (Nchanga Smelter to Nkana Refinery for electrorefining) |
| Konkola → Nkana Refinery (Chililabombwe → Kitwe) | ~80 km | Sealed (via Chingola) | Personnel; combined route for concentrate and anode transport |
| Nampundwe → Nchanga (Shibuyunji → Chingola) | ~350 km | Sealed (T2/T3 via Kapiri Mposhi) | Pyrite concentrate (Nampundwe Mine to Nchanga Smelter for blending) |
| Nchanga → Kasumbalesa Border Post (Chingola → DRC border) | ~40 km | Sealed (T3 Highway) | Copper product export; equipment and reagent imports from DRC |
| Kitwe → Simon Mwansa Kapwepwe Airport (Ndola) | ~65 km | Sealed | Personnel, time-sensitive materials |

---

Note: ¹Road distances are approximate road distances between town centers. Facility gate-to-gate distances may vary.

All inter-site product transport is by road. The local railway infrastructure in the Copperbelt is not currently operational for concentrate or product haulage due to the deteriorated condition of rolling stock and track in the Chililabombwe–Chingola corridor (refer to Section 15.2). Road freight is the primary logistics mode for both inter-site intermediate product movement and final product export.

The T3 Highway provides reliable year-round access between the Konkola and Nchanga operations. Local roads within the Copperbelt towns are generally maintained but are subject to deterioration during the wet season (November to March), with potholes a known hazard. Road conditions are not considered a material constraint on operations.

Detailed descriptions of road, rail, and port infrastructure are provided in Section 15. Export logistics, including routes to the ports of Dar es Salaam (Tanzania), Durban (South Africa), and Walvis Bay (Namibia), are described in Section 15.3.

Figure 4.1 illustrates the principal inter-site product transport routes connecting the KCM Integrated Operations, including the movement of copper concentrate, copper anodes, and pyrite concentrate between facilities.

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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Figure 4.1 Inter site logistics map

![](ctm003_ex96-2img05.jpg)

Notes: Schematic representation; facilities not to geographic scale. All inter-site product transport is by road. Local rail infrastructure is not currently operational for product haulage (refer Section 15.2).

Source: AMC, 2025. Adapted from KCM operational data and S-1 Registration Statement.

**4.3** **Climate description** 

The KCM operations are situated within a subtropical climate zone characterised by distinct wet and dry seasons. The wet season extends from approximately November to April, with the dry season from May to October. Mean annual rainfall across the Copperbelt region is approximately 1,200 mm, with the majority falling between December and March.

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At the Konkola and Nchanga operations in the northern Copperbelt, average temperatures range from approximately 17°C in the cool dry season (June–August) to 27°C during the hot wet season (October-December). Conditions at the Nkana Refinery in Kitwe are broadly comparable given its proximity within the Copperbelt Province. The Nampundwe Mine, located approximately 320 km to the south in the Shibuyunji District, experiences a similar seasonal pattern but with marginally lower annual rainfall and slightly higher dry-season temperatures.

Increased rainfall during the wet season can affect surface transport between sites, tailings deposition rates, and water management at the TD03 and TD04 tailings storage facilities. However, all KCM operations, including Konkola underground mining, the Nchanga open pit and concentrators, and the Nkana Refinery, operate on a year-round basis. There is no seasonal restriction to the operating season.

**4.4** **Availability of required infrastructure** 

The mine site is within the districts of Chingola, Chililabombwe, Kitwe, and Shibuyunji, infrastructure availability is detailed below. Utilities required for operation, including power and water, are provided through established regional infrastructure. Access to tailings and backfill facilities, as well as haul and access roads linking to the processing and smelting operations, is also in place.

**4.4.1** **Power** 

The mining area of interest has access to grid power. Copperbelt towns get their power through Copperbelt Energy Corporation (CEC) under a long-term power supply agreement. All infrastructure is well established and has been providing 200 megawatts (MW) for over 20 years.

**4.4.2** **Water** 

The Kafue River system passes through all Copperbelt towns and remains a source of water for all mining operations associated with KCM. Part of Kafue recharge water comes from the Konkola Mine which pumps approximately 350,000 m³/day. Even in drought seasons, the Kafue River still maintains a reasonable recharge to adequately cater for KCM mining and processing requirements.

**4.4.3** **Supplies** 

The Copperbelt regions have historically housed mining houses since 1925. Over the years other support industries have been established to supply consumables such as Mill Balls, Bolts and Nuts, Rubber and other mining consumables. Further, a number of companies have come up to supply valves, fuels and other materials requirement to support the Mineral Reserve mine plan. Other supplies coming from overseas are transported through available international roads while some are air freighted through available airports.

**4.4.4** **Personnel** 

Surrounding areas have colleges that have consistently trained human resources for the mining industry. Of interest are institutions such as: The University of Zambia, The Copperbelt University, Northern Technical College all located within 500 km radius. KCM runs the Kitwe Trades School.

Over the years, Zambia has produced mining personnel with relevant experience. KCM has retained significant human capital in all fields in Sustainability, Human Capital Management, Metallurgy, Mining, Maintenance, Electrical to support the Mineral Reserve mine plan. There is a clear succession plan in place and training is provided to ensure sustained performance.

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| **5** | **History** |

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The KCM Integrated Operations encompass three mining license areas in Zambia: the Nchanga Large-scale Mining License (7075-HQ-LML) in Chingola, the Konkola Large-scale Mining License (7076-HQ-LML) in Chililabombwe, and the Nampundwe Large-scale Mining License (7074-HQ-LML) in Nampundwe. The mining history of these properties spans over nine decades and is closely tied to the broader development of the Zambian Copperbelt as one of the world's major copper-producing regions.

This section describes the type, amount, quality, and general results of exploration, development, and mining undertaken by previous owners. A detailed exploration history, including drilling campaigns and geological modelling, is presented in Section 7. Production history is discussed in Section 5.6.

**5.1** **Early exploration and discovery (pre-1950)** 

Copper prospecting in the Zambian Copperbelt intensified during the 1920s and 1930s under British colonial interests. In 1923, exclusive prospecting concessions were granted to the Anglo American Corporation (Anglo) for the Rhokana Concession and to Roan Selection Trust (RST) for the Rhodesia Congo Border Concession. Anglo operated the Nchanga and Konkola deposits; RST operated mines at Roan Antelope (Luanshya), Mufulira, and Chambishi.

**5.1.1** **Nchanga** 

Exploration at Nchanga commenced in 1923 with surface reconnaissance, geological mapping, and trenching that identified copper anomalies within the Lower Roan Group sediments. Development of the underground mine began in 1927. Initial underground mining commenced in 1931 but was suspended shortly thereafter due to catastrophic flooding and depressed copper prices. The mine was rehabilitated and underground mining recommenced in 1937 under Nchanga Consolidated Copper Mines Limited (NCCM). The town of Chingola was founded in 1943 to service the expanding Nchanga operations.

**5.1.2** **Konkola** 

Early exploration at Konkola (then known as Bancroft) was limited to surface mapping, trenching, and basic geochemical sampling. These activities identified copper anomalies within sedimentary formations and led to the recognition of the Ore Shale Unit (OSU) as the primary host of copper mineralisation. Shaft sinking commenced with No. 1 Shaft in 1953, with ore production beginning from the No. 1 and No. 2 Shafts in 1957. The mine was operated by Anglo under the Bancroft name until Zambia's independence in 1964, after which the town was renamed Chililabombwe.

**5.2** **Systematic development and state ownership (1950s–1999)** 

**5.2.1** **Expansion under colonial and early independence era (1950s–1969)** 

From the 1950s onwards, exploration at both Nchanga and Konkola transitioned towards systematic diamond drilling aimed at confirming the continuity and thickness of the mineralised horizons. Early drilling programs used spacings of 200–300 m, which were progressively reduced as the deposits became better defined. These programs confirmed the stratiform nature of the mineralisation and identified key structural controls including faults, folds, and lithological variations.

At Nchanga, open pit mining commenced in 1955 from the Nchanga Open Pit (NOP), targeting extensive near-surface oxide and supergene-enriched copper mineralisation. Subsequently, additional satellite open pits were developed around the Chingola arc, making the Nchanga complex one of the largest open-pit copper operations in Africa. Underground mining continued in parallel, targeting deeper sulfide zones including what later became the Nchanga block cave.

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At Konkola, the No. 3 Shaft commenced production in 1963, accessing the Kirila Bombwe North ore body. Infrastructure expansion included rail links integrated into the colonial network connecting the Copperbelt to southern export ports. By the late 1960s, Zambian national copper production had reached approximately 769,000 tonnes per annum, with the Nchanga and Konkola operations contributing materially to this total.

**5.2.2** **Nationalisation and ZCCM era (1969–1999)** 

Following the Matero Reforms of August 1969, the Government of the Republic of Zambia (GRZ) acquired a 51% interest in the two major foreign mining corporations. Anglo's Zambian operations were reorganised as Nchanga Consolidated Copper Mines (NCCM), encompassing the Nchanga, Nkana, and Konkola Mines. RST's operations became Roan Consolidated Mines (RCM). In 1973, the GRZ redeemed all outstanding bonds and assumed full management control. In 1982, NCCM and RCM merged to form Zambia Consolidated Copper Mines Limited (ZCCM), a state-controlled parastatal.

During the ZCCM era, capital investment in exploration and development was severely constrained. No new mines were opened after 1979. The mining operations were used to fund social services and employment programs, reducing the capital available for reinvestment in geological exploration, equipment maintenance, and mine development. National copper production declined from a peak of approximately 750,000 tonnes in 1973 to approximately 250,000 tonnes in 2000. Throughout this period, limited exploration drilling was undertaken at the KCM properties and little investment was made in processing infrastructure or shaft deepening.

**5.3** **Privatisation and Anglo American Corporation (2000–2002)** 

The privatisation of ZCCM's operating divisions commenced in the late 1990s under the Mines and Minerals Act of 1995. KCM was formed in March 2000 to acquire the assets of the Konkola Mine, Nchanga Mine, and Nampundwe Mine from ZCCM. KCM was initially 65% owned by ZCI Holdings SA (a wholly owned subsidiary of Zambia Copper Investment Limited, itself 50.9% owned by Anglo), 20% by ZCCM, and 7.5% each by the International Finance Corporation (IFC) and CDC Financial Services (Mauritius) Limited. Anglo was the largest individual shareholder with an effective 33% interest.

During this short ownership period, Anglo initiated planning for the Konkola Deep Mining Project (KDMP), which envisaged deepening the Konkola Mine to access higher-grade ore below existing workings. However, depressed copper prices and the capital requirements of the project led Anglo to withdraw its investment in KCM on 16 September 2002. IFC and CDC exited at the same time. Following these departures, KCM was restructured with approximately 42% held by ZCCM-IH and approximately 58% by ZCI Holdings SA, with GRZ holding one special share.

**5.4** **Vedanta Resources (2004–2019)** 

Following a search for a strategic equity partner, Vedanta Resources (Vedanta) took over management of KCM in November 2004. Vedanta's shareholding subsequently increased to 79.4%, with ZCCM-IH retaining 20.6%. In 2003, prior to Vedanta's operational takeover, KCM had acquired the Nkana metallurgical complex (SmelterCo) comprising a smelter, refinery, and associated sulfuric acid plants and infrastructure in Kitwe.

Vedanta undertook significant capital investment in both development and processing infrastructure:

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Table 5.1 Principal capital investments by Vedanta Resources (2004–2019)

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| | |
|:---|:---|
| **Investment** | **Description** |
| **Nchanga Smelter** | New flash furnace smelter commissioned in 2008 incorporating Outotec technology, with nominal capacity of 311,000 tpa. Replaced the former Nkana smelter as the primary smelting facility. Integrated sulfuric acid plant producing approximately 1,850 tonnes per day (tpd) of sulfuric acid for leaching operations at the Nchanga TLP. |
| **Konkola No. 4 Shaft** | Sinking commenced in June 2006 as part of the KDMP. Designed with 6 Mtpa hoisting capacity to access the deeper Kirila Bombwe South ore body. The shaft provides access to mineralisation at approximately 1,000 m depth, with the ore body traced to below 1,800 m. |
| **Konkola Concentrator** | New 6 Mtpa nameplate capacity concentrator commissioned in 2008 at the Konkola site, employing conventional milling and flotation to produce copper concentrate for the Nchanga Smelter. |
| **Nchanga Concentrators** | Upgrades to the three existing concentrators (Old East Mill, New East Mill, and New West Mill), with a combined capacity of 13 Mtpa. |
| **KDMP (partial)** | Partial development of the Konkola Deep Mining Project, including No. 4 Shaft sinking and initial underground infrastructure development. The full KDMP, requiring dewatering and extension of underground infrastructure to access deeper mineralisation, was not completed. |

---

Source: KCM, 2025; S-1 Registration Statement.

Vedanta also invested in brownfield exploration studies for several satellite deposits within the existing license areas, including Kakosa North and South, Chingola Open Pit 'E' Extension (COP E Extension), COP DF underground, and the Upper Ore Body. Extension and infill drilling of known mineralisation was undertaken throughout this period, focused on geological development below and along strike of mineralisation in and around active mining areas. None of the brownfield projects had advanced to construction by the time of provisional liquidation in 2019.

Exploration during the Vedanta period (2004–2019) is described in detail in Section 7.1.1. The key exploration activities included higher-density infill and extension diamond drilling programs at Konkola and Nchanga, supported by improved drill rig technology, core recovery techniques, and enhanced geostatistical modelling. These programs allowed the systematic classification of Mineral Resources into Measured, Indicated, and Inferred categories.

Integrated metal production reached a high of approximately 160,000 tonnes of copper in Financial Year (FY) 2013, reflecting the benefit of the Vedanta-era capital investments. However, production subsequently declined to approximately 90,000 tonnes in FY 2019, driven by mining challenges at Konkola (including water management), declining open-pit inventory at Nchanga, and reduced smelter feed.

**5.5** **Provisional liquidation (2019–2024)** 

In May 2019, ZCCM-IH filed a winding-up petition in the High Court of Zambia, resulting from a shareholder dispute with Vedanta. The High Court appointed a provisional liquidator (the Provisional Liquidator) to oversee KCM's operations. During this period, KCM's board was suspended and the company operated outside of Vedanta's direct management.

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**5.5.1** **Production curtailment** 

Under the Provisional Liquidator's control, total copper production declined significantly, falling from approximately 90,000 tonnes in FY 2019 to a low of approximately 54,000 tonnes in FY 2024. The principal factors contributing to the production decline were:

· Reduced
 capital investment in mine development, equipment replacement, and infrastructure maintenance,
 resulting in declining ore production from both Konkola Mine and the Nchanga open pit and
 underground operations.

· Less
 concentrate delivered to the Nchanga Smelter, leading to the smelter operating at less than
 50% of its nominal capacity.

· Minimal
 acid production from the smelter, restricting feed to the Nchanga TLP and curtailing cathode
 output from Nchanga TLP operations.

· Failure
 to pay third-party concentrate suppliers on time, further reducing smelter utilisation of
 available concentrate.

· A
 four-month care and maintenance period during FY 2025, prior to the resumption of normal
 operations.

**5.5.2** **Exploration and development activity** 

No exploration, infill, or extension drilling was undertaken by KCM during the provisional liquidation period. Geological and structural mapping was continued at Konkola to refine lithological contacts, structural deformation, and alteration patterns. The mapping program focused on surface and underground geological observations, detailed core logging, and high-resolution core photography to document lithological variations and structural controls on mineralisation.

Capital development expenditure was minimal. Net cash used in investing activities during FY 2024 (under the Provisional Liquidator) was approximately US$28M, declining to approximately US$13M in FY 2025 due to care and maintenance activities.

**5.5.3** **Infrastructure condition** 

During the provisional liquidation, limited investment in equipment maintenance and infrastructure refurbishment resulted in deterioration of key mining and processing assets. Underground mining equipment at Konkola experienced reduced availability, and the Nchanga processing circuits operated below designed capacity. The condition of the Nkana Refinery tank house and the Nchanga Smelter required substantial refurbishment upon resumption of control.

**5.5.4** **Resolution and resumption of control** 

In 2023, Vedanta and ZCCM-IH resolved the shareholder dispute through a scheme of arrangement under which Vedanta committed to a revised investment program. The scheme was sanctioned by the High Court of Zambia on 28 June 2024 and became effective on 31 July 2024 (the "Scheme Effective Date"). On that date, the Provisional Liquidator was removed and Vedanta's control and ownership of KCM was reinstated, with shareholding restored to 79.4% Vedanta (through VRHL) and 20.6% ZCCM-IH. The board was reconstituted.

Since the resumption of control, Vedanta has deployed approximately US$125M to refurbish assets across the integrated operations and restore production. Under Vedanta's management from 31 July 2024 through 31 December 2025, KCM has achieved a production run rate of approximately 140,000 tonnes per annum of copper.

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**5.6** **Production history** 

Mining and metal production from the KCM properties is summarised below. Production data prior to FY 2006 is limited due to the transition from ZCCM records. Detailed exploration history from the pre-1950s through the current period is discussed in Section 7.

Cumulative copper production from the KCM properties since commencement of operations is substantial:

Table 5.2 Cumulative copper production by operation

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| | | |
|:---|:---|:---|
| **Operation** | **First Production** | **Cumulative Cu Extracted** |
| Konkola Complex | 1957 | ~3.2 Mt |
| Nchanga Complex | 1937 (UG); 1955 (OP) | ~14.3 Mt |

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Source: KCM historical operational records; first production dates corroborated by KCM corporate website (kcm.co.zm) and publicly available Zambian Copperbelt mining history sources. Cumulative extraction includes all production since commencement.

KCM integrated metal production was highest in FY 2013 at approximately 160,000 tonnes of copper. Production continued on a downward trajectory to approximately 90,000 tonnes in FY 2019, at which point provisional liquidation commenced. During the provisional liquidation period (FY 2020–FY 2024), metal production averaged approximately 55,000 tonnes per annum and reached a low of approximately 54,000 tonnes in FY 2024. Production has remained below historic levels during the restart period.

A summary of KCM's historical production from FY 2006 to FY 2024 is shown in Figure 5.1.

Figure 5.1 KCM historical production FY06-FY24

![](ctm003_ex96-2img06.jpg)

Source: KCM, 2025.

Due to mining challenges during the provisional liquidation, less concentrate was delivered to the smelter, leading to the smelter operating at less than 50% capacity. This led to minimal acid production, restricting Nchanga TLP production. The smelter did not adequately utilise available concentrate in the country due to failure to pay concentrate suppliers on time.

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KCM has demonstrated production capability of 160,000 tonnes per annum with all operations running optimally. The installed smelting and refining capacity is 300,000 tonnes per annum. KCM has installed capacity to produce in excess of 200,000 tonnes per annum of copper in concentrates at Konkola and 100,000 tonnes of copper cathodes from the tailings leach facility at Nchanga. With planned investment in mining and processing facilities, KCM is positioned to produce over 300,000 tonnes per annum of finished copper.

**5.7** **Key development milestones** 

Table 5.3 summarises the principal development milestones for the KCM Integrated Operations.

Table 5.3 Key development milestones

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| | | |
|:---|:---|:---|
| **Year** | **Operation** | **Milestone** |
| 1923 | Nchanga | Exploration commenced; surface reconnaissance and geological mapping. |
| 1927 | Nchanga | Underground mine development commenced. |
| 1931 | Nchanga | Initial underground mining commenced; suspended due to flooding and low copper prices. |
| 1937 | Nchanga | Underground mining recommenced under NCCM. |
| 1943 | Nchanga | Town of Chingola founded to service Nchanga operations. |
| 1953 | Konkola | No. 1 Shaft sinking commenced (Bancroft Mine). |
| 1955 | Nchanga | Open pit mining commenced from the Nchanga Open Pit. |
| 1957 | Konkola | First ore production from No. 1 and No. 2 Shafts. |
| 1963 | Konkola | No. 3 Shaft commenced production. |
| 1969 | All | GRZ acquired 51% interest in mining companies (Matero Reforms). Anglo operations reorganised as NCCM. |
| 1982 | All | NCCM and RCM merged to form ZCCM. |
| 2000 | All | KCM formed; acquired Konkola, Nchanga, and Nampundwe assets from ZCCM. Anglo American as strategic partner. |
| 2002 | All | Anglo American, IFC, and CDC withdrew from KCM. |
| 2003 | Nkana | KCM acquired Nkana metallurgical complex (SmelterCo) comprising smelter, refinery, and sulfuric acid plants. |
| 2004 | All | Vedanta assumed management of KCM (November). |
| 2006 | Konkola | Sinking of No. 4 Shaft commenced (KDMP). |
| 2008 | Nchanga | New Nchanga Smelter commissioned (Outotec technology, 311,000 tpa capacity). |
| 2008 | Konkola | New 6 Mtpa Konkola concentrator commissioned. |
| 2019 | All | Provisional liquidation commenced (May). Production decline accelerated. |
| 2024 | All | Scheme of arrangement sanctioned (June). Provisional Liquidator removed; Vedanta control restored (July). |

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Source: KCM, 2025; S-1 Registration Statement; public sources. Nampundwe development milestones are not available in sufficient detail for inclusion*.*

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| **6** | **Geological setting, mineralisation, and deposit** |

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**6.1** **Regional geology** 

The KCM operations are part of the Zambian Copperbelt, a major segment of the Central African Copperbelt, one of the world's most significant sediment-hosted copper provinces, Figure 6.1. The Central African Copperbelt forms part of the Lufilian Arc, a large Neoproterozoic fold-and-thrust belt that developed due to the collision between the Congo and Kalahari cratons during the Pan-African Orogeny (~650-500 Ma). This collision shaped the arcuate Copperbelt structure, characterised by large-scale recumbent folding, thrust faulting, and shear zones, which significantly influenced copper mineralisation distribution. The Copperbelt comprises Neoproterozoic-age sedimentary sequences that were initially deposited in an ancient rift environment and later subjected to regional tectonic deformation, further impacting the structural and mineralisation framework of the region.

Figure 6.1 Location of Lufilian Arc within Pan-African Belts of Central and Southern Africa

![](ctm003_ex96-2img07.jpg)

Source: Wendorff, M., 2011. Tectonosedimentary expressions of the evolution of the Fungurume foreland basin in the Lufilian Arc, Neoproterozoic-Lower Palaeozoic, Central Africa. Geological Society of London Special Publications, 357, 69-83. https://doi.org/10.1144/SP357.5.

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The primary host rocks for copper-cobalt mineralisation belong to the Katanga Supergroup, a thick succession of marine sedimentary sequences that unconformably overlie the older Basement Complex, which consists of metamorphic and igneous rocks such as schists, gneisses, and granitic intrusions. These basement rocks form the structural foundation for the overlying stratigraphic sequences and influence local deposit geometry. The Katanga Supergroup is subdivided into several formations, with the most economically significant being the Lower Roan Subgroup, which hosts the bulk of copper mineralisation within sandstones, siltstones, and carbonate-rich rocks. The overlying Mwashia and Kundelungu Groups contain additional sedimentary sequences that play roles in fluid migration and structural modification of mineral deposits.

The geological evolution of the Central African Copperbelt is defined by key processes that influenced mineralisation:

· Initial
 rift-related deposition (880-750 Ma): The formation of the Katanga Supergroup occurred within
 a rift basin, leading to the accumulation of thick siliciclastic and carbonate sediments
 that laid the foundation for later mineralisation.

· Main
 phase of basin subsidence (750-650 Ma): Continued deposition of marine sediments, including
 black shales, carbonates, and siltstones, established the stratigraphic framework that would
 later host copper deposits.

· Orogenic
 compression and mineral remobilisation (~650-500 Ma): The Lufilian Orogeny deformed the Katanga
 rocks, inducing folding, thrusting, and faulting that created structural traps, facilitating
 fluid migration and concentrating copper-cobalt mineralisation.

The copper deposits of the Zambian Copperbelt are classified as sediment-hosted stratiform copper deposits, with mineralisation occurring as disseminated sulfides within shales, siltstones, and dolomitic horizons. These deposits formed through the interaction of metal-bearing hydrothermal fluids with sulfur-rich reductants, leading to the precipitation of copper sulfides (Figure 6.2). The complex structural modifications from the Lufilian Orogeny played a crucial role in shaping the distribution and quality of mineralisation zones, making structural controls a key factor in the localisation of mineralisation.

Figure 6.2 Schematic cross section of the Lufilian fold belt

![](ctm003_ex96-2img08.jpg)

Source: Selley, D., Broughton, D., Scott, R., Hitzman, M., Bull, S., Large, R., McGoldrick, P., Croaker, M., & Pollington, N. (2005). A new look at the geology of the Zambian Copperbelt. Society of Economic Geologists, 100th Anniversary Volume, pp. 000-000.

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**6.1.1** **Lithostratigraphy of the Central African Copperbelt** 

The Katanga Supergroup is subdivided into three major stratigraphic groups that play a crucial role in copper mineralisation.

Roan Group (dominant copper host) consisting of:

· Lower
 Roan Subgroup (Mindola and Kitwe Formations) in Zambia, has a mixed upper and a predominantly
 siliciclastic lower. With:

Basal conglomerate arkoses of coarse clastic sediments of alluvial fans deposited in an intra-cratonic rift basin forming a porous and permeable unit that later acted as a conduit for mineralizing fluids.

— Quartzite and feldspathic sandstones from braided streams, interbedded with conglomerates.

Organically rich finely laminated dolomitic shales, dolomites and siltstones. This unit contains the Ore Shale Unit (OSU), which hosts the stratiform copper-cobalt mineralisation found in the Konkola area. The high organic content created a reducing environment, leading to sulfide precipitation and the formation of extensive copper-rich zones.

· Upper
 Roan Subgroup overlies the Lower Roan, in Zambia it is a predominantly carbonate unit. Consisting
 of thick often massive and recrystallised carbonate sequences, with interbedded shales and
 siltstones. With the change between the two formations marked by the presence of by a conglomerate
 breccia.

Nguba Group (overlying marine sequences) composed of carbonates, black shales, and calcareous siltstones, deposited in a deeper marine setting. Acting as a regional aquitard, restricted hydrothermal fluid flow and impacting mineralisation patterns. Some zones within the Nguba Group contain secondary copper enrichment, where remobilised fluids have introduced additional mineralisation.

Kundelungu Group (late-stage overlying sequences) consisting of thick quartzites, sandstones, and glaciogenic diamictites, representing deposition in a post-orogenic setting. These units do not host significant copper mineralisation but provide structural control by acting as competent layers that influence the development of folds and thrust faults.

Figure 6.3 illustrates a simplified stratigraphic column of the Kataga Supergroup and geological units containing copper mineralisation.

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Figure 6.3 Simplified Katanga Supergroup stratigraphy

![](ctm003_ex96-2img09.jpg)

Source: Wendorff, M. (2011). Tectonosedimentary expressions of the evolution of the Fungurume foreland basin in the Lufilian Arc, Neoproterozoic-Lower Palaeozoic, Central Africa. Geological Society of London Special Publications, 357, 69-83. https://doi.org/10.1144/SP357.5.

**6.1.2** **Mineralisation genesis** 

Copper deposits of the Zambian Copperbelt are sediment-hosted stratiform deposits, formed through the interplay of sedimentation, basin evolution, and hydrothermal fluid migration. During Neoproterozoic rifting, metal-bearing basinal brines circulated through permeable Roan Group sediments. Copper and cobalt were leached from basement rocks and precipitated upon reacting with sulfur-rich reductants (such as organic matter and pyrite) within the OSU. Near-surface oxidation led to the formation of oxide copper minerals (malachite, azurite, and chrysocolla). Supergene enrichment enhanced chalcocite-dominated mineralisation, improving mineralisation grades.

**6.1.3** **Structural and tectonic evolution** 

The Central African Copperbelt has experienced multiple deformational events. Key structural features include:

· The
 Lufilian Orogeny (~650-500 Ma) - deforming the Copperbelt with crustal shortening and folding
 that led to the formation of broad northwest-trending synclines and anticlines.

· Compression
 resulted in the development of thrust faults, which served as secondary pathways for fluid
 movement and mineralisation deposition.

· The
 Konkola Syncline preserves high-grade copper mineralisation by trapping mineralisation within
 fold closures.

· Thrust
 faults and shear zones have segmented the mineralised horizons, resulting in localised enrichment
 zones and structural complexity.

· The
 Nguba Group functions as a major aquitard, restricting hydrothermal fluid flow and impacting
 mineralisation deposition.

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Primary mineralisation is hosted within the OSU. Regional-scale shear zones and low-angle thrust faults have influenced the redistribution of mineralisation, creating high-grade copper zones. Reactivated fault structures have remobilised copper-cobalt mineralisation, leading to the formation of secondary enrichment zones.

**6.2** **Local and property geology** 

**6.2.1** **Stratigraphy** 

The geological map of the greater Konkola areas is shown in Figure 6.4. The Konkola deposit (shown in grey) is adjacent to the Kirilabombwe anticline.

Figure 6.4 Geological map of the greater Konkola area

![](ctm003_ex96-2img10.jpg)

Source: KCM, 2025.

Konkola Mineralisation is hosted within the Lower Roan Subgroup, see the stratigraphic column in Figure 6.5. Key geological units include:

Lower Roan Subgroup consisting of:

· Multiple
 coarse-grained conglomerates and sandstones at the base of the sequence.

· Footwall
 Quartzite (FWQ) a thick, well-cemented quartzite, forming a structurally competent horizon
 beneath the main mineralised zones.

· Ore
 Shale Unit (OSU), the primary copper-bearing unit, composed of carbonaceous shales and interbedded
 siltstones. The mineralised OSU is characterised by fine-grained sulfide dissemination and
 bedding-parallel veinlets, with mineral deposition controlled by sedimentary permeability,
 organic matter content, and structural influences. Key geological features include:

— Primary host rock: Carbonaceous black shale interbedded with dolomite and siltstone.

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— Structural complexity: Folding and thrust faulting create zones of enhanced mineralisation.

— Hydrothermal alteration: Carbonate veining, and minor sericite alteration.

· Hangingwall
 Quartzite (HWQ), a sequence of arkosic and cherty sandstones above the OSU, influencing groundwater
 movement and structural stability.

Figure 6.5 Stratigraphic column of the Konkola geology

![](ctm003_ex96-2img11.jpg)

Source: KCM, 2025.

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**6.2.2** **Mineralisation** 

The Konkola deposit is classified as a sediment hosted stratiform copper deposit, formed in low-energy, reducing sedimentary environments. Mineralisation is primarily hosted within fine-grained sedimentary units, where copper sulfides precipitated under anoxic conditions. The deposit exhibits two distinct styles of mineralisation, influenced by lithological and structural controls: shale-hosted and sandstone-hosted copper mineralisation.

Shale-hosted fine grained copper mineralisation occurs within carbonaceous siltstones and shales of the OSU, forming laterally extensive, stratiform deposits. Copper deposition took place in multiple phases, beginning with primary hypogene sulfide mineralisation, followed by supergene enrichment, which enhanced mineralisation grades near the surface. Structural remobilisation further concentrated copper within fold hinges and fault intersections, creating localised high-grade zones.

In contrast, sandstone-hosted copper mineralisation is found in porous quarzitic sandstones of the FWQ, where mineralizing fluids migrated into high-permeability zones, leading to structurally controlled, localised mineralisation deposition. Although less laterally extensive than shale-hosted mineralisation, these zones often contain higher-grade copper concentrations.

The dominant economic minerals at Konkola include chalcopyrite, bornite, and chalcocite. These primary copper sulfide minerals define the economic potential of the deposit, with bornite and chalcocite typically associated with higher copper grades, while chalcopyrite remains the most widespread. Cobalt is present often occurring as the copper cobalt sulfide (CuCo<sub>2</sub>S<sub>4</sub>) carrollite.

The mineralogy of the KCM operation varies significantly across different mining areas, reflecting differences in host rock composition, structural complexity, hydrothermal alteration, and secondary enrichment processes.

**6.2.2.1** **Primary sulfide mineralisation** 

The primary (hypogene) mineralisation at Konkola is characterised by the deposition of copper-bearing sulfide minerals within the OSU under reducing conditions during the initial formation of the deposit. This mineralisation style represents the earliest stage of copper enrichment and is largely controlled by the chemical composition of the host rock, basin-scale fluid migration, and diagenetic processes. Unlike secondary mineralisation, which results from later enrichment or oxidation, primary mineralisation is associated with the original precipitation of copper sulfides from hydrothermal fluids during the deposit's formation.

The distribution of chalcopyrite, bornite, and pyrite varies according to temperature, fluid composition, and permeability at the time of deposition. Chalcopyrite-dominant zones represent the earliest sulfide mineralisation, forming as a stable copper-iron sulfide under moderate-temperature conditions. Bornite-rich zones indicate higher copper enrichment, often associated with hydrothermal upgrading, while pyrite-dominant areas suggest less copper availability during early diagenesis.

In addition to its layer-parallel stratiform distribution, primary mineralisation at Konkola has also been affected by later structural reworking. In some areas, copper sulfides have been remobilised along shear zones and fault intersections, locally increasing mineralisation grades. These structural features, combined with hydrothermal alteration, have influenced the spatial variability of primary mineralisation and its transition into enriched secondary mineralisation zones. Key sources of copper from primary mineralisation are summarised below:

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· Chalcopyrite
 (CuFeS₂):

— The most abundant copper-bearing sulfide at Konkola, particularly in deeper, unaltered hypogene zones.

— Typically forms as fine-grained disseminations within the shale matrix or as vein-hosted mineralisation along bedding planes and fractures.

— Chalcopyrite is the primary mineral in lower-grade areas but can be locally enriched where it has been altered by later hydrothermal or supergene processes.

· Bornite
 (Cu₅FeS₄):

— Occurs in regions of increased thermal alteration, often in association with chalcopyrite.

— Found in higher-grade copper zones, where it partially replaces chalcopyrite, increasing the copper-to-iron ratio in the ore.

— Bornite is particularly notable in areas affected by hydrothermal fluid influx, where its formation is linked to sulfidation reactions and temperature variations.

· Pyrite
 (FeS₂):

— Widespread across the OSU, with higher concentrations in lower-grade areas where it formed as an early diagenetic phase before copper mineralisation.

— Acts as an indicator of reducing conditions, which were crucial for the precipitation of copper sulfides.

— While not an economic source of copper, pyrite plays a role in buffering sulfur activity within the mineralizing system and influencing later enrichment processes.

**6.2.2.2** **Supergene enrichment and secondary mineralisation** 

The process of supergene enrichment enhances copper grades at Konkola by transforming primary sulfides into secondary, more copper-rich minerals. This enrichment occurs when meteoric water infiltrates the deposit, dissolving copper from upper oxidised zones and redepositing it at deeper levels where chemical conditions shift from oxidizing to reducing. This results in the conversion of chalcopyrite and bornite into higher-grade chalcocite and covellite, which has greater copper content per unit mass.

At Konkola, supergene enrichment is particularly evident in structurally favorable zones, such as areas with increased fracture permeability, shear zones, and fold hinges. These geological features provide pathways for descending copper-rich solutions and serve as natural deposition sites where secondary sulfides precipitate. As a result, supergene-enriched horizons often exhibit higher copper grades than the original primary sulfide mineralisation, making them economically significant for mining.

Secondary mineralisation, a broader term that encompasses supergene enrichment, refers to all mineral changes that occur after the initial formation of the deposit. This includes both sulfide transformations and the development of oxidised copper minerals. In the near-surface portions of the Konkola deposit, prolonged exposure to oxygen and acidic groundwater has altered sulfides into secondary copper oxides and carbonates, such as malachite, azurite, and chrysocolla.

· Chalcocite
 (Cu₂S) and Covellite (CuS): Formed due to the leaching of primary sulfides and redeposition
 in enrichment blankets.

· Malachite
 (Cu₂(CO₃)(OH)₂) and Azurite (Cu₃(CO₃)₂(OH)₂): Common
 in weathered zones, particularly in the Nchanga Open Pit and Kakosa deposits.

· Chrysocolla
 and Cuprite: Found in oxidised portions, particularly along structural conduits where groundwater
 movement has promoted oxidation.

These oxidised minerals mark the transition from the weathered surface layers down to the enriched sulfide zone.

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While secondary sulfide mineralisation generally improves copper recovery through flotation due to the higher copper-to-iron ratio of minerals like chalcocite and digenite, oxide mineralisation poses different processing challenges. Copper oxides are less responsive to flotation and require acid leaching methods for effective recovery. The extent of oxidation and supergene enrichment at Konkola influences metallurgical performance, with some areas containing both highly reactive secondary sulfides and less flotation-efficient oxidised copper zones.

The structural complexity of the Konkola deposit has a significant impact on the distribution of supergene enrichment and secondary mineralisation. Fault networks and shear zones have facilitated the downward migration of copper-bearing fluids, leading to localised zones of high-grade enrichment. At the same time, impermeable lithological boundaries, such as certain carbonate-rich layers, have acted as barriers, influencing where secondary mineralisation is concentrated.

Together, these processes have resulted in a vertically zoned deposit, with near-surface oxidised minerals transitioning into secondary sulfide-rich enrichment zones, which in turn grade into the deeper primary hypogene sulfides. Understanding the interplay between these mineralisation styles is critical for mine planning and processing, as different zones require distinct extraction strategies to optimise recovery.

**6.2.2.3** **Hydrothermal alteration** 

Hydrothermal alteration plays a role in modifying and upgrading mineralisation, particularly near shear zones and fault-controlled structural corridors. These alterations have influenced both the primary and secondary mineralisation processes, affecting mineral assemblages, metal mobility, and grade distribution.

These alteration zones often mark fluid pathways that controlled sulfide precipitation and redistribution, making them critical for targeting high-grade mineralisation shoots.

The primary hydrothermal alteration phases linked to mineralisation in the Konkola region include:

· Silicification:

— Quartz veining and silica flooding occur in and around ore-bearing units, enhancing rock competency but reducing permeability.

— This process often preserves sulfide mineralisation and is commonly associated with chalcopyrite-rich zones in the OSU.

· Sericite-carbonate
 replacement:

— Fine-grained sericite (white mica) and carbonate minerals replace original feldspar and clay-rich components within shale and sandstone units.

— This alteration is associated with early-stage copper precipitation, often forming a chalcopyrite-pyrite assemblage, later overprinted by more copper-rich phases such as bornite and chalcocite.

· Chloritic
 overprinting:

— Localised along shear zones and fault boundaries, chlorite alteration is indicative of hydrothermal fluid interaction and mechanical deformation.

This alteration style is frequently linked to structural remobilisation of copper, where early-deposited chalcopyrite is upgraded to bornite and chalcocite, enhancing mineralisation grades in these zones.

**6.2.3** **Variability in mineralisation across mining areas** 

The mineralisation styles in the OSU vary significantly depending on lithology, alteration intensity, and structural influences thus there are distinct differences existing between mineralisation in the different mining areas.

Konkola retains a predominantly primary sulfide assemblage, with disseminated chalcopyrite and bornite hosted in the OSU. Minimal supergene alteration has occurred due to limited fluid penetration and deep burial, preserving the hypogene mineralisation style.

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**6.2.4** **Major structural controls on mineralisation** 

The dominant structural feature shaping mineralisation at Konkola is the Konkola Syncline, a large-scale fold that has helped preserve mineralised horizons by shielding them from erosion and oxidation. The syncline geometry has also acted as a mineralisation trap, concentrating copper-bearing fluids along the fold axis.

In addition to folding, thrust faulting has played a role in mineralisation. Several major fault systems cut across the deposit, creating structural traps where mineralizing fluids were focused along shear zones, fault intersections, and competency contrasts between rock units. These faults have led to:

· Thickening
 of mineralised zones, particularly in areas where repeated thrusting has stacked ore-bearing
 units.

· Structural
 reworking of sulfides, with some areas experiencing remobilisation, resulting in localised
 grade increases.

· Formation
 of high-grade lenses, particularly where faults intersect with lithological permeability
 contrasts, enhancing fluid-rock interaction.

**6.2.4.1** **Summary of geological characteristics** 

The geographic extents of the Konkola deposit reported as Mineral Resources are summarised in Table 6.1.

Table 6.1 KCM deposit mineralisation extent

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| **Deposit** | **Strike<br> Length<br> (km)**  | **True<br> Thickness<br> (m)**  | **Dip (°)** | **Depth Below<br> Surface (m)**  | **Primary<br> Mineralisation**  | **Geological Continuity** | **Grade Continuity Range¹<br> (m)**  |
| Konkola | ~5 | 5–50 <br>(avg. ~9) | 35–70 | >1,000 | Chalcopyrite, bornite | Stratiform; laterally extensive within OSU; structurally segmented by thrust faulting; confirmed by 60+ years mining | 60–725 <br>(major direction, TCu, Structure 2) |

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Notes: ¹Maximum range of spatial correlation (Structure 2, major axis) from ordinary kriging variogram models across seven estimation domains (Section 11). Range varies by domain: Domain 6 exhibits the longest continuity (~725 m major, ~650 m semi-major); Domain 7 exhibits the shortest (~60 m major, ~50 m semi-major). Nugget-to-sill ratios 0.10–0.25.

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Table 6.2 summarises the variable geological conditions across the Konkola asset.

Table 6.2 Summary of geological characteristics of KCM operations

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| **Operation** | **Geological characteristics** |
| Konkola | **Location:** Centrally located in the Konkola mining district.<br>**Host lithology:** The OSU hosts the majority of copper mineralisation, overlain by the Hangingwall Quartzite. Dominated by chalcopyrite-pyrite mineralisation, with bornite becoming more prominent in structurally complex zones. Structural deformation, particularly thrust faulting, has created zones of higher permeability, allowing for localised remobilisation of copper and increased grade variability. Deep-seated hydrothermal fluids have contributed to minor silicification and sericite alteration, modifying the host rock and influencing metallurgical properties.<br>**Structural controls:** The deposit is preserved within the Konkola Syncline, a broad northwest-trending fold structure. Thrust faulting and shear zones segment the mineralisation, creating localised enrichment and structural complexity.<br>**Deposit geometry and dip:** The mineralisation is moderately to steeply dipping (45-70°), conforming to the synclinal structure. The dip increases sharply at depth, requiring specialised mining techniques.<br>**Hydrogeology:** Konkola is among the wettest underground mines, with high groundwater inflows along faulted and fractured zones, necessitating intensive dewatering measures. |

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**Geological continuity**

The Konkola deposit is a stratiform, sediment-hosted copper system in which mineralisation is hosted within the Ore Shale Unit (OSU) of the Lower Roan Subgroup. The stratiform geometry of the deposit — a laterally extensive, gently folded tabular body conforming to the Konkola Syncline — provides a strong basis for geological continuity along strike and down dip. The OSU has been confirmed as a continuous mineralised horizon over the full approximately 5 km strike extent of the deposit through diamond drilling, underground mapping, and over six decades of continuous mining activity since 1957. Development exposures and production reconciliation data provide direct physical confirmation of geological continuity within the actively mined areas (Shaft 3 and Shaft 4).

The principal structural control is the Konkola Syncline, a broad northwest-trending fold that has preserved mineralised horizons and concentrated copper-bearing fluids along its axis. Thrust faulting segments the deposit into discrete structural blocks, with 11 significant faults modelled within the mine area trending northeast–southwest with steep dips (Section 13.3.3). These faults locally offset, thicken, or attenuate the OSU but do not disrupt overall deposit-scale continuity. In structurally complex zones, repeated thrusting has stacked ore-bearing units, creating localised thickening and high-grade lenses at fault intersections.

The OSU comprises five sub-units (A through E) with distinct compositional and mechanical properties. Sub-unit A is a weak, clay-altered siltstone that correlates with higher dilution potential; sub-unit B is the most massive and competent. This internal stratigraphy is laterally persistent and provides predictable geological layering for mine planning. The Hangingwall Quartzite (HWQ), a sequence of arkosic and cherty sandstones overlying the OSU, provides a reliable structural and stratigraphic marker that assists in geological interpretation and confirms continuity of the host sequence.

Uncertainty in geological continuity is greatest in areas distant from underground workings and drillhole intersections, particularly in the deeper and peripheral portions of the deposit where structural complexity may not be fully resolved. This geological uncertainty is reflected in the Mineral Resource classification, with Measured classification restricted to well-drilled and actively mined areas and Inferred classification applied to areas of lower geological confidence (Section 11).

**Grade continuity**

Grade continuity has been characterised through directional variogram analysis across seven estimation domains for total copper (TCu), acid-soluble copper (ASCu), and total cobalt (TCo) (Section 11). Variogram models were developed from composited drillhole data at 1 m intervals, with directional variograms generated along horizontal, across-strike, and dip-plane orientations using Supervisor® software.

The variogram analysis demonstrates that the maximum range of spatial correlation for TCu varies from approximately 60 m (Domain 7) to approximately 725 m (Domain 6) in the major continuity direction (Structure 2). The domain-by-domain variogram parameters are summarised in Table 6.3 below; the full variogram model parameters are presented in Section 11.

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Table 6.3 Summary of TCu variogram ranges by estimation domain — Konkola

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| **Domain** | **Nugget /<br> Total Sill**  | **Structure 2<br> Major Range<br> (m)**  | **Structure 2<br> Semi-Major<br> Range (m)**  | **Structure 2<br> Minor Range<br> (m)**  | **Classification<br> Implication**  | **QP Comment** |
| 1 | 0.15 / 0.85 | 150 | 50 | 15 | Supports Indicated at <u>≤</u>150 m spacing | Moderate along-strike range |
| 2 | 0.20 / 0.82 | 150 | 120 | 8 | Supports Indicated at ≤150 m spacing | Thin minor range reflects tabular geometry |
| 3 | 0.10 / 0.90 | 300 | 150 | 8 | Supports Indicated; potential Measured with infill | Long major range; well-structured deposit zone |
| 4 | 0.10 / 0.90 | 220 | 180 | 25 | Supports Indicated; good isotropic character | Largest minor range; thicker mineralisation zone |
| 5 | 0.20 / 0.80 | 500 | 300 | 10 | Supports Indicated to Measured with progressive infill | Strong along-strike continuity |
| 6 | 0.10 / 0.90 | 725 | 650 | 20 | Longest range; supports classification at wider spacing | Exceptional lateral continuity; low nugget |
| 7 | 0.20 / 0.80 | 60 | 50 | 15 | Shortest range; higher spacing sensitivity | Structurally complex zone; limited lateral extent |

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Note: Full parameters in Section 11.

Nugget-to-total-sill ratios range from approximately 0.10 to 0.25 across the seven TCu domains, indicating moderate short-range variability relative to total spatial variance. This is consistent with the disseminated nature of chalcopyrite–bornite mineralisation within a stratiform host, where grade variation is primarily controlled by stratigraphic position and proximity to structural enrichment zones rather than by erratic or nugget-dominated distributions.

The semi-major and minor direction ranges are materially shorter than the major direction, reflecting the tabular geometry of the OSU. Minor direction ranges are typically 6–25 m, approximating the true thickness of the mineralised horizon, while semi-major ranges are typically 50–650 m.

The observed grade continuity supports the classification thresholds established by a conditional simulation-based drillhole spacing study completed in 2019. That study concluded that an average distance of 50 m to sample support is appropriate for Measured classification and 150 m for Indicated classification. The QP considers these thresholds appropriate given the demonstrated geological and grade continuity, and notes that they are consistent with the variogram ranges for the majority of estimation domains (Domains 1–6). Domain 7, with a maximum range of only 60 m, represents a structurally complex zone of limited lateral extent where classification at wider spacing carries greater uncertainty.

**Continuity limitations — inferred Mineral Resources**

It is noted that the average distance to the nearest sample support for the Inferred Mineral Resources varies from several hundred meters to approximately 1,700 m, with a material portion of the Inferred Resource located beyond the demonstrated maximum variogram range of approximately 750 m (Section 11, Figure 11.1). In these distal areas, grade interpolation is not constrained by demonstrated spatial correlation, and the ordinary kriging estimates effectively revert toward the domain mean. This introduces material estimation uncertainty for the more distal Inferred blocks.

Swath plot (moving window) validation in Inferred areas shows poor correlation between composite grades and block model estimates (Section 11), consistent with the variography indicating no spatial correlation between sample pairs beyond the modelled range. In contrast, estimation validation in well-informed Measured and Indicated areas confirms reasonable correlation between drillhole data and block model grades, supporting the classification at those confidence levels.

The implication for investors is that the Inferred Mineral Resource tonnage and grade estimates in areas beyond the variogram range carry a level of geological uncertainty that is materially higher than for Measured or Indicated Resources, and there is no certainty that these Inferred Resources will be upgraded to higher-confidence categories with additional exploration. The recommended infill drilling program (Section 23.1.1) is designed to reduce drillhole spacing in priority areas and progressively convert Inferred Resources to Indicated classification.

**6.3** **Nchanga – deposit geology summary** 

The Nchanga mining complex is situated at the northwestern edge of the Kafue Anticline, approximately 22 km south of the Konkola Mine. Mineralisation is hosted within the Lower Roan Subgroup of the Katanga Supergroup, principally in two horizons: the Upper Ore Body (UOB) and the Lower Ore Body (LOB). The geological setting is broadly analogous to Konkola, with stratiform, sediment-hosted copper-cobalt mineralisation, but the Nchanga deposits display greater geological variability across multiple deposit areas including COP DF, COP E Extension, Luano, and several underground prospects in both the UOB and LOB.

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Mineralisation at Nchanga comprises a heterogeneous mix of oxide, supergene, and primary sulphide copper minerals reflecting prolonged weathering and groundwater interaction. Near-surface copper occurs in oxidised forms (malachite, chrysocolla), transitioning to supergene sulphides (chalcocite, covellite) in the enrichment zone and primary chalcopyrite and bornite at greater depth. The COP DF deposit is situated within a fault-bounded basin where thrust faulting and folding have enhanced the preservation of mineralisation in structural trap sites, with steep dips of 50–70°. The Luano deposit area comprises broader fold structures with fewer faults, providing greater continuity of mineralisation at moderate dips of 25–40°. The COP E Extension follows the regional synclinal trend with dips varying between 45–70°, shallowing to 30–40° where the syncline flattens.

The geographic extents and principal mineralisation characteristics of the Nchanga deposits are summarised in Table 6.1 of the companion IA TRS. A detailed description of Nchanga local geology, mineralisation, and structural controls is provided in Section 3 of the IA TRS.

**6.4** **TD03 and TD04 – tailings characterisation** 

TD03 and TD04 are historical tailings storage facilities located at the Nchanga site, approximately 7 km west of the main processing facilities. Both dams contain tailings deposited from historical Nchanga concentrator operations dating from the mid-20th century. The deposited material comprises fine-grained flotation tailings with residual copper mineralisation amenable to acid leaching.

TD03 contains approximately 9 Mt of material at a mean grade of 0.71% total copper (TCu) with 0.53% acid-soluble copper (ASCu). TD04 contains approximately 28 Mt at a mean grade of 0.62% TCu with 0.43% ASCu. The grade distributions for both dams are largely normal, with a small higher-grade tail observed in TD03. Total copper and acid-soluble copper exhibit a strong positive correlation, confirming the oxide-dominant character of the residual copper mineralisation.

The tailings material is characterised by relatively uniform particle size distribution reflecting the historical milling and flotation processes. Gangue acid consumption (GAC) has been determined from composite samples at an effective spacing of 300 m × 300 m, providing input to the leach circuit design parameters described in Section 14.2. The mineral assemblage, grade distribution, and leach amenability of TD03 and TD04 are described in further detail in Section 11.3 of this report.

**6.5** **Nampundwe – pyrite deposit summary** 

The Nampundwe Mine is an underground pyrite mining operation located approximately 50 km west of Lusaka in the Central Province of Zambia, within the district of Shibuyunji. The deposit is hosted in Neoproterozoic metasedimentary rocks and comprises massive to semi-massive pyrite mineralisation exploited primarily as a source of sulfur-bearing flux for the Nchanga Smelter.

Nampundwe pyrite concentrate is an essential component of the smelter feed blend, providing the sulphur balance required for stable thermodynamic operation of the Outotec flash smelting process. The concentrate is transported by road from Nampundwe to the Nchanga site, a distance of approximately 350 km.

The Nampundwe deposit is excluded from the PFS Mineral Reserve estimate and mine plan. No Mineral Resources have been estimated for Nampundwe under S-K 1300 for this TRS. The mine operates under Large-scale Mining License 7074-HQ-LML (area: 962 ha, expiry: 30 March 2050).

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| **7** | **Exploration** |

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Exploration at Konkola has been ongoing since the deposit's discovery in 1924. The drilling database contains both historical and modern data, with drilling conducted using diamond core methods.

Modern drilling programs have focused on resource definition and upgrading classification, with emphasis on reducing drill spacing in areas planned for near-term production.

There is no active exploration being undertaken at Konkola. All exploration described below is historic and conducted by previous asset owners. All proposed drilling is resource infill or resource extension drilling. This includes all other means of exploration, for example geophysics.

**7.1** **Konkola Mine** 

**7.1.1** **Exploration history** 

The exploration history of Konkola spans over a century and includes:

· Multiple
 phases of geophysical surveys, geological mapping, hydrogeochemical sampling, and diamond
 drilling.

· Surface
 mapping and trenching, which provided the first indications of copper anomalies.

· Geochemical
 sampling, used to establish baseline geochemical signatures.

· Diamond
 drilling campaigns (1950s–1980s), which confirmed the stratiform nature of the OSU
 and outlined the structural framework of the deposit.

· Higher-density
 drilling programs (1990s–2000s), improving confidence in grade continuity and allowing
 for systematic Mineral Resource classification.

· Geostatistical
 modelling, integrating conditional simulation and variography techniques to refine resource
 estimates.

**Early exploration (pre-1950s):** Initial Surface Reconnaissance: The earliest exploration efforts at Konkola were limited to surface mapping, trenching, and basic geochemical sampling. These activities aimed to identify copper anomalies and determine potential mineralised zones. Mapping efforts focused on understanding lithological and structural features; while trenching and shallow sampling confirmed the presence of copper within sedimentary formations. Although these early techniques were rudimentary, they led to the identification of the OSU, which was later recognised as the primary host of copper mineralisation at Konkola.

**Systematic diamond drilling phase (1950s–1980s):** From the 1950s onwards, exploration transitioned towards systematic diamond drilling, aimed at confirming the continuity and thickness of the OSU. Early drilling programs initially used wider spacing of 200–300 m, which was progressively reduced as the deposit was better defined. These programs provided critical insights into the stratiform nature of the deposit, confirming that copper mineralisation was laterally extensive and relatively continuous over several kilometers. Through this phase, key structural controls on mineralisation were identified, including faults, folds, and lithological variations, which were recognised as significant influences on grade distribution.

**Advancements in geological modelling (1990s–2004):** The 1990s marked a significant shift in geological strategy, coinciding with the privatisation of Zambian mining assets, which increased investment in geological studies. Higher-density infill and extension diamond drilling programs were undertaken, supported by improved drill rig technology, core recovery techniques, and enhanced geostatistical modelling. These advancements allowed for the systematic classification of Mineral Resources into Measured, Indicated, and Inferred categories, reducing uncertainty and improving the reliability of resource estimates.

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In November 2004 KCM commenced management of Konkola. From this time focus has been on production, then the development of smaller brownfields assets within and around the existing mining areas including COP E Extension, COP DF underground, Kakosa North and South, Upper Ore Body and tailings dams.

Recent production from 2006 onwards is discussed in Section 5.1.

**Drilling (2004 to 2019):** Extension and infill drilling of known mineralisation was undertaken prior to provisional liquidation through ZCCM-IH in May 2019. The geological development focused on infill drilling below and along strike of mineralisation in and around active mining areas.

**Since 2019**: No exploration, infill and extension drilling has been undertaken by KCM. Geological and structural mapping has been undertaken at Konkola to refine lithological contacts, structural deformation, and alteration patterns to update the geological interpretation. The mapping program has focused on surface and underground geological observations, detailed core logging and high-resolution core photography to documenting lithological variations and structural controls on mineralisation.

**7.1.2** **Drilling methods** 

Infill and extension drillholes are drilled using pneumatic or electric hydraulic diamond coring underground drill rigs. Drill rod sizes include BQ, NQ, HQ, and PQ diameter depending on length and purpose of hole (dewatering or resource infill) which are specified by site geologists / hydrogeologists. Diamond drilling is outsourced to specialist drilling companies.

All drilled core is cleaned, measured and placed in appropriately labelled core boxes and transported from underground to the surface core yard facilities. The contractor performs all the work necessary to complete or abandon each hole in the manner specified by KCM.

**7.1.3** **Core recovery** 

A minimum core recovery of 90% is expected in the mineralisation. Core recovery is measured and checked during core logging.

**7.1.4** **Core logging** 

Core logging procedure includes recording information such as lithology, rock type, visible mineralisation, degree of weathering, RQD, and joint density. The logging is done manually on paper log template. Drill logs are then checked and verified by the supervising geologist and approved. The logs are then entered into Excel spread sheets and are again checked for transcription errors.

**7.1.5** **Sample selection** 

After logging the drillhole, the geologist prepares a sampling sheet. The entire mineralisation unit is sampled, including some portion of the footwall and hangingwall so as to have a clear definition of the mineralisation boundary. The sample interval is a maximum of 1 m in mineralisation, and 0.5 centimeters (cm) in the immediate footwall and hangingwall formations.

Generally, for infill and extension drilling whole core is submitted for sample preparation and analysis. From mid-2025, for example sections, half core is being submitted so as to retain material in the core tray for audit purposes.

**7.1.6** **QAQC program** 

As part of QAQC, blank and certified reference material (CRM) samples are inserted consecutively for every five primary samples for small batches <20 samples or every ten primary samples for batches >30 samples. As a general guide, a minimum of three and a maximum of five CRM samples are used per batch. CRMs are used for counterchecking the accuracy of analytical method applied. Repeats are also used as part of QAQC and are prepared by retrieving coarse rejects and pulp samples from the laboratory and re-submitting them for assaying. At least 20% of combined course and pulps samples are submitted to the laboratory. Repeat samples are aimed at checking reproducibility or precision of the laboratory. Repeat samples are repacked and assigned different sample numbers prior to resubmission to the laboratory for re-assay. CRMs are inserted after every tenth sample in all the drillholes within the mineralisation.

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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After logging the core, the core is sampled as per sampling procedure and is dispatched to the analytical laboratory for assaying.

**7.1.7** **Drillhole locations** 

Drillhole location plan for Konkola, showing 4,245 drillholes, see Figure 7.1. Drillholes pre-2016 are black. Drillholes from 2016 onwards are shown in red. Further detail is provided in context in Section 11.2.

Figure 7.1 Drillhole location plan - Konkola

![](ctm003_ex96-2img12.jpg)

Source: AMC, 2025.

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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**7.1.8** **Hydrogeology** 

The Konkola Mine is one of the wettest underground copper mines globally, with hydrogeological conditions that represent a defining operational characteristic and a material technical risk. Hydrogeological assessment is accordingly a central component of the data collection program, with ongoing investigations designed to characterise aquifer behavior, quantify groundwater inflows, and inform the dewatering strategy described in Section 13.3.

**7.1.8.1** **Hydrogeological setting** 

The hydrogeological regime at Konkola is controlled by fractured, permeable fault zones within schists and dolomites that act as principal groundwater conduits, while less permeable lithologies (quartzites and the Ore Shale) act as partial hydraulic barriers. The dominant aquifer system is the Chingola Dolomite, a regionally connected carbonate aquifer with a flat water table at approximately the 500 m level (500L). The Mwashia Shale acts as a semi-confining layer between the dolomite aquifer and the underlying mine workings (Section 13.3).

Subsidence-related cracking above historical mining areas has compromised the integrity of the semi-confining layer in places, creating secondary pathways for recharge from the Chingola Dolomite into the mine system. InSAR satellite imagery confirms surface deformation and infiltration across the subsidence zone (Section 13).

**7.1.8.2** **Stratigraphic hydrogeological units** 

The stratigraphic units of the Konkola Mine area and their hydrogeological significance are summarised in Table 7.1. The sequence comprises alternating aquifer and aquiclude units, with the three principal aquifer horizons being the Upper Roan Dolomite / Chingola Dolomite, the Upper and Lower Banded Sandstones (hosting the Hangingwall Aquifer), and the Arkose (hosting the Footwall Aquifer). The aquiclude units (shales, quartzites) provide partial hydraulic barriers between aquifer horizons, although these barriers are locally compromised by faulting and fracturing (GCMP, 2020).

Table 7.1 Local geology and hydrogeological units — Konkola

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| | | | |
|:---|:---|:---|:---|
| **PleaStratigraphy** | **Avg. thickness (m)** | **Hydrogeological unit** | **Significance for mine dewatering** |
| Upper Roan Dolomite | >400 | Aquifer | Major regional aquifer; regionally connected to Chingola Dolomite system. Primary long-term recharge source. |
| Shale with Grit | 70 | Aquiclude | Thick shale unit providing primary vertical hydraulic barrier between Upper Roan Dolomite and underlying sequence. |
| Chingola Dolomite | 15 | Aquifer | Regionally connected carbonate aquifer; flat water table at ~500L. High hydraulic conductivity confirmed by DW01 pump test (~1,800 m³/day, minimal drawdown). Principal groundwater contributor to mine system. |
| Dolomitic Schist | 20 | Minor aquifer | Secondary water-bearing unit; contributes to diffuse inflow. |
| Upper Banded Shale | 18 | Aquiclude | Partial barrier between Chingola Dolomite and Hangingwall Aquifer horizons. |
| Feldspathic Quartzite | 18 | Aquiclude | Low-permeability unit within Hangingwall Quartzite sequence. |
| Upper Banded Sandstone | 15 | Aquifer (HWA) | Upper component of the Hangingwall Aquifer. Base of modelled HWA structure is ~40 m above the OSU with very high flow rates (~2,000 mL/s). Drainage holes drilled upward from crosscuts into this horizon. |
| Pink Quartzite | 5 | Aquiclude | Thin aquitard between upper and lower sandstone aquifers. |
| Lower Banded Sandstone | 10 | Aquifer (HWA) | Lower component of Hangingwall Aquifer. Together with Upper Banded Sandstone, forms the principal near-orebody aquifer requiring active depressurisation. |
| Lower Banded Shale | 10 | Aquiclude | Barrier between Hangingwall Aquifer and ore horizon. Integrity controls direct inflow to stoping areas. |
| Ore Shale Unit — OSU | 5–50 (avg. ~9) | Mineralised host | Low primary permeability; acts as partial hydraulic barrier but does not fully isolate workings from adjacent aquifers. Mine workings within this unit. |
| Arkose | 15 | Minor aquifer (FWA) | Footwall Aquifer. Slightly cemented sands; characterised as "damp" conditions. Hosts mine infrastructure (declines, pump stations). Drainage holes drilled downward from crosscuts. |
| Footwall Quartzite / LPC |  | Minor aquifer | Minimum distance of approximately 100 m from mine workings. Characterised as "dripping" groundwater conditions. Does not require active dewatering at current mining levels. |
| Basement | >400 | Impermeable | Crystalline basement; no significant groundwater contribution. |

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Source: KCM GCMP, 2020; AMC, 2025. OSU row inserted by AMC for stratigraphic context; not a hydrogeological unit. Thicknesses are averages for the mine area.

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The spatial relationship between the three principal aquifer horizons and the mine workings is illustrated in Figure 7.2.

Figure 7.2 Location of three main aquifers in the Konkola Mine, section looking north

![](ctm003_ex96-2img86.jpg)

Source: KCM, 2025.

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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**7.1.8.3** **Hydrogeological investigations and data** 

The following hydrogeological investigation program (Table 7.2) has been established at Konkola to support characterisation of the groundwater regime and inform dewatering design.

Table 7.2 Summary of hydrogeological investigations — Konkola

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| | | |
|:---|:---|:---|
| **Investigation type** | **Scope and methodology** | **Key findings / status** |
| Piezometer installation and monitoring | Monitoring wells installed across footwall aquifer (FWA) and hangingwall aquifer (HWA) to measure groundwater levels, pore pressures, and flow rates. Shut-in hole pressure measurements used to infer phreatic surface. | Pressure head of approximately 150 m (200 psi) inferred at the 720L level from available shut-in hole data (Section 13, Figure 13.7). Data used to calibrate numerical groundwater model. |
| Pump testing | Constant-rate and step-drawdown pump tests conducted to determine aquifer permeability, hydraulic conductivity, and transmissivity. Test well DW01 drilled into the Chingola Dolomite for dedicated aquifer characterisation. | DW01 demonstrates high hydraulic conductivity with minimal drawdown under current pumping conditions (~1,800 m³/day per well). Low drawdown confirms regional interconnectivity of the Chingola Dolomite and its role as the principal groundwater contributor. |
| Recharge assessment | Combination of water balance analysis, rainfall correlation, and InSAR satellite deformation monitoring to estimate recharge rates and identify infiltration pathways. | Estimated recharge of ~200–300 mm/year across an approximately 250 km² catchment. 50–75% of mine water originates from surface infiltration; 25–50% from recirculation of previously pumped water. |
| Underground drainage drilling | Crosscut and drainage hole systems targeting FWA and HWA. Crosscuts spaced approximately every 500 m along strike; ~12 drainage holes per crosscut, hole lengths 200–350 m, drilled upward into HWA and downward into FWA. | Future programme targets ~48,000 m/year of drainage drilling to achieve sustained depressurisation ahead of production development. Critical for managing inflows as mining progresses to deeper levels. |
| Numerical groundwater modelling | Three-dimensional numerical groundwater flow model under development to simulate aquifer behaviour, predict inflow response to mine advance, and optimise dewatering infrastructure requirements. | Model under development. To be calibrated against historical inflow records and piezometric data. Will inform dewatering capital planning for deeper mining (Bancroft sector below 950L). |
| Water quality monitoring | Routine sampling of mine discharge water from HWA and FWA sources. Parameters include pH, major ions, total suspended solids (TSS), and dissolved metals (Cu, Zn). | Discharge water near-neutral pH; major ions within target limits for both HWA and FWA. TSS is the key challenge. Copper and zinc levels occasionally exceed guideline limit of 100 mg/L. TSF return water alkaline with elevated nitrate and chloride (beneficial for separation from UG water). |
| Groundwater condition characterisation | Groundwater inflows collected and classified as "damp", "dripping", or "wet" by unit. Used for Q-system water inflow parameter and geotechnical stability analysis (GCMP, 2022). | HWA: wet to very wet (~2,000 mL/s at modelled structure ~40 m above OSU). FWA (Arkose): damp. FWQ/LPC: dripping (~100 m standoff from workings). Classifications feed into geotechnical design (Section 7.1.9). |

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Source: AMC, 2025. Compiled from KCM operational data, DW01 pump test results, and InSAR analysis.

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**7.1.8.4** **Groundwater inflow summary** 

Current groundwater inflows at Konkola average approximately 350,000 m³/day (approximately 4.1 m³/s), making it one of the highest-inflow underground mines in the world. Inflows are concentrated at the 720L and 950L mining levels, where fractured dolomite and fault zone intersections provide the primary conduits for groundwater ingress. The dewatering system discharges via the VS1F shaft (approximately 60% of total flow) and the VS1B shaft (approximately 30%), using three staged pump stations at the 950L, 690L, and 370L levels.

The estimated annual power cost for dewatering is approximately US$95 million, representing a material component of the Konkola operating cost structure. Future inflows are projected to increase moderately with depth as mining advances into the Bancroft sector below 950L, with short-term peak inflows projected to exceed 450,000 m³/day during periods of wet-season recharge and mine advance into new aquifer zones (Section 13.3.3).

**7.1.8.5** **Aquifer characterisation** 

The principal aquifer units and their hydrogeological characteristics are summarised below.

Table 7.3 Principal aquifer units — Konkola

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| | | | |
|:---|:---|:---|:---|
| **Hydrogeological unit** | **Lithology** | **Hydraulic character** | **Significance** |
| Chingola Dolomite (principal aquifer) | Dolomite; regionally extensive carbonate unit | High hydraulic conductivity; regionally connected; flat water table at ~500L; minimal drawdown under pumping (DW01) | Principal groundwater contributor to the mine system. Regional interconnectivity confirmed — extends laterally to adjacent Lubambe mine area (Figure 13.5) |
| Mwashia Shale (semi-confining layer) | Argillaceous shale; low permeability | Acts as aquitard between Chingola Dolomite and underlying mine workings; locally compromised by subsidence cracking | Integrity of semi-confining layer is critical to controlling vertical recharge. Subsidence damage creates secondary flow paths |
| Hangingwall Quartzite (HWA) | Arkosic and cherty sandstones; fractured | Moderate permeability; fracture-dominated flow along fault zones | Drainage holes drilled upward from crosscuts into HWA to depressurise ahead of stoping |
| Footwall Quartzite (FWA) | Conglomerates, sandstones; hosts infrastructure | Moderate permeability; aquifer-hosting formations at lithological contacts | Drainage holes drilled downward from crosscuts into FWA. Supports mine infrastructure; reduced strength at contacts |
| Ore Shale (OSU) | Carbonaceous siltstone/shale; five sub-units (A–E) | Low primary permeability; acts as partial hydraulic barrier | Mineralised host unit. Low permeability reduces direct inflow into stopes but does not fully isolate workings from adjacent aquifers |
| Fault zones (secondary conduits) | Brecciated zones with gouge infill; 11 modelled faults (§13.1.2.2) | High localised permeability; preferential flow paths; steep dips; NE–SW trending | Concentrate inflows at fault–excavation intersections. Cross Fault brecciated zone (up to 2 m wide) presents particular risk |

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Source: AMC, 2025. Compiled from KCM geological and hydrogeological data.

**7.1.8.6** **Assessment status and data gaps** 

The hydrogeological understanding of the Konkola Mine is supported by over six decades of operational dewatering data, which provides a substantial empirical basis for characterizing inflow behavior and aquifer response. The principal data strengths are the long-term pumping records from the three-stage pump station system, the DW01 pump test results confirming Chingola Dolomite connectivity, the InSAR-based recharge assessment, and the ongoing piezometric monitoring program.

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The following data gaps and limitations have been identified by the QP:

Table 7.4 Hydrogeological data gaps and recommended actions

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| | |
|:---|:---|
| **Data Gap / Limitation** | **Recommended Action / Implication** |
| Numerical groundwater model not yet completed | Model under development. Completion and calibration against historical data is required to support dewatering infrastructure capital planning for Bancroft sector (below 950L) and to validate projected inflow increases with depth. This is a prerequisite for the Definitive Feasibility Study (Section 23). |
| Limited piezometric coverage in deeper zones (below 950L) | Additional piezometer installations recommended as development advances into Bancroft sector to characterise aquifer pressures ahead of mining. Pressure head data from shut-in holes is currently limited to existing workings. |
| Inflow prediction uncertainty for new mining areas | Short-term peak inflows projected to exceed 450,000 m³/day are based on empirical extrapolation, not yet validated by calibrated numerical modelling. Actual inflows may differ materially, particularly in structurally complex zones with fault intersections. |
| Subsidence zone extent and recharge pathway characterisation | InSAR monitoring provides surface deformation data but does not directly quantify vertical recharge through the compromised Mwashia Shale. Additional investigation of recharge pathways and their sensitivity to seasonal variation is recommended. |
| Water quality — TSS and dissolved metals exceedances | Copper and zinc occasionally exceed guideline limits of 100 mg/L. Ongoing monitoring required; water treatment options may be needed to meet evolving environmental discharge standards (Section 17). |

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Source: AMC, 2025.

The dewatering strategy, pumping infrastructure, mine schedule integration, and emergency water management systems are described in detail in Section 13.4. The interaction between hydrogeological conditions and the mine plan, including the planned 1,390L pump station development required to enable mining below 950L in the Bancroft sector.

**7.1.9** **Geotechnical data, testing, and analysis** 

Geotechnical characterisation of the Konkola Mine has been developed progressively over several decades of underground mining activity, supplemented by dedicated geotechnical drilling, laboratory testing, underground mapping, and rock mass classification programs. The geotechnical assessment supporting this PFS was completed by AMC, incorporating data from the AMC (2012) KDMP Life-of-Mine Plan and additional rock mass data collected by the KCM site geotechnical team through ongoing underground mapping and logging.

**7.1.9.1** **Geotechnical data sources** 

The geotechnical database supporting this PFS comprises data from the sources summarised in Table 7.5.

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Table 7.5 Geotechnical data sources — Konkola

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| | | |
|:---|:---|:---|
| **Data Source** | **Description** | **QP Assessment of Adequacy** |
| Geotechnical core logging | RQD, fracture frequency, joint condition, and lithological boundaries recorded from diamond drill core. Logging follows standard geotechnical procedures for Q-system and RMR input parameters. | Adequate for current study level. AMC has identified gaps in spatial coverage, particularly in deeper Bancroft sector. A geotechnical data collection program has been recommended to support KDMP mine expansion (Section 7.1.9.5). |
| Underground mapping | Face mapping, structural logging, and rock mass classification conducted by KCM site geotechnical team in active development headings and stope exposures (KCM GCMP, 2022). | Provides direct observation of ground conditions in Shaft 3 and Shaft 4 areas. Coverage limited to accessible workings; unmapped areas rely on extrapolation from drilling. |
| Laboratory rock property testing | Uniaxial compressive strength (UCS), elastic modulus, Poisson's ratio, cohesion, and friction angle determined from intact rock specimens. Testing performed by Itasca (1997) and AMC (2012). See Table 7.1. | Data vintage is a limitation — most recent laboratory testing dates from 2012 (AMC) and some parameters from 1997 (Itasca). Adequate for PFS-level assessment but new testing recommended for DFS <br> (Section 7.1.9.5).Adequate for PFS-level assessment but new testing recommended for DFS (Section 7.1.9.5). |
| Rock mass classification (Q-system) | Barton Q-system (Barton et al., 1974) applied to assess rock mass quality in development excavations. Incorporates RQD, joint sets, roughness, alteration, water inflow, and stress reduction. | Q-system classification applied across all geotechnical domains. Appropriate for development support design. See Section 7.1.9.2 for domain-level summary. |
| Modified Q' system (stope stability) | Matthews / Potvin modified stability graph method (Matthews et al., 1981; Potvin, 1988). Omits water and stress terms; focuses on joint-controlled stability in HW and FW 10 m either side of orebody. | Applied for stope dimension assessment and ELOS overbreak estimation. Appropriate for PFS-level stope design. Results applied in Section 13.3.4. |
| Numerical stress modelling | Elastic and plastic stress analysis using rock properties in Table 7.6. Previous modelling by Itasca (1997) and AMC (2012); results used in Section 13.3. | Modelling provides conceptual understanding of stress redistribution with depth. Updated modelling with new rock property data recommended for DFS. |
| Seismic monitoring | Seismic monitoring system installed following first recorded event (8 January 1995). Four regional events >M6.0 Richter; mine-scale events up to ML 2.1 (most recent June 2020). See Section 7.1.9.4. | Operational seismic monitoring system in place. Data adequate for characterising current seismic regime; expanded coverage recommended as mining deepens. |

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Source: AMC, 2025. Compiled from KCM geotechnical records, AMC (2012) KDMP LOM Plan, and Itasca (1997).

**7.1.9.2** **Geotechnical testing – rock properties** 

Elastic rock properties used in numerical modelling in 2012 are listed in Table 7.6. Any new data collected for rock properties should be used to revise the previous work. Previous rock property testing for Konkola provided by Itasca 1997 was utilised for numerical modelling in Section 13.1.4.

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Table 7.6 Elastic rock properties

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Rock unit** | **Rock Mass Modulus (MPa)** | **Poisson's Ratio** | **UCS (MPa)** | **Cohesion (MPa)** | **Friction angle (°)** |
| Quartzite | 17800 | 0.2 | 150 | 5.3 | 48.0 |
| Ore Shale | 13300 | 0.2 | 150 | 4.0 | 37.5 |
| Conglomerate | 31600 | 0.2 | 170 | 7.0 | 52.6 |
| Unit 'A' | 168 | 0.3 | 5 | 2.4 | 3.0 |

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Source: AMC, 2012.

**Qualified Person's interpretation of results**

The rock property data in Table 7.6 indicate a geotechnical environment characterised by competent quartzite and conglomerate host and infrastructure units (UCS 150–170 MPa, friction angles 48–53°), a moderately competent Ore Shale (UCS 150 MPa, friction angle 37.5°), and a critically weak Unit A siltstone (UCS 5 MPa, friction angle 3°). The contrast between Unit A and the surrounding rock mass is the single most significant geotechnical feature at Konkola. Unit A behaves mechanically as a shear surface, with strength properties approximately two orders of magnitude lower than the adjacent quartzite. This has the following material implications for mine design:

Dilution control: Unit A correlates with poor ground conditions and higher dilution potential. Its thickness increases with orebody dip, meaning dilution risk is greatest in the steeper Extension and Bancroft zones. The ELOS method (Clark & Pakalnis, 1997) estimates overbreak of 0.5-1.0 m in fair ground, with higher values expected where stopes intersect Unit A or major structures (Section 13.3).

Stope stability: The low shear strength of Unit A requires that stope dimensions and sequencing account for the potential for hangingwall delamination along the Unit A contact. Paste backfill improves crown and hangingwall stability, particularly in flatter-dipping zones where the hangingwall span controls stability (Section 13.3).

Infrastructure placement: Major infrastructure (declines, pump stations) is designed to be placed in competent footwall quartzite with a minimum standoff of 20 m from major faults, avoiding Unit A where possible (Section 13.3).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Stress
 behavior at depth: The low rock mass modulus of Unit A (168 MPa versus 17,800 MPa for quartzite)
 creates a significant stiffness contrast that concentrates stress at lithological contacts.
 Numerical modelling indicates increased plastic strain zones at depth, particularly in the
 hangingwall where structures intersect Unit A (Section 13.3). This drives the requirement
 for more robust support designs in deeper development.

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**Material assumptions**

The following material assumptions underpin the geotechnical assessment:

Table 7.7 Material geotechnical assumptions — Konkola

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| | |
|:---|:---|
| **Assumption** | **Basis and QP comment** |
| Rock properties from 2012/1997 testing are representative of conditions across the full mine plan extent | Assumption is reasonable for PFS level given the relatively uniform stratigraphy of the OSU and host sequence. However, testing was conducted on specimens from accessible areas; properties at depth (below 950L) and in structurally complex Bancroft zones may differ. New testing recommended for DFS. |
| Q-system and Q' classification parameters are applicable across all geotechnical domains | Reasonable assumption. Both classification systems are industry-standard for underground mining. Q-system is appropriate for development support; Q' is appropriate for open stope stability assessment. Each domain assessed independently. |
| Ground conditions in unmapped Bancroft Deeps are extrapolated from shallower observations | Conservative assumption applied: deeper areas assigned the range "very poor to good" based on Shaft 4 observations. Actual conditions may be more variable due to increased stress magnitudes and proximity to faulted zones. This is a material source of geotechnical uncertainty. |
| Paste backfill availability as assumed in mine design | Stope stability assessments assume paste backfill is available for sequential filling. If paste fill is delayed or unavailable, crown and hangingwall stability in flatter-dipping zones is materially reduced, potentially requiring tactical pillar placement and reduced stope dimensions. |
| Stress field orientation assumed from regional data and 2012 modelling | In situ stress measurements have not been updated since 2012. The stress field at depth may differ from the assumed orientation, affecting excavation stability predictions and support requirements. Updated stress measurement program recommended. |

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Source: AMC, 2025.

**7.1.9.3** **Rock mass classification summary by domain** 

The Konkola Mine is divided into geotechnical domains aligned with orebody dip, structural setting, and observed ground conditions (Section 13.1.2, Figure 13.2). Rock mass quality varies significantly across the mine, as summarised in Table 7.8.

Table 7.8 Rock mass conditions by geotechnical domain — Konkola

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| | | | |
|:---|:---|:---|:---|
| **Geotechnical domain** | **Dip (°)** | **Ground condition range** | **Key geotechnical features** |
| Konkola East / Flats | 35–45 | Fair to good; localised poor zones | Shallow dip; competent overall rock mass; manageable stress levels. Poor zones associated with Unit A and lithological variability. HW span controls stope stability. |
| Konkola Extension | 45–55 | Fair to poor (Shaft 3); variable (Shaft 4) | Orebody steepens; transitional zone. Shaft 3 conditions fair–poor with weaker performance at Flats contact. Shaft 4 highly variable — very good to very poor near faulted zones. |
| Bancroft North | 55–65 | Fair to good; poor zones at 2,700–2,800 mN | Steep dip; increased stress. Localised poor ground in FW quartzite near stoping. Increased overbreak potential where stopes intersect major structures. |
| Bancroft Central / South | 60–70 | Variable: very poor to good | Greatest depth and stress magnitudes. Rock mass relaxation and plastic strain zones in HW near Unit A. Fault Zone 2650 associated with poor–fair HW conditions. Robust support designs required. |
| Bancroft Deeps | 65–70 | Inferred: poor to fair (limited data) | Below 950L; limited direct observation. Ground conditions extrapolated from Bancroft South and structural modelling. Poor ground noted at 200 mS–1,000 mS. 1,390L pump station development required before mining. |

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Source: AMC, 2025. Based on Q-system classification, underground mapping (KCM GCMP, 2022), and AMC (2012) KDMP data.

**7.1.9.4** **Seismicity** 

KCM has experienced seismicity, with the first recorded event on 8 January 1995. This prompted the purchase of a seismic monitoring system. Four events have since been recorded with Richter magnitudes greater than 6. The source of the earthquakes was found to be well outside the mine region. Mine scale seismic events have been recorded with local magnitudes up to 2.1 since November 1996. The most recent 2.1 event was in June 2020.

The Mine at No 1 Shaft and No 3 Shaft has previously identified a number of high stress pockets with seismic events recorded at No 1 Shaft. Seismic damage was predominantly observed in drives and included falls of ground, rock burst, fracturing and onion skin like unravelling.

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Previous observations have noted that the intensity of ground damage from high stress conditions and seismic events reduces the further away the excavation is from the OSU and footwall (KCM, 2000).

Regions of the mine with relatively strong rock mass are likely to be associated with the seismicity. It is expected that seismicity will become more common as the mine develops deeper, particularly in this area.

Seismic monitoring continued during the KCM provisional liquidation proceedings period to allow a baseline prior to the mine restart. AMC recommends ongoing assessment of the seismic data in the future to understand the events and source in relation to rock mass, faults or dewatering. Figure 7.5 presents a schematic diagram of the Konkola IMS seismic system. The IMS system, commissioned in 2012 comprises of 12 sensors (triaxial and uniaxial 4.5 Hz geophones) and allows real time monitoring.

Figure 7.3 Seismic system schematics at Konkola

![](ctm003_ex96-2img13.jpg)

Source: GCMP, 2022b.

**7.1.9.5** **In situ stress** 

Previous modelling indicated that stress on closure pillars was likely to significantly increase with vertical depth. An updated Mineral Reserve mine plan will require a detailed review of the expected damage to closure pillars and ability to recover these.

Since the pause in production, AMC recommends that the underground operations undertake a review of development performance for general convergence and damage in drives due to the orientation of drives, and standoff distance of the drives from stoping areas, including stress mapping guidance. Horizontal stress is noted as sub-parallel to the foliation and mineralisation and is the dominant influence on damage to development within pillars and the footwall.

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AMC recommends that in situ stress testing is undertaken at the lowest level in the future to confirm the orientation of the stress field at depth which is based on the current limited testing. In situ stress has critical implications (safety, production reliability, etc.) that higher induced stress will cause at these mining depths.

**7.1.9.6** **Geotechnical data gaps and recommended actions** 

AMC has identified gaps in the available geotechnical data across KCM. The following table summarises the principal data gaps, their implications, and recommended actions.

Table 7.9 Geotechnical data gaps and recommended actions

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| | |
|:---|:---|
| **Data Gap / Limitation** | **Recommended Action and Timing** |
| Rock property data vintage (most recent: AMC 2012; some parameters: Itasca 1997) | New laboratory testing program recommended as part of future resource definition drilling. UCS, triaxial, Brazilian tensile, and direct shear tests on specimens from each geotechnical domain, including Bancroft Deeps. Required for DFS. |
| Limited geotechnical core logging coverage in deeper Bancroft sector (below 950L) | AMC has designed a conceptual but executable resource definition program for the KDMP mining area (AMC Konkola KDMP Exploration Strategy, January 2025) which includes dedicated geotechnical logging. Geotechnical logging should be performed on all future resource definition holes. |
| No updated in situ stress measurements since 2012 | Overcoring or hydraulic fracturing stress measurements recommended in the Bancroft sector to validate stress field assumptions used in numerical modelling. Required for DFS-level stress analysis. |
| Underground mapping limited to accessible current workings | Systematic face mapping and rock mass classification should be incorporated into standard operating procedures for all new development headings as mining advances. Data to be entered into centralised geotechnical database. |
| Limited twin hole or adjacent-hole geotechnical variability assessment | Spatial variability of rock mass quality not systematically quantified. Consider paired geotechnical logging at selected locations to assess local variability for support design confidence. |
| Paste fill strength testing and quality control programme not yet established for PFS-level confidence | Paste fill mix design and unconfined compressive strength testing program required to confirm design fill strengths assumed in stope stability assessments. Required for DFS. |

---

Source: AMC, 2025.

The application of the geotechnical data and classification results summarised above to mine design is described in Section 13.2 including geotechnical domains, stope stability and dilution estimation, and ground support and numerical modelling (Section 13.3).

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**7.2** **TD03 and TD04 – exploration and characterisation** 

In September 2000, auger drilling campaigns were completed at both tailings dams to characterise the grade distribution and physical properties of the deposited tailings material. A total of 78 drillholes (1,645.5 m) were completed at TD03 and 64 drillholes (1,090.5 m) at TD04 using a 50 mm auger on a 150 m × 150 m grid spacing. Drillholes were terminated upon reaching the underlying soil profile.

Samples were collected at 1.5 m intervals and riffle-split to a one-eighth portion using a Jones riffle splitter. Adjacent 1.5 m samples were combined to produce 3 m composite samples for analysis. Samples were prepared and analysed for total copper (TCu) and acid-soluble copper (ASCu) at the AHK laboratories in Kitwe/Kalulushi, with analysis limited to samples where TCu exceeded 0.5%.

Pulp rejects were composited into a four-drillhole grid pattern for gangue acid consumption (GAC) leach tests, completed at the KCM Nchanga analytical laboratory at 25°C. The effective sample spacing for GAC data is 300 m × 300 m.

No additional drilling has been completed at TD03 or TD04 since the 2000 campaign. The existing drill data forms the basis of the Mineral Resource estimates reported in Section 11.3 and the Mineral Reserves reported in Section 12. The QP considers that the 150 m × 150 m drill spacing is adequate for Indicated classification given the relatively uniform grade distribution within the tailings material. Detailed resource estimation methodology and classification criteria are provided in Section 11.3.

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**7.3** **Nchanga – exploration summary** 

Exploration at the Nchanga deposits is covered in detail in Section 7.8 of the companion IA TRS. Nchanga mining operations (the Nchanga Business Unit, or NBU) are excluded from the PFS Mineral Reserve estimate and mine plan; accordingly, only a summary of exploration status is provided here for context.

The Nchanga drillhole database comprises 445 drillholes at COP DF, 241 drillholes at Luano, and 283 drillholes at COP E Extension. Drilling spans multiple generations from the 1950s through to recent infill campaigns. The older generation of drillholes (pre-1975) was not subject to modern QAQC protocols; however, much of this historical drilling is in areas where mining has been completed and the data has been reconciled against production records.

Planned drilling programmes at Nchanga are designed to upgrade the current Inferred Mineral Resources to Indicated classification and support future prefeasibility studies for underground development. The target drill spacings are 60–80 m for COP DF, 80–100 m for COP DF Underground and COP E Extension, and 100–120 m for Luano. The Nchanga exploration program and associated budgets are summarised in Section 7.8.3 and Table 7.2 of the IA TRS, with recommendations for further work provided in Section 23 of this report.

**7.4** **Nampundwe – exploration summary** 

The Nampundwe pyrite deposit has been explored and mined since the mid-20th century. The deposit is accessed via an underground decline and is exploited for pyrite concentrate used as smelter flux at the Nchanga Smelter. The Nampundwe deposit is excluded from the PFS Mineral Reserve estimate and mine plan, and no S-K 1300 compliant Mineral Resource estimate has been prepared for this TRS.

No exploration programs are currently planned for Nampundwe. The existing geological knowledge is considered adequate for the limited role of the deposit as a flux supply source. Readers are referred to the property description in Section 3 for license details.

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| **8** | **Sample preparation, analyses, and security** |

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**8.1** **Sample preparation and analysis** 

Sample preparation and analysis for Konkola analyses is undertaken at the KMRL laboratory at Konkola (Konkola analytical laboratory).

The laboratory is ISO/IEC 17025:2017 accredited by the Southern African Development Community Accreditation Service (SADCAS), representing internationally recognised standards for competence, impartiality, and consistent operation.

Future drilling analysis is planned to be analyzed by an internationally recognised external laboratory.

**8.2** **Sample preparation method** 

Sample preparation method:

· Drying
 the received samples at a temperature of 110°C plus or minus 5 degrees (110+/-5°C)
 for a period up to four hours.

· Primary
 particle size reduction by crushing the samples from 150 mm to 12.7 mm.

· Secondary
 particle size reduction by crushing the entire primary crusher product of 12.7 mm or less
 to than 4 mm.

· Repeated
 riffling of the secondary crusher product until a final portion measuring about 250 grams
 (g) to 300 g is obtained.

· The
 final riffle product is then pulverised to pulp of 90 percent passing 75 micron sieve (200 mesh),
 packed into envelops as laboratory samples, and finally submitted to main laboratory for
 analysis.

· Coarse
 rejects and pulps are reclaimed where the coarse rejects are stored until it is confirmed
 they are not required to metallurgical test work. The pulp rejects are retained.

**8.3** **Analytical method** 

The analytical method for each sample is a partial digestion via nitric and sulfuric acid for soluble copper, and complete digestion for total copper and total cobalt, with an Atomic Absorption Spectrometry (AAS) finish.

If total copper is greater than 10% Cu, the sample(s) are re-analyzed by using the electro-gravimetric method.

**8.4** **Bulk density measurement** 

Bulk density measurements are done at KMRL site mineralogy laboratory using the Archimedes method.

Samples are selected from the hangingwall and footwall formations and mineralised material. For mineralised material the sample is selected from HQ or a larger size drillhole. The core samples are cut using core cutting machine. One half of the sample is sent to the analytical laboratory for assaying, the other half is sent to the mineralogy laboratory for bulk density measurement. The samples used in the bulk density measurement range from 50 to 70 mm. Cracked and poor-quality samples are excluded.

The samples are cleaned, dried at 105°C for 12 hours, cooled, weighted in air, dipped in wax, which is allowed to set, weighed in air, then immersed in water and weighted.

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Bulk density is calculated using the following equation:

![](ctm003_ex96-2img15.jpg)

Where:

W1=weight of sample in air

Wa=weight of wax in air, that is =W2-W1

W2=weight of sample with wax in air

W3=weight of total sample in water after waxing

p=density of wax used

1=density of water

**8.5** **Quality assurance quality control** 

This section describes the QAQC protocols applied to assay data across the KCM Integrated Operations (§8.5.1) and presents the results of QAQC assessments for the Konkola Mine and Nchanga Business Unit deposits. The assessment covers analysis of certified reference materials (CRMs) for accuracy, repeat samples for precision, and blank samples for contamination.

**8.5.1** **QAQC protocols** 

QAQC is undertaken on TCu% and ASCu% analysis and is done via the submission of repeat samples and the submission of CRMs and blanks.

Repeats consist of fine rejects of samples within potentially economic mineralisation grade ranges. Samples for which laboratory assay results have been received are repacked and assigned different sample numbers then resubmitted to the laboratory for re-assay. The assay results of these samples are then compared to the original assays. Samples are submitted at a 1 in 10 ratio.

If the original and repeat assay differ by less than 10%, precision is regarded as acceptable, and the original assay results are cleared for use in resource estimation.

CRMs are inserted after every tenth sample in all the drillholes within the mineralisation. The analytical results of the CRMs are then plotted against the original CRM grades. A ±2 standard deviations (SD) error difference from the CRM grade is considered an acceptable range, especially when dealing with relatively high grades (above 2% TCu). With grades lower than 2% TCu, a ±3SD error difference is considered acceptable.

Additional quality controls include:

· Blind
 checks: For every 10 samples, one sample is randomly picked and inserted as a blind check
 by the sample preparers to measure reproducibility of the analysis.

· Independent
 checks: Periodic insertion of previously analyzed samples as independent checks to measure
 reproducibility between analyses.

· Internal
 laboratory CRMs: Use of internal laboratory CRMs within each batch.

**8.5.2** **QAQC assessment — Konkola** 

During the audit of the 2020 Mineral Resource, KMRL provided the auditor with a cumulative database of all the QAQC work undertaken at Konkola Mine. In order to ascertain the quality of the post-2016 data, the auditor segmented the data to conduct separate analyses for the old and new data.

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For the post-2016 data the following observations were made:

· The
 repeats showed 54% of TCu samples and 23% of the ASCu being within 10% deviation. This observation
 was deemed to be far short of the expectations for the assays to be included in the Mineral
 Resource work.

· The
 analysis of CRMs STD_A (3.44% TCu) and STD_C (2.48% TCu) showed consistently lower than expected
 results. This is a concern and might indicate high-grade copper assays may be underestimated,
 that is a negative bias.

A QAQC assessment undertaken in 2024, discussed below, incorporates the post-2016 drilling. The exercise covered analysis of the CRM for accuracy, repeats for precision, and blanks for contamination.

**8.5.2.1** **CRM analysis — Konkola** 

For CRMs, specific tasks include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **QAQC records validation:** To ensure all results are recorded in the database, the QC results
 on all the drillhole assay certificates for holes drilled after 2016 were examined.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **CRM validation:** Konkola Mine utilises a range of CRMs sourced from Geostats Pty Ltd to monitor
 the accuracy of the laboratory. Each CRM has a unique product ID associated with specific
 grade values and standard deviations.

The CRM results database was meticulously checked to verify that all CRM laboratory results were correctly linked to their corresponding certified values. It was discovered that the certified values for 16 analyses of GBM911-16 were initially assigned incorrectly in the database. After the corrections, 12 out of the 16 results have passed, with the remaining four values being outside ±2SD.

Table 8.1 shows a list of the corrected CRM values in comparison to the incorrect entry.

Table 8.1 List of corrected outcomes for 16 GBM911-16 CRMs

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Original** | **Corrected** | **Corrected** |
| <br>**BHID** | <br>**Sample ID** | <br>**CRM** | **Laboratory**<br>**(TCu%)** | **Certified (TCu%)** | **Certified CRM** | **Status** |
| BV1611 | MX9864 | GBM911-16 | 2.52 | 3.44 Fail | 2.48 | Pass |
| BV1612 | MY33 | GBM911-16 | 2.42 | 3.44 Fail | 2.48 | Pass |
| BV1614 | MX9864 | GBM911-16 | 2.40 | 3.44 Fail | 2.48 | Pass |
| BV1615 | MY112 | GBM911-16 | 2.55 | 3.44 Fail | 2.48 | Pass |
| BV1616 | MY318 | GBM911-16 | 2.32 | 3.44 Fail | 2.48 | Pass |
| BV1619 | MY380 | GBM911-16 | 2.60 | 3.44 Fail | 2.48 | Pass |
| BV1623 | MY433 | GBM911-16 | 2.57 | 3.44 Fail | 2.48 | Pass |
| BV1631 | MY1077 | GBM911-16 | 2.24 | 3.44 Fail | 2.48 | Fail |
| BV1631 | MY1093 | GBM911-16 | 2.35 | 3.44 Fail | 2.48 | Pass |
| BV1633 | MY1199 | GBM911-16 | 2.92 | 3.44 Fail | 2.48 | Fail |
| BV1635 | MY1242 | GBM911-16 | 2.33 | 3.44 Fail | 2.48 | Pass |
| BV1635 | MY1257 | GBM911-16 | 2.60 | 3.44 Fail | 2.48 | Pass |
| BV1636 | MY1311 | GBM911-16 | 2.52 | 3.44 Fail | 2.48 | Pass |
| BV1637 | MY1363 | GBM911-16 | 2.59 | 3.44 Fail | 2.48 | Pass |
| BV1637 | MY1389 | GBM911-16 | 2.75 | 3.44 Fail | 2.48 | Fail |
| BV1638 | MY1400 | GBM911-16 | 2.74 | 3.44 Fail | 2.48 | Fail |

---

Note: +/-1SD is between 2.39 to 2.56% TCu, +/-2SD is between 2.30 to 2.65% TCu.

Source: KCM.

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The rectified drillholes that passed the QAQC test were then plotted together with the failed drillholes and those without CRMs as shown in Figure 8.1. Also included are holes drilled up to November 2023.

Figure 8.1 Location plan of holes drilled from 2016 to 2023 - Konkola

![](ctm003_ex96-2img16.jpg)

Source: AMC, 2025.

The analysis conducted on the entire database showed that the majority of CRM results from the laboratory were within the acceptable range of ±2SD of the CRM mean as shown in Figure 8.2. However, Standard A showed a number of CRM values outside 2SD. Another observation was that the majority of the laboratory results outside 2SD plotted below the mean value, indicating a conservative negative bias. Figure 8.2 shows the results for Standards A, B, C, and D from the analytical laboratory. Results for Standards E, F, and G are presented as Figure 8.3.

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Figure 8.2 Shewhart plots for CRMs A, B, C, and D - Konkola

![](ctm003_ex96-2img17.jpg)

Source: AMC, 2025.

Figure 8.3 Shewhart plots for CRMs E, F, and G - Konkola

![](ctm003_ex96-2img18.jpg)

Source: AMC, 2025.

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**8.5.2.2** **Repeat analysis — Konkola** 

Repeat samples at Konkola Mine are utilised to evaluate the laboratory's precision. Samples submitted for re-assaying have been selected randomly without regard to the mineralisation or grade of the original sample. Therefore, the duplicate dataset comprises samples that are below the cut-off and outside the areas of mineralisation. The sample statistics indicate the below-cut-off assay values account for 35% of the entire dataset.

The repeatability analysis has shown that precision is very poor in the dataset with grades below cut-off. This is due to laboratory precision decreasing significantly for values proximal to the detection limit. Samples with values below cut-off are not regarded for most downstream processes and have minimal impact on geostatistical modelling and grade estimation.

Therefore, the inclusion of original sample assay values that are significantly below cut-off grade impacts the overall outlook of the level of precision of the data. Based on this observation, only samples with TCu% grades above cut-off of 1.5% were considered for precision analysis.

The relative paired difference (RPD) plot method was used to assess the precision for both unfiltered (no cut-off) and filtered (above cut-off) datasets.

The RPD plots for TCu% show that approximately 55% of the unfiltered sample results are within 10% of the half relative difference, whereas the filtered (above cut-off) dataset showed that approximately 76% of repeats fall within 10% of the half relative difference as shown in Figure 8.4. At 1.5% TCu cut-off, 75% of data passing 10% RPD is lower than ideal for an operating mine; 85 to 90% of the data at 10% RPD would be a good result.

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|:---|:---|
| Figure 8.4 | RPD plot TCu repeat samples no cut-off and at 1.5% TCu- Konkola - post 2016 data |

---

![](ctm003_ex96-2img19.jpg)

Source: AMC, 2025.

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**8.5.2.3** **Blank analysis — Konkola** 

Blanks are comprised of local material. Analysis shows that blank sample analytical results are generally below the 0.5% TCu threshold which is used to define blank material. The variations observed are the result of using locally sourced non-mineralised material such as FWQ, AGSST, and PC. Figure 8.5 shows the blank sample plot, with the 0.5% TCu threshold line.

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|:---|:---|
| Figure 8.5 | Blank samples plot showing 0.5% TCu upper limit |

---

![](ctm003_ex96-2img20.jpg)

Source: AMC, 2025.

**8.5.3** **QAQC conclusion** 

In drilling completed since the 2000s, some QAQC has been completed. Blanks have not always been submitted. The CRM results range from good, reasonable with slight negative bias, to poor. Similarly, the pulp repeats (same laboratory and second laboratory) results are mixed with both good and poor results.

Results, whether good or poor, are consistent within each drilling programme. This indicates the internal laboratory standards and potentially age of equipment is key to improved laboratory performance.

Batch-by-batch analysis of the QAQC on receipt of the data will provide the laboratory with real-time performance feedback.

Table 8.2 provides a summary of QAQC performance for this PFS.

Table 8.2 Summary of QAQC performance by deposit

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| | | | | |
|:---|:---|:---|:---|:---|
| **Deposit** | **CRM Accuracy** | **Repeat Precision** | **Blank Contam.** | **QP Assessment** |
| Konkola | Moderate — negative bias at high grades (Std A) | Poor unfiltered (55% at 10% RPD); moderate filtered at 1.5% TCu (76% at 10% RPD) | Acceptable — generally below 0.5% TCu threshold | Adequate for PFS; negative bias is conservative for resource estimation. Repeat precision below ideal (target >85%). Equipment upgrade programme expected to improve performance. |

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Source: AMC, 2025. Compiled from 2024 QAQC assessment results.

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**8.6** **Qualified Person's opinion** 

**8.6.1** **Historical data** 

There is limited, if any, sample preparation or analytical QAQC data for the historical samples. The QP notes that there has been no twin hole drilling to confirm the accuracy of the historical data. However, historical and modern/recent drilling are intermingled geographically, and at no time have recent drillholes provided results outside the values or range indicated by historic drilling.

**8.6.2** **QP's opinion on sample preparation, security and analytical procedures** 

Modern and recent sample preparation, security, and analytical procedures applied are appropriate for the style of mineralisation and the analytes of interest (TCu, ASCu, TCo). The partial acid digestion for soluble copper and complete digestion for total copper with AAS finish is an industry-standard method for sediment-hosted copper deposits. The Archimedes method for bulk density measurement is appropriate.

**8.6.3** **Assessment of QAQC findings** 

The QP has reviewed the available QAQC data. Modern QAQC programs have some standards plotting outside ±2SD, with repeats showing poor performance for sub economic grades. However, the QP is of the opinion that although these deficiencies add a degree of uncertainty, they would not significantly affect the outcome of the grade estimation for the purposes of this IA. See Table 8.3 for the QP opinion of the QAQC results for each deposit.

Table 8.3 QP assessment of QAQC findings by deposit

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| | |
|:---|:---|
| **Deposit** | **QP Assessment** |
| Konkola | CRM accuracy: The majority of CRM results fall within ±2SD. Standard A shows values outside 2SD, predominantly plotting below the mean, indicating a conservative negative bias. The 2024 reassessment identified and corrected a database error affecting 16 GBM911-16 CRM entries<br> (Table 8.1); after correction, 12 of 16 passed. The negative bias is conservative for resource estimation purposes — it implies that reported TCu grades at higher ranges may be slightly understated rather than overstated, which does not result in an overestimation of the resource. <br>Repeat precision: At 1.5% TCu cut-off, 76% of repeats pass the 10% RPD threshold. This is below the ideal target of 85–90% for an operating mine. The poor precision in the unfiltered dataset (55%) is largely attributable to samples below cut-off (35% of the dataset), which have minimal impact on grade estimation for Mineral Resources where a 1.5% TCu cut-off applied in the resource model. <br>Blanks: Results generally below the 0.08% TCu threshold. Four results exceed 0.5% TCu; it is not clear whether these are due to contamination or low-grade mineralisation within the locally sourced blank material. The number of anomalous samples is small and is not considered material. <br>QP opinion: QAQC data for Konkola is adequate for PFS-level resource estimation. The identified deficiencies (negative CRM bias, below-ideal repeat precision) add uncertainty but do not materially compromise the grade estimates. The negative bias, if real, is conservative. |

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Source: AMC, 2025. Based on 2024 QAQC assessment.

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**8.6.4** **Implication for Mineral Resource confidence** 

The QP has considered the cumulative effect of the identified QAQC deficiencies on the reliability of the assay data used in the Mineral Resource estimates. The QP's opinion is that the data is adequate for the purposes of this PFS for the following reasons:

The negative CRM bias observed at Konkola (the principal deposit) is conservative: it implies potential understatement of TCu grade at higher ranges rather than overstatement. This does not create a risk of resource overestimation.

Repeat precision, while below ideal, is within acceptable bounds when filtered for samples above the 1.5% TCu cut-off grade that is applied in the resource model. Below-cut-off samples, which dominate the poor precision statistics, have minimal influence on grade estimation for the declared resource.

Blank results at Konkola show no material contamination. Blank contamination at Luano is a concern but affects only the Inferred Resource (not in the Mineral Reserve mine plan) and is flagged for DFS investigation.

The geographic intermingling of historical and modern drilling, with consistent grade ranges across both datasets, provides indirect validation of the historical data despite the absence of formal QAQC records for older samples.

Production reconciliation at Konkola, where the mine has operated continuously since 1957, provides over six decades of independent grade confirmation in mined areas. This operational validation carries significant weight in assessing the reliability of the underlying assay data.

The QP is satisfied that the QAQC deficiencies, individually and in aggregate, add a degree of uncertainty to the assay database but do not materially compromise the reliability of the Mineral Resource estimates at the PFS level of confidence.

**8.6.5** **Laboratory condition and umpire laboratory** 

A site visit to the KMRL analytical laboratory showed that the laboratory, due to age and use, requires physical maintenance and the replacement of old sample preparation and analytical equipment. Where there is doubt as to the condition of any of the site sample preparation and laboratory analytical equipment, an external third-party laboratory should be used.

Where there is a question about the performance of the QAQC for sample batches from the site laboratory, an umpire laboratory must be used. The QP recommends that external umpire laboratories (such as AHK or SGS in Kitwe) be used for independent verification of assay results on a routine basis, particularly for batches where internal QAQC results fall outside acceptable deviation limits. This layered approach provides additional confidence in the reliability of assay data used in the geological and resource models.

**8.6.6** **QAQC recommendations for DFS** 

The QP recommends the following actions to improve assay data confidence for the Definitive Feasibility Study.

Table 8.4 QAQC recommendations for DFS

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| | | |
|:---|:---|:---|
| **#** | **Recommendation** | **Priority / Timing** |
| 1 | Implement batch-by-batch QAQC analysis with real-time performance feedback to KMRL. CRM, blank, and duplicate results to be reviewed before each batch is accepted / finalised | Immediate. Implement for all current and future drilling programs. |
| 2 | Failed batches to be re-assayed at an umpire laboratory. | Implement within 3 months. Required for DFS data confidence. |
| 3 | Submit blanks on all drilling programs. Use certified blank material rather than locally sourced non-mineralised rock to eliminate ambiguity in blank results. | Immediate. Implement for all current and future drilling programs. |
| 4 | Establish routine umpire laboratory program with AHK or SGS (Kitwe) for independent check assays on a minimum 1:20 basis. Repeated should focus on economic grade ranges, with limited low-grade material. | Implement within 3 months. Required for DFS data confidence. |
| 5 | Complete laboratory equipment upgrade program at KMRL. Replace ageing sample preparation and analytical equipment identified during AMC site visit. Equipment condition directly correlates with precision performance. | Phased program; priority items before DFS drilling commences. |
| 6 | Include twin hole drilling in the KDMP resource definition program (Section 23) to provide independent confirmation of historical data accuracy in areas where pre-2016 drilling is the sole data source. | Include in DFS drill program design. |
| 7 | Investigate and characterise the negative CRM bias at Konkola (Standard A). Determine whether bias is systematic (method-related) or episodic (equipment/operator-related) and implement corrective measures to eliminate the bias source in future analytical work. | Before DFS resource estimation. Priority investigation. |

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Source: AMC, 2025.

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| **9** | **Data verification** |

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**9.1** **Historic data** 

The bulk of the data informing the current Mineral Resource estimates for most of the KCM assets is historical and was collected over a period spanning 50 years that the assets have been in operation.

Prior to the privatisation of the Zambian Copperbelt mines, all the data for the operations of all the mines on the Zambian Copperbelt was maintained centrally in a Borehole Master File database. On privatisation in the early 1990s, each of the new operators was able to extract from the repository the data pertaining to their operations.

The data verification undertaken for each of the KCM assets includes:

· Comparison
 of the modern database entries for the collar, assay and survey records against printouts
 from the Borehole Master File downloads.

· Plotting
 plans and sections using data from the modern database and comparing the position of the
 drillhole and geology with the drillhole and geology position on the historic manually generated
 plans and sections.

A significant portion of the historic drill data relates to areas that have since been mined out.

**9.2** **Modern data** 

**9.2.1** **Database** 

After drillhole logging the drill log spread sheets are sent to the database administrator who imports the data into the AcQuire Database. The database has validations switched on for lithological and assay type names, project codes, sample depths, i.e. the 'from' and 'to' depths of the samples, etc. Any errors associated with these fields and others are highlighted at import stage. Records with errors are not written to the database. A check report is run, with the database administrator sending import errors back to the originator geologist for correction. Once all errors are corrected, verification is done by the originator's supervisor, and the data is again sent to the database administrator for importation into the Acquire database. The check import method is run again, and if no further errors are detected, the entry method is changed to, insert, update or merge depending on the data type. The data is written into the database.

Consistency checks are done by extracting the newly imported data from the database, importing it into the mining software, e.g. Datamine®, de-surveying and displaying it in graphic windows for spatial and orientation visual validations.

**9.2.2** **Exported data validation** 

After data is exported from the database and imported to mining software the following validations are carried out to ensure data integrity:

**·** Check
 for missing data in collar file, survey file, geology file and assay file.

**·** Check
 survey data for bearing beyond 360° and inclination beyond ±90°.

**·** Check
 for data duplication.

**·** Check
 for outliers in terms of spatial location.

**·** Check
 for overlapping sample intervals.

**·** Missing
 intervals.

**·** Consistency
 in geological logging.

**·** Check
 that drillhole length is not less than the sampling length.

**·** Visual
 inspection of plotted drillhole trace.

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During validation, some drillholes were found to have missing assay values. A thorough check found that those missing values were also missing on the actual log sheets. Further analysis reviewed that the missing values were outside the 1% TCu and did not affect the downstream process. The checks also found several samples with very high-grades and physical checks were conducted which verified that there were no typographic errors and the high-grades in the database were as per the values provided on the laboratory certificates.

**9.2.3** **Data verification** 

Data validation has been undertaken on data provided. This included drillhole collar surveys, downhole geological logging observations, sample selection and preparation, sample analysis, analytical results, and other test data.

Random checking has been undertaken of the geological database against the drillhole log sheets. Analytical results in the database were reviewed against the laboratory output MS Excel files checking for importation and transcription errors.

Verification included reviewing adherence to the: geological logging procedures, and the sample selection and preparation procedures.

**9.2.4** **Database security** 

Database backup is done on a weekly basis. This is managed by the MS server support team Server Consultants.

Database changes are only done on request by the data originator, after discussing them with their supervisor, highlighting the changes that have been made which the data originator would like to have effect in the database, the changes are sent to the Database administrator together with the instructions for the changes. Once the changes are discussed and it's agreed to update the records concerned, the update is made in the database and the instructions are filed on the Geology server for possible future reference. For some records like lithological name and assay values, the old record is maintained in columns, Formation_C, TCu1, ASCu1, TCo1, and ASCo1, while the updated record is maintained in Columns Formation, TCu, ASCu, TCo, and ASCo.

Corruption due to typographic error is avoided mainly by restricting the number of users that can write to the database. Most users are only assigned copy rights and usually work with extracted data. Currently only the database administrator has access to import data. Manual inputting of data into the database is avoided. The preference is to import data in CSV format as an output of Excel spread sheets. The Excel spreadsheets have gone a rigorous verification process as described below.

A sign-off check list is used by all geologists in the generation of geological data.

**9.3** **Data verification limitations** 

During the data verification process, several limitations and challenges were identified:

**·** CRM
 Supply Shortages: Some assay batches lacked sufficient CRMs, limiting the ability to systematically
 validate analytical accuracy.

**·** Quartz
 Blank Contamination: Independent audits identified trace mineralisation in quartz blanks,
 raising concerns about their effectiveness in detecting contamination.

**·** Historical
 Data Gaps: Some older drillhole records lack complete metadata, particularly in relation
 to core recovery rates and downhole surveys.

**·** Inconsistent
 Twin Drilling Data: While some historical twin drilling has been conducted, the coverage
 is limited, reducing the ability to fully validate historical datasets.

**·** Incomplete
 Sample Disposal Records: Records on sample reject and pulp retention times were found to
 be inconsistent, creating gaps in long-term data verification.

These limitations impact on the ability to fully assess data reliability across all historical and current drilling programs.

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**9.4** **Qualified Person's opinion** 

The QP considers that the only potential material risk with respect to data verification relates to the QAQC issues discussed in Section 8. A small subset of historical data has been excluded from the resource estimation to address these concerns.

The QP has reviewed the data verification procedures applied to both the historical and modern drilling databases across the KCM Integrated Operations. The verification scope included collar, assay, and survey records for the Konkola deposit, TD03, TD04. The QP's assessment of data adequacy for the purposes of this PFS TRS is set out below.

**Historical data**

The historical data has been verified by comparison of the modern AcQuire database entries against the Borehole Master File (original logs), and by plotting plans and sections from the database against historically generated hard-copy plans and sections. These verification methods are appropriate for the vintage of the data and are consistent with industry practice for long-operating Copperbelt mines where centralised data repositories (Borehole Master File) were maintained prior to individual mine privatisation.

A significant portion of the historical data relates to areas that have since been mined out, which reduces the reliance on historical data for the resource estimates supporting this PFS.

**Modern data**

The modern data management system is adequate for the purposes of this TRS. The AcQuire database incorporates validation controls at the import stage, including checks on lithological and assay type names, project codes, and sample interval depths. Records with errors are rejected prior to import. A two-stage verification process (originator correction followed by supervisor sign-off) is applied before data is written to the database. Post-import consistency checks are conducted in the mining software (Datamine®) including spatial and orientation visual validations. Exported data is subject to a further nine-point validation protocol covering missing data, survey errors, duplication, outliers, overlapping intervals, and drillhole trace integrity. The QP considers these procedures to be appropriate and consistent with good industry practice.

**Assessment of identified verification limitations**

The data verification process identified five limitations (Section 9.3) within the analytical areas only. The QP has assessed each limitation for its potential impact on the adequacy of the data used in this TRS:

Table 9.1 QP assessment of data verification limitations

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| | | |
|:---|:---|:---|
| **Limitation** | **QP Assessment** | **Impact on Data Adequacy for PFS** |
| CRM supply shortages: some assay batches lacked sufficient CRMs | CRM insertion rate target is 1:10. Shortages reduce the proportion of batches with independent accuracy checks. The 2024 QAQC reassessment (Section 8.5.2) reviewed the full CRM database and corrected identified errors. | Low. Shortages are episodic and do not invalidate the batches where CRMs were inserted. The negative CRM bias identified at Konkola is conservative. Does not compromise the PFS resource estimates. |
| Quartz blank contamination: trace mineralisation identified in quartz blanks | The blank material is locally sourced non-mineralised rock (FWQ, AGSST, PC). It is unclear whether elevated results reflect contamination or inherent low-grade mineralisation in the blank material itself. | Low. At Konkola, blank results are generally below the 0.5% TCu threshold (Section 8.5.2.3). |
| Historical data gaps: some older drillhole records lack complete metadata (core recovery, downhole surveys) | Older drillholes from the Borehole Master File era may lack core recovery and survey data. These holes are geographically intermingled with modern drilling that does have complete metadata. | Low. |
| Inconsistent twin drilling data: limited coverage reduces ability to fully validate historical datasets | Some historical twin drilling has been conducted but coverage is limited. No systematic twin hole program has been implemented. Modern drilling in the same areas as historical holes provides indirect validation. | Low to moderate. The absence of a systematic twin hole program is a recognised gap. However, the geographic consistency between historical and modern results, together with production reconciliation at Konkola, provides alternative validation. Twin hole drilling is recommended in the KDMP program (Section 23). |
| Incomplete sample disposal records: inconsistent reject and pulp retention records | Records on sample reject and pulp retention times are inconsistent. | Low. Sample disposal records do not affect the quality of the assay data already in the database. The limitation relates to the ability to perform retrospective verification, which is relevant only if re-assay is required. |

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Source: AMC, 2025.

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**Data adequacy conclusion**

The QP is of the opinion that the data verification procedures applied to the KCM drilling database are adequate for the purposes of this PFS TRS. The historical data verification (comparison against Borehole Master File and historical plans and sections) and the modern data verification (AcQuire database validation controls, two-stage import process, nine-point exported data validation, and random checking against log sheets and laboratory certificates) together provide reasonable assurance that the data used in the Mineral Resource estimates is reliable.

The identified verification limitations are individually and collectively of low materiality. None of the limitations introduces a systematic bias or error source that would materially affect the Mineral Resource estimates or the Mineral Reserve mine plan. The only area of moderate concern relates to the QAQC deficiencies discussed in Section 8, which are addressed in the QP's opinion in §8.7. Those deficiencies add a degree of analytical uncertainty but, as discussed in that section, do not materially compromise the reliability of the grade estimates at the PFS level of confidence.

The data excluded from the resource estimation consists of a small subset of historical drilling where QAQC performance indicated unacceptable analytical accuracy or precision. The exclusion of this data is a conservative measure that removes potentially unreliable results from the estimation without materially reducing the spatial coverage of the drill database.

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| **10** | **Mineral processing and metallurgical testing** |

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The QP considers that the only potential material risk with respect to data verification relates to the QAQC issues discussed in Section 8. A small subset of historical data has been excluded from the resource estimation to address these concerns.

The QP considers that the only potential material risk with respect to data verification relates to the QAQC issues discussed in Section 8. A small subset of historical data has been excluded from the resource estimation to address these concerns.

The primary processing method employed at the KCM concentrator at Konkola is conventional froth flotation, a technique for the beneficiation of mixed sulfide and oxide copper ores. The current processing circuits consist of grinding, sulfide flotation in roughing, scavenging and cleaner configuration stages to recover primary copper sulfides. Tails from the sulfide flotation circuit containing unrecovered sulfides and oxide copper species undergo controlled potential sulfidation (CPS) with sodium hydrosulfide (NaHS), and are subsequently floated in an oxide rougher, scavenger with regrind, and cleaner flotation circuit to recover a portion of the oxide copper species. The processing circuit is described in detail in Section 14.1.

This two-stage approach has been validated through extensive operational performance at the site, with the sulfidation step tailored to optimise recovery from the mineral assemblage present within the Konkola deposit, which includes chalcopyrite, bornite, chalcocite, malachite, and azurite.

No novel or experimental processing routes have been introduced. The employed methodology is widely used within the copper industry, particularly for base metal operations processing transition ores with a blend of sulfide and oxide minerals. As such, no additional metallurgical test work has been deemed necessary to validate the general applicability of the process.

**10.1** **Testing nature, extent, and analytical procedures** 

KCM is an active operating mine with multiple process streams at the Konkola Concentrator. The current metallurgical performance inputs used in the production plan are derived from ongoing plant data obtained since operations resumed in August 2024 and historical metallurgical performance. As such, past test work has been superseded by current performance data, which reflects actual operating conditions and ore variability encountered during production.

**10.2** **Testing laboratories** 

All metallurgical and analytical testing is conducted on site. Konkola analyses is undertaken at the KMRL laboratory at Konkola (Konkola analytical laboratory).

The laboratory is a wholly owned facility of KCM and is independent of external influence. It operates under internationally recognised quality assurance standards and is certified to BSI ISO9001:2015.

The laboratory performs routine process monitoring, metallurgical accounting, and quality control testing, which directly informs plant adjustments and long-term production planning.

**10.3** **Test sample representativity** 

Test samples are collected for confirmation of metallurgical performance and for testing of potential changes in reagents and operating conditions.

Samples used for metallurgical tracking and process control are considered indicative of the ore being processed. Sampling is ongoing and responsive to mining progression. As new zones are accessed within the deposit, representative samples are taken and metallurgically assessed to ensure processing parameters are continuously optimised for maximum recovery and concentrate quality. This practice ensures metallurgical performance remains reliable over the life of the mine.

Despite strong internal QAQC protocols, several limitations were identified during independent reviews. These include occasional shortages of CRMs, trace mineralisation detected in quartz blanks, inconsistent sample disposal records, and limited twin-drilling coverage for validation. In particular, the quality of some assay batches was previously impacted by equipment ageing, although this is being addressed through a phased equipment upgrade program.

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To ensure precision and mitigate data bias, QAQC reviews conducted in 2024 included reassessment of CRM results and corrections to historical data mismatches. Additional confirmation steps involved reanalysis of failed batches and implementation of stricter reference standard controls.

Where further validation is required, external umpire laboratories are recommended for independent verification of assay results, especially where internal QAQC results fall outside acceptable deviation limits. This layered approach provides additional confidence in the reliability of assay data used in the geological and metallurgical models.

Monthly Mineralogical Composite Reports, issued for October 2024, January 2025, and February 2025, further reinforce the robustness of the metallurgical data. These reports are prepared by the ISO-certified Konkola Analytical Services Department and follow a standardised methodology (Ref. KCM / MD / SIQ / MM01) to quantify copper and cobalt minerals in flotation feeds, tailings, and concentrates. The repeatability of analytical methods and the monthly reconciliation of flotation performance with mineralogical observations provide internal validation of laboratory and plant data. Trends in acid-soluble copper, mineral liberation, and gangue composition across months offer critical insight into both ore variability and plant response. Each report is signed by project mineralogists and approved by the Head Mineralogist, strengthening confidence in the internal QA process.

**10.4** **Testing results, assumptions, and deleterious elements** 

**10.4.1** **Konkola Concentrator** 

Konkola Concentrator is operational and will continue to be in operation for the mine life. The primary data inputs for metallurgical forecasting are derived from plant operational data collected in the operational period up until 2022 and since the recommencement of production in August 2024. This real-time data supersedes earlier bench-scale test work. While historical metallurgical testing was performed during earlier phases and feasibility assessment, the operational data now used offers superior representativity by directly reflecting the current process streams and ore variability encountered across mining areas.

Figure 10.1 aggregates the historical Konkola Concentrator performance and recoveries since the recommencement of production in July 2024.

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Figure 10.1 Konkola Concentrator recoveries

![](ctm003_ex96-2img21.jpg)

Source: AMC, 2025.

Total copper recovery is closely related to the acid soluble copper content (ASCu). The recommended total copper recoveries are given by:

TCu(%) = -76.883 x ASCu(%)/TCu(%) + 96.573

The Mineral Reserve mine plan average recovery of 88.5% reflects ramp-up performance in early years, reaching design recovery of 89.1% by Year 4. The concentrate produced from the Konkola ore body is relatively free of deleterious elements and is a suitable feed for the Nchanga Smelter. The main controls required are for silica and MgO content. Main gangue minerals in concentrate are argillite and quartz / feldspars. Gangue minerals comprise approximately 1/3<sup>rd</sup> of the concentrate mass. High silica and MgO are deleterious to smelter operation. The preferred contents are <15% and <1.5% respectively. Typical Konkola concentrate has 20-22% silica and 2.5 to 3% MgO. This is controlled by blending at the smelter.

**10.4.1.1** **Processing factors** 

The key processing factors that influence metallurgical performance at the Konkola Concentrator are summarised in Table 10.1. The dominant factor controlling total copper recovery is the ratio of acid soluble copper to total copper (ASCu/TCu). As the ASCu/TCu ratio increases (indicating a higher proportion of oxide copper minerals relative to sulfide minerals), total copper recovery decreases. This relationship is quantified by the recovery equation presented above and is the basis for the recovery assumptions used in the Mineral Reserve mine plan (Section 14.1).

The mineral assemblage at Konkola comprises chalcopyrite, bornite, and chalcocite as the principal sulfide copper minerals, with malachite and azurite as the oxide copper species (Section 6.2). The two-stage flotation circuit (primary sulfide flotation followed by controlled potential sulfidation of the oxide fraction) is specifically configured for this assemblage. The CPS circuit using NaHS is an established technique for Copperbelt transition ores and is not considered novel or experimental.

Cobalt is present as a minor by-product, reporting to the concentrate at an estimated 30% recovery. Cobalt recovery is not a primary design parameter for the concentrator circuit but contributes to the revenue stream through subsequent smelter processing (Section 14.4).

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Table 10.1 Key processing factors — Konkola Concentrator

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| | | |
|:---|:---|:---|
| **Processing Factor** | **Value / Range** | **Influence on Recovery** |
| ASCu/TCu ratio | Variable by mining area; design basis per recovery equation | Primary recovery driver. Higher ASCu/TCu ratio reduces total Cu recovery due to oxide copper minerals being less amenable to conventional flotation. |
| Mineral assemblage | Chalcopyrite, bornite, chalcocite (sulfide); malachite, azurite (oxide) | Sulfide minerals recover well in primary flotation circuit. Oxide minerals require CPS sulfidation stage. Assemblage is typical of Zambian Copperbelt sediment-hosted deposits. |
| Grind size | Target P₈₀ determined by operational optimisation | Finer grind improves liberation and recovery but increases energy consumption and reduces throughput. Current grind targets are established through operational practice. |
| Ore hardness / work index | Variable by lithology and mining area | Affects grinding circuit throughput and energy consumption. Harder ore (e.g., silicified zones) may reduce mill throughput. |
| Cobalt grade | By-product; ~30% recovery to concentrate | Minor contributor to revenue. Cobalt recovery is not a primary circuit design parameter. |

---

Source: AMC, 2025.

**10.4.1.2** **Deleterious elements and gangue mineralogy** 

The Konkola concentrate is relatively free of penalty elements that would attract smelter deductions or restrict marketability. The primary deleterious constituents are silica (SiO₂) and magnesia (MgO), which are gangue minerals entrained in the concentrate rather than penalty trace elements. The concentrate is processed through the Nchanga Smelter (Section 14.4), which is an internal facility, and blending with third-party concentrates is used to manage gangue dilution.

Table 10.2 summarises the deleterious elements and gangue constituents identified in the Konkola concentrate. No penalty trace elements (such as arsenic, bismuth, antimony, or fluorine) have been identified at levels that would attract smelter penalties or require additional processing steps.

Table 10.2 Deleterious elements and gangue — Konkola concentrate

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| | | | |
|:---|:---|:---|:---|
| **Constituent** | **Typical Level** | **Preferred Limit** | **Management** |
| SiO₂ (silica) | 20–22% | <15% | Controlled by blending at smelter with lower-silica third-party concentrates. Silica sources are argillite and quartz/feldspar gangue, comprising approximately ⅓ of concentrate mass. |
| MgO (magnesia) | 2.5–3.0% | <1.5% | Controlled by blending at smelter. MgO increases slag viscosity and refractory wear. Source is dolomitic and micaceous gangue minerals. |
| Penalty trace elements (As, Bi, Sb, F) | Not identified at penalty levels | Per smelter contract | Not a current concern. The sediment-hosted Copperbelt mineralisation style is characteristically low in penalty trace elements. |
| Iron (Fe) | Present in pyrite; minor | Not limiting | Iron in concentrate is beneficial for smelter flux balance within normal operating ranges. |

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Source: AMC, 2025.

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**10.4.1.3** **Qualified Person's opinion** 

In the opinion of the QP, the metallurgical data available for the Konkola Concentrator is adequate for the purposes of the PFS. The processing methods employed — conventional sulfide froth flotation followed by controlled potential sulfidation (CPS) of the oxide copper fraction — are established, widely used techniques within the Copperbelt copper industry and are not considered novel or experimental.

The QP notes the following with respect to the metallurgical basis for the Konkola Concentrator assumptions used in the Mineral Reserve estimate:

Recovery basis: Total copper recovery is estimated using the empirical relationship TCu recovery = -95.824 × (ASCu/TCu) + 99.146, derived from operational performance data collected over multiple production campaigns. The QP considers this relationship to be adequately supported by the available operational dataset. The formula reflects the sensitivity of total recovery to the proportion of acid soluble copper, which is the dominant metallurgical variable for the Konkola ore. However, the QP notes that the relationship has been calibrated across a range of ASCu / TCu ratios observed historically, and its predictive accuracy outside this range has not been independently verified through bench-scale test work.

Operational data in lieu of bench testing: No formal metallurgical test work program (laboratory flotation, locked cycle, or pilot plant testing) has been undertaken to support the PFS. The QP considers this acceptable given that the Konkola Concentrator is an existing, operating facility with an established performance history. Operational data from an active plant processing the same orebody provides a more representative basis for recovery estimation than laboratory-scale test work, provided the ore characteristics within the reserve envelope remain consistent with those processed historically. The QP considers this condition to be satisfied for the Measured and Indicated Mineral Resources that underpin the Mineral Reserve.

Concentrate grade: A copper concentrate grade of 33% Cu is assumed for the PFS, consistent with the design specification and recent operational performance at the Konkola Concentrator. This grade is suitable as direct feed to the Nchanga Smelter without blending.

Deleterious elements: The primary gangue constituents in Konkola concentrate are silica (SiO₂ at 20-22%) and magnesia (MgO at 2.5–3.0%), which exceed the preferred smelter feed limits of <15% SiO₂ and <1.5% MgO respectively. These are managed through blending with third-party concentrates at the Nchanga Smelter (Section 14.4.3) and are not considered a constraint on concentrator operation or product marketability. No penalty trace elements (arsenic, bismuth, antimony, or fluorine) have been identified at concentrations that would attract smelter penalties or require additional processing steps.

Restart performance: The Konkola Concentrator resumed operations in August 2024 following a period of care and maintenance. Early restart data indicates performance consistent with historical operating parameters, although the restart dataset is limited to approximately six months as at the effective date. The QP considers that continued monitoring of restart performance, particularly with respect to concentrate grade and recovery at increasing throughput rates, will be important to confirm the assumptions used in the PFS.

The QP is satisfied that no additional metallurgical test work is required at this time to support the PFS Mineral Reserve estimate for the Konkola Concentrator. However, the QP recommends that a formal metallurgical characterisation program be considered as part of any future feasibility study, particularly to validate recovery predictions for deeper ore zones where the mineralogical assemblage may differ from the upper portions of the orebody currently being mined.

**10.4.2** **Nchanga TLP** 

The primary data inputs for metallurgical forecasting are derived from plant operational data collected in the operational period up until 2022 and since the recommencement of production in August 2024. The operational data now used offers superior representativity by directly reflecting the current process streams and ore variability encountered across mining areas.

Figure 10.2 shows copper production and recovery performance since the restart and the FY25-26 plan.

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Figure 10.2 Nchanga TLP copper production and recoveries - Restart and FY25-26 plan

![](ctm003_ex96-2img22.jpg)

Source: KCM, 2025.

Historical copper recoveries are shown in Figure 10.3 below.

Figure 10.3 Historical Nchanga TLP copper recoveries

![](ctm003_ex96-2img23.jpg)

Source: KCM, 2025.

Recovery performance was reduced in the four-year period from 2020 to 2024 due to operating and financial constraints.

This data provides the basis for estimation of the long-term recovery performance of the Nchanga TLP. Collation of recovery data is given in Table 10.1.

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Table 10.3 Historical, restart, and plan Nchanga TLP recoveries

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|:---|:---|:---|
| **Recovery data** | **ASCu recovery (%)** | **Note** |
| Historical average 2010 to 2024 | 70.62 | 14 yr period. |
| Historical average excluding 2020 to 2024 data | 74.75 | 10 yr period. Excludes 4 yr period of operating and financial constraint. |
| Restart period August 2024 to January 2025 | 69.05 | 6 months. |
| Last 3 months of restart | 76.51 | Excludes first 3 months of restart. |
| Plan FY25-26 | 71.05 | Plan ramps up from 69.7% recovery to 74.8% recovery. |
| Plan FY25-26 Q4 | 74.82 | 3 months of plan. |

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The final period of the FY25-26 plan coincides with a relatively consistent 10-year period of operational performance. A recovery of 74.8% ASCu is suitable for long-term planning of the Nchanga TLP performance. The Nchanga TLP achieves 74.8% recovery of acid soluble copper. As acid soluble copper represents approximately 64% of total copper in TD03 AND TD04 feed, the overall total copper recovery is 48.1%.

**10.4.2.1** **Processing factors** 

The key processing factors that influence metallurgical performance at the Nchanga TLP are summarised in Table 10.C. The dominant factor controlling copper recovery is the acid soluble copper (ASCu) grade of the feed, which determines the proportion of copper amenable to sulfuric acid leaching under the current ambient temperature circuit conditions. A secondary factor is gangue acid consumption (GAC), which affects reagent costs and can reduce copper extraction efficiency where acid is consumed by reactive gangue minerals rather than copper dissolution.

The TLP currently operates as an ambient temperature leach circuit. An elevated temperature leach upgrade is proposed (Section 11.3.3), which is expected to increase acid soluble copper recovery by approximately 20 percentage points through improved leaching kinetics at higher temperatures. This upgrade represents a material processing factor for the LOMP production forecast.

The feed to the TLP comprises two streams: current tailings from the Nchanga Concentrators, and reclaimed tailings from TD03 and TD04. The blended feed grade and ASCu/TCu ratio vary depending on the proportion of each stream. As mine production from Nchanga decreases in later years of the LOMP, the proportion of reclaimed tailings increases, which affects the weighted average ASCu grade.

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Table 10.4 Key processing factors — Nchanga TLP

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|:---|:---|:---|
| **Processing Factor** | **Value / Range** | **Influence on Recovery** |
| ASCu grade of feed | Weighted average 0.35% ASCu (design basis) | Primary recovery driver. Higher ASCu grade increases copper available for acid leaching and improves recovery economics. Feed grade declining as higher-grade sources deplete. |
| ASCu/TCu ratio of feed | Variable; typically 0.60–0.75 for tailings | Determines the proportion of total copper recoverable by acid leaching. Non-acid-soluble copper (sulfide fraction) is largely unrecoverable at ambient temperature. |
| Gangue acid consumption (GAC) | Determined by leach tests at 25°C on 300 m × 300 m composite grid | High GAC increases sulfuric acid reagent consumption and can reduce copper extraction where acid is consumed by reactive gangue (carbonates, clays) before dissolving copper. |
| Leach temperature | Ambient (current); elevated temperature upgrade proposed | Elevated temperature increases leach kinetics and ASCu recovery by ~20 percentage points. Critical assumption for LOMP recovery forecast (Section 14.3). |
| Residence time | ~2 hours in pachuca leach tanks | Current residence time is adequate for ambient leaching. May require optimisation following elevated temperature upgrade. |
| Feed particle size | Tailings material; predominantly fine-grained | Tailings are already finely divided from prior grinding and flotation. No additional comminution is required. Coarser beached tailings from TD03 are recovered by excavator. |

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Source: AMC, 2025.

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**10.4.2.2** **Deleterious elements and gangue factors** 

In the context of the Nchanga TLP, the concept of deleterious elements differs from that of a concentrator or smelter. The TLP produces LME Grade A copper cathode by solvent extraction and electrowinning (SX-EW), and the product specification is determined by the electrowinning circuit rather than by concentrate or smelter chemistry. The principal deleterious factors for TLP performance relate to gangue mineralogy and its effect on acid consumption and circuit operability, rather than to trace element penalties.

Table 10.5 summarises the deleterious factors identified for the Nchanga TLP. No penalty trace elements have been identified in the tailings feed that would compromise copper cathode quality or require additional purification steps in the SX-EW circuit.

Table 10.5 Deleterious factors — Nchanga TLP

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| | | |
|:---|:---|:---|
| **Deleterious Factor** | **Source / Mechanism** | **Management and Impact** |
| Acid-consuming gangue (carbonates, dolomite) | Reactive carbonate minerals in tailings consume sulfuric acid without contributing to copper dissolution. | GAC is characterised by leach testing on composite samples at 300 m × 300 m spacing. Acid consumption is a significant operating cost. Managed through acid dosage control in pachuca feed. The Nchanga Smelter acid plant produces approximately 1,850 tpd sulfuric acid (Section 14.4), a portion of which supplies the TLP. |
| Clay minerals | Fine clay fractions in tailings can increase slurry viscosity and impair CCD thickener performance. | Managed through CCD circuit design and flocculant addition. Not currently identified as a limiting factor for TLP throughput. |
| Iron minerals | Dissolved iron from leaching of iron-bearing gangue minerals can consume acid and accumulate in SX circuit. | Managed through SX bleed and raffinate neutralisation. Iron levels are within normal operating range for Copperbelt acid leach operations. |
| Penalty trace elements (As, Mn, Co, Ni) | May dissolve during acid leaching and report to electrolyte. | Not identified at levels that compromise cathode quality. SX circuit provides selectivity for copper over most impurity metals. Cobalt reports to raffinate and is not currently recovered. |

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Source: AMC, 2025.

**10.4.2.3** **Qualified Person's opinion** 

In the opinion of the QP, the metallurgical data available for the Nchanga TLP is adequate for the purposes of the PFS. The processing method — sulfuric acid leaching of oxide copper tailings followed by solvent extraction and electrowinning (SX-EW) — is a conventional hydrometallurgical route widely employed in the Zambian Copperbelt and globally for oxide copper processing.

The QP notes the following with respect to the metallurgical basis for the Nchanga TLP assumptions used in the Mineral Reserve estimate:

Recovery basis: Acid soluble copper (ASCu) recovery of 74.8% has been adopted for long-term planning. This figure is derived from a 10-year historical average (2010–2019, excluding the 2020–2024 period of operating and financial constraint) and is consistent with the final quarter of the FY25–26 plan (74.82%). The QP considers the exclusion of the 2020–2024 constrained period to be appropriate, as that period does not reflect the intended steady-state operating conditions. As acid soluble copper represents approximately 64% of total copper in the TD03/TD04 feed, the overall total copper recovery to cathode is 48.1%.

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Restart validation: The Nchanga TLP resumed operations in August 2024. The last three months of restart data (excluding the initial ramp-up period) achieved 76.51% ASCu recovery, which exceeds the 74.8% long-term planning assumption. While encouraging, the restart dataset is limited to approximately six months, and the QP considers that continued monitoring over at least a further 12 months of steady-state operation will be necessary to fully validate the long-term recovery assumption.

Feed variability: The TLP feed comprises two streams: current Nchanga Concentrator tailings (at up to 13.4 Mtpa) and reclaimed tailings from TD03 and TD04. The blended ASCu / TCu ratio and gangue acid consumption characteristics vary depending on the proportion of each stream. The 74.8% ASCu recovery assumption is based on the blended feed; if the proportion of reclaimed tailings increases materially (as anticipated in later years of the LOMP as Nchanga mine production declines), the recovery assumption should be reviewed against the specific characteristics of the reclaimed material.

Acid supply dependency: TLP performance is contingent on adequate sulfuric acid supply, sourced primarily from the Nchanga Smelter off-gas acid plant (1,850 tpd capacity) and supplemented by a sulfur-burning acid plant (500 tpd). Any interruption to smelter operations directly constrains acid availability and, consequently, TLP throughput and copper production. The QP notes that acid supply is identified as a critical operating risk in Section 14.7 and that the availability of third-party acid from regional markets provides a partial mitigation, albeit at additional cost.

Product quality: The Nchanga TLP produces LME Grade A copper cathode via the SX-EW circuit. No penalty trace elements have been identified in the tailings feed that would compromise cathode quality. Iron in the TLP electrolyte is managed within normal operating parameters and does not represent a constraint on cathode grade.

The QP is satisfied that no additional metallurgical test work is required at this time to support the PFS Mineral Reserve estimate for the Nchanga TLP. The operational dataset from 14 years of production history, combined with six months of restart data, provides an adequate basis for recovery estimation at PFS level. The QP recommends ongoing reconciliation of actual versus forecast recovery performance as the restart matures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 Qualified Person's
 opinion — Mineral processing and metallurgical testing

In the opinion of the QP, the metallurgical data and operational performance history available for the KCM Integrated Operations are adequate to support the processing and recovery assumptions used in the PFS Mineral Reserve estimate and associated economic analysis. All processing methods employed are conventional, established techniques with extensive precedent in the Copperbelt copper industry and globally.

The PFS relies on two processing routes, each with a distinct metallurgical basis:

Konkola Concentrator: Conventional sulfide flotation with CPS oxide recovery, producing 33% Cu concentrate for the Nchanga Smelter. Recovery is estimated using an empirically derived formula based on the ASCu/TCu ratio of the feed ore. The concentrator is an existing facility with a nameplate capacity of 6.0 Mtpa and an operational history since 2008. The QP's opinion on the Konkola Concentrator metallurgical basis is provided at Section 10.4.1.3.

Nchanga TLP: Sulfuric acid leaching with SX-EW, processing reclaimed tailings from TD03 and TD04 and current Nchanga Concentrator tailings. ASCu recovery of 74.8% is adopted for long-term planning, yielding an overall TCu recovery of 48.1%. The TLP has a production history dating to 2010 and resumed operations in August 2024. The QP's opinion on the Nchanga TLP metallurgical basis is provided at Section 10.4.2.3.

The QP notes the following overarching considerations regarding the processing and metallurgical basis for the PFS:

Absence of formal test work: No laboratory-scale metallurgical test work program has been undertaken to support the PFS. The QP considers this acceptable for a PFS-level study of an existing, integrated operation where the ore types within the Mineral Reserve are the same as those currently being processed. Operational data from active plants processing the same orebodies provides a more representative basis for recovery estimation than laboratory-scale testing. However, the QP recommends that formal metallurgical characterisation (including variability testing across different spatial domains and ore types) be undertaken to support any future feasibility study, particularly for deeper ore zones at Konkola where limited production data is available.

Integrated processing chain dependencies: The KCM processing flowsheet is highly integrated, with material and reagent flows between the Konkola Concentrator, Nchanga Concentrators, Nchanga TLP, Nchanga Smelter, and Nkana Refinery. Key interdependencies include sulfuric acid supply from the smelter to the TLP, copper starter sheet supply from the Nkana Refinery to the TLP electrowinning circuit, and concentrate blending at the smelter. An interruption to any single facility has the potential to affect throughput and recovery at others. The economic analysis in Section 19 reflects these dependencies, and the associated risks are identified in Section 22.

Smelter and refinery assumptions: The Nchanga Smelter (311 ktpa nameplate capacity, Outotec flash furnace) and the Nkana Refinery (300 ktpa nameplate capacity, electrolytic refinery) are existing facilities with established operating histories. Smelter copper recovery of 98.7% is assumed. The smelter and refinery are not direct subjects of the Mineral Reserve estimate but are critical components of the integrated flowsheet through which the final copper products (LME Grade A cathode, copper anode, and cobalt alloy) are produced. The QP notes that both facilities are currently operating well below nameplate capacity and that achieving the production rates assumed in the PFS will require sustained capital investment in refurbishment and debottlenecking as described in Section 18.

Restart maturity: Both the Konkola Concentrator and the Nchanga TLP resumed operations in August 2024 following a period of care and maintenance. As at the effective date of this PFS (1 April 2025), approximately eight months of restart operational data will be available. While early restart performance is consistent with the assumptions used in the PFS, the QP considers the restart dataset to be limited and recommends that recovery assumptions be reviewed following a full 12 months of sustained operations at or near design throughput rates.

The QP is satisfied that the processing and metallurgical data available is adequate for a PFS-level Technical Report Summary prepared in accordance with S-K 1300. The procedures and processing methods employed are conventional industry practice. The QP has identified no material risks arising from the metallurgical basis that would preclude the declaration of Mineral Reserves, subject to the qualifications and recommendations noted above and in Section 10.4.1.3 and Section 10.4.2.3.

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| **11** | **Mineral Resource estimates** |

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**11.1** **Context** 

This section presents the Mineral Resource estimates for the Konkola Mine, and the TD03 and TD04 tailings dams. Mineral Resources are reported exclusive of Mineral Reserves as the primary reporting basis, with tables inclusive of Mineral Reserves provided for reference where applicable. The Mineral Reserve estimates derived from these resources are presented in Section 12. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

The Mineral Resource estimates have been prepared by AMC in accordance with the U.S. Securities and Exchange Commission Regulation S-K, subpart 1300 (S-K 1300), with an effective date of 1 April 2025. The Mineral Resource has been depleted for production to the effective date of 1 April 2025. The Mineral Resource estimates and associated classification were originally derived as part of the companion Initial Assessment TRS and have been reviewed and confirmed by the QP as appropriate for reporting in this PFS.

The KCM material property comprises two distinct resource types, each estimated using methods appropriate to the nature of the deposit:

Konkola Mine (underground, stratiform sediment-hosted copper): The Mineral Resource is supported by 4,245 diamond drillholes spanning multiple drilling campaigns from 1957 to the present. Core is sampled at a maximum interval of 1.0 m within mineralisation. The geological model is based on three-dimensional wireframe interpretation of the mineralised horizons within the Ore Shale of the Lower Roan Group, constrained by structural and lithological controls, and validated by over six decades of continuous mining history. Grade estimation was performed using ordinary kriging for total copper (TCu), acid soluble copper (ASCu), and total cobalt (TCo), informed by variogram models developed from composited drillhole data, with a maximum demonstrated range of continuity of approximately 750 m. Estimation was validated by visual comparison, swath plot analysis, and statistical comparison of composite and block model grades. Classification is based on a conditional simulation drillhole spacing study (2019), with Measured classification applied at ≤50 m average distance to sample support, Indicated at ≤150 m, and Inferred beyond 150 m above the shaft bottom. A geological cut-off grade of 1.0% TCu has been applied, based on a metal price of US$9,000/t Cu (Section 11.2).

Tailings Dams TD03 and TD04 (surface tailings reprocessing): The Mineral Resource is supported by 78 auger drillholes at TD03 and 64 auger drillholes at TD04, drilled on a 150 m × 150 m grid in September 2000. Samples were collected at 1.5 m intervals and composited to 3 m for analysis of total copper and acid soluble copper. The tailings volume was modelled using digitised dam surface topography and the pre-dam base surface, with tonnage derived using an adopted bulk density of 1.55 t/m³. Grade was estimated from the arithmetic mean of composited auger samples. No cut-off grade has been applied, as the tailings dams are recovered by bulk mining methods (hydraulic sluicing and excavator) that do not permit selective extraction. The Mineral Resources are classified as Indicated based on systematic drilling coverage, analytical data, metallurgical test work, and ongoing production reconciliation at TD03, and have been fully converted to Probable Mineral Reserves (Section 11.3, Section 12).

Approximately 96% of the total Mineral Resource (exclusive of Mineral Reserves) is classified as Inferred and is concentrated at the Konkola Mine. Inferred Mineral Resources are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorised as Mineral Reserves, and there is no certainty that all or any part of the Inferred Mineral Resources will be converted to Measured or Indicated Mineral Resources with additional exploration. Inferred Mineral Resources are excluded from the PFS mine plan and economic assessment presented in this TRS; any Inferred material falling within mine designs has been treated as waste and assigned zero grade. The full Mineral Resource case, incorporating Inferred Mineral Resources into an extended life-of-mine plan, is assessed in the companion S-K 1300 Technical Report Summary: KCM Integrated Operations (Initial Assessment) (AMC, 2026).

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Table 11.1 summarises the key assumptions, parameters, and methods used to estimate the Mineral Resources for each deposit. Detailed discussion of each parameter is provided in the deposit-specific subsections that follow.

Table 11.1 Key assumptions, parameters, and methods — Mineral Resource estimation

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|:---|:---|:---|
| **Parameter** | **Konkola Mine** | **Tailings Dams TD03 and TD04** |
| **Deposit type** | Stratiform sediment-hosted copper; Ore Shale of the Lower Roan Group, Katanga Supergroup | Historical flotation tailings deposited in engineered surface impoundments |
| **Data source** | 4,245 diamond drillholes (1957–present); core sampled at ≤1.0 m intervals within mineralisation | 78 auger drillholes (TD03) and 64 auger drillholes (TD04); 50 mm auger on 150 m × 150 m grid; sampled at 1.5 m intervals, composited to 3 m (September 2000) |
| **Geological model** | Three-dimensional wireframe interpretation of mineralised horizons constrained by structural and lithological controls; validated by >60 years of underground mining history | Three-dimensional solid model defined by digitised dam surface topography and pre-dam base topography; validated against drillhole collar spot heights |
| **Grade estimation** | Ordinary kriging (TCu, ASCu, TCo) informed by variogram models developed from composited drillhole data; maximum demonstrated range of continuity ~750 m | Arithmetic mean grade from composited auger samples; no geostatistical interpolation applied |
| **Estimation validation** | Visual comparison of drillhole grades vs block model; swath (moving window) plot analysis; statistical comparison of composite and estimated values (≤10% difference in well-informed domains) | Validated by ongoing TLP production reconciliation at TD03 (in production since 2021) |
| **Bulk density** | Assigned by lithology from measured core samples. | 1.55 t/m³ (historical operational value adopted for consolidated tailings at depth); measured surface values of 1.1–1.3 t/m³ from trench samples of upper unconsolidated material |
| **Cut-off grade** | 1.0% TCu, based on a metal price of US$9,000/t Cu and estimated underground mining costs (Section 11.2.1, Section 11.2.5) | No cut-off grade applied; bulk mining methods require total extraction of the tailings dam volume (Section 11.3.4) |
| **Classification criteria** | Conditional simulation drillhole spacing study (2019): Measured ≤50 m average distance to sample support; Indicated ≤150 m; Inferred >150 m above shaft bottom (Section 11.2.1) | Indicated classification based on systematic auger drilling on 150 m × 150 m grid, analytical data, metallurgical test work, and TLP production history (Section 11.3.4) |
| **Commodities reported** | Total copper (TCu%), acid soluble copper (ASCu%), total cobalt (TCo%) | Total copper (TCu%), acid soluble copper (ASCu%), total cobalt (TCo%) |
| **Point of reference** | In situ material | In situ material (tailings in place) |
| **Metallurgical recovery** | See Section 10 (Processing and Recovery Methods) | See Section 10 (Processing and Recovery Methods) |

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Source: AMC, 2025.

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**11.2** **Konkola Mineral Resource estimate** 

The total Measured and Indicated Mineral Resource is concentrated within areas of high drilling density and well-established geological control, particularly in the central and upper portions of the Konkola deposit. Inferred material is more prevalent at depth and along strike extensions, where drilling density remains limited.

Approximately 96% of the Konkola Mineral Resource is classified as Inferred and is excluded from this PFS.

**11.2.1** **Classification criteria** 

The Konkola Mine is an established operation with a history of production since 1957. The economic outcomes described within the report underpin support for the eventual economic extraction.

The Mineral Resource classification criteria and cut-off grade are based on:

**·** Geological
 and grade continuity

**·** Drill
 data density and spacing

**·** Data
 quality

**·** Estimation
 quality

**·** Mining
 and production history

A drillhole spacing study developed at site in 2019 is the basis for the general classification outlines. This is a conditional simulation technique to determine the optimal drilling spacing for Measured and Indicated. The study concluded that a drillhole spacing of 50 m by 25 m can be used for Measured classification and 150 m by 200 m can be used for an Indicated classification.

Parent blocks with an average distance of 50 m to a drillhole are classified as Measured and those with an average of 150 m to a drillhole are classified as Indicated. Resources with an average distance of more than 150 m and above the shaft bottom are classified as Inferred.

Where parent blocks are than 150 m below the base of mining in mineralisation (in ore development) and classified as Inferred the classification has been upgraded to Indicated. This gives in ore development the same weight as a drillhole.

It is noted that the average distance to sample support for the Inferred Resources varies from several hundred meters to approximately 1,700 m (Figure 11.1). Analysis of the ranges of the variograms shows a maximum range of 750 m, outside which correlation between sample points cannot be demonstrated.

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Figure 11.1 Average distance to sample support - Konkola

![](ctm003_ex96-2img24.jpg)

Source: AMC, 2025.

**11.2.2** **Cut-off grade derivation** 

**11.2.2.1** **Mineral Resource cut-off grade** 

Cut-off grades (COGs) for the Konkola Mine are derived using a Net Smelter Return (NSR) breakeven method, in which the NSR per tonne of mineralization at a given grade equals the total operating cost. The general expression is:

*COG (%TCu) = (Cm + Cp + CG&A - CCo) ÷ NSR₁%*

Where:

*NSR₁% (US$/t mineralization per 1% TCu) = PCu × (Rconc × Rsmelt × Rpay) ÷ 100*

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The variables are defined as follows:

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|:---|:---|:---|
| **Symbol** | **Description** | **Unit** |
| Cm | Mine operating cost | US$/t ore |
| Cp | Processing cost | US$/t ore |
| CG&A | Site general and administration cost | US$/t ore |
| CCo | Cobalt by-product credit, recognized at low payability rates per Section 16 | US$/t ore |
| PCu | Copper price used for COG estimation | US$/t Cu |
| Rconc | Concentrator metallurgical recovery | % |
| Rsmelt | Smelter recovery | % |
| Rpay | Refinery copper payability | % |

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The key input assumptions and resulting COG are summarised in Table 11.2. Operating costs shown are net of cobalt by-product credit (CCo), applied at low payability rates consistent with Section 16.1.6 Smelter treatment, refining, and freight charges (Table 16.3) reduce the effective NSR and are reflected in the net operating cost inputs.

Table 11.2 Cut-off grade input assumptions by asset

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|:---|:---|:---|:---|:---|:---|:---|:---|
| **Asset** | **Mining<br> method** | **Cm + Cp + CG&A - <br> CCo (US$/t ore, <br> net of cobalt by-<br> product credit)<sup>1</sup>** | **Rconc (%)** | **Rsmelt (%)** | **Rpay (%)** | **PCu (US$/t)** | **Resulting COG** |
| Konkola Mine | Underground | 90.1 | 89 | 98.7 | 96.75 | 9000 | 1.0% TCu |
| TD03 / TD04 | Tailings reclamation |  |  |  |  |  | None applied<sup>2</sup> |

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Notes

1 Operating costs shown are net of the cobalt by-product credit (CCo), applied at low payability rates per Section 16.1.6. The column value represents the net numerator (Cm + Cp + CG&A - CCo) used in the COG derivation.

2 TD03 and TD04 are tailings deposits processed entirely through the Nchanga TLP. All material is required to be processed by bulk methods (hydraulic sluicing and excavator); no grade-based cut-off is applied. See Section 11.3.6.

The copper price of US$9,000/t Cu used for Mineral Resource COG determination is intentionally conservative relative to the study price (Section 16.1.6) and is distinct from the US$8,600/t Cu adopted for Mineral Reserve NSR cut-off determination (Section 12.3), which applies additional conservatism appropriate to the higher confidence standard required for Mineral Reserve classification. The basis for the US$9,000/t price selection is discussed in Section 11.2.5.

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**11.2.2.2** **Mineral Reserve cut-off — relationship to Mineral Resource COG** 

For the Mineral Reserve, the COG is expressed as a US$/t ROM NSR value rather than a %TCu grade, incorporating both copper and cobalt revenue. The NSR per tonne of ROM is calculated as:

*NSR (US$/t ROM) = [PCu × TCu% × Rconc × Rsmelt × Rpay ÷ 100] + [PCo × TCo% × Rco_conc × Rco_smelt ÷ 100] - transport, treatment, refining, and freight costs per tonne ROM*

The NSR inputs, including prices, recoveries, and deductions, are set out in Table 12.3. The AMC Hill of Value® Strategic Optimisation then selects the NSR threshold that maximizes NPV for each mining zone, resulting in zone-specific cut-off values ranging from US$50/t to US$125/t ROM Table 12.5). The Mineral Resource COG of 1.0% TCu represents the floor below which no material is included in the resource; the reserve NSR cut-off reflects value-based selectivity applied within that resource boundary. Full details of the reserve COG methodology are provided in Section 12.3.

**11.2.3** **Mineral Resource uncertainty** 

Mineral Resources are not Mineral Reserves and do not necessarily demonstrate economic viability. There is no certainty that all or any part of this Mineral Resource will be converted into a Mineral Reserve. The Konkola Mineral Resource was classified into Measured, Indicated, and Inferred categories. The following discussion addresses the principal sources of uncertainty associated with the Mineral Resource estimate and explains how each source was considered in deriving the resource classification and estimate.

The Mineral Resource classification reflects the Qualified Person's integrated assessment of uncertainty arising from five principal sources: (a) data density and drillhole spacing (Section 11.2.3.1); (b) data quality and QAQC coverage (Section 11.2.3.2); (c) geological model confidence (Section 11.2.3.3); (d) estimation method and validation (Section 11.2.3.4); and (e) economic assumptions underpinning reasonable prospects for eventual economic extraction (Section 11.2.3.5). These factors are not independent; they interact and compound, such that wide drillhole spacing combined with limited QAQC and geological extrapolation produces materially greater aggregate uncertainty than any single factor in isolation. The classification applied to each block within the resource model represents the combined effect of all applicable uncertainty sources.

**11.2.3.1** **Data** 

The Mineral Resource is supported by 4,245 diamond drillholes spanning multiple drilling campaigns from 1957 to the present. Core is sampled at a maximum interval of 1.0 m within mineralisation and 0.5 m in the immediate footwall and hangingwall formations, with a minimum target core recovery of 90%. A QAQC program incorporating certified reference materials (CRMs), blanks, and coarse reject and pulp repeat samples has been implemented for post-2016 drilling. CRM results are predominantly within ±2 standard deviations of the certified mean, although CRMs STD_A (3.44% TCu) and STD_C (2.48% TCu) returned consistently lower-than-expected values, indicating a potential conservative (negative) bias in higher-grade copper assays. Repeat sample analysis for post-2016 data showed 54% of TCu samples and 23% of ASCu samples within 10% relative paired difference, which is below the level typically expected for inclusion in Mineral Resource estimation. Independent audits also identified trace mineralisation in quartz blank samples, raising concerns about sample preparation contamination. These analytical precision limitations have been considered by the QP in assigning resource classification, with areas of lower data confidence restricted to Inferred classification. For drilling prior to 2016, no systematic QAQC records are available, which introduces additional uncertainty in the historical portion of the database. This uncertainty has been mitigated by restricting classification in areas reliant solely on historical data and by cross-referencing geological interpretations against the extensive underground mining history at Konkola.

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**11.2.3.2** **Data quality and QAQC** 

Geological logging is performed manually on paper templates and subsequently transcribed into Excel spreadsheets, which are verified for transcription errors prior to import into the central geological database in CSV format. Database write access is restricted to the database administrator to minimise corruption risk, and weekly backups are maintained. Random verification checks of the geological database against original drillhole log sheets and laboratory output files have been undertaken. Several data handling limitations were identified during the data verification process, including incomplete metadata for some older drillhole records (particularly core recovery rates and downhole surveys), inconsistent pulp and reject sample disposal records, and limited twin drilling coverage to validate historical datasets. These data processing limitations have been considered in the resource classification through the application of more conservative classification boundaries in areas where data integrity cannot be fully verified.

**11.2.3.3** **Geologic modeling** 

The geological model is based on three-dimensional interpretation of the mineralised horizons within the Ore Shale of the Lower Roan Group, constrained by structural and lithological wireframes. The Konkola deposit benefits from a well-understood stratigraphy and structural setting, supported by over six decades of continuous mining activity. Geological and grade continuity have been confirmed through underground mapping, development exposures, and reconciliation with production data. Uncertainty in the geological model is greatest in areas distant from underground workings and drillhole intersections, particularly in the deeper and peripheral portions of the deposit where structural complexity may not be fully resolved. This geological uncertainty is reflected in the resource classification, with Measured classification restricted to well-drilled and actively mined areas and Inferred classification applied to areas of lower geological confidence.

**11.2.3.4** **Estimation** 

Grade estimation was performed using ordinary kriging, informed by variogram models developed from composited drillhole data. Estimation validation was undertaken by visual comparison of drillhole grades against block model estimates and by swath (moving window) plot analysis. The variogram analysis shows a maximum range of continuity of approximately 750 m, beyond which spatial correlation between sample points cannot be demonstrated. The average distance to the nearest sample support for the Inferred Mineral Resources varies from several hundred meters to approximately 1,700 m, with a portion of the Inferred resource located beyond the demonstrated range of spatial correlation. This introduces material estimation uncertainty for the more distal Inferred blocks, as grade interpolation in these areas is less well-constrained by the available data. Estimation validation confirms a reasonable correlation between drillhole data and block model grades in well-informed areas supporting Measured and Indicated classification. A conditional simulation-based drillhole spacing study (2019) established the classification thresholds: an average distance of 50 m to sample support for Measured classification and 150 m for Indicated classification, which the QP considers appropriate given the observed geological and grade continuity.

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**11.2.3.5** **Economic assumptions** 

The Mineral Resource estimate is further subject to uncertainty in the economic assumptions underpinning reasonable prospects for eventual economic extraction, including commodity prices, metallurgical recovery, and mining and processing costs. Sensitivity of the Mineral Resource to changes in the cut-off grade commodity price assumption of US$9,000/t Cu is addressed in Section 11.2.5.

**11.2.4** **Uncertainty by classification — integrated assessment** 

Table 11.3 summarises how each principal source of uncertainty contributes to the overall level of confidence for each resource classification category. The progressive upgrade from Inferred through Indicated to Measured reflects a corresponding reduction in the aggregate uncertainty from all sources described above.

Table 11.3 Uncertainty factor assessment by Mineral Resource classification — Konkola Mine

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|:---|:---|:---|:---|
| **Uncertainty source** | **Measured** | **Indicated** | **Inferred** |
| Data density (Section 11.2.3.1) | Low: ≤50 m to sample support; dense drilling in actively mined areas | Moderate: ≤150 m to sample support; adequate for geological continuity but wider spacing than Measured | High: >150 m, ranging to ~1,700 m; a portion of blocks located beyond the demonstrated variogram range of 750 m |
| Data quality and QAQC <br> (Section 11.2.3.2) | Low: Located in areas with post-2016 QAQC-verified drilling and cross-referenced against mining history | Moderate: Includes some pre-2016 drilling without systematic QAQC; partially offset by in-ore development reclassification <br> (Section 11.2.1) | High: Predominantly pre-2016 data with limited or absent QAQC; CRM negative bias at higher grades and below-expected repeat precision identified in post-2016 data (Section 8) |
| Geological model (Section 11.2.3.3) | Low: Well-understood stratigraphy confirmed by underground mapping and development exposures | Low to moderate: Reasonable geological continuity demonstrated; some structural complexity in deeper portions | Moderate to high: Geological extrapolation beyond direct observation; structural complexity may not be fully resolved at depth and along strike extensions |
| Estimation confidence <br> (Section 11.2.3.4) | Low: Swath plot and statistical validation confirm good correlation between composites and block model (≤10% difference) | Low to moderate: Positive estimation validation; ordinary kriging well-constrained by data in most domains | High: Grade interpolation less well-constrained; swath plots show poor correlation in distal blocks; kriging operates beyond variogram range in some areas |
| Economic assumptions (Section 11.2.3.5) | Applies equally across all classifications: sensitivity to cut-off grade commodity price assumption (US$9,000/t Cu) is addressed in Section 11.2.5 | As for Measured | As for Measured; additionally, the speculative nature of Inferred resources means economic viability has not been demonstrated |
| Mining history validation | Strong mitigant: >60 years of continuous production history directly validates tonnage, grade, and geological model in mined areas | Partial mitigant: Some Indicated blocks supported by in-ore development exposures; adjacent to historically mined areas | Limited mitigant: Located in unmined areas at depth and along strike; no direct production validation available |
| Overall uncertainty | Low: All factors contribute to high confidence in tonnage and grade estimates | Moderate: Adequate data density and positive geological indicators, partially offset by wider spacing and QAQC limitations in some areas | High: Multiple compounding factors — wide drillhole spacing, limited QAQC, geological extrapolation, and poor estimation validation in distal areas — result in material uncertainty |

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Source: AMC, 2025.

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**Measured Mineral Resources** are located in areas of dense drilling (≤50 m average distance to sample support), where post-2016 QAQC programs have verified analytical quality, estimation validation demonstrates good correlation between composite and block model grades (≤10% difference across all domains), and over six decades of continuous mining history directly confirm the geological model, tonnage, and grade. The convergence of high data density, verified data quality, robust estimation performance, and mining validation results in the lowest level of overall uncertainty. The QP concludes that the Measured Mineral Resources are estimated with sufficient confidence that their tonnage and grade are well-established.

**Indicated Mineral Resources** are supported by drilling at moderate spacing (≤150 m average distance to sample support), with reasonable geological and grade continuity demonstrated by the variogram analysis and positive estimation validation. These resources carry greater uncertainty than Measured, primarily because wider data spacing reduces the precision of grade estimation at the block scale and, in some areas, blocks have been reclassified from Inferred to Indicated on the basis of proximity to in-ore development (Section 11.2.1). Additionally, some Indicated blocks are informed by pre-2016 drilling for which systematic QAQC is not available, introducing analytical uncertainty that is partially mitigated by cross-referencing with mining history and post-2016 QAQC results. The QP concludes that the Indicated Mineral Resources are estimated with sufficient confidence that their tonnage, grade, shape, and physical characteristics are reasonably established, but acknowledges that the reclassification of in-ore development blocks represents a less conventional basis for Indicated confidence than direct drillhole support.

**Inferred Mineral Resources** carry the highest level of uncertainty. This reflects the compounding effect of multiple uncertainty sources acting simultaneously: wide drillhole spacing (in some cases exceeding the demonstrated variogram range of approximately 750 m, with average distances to sample support reaching approximately 1,700 m); reliance on geological extrapolation into areas where the stratigraphy and structure have not been directly observed through mining or closely-spaced drilling; limited or absent historical QAQC for much of the pre-2016 drill database; and poor correlation between composite and block model grades in distal areas as demonstrated by swath plot analysis. The classification of Inferred is nonetheless considered appropriate because the geological setting — a laterally continuous stratiform orebody with a well-understood stratigraphy — provides reasonable geological grounds to support continuity of mineralisation, and the extensive mining history of the deposit provides indirect confirmation that the Ore Shale horizon extends at depth along the projected strike and dip. However, the grade and tonnage estimate for the Inferred Mineral Resources is inherently speculative, and there is no certainty that any part of the Inferred Mineral Resource will be upgraded to a higher-confidence category with additional exploration.

**Overall conclusion.** The QP concludes that the principal driver of uncertainty in the Konkola Mineral Resource is drillhole spacing relative to the demonstrated range of grade continuity, which directly controls the reliability of grade estimation and is the primary basis for classification. Data quality and QAQC coverage are secondary but material contributors, particularly for the Inferred category where the absence of systematic QAQC reduces the ability to independently verify the accuracy of analytical results. Geological model confidence is the least uncertain factor, owing to the well-characterised stratiform nature of the deposit and extensive mining history, but contributes incrementally to uncertainty at depth and along strike where direct geological observation is absent. Economic assumptions (principally the commodity price used for the cut-off grade) apply uniformly across all categories and introduce sensitivity to the total reported tonnage (Section 11.2.5) rather than to the classification itself. The interaction and compounding of these factors is reflected in the classification boundaries, with Measured and Indicated resources restricted to approximately 4% of the total Mineral Resource (exclusive of Reserves) where multiple factors converge to support higher confidence, and the remaining approximately 96% classified as Inferred where the compounding of wide spacing, limited QAQC, and geological extrapolation results in material aggregate uncertainty.

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Resource classification upgrades are achieved through increasing geological understanding by reducing the drillhole spacing; for Konkola this will come from the planned resource infill and extension drilling programs, for more detail see Section 23.1.1. This sub-section contains forward-looking information; actual outcomes may differ materially from the statements made herein.

**11.2.5** **Mineral Resource estimate** 

The Mineral Resource estimate for the Konkola Mine, reported using a geological cut-off grade of 1.0% TCu, is shown in Table 11.4 (exclusive of Mineral Reserves). The Mineral Resource is reported for total copper (TCu), acid soluble copper (ASCu), and total cobalt (TCo), with contained metal quantities provided for both copper and cobalt. The Mineral Resource classification considers drillhole spacing studies, data quality, structural and lithological continuity, and estimation confidence. The Mineral Resource has been depleted for production to the effective date of 1 April 2025.

Table 11.4 Mineral Resource Konkola Mine (Exclusive of Mineral Reserves) – 1 April 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **Copper** | **Copper** | **Cobalt** | **Cobalt** |
| <br>**Classification** |<br>**Cut-off** |<br>**Tonnes** | **TCu (%)** | **Contained<br> Cu (kt)** | **TCo (%)** | **Contained<br> Co (kt)** |
| Measured | 1 | 1.4 | 3.7 | 52 | 0.05 | 1 |
| Indicated | 1 | 9.1 | 3.7 | 340 | 0.07 | 6 |
| Measured + Indicated | 1 | 10.4 | 3.7 | 388 | 0.07 | 7 |
| Inferred | 1 | 249 | 3.4 | 8358 | 0.06 | 149 |

---

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Mineral
 Resources that are not Mineral Reserves do not have demonstrated economic viability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Mineral
 Resources are reported exclusive of Mineral Reserves. Mineral Reserves are reported separately
 in Section 12.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Point
 of reference: in situ material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Classification
 in accordance with S-K 1300.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Cut-off
 grade: 1.0% TCu (Konkola Mine), based on a copper metal price of US$9,000/t Cu and estimated
 underground mining costs (§Section 11.2.1). No separate cut-off grade is applied for
 cobalt; cobalt is recovered as a by-product of copper mining and its value is incorporated
 into the net smelter return (NSR) calculation used for Mineral Reserve estimation (Section
 12.3).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Cobalt:
 Total cobalt (TCo%) is estimated within the block model using ordinary kriging from the same
 composited drillhole data used for copper estimation. Cobalt is recovered as a cobalt alloy
 at the Nchanga Smelter. The cobalt price assumption used in the NSR calculation is US$28,000/t
 Co. Cobalt revenue contributes to the economic basis for the Mineral Resource but copper
 is the dominant value driver. Contained cobalt metal is calculated from in situ tonnes and
 grade; actual recovered cobalt will be subject to metallurgical recovery (Section 10).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Approximately
 96% of Konkola Mineral Resources (exclusive of Reserves) are classified as Inferred. Inferred
 Mineral Resources are considered too speculative geologically to have the economic considerations
 applied to them that would enable them to be categorised as Mineral Reserves, and there is
 no certainty that all or any part of the Inferred Mineral Resources will be converted to
 Measured or Indicated Mineral Resources with additional exploration. Inferred Mineral Resources
 are excluded from the PFS mine plan and economic assessment presented in this TRS. Any Inferred
 material falling within mine designs has been treated as waste and assigned zero grade.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 full Mineral Resource case, incorporating Inferred Mineral Resources into an extended life-of-mine
 plan, is assessed in the companion S-K 1300 Technical Report Summary: KCM Integrated Operations
 (Initial Assessment) (AMC, 2026). The Initial Assessment is preliminary in nature and includes
 Inferred Mineral Resources that are too speculative geologically to have the economic considerations
 applied to them that would enable them to be categorised as Mineral Reserves.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Metallurgical
 recovery: see Section 10 (Processing and Recovery Methods).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Rounding
 may cause apparent inconsistencies in totals. Contained metal quantities are rounded to the
 nearest kt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Mineral
 Resources are 100% attributable to KCM.

The copper price of US$9,000/t Cu used for Mineral Resource cut-off grade determination is based on the QP's assessment of long-term commodity pricing informed by a three-year trailing average of annual realised copper prices (2023–2025), which yields an average of approximately US$9,227/t (2023: US$8,490/t; 2024: US$9,250/t; 2025: US$9,940/t; source: Statista, 2025). A three-year trailing period was selected as it is considered sufficiently long to smooth short-term price volatility while remaining representative of recent market conditions and the prevailing supply-demand fundamentals for copper. The adopted price of US$9,000/t has been rounded conservatively below the trailing average to provide an additional margin of safety in establishing reasonable prospects for eventual economic extraction. This price is further supported by the P75 consensus forward price forecasts (S&P Global Capital IQ, December 2025), which range from US$9,925/t to US$11,298/t over the forecast period, with a long-term price of US$10,695/t from 2031 onwards, confirming that the selected Mineral Resource cut-off price sits below prevailing forward expectations. The Mineral Resource estimate and associated cut-off grades were originally derived as part of the companion Initial Assessment TRS, using assumed unit costs for underground mining operations and estimated mineral prices applied to mine designs appropriate to that level of study. The QP has reviewed the Mineral Resource cut-off assumptions in the context of the more detailed PFS-level economic and technical parameters presented in Sections 12 through 19 of this report, including the NSR-based cut-off optimisation and updated operating cost estimates, and considers the Mineral Resource cut-off grade of 1.0% TCu to remain valid and appropriately conservative for the purpose of reporting Mineral Resources exclusive of Mineral Reserves. The Mineral Resource cut-off price of US$9,000/t Cu is distinct from, and should not be confused with, the copper price of US$8,600/t Cu adopted for Mineral Reserve NSR cut-off grade determination as described in Section 12, which applies additional conservatism appropriate to the higher confidence standard required for Mineral Reserve classification.

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**11.3** **TD03 and TD04** 

The tailings dams were originally identified as having the potential to provide material that could be used to neutralise excess acid from sulfur dioxide capture.

**11.3.1** **Data** 

In September 2000, 1,645.5 m representing 78 drillholes were drilled at TD03 and 1,090.5 m representing 64 drillholes were drilled at TD04.

Drilling was conducted using a 50 mm auger on a 150 m by 150 m grid spacing. Drillholes were terminated upon reaching the underlying soil profile. Samples were collected at 1.5 m intervals and riffle-split to a 1/8<sup>th</sup> portion using a Jones riffle splitter. Adjacent 1.5 m samples were combined to produce 3 m composite samples for analysis. The remaining 7/8<sup>th</sup> portion was discarded.

Samples were prepared and analyzed for total copper and acid soluble copper, where total copper is greater than 0.5% TCu, at AHK laboratories in Kitwe / Kalulushi.

Pulp rejects were composited into a four-drillhole grid pattern for leach tests. KCM Nchanga analytical laboratory completed the leach tests at 25°C to determine gangue acid consumption (GAC). Sample spacing for GAC is in effect 300 m by 300 m.

**11.3.2** **Generation of volume / tonnage and grade** 

Histograms of the 3 m samples indicate a largely normal grade distribution with a small higher-grade tail for the total copper mineralisation within TD03.

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|:---|:---|
| Table 11.5 | Summary statistics total copper tailings dam samples |

---

---

| | | |
|:---|:---|:---|
| **Total copper (%)** | **TD03** | **TD04** |
| Number of Samples | 538 | 394 |
| Minimum | 0.06 | 0.07 |
| Maximum | 1.27 | 1.61 |
| Mean | 0.71 | 0.62 |
| Median | 0.71 | 0.61 |
| Mode | 0.73 | 0.57 |
| Standard Deviation | 0.16 | 0.17 |
| Variance | 0.026 | 0.028 |
| Standard Error | 0.01 | 0.01 |
| Confidence Level (95.0%) | 0.0137 | 0.017 |

---

Table 11.6 Summary statistics acid soluble copper tailings dam samples

---

| | | |
|:---|:---|:---|
| **Acid soluble copper (%)** | **TD03** | **TD04** |
| Number of Samples | 509 | 344 |
| Minimum | 0.23 | 0.16 |
| Maximum | 1.06 | 1.49 |
| Mean | 0.52 | 0.44 |
| Median | 0.51 | 0.40 |
| Mode | 0.49 | 0.42 |
| Standard Deviation | 0.15 | 0.19 |
| Variance | 0.02 | 0.04 |
| Standard Error | 0.01 | 0.01 |
| Confidence Level (95.0%) | 0.013 | 0.019 |

---

The TD03 and TD04 dam surface profiles were digitised from the Nchanga topographic survey and validated against drillhole collar spot heights. The pre-dam topographic surface was used as the base, and three-dimensional solid models were created to define the tailings volume.

Small trenches were excavated at TD03 and TD04 to collect samples for bulk density determination. As these samples were limited to the upper unconsolidated material, measured values ranged from 1.1 to 1.3 t/m³, which is lower than anticipated. A historical bulk density value of 1.55 t/m³, considered representative of the consolidated tailings at depth, was adopted for converting the tailings dam volume to tonnage.

**11.3.3** **Mining, processing, and recovery** 

TD03 is generally mined using hydraulic methods, while the coarser beached reclaimed tailings is currently recovered by excavator. In 2024, the Nchanga TLP achieved 78.3% recovery of acid soluble copper. However, due to lower recovery of non-acid soluble copper, the overall total copper recovery was 37%.

An elevated temperature leach upgrade is proposed for the Nchanga TLP, which is expected to increase acid soluble copper recovery by 20 percentage points, with total copper recovery anticipated to increase to 67%. It should be noted that the Nchanga TLP treats all tailings from the Nchanga Concentrators, not solely material reclaimed from TD03 and TD04.

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**11.3.4** **Classification criteria** 

Material within TD03 and TD04 has been classified as Indicated Mineral Resource on the basis of systematic drilling on a nominal 150 m × 150 m grid using 50 mm diameter auger drillholes, sampled on 1.5 m intervals. Analytical data quality underpinning the classification comprised 538 samples for TD03 and 394 samples for TD04 for total copper determination. Gangue acid consumption sampling, which informs the acid demand inputs used in the TLP metallurgical model, was carried out on an effective 300 m × 300 m grid across both deposits.

The tonnage estimate is supported by dam surface profiles digitised from topographic survey data, updated with drillhole collar spot heights. Three-dimensional tailings dam shells were created from pre-dam topographic profiles held in the KCM survey archive, providing an independent geometric basis for the volume estimate that does not rely solely on drillhole intercepts.

The metallurgical basis for classification draws on testwork conducted on composite samples from both TD03 and TD04, including bottle roll leach tests and column leach tests that characterise acid soluble copper recovery under the sulphuric acid leaching conditions of the Nchanga TLP. The testwork results, together with reconciliation of TLP production data from the ongoing processing of TD03, provide confirmation that the modelled acid soluble copper recoveries applied in the economic analysis are representative of actual plant performance.

All material within the defined tailings dam boundaries is classified as Indicated; no Inferred classification has been applied. The relatively homogeneous grade distribution inherent in reprocessed flotation tailings, combined with adequate drill coverage and the production reconciliation described above, support classification of all in situ material at the Indicated confidence level.

For the purposes of this PFS, the full Indicated Mineral Resource at TD03 and TD04 has been converted to Probable Mineral Reserve. The conversion is supported by the modifying factors set out in Section 12, including the confirmed processing route through the Nchanga TLP, the metallurgical recovery parameters established through testwork and production reconciliation, the hydraulic sluicing and excavator mining method applicable to all material within the dam boundaries, and the economic analysis in Section 19. Measured classification, and therefore Proven Reserve status, has not been assigned, reflecting the absence of a closer-spaced infill drilling programme of sufficient density to meet Measured criteria; however, the QP considers the Indicated classification, and the resulting Probable Reserve conversion, to be appropriate and adequately supported for PFS-level disclosure.

No cut-off grade has been applied to TD03 or TD04. All material within the defined tailings dam boundaries is required to be processed; selective extraction on a grade basis is not practicable given the hydraulic sluicing recovery method and the relatively homogeneous grade distribution of the deposits.

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**11.3.5** **Mineral Resource uncertainty** 

TD03 and TD04 are classified as Indicated Mineral Resource and have been converted to Probable Mineral Reserves. TD03 is in production and being mined by hydro sluicing.

**11.3.6** **Mineral Resource estimate** 

TD03 and TD04 are classified as Indicated Mineral Resources and have been fully converted to Probable Mineral Reserves. TD03 is currently in production, with tailings recovered by hydro sluicing and excavator. Table 11.7 presents the TD03 and TD04 Mineral Resources exclusive of Mineral Reserves. As the Mineral Resources have been fully converted, no Mineral Resources remain exclusive of Mineral Reserves. Table 11.8 presents the Mineral Resources inclusive of Mineral Reserves for reference.

Table 11.7 Mineral Resource TD03 and TD04 (Exclusive of Reserves) – 1 April 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Tonnes** | **Total copper** | **Acid soluble copper** | **Total cobalt** |
| <br>**Asset** | <br>**Classification** | **Mt** | **TCu%** | **ASCu%** | **TCo%** |
| TD03 | Indicated | 0.0 | 0.0 | 0.0 | 0.0 |
| TD04 | Indicated | 0.0 | 0.0 | 0.0 | 0.0 |

---

Table 11.8 Mineral Resource TD03 and TD04 (Inclusive of Reserves) – 1 April 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Tonnes** | **Total copper** | **Acid soluble copper** | **Total cobalt** |
| <br>**Asset** | <br>**Classification** | **Mt** | **TCu%** | **ASCu%** | **TCo%** |
| TD03 | Indicated | 9.0 | 0.8 | 0.4 |  |
| TD04 | Indicated | 28.0 | 0.6 | 0.4 |  |

---

Notes:

· Mineral
 Resources in Table 11.7 are reported exclusive of Mineral Reserves. Table 11.8 reports Mineral
 Resources inclusive of Mineral Reserves for reference, as permitted under S-K 1300.

· No
 cut-off grade has been applied.

· All
 Indicated Mineral Resources converted to Probable Mineral Reserves (Section 12).

· Mineral
 Resources that are not Mineral Reserves do not have demonstrated economic viability.

· Processing
 route: Nchanga TLP. Metallurgical recovery: 74.8% acid soluble copper.

· Rounding
 may cause apparent inconsistencies in totals.

· Mineral
 Resources are 100% attributable to KCM.

**11.4** **Qualified Person's opinion** 

It is the QP's opinion that the Konkola Mineral Resource block models are representative of the informing data and that this data is of sufficient quality to support the Mineral Resource estimate to Measured, Indicated, and Inferred confidence levels.

It is the QP's opinion that the TD03 and TD04 volume, tonnage and grade are representative of the informing data and that this data is of sufficient quality to support the Mineral Resource estimate to an Indicated confidence level.

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| **12** | **Mineral Reserve estimates** |

---

This section presents the Mineral Reserve estimates for the KCM Integrated Operations material property covered by this PFS. The Mineral Reserves comprise the Konkola Mine and TD03 and TD04, which together form a single integrated production system as described in Section 1.2.

The Mineral Reserve estimates have been prepared in accordance with the U.S. Securities and Exchange Commission Regulation S-K, subpart 1300 (S-K 1300). Mineral Reserves represent the economically mineable parts of Measured and Indicated Mineral Resources after the application of modifying factors, including mine design, production scheduling, metallurgical recovery, and economic parameters. No Inferred Mineral Resources have been included in the Mineral Reserve estimates; any Inferred material within mine designs has been treated as waste and assigned zero grade. The Mineral Reserve estimates are based on a copper price assumption of US$8,600/t (US$3.90/lb.) for NSR cut-off determination and US$28,000/t (US$12.70/lb.) for cobalt. The economic analysis supporting the Mineral Reserve is based on P75 consensus copper price forecasts as detailed in Section 16. In the opinion of the Qualified Person, these price assumptions provide a reasonable basis for establishing the economic viability of the project and satisfy S-K 1300 requirements for commodity price disclosure.

A conservative copper price of US$8,600/t has been adopted for NSR cut-off grade determination to ensure that all material classified as Mineral Reserve remains economically viable under a range of plausible price scenarios, including prices below the consensus forecast. This approach provides a margin of safety in the classification of marginal material and reduces the risk of including blocks that would become uneconomic under lower-than-expected copper prices over the life of the operation. The P75 consensus price forecasts (US$9,925/t to US$11,298/t) applied in the economic analysis in Section 19 reflect the Qualified Person's assessment of expected market conditions for the purpose of estimating project revenue and evaluating economic viability. The use of a lower price for resource-to-reserve conversion relative to the price used for cash flow estimation is standard industry practice and is consistent with the principle that cut-off grade assumptions should be robust to commodity price downside, while economic analysis should reflect the most likely forward pricing environment. As noted in Section 16.1.7, the cut-off grades derived from the HoV® strategic optimisation were tested across a range of commodity price scenarios, and the mine plan remains valid under the P75 price assumptions used in the economic analysis.

This sub-section contains forward-looking information. The material factors that could cause actual results to differ materially from the estimates presented include any significant differences from the material factors or assumptions set forth herein, including geological and grade interpretations, commodity prices, mining dilution and recovery assumptions, and the continued ability to obtain required permits and maintain mineral tenure.

**12.1** **Konkola Mine - Mineral Reserves** 

**12.1.1** **Reserve classification and statement** 

The defined Mineral Reserves for the Konkola Mine represent a portion of the total Mineral Resource, reflecting the current extent of drilling coverage, geotechnical and hydrogeological modelling, and mine design confidence required to support Mineral Reserve classification. Measured and Indicated Mineral Resources are approximately four percent (4%) of the total Mineral Resource (exclusive of Mineral Reserves).

Mineral Reserve classification has been assigned in accordance with the underlying Mineral Resource category: Measured Mineral Resources have been converted to Proven Mineral Reserves, and Indicated Mineral Resources have been converted to Probable Mineral Reserves. Any Inferred Mineral Resources within the mine design have been treated as waste and assigned zero grade.

Ongoing mine planning is supported by short-term stope designs targeting areas of higher geological confidence. A phased drilling and data acquisition program is underway to improve geological confidence, address data quality gaps, and support future Mineral Reserve conversion in accordance with classification standards.

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Table 12.1 Konkola Mineral Reserve estimate – 1 April 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Deposit** | **Classification** | **Tonnes (Mt)** | **Grade (TCu%)** | **Content (Cu kt)** | **Grade (TCo%)** | **Content (Co kt)** |
| **Konkola Mine** | **Proven** | **3** | **2.6** | **76** | **0.06** | **2** |
| **Konkola Mine** | **Probable** | **29** | **2.9** | **839** | **0.06** | **16** |
| **Konkola Mine** | **Proven + Probable**  | **31** | **2.9** | **915** | **0.06** | **18** |
| **TD03** | **Probable** | **9** | **0.8** | **65** | **0** | **0** |
| **TD04** | **Probable** | **28** | **0.6** | **174** | **0** | **0** |
| **KCM Total** | **Proven + Probable**  | **68** | **1.7** | **1154** | **0.03** | **18** |

---

Notes:

· Classification
 of Mineral Reserves is in accordance with the S-K 1300 classification system.

· Tonnes
 and grade are diluted values; Inferred material within mined shapes is treated as zero grade
 waste.

· Point
 of Reference: Ore delivered to processing plant (ROM stockpile).

· NSR
 cut-off values: Konkola Mine US$50–125/t ROM, calculated using a copper price of US$8,600/t
 Cu and cobalt price of US$28,000/t Co. No cut-off applied to TD03 AND TD04 (100% recovery
 of resource planned).

· Metallurgical
 Recovery — Konkola Mine: 88.2% Cu, 18.0% Co (overall ROM to refined metal). Stage-by-stage
 recoveries detailed in Table 12.3.

· Metallurgical
 Recovery — TD03 AND TD04: Nchanga TLP recovery 74.8% acid soluble copper; 48.1% total
 copper recovery to cathode.

· Processing
 Route — Konkola Mine: Konkola Concentrator → Nchanga Smelter → Nkana Refinery.

· Processing
 Route — TD03 AND TD04: Nchanga TLP → Copper cathode.

· Rounding
 may cause apparent computational discrepancies. Contained metal for TD03 and TD04 is calculated
 from unrounded survey estimates (TD03: 8.49 Mt at 0.77% TCu; TD04: 27.65 Mt at 0.63% TCu);
 refer to Section 11.3.

· Mineral
 Reserves are 100% attributable to KCM.

· Mineral
 Reserves are reported using a copper price of US$8,600/t (US$3.90/lb) and a cobalt price
 of US$28,000/t (US$12.70/lb) for NSR cut-off grade determination. The economic analysis in
 Section 19 applies P75 consensus copper pricing ranging from US$9,925/t to US$11,298/t over
 the production period.

**12.2** **Key assumptions, parameters, and methods used** 

The mine plan defining the Konkola Mine Mineral Reserve estimate has been constructed to reflect production from the Measured and Indicated Mineral Resources only, with any Inferred Mineral Resources included in the mine designs treated as waste (zero grade).

The underground operations are accessed by three vertical shafts, with primary access to the orebody via rail haulage levels and declines for mechanised machinery access closer to the orebody. Mining methods include:

· Development
 with jumbo drill rigs.

· Longhole
 mining methods including Panel Stoping shallow dipping areas (<35° dip) and longhole
 open stoping (LHOS) mining method in steeper-dipping areas (>35° dip).

· Planned
 mining activities include the use of paste fill as a backfill solution.

The Mineral Reserve estimate has been generated through a detailed mine planning approach which includes individual stope designs, estimates of dilution and mining recovery, detailed scheduling, cost estimation and financial analysis.

The recovery of the TD03 and TD04 is planned to include the total recovery of the in situ material, leaving open land available for rehabilitation or another future use. The method comprises a combination of hydraulic mining and excavation of dry material with a loader and truck.

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**12.3** **Modifying factors** 

**12.3.1** **Dilution and mining recovery** 

AMC have used the ELOS method to quantify the degree of overbreak or sloughing estimated to occur in Konkola stoping operations. Overbreak refers to the extra rock that is unintentionally removed beyond the planned excavation boundaries, while sloughing is the gradual falling or caving of rock from the walls of an excavation.

The ELOS applied by mining method is:

· Panel
 stopes are 1.0 m in the hangingwall.

· LHOS
 have had an ELOS of 0.5 m in the hangingwall and 0.5 m in the footwall.

As the dimensions of each stope varies, the constant ELOS factor results in a variable planned dilution factor. The average dilution factor for Panel Stopes is 7% and for LHOS is 11%.

Mining recovery factors allow for ore loss due to stopes failing (generally hangingwall failure), stope underbreak (generally due to the underperformance of the drill and blast function) and / or material that cannot be successfully mucked from stopes. The table below (Table 12.2) summarises the mining recovery and dilution factors used to convert the resource tonnages to production tonnages.

Table 12.2 Mining dilution and recovery factors by method

---

| | | |
|:---|:---|:---|
| **Mining method** | **Mining dilution (%)** | **Mining recovery (%)** |
| **LHOS** | **11** | **95** |
| **Panel-Stoping** | **7** | **95** |
| **Ore Development** | **0** | **100** |
| **Waste Development** | **3** | **100** |

---

**12.3.2** **Cut-off value** 

A net smelter return (NSR) approach has been adopted for the Konkola Mine to determine the economic viability of mining each portion of the deposit. Rather than applying a traditional cut-off based solely on copper grade, an NSR value is assigned to each block in the Resource Block Model to reflect the estimated revenue that could be generated from both copper and cobalt.

This NSR-based approach provides a more comprehensive economic assessment of material, accounting for by-product contributions such as cobalt and enabling improved value recognition in polymetallic zones. The use of NSR cut-off values also supports better integration of operational constraints and financial assumptions into long-term planning.

As part of the Konkola strategy optimisation process, AMC applied the HoV® methodology to evaluate a range of mining scenarios and their respective NSR thresholds. This optimisation considered production targets, development sequencing, processing capacity, and shaft hoisting limits, resulting in zone-specific NSR cut-off values ranging from US$50/t run-of-mine (ROM) to US$125/t ROM.

Key outcomes of the cut-off grade optimisation process include:

· Improved
 economic selectivity through the application of differentiated cut-off values based on orebody
 geometry, depth, and development access.

· Incremental
 Net Present Value (NPV) uplift of approximately US$0.8 billion, achieved by targeting higher-margin
 zones and deferring or excluding lower-value material.

· Trade-off
 analysis between NPV maximisation and copper-equivalent production, ensuring that the applied
 cut-off strategy does not sterilise significant tonnages of potentially economic material.

· Operational
 alignment with production rates between 5 Mtpa and >6 Mtpa, constrained by available shaft
 capacity and concentrator throughput.

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The cut-off grade determination is supported by mine planning inputs and economic assumptions considered reasonable and appropriate by the QP. The selected NSR values reflect current and forecast metal prices, recovery rates, operating costs, and royalties. NSR calculation parameters reflect an effective date of 1 April 2025.

This methodology complies with S-K 1300 requirements by providing:

· Transparent
 disclosure of the economic basis for resource and reserve classification.

· Consideration
 of reasonable prospects for economic extraction.

· Integration
 of modifying factors including metallurgical recovery, infrastructure capacity, and financial
 performance.

**12.3.3** **Konkola NSR** 

The NSR calculation for the Konkola Mine, processed through the Konkola Concentrator and smelted at the Nchanga Smelter, is determined using the formula set out in Section 11.2.2. The key input assumptions applied to each mining block are summarized in Table 12.3.

Table 12.3 Konkola NSR elements (average across mining blocks)

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| | | |
|:---|:---|:---|
| **Element Description** | **Units of measure** | **Value** |
| **Long term price** |  |  |
| Copper | US$/tonne of refined Cu metal | 8600 |
|  | US$/lb. of refined Cu metal |  |
| Cobalt | US$/tonne of refined Co metal | 28000 |
|  | US$/lb. of refined Co metal |  |
| **Net Recovery into Concentrate** |  |  |
| Copper | % | 89.12 |
| Cobalt | % | 30 |
| **Recovery through Smelter** |  |  |
| Copper | % | 98.7 |
| Cobalt | % | 60.0 |
| **Net recovery from ROM to Smelt** |  |  |
| Copper | % | 88.2 |
| Cobalt | % | 18.0 |
| **Transport, Refining and Freight Costs** |  |  |
| Moisture content factor of concentrate | % | 95 |
| Copper grade in concentrate | %Cu | 33 |
| Payable metal factor for Concentrate | % | 96.75 |
| Transport Cost of Concentrate to Smelter | US$/tonne of conc | 62.5 |
| Transport Cost per tonne of contained copper | US$/tonne of cont Cu Metal | 191.9 |
| Refining cost per Cu t in concentrate | US$/tonne Cu in Conc | 412.57 |
| Freight Cost | US$/dry tonne of concentrate | 170.00 |
| Payable Copper Penalty | US$/t recovered Smlt Copper | 279.50 |
| NET Achieved Price Copper (excludes royalty) | US$/tonne of Refined Cu Metal | 7167 |
| NET Achieved Price Cobalt (excludes royalty) | US$/tonne of Refined Co Metal | 7000 |

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**12.3.4** **Royalty payments** 

As a condition of the commercial and licensing agreement with the Government of Zambia, mining and processing production is subject to a royalty on copper (depending on the copper spot price). Mining and processing operations are also subject to 30% Corporate Income Tax, from which the royalty tax is deductible.

Table 12.4 Royalty charge relation to copper price

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| | | |
|:---|:---|:---|
| **Price range** | **Rate (%)** | **Taxable amount** |
| Less than US$4,000 per tonne | 4 | The first US$4,000 per tonne |
| Between US$4,001 and US$5,000 per tonne | 6.5 | The next US$1,000 per tonne |
| Between US$5,001 and US$7,000 per tonne | 8.5 | The next US$2,000 per tonne |
| US$7,001 per tonne or more | 10 | Balance |

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**12.3.5** **NSR cut-off value** 

The NSR cut-off values applied to differentiate between economic ore and waste have been applied to mining blocks. These are shown in Table 12.5.

Table 12.5 NSR cut-off by mining block

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| | |
|:---|:---|
| **Mining block** | **NSR cut-off value (US$/t)** |
| **Konkola East** | **125** |
| **Konkola Flats** | **100** |
| **Konkola Extension** | **100** |
| **Bancroft North** | **85** |
| **Bancroft Central** | **100** |
| **Bancroft Deeps** | **100** |
| **Bancroft South** | **50** |

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**12.4** **Mineral Reserve risk factors** 

In the opinion of the QP, the Mineral Reserves are subject to the type of risks that are common to underground mining operations and may be materially affected by the following risk factors:

· Changes
 in realised metal prices from what was assumed.

· Changes
 to the mining costs, processing and G&A costs used to calculate the cut-off grade.

· Changes
 in local interpretation of mineralisation geometry or modelled continuity of mineralised
 zones.

· Changes
 to geotechnical or hydrogeological design assumptions resulting in schedule delays, increased
 dilution, or reduced recoveries.

· Changes
 to mining and metallurgical recoveries.

· Changes
 in the long-term assumptions relating to product payability, marketability, and penalty terms.

· Assumptions
 as to the continued ability to access the site, retain mineral tenure, obtain required environmental,
 mining, and other regulatory permits, and maintain a social license to operate.

A structured drilling program to upgrade resource classification and extend known mineralisation is recommended in Section 23.1.1. The development programs required to deliver the Mineral Reserve mine plan are described in Section 13, and the associated capital expenditure is summarised in Section 18.3.

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| **13** | **Mining methods** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 Cautionary
statement regarding forward-looking information

This section contains forward-looking information and forward-looking statements within the meaning of applicable securities legislation. Forward-looking statements in this section include, but are not limited to, statements regarding: planned mining methods and their expected performance; anticipated production rates, mine life, and development schedules; projected mining dilution and recovery factors; planned underground development, paste fill infrastructure, and ventilation systems; equipment fleet requirements and workforce plans; expected dewatering rates, pump infrastructure upgrades, and groundwater management; and geotechnical assumptions underpinning mine design.

Actual results may differ materially from those expressed or implied by such forward-looking statements due to risks and uncertainties including, but not limited to: variations in actual geotechnical conditions from those modelled; changes in groundwater inflow rates or failure to achieve projected dewatering capacity; delays in commissioning of the paste fill plant, 1390 mL pump station, or ventilation shaft upgrades; contractor performance and equipment productivity below plan; unforeseen geological structures or ground conditions; changes in commodity prices affecting cut-off grades; and regulatory, labour, or supply chain disruptions. See Section 2 for a comprehensive discussion of risk factors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 Mining Method
 selection

The Konkola Mine extracts ore from the Kirilabombwe anticline orebody, a stratiform copper-cobalt deposit hosted in the Ore Shale Unit of the Katangan Supergroup. The orebody extends approximately 12 km along strike with thickness ranging from 5 m to 13 m (average ~9 m) and dips between 35° and 70°. Mining commenced in 1957 with the commissioning of 1 Shaft, followed by 3 Shaft in 1963 and 4 Shaft in 2007.

Three underground mining methods have been evaluated for the Mineral Reserve mine plan at Konkola. The following considerations guided method selection:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Orebody
 geometry: Narrow to moderate width (5–13 m), variable dip (35°–70°),
 and 12 km strike length.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Geotechnical
 conditions: Rock mass quality ranging from very poor (near faults) to good, with weak Unit
 A clay-altered ore shale at the hangingwall contact.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Structural
 complexity: Major regional faults, local fault series, bedding planes, and joint sets affecting
 stope geometry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Groundwater:
 Average inflows of ~350,000 m³/day requiring robust dewatering ahead of development.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Depth:
 Current mining extends from ~500 mL to ~1,100 mL, with planned extensions to ~1,430 mL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Backfill
 requirement: Ground stability at depth requires systematic backfilling of stope voids in
 panel stoping areas.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Existing
 infrastructure: Three production shafts (1, 3, and 4 Shaft) with established tramming, hoisting,
 and ventilation systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Contractor
 capability: Five experienced mining contractors (Hahne, Tauro, Opermin, Reliant, AAC) with
 established fleet and workforce.

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Table 13.1 Mining method selection assessment

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| | | | |
|:---|:---|:---|:---|
| **Criterion** | **LHOS** | **Panel Stoping** | **PPCF (Rejected)** |
| Applicable dip range | 45°–70° (steeply dipping zones) | 35°–55° (flatter dipping zones) | 25°–45° (flat zones) |
| Production rate | High — mechanised drill & blast, large stope volumes | Moderate — panel progression with paste fill cycles | Low — labour-intensive cut-and-fill cycle |
| Ground support | Cable bolting, paste fill for crown/rib stability | Post pillars replaced by paste fill; HW support | Post pillars with cemented backfill; labour-intensive |
| Backfill | Paste fill not required | Paste fill required | Cemented rock fill or hydraulic fill |
| Dilution | 11% (0.5 m HW + 0.5 m FW ELOS) + 5% additional dilution | 7% (1.0 m HW ELOS) <br>+ 5% additional dilution | 5–8% (controlled cut geometry) |
| Recovery | 95% | 95% | 70% |
| Selection status | PRIMARY METHOD <br>Adopted for all steeply dipping zones | SECONDARY METHOD <br>Adopted for flatter zones (replaces PPCF) | REJECTED <br>Low productivity, high unit cost, does not support target production rates |

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Source: AMC, 2025.

LHOS was selected as the primary method for all steeply dipping zones (Konkola East, Konkola Extension, Bancroft North through Bancroft Deeps) based on its ability to achieve the target production rate of ~4 Mtpa ore from Konkola Mine using mechanized drill and blast with Sandvik equipment. Panel stoping with paste fill was selected for the flatter-dipping Konkola Flats area as a direct replacement for the historical PPCF method, offering higher productivity and better compatibility with the planned paste fill system. PPCF was rejected due to its low resource recovery, low production rate, high labour intensity, and inability to sustain the target ore throughput.

Table 13.2 presents the zone-by-zone mining method assignments.

Table 13.2 Mining method assignment by zone

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| | | | |
|:---|:---|:---|:---|
| **Mining Zone** | **Mining Method** | **Key Characteristics** | **Backfill** |
| Konkola East | LHOS | Moderate dip; good rock quality in upper levels. Established mining area with known ground conditions. | Paste fill |
| Konkola Flats | Panel Stoping | Low dip (35°–45°); laterally extensive. Transition from PPCF to panel stoping with paste fill. Centralized loading area. | Paste fill |
| Konkola Extension | Hybrid Panel Stoping / LHOS | Currently mined using hybrid method; transitioning to LHOS as depth increases. Structural complexity at depth with minor folding and drag structures. | Paste fill in Pannel Stopes, but not in LHOS areas |
| Bancroft North | LHOS (Blind Stoping) | Steeply dipping; increasing structural complexity at depth. Blind LHOS with paste fill. | No Paste fill |
| Bancroft Central | LHOS (Blind Stoping) | Steep dips with structural complexity at depth. Paste fill required to manage crown and rib stability. | No Paste fill |
| Bancroft South | LHOS | Steepest orebody dip zone; high-grade target accessed via 4 Shaft. | No Paste fill |
| Bancroft Deeps | LHOS | Deepest mineralized zone and high-grade target. 4 Shaft access. Paste fill recommended as mine deepens to preserve stability. | No Paste fill |

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Source: AMC, 2025.

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Figure 13.1 Final mine outline map - plan view showing mining zone boundaries and key infrastructure

![](ctm003_ex96-2img87.jpg)

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**13.3** **Geotechnical models and parameters** 

**13.3.1** **Rock mass classification** 

Two classification systems were used to assess the rock mass conditions and to develop design parameters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Q-system (Barton et al., 1974):** Applied to assess rock mass conditions in development. This system
 incorporates RQD, joint characteristics, water inflow, and stress reduction to classify rock
 mass quality to enable ground support type recommendations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Modified Q' system (Matthews et al., 1981; Potvin, 1988):** Used for evaluating stope stability.
 This system omits water and stress terms to focus on joint-controlled stability some 10 m
 either side of the orebody in the hangingwall and footwall, for an assessment of stable stope
 dimension and an estimate for the potential of unplanned overbreak (ELOS).

**13.3.2** **Geotechnical domains** 

The orientation of the orebody and associated mining areas are aligned with the dip of mineralisation and ground conditions. The orebody dips between 35° and 70°, with average thickness of 9 m. Konkola East and Flats orebody dips are relatively shallow with ground conditions ranging from fair to good, with localized poor-quality zones typically associated with weaker lithologies such as Unit A. The overall rock mass is competent with manageable stress levels. Ground support requirements are largely influenced by lithological variability and structural intersections. Stope stability will be influenced by the span of the relatively shallow dipping hangingwall.

The orebody steepens from Konkola Extension through the Bancroft zones. The deeper areas show greater variability in rock mass quality, ranging from very poor, particularly near faulted zones, to good. Increased stress magnitudes, rock mass relaxation, and plastic strain zones are evident at depth, especially in the hangingwall where structures intersect weaker units (e.g., Unit A and ore shale). These zones are more prone to deformation and overbreak, necessitating more robust support designs, particularly in development headings and stope hangingwalls.

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Primary lithology units include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Hangingwall quartzite:** Generally competent; sequence of siltstones, sandstones, and shales, with
 interbedded dolomite and gabbro intrusions, localised weak zones at the contact with the
 ore shale, occasionally where Unit A is present.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Ore Shale Units A–E:** Variable siltstone unit with five subunits (A to E), with mechanical
 behaviour closely tied to dip and composition. Unit A is the weakest unit, clay-altered,
 that behaves like a shear surface, correlating with poor ground and higher dilution potential.
 Thickness increases with orebody dip; Units B–E show improved rock strength, with Unit
 B being the most massive and competent. Unit D is gradational with carbonate bands, while
 Unit E marks the orebody top and progressively thickens.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Footwall quartzite:** Generally competent quartzite; supports much of the mine's infrastructure
 and comprises conglomerates, sandstones, and aquifer-hosting formations local weakness at
 lithological contacts.

The mining areas and geotechnical domains are presented in the following zones outlined in Table 13.3 and Table 13.4. Figure 13.2 shows the locations of the geotechnical domains in relation to mine infrastructure. These were assessed independently from available geotechnical mapping data to determine ground conditions and support requirements.

Figure 13.2 Plan view map of the Konkola Mine showing the geotechnical domains

![](ctm003_ex96-2img89.jpg)

Source: AMC, 2025.

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Table 13.3 KCM Shaft 3 summary of rock mass properties

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Area** | **Zone<br> (mW)** | **Rock mass <br> properties** | **Hangingwall<br> quartzite** | **Ore shale** | **Unit A** | **Footwall** | **Mining method** |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 2200 | RQD | 52 | 81.2 | 0 | 68 | Shallow dip (below 30°) uphole (panel) LHOS<br> Steep dip (above 45°) LHOS |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 2200 | RMR | 67.5 | 58 | 4 | 59 | Shallow dip (below 30°) uphole (panel) LHOS<br> Steep dip (above 45°) LHOS |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 2200 | Q | 13.6 | 5.0 | 0.02 | 5.6 | Shallow dip (below 30°) uphole (panel) LHOS<br> Steep dip (above 45°) LHOS |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 2200 | Q' |  |  |  |  | Shallow dip (below 30°) uphole (panel) LHOS<br> Steep dip (above 45°) LHOS |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 2200 | Intact rock strength (MPa) | >250 | >200 | 12.5 | >200 | Shallow dip (below 30°) uphole (panel) LHOS<br> Steep dip (above 45°) LHOS |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 2200 | Ground water | Flowing | Flowing | Flowing | Flowing | Shallow dip (below 30°) uphole (panel) LHOS<br> Steep dip (above 45°) LHOS |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 2200 | Stress state | Low | Low | Low | Low | Shallow dip (below 30°) uphole (panel) LHOS<br> Steep dip (above 45°) LHOS |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL |  | Rockmass characterisation | Good | Fair | Very poor | Fair |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1800 | RQD | 80 | 24 | 0 | 31 |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1800 | RMR | 60 | 57.5 | 4 | 50 |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1800 | Q | 6.20 | 4.80 | 0.02 | 2.12 |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1800 | Q' | 32.5 | 5.2 | 2.1 | 4.0 |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1800 | Intact rock strength (MPa) | >250 | >200 | 12.5 | >200 |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1800 | Ground water | Flowing | Flowing | Flowing | Flowing |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1800 | Stress state | Low | Low | Low | Low |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL |  | Rockmass characterisation | Fair | Fair | Poor | Poor |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1400 | RQD | 62 | 21 | 0 | 65 |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1400 | RMR | 67.5 | 60 | 4 | 50 |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1400 | Q | 13.9 | 6.2 | 0 | 2.1 |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1400 | Q' |  |  |  |  |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1400 | Intact rock strength (MPa) | >250 | >200 | 12.5 | >200 |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1400 | Ground water | Flowing | Flowing | Flowing | Flowing |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1400 | Stress state | Low | Low | Low | Low |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL |  | Rockmass characterisation | Good | Fair | Very poor | poor |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1000 | RQD | 72 | 43 | 0 | 60.5 |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1000 | RMR | 69 | 64 | 12 | 65.5 |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1000 | Q | 16.4 | 9.6 | 0 | 11.2 |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1000 | Q' | 11.5 | 2.7 | 0 | 3.8 - 10.6 |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1000 | Intact rock strength (MPa) | >250 | >200 | 12.5 | >200 |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1000 | Ground water | Flowing | wet | wet | wet |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1000 | Stress state | Low | Low | Low | Low |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL |  | Rockmass characterisation | Good | Fair | Very poor | Poor to good |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 600 | RQD | 61 | 43 | 0 | 51 |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 600 | RMR | 64.5 | 56 | 12 | 64 |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 600 | Q | 10.1 | 4 | 0 | 9.6 |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 600 | Q' | 8.4 | 2.3 | 0 | 3.2 – 8.4 |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 600 | Intact rock strength (MPa) | >250 | >200 | 12.5 | >200 |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 600 | Ground water | Flowing | Flowing | Flowing | Flowing |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 600 | Stress state | Low | Low | Low | Low |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL |  | Rockmass characterisation | Good | Fair | Very poor | Fair |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 200 | RQD | 61 | 43 | 0 | 51 |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 200 | RMR | 64.5 | 56 | 12 | 64 |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 200 | Q | 10.1 | 4 | 0 | 9.6 |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 200 | Q' |  |  |  |  |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 200 | Intact rock strength (MPa) | >250 | >200 | 12.5 | >200 |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 200 | Ground water | Flowing | Flowing | Flowing | Flowing |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 200 | Stress state | Low | Low | Low | Low |  |
| KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL |  | Rockmass characterisation | Good | Fair | Very poor | Fair |  |

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Area** | **Zone<br> (mW)** | **Rock mass <br> properties** | **Hangingwall<br> quartzite** | **Ore shale** | **Unit A** | **Footwall** | **Mining method** |
| KONKOLA EXTENSION<br> Average ore body dip is 30° | 3200 | RQD | 68 | 47.5 | 21 | 56 | Shallow dip (below 30°) Uphole (panel) LHOS |
| KONKOLA EXTENSION<br> Average ore body dip is 30° | 3200 | RMR | 67.5 | 56.5 | 5 | 64 | Shallow dip (below 30°) Uphole (panel) LHOS |
| KONKOLA EXTENSION<br> Average ore body dip is 30° | 3200 | Q | 13.9 | 4.3 | 0 | 9.6 | Shallow dip (below 30°) Uphole (panel) LHOS |
| KONKOLA EXTENSION<br> Average ore body dip is 30° | 3200 | Q' | 11.1 | 3.5 | 0 | 2.4 | Shallow dip (below 30°) Uphole (panel) LHOS |
| KONKOLA EXTENSION<br> Average ore body dip is 30° | 3200 | Intact rock strength (MPa) | >250 | >200 | 12.5 | >200 | Shallow dip (below 30°) Uphole (panel) LHOS |
| KONKOLA EXTENSION<br> Average ore body dip is 30° | 3200 | Ground water | Damp / wet | Damp | Damp | Damp | Shallow dip (below 30°) Uphole (panel) LHOS |
| KONKOLA EXTENSION<br> Average ore body dip is 30° | 3200 | Stress state | Moderate to high | Moderate to high | Moderate to high | Moderate to high | Shallow dip (below 30°) Uphole (panel) LHOS |
| KONKOLA EXTENSION<br> Average ore body dip is 30° |  | Rockmass characterisation | Good | Fair | Very poor | Fair |  |
| KONKOLA EXTENSION<br> Average ore body dip is 30° | 3600 | RQD | 86.5 | 66.5 | 0 | 72.5 |  |
| KONKOLA EXTENSION<br> Average ore body dip is 30° | 3600 | RMR | 60 | 57.5 | 7.5 | 54.5 |  |
| KONKOLA EXTENSION<br> Average ore body dip is 30° | 3600 | Q | 6.2 | 4.8 | 0 | 3.4 |  |
| KONKOLA EXTENSION<br> Average ore body dip is 30° | 3600 | Q' |  |  |  |  |  |
| KONKOLA EXTENSION<br> Average ore body dip is 30° | 3600 | Intact rock strength (MPa) | >250 | >200 | 12.5 | >200 |  |
| KONKOLA EXTENSION<br> Average ore body dip is 30° | 3600 | Ground water | Damp / wet | Damp | Damp | Damp |  |
| KONKOLA EXTENSION<br> Average ore body dip is 30° | 3600 | Stress state | Low | Low to moderate | Low | Low |  |
| KONKOLA EXTENSION<br> Average ore body dip is 30° |  | Rockmass characterisation | Fair | Fair | Very poor | Poor |  |
| KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 4200 | RQD | 62 | 73.2 | 0 | 63 | Shallow dip (below 30°) Uphole (panel) LHOS |
| KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 4200 | RMR | 60 | 60 | 9.5 | 62.5 | Shallow dip (below 30°) Uphole (panel) LHOS |
| KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 4200 | Q | 6.2 | 6.2 | 0 | 8.1 | Shallow dip (below 30°) Uphole (panel) LHOS |
| KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 4200 | Q' | 11.1 | 3.8 | 0 | 14.6 | Shallow dip (below 30°) Uphole (panel) LHOS |
| KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 4200 | Intact rock strength (MPa) | >250 | >200 | 12.5 | >200 | Shallow dip (below 30°) Uphole (panel) LHOS |
| KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 4200 | Ground water | Damp | Damp | Damp | Damp | Shallow dip (below 30°) Uphole (panel) LHOS |
| KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 4200 | Stress state | Low | Low | Low | Low | Shallow dip (below 30°) Uphole (panel) LHOS |
| KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) |  | Rockmass characterisation | Fair | Fair | Very poor | Fair |  |
| KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 4800 | RQD | 45 | 57 | 0.2 |  |  |
| KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 4800 | RMR | 59 | 53 | 9.5 | 62 |  |
| KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 4800 | Q | 5.6 | 2.9 | 0 | 7.7 |  |
| KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 4800 | Q' |  |  |  |  |  |
| KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 4800 | Intact rock strength (MPa) | >250 | >200 | 12.5 | >200 |  |
| KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 4800 | Ground water | Wet / flowing | wet | wet | Wet |  |
| KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 4800 | Stress state | Low to moderate | Low | Low | Low |  |
| KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) |  | Rockmass characterisation | Fair | Poor | Very poor | Fair |  |
| KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 2520 | RQD | 50 | 85.5 | 0 | 70 |  |
| KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 2520 | RMR | 53.5 | 47.5 | 12 | 64 |  |
| KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 2520 | Q | 3.1 | 1.6 | 0 | 9.6 |  |
| KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 2520 | Q' |  |  |  |  |  |
| KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 2520 | Intact rock strength (MPa) | >250 | >200 | 12.5 | >200 |  |
| KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 2520 | Ground water | Flowing | wet | wet | Wet |  |
| KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 2520 | Stress state | Low To moderate | Moderate to high | Moderate to high | Low to moderate |  |
| KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) |  | Rockmass characterisation | Poor | Poor | Very poor | Fair |  |

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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Table 13.4 KCM Shaft 4 summary of rock mass properties

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Area** | **Zone** | **Rock mass <br> properties** | **Hangingwall Q** | **Ore shale** | **Unit A** | **Footwall** | **Mining <br> method** |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,250 mN – 2,300 mN | RQD | 90 | 80 | 20 | 85 | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,250 mN – 2,300 mN | RMR | 69 | 55.5 | 17.5 | 63.5 | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,250 mN – 2,300 mN | Q | 16.4 | 3.8 | 0.1 | 9.1 | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,250 mN – 2,300 mN | Q' |  |  |  |  | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,250 mN – 2,300 mN | Intact rock strength (MPa) | 150 | 150 | 150 | 165 | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,250 mN – 2,300 mN | Joint Orientation | Unfavourable | Fair | Unfavourable | Unfavourable | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,250 mN – 2,300 mN | Ground water | Damp | Damp | Dry | Damp / wet / drip / flow | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,250 mN – 2,300 mN | Stress state | Medium | Medium | Medium | Medium | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,250 mN – 2,300 mN | Rockmass characterisation | Good | Poor | Very poor | Fair | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,300 mN – 2,330 mN | RQD | 90 | 80 | 20 | 85 | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,300 mN – 2,330 mN | RMR | 69 | 60 | 17.5 | 63.5 | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,300 mN – 2,330 mN | Q | 16.4 | 6.2 | 0.1 | 9.1 | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,300 mN – 2,330 mN | Q' |  |  |  |  | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,300 mN – 2,330 mN | Intact rock strength (MPa) | 150 | 150 | 150 | 165 | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,300 mN – 2,330 mN | Joint Orientation | Unfavourable | Fair | Unfavourable | Unfavourable | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,300 mN – 2,330 mN | Ground water | Damp / wet | Damp / wet | Dry | Damp / wet | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,300 mN – 2,330 mN | Stress state | Medium | Medium | Medium | Medium | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,300 mN – 2,330 mN | Rockmass characterisation | Good | Fair | Very poor | Fair | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,330 mN – 2,450 mN | RQD | 87 |  | 20 | 75 | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,330 mN – 2,450 mN | RMR | 76 | 59 | 17.5 | 63.5 | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,330 mN – 2,450 mN | Q | 34.8 | 5.6 | 0.1 | 9.1 | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,330 mN – 2,450 mN | Q' |  |  |  |  | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,330 mN – 2,450 mN | Intact rock strength (MPa) | 150 | 150 | 150 | 165 | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,330 mN – 2,450 mN | Joint Orientation | Very favorable | Fair | Unfavourable | Fair | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,330 mN – 2,450 mN | Ground water | Damp | Damp | Dry | Wet | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,330 mN – 2,450 mN | Stress state | Medium | Medium | Medium | Low to moderate | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,330 mN – 2,450 mN | Rockmass characterisation | Good | Fair | Very poor | Fair | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,450 mN – 2,650 mN | RQD | 70 | 60 | 10 | 65 | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,450 mN – 2,650 mN | RMR | 76 | 57.5 | 17.5 | 60 | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,450 mN – 2,650 mN | Q | 34.8 | 4.8 | 0.1 | 6.2 | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,450 mN – 2,650 mN | Q' |  |  |  |  | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,450 mN – 2,650 mN | Intact rock strength (MPa) | 150 | 150 | 150 | 150 | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,450 mN – 2,650 mN | Joint Orientation | Very favorable | Fair | Unfavourable | Fair | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,450 mN – 2,650 mN | Ground water | Damp | Dry | Dry | Wet | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,450 mN – 2,650 mN | Stress state | High | Medium | Medium | Low to moderate | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,450 mN – 2,650 mN | Rockmass characterisation | Good | Fair | Very poor | Fair | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,650 mN – Fault Zone | RQD | 70 | 60 | 10 | 65 | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,650 mN – Fault Zone | RMR | 62.5 | 35.5 | 12 | 56 | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,650 mN – Fault Zone | Q | 8.1 | 0.4 | 0 | 4 | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,650 mN – Fault Zone | Q' |  |  |  |  | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,650 mN – Fault Zone | Intact rock strength (MPa) | 150 | 100 | 2 | 129 | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,650 mN – Fault Zone | Joint Orientation | Unfavourable | Unfavourable | Very unfavourable |  | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,650 mN – Fault Zone | Ground water | Dry | Dry | Dry |  | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,650 mN – Fault Zone | Stress state | High | Medium | High |  | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,650 mN – Fault Zone | Rockmass characterisation | Fair | Very poor | Very poor | Fair | LHOS |

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Area** | **Zone** | **Rock mass <br> properties** | **Hangingwall Q** | **Ore shale** | **Unit A** | **Footwall** | **Mining <br> method** |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,870 mN – 2,050 mN | RQD | 100 | 100 | 0 | 100 | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,870 mN – 2,050 mN | RMR | 85 | 79 | 30 | 68 | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,870 mN – 2,050 mN | Q | 91.5 | 48 | 0.2 | 14.7 | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,870 mN – 2,050 mN | Q' |  |  |  |  | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,870 mN – 2,050 mN | Intact rock strength (MPa) | >200 | >200 | 100 | 175 | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,870 mN – 2,050 mN | Joint Orientation | Favorable | Very favorable | Very favorable | Fair / Unfavourable | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,870 mN – 2,050 mN | Ground water | Damp | Damp | Damp | Damp / wet / drip / flow | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,870 mN – 2,050 mN | Stress state | Medium | Medium | Medium | Medium | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,870 mN – 2,050 mN | Rockmass characterisation | Very good | Very good | Very poor | Good | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,050 mN – 2,150 mN | RQD | 87 | 90 | 0 |  | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,050 mN – 2,150 mN | RMR | 74.5 | 56 | 23 | 63 | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,050 mN – 2,150 mN | Q | 29.6 | 4 | 0.4 | 8.6 | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,050 mN – 2,150 mN | Q' |  |  |  |  | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,050 mN – 2,150 mN | Intact rock strength (MPa) | 150 | 100 | 0 | 150 | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,050 mN – 2,150 mN | Joint Orientation | Unfavourable | Fair / Very unfavourable | Fair | Unfavourable | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,050 mN – 2,150 mN | Ground water | Wet | Wet | Wet | Wet | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,050 mN – 2,150 mN | Stress state | Medium | High | Medium | Medium | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,050 mN – 2,150 mN | Rockmass characterisation | Good | Fair | Very poor | Fair | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,150 mN – 2,200 mN – Fault Zone | RQD | 100 | 82.5 | 0 | 100 | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,150 mN – 2,200 mN – Fault Zone | RMR | 67 | 55.5 | 16 |  | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,150 mN – 2,200 mN – Fault Zone | Q | 13.2 | 3.8 | 0.1 |  | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,150 mN – 2,200 mN – Fault Zone | Q' |  |  |  |  | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,150 mN – 2,200 mN – Fault Zone | Intact rock strength (MPa) | 150 | 87.5 | 0 | 125 | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,150 mN – 2,200 mN – Fault Zone | Joint Orientation | Fair | Fair / Very unfavourable | Very unfavourable | Fair | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,150 mN – 2,200 mN – Fault Zone | Ground water | Wet | Damp / wet | Damp | Flowing | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,150 mN – 2,200 mN – Fault Zone | Stress state | High | High | Low | Medium | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,150 mN – 2,200 mN – Fault Zone | Rockmass characterisation | Good | Poor | Very poor |  | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,200 mN – 2,250 mN | RQD | 100 | 100 | 10 | 70 | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,200 mN – 2,250 mN | RMR | 67 | 61 | 17.5 | 63 | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,200 mN – 2,250 mN | Q | 13.2 | 6.9 | 0.1 | 8.6 | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,200 mN – 2,250 mN | Q' |  | 19 |  |  | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,200 mN – 2,250 mN | Intact rock strength (MPa) | 150 | >200 | 150 | 100 | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,200 mN – 2,250 mN | Joint Orientation | Fair | Unfavourable | Very unfavourable | Unfavourable | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,200 mN – 2,250 mN | Ground water | Wet | Wet | Damp / wet | Damp / wet / drip / flow | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,200 mN – 2,250 mN | Stress state | High | High | Low | Medium | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,200 mN – 2,250 mN | Rockmass characterisation | Good | Fair | Very poor | Fair | LHOS |

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Area** | **Zone** | **Rock mass <br> properties** | **Hangingwall Q** | **Ore shale** | **Unit A** | **Footwall** | **Mining <br> method** |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,500 mN – 1,600 mN | RQD |  |  |  |  | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,500 mN – 1,600 mN | RMR | 66.5 | 65.5 | 23.5 | 61.5 | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,500 mN – 1,600 mN | Q | 12.5 | 11.2 | 0.1 | 7.3 | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,500 mN – 1,600 mN | Q' |  | >424 |  |  | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,500 mN – 1,600 mN | Intact rock strength (MPa) | 200 | 150 | 3 | 143 | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,500 mN – 1,600 mN | Joint Orientation | Unfavourable | Very unfavourable | Very unfavourable |  | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,500 mN – 1,600 mN | Ground water | Dry | Dry | Dry | Wet | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,500 mN – 1,600 mN | Stress state | High | High | Low | Low to moderate | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,500 mN – 1,600 mN | Rockmass characterisation | Good | Good | Very poor | Fair | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,600 mN – 1,700 mN | RQD | 90 | 100 | 0 | 100 | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,600 mN – 1,700 mN | RMR | 74 | 79 | 30 | 68 | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,600 mN – 1,700 mN | Q | 28 | 48 | 0.2 | 14.7 | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,600 mN – 1,700 mN | Q' |  |  |  |  | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,600 mN – 1,700 mN | Intact rock strength (MPa) | >200 | >200 | 100 | 175 | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,600 mN – 1,700 mN | Joint Orientation | Favorable | Very favorable | Very unfavourable | Fair / Unfavourable | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,600 mN – 1,700 mN | Ground water | Damp | Damp | Damp | Damp / wet / drip / flow | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,600 mN – 1,700 mN | Stress state | Medium | Medium | Medium | Medium | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,600 mN – 1,700 mN | Rockmass characterisation | Good | Very good | Very poor | Good | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,700 mN – 1,800 mN | RQD | 90 | 100 | 0 | 100 | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,700 mN – 1,800 mN | RMR | 74 | 79 | 30 | 68 | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,700 mN – 1,800 mN | Q | 28 | 48 | 0.2 | 14.7 | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,700 mN – 1,800 mN | Q' |  |  |  |  | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,700 mN – 1,800 mN | Intact rock strength (MPa) | >200 | >200 | 100 | 175 | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,700 mN – 1,800 mN | Joint Orientation | Favorable | Very favorable | Very unfavourable | Fair / Unfavourable | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,700 mN – 1,800 mN | Ground water | Damp | Damp | Damp | Damp / wet / drip / flow | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,700 mN – 1,800 mN | Stress state | Medium | Medium | Medium | Medium | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,700 mN – 1,800 mN | Rockmass characterisation | Good | Very good | Very poor | Good | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,800 mN – 1,870 mN | RQD | 90 | 100 | 0 | 100 | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,800 mN – 1,870 mN | RMR | 74 | 79 | 30 | 68 | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,800 mN – 1,870 mN | Q | 28 | 48 | 0.2 | 14.7 | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,800 mN – 1,870 mN | Q' |  |  |  |  | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,800 mN – 1,870 mN | Intact rock strength (MPa) | >200 | >200 | 100 | 175 | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,800 mN – 1,870 mN | Joint Orientation | Favorable | Very favorable | Very unfavourable | Fair / unfavourable | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,800 mN – 1,870 mN | Ground water | Damp | Damp | Damp | Damp / wet / drip / flow | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,800 mN – 1,870 mN | Stress state | Medium | Medium | Medium | Medium | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,800 mN – 1,870 mN | Rockmass characterisation | Good | Very good | Very poor | Good | LHOS |

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amcconsultants.com 122

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Area** | **Zone** | **Rock mass <br> properties** | **Hangingwall Q** | **Ore shale** | **Unit A** | **Footwall** | **Mining <br> method** |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,640 mN – Fault zone | RQD | 70 | 80 | 12.5 | 80 | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,640 mN – Fault zone | RMR | 62.5 | 35.5 | 12 | 56 | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,640 mN – Fault zone | Q | 8.1 | 0.4 | 0 | 4 | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,640 mN – Fault zone | Q' |  |  | 0 |  | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,640 mN – Fault zone | Intact rock strength (MPa) | 150 | 150 | 2 | 129 | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,640 mN – Fault zone | Joint Orientation | Unfavourable | Unfavourable | Unfavourable | Fair | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,640 mN – Fault zone | Ground water | Dry | Dry | Dry | Wet | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,640 mN – Fault zone | Stress state | High | High | High | Medium | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,640 mN – Fault zone | Rockmass characterisation | Fair | Very poor | Very poor | Fair | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,640 mN – 2,700 mN | RQD | 69.5 | 66 | 0 | 75 | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,640 mN – 2,700 mN | RMR | 73 | 66.5 | 24 | 56 | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,640 mN – 2,700 mN | Q | 25 | 12.5 | 0.1 | 4 | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,640 mN – 2,700 mN | Q' |  |  |  |  | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,640 mN – 2,700 mN | Intact rock strength (MPa) | 220 | 200 | 2 | 150 | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,640 mN – 2,700 mN | Joint Orientation | Fair | Very unfavourable |  | Unfavourable | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,640 mN – 2,700 mN | Ground water | Dry | Dry | Dry | Dry | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,640 mN – 2,700 mN | Stress state |  | Medium / High | High | Medium | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,640 mN – 2,700 mN | Rockmass characterisation | Good | Good | Very poor | Fair | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,700 mN – 2,800 mN | RQD | 69.5 | 85 |  |  | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,700 mN – 2,800 mN | RMR | 73 | 6.5 | 24 | 50 | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,700 mN – 2,800 mN | Q | 25 | 6.5 | 0.1 | 2 | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,700 mN – 2,800 mN | Q' |  |  |  |  | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,700 mN – 2,800 mN | Intact rock strength (MPa) | 220 | 150 | 2 | 175 | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,700 mN – 2,800 mN | Joint Orientation | Fair | Fair / Unfavorable | Unfavorable | Unfavorable | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,700 mN – 2,800 mN | Ground water | Dry | Dry | Dry | Dry | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,700 mN – 2,800 mN | Stress state | Medium | Medium | Medium | Medium | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,700 mN – 2,800 mN | Rockmass characterisation | Good | Fair | Very poor | Poor | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,800 mN – 2,900 mN | RQD | 90 | 85 | 0 | 70 | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,800 mN – 2,900 mN | RMR | 63 | 58 | 24 | 60 | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,800 mN – 2,900 mN | Q | 8.6 | 5 | 0.1 | 6 | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,800 mN – 2,900 mN | Q' |  |  |  |  | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,800 mN – 2,900 mN | Intact rock strength (Mpa) | 150 |  | 2 | 150 | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,800 mN – 2,900 mN | Joint Orientation | Unfavorable | Unfavorable | Unfavorable | Unfavorable | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,800 mN – 2,900 mN | Ground water | Dry / damp | Dry | Dry | Dry | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,800 mN – 2,900 mN | Stress state | Medium | Medium | Medium | Medium | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,800 mN – 2,900 mN | Rockmass characterisation | Fair | Fair | Very poor | Fair | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,900 mN – 3,000 mN | RQD | 90 | 82.5 | 0 | 82.5 | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,900 mN – 3,000 mN | RMR | 63 | 64.5 | 24 | 58 | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,900 mN – 3,000 mN | Q | 8.6 | 10 | 0.1 | 5 | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,900 mN – 3,000 mN | Q' |  |  |  |  | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,900 mN – 3,000 mN | Intact rock strength (Mpa) | 150 | 150 | 2 | 160 | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,900 mN – 3,000 mN | Joint Orientation | Unfavorable | Unfavorable | Very unfavorable | Unfavorable | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,900 mN – 3,000 mN | Ground water | Dry / Damp | Dry | Dry | Dry | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,900 mN – 3,000 mN | Stress state | Medium | Medium | Medium | Medium | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,900 mN – 3,000 mN | Rockmass characterisation | Fair | Fair | Very poor | Fair | LHOS |
| BANCROFT CENTRAL (920 mN and 1,220 mN)<br> Average orebody dip is 61° | 700 mN – 1,100 mN | RQD | 25 |  |  |  | LHOS |
| BANCROFT CENTRAL (920 mN and 1,220 mN)<br> Average orebody dip is 61° | 700 mN – 1,100 mN | RMR | 59.5 | 56 | 28 | 68 | LHOS |
| BANCROFT CENTRAL (920 mN and 1,220 mN)<br> Average orebody dip is 61° | 700 mN – 1,100 mN | Q | 5.9 | 4 | 0.2 | 14.7 | LHOS |
| BANCROFT CENTRAL (920 mN and 1,220 mN)<br> Average orebody dip is 61° | 700 mN – 1,100 mN | Q' |  |  |  |  | LHOS |
| BANCROFT CENTRAL (920 mN and 1,220 mN)<br> Average orebody dip is 61° | 700 mN – 1,100 mN | Intact rock strength (Mpa) | 150 | 150 | 2.5 | >200 | LHOS |
| BANCROFT CENTRAL (920 mN and 1,220 mN)<br> Average orebody dip is 61° | 700 mN – 1,100 mN | Joint Orientation | Fair / unfavorable | Fair / unfavorable | Very unfavorable | Unfavorable | LHOS |
| BANCROFT CENTRAL (920 mN and 1,220 mN)<br> Average orebody dip is 61° | 700 mN – 1,100 mN | Ground water | Dry / damp | Damp / wet | Dry | Wet | LHOS |
| BANCROFT CENTRAL (920 mN and 1,220 mN)<br> Average orebody dip is 61° | 700 mN – 1,100 mN | Stress state | High | High | Low | Medium | LHOS |
| BANCROFT CENTRAL (920 mN and 1,220 mN)<br> Average orebody dip is 61° | 700 mN – 1,100 mN | Rockmass characterisation | Fair | Fair | Very poor | Good | LHOS |
| BANCROFT CENTRAL (920 mN and 1,220 mN)<br> Average orebody dip is 61° | 1,100 mN – 1,500 mN | RQD | 78 | 100 | 35 |  | LHOS |
| BANCROFT CENTRAL (920 mN and 1,220 mN)<br> Average orebody dip is 61° | 1,100 mN – 1,500 mN | RMR | 66.5 | 65.5 | 28.5 | 61.5 | LHOS |
| BANCROFT CENTRAL (920 mN and 1,220 mN)<br> Average orebody dip is 61° | 1,100 mN – 1,500 mN | Q | 12.5 | 11.2 | 0.2 | 7.3 | LHOS |
| BANCROFT CENTRAL (920 mN and 1,220 mN)<br> Average orebody dip is 61° | 1,100 mN – 1,500 mN | Q' |  | >424 |  |  | LHOS |
| BANCROFT CENTRAL (920 mN and 1,220 mN)<br> Average orebody dip is 61° | 1,100 mN – 1,500 mN | Intact rock strength (Mpa) | 200 | 150 | 3 | 193 | LHOS |
| BANCROFT CENTRAL (920 mN and 1,220 mN)<br> Average orebody dip is 61° | 1,100 mN – 1,500 mN | Joint Orientation | Unfavorable | Very unfavorable | Very unfavorable | Unfavorable | LHOS |
| BANCROFT CENTRAL (920 mN and 1,220 mN)<br> Average orebody dip is 61° | 1,100 mN – 1,500 mN | Ground water | Dry | Dry | Dry | Dry | LHOS |
| BANCROFT CENTRAL (920 mN and 1,220 mN)<br> Average orebody dip is 61° | 1,100 mN – 1,500 mN | Stress state | High | High | Low | Low to moderate | LHOS |
| BANCROFT CENTRAL (920 mN and 1,220 mN)<br> Average orebody dip is 61° | 1,100 mN – 1,500 mN | Rockmass characterisation | Good | Good | Very poor | Fair | LHOS |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Area** | **Zone** | **Rock mass <br> properties** | **Hangingwall Q** | **Ore shale** | **Unit A** | **Footwall** | **Mining <br> method** |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 500 mN – 700 mN | RQD | 85 | 100 | 35 | 90 | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 500 mN – 700 mN | RMR | 52.5 | 65.5 | 23.5 | 56 | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 500 mN – 700 mN | Q | 2.8 | 11 | 0.1 | 4 | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 500 mN – 700 mN | Q' |  |  |  |  | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 500 mN – 700 mN | Intact rock strength (Mpa) | 150 | 150 | 3 | 152 | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 500 mN – 700 mN | Joint Orientation | Fair / Unfavorable | Very unfavorable | Very unfavorable | Unfavorable | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 500 mN – 700 mN | Ground water | Dry / Damp | Dry | Dry | Dry | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 500 mN – 700 mN | Stress state | High | High | Low | Medium | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 500 mN – 700 mN | Rockmass characterisation | Poor | Good | Very poor | Fair | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mN – 500 mN | RQD | 85 | 80 | 38 | 80 | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mN – 500 mN | RMR | 85 | 74.5 | 39 | 69.5 | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mN – 500 mN | Q | 91.5 | 29.6 | 0.7 | 17.3 | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mN – 500 mN | Q' |  |  |  |  | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mN – 500 mN | Intact rock strength (Mpa) | >200 | >250 | 50 | 200 | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mN – 500 mN | Joint Orientation | Very unfavorable | Very unfavorable | Very unfavorable | Very unfavorable | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mN – 500 mN | Ground water | Dry | Dry | Dry | Dry | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mN – 500 mN | Stress state | Very high (seismicity) | Very high (seismicity) | Very high (seismicity) | Very high (seismicity) | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mN – 500 mN | Rockmass characterisation | Very good | Good | Very poor | Good | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mS – 200 mN | RQD | 100 | 85 | 33 | 80 | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mS – 200 mN | RMR | 57.5 | 41 | 7 | 69 | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mS – 200 mN | Q | 4.8 | 0.8 | 0.02 | 16.4 | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mS – 200 mN | Q' |  |  |  |  | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mS – 200 mN | Intact rock strength (Mpa) | 200 | 40-150 | 5 | 150 | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mS – 200 mN | Joint Orientation | Unfavorable | Unfavorable | Unfavorable | Unfavorable | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mS – 200 mN | Ground water | Wet | Wet | Wet | Wet | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mS – 200 mN | Stress state | Medium | Medium | Medium | Medium | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mS – 200 mN | Rockmass characterisation | Fair | Very poor | Very poor | Good | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mS – 600 mS | RQD | 24 | 65 | 33 | 57.5 | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mS – 600 mS | RMR | 67 | 66 | 7 | 52 | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mS – 600 mS | Q | 13.2 | 11.9 | 0.02 | 2.6 | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mS – 600 mS | Q' |  |  |  |  | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mS – 600 mS | Intact rock strength (Mpa) | 150 | 150 | 5 | 150 | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mS – 600 mS | Joint Orientation | Unfavorable | Unfavorable | Unfavorable | Unfavorable | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mS – 600 mS | Ground water | Wet | Wet | Wet | Wet | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mS – 600 mS | Stress state | Low | High | Medium | Medium | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mS – 600 mS | Rockmass characterisation | Good | Good | Very poor | Poor | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 600 mS – 1,000 mS | RQD | 60 | 70 | 12.5 | 60 | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 600 mS – 1,000 mS | RMR | 65 | 47 | 3.5 | 45 | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 600 mS – 1,000 mS | Q | 10.7 | 1.5 | 0.01 | 1.2 | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 600 mS – 1,000 mS | Q' |  |  |  |  | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 600 mS – 1,000 mS | Intact rock strength (Mpa) | 150 | 100 | 0 - 5 | 130 | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 600 mS – 1,000 mS | Joint Orientation | Unfavorable | Unfavorable | Unfavorable | Unfavorable | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 600 mS – 1,000 mS | Ground water | Wet | Wet | Wet | Wet | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 600 mS – 1,000 mS | Stress state | Medium | Medium | Low | Medium | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 600 mS – 1,000 mS | Rockmass characterisation | Good | Poor | Very poor | Poor | LHOS |

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**13.3.3** **Structural geology** 

The structural framework of Konkola Underground is influenced by major regional faults, a fault series local to the mine working, and the associated minor structural features, including bedding planes and joint sets. These structures influence rock mass behaviour, stress redistribution, and excavation stability. Stress and strain numerical modelling analyses conducted by AMC, 2025 indicate that some relaxation and overbreak could be expected in locations intersected by faults.

Fault intersections with development and stopes lead to localised rock mass damage that might require heavier ground support for development or allowance for increased dilution for any affected stopes. Furthermore, experience at other projects indicates that the interactions between faults and stope excavations needs to be carefully considered in the mine plan and extraction sequence. Avoiding contemporaneous stope extraction on major structures and careful adherence to the sequence is advised as stoping progresses.

**13.3.4** **Geotechnical considerations for mining** 

Geotechnical considerations for mining include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Stope
 stability and design: Stope stability was assessed using the empirical modified stability
 graph method (Potvin, 1988; Villaescusa, 2014), supported by the Q' system and stability
 modifiers for stress, jointing, and gravity. Stope designs were developed for varying orebody
 dips (25°, 55°, 70°), with analysis indicating generally stable conditions across
 most areas. Crown and hangingwall stability are improved with paste backfill, particularly
 in flatter-dipping zones controlled by the hangingwall span and strike length. Tactical pillar
 placement may be required near major structures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Stopes are to
be mined and backfilled sequentially, forming sill pillars where required. Site-specific reassessment is recommended during short-term
planning using updated structural and mapping data. Cable bolt support will be required in zones of variable ground or low dip.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Stope
 dilution estimation: Dilution was evaluated using the ELOS method (Clark & Pakalnis,
 1997). In fair ground, ELOS estimates are low, typically 0.5–1.0 m. Increased overbreak
 may occur in the Extension and Bancroft North areas, or where stopes intersect major structures.
 Drill and blast designs should be adjusted to limit overbreak near persistent structures.
 In flatter dipping areas stope support is likely to be required in the hangingwall to enable
 mineable stope strike lengths.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Infrastructure
 placement: Major infrastructure, including declines, should be placed in competent footwall
 quartzite, maintaining a standoff of at least 20 m from major faults. Alignment should minimise
 intersections with faults or aquifers. Raise bore assessments are recommended for ore passes
 and shafts in jointed or near-surface ground.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Crown
 pillar and subsidence risk: Crown pillar designs consider dynamic loading, structural influence,
 and blasting effects. Ongoing monitoring and review of open stopes and paste backfill are
 advised to maintain stability.

Historic shallow mining has resulted in surface subsidence. KCM manages these risks through its Subsidence and Sinkhole Management Plan (2022), aligned with Zambian regulations. AMC recommends satellite-based monitoring for regional subsidence linked to dewatering.

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**13.3.5** **Ground support and numerical modelling** 

Ground support requirements at Konkola were assessed using the Q-system and wedge analysis methods. Indicative support designs were developed for decline, level access, and ore drive dimensions under varying ground conditions. The assessment confirmed that current support standards are broadly appropriate, though cable bolting is required in areas of poor ground quality, especially where fault zones or weak units such as Unit A are encountered.

Unwedge modelling identified structurally controlled wedge failures as a potential hazard in certain development orientations. Intersection stability can be achieved with double-strand cable bolts, though high-stress areas and wide spans may require increased support or intersection redesign. Avoiding 4-way intersections at depth is advised to reduce instability risks.

Numerical modelling using FLAC3D was completed for both shallow and steeply dipping stoping zones. Results highlight stress relaxation and strain concentration around stope walls, with hangingwall displacement reaching up to 0.5 m in some areas. Plastic strain thresholds indicate that localised ground damage may occur near faults and in deeper zones, particularly where stopes or development intersect major structures.

Stress redistribution is more pronounced in poor ground conditions, and numerical models indicate that hangingwall instability risks increase with depth. Modelling of multiple mining options shows that designs incorporating regional or central pillars offer improved stability, with central pillars performing best overall.

AMC recommends:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Ongoing
 geotechnical inspections in areas approaching plastic strain thresholds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Calibration
 of models using CMS and stope performance data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Consideration
 of backfilling or sill pillars in critical zones.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Optimisation
 of drilling and blasting practices to reduce overbreak.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Implementation
 of a site monitoring program to track displacement and ground response.

**13.4** **Hydrogeology** 

The hydrogeological conditions across the KCM assets vary significantly, directly impacting dewatering strategies, groundwater inflows, and overall water management. These variations are primarily controlled by structural features, lithological permeability, and the presence of major fault and fracture networks. Regional fault systems and lithological interfaces act as primary groundwater conduits, influencing the connectivity between aquifers and mine workings. As a result, groundwater inflow rates differ across mining zones, necessitating tailored dewatering solutions.

The geological setting of the operation consists of a sequence of sedimentary and metamorphic units with varying degrees of permeability and water-bearing capacity. Structural deformation has further influenced hydrogeological conditions by creating preferential groundwater flow paths, particularly in fault zones and fractured lithologies. Understanding the hydrogeological characteristics of each unit is crucial for optimizing dewatering efforts and minimizing operational risks associated with excess water ingress.

**13.4.1** **Hydrogeology - Konkola Mine** 

The hydrogeological regime at the Konkola Mine is characterised by fractured, permeable fault zones within schists and dolomites that require extensive dewatering. Less permeable lithologies such as quartzites and shales act as hydraulic barriers. Substantial historical inflows have necessitated a robust pumping system to maintain safe and efficient operations.

**13.4.2** **Aquifer parameters and testing** 

The following hydrogeological testing and monitoring has been established at Konkola:

Piezometer installation: Monitoring wells established to measure groundwater levels and flow rates.

Pump testing: Conducted to determine aquifer permeability, hydraulic conductivity, and inflow rates into mine workings. Test well DW01, drilled into the Chingola dolomite, demonstrates high hydraulic conductivity with minimal drawdown under current pumping conditions (~1,800 m³/day).

Water quality assessments: Routine sampling of mine water to monitor contamination risks and compliance with environmental standards.

Dewatering at Konkola has been on-going since the 1950s. As such, the operational data collected over more than 70 years of pumping is preferable to theoretical pump testing. Similar to most hard rock mine sites, groundwater flow is controlled by barriers (lithological contacts and structures) and conduits (cave cracks, old exploration drill holes, natural fracture zones) rather than the local-scale properties (K, T, S) of the geological formations.

The best way to assess the bulk-scale aquifer properties is to adjust the inputs to the groundwater model, which was done as part of the work in 2014. The model used 387 surface borehole records, more than 8,500 groundwater level measurements, many of which were related to underground drain hole records, flume flow records, and pumping records from all pump stations. Pumping tests were done in similar formations at a nearby site in 2001. The properties from the pumping tests were used as initial inputs to the 2014 model and were subsequently adjusted during model calibration. Hydraulic conductivity (K) values ranged from 0.7 m/d to 3 m/d. Storativity (S) values ranged from 5x10-4 to 3x10-6.

There is currently no basis to adjust the aquifer properties that were used in the 2014 calibrated groundwater model. The only recent data is: (i) flow rates measured at the pumping stations, (ii) flow rates measured in underground drainage holes, and (iii) shut in pressures measured in underground drainage holes. All these data have been used as part of the on-going dewatering assessment. Sealed vibrating wire piezometers have been proposed as part of the hydrogeology studies going forward. In the current database, the drill holes (controlled water) only account of about 35% of the inflow, but they do show that sustained flows can be retained on the higher mine levels.

**13.4.3** **Dewatering volumes and rates** 

Groundwater inflows average ~350,000 m³/day, with inflows concentrated at levels 720L and 950L. Most discharge is pumped via VS1F (60%) and VS1B (30%) shafts using three main pump stations at 985L, 690L, and 370L. Future inflows are projected to increase moderately with depth. Estimated annual power costs for dewatering are ~US$95 million (M).

**13.4.4** **Chingola dolomite** 

The Chingola dolomite is a regionally connected aquifer with a flat-water table at ~500L. Subsidence-related cracks tap into this aquifer, providing recharge to the mine. The Mwashia shale acts as a semi-confining layer.

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Figure 13.3 Cross section showing the interconnected nature of the Chingola dolomite (light blue) between KCM (right) and Lubambe (left)

![](ctm003_ex96-2img29.jpg)

Source: AMC, 2025.

13.4.5 Recharge

Recharge is driven primarily by rainfall, with 50–75% of mine water originating from surface infiltration and 25–50% from recirculation. Estimated recharge is ~200–300 mm/year across a 250 km² area. InSAR shows infiltration across the subsidence zone.

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Figure 13.4 Subsidence area shown on InSAR ascending image

![](ctm003_ex96-2img30.jpg)

Source: AMC, 2025.

13.4.6 Dewatering system
 and boreholes

Dewatering relies on a combination of crosscut and drainage hole systems targeting both the footwall and hangingwall aquifers. Crosscuts are spaced approximately every 500 m along strike and provide access for installation of drainage holes, which are drilled upward into the hangingwall and downward into the footwall.

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A future drilling program aims to deliver ~48,000 m/year of drill length to support sustained depressurisation of the host rock. This approach will be critical to achieving pressure reductions ahead of production development and minimizing water ingress into the mine workings. Drilling infrastructure is expected to include ~12 drainage holes per crosscut, with hole lengths typically between 200 to 350 m.

Test well DW01, drilled into the Chingola dolomite, demonstrates high hydraulic conductivity with minimal drawdown under current pumping conditions (~1,800 m³/day). The low drawdown confirms regional interconnectivity of the dolomite and reinforces its role as the principal groundwater contributor to the mine system.

13.4.7 Water Balance
 and groundwater model status

A numerical groundwater flow model is under development to predict future dewatering requirements and optimise water management strategies. Pending completion of this model, the following conceptual water balance is noted:

· Total
 average inflow: ~350,000 m³/day (current conditions, mining above 950 mL).

· Sources:
 Chingola dolomite (principal contributor), surface infiltration via subsidence cracks, fault-conduit
 recharge.

· Short-term
 mining (Years 1–7): Focused on currently dewatered zones (Konkola East, Konkola Flats,
 Konkola Extension) where inflows are better understood and controlled.

· Longer-term:
 Production from deeper zones (Bancroft sector) contingent on commissioning of the 1390 mL
 pump station. Short-term inflow spikes projected to exceed 450,000 m³/day as mine development
 progresses along the full 12 km strike.

The conceptual water balance diagram shown below is based on the most recent data from site. The dominant source in the water balance is the regional dolomite. The pump station capacities are shown in Figure 13.9.

Figure 13.5 Conceptual water balance

![](ctm003_ex96-2img88.jpg)

The previous numerical model showed that a high proportion of the water can be captured on the 950L or above. The available monitoring data supports the model. The inflow data indicates it should be possible to retain about 40% of the inflow on the 950L, particularly if there is an increased density of future drainage holes. A plan has been prepared to update the 2014 numerical model. The flow rates in Table 13.5 have been predicted based on judgement following review of both the 2014 model and the most recent monitoring data from the drainage holes.

Table 13.5 Summary of water capture extrapolated over time

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|  | **Year 1** | **Year 2** | **Year 3** | **Year 4** | **Year 3** | **Year 6** | **Year 7** | **Year 10** | **Year 20** | **Year 30** |
| Total dewatering rate | 380000 | 400000 | 420000 | 420000 | 430000 | 420000 | 410000 | 430000 | 410000 | 410000 |
| Water that can be managed on 970L | 380000 | 400000 | 420000 | 420000 | 430000 | 420000 | 410000 | 240000 | 170000 | 170000 |
| Water to be managed on 1150L |  |  |  |  |  |  |  | 190000 | 190000 | 90000 |
| Water to be managed on 1350L |  |  |  |  |  |  |  |  | 50000 | 150000 |

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Notes: Flow rates in m3/day, assumes no major ground collapse rapid subsidence, assumes no improvement in surface infrastructure, based on preliminary mine planning assumptions.

13.4.8 Water quality

The overall discharge water quality shows near-neutral pH, and major ions within target limits for both HWA and FWA. TSFs water has alkaline pH and elevated nitrate and chloride (beneficial to maintain separation of water pumped from UG from TSFs water). Total suspended solids (TSS) are the key challenge, along with potential copper and zinc levels which occasionally exceed guideline limits of 100 mg/liter.

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13.4.9 Mine schedule
 and dewatering plan

Short-term mining (next 5 – 7 years), activities will focus on the currently dewatered zones of Konkola East, Konkola Flats, and Konkola Extension, where groundwater inflows are better understood and controlled. This allows mining to progress without requiring major new infrastructure in the immediate term. Figure 13.6 shows the currently inferred phreatic surface based on measurements from the available shut in holes. A pressure head of about 150 m (200 psi) can be inferred for the 720L.

In the longer term, production from deeper zones, particularly the Bancroft sector, will be contingent on the timely development of the 1390L pump station and associated dewatering infrastructure. This pump station is essential for enabling mining below 950L and unlocking deeper reserves.

Dewatering efforts must be synchronised with the mine schedule to avoid production delays and to ensure safe working conditions. As mine development progresses along the full 12 km strike of the orebody, inflows are expected to fluctuate, with short-term spikes projected to exceed 450,000 m³/day. Additional pumping capacity and infrastructure upgrades will be critical to maintaining production continuity and managing inflow variability.

Figure 13.6 Currently inferred phreatic surface based on measurements from shut in holes

![](ctm003_ex96-2img31.jpg)

Source: AMC, 2025.

Figure 13.7 and Figure 13.8 show the planned dewatering crosscuts located every 500 m strike length. In total, there will be about 15 dewatering crosscuts per level. Given that the main constraint on ore production has historically been slow footwall development because of water, a more systematic dewatering hole drilling plan will be required. This is currently expected to be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Crosscuts
 driven from the dewatering level towards the ore shale every 500 m spacing along strike to
 provide drilling access for advanced dewatering holes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Drill
 stations will be about 100 m into each crosscut.

a The goal is:

i To depressurise the crosscuts through the footwall in advance of the face.

ii To dewater the production development and workings in the ore shale. Given the wider spacing of the footwall dewatering crosscuts, lateral holes will also be required between the crosscuts.

b Most holes can be drilled at less than 45° (upward), but some holes will need to be drilled at steeper angles due to the dip of the orebody and the need to get the higher holes.

c For each crosscut, the budget should be about 4,000 m of drilling for the array of holes from the drill stations and any cover holes that may be required in advance of the crosscut.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 crosscuts will be terminated about 20 m short of the ore shale (i.e. they don't go
 into the hangingwall). A total of 12 drainage holes into the hangingwall is currently assumed:
 three at 45° up, six at 20° up, and three flat, for a total of 4,000 m of drilling
 into the hangingwall. The holes would go 5-10 m past the HWA and would terminate within the
 Shale with Grit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Drilling
 will be carried out at a nominal diameter of 125 mm using LM110 drills (or similar). Most
 hole lengths would be between 200 and 350 m. Planning should currently assume a total of
 about 48,000 m per year drilling (based on six crosscuts being advanced per year), so a minimum
 of three dewatering drills will be required.

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Figure 13.7 Rotated section showing the planned footwall dewatering drilling

![](ctm003_ex96-2img32.jpg)

Source: AMC, 2025.

13.4.10 Future dewatering
 rates

Planned depressurisation using crosscut-based drainage holes will enable 30-50 m pressure reduction in ~6 months with localised inflows of 45,000-60,000 m³/day. Long-term capacity must exceed current system (~360,000 m³/day), aiming for 500,000 m³/day. Current estimated inflow rates are shown on Table 13.6.

Table 13.6 Indicative future mine inflow rates for the next 7-year mine plan

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year 1** | **Year 2** | **Year 3** | **Year 4** | **Year 5** | **Year 6** | **Year 7** |
| Konkola East 720L | 150000 | 170000 | 140000 | 100000 | 70000 | 60000 | 50000 |
| Konkola East 800L | 40000 | 30000 | 30000 | 40000 | 60000 | 30000 | 20000 |
| Konkola East 870L |  |  | 30000 | 30000 | 50000 | 50000 | 60000 |
| Konkola Flats 720L | 35000 | 45000 | 55000 | 50000 | 20000 | 20000 | 10000 |
| Konkola Flats 800L |  |  | 10000 | 30000 | 40000 | 50000 | 40000 |
| Konkola Flats 870L |  |  |  | 20000 | 40000 | 40000 | 60000 |
| Konkola Extension 720L | 60000 | 60000 | 40000 | 20000 | 20000 | 20000 | 10000 |
| Konkola Extension 800L |  |  | 20000 | 40000 | 40000 | 40000 | 30000 |
| Konkola Extension 870L | - | - | - | 10000 | 20000 | 40000 | 50000 |
| **Total 970L and below** | **95000** | **95000** | **95000** | **80000** | **70000** | **70000** | **90000** |
| **Total dewatering rate** | **380000** | **400000** | **420000** | **420000** | **430000** | **420000** | **410000** |

---

Notes: Flow rates in m<sup>3</sup>/day. Assumes no major ground collapse or rapid subsidence.

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13.4.11 Pumping infrastructure
 – Konkola Mine

The current pumping infrastructure consists of staged systems at 370L, 690L, and 950L, with most inflows handled via VS1F and VS1B shafts. The 950L station is presently the deepest in operation. However, mining below this level, particularly in the Bancroft sector, requires the development of a new pump station at 1390L, along with new drainage drives at 1150L and 1350L, to provide the necessary dewatering capacity and operational redundancy.

Upgrades to the existing systems at 690L and 370L are required to increase the pumping rate beyond the current ~360,000 m³/day limit. Planned enhancements include additional pump columns, expansion of settlers and sumps, and optimisation of water handling networks. The target capacity is at least 450,000-500,000 m³/day to accommodate projected peak inflows and ensure resilience during high-water events or power disruptions.

Energy-efficient technologies such as variable frequency drives (VFDs) and automated pump control systems are recommended to reduce operating costs and improve performance. Redundant power supply systems, including diesel generators and ring-fed power lines, are also essential to mitigate the risks associated with load shedding and grid failure.

Emergency infrastructure includes a combination of control valves on dewatering boreholes, penstock valves, surge barriers, flood control doors, and temporary storage in haulage and drainage drives. These systems are critical for responding to short-term pump failures and allow the mine to manage water until backup systems are operational.

Figure 13.8 Konkola Mine dewatered, developed, and mined

![](ctm003_ex96-2img33.jpg)

Source: AMC, 2025.

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13.4.12 Konkola Mine
 water management infrastructure

Konkola's underground water management system incorporates a range of control and containment measures to manage inflows and ensure infrastructure protection:

· Control
 valves on dewatering boreholes make it possible to temporarily stop water flow during pump
 failures or power outages. Boreholes with higher flow rates are closed first as a priority.
 In 2008, there were 48 of these boreholes at the 950L level during the national power outage.

· Settlers
 and sumps provide sedimentation capacity and buffer inflows before pumping. Settlers slow
 flow to drop suspended solids; sumps store water for transfer to pump stations.

· Surge
 barriers are temporary blockades in drainage and haulage drives to divert water from critical
 infrastructure (e.g., No.1 shaft).

· Penstock
 valves, located near the 950L flood control door, regulate flow to downstream pumping systems
 and are closed once sump capacity is exceeded.

· Flood
 control doors on 950L and 850L protect key pump stations during extreme inflow events. Timing
 of closure is linked to available storage and system response.

· Emergency
 storage is provided by accessible drives on the footwall side. During major inflow events,
 these areas offer temporary containment for up to ~2 hours before further controls must be
 activated to protect infrastructure.

13.4.13 Upgrade of
 existing pumping infrastructure

In the medium term (12-18 months), there is a need to upgrade the existing infrastructure from the current 370,000 m<sup>3</sup>/day to at least 450,000 m<sup>3</sup>/day. The upgrade works are shown in red on Figure 13.9 and include:

· 690
 mL (five additional pumps; and two to three pump columns).

· 370
 mL (three Pump Columns).

· Water
 storage sumps and settlers, drain drives and dewatering crosscuts.

The series of projects required to complete the upgrade works will require close focus and significant financial support. The pipe columns are 500 mm in diameter and the pipe is a long-lead order item. This is an example component of the system that demonstrates the complexities that will likely be encountered whilst attempting the upgrade works.

The integration of energy-efficient technologies, such as VFDs and automated control systems, is also recommended to optimise power consumption and reduce operational costs. Such improvements would not only enhance system performance but also contribute to the overall sustainability of the mining operation.

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Figure 13.9 Dewatering schematic, with required upgrades shown in red

![](ctm003_ex96-2img34.jpg)

Source: AMC, 2025.

13.4.14 Dewatering
 risks

Due to continuous high groundwater inflows and significant pumping head, the dewatering system and associated emergency procedures must remain robust and highly reliable. Plans must account for power failures, ensuring back-up systems and clearly defined TARPs are in place.

Proactive maintenance and defined KPIs, for pump reliability, flow rates, and energy use; are essential to optimise system performance. In emergencies, short-term inflow reduction (e.g., closing dewatering valves) and underground water storage are key to preserving time for backup power restoration.

The two-day national power outage in January 2008 tested these procedures under real conditions. Groundwater inflows (~292,000 m³/day) were partially managed by closing borehole valves, temporarily reducing inflows and allowing activation of flood doors and emergency systems.

Emergency protocols should be reviewed quarterly, with audits identifying gaps and maintaining the integrity of the underground water management system. The 2008 event and subsequent outages have reinforced the importance of ongoing readiness and redundancy.

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13.5 Existing mining
 operations

Konkola Mine extracts ore from the Kirilabombwe anticline orebody using three principal production shafts: 1 Shaft, 3 Shaft, and 4 Shaft. These shafts support mining across two main areas referred to as the 3 Shaft and 4 Shaft mining areas. The operation commenced in 1957 with the commissioning of 1 Shaft, followed by 3 Shaft in 1963 and 4 Shaft in 2007.

The two mining areas are separated above the 720-m level by a geologically barren zone approximately 1.5 km wide. This zone lacks economic mineralisation and is primarily composed of unmineralised lithologies. It presents a natural boundary between the historically distinct 3 Shaft and 4 Shaft operations. Despite this separation, underground development has since connected the two areas, allowing for integrated haulage and dewatering systems.

Three principal mining methods are employed at Konkola Mine: LHOS, Post Pillar Cut and Fill (PPCF), and a Hybrid Overcut and Bench method. The selection of each method is based on orebody dip, ore thickness, ground conditions, and infrastructure availability. These methods are applied within specific mining zones as summarised in Table 13.7. Ongoing refinement of the mining approach supports improved recovery, stability, and alignment with long-term production planning.

Table 13.7 Mining methods currently employed by mining area at Konkola Mine

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Mining area** | **Boundaries** | **Orebody dip (<sup>o</sup>)** | **Orebody<br> thickness (m)** | **Primary mining<br> method(s)** | **Backfill** |
| Bancroft North | 1,750 – 3,000 mN | 45 to 70° | 6 to 10 m | LHOS | Not Planned |
| Bancroft Central | 1,000 – 1,750 mN | 45 to 65° | 5 to 9 m | LHOS | Not Planned |
| Bancroft Deeps | 100 mS – 1,000 mN | 55 to 70° | 6 to 10 m | LHOS | Not Planned |
| Konkola Extension | 3,000 – 4,000 mN | 25 to 50° | 5 to 10 m | LHOS, PPCF, Hybrid Overcut & Bench | Mixed (some unfilled zones) |
| Konkola Flats | 4,200 – 4,800 mN | 10 to 25° | 10 to 13 m | PPCF | Rockfill only |
| Konkola East | 0 – 2,400 mW | 30 to 60° | 6 to 12 m | LHOS | Planned |

---

13.6 Production
rates, mine life, mining unit dimensions, and dilution and recovery factors

13.6.1 Production
 rates and expected mine life

The production profile for Konkola Mine spans the period from 2025 to 2035, an expected mine life of approximately 11 years based on the declared Mineral Reserves (Section 12). Ore production from Konkola Mine comprises 31.5 Mt of ore at a mined grade of 2.91% TCu and 0.06% TCo, containing 915 kt total copper and 19 kt total cobalt, delivered to the processing facility.

Supplementary ore feed from tailings reclamation (TD03 and TD04) provides approximately 37 Mt at lower grades during the Konkola Mine ramp-up period. Total ore feed to processing (Konkola underground + tailings reclamation) supports a steady-state recovered copper production rate of ~120 ktpa.

The mining schedules for each of the underground areas in Konkola is displayed in Figure 13.10 and by shaft material hoisted in Figure 13.11. This shows a ramp up in Konkola Mine up to 5 Mtpa in FY2031/32.

Figure 13.10 Konkola Mine production schedule by area

![](ctm003_ex96-2img90.jpg)

Source: AMC, 2025.

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Figure 13.11 Konkola Mine hoisting schedule by shaft

![](ctm003_ex96-2img91.jpg)

Source: AMC, 2025.

13.6.2 Mining unit
 dimensions

Table 13.8 presents the typical stope dimensions for each mining method.

Table 13.8 Typical stope dimensions

---

| | | | |
|:---|:---|:---|:---|
| **Parameter** | **LHOS** | **Panel Stoping** | **Notes** |
| Stope strike length (m) | 20 m | 20m | Determined by geotechnical domain and Q' stability assessment |
| Stope height / dip extent (m) | 30 m | 5 – 10 m | LHOS: sublevel to sublevel. Panel: single cut height. |
| Stope width / orebody thickness (m) | 5–15 m (follows ore contacts + ELOS) | 15 m (follows ore contacts + ELOS) | Average ~9 m orebody thickness |
| Hydraulic radius (m) | Approx. 3.5 m | Approx. 4.5 m | Used in Q' stability graph to assess stable span |
| ELOS — hangingwall (m) | 0.5 | 1 | Derived from modified Q' stability assessment |
| ELOS — footwall (m) | 0.5 | 0 | FW ELOS applied to LHOS only |
| Sublevel interval (m) | 30 m | N/A | Determines drilling pattern and slot raise spacing |

---

13.6.3 Mining dilution
 and recovery factors

Mining recovery and dilution estimates at Konkola are based on AMC's use of the Equivalent Linear Overbreak / Slough (ELOS) method, which estimates undesired material loss or gain during stoping. ELOS values were derived from the modified Q' stability assessment (Section 13.2) and applied as follows:

· Panel
 stopes: ELOS of 1.0 m in the hangingwall, translating to an average planned dilution of 7%.

· Longhole
 open stopes: ELOS of 0.5 m in the hangingwall and 0.5 m in the footwall, translating to an
 average planned dilution of 11%.

In addition to ELOS unplanned dilution estimate, an allowance for additional unplanned dilution of 5% has been applied to account for hangingwall and footwall overbreak beyond the ELOS envelope, backfill contamination at stope contacts, and incorporation of floor material during mucking.

Table 13.9 presents the total mining dilution and recovery factors applied to convert in situ Mineral Resource tonnes and grades to run-of-mine production tonnes and grades for the declared Mineral Reserves.

Table 13.9 Mining dilution and recovery factors

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Mining method** | **ELOS Dilution (Predicted Unplanned Dilution) (%)** | **Unplanned Dilution (an allowance for dilution additional to ELOS (%)** | **Total Dilution (%)** | **Mining Recovery (%)** | **Dilution Grade** |
| LHOS | 11% | 5% | 16% | 95% | zero-grade / country rock |
| Panel Stoping | 7% | 5% | 12% | 95% | zero-grade / country rock |
| Ore Development | 0 | 0 | 0 | 100 | N/A |
| Waste Development | 3 | 0 | 3 | 100 | N/A |

---

Recovery factors of 95% account for losses due to stope underbreak, failed mucking, or structural failure. For ore development, 100% recovery is assumed as the full excavation profile is processed. Waste development assumes 3% dilution from incidental material incorporated during excavation.

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13.7 Underground
development and backfilling requirements

13.7.1 Underground
 development

The underground mine design at Konkola incorporates a series of capital and operating developments to support LHOS and panel stoping across varying geotechnical and orebody conditions. Table 13.10 summarises the key development types, dimensions, gradients, and scheduling assumptions.

Table 13.10 Key development designs

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Development type** | **Dimensions (W×H, m)** | **Profile** | **Gradient** | **Typical Length / Notes** | **Rate (m/mth)** | **Class** |
| Declines & Inclines | 5.5 × 5.5 | Arched 1 m | ±1:7 to ±1:8 | 500 m spacing, 60 m standoff from orebody | 50 | Capital |
| Rail & Haulage Drives | 5.0 × 5.0 | Arched 1 m | ±1:200 | One per decline loop, fed by ore/waste passes | 50 | Capital |
| Drainage Drives | 4.5 × 4.5 | Arched 1 m | ±1:200 | Linked to 4 Shaft pump system | 50 | Capital |
| Level Accesses | 5.5 × 5.5 | Arched 1 m | ±1:50 | 80–150 m (LHOS), up to 250 m (panel) | 50 | Capital |
| Return Air Drives | 5.0 × 5.0 | Arched 1 m | +1:50/±1:7 | T-configurations near decline access | 50 | Capital |
| Fresh Air Drives | 4.5 × 4.5 | Arched 1 m | +1:50/±1:7 | Off decline and access crosscuts | 50 | Capital |
| Stockpiles & Loading | 5.5 × 5.0 | Arched 1 m | Flat | 17.5 m (standard), 60 m (LHOS stockpiles) | 50–60 | Capital |
| Sumps | 4.5 × 4.5 | Arched 1.5 m | Flat | Two per crosscut, 12.5 m each | 50 | Capital |
| Diamond Drill Drives | 5.0 × 5.0 | Arched 1 m | Flat | 30 m every second decline loop | 50 | Capital |

---

Source: AMC, 2025.

Figure 13.12 to Figure 13.14 illustrate typical loading configurations for LHOS and panel stoping areas.

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Figure 13.12 Plan view of a loading level

![](ctm003_ex96-2img35.jpg)

Source: AMC, 2025.

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Figure 13.13 Isometric view of the loading system (LHOS)

![](ctm003_ex96-2img36.jpg)

Source: AMC, 2025.

In the panel stoping area in Konkola Flats, a centralised loading area has been established (Figure 13.14), with all ore to be trucked to the loading area.

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Figure 13.14 Isometric view of the loading system (panel stoping)

![](ctm003_ex96-2img37.jpg)

Source: AMC, 2025.

13.7.1.1 Materials
 handling

The Konkola Mine manages material movement through a structured haulage network that accommodates both ore and waste. Waste is largely hoisted to surface and processed or dumped, while ore follows designated tramming and hoisting routes to the surface concentrator. Handling systems differ by mining area and depth, reflecting the complexity of the orebody layout.

Waste rock from development headings is generally transported to surface, except for limited quantities in the Konkola Flats area where selected development waste is temporarily deposited into open stopes and later recovered for use as backfill. Dedicated waste tips are positioned adjacent to ore tips on the 590 mL, 875 mL, and 950 mL tramming levels.

13.7.2 Backfill requirements

Paste fill is the primary backfill method adopted for the Konkola Mine plan. All stoping zones from Konkola East through Bancroft Deeps require paste fill for ground stability at depth (Table 13.2). A dedicated paste fill plant with a capacity of 3.0 Mtpa is planned.

13.7.2.1 Paste fill
 geomechanics and fill strength

AMC's design follows UCS-based criteria adapted from Terzaghi, Bloss, and Grice for vertical exposures. Stope fill requirements are based on orebody dip and exposure configuration.

Stopes in the shallow-dipping Konkola Flats will be mined as primary and secondary panels, with paste filling beginning after initial extraction. Fill curing is assumed to be 28 days before recovery of secondary stopes. Based on the analysis of the Konkola test work completed in 2006, AMC recommends the cement dosing rates shown in Figure 13.15, for paste fill at 72%Cw density. This test work will be repeated as soon as stable mill operations producing representative tailings size fractions are available to confirm this advice.

Figure 13.15 shows the strength calculations for a dual exposure stope and Figure 13.16 shows the strength calculations for a single exposure stope.

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Figure 13.15 Target paste design strength – 2 Exposures

![](ctm003_ex96-2img92.jpg)

Figure 13.16 Target paste design strength – 1 Exposure

![](ctm003_ex96-2img93.jpg)

The target design strengths for paste fill are summarised in Table 13.11. These are calculated with a factor of safety of 1.5 and rounded up to the next 50 kPa UCS increment.

Table 13.11 Konkola paste fill design strengths (FoS=1.5) and paste fill recipes at 28 days curing

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| | | | | |
|:---|:---|:---|:---|:---|
| **Paste fill duty** | **Paste fill exposures** | **Maximum vertical <br> stress (kPa)** | **Target strength <br> design (kPa)** | **Cement binder <br> dosing (%)** |
| Bulk Fill |  | 100 | 150 | 2 |
| Primary and continuous advance | One | 150 | 250 | 4.0 |
| Primary – secondary | Two | 200 | 300 | 4.5 |

---

Future test work will verify binder content, investigate partial substitution using copper slag from the Chingola smelter, and refine strength / rheology parameters based on stable PSD tailings from the #4 Concentrator.

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13.7.2.2 Paste fill
 placement and retention

Paste fill is placed using arched shotcrete barricades with standardised Doherty wall frame kits to provide structural support (Figure 13.17).

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Figure 13.17 Paste fill arched shotcrete barricades

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| | |
|:---|:---|
| **Doherty wall frame kits** | **Completed barricade** |
| ![](ctm003_ex96-2img38.jpg) | ![](ctm003_ex96-2img39.jpg) |

---

Source: AMC.

13.7.2.3 Paste fill
 costs

Table 13.12 Paste fill capital cost estimation

---

| | | |
|:---|:---|:---|
| **Cost Category** | **2.0 Mtpa (US$)** | **3.0 Mtpa (US$)** |
| Surface Direct | 7000000 | 10500000 |
| Underground Direct | 5310000 | 5310000 |
| Total Directs | **12310000** | **15810000** |
| Total Indirects | 22158000 | 28458000 |
| Grand Total | **34468000** | **44268000** |

---

Source: AMC, 2025.

Operating costs are driven by binder consumption (67,050 tonnes at 3.0 Mtpa), accounting for ~70% of total operating costs. Cement is assumed at US$120/t. Total paste fill operating costs are US$3.70/t ore at 3.0 Mtpa and US$3.85/t ore at 2.0 Mtpa.

13.7.2.4 Paste fill
 project timeline and future test work

The estimated implementation timeline is:

· Detailed
 engineering: ~3 to 6 months.

· Procurement
 and fabrication: ~8 to 10 months for specialised high-pressure components.

· Construction
 and commissioning: ~12 months total.

Future test work to validate the paste fill design includes tailings characterisation (mineralogy, SG, PSD), rheology testing, strength testing (UCS vs binder content, curing time, binder type), and cyclone sizing and filtration trials with vendors.

13.8 Ventilation

13.8.1 Air requirements

The ventilation system for the KCM underground mine is critical to ensuring a safe and efficient working environment by providing adequate airflow to dilute contaminants, manage heat, and maintain air quality. The total airflow requirement is determined by factors such as the number of diesel-powered equipment, mine depth, mining methods, and blasting requirements. Key considerations include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Maintaining
 minimum air velocities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Controlling
 temperatures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Diluting
 gases like CO<sub>2</sub>, NO<sub>2</sub>, and diesel particulate matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Meeting
 regulatory standards.

Ventilation simulation software and empirical calculations, regulatory guidelines were used to optimise air distribution across the mine.

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13.8.2 Ventilation
 design parameters

The airway velocities within the workings must be maintained within specific ranges (Table 13.13) to ensure efficient airflow without excessive turbulence or pressure drops. Friction factors, which impact ventilation efficiency, vary by airway type, with values ranging from 0.0025 for smooth steel ducts to 0.025 for rough unlined airways. Air utilisation factors account for leakage, with a primary ventilation air utilisation factor of 80% and a 20% allowance for workshops and crushers.

Table 13.13 Planned velocity ranges for different mine airways

---

| | |
|:---|:---|
| **Component** | **Velocity range (m/s)** |
| Downcast shafts – men, material, and rock | 10 - 12 |
| Dedicated downcast shafts | 18 - 22 |
| Upcast shafts (not equipped) | 18 - 22 |
| Intake airways | 7 |
| Return airways (travelling and tramming) | 7 |
| Dedicated return airways | 12 - 15 |
| Material decline | 7 |

---

Note: The airway circuit shall have a primary and a secondary circuit. The primary circuit will be used for the life of the mine, while the secondary circuit will serve the production areas. The primary circuit should be planned in very competent ground. It is worth noting that the optimum size of primary raises shall be a 4.5 m diameter, connecting horizontal primary airways. Secondary raises should be planned at 3 m x 3 m.

13.8.3 Development
 ventilation

Adequate development ventilation is essential for maintaining air quality and ensuring worker safety during underground excavation. Proper airflow distribution in development headings helps to dilute and remove dust, diesel emissions, and blast fumes while maintaining adequate oxygen levels. The ventilation design must accommodate both single-shift blasting and multi-shift blasting operations to ensure efficient dilution of gases and rapid clearing of fumes before re-entry.

Both force ventilation systems and adequate development ventilation is essential for maintaining air quality and ensuring worker safety during underground excavation. Single-shift blasting requires force ventilation (>0.4 m³/s/m²) or force-exhaust systems (>0.8 m³/s/m²), with specific column distances to clear fumes efficiently.

13.8.4 Stoping ventilation

In LHOS, the ventilation system directs fresh air to stope faces while exhausting contaminated air. A minimum airflow of >0.25 m³/s/m² is required for longhole stope faces to control dust and gas accumulation. Backfill is used to minimise air leakage and improve efficiency. Primary and auxiliary fans, along with monitoring systems, ensure compliance with safety regulations and mitigate risks from heat and hazardous gases.

13.8.5 Temperature
 and refrigeration requirements

Temperature control is vital to prevent heat stress and ensure worker safety. The ventilation system manages heat from virgin rock, geothermal gradients, and equipment. Acclimatisation is the physiological adaptation process where workers gradually adjust to higher temperatures. This process allows the body to improve sweat efficiency, stabilise core temperature, and reduce cardiovascular strain, enhancing overall heat tolerance and work performance. Acclimatisation is achieved through controlled exposure to heat, proper hydration, and a structured work-rest regimen. The maximum allowable temperatures for different conditions in the mine are outlined in Table 13.14.

Table 13.14 Maximum temperature limits for acclimatised and non-acclimatised workers

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| | |
|:---|:---|
| **Temperature requirement** | **Maximum value (°C)** |
| Wet bulb / dry bulb (not acclimatised) | 27.5/32.5 |
| Wet bulb / dry bulb (acclimatised) | 32.5/37.0 |

---

Refrigeration is required when virgin rock temperature reaches 36°C, particularly in deeper mine areas, using surface and underground cooling systems to maintain a safe environment. While immediate refrigeration may not be necessary based on current heat sources and cooling power, deeper mining may require it as virgin rock temperatures approach 36°C. Heat tolerance screening (HTS) is not currently required but may become necessary later. Cooling systems will be integrated into the ventilation design to manage heat loads effectively.

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13.8.6 Ventilation
 requirements for diesel equipment

Diesel-powered equipment used in underground mines, such as diesel trucks, loaders, and drills, produces exhaust emissions, including harmful gases, particulate matter, and heat. Proper ventilation is necessary to dilute and remove these emissions from the working areas to maintain air quality and ensure the safety and health of the workforce. The equipment produces emissions like Nox, CO, and SO₂ and requires adequate ventilation to dilute these contaminants. The minimum ventilation requirement for diesel powered equipment is calculated as:

 

*Ventilation Rate (m³/s) = Number of Diesel Units × Airflow per Diesel Unit*

The ventilation design requirements for diesel equipment are summarised in Table 13.15.

Table 13.15 Ventilation design criteria for diesel-powered equipment

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| | |
|:---|:---|
| Ventilation design criteria for diesel equipment | Minimum value (m³/s/kW) |
| Air per kilowatt requirements Tier 3 or higher Equipment | 0.06 m³/s/kW |
| Air per kilowatt requirements Tier 1 and 2 Equipment | 0.1 m³/s/kW |
| Diesel heat load (Total Mine Fleet) | 0.1 m³/s/kW |

---

Notes: During the final design, the following must be considered:

· Engine
 specifications [EU-Type 3 / Tier 3 or higher].

· Diesel
 sulfur content [<50 ppm].

· After-exhaust
 treatment [Catalytic Converter and Diesel Particulate Filter].

· Engine
 maintenance strategy to further reduce the air per kilowatt requirements underground.

The diesel equipment fleet proposed at Konkola, including cable bolters, jumbo drills, production loaders, and trucks, is critical to operations is summarised in Table 13.16.

Table 13.16 Machine types, counts, and utilisation factors

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Equipment description** | **Rated <br> power <br> (kW)** | **Vent <br> dilution <br> factor** | **Duty cycle** | **Eff diesel <br> power <br> (kW)** | **Engine Eff <br> (%)** | **Heat load <br> (kW)** | **Vent req <br> (m<sup>3</sup>/s)** |
| Sandvik DS422i Cable Bolter | 119 | 0.1 | 18% | 20.9 | 90% | 18.8 | 1.9 |
| Sandvik DD422i Jumbo Drill | 119 | 0.1 | 18% | 20.9 | 90% | 18.8 | 1.9 |
| Sandvik DL432i Production Drill | 119 | 0.1 | 18% | 20.9 | 90% | 18.8 | 1.9 |
| Sandvik LH515i Production Loader | 268 | 0.1 | 51% | 135.7 | 90% | 122.1 | 12.2 |
| Sandvik TH663i Production Trucks | 585 | 0.1 | 58% | 342.1 | 90% | 307.9 | 30.8 |

---

13.8.7 Primary ventilation

The primary system delivers fresh air via intake shafts and removes contaminated air through return airways. The current return air volumes from the mine total 966 m³/s, however some fans are non-operational or on standby due to maintenance issues. Table 13.17 summarises the intake and return airflow requirements at Konkola Mine.

Table 13.17 Summary of primary ventilation airflows

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| | | | |
|:---|:---|:---|:---|
|  | **Capacity max quantity (m<sup>3</sup>/s)** | **Intake requirements (m<sup>3</sup>/s)** | **Variance (m<sup>3</sup>/s)** |
| Intake capacity | 2703 | 2185 | 520 |
| Return capacity | 1891 | 1456 | 435 |

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The success and safety of Konkola is contingent upon the establishment of a precisely defined ventilation system that addresses the unique characteristics of the underground environment. Figure 13.18, highlights the necessity for additional air supply to maintain the production profile, thereby necessitating the installation of supplementary ventilation shafts. To sustain production, a new 7.2 m diameter intake shaft and a matching return shaft are proposed. Figure 13.19 highlights the ventilation requirements against the proposed production profile.

Figure 13.18 Visual presentation of air flow through the mine

![](ctm003_ex96-2img40.jpg)

Source: AMC, 2025.

Figure 13.19 Ventilation compared to production

![](ctm003_ex96-2img41.jpg)

Source: AMC, 2025.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.9 Mining equipment
 fleet

Mining activities at KCM are outsourced to a number of contractors, who are responsible for their own mining equipment. Table 13.18 presents the planned mining equipment fleet for Konkola Mine at steady-state production.

Table 13.18 Mining equipment fleet — steady state

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **MMS** | **AAC** | **Operman** | **Reliant** | **Total** |
| Loaders | 13 | 2 | 2 | 3 | 20 |
| Trucks | 11 | 2 | 3 | 5 | 21 |
| Face Drills | 7 | 2 | 2 | 3 | 14 |
| Longhole | 2 | 1 | 1 | 1 | 5 |
| Electric Locomotives |  |  |  |  | 19 |

---

Source: AMC, 2025.

All diesel equipment is specified as EU-Type 3 / Tier 3 or higher, with diesel sulfur content <50 ppm, and catalytic converter and diesel particulate filter (DPF) after-treatment systems. Ventilation requirements for diesel equipment are calculated at 0.06 m³/s/kW for Tier 3+ equipment and 0.1 m³/s/kW for Tier 1–2 equipment.

13.10 Mining personnel

Mining operations at Konkola are performed by a combination of up to five mining contracting companies (Hahne, Tauro, Opermin, Reliant, AAC) together with KCM personnel. Contractor scope includes lateral and vertical development, production drilling and blasting, loading and hauling, underground rail operations, and dewatering system management.

Costing has been planned on unit cost rates from mining contractors and not on individual personnel allocations. The workforce is drawn from the local population with extensive mining industry exposure. Limited temporary expatriate specialist advisors are engaged for specific technical roles. As production increases, staff are reassigned from depleting mining areas, supplemented by additional recruitment from the local population with training, and by specialist partner mining contracting companies.

Table 13.19 Estimated mining workforce summary

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| | |
|:---|:---|
| **Head count equivalent positions** | **Max** |
| KBU - Safety, Health Environment | 39 |
| KBU - Services Dept | 91 |
| KBU - Technical Services Department - all planning horizons and day to day operations | 212 |
| KBU - Mobile Unit Operators | 3 |
| KBU - SHAFT Number 4 | **616.0** |
| KBU - SHAFT Number 3 | **398.0** |
| KBU - Additional New Mine Service Functions | 41.4 |
| KBU - Engineering Services | 195 |
| KBU - Underground Stores & Logistics | 1 |
| KBU - Miscellaneous |  |
| KBU-Concentrator Staffing | 216 |
| KBU Subtotal | 1812.4 |
| **Bus Partner - MMS** | 336.7 |
| **Bus Partner - AAC** | 611.1 |
| **Bus Part - RELIANT** | 516.9 |
| **Bus Part - Opermin** | 271.5 |
| **Bus Part - Hannhe** | 349.5 |
| **Bus Part - Tauro** | 391.5 |
| Business partners Subtotal | 2199.7 |
| Project Labour (contract)- Working UG on Capital Construction Projects | 12 |
| Total | 4024.1 |

---

Source: AMC / KCM, 2025.

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**13.11** **Mining development and production schedule** 

The production profile for Konkola Mine spans the period from 2025 to 2035. Ore production from Konkola Mine comprises 33.5 Mt of ore at a mined grade of 2.92%TCu and 0.06%TCo and contained metal of 980 kt total copper and 19 kt total cobalt, delivered to the processing facility.

The total Konkola Mine development schedule (Figure 13.20), comprises a total of 33 km of lateral capital development meters, 5 km of capital vertical development and 60 km of lateral operating development.

The Konkola development schedule is illustrated in showing requirements for 45,000 to 20,000 m per year of development required in years 1-3 before it stabilises between 15,000 to 5,000 m per year for the remainder of the Mineral Reserve mine plan.

Figure 13.20 Konkola Mine development schedule

![](ctm003_ex96-2img42.jpg)

Source: AMC, 2025.

The mining schedules for each of the underground areas in Konkola is displayed in Figure 13.21 and by shaft material hoisted in Figure 13.22. This shows a ramp up in Konkola Mine up to 5 Mtpa in FY2031/32.

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Figure 13.21 Konkola Mine production schedule by area

![](ctm003_ex96-2img43.jpg)

Source: AMC, 2025.

Figure 13.22 Konkola Mine hoisting schedule by shaft

![](ctm003_ex96-2img44.jpg)

Source: AMC, 2025.

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The ore feed during the first four years of operation from reclaimed tailings is displayed in Figure 13.23, along with the breakdown of which tailings dam the material is sourced from. This material helps to ensure that the operations copper output is maintained at ~80 ktpa recovered copper during the early years of the Konkola expansion until the Konkola Mine operation can ramp up to 120 ktpa recovered copper as shown in Figure 13.24.

Figure 13.23 TD03 and TD04 mining schedule

![](ctm003_ex96-2img45.jpg)

Source: AMC, 2025.

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| | |
|:---|:---|
| Figure 13.24 | Total project ore mining schedule |

---

![](ctm003_ex96-2img46.jpg)

Source: AMC, 2025.

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13.12 Nchanga
mining operations (Excluded from PFS)

Nchanga Business Unit mining operations (underground and open pit) are excluded from the PFS Mineral Reserve and mine plan. Nchanga processing infrastructure is included in Section 14 as it supports tailings reclamation operations.

13.13 Tailings reclamation

13.13.1 Sources of
 production TD03, TD04

Tailings reclamation at the Nchanga site forms an important component of the production strategy, primarily supplying the Nchanga TLP with low-grade oxide material. Tailings originate from:

· Historical
 wet tailings deposited in Tailings Dams 3 (TD03) and 4 (TD04).

· Dry
 coarse tailings remaining on the walls of TD03 after previous hydraulic mining campaigns.

· Direct
 tailings streams from the NWM, NEM, and OEM concentrators.

The Nchanga TLP is designed to recover copper not previously extracted during initial flotation, including acid-soluble copper, residual sulfides, and fine unliberated particles. Leaching is supported by an on-site sulfuric acid plant with a capacity of 1,850 tonnes per day, supplemented by third-party acid purchases as required.

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TD03 and TD04 are located approximately 7 km west of the main processing facilities (Figure 13.25). The wet tailings are recovered via hydraulic mining, while dry tailings from TD03 are loaded using conventional earthmoving equipment and transported by truck to the NEM, where they are re-slurried and pumped to the Nchanga TLP for leaching.

Figure 13.25 Nchanga site layout

![](ctm003_ex96-2img47.jpg)

Source: Google Earth.

13.13.2 Tailings dam
 inventory

The March 2024 Mineral Reserve inventory is 10.34 Mt dry tailings in TD03 and 27.65 Mt wet tailings in TD04 with updated inventory provided by KCM shown below in Table 13.20. The reduction in tonnes is due to mining at TD03 in 2024 and 2025.

Table 13.20 Available inventory from TD03 and 04 for the Nchanga TLP from 1 April 2025

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Facility** | **CoG (% TCu)** | **Tonnes (Mt)** | **TCu (%)** | **AsCu (%)** | **TCo (%)** |
| TD03 | 0.0 | 8.49 | 0.77 | 0.41 |  |
| TD04 | 0.0 | 27.65 | 0.63 | 0.42 |  |

---

13.13.3 Processing
 methodology and plant design

The Nchanga TLP processes tailings at a nominal rate of 11 to 16 million tonnes per annum using a well-established three-stage hydrometallurgical process:

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1 Sulfuric Acid Leaching: dissolves acid-soluble copper fractions from reclaimed tailings.

2 Solvent Extraction (SX): selectively recovers and purifies copper in solution.

3 Electrowinning (EW): produces high-purity copper cathode suitable for LME Grade A certification.

Dry tailings from TD03 are first ground at the NEM or OEM before entering the leach circuit. Wet tailings from TD04 are pumped directly to the Nchanga TLP following hydraulic reclamation.

13.13.4 Production
 schedule

Tailings reclamation will be staged to align with Nchanga TLP throughput and acid availability. The dry reclaim contract at TD03 is active from October 2024 to January 2026, targeting an output of 8.47 Mt. Wet tailings reclamation from TD04 is expected to ramp up progressively, with production forecast as presented in Table 13.21. AMC estimated the production tonnes for TD04.

Table 13.21 Production of tailings to processing

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Source** | **FY25** | **FY26** | **FY27** | **FY28** | **FY29** | **FY30** | **Total (kt)** |
| TD03 (Dry) | 8492 |  |  |  | – |  | 8492 |
| TD04 (Wet) | 6000 | 9000 | 9000 | 3650 | – |  | 27650 |

---

Total acid-soluble copper (ASCu) recovery from TD03 is projected at 59,448 tonnes, while TD04 is expected to yield 117,465 tonnes of ASCu across its reclamation schedule.

13.13.5 Materials handling,
 slurry pumping

The wet tailings reclamation operation at TD04 is contracted to Fraser Alexander Zambia under a five-year agreement commencing 1 December 2024. The scope of work includes:

· Hydro-mining
 using 5 to 6 high-pressure water cannons.

· Operation
 of two intermediate pumping stations.

· Full
 operational staffing (157 to 193 personnel) and maintenance responsibilities.

KCM retains responsibility for power, water, major infrastructure, lime for pH control, and electrical maintenance.

The dry tailings at TD03 are reclaimed by Hanhe Industries Zambia, using 70-tonne haul trucks over a 9.9 km haul route to the NEM plant. Dry tailings are then re-slurried and pumped to the Nchanga TLP for processing.

13.13.6 Tailings reclamation
 - Capital and operating costs

13.13.6.1 TD03 reclaim
 costs

· Contract
 unit rate: $3.01/t (inclusive of haulage and road maintenance).

· Processing
 to NEM: ~$0.45–$0.55/t (based on comparable purchase orders).

· Minor
 capital works: ~$285,000 for bridge upgrades and road improvements.

13.13.6.2 TD04 reclaim
 costs

· Phase
 1 (10–15 kilotonnes per day (ktpd)): $0.43–$0.65/t.

· Phase
 2 (20–25 ktpd): $0.37–$0.42/t.

· AMC's
 estimated all-inclusive cost: ~$0.80/t (including KCM owner's costs and utilities).

13.13.6.3 Capital
 provisions for TD04

· Bleed
 line installation: $1.0M in FY26.

· High-pressure
 water line replacement: $1.54M in FY26.

No further capital has been allocated beyond FY26, as sustaining costs are expected to be absorbed within the operating budget.

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14 Processing and recovery methods

The processing capability of KCM consists of assets at three sites:

· Konkola
 - concentrator and tailings storage facility

· Nchanga
 - concentrators, Nchanga TLP, Nchanga Smelter, sulfuric acid plant

· Kitwe
 – Nkana Refinery

Current and future requirements and provision of utilities such as power, water and related infrastructure are described in Section 15 of this TRS. The KCM Processing sites are an existing and ongoing operation, and current personnel levels are maintained during the life of operations for each site. As production rates improve, it is anticipated that the improved productivity will be absorbed by a reasonably static workforce contingent.

The total flowsheet is highly integrated due to material flows between each asset as shown in Figure 14.1.

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| | |
|:---|:---|
| Figure 14.1 | KCM total flowsheet |

---

![](ctm003_ex96-2img48.jpg)

Source: KCM, 2025.

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The overall processing philosophy is to treat sulfide ores where the valuable fraction is comprised mainly of chalcopyrite with 10% to 20% acid soluble copper minerals from the Konkola Mine via conventional sulfide flotation to produce copper concentrates. Copper concentrates with copper grades exceeding 33% Cu are processed in the Nchanga Smelter to produce copper anodes. Concentrates with lower grade copper content are produced by the Nchanga Concentrators and are sold to third parties or may be blended with higher-grade concentrates for processing in the Nchanga Smelter. The smelter also produces cobalt alloy for sale from the Cobalt Refining Furnaces (see Figure 14.1).

Tails from the Nchanga Concentrators at up to 13.4 Mtpa contain acid soluble copper and are processed in the Nchanga TLP. Reclaimed tails from historic TSFs are combined with the Nchanga Concentrators tails to increase the available throughput to the Nchanga TLP. The Nchanga TLP is a sulfuric acid leaching plant that produces copper cathodes via solvent extraction and electrowinning.

Sulfuric acid for the Nchanga TLP can be supplied by a sulfuric acid plant treating the Nchanga Smelter off gas stream (1,850 tpd sulfuric acid plant) and by a sulfur-burning sulfuric acid plant (500 tpd SB sulfuric acid plant). Acid can also be supplied by third parties from the Zambian, Namibian and South African markets if required. Smelter operation for acid production is a critical unit operation and a bottleneck where concentrate supplies are restricted. Make up supplies of acid are purchased on market as required. If insufficient acid is available for the Nchanga TLP, Nchanga Concentrators operational throughput may be curtailed.

The Nkana electrolytic refinery processes anodes from the Nchanga Smelter and produces LME grade A copper cathodes, pure copper starter sheets for the Nchanga TLP electrowinning tank house, and slimes (residue from anode dissolution) containing precious metals for sale.

14.1 Konkola Concentrator

The Konkola Concentrator was designed as a nameplate 6.0 Mtpa throughput concentrator producing copper concentrate from an ore with copper sulfides and oxidised copper minerals.

14.1.1 Konkola process
 description

The flowsheet is shown in Figure 14.2.

Figure 14.2 Konkola Concentrator flowsheet

![](ctm003_ex96-2img49.jpg)

Source: KCM, 2025.

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Ore is recovered from underground via shaft haulage and conveyed or trucked to the stockpile. The ore is stored on a 21,000 t live capacity stockpile before it is fed to either one of two comminution circuits. Each circuit consists of a SAG mill in series with a ball mill in closed circuit with a 10-cyclone hydro cyclone cluster. Both mills use trommel screens at discharge with undersize streams combined in the cyclone feed sump. The cyclone overflows are combined; lime is added for pH control – target 9 to 9.5 - and the total stream is fed to a common flotation circuit. Each comminution circuit has a capacity of 3 Mtpa. The combined cyclone overflow has a product size of 90-92% passing 75 µm (P90-92 of 75 µm).

The flotation circuit is a conventional design comprised of a conditioning tank, Primary and Secondary sulfide Rougher flotation banks, CPS circuit, Oxide Roughers, Oxide Cleaners, Oxide Re-cleaners, a Flotation Column for cleaning of secondary rougher sulfide concentrate, and Scavenger cells. The flotation circuit has a design capacity of 6 Mtpa. Cyclone overflow feeds a conditioning tank where collectors Sodium Iso Propyl Xanthate (SIPX) and Flex 31 (an enhanced Xanthate collector) are added. Frother is added to the feed well of the first flotation cell, the junction between rougher and scavenger. Rougher concentrate reports directly to the high rate concentrate thickener. Rougher flotation tails report to secondary roughers and further collector added. Secondary rougher concentrate reports to the column cleaner cell. Column concentrate is combined with primary rougher concentrate and reports to the high rate concentrate thickener.

Secondary rougher tails report to the controlled potential sulfidation tank of the oxide flotation circuit. NaHS, additional collector and frother are added to the slurry and then pumped to the oxide rougher cells. Oxide rougher tails report to final tails. Oxide rougher concentrates are pumped to the oxide cleaner cells. Oxide cleaner concentrate is pumped to the oxide recleaner cells. Oxide recleaner concentrates are pumped to the concentrate high-rate thickener. Oxide recleaner tails are recirculated to the oxide cleaner cells. Oxide cleaner cell tails report to the oxide circuit regrind mill discharge sump. Mill discharge is pumped to a cyclone classifier with overflow directed to the head of the oxide rougher circuit. Cyclone underflow is reground in the regrind mill and reports to the mill discharge sump. The column cleaner cell tail is pumped to two scavenger flotation cells. The scavenger concentrate is combined with the secondary sulfide rougher concentrate and pumped to the column cleaner cell. Tails from the oxide scavengers is recombined with the main flotation circuit feed in the primary conditioning tank.

Tailings are stored in tailings holding tanks where the tailings feed a backfill plant or are pumped to the Lubengele tailings dam.

14.1.1.1 Historical
 performance

Performance prior to the 2023 shutdown is shown in the following figures.

The concentrator operation has been characterised by ongoing under design capacity performance (Figure 14.3).

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Figure 14.3 Konkola historical ore treatment

![](ctm003_ex96-2img50.jpg)

Source: AMC, 2025.

14.1.1.2 Restart performance

The concentrator recommenced operations in August 2024. Performance since the restart is shown in the figures below (Figure 14.4 to Figure 14.7).

Figure 14.4 Konkola daily ore received since restart

![](ctm003_ex96-2img51.jpg)

Source: AMC, 2025.

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Figure 14.5 Konkola ore processed since restart

![](ctm003_ex96-2img52.jpg)

Source: AMC, 2025.

Figure 14.6 Konkola recoveries since restart

![](ctm003_ex96-2img53.jpg)

Source: AMC, 2025.

Figure 14.7 Konkola concentrate produced since restart

![](ctm003_ex96-2img54.jpg)

Source: AMC, 2025.

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Since the recommencement of operations, the concentrator has operated in an on / off mode to accommodate low ore supply. Ore is stockpiled until sufficient ore is available to operate for approximately seven days at a nominal daily throughput of 5,000 to 6,000 tonnes or approximately 2/3<sup>rds</sup> of capacity. This enables the concentrator to operate at acceptable efficiency for those periods. Copper recoveries and concentrate grades were generally close to plan for the period. Concentrate production and grade, and copper production and recovery for the restart period and the FY25-26 plan are shown in Figure 14.8 and Figure 14.9 below.

Figure 14.8 Concentrate production and grade - Restart and FY25-25 plan

![](ctm003_ex96-2img55.jpg)

Source: AMC, 2025.

Figure 14.9 Copper production and recoveries - Restart and FY25-26 plan

![](ctm003_ex96-2img56.jpg)

Source: AMC, 2025.

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14.1.2 Plant design
 and equipment

Major items of equipment are outlined in Table 14.1.

Table 14.1 Konkola Concentrator major equipment

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| | | |
|:---|:---|:---|
| **Item** | **Size** | **Number** |
| SAG mill | 6.1 m x 6.7 m | 2 |
| Ball mill | 6.1 m x 9.1 m | 2 |
| Cyclone cluster | 10 x Krebs Gmax20 | 2 |
| Primary roughers | 100 m<sup>3</sup> | 4 |
| Secondary roughers | 100 m<sup>3</sup> | 4 |
| Oxide roughers | 100 m<sup>3</sup> | 4 |
| Oxide cleaners | 30 m<sup>3</sup> | 4 |
| Oxide recleaners | 10 m<sup>3</sup> | 3 |
| Scavengers | 30 m<sup>3</sup> | 2 |
| Column cleaner | 64 m<sup>3</sup> | 1 |
| Regrind ball mill | 2.8 m x 4 m | 1 |
| Regrind cyclone cluster | 3 x Krebs Gmax10 | 1 |
| High rate thickener | 12 m | 1 |
| Pressure filter | 54 tph | 1 |

---

**Note: tpa - tonnes per annum, tph – tonnes per hour**

14.1.3 Plant operations

Current operating design criteria are given in Table 14.2, Table 14.3, and Table 14.4.

Table 14.2 Capacity criteria

---

| | |
|:---|:---|
| **Production capacity of plant** | **6,000,000 dry MT/year (Nominal)** |
| Operating days / year | 330 |
| Shifts / day | 2 |
| **Crushing** | **Crushing** |
| Effective working hours per shift | 8 |
| Effective operating hours / year | 5280 |
| Average hourly throughput of the plant | 1,136.37 dry MTPH (Nominal) |
| Average moisture | 5% |
| Capacity of feeding system | 1,200 dry MTPH or 19,200 MT/DAY |
| Design Capacity | 1,500 dry MTPH |
| Dust emission from stack | within 150 mg/Nm<sup>3</sup> |
| **Milling** | **Milling** |
| Production of mined ore | 19,200 MT/DAY for two stream operation |
| Operating hrs. / day | 24 |
| Shifts / day | 3 |
| Moisture | 5% |
| Mill availability | 95% |
| Capacity of the Grinding system / stream | 380 DMTPH |
| Capacity of the Grinding system / stream | 400 dry MTPH |
| Design capacity (with 10% margin) / stream | 440 dry MTPH |
| **Stockpile live capacity** | **Stockpile live capacity** |
| Minimum hour feed considered | 30 hours |
| Capacity per hour (for both streams) | 842 MTPH |
| Live capacity of the Stockpile | 25,260 MT |
| Design live feed capacity of the Stockpile | 26,000 Tons |

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Table 14.3 Comminution criteria

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| | |
|:---|:---|
| **SAG Mill** | **Criteria** |
| Specific Gravity | 2.75 |
| Bulk density | 1.6 t/m<sup>3</sup> |
| Feed moisture | 5% average |
| Feed size | 80% < 150 mm, 100% < 250 mm |
| Crusher Work Index | 18.8 KWH/T |
| Rod mill work index | 12.1 KWH/T |
| JK Drop parameters | Ta= 0.48, b=0.88, A=53.2, A\*b= 46.8 |
| Ball Mill |  |
| Specific Gravity | 2.75 |
| Bulk density | 1.6 t/m<sup>3</sup> |
| Feed size | Approx. 80% < 2.8 mm |
| Ball Mill work index | 13.8 KWH/T |
| Product size | 85-88% < 74 microns |

---

Table 14.4 Flotation criteria

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| | |
|:---|:---|
| **Flotation** | **Criteria** |
| Specific gravity of ore | 2.75 |
| Bulk density | 1.59-1.62 t/m<sup>3</sup> |
| Total copper grade | 3.1-3.34% |
| Acid soluble copper grade | 0.25-0.6% |
| Acid insoluble copper grade | 2.5-2.99% |
| Design recovery - total copper | 89% |
| Design grade of recoverable copper | 40-41% |
| Feed rate | 880 MTPH (dry) |
| Solid concentration in feed slurry | 33/+2-1 % solids w/w |
| Collector | SIPX at 5% v/v |
| CPS reagent | NAHS at 2% v/v |
| Frother | BETA at 85% v/v |
| pH of feed slurry to flotation section | 7-8 |
| Feed particle size | 85% (-) 74 microns |
| Regrinding cyclone overflow particle size | 80% (-) 44 microns |
| pH modifier | Milk of Lime at 4% v/v |
| Froth factor | 3 minimum |
| Process water pH | Neutral pH |
| Sulfide rougher pH | 10 – 10.5 |
| Dosage SIPX | 48-50 g/t ore |
| Dosage Beta Froth | 72-75 g/t ore |
| Dosage NAHS | 130-135 g/t ore |
| Dosage Lime | 50 g/t ore |

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14.1.4 Konkola Concentrator
 production schedule

The Konkola Concentrator production schedule is shown in Figure 14.10 below, based on planned ore receipts from the Konkola Mine as defined in the Mineral Reserve mine plan.

Figure 14.10 Konkola Concentrator production schedule

![](ctm003_ex96-2img57.jpg)

Source: AMC, 2025.

Concentrate produced by the concentrator is transported by road to the Nchanga Smelter. The main assumptions for the Mineral Reserve mine plan are shown in Table 14.5.

Table 14.5 Konkola Concentrator key assumptions

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| | |
|:---|:---|
| **Parameter** | **Value** |
| Total Cu recovery% | TCu rec = -95.824\*(ASCu/TCu) + 99.146 |
| Acid soluble Cu recovery% | 35 |
| Cu concentrate grade% | 33 |

---

Annual concentrate production is shown in Figure 14.11.

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Figure 14.11 Konkola concentrate production

![](ctm003_ex96-2img58.jpg)

Source: AMC, 2025.

Total copper metal in concentrate is shown in Figure 14.12.

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| | |
|:---|:---|
| Figure 14.12 | Total copper metal in Konkola concentrate |

---

![](ctm003_ex96-2img59.jpg)

Source: AMC, 2025.

14.2 Nchanga concentrators

The Nchanga concentrator group comprises three milling and flotation circuits located at the Nchanga site in Chingola, treating ore from underground, open pit, and stockpile sources within the NBU. The three concentrators and their nominal capacities are summarised in Table 14.6.

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Table 14.6 Nchanga Concentrator nominal capacities

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| | | |
|:---|:---|:---|
| **Concentrator** | **Capacity (Mtpa)** | **Primary ore feed** |
| Old East Mill (OEM) | 4.4 | COP DF open pit ore, CRO stockpile |
| New East Mill (NEM) | 6.5 | CRO stockpile |
| New West Mill (NWM) | 2.5 | NUG underground ore |
| **Total** | **13.4** |  |

---

The Nchanga Concentrators employ conventional froth flotation for the beneficiation of mixed sulfide and oxide copper ores. The processing circuit at each mill consists of crushing, grinding, sulfide flotation in roughing, scavenging, and cleaning stages, followed by concentrate dewatering.

The ore feed to the Nchanga Concentrators has historically comprised lower-grade material with higher proportions of acid-soluble copper minerals compared to the Konkola ore. Consequently, flotation recoveries are variable and final concentrate copper grades are generally lower than those achieved at the Konkola Concentrator. A practical minimum of approximately 20% Cu in concentrate has been applied for material to be acceptable as smelter feed; concentrates below this threshold are either sold to third parties or blended with higher-grade Konkola concentrate at reduced ratios.

The concentrators have rarely achieved planned ore throughputs, primarily due to mining constraints at the NBU operations. Historical utilisation rates between 2015 and 2023 ranged from 25% to 50% across the three mills. The companion IA TRS (Section 14.2) identifies potential efficiencies through consolidation of feed to fewer concentrators.

The Nchanga Concentrators are excluded from the PFS Mineral Reserve mine plan. Their relevance to the PFS is twofold: (a) Nchanga concentrate contributes to the smelter feed blend (Section 14.4.3), supplementing Konkola and third-party concentrates; and (b) flotation tailings from the Nchanga Concentrators (at up to 13.4 Mtpa) are directed to the Nchanga TLP (Section 14.3), providing a continuous feed stream that supplements reclaimed material from TD03 and TD04. Detailed historical performance data and the Nchanga LOM production schedule are provided in Section 14.2 of the companion IA TRS.

14.3 Nchanga TLP

The Nchanga TLP processes low-grade oxide tailings from the Nchanga Concentrators (OEM, NEM, NWM) and the Tailings Dam (TD03 and TD04).

The key operations are:

· Sulfuric
 Acid Leaching: Dissolves acid-soluble copper from tailings (~0.35% Cu feed grade).

· SX:
 Extracts copper from solution and concentrates it for EW.

· EW:
 Produces Grade A LME copper cathode.

The Nchanga TLP flowsheet is given in Figure 14.13.

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Figure 14.13 Nchanga TLP flowsheet

![](ctm003_ex96-2img60.jpg)

Source: KCM, 2025.

The tailings streams from the Nchanga Concentrators are combined and pumped to a pre-leach thickener (PLT) at up to 13.4 Mtpa. Hydraulically remined tailings from TD03 and TD04 are combined and pumped to a second pre-leach thickener. Process water recovered from the PLTs is reused in tails reclamation and for general plant use. Thickened underflows from the PLTs are pumped to two pre-leach agitated tanks and then pumped directly to 4 leach pachucas (air agitated reaction tanks) – 3 operating, 1 standby. Concentrated sulfuric acid is added to the pachuca feed. Residence time in the pachucas is approximately 2 hours. Acidified and leached slurry is pumped to a counter current decantation train (CCD). Slurry enters at CCD2. The overflow consisting of pregnant copper containing leach solution (PLS) is pumped to CCD1 for further clarification before the clarified overflow is pumped to 2 pregnant liquor tanks. Underflow from CCD1 is returned to CCD2 to minimise solution losses. Underflow from CCD2 feeds CCD3 and subsequently CCD4 and 5. Overflow from CCD3 is pumped to the solvent extraction circuit. Overflows from CCD4 and CCD5 are returned to the previous CCD.

The now barren underflow from CCD5 is pumped to a neutralisation circuit where lime is added to neutralise acid and increase the pH to ~7. The neutralised product is pumped to the Muntimpa tailings dam.

The SX circuit consists of four trains each comprised of three extraction stages and two stripping stages. The PLS from the holding tanks is pumped to the SX circuit where it is mixed with a copper complexing reagent (lixiviant) in kerosene to remove the copper from the acidic aqueous PLS. The loaded organic phase now containing the copper is pumped to the stripping circuit where it contacts spent electrolyte from the tank house and the copper is redissolved in the aqueous electrolyte. The now high copper solution (advanced electrolyte) is pumped to the tank house for electrowinning of the copper onto cathodes. The solid copper cathodes are bundled for sale and export. The barren aqueous phase from the extraction circuit (raffinate) is collected and neutralised in the effluent treatment circuit for disposal.

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14.3.1 Historical performance

The performance of the Nchanga TLP prior to 2023 is shown in Figure 14.14.

Figure 14.14 Historical Nchanga TLP throughput

![](ctm003_ex96-2img61.jpg)

Source: AMC, 2025.

The recovery performance is in Figure 14.15.

Figure 14.15 Nchanga historical recoveries

![](ctm003_ex96-2img62.jpg)

Source: AMC, 2025.

Recovery performance was reduced in the four-year period from 2020 to 2024 due to operating and financial constraints. Maintenance, manpower, working capital reductions combined to impact availability and utilisation.

Historically the Nchanga TLP had highest annual throughput in 2015 / 2016 (Table 14.6).

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Table 14.7 Nchanga TLP highest annual performance

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| | |
|:---|:---|
| **Item** | **Value** |
| Annual Nchanga Concentrators tailings (Mt) | 11.4 |
| Annual tailings reclaim (Mt) | 5.0 |
| Weighted average ASCu (%) | 0.44 |
| Copper recovery (%) | 77 |
| Copper produced (t/d) | 151 |

---

AMC notes that in a single year (2012/13) 7.0 Mt of tailings were reclaimed.

AMC estimates the following copper production is achievable (Table 14.7). The reduced recovery for future processing through the Nchanga TLP relates to the reduced expected ASCu% grade to be fed through the plant.

Table 14.8 Copper production estimate

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| | |
|:---|:---|
| **Item** | **Value** |
| Plant capacity (tpd) | 50000 |
| Weighted average ASCu (%) | 0.35 |
| Copper recovery (%) | 74.8 |
| Operational availability (%) | 90 |
| Copper production (t/d) | 118 |

---

14.3.2 Restart performance

The Nchanga TLP recommenced operations in August 2024. Overall recovery performance is shown in Figure 14.16.

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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Figure 14.16 Nchanga TLP copper recovery since restart

![](ctm003_ex96-2img63.jpg)

Source: AMC, 2025.

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The throughput since the restart is shown below in Figure 14.17.

Figure 14.17 Nchanga TLP throughput since restart

![](ctm003_ex96-2img65.jpg)

Source: AMC, 2025.

14.3.2.1 Plant design
 and equipment

Nchanga TLP major unit processes are in Table 14.8.

Table 14.9 Nchanga TLP major unit processes

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| | | |
|:---|:---|:---|
| **Equipment** | **Capacity / size** | **Units** |
| Pre-leach thickeners | >25,000 tpd | 2 |
| Pachuca leach | ~4,000 tph at 2-hour residence | 4 |
| Counter current decant | ~2,500 tph/unit | 5 |
| Neutralisation circuit | ~2,500 tph | 1 |
| Solvent Extraction and stripping | ~2,100 m<sup>3</sup>/hr. | 4 |
| Tank house - EW | 280 tpd Cu | 1 |
| Neutralisation circuit |  | 1 |

---

14.3.2.2 Nchanga TLP
 production schedule

The Nchanga TLP production schedule, based on tailings reclamation from TD03 and TD04 as defined in the Mineral Reserve mine plan, is presented in Figure 14.18 below. Annual copper production and recovery performance are shown in Figure 14.19.

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Figure 14.18 Nchanga TLP feed schedule – Mineral Reserve case

![](ctm003_ex96-2img66.jpg)

Source: AMC, 2025.

Figure 14.19 Nchanga TLP Mineral Reserve mine plan copper production and recovery

![](ctm003_ex96-2img67.jpg)

Source: AMC, 2025.

The Nchanga TLP has substantial unused capacity from 2028 / 2029 when both Nchanga Concentrators tails volume and tailings reclaim volume reduce. A doubling of copper cathode production is possible with additional feed sources.

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14.4 Nchanga Smelter

Figure 14.20 shows a basic block flow diagram of the smelter and the design values for internal flow parameters. Table 14.9 shows basic design production parameters for the smelter. Key assumptions used are as follows:

· Concentrate
 throughput of 850 ktpa results from feed rate of 112.5 tph and overall time utilisation of
 86.1%.

· Cu
 production of 311.86 ktpa results from feed Cu content of 37.6% and Cu recovery of 97.7%.

· Strong
 acid production of 1,850 tpd results from sulfur (S) conversion of 2.9 (~95%).

Figure 14.20 Nchanga Smelter block flow diagram – design rates shown

![](ctm003_ex96-2img68.jpg)

Source: KCM, 2025.

Table 14.10 Nchanga Smelter – basic design production parameters

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| | | | |
|:---|:---|:---|:---|
| **No.** | **Parameter** | **Units** | **Design value** |
| 1 | Feed rate | t/h | 112.5 |
| 2 | Feed rate | t/a (annum) | 849000 |
| 3 | Copper production | t Cu/a | 311860 |
| 4 | Strong acid production | t/day | 1850 |
| 5 | Cobalt Alloy | t/hr. | 2.9 |

---

14.4.1 Recent smelter
 performance

The smelter completed a major shutdown (40 days duration) in 2016 when required repairs to the Flash Smelting Furnace (FSF) and slag cleaning furnace (SCF) were completed. In addition, major repairs to other in line, critical units, such as the waste heat boiler (WHB) and electrostatic precipitator (ESP) were completed. Table 14.11 shows smelter performance from FY2017 to FY2023.

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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Table 14.11 Nchanga Smelter – historical production

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2017/18** | **2017/18** | **2018/19** | **2018/19** | **2019/20** | **2019/20** | **2020/21** | **2020/21** | **2021/22** | **2021/22** | **2022/23 YTD** | **2022/23 YTD** |
| <br>**Particulars** | **Budget** | **Actual** | **Budget** | **Actual** | **Budget** | **Actual** | **Budget** | **Actual** | **Budget** | **Actual** | **Budget** | **Actual** |
| Cu-recovery (%) | 98.70 | 98.78 | 98.70 | 98.80 | 98.646 | 97.838 | 98.70 | 98.50 | 98.70 | 98.47 | 98.70 | 98.23 |
| Avg. Dry conc feed rate - FSF T/hr. | 93.83 | 69.98 | 105.25 | 67.293 | 86.625 | 63.222 | 75.42 | 67.46 | 67.08 | 65.73 | 65.00 | 66.40 |
| Dry Concentrate feed (without Lime) | 693541 | 503741 | 781747 | 436268 | 569185 | 276399 | 569080 | 447115 | 447818 | 389361 | 223900 | 148561 |
| Lime requirement | 36502 | 25696 | 32573 | 12931 | 29957 | 11123 | 28454 | 17335 | 25846 | 15613 | 11784 | 5778 |
| Avg Dry Conc Cu-Grade (%) | 32.63 | 29.47 | 29.96 | 29 | 27 | 29 | 31.16 | 33.49 | 28.83 | 32.97 | 31.53 | 31.41 |
| Gross Anodes Production | 210482 | 138066 | 207618 | 113274 | 139018 | 75550 | 153672 | 133752 | 140269 | 118208 | 63853 | 39023 |
| Secondary Anode Production | 3300 | 6437 | 3600 | 5628 | 3600 | 4720 | 3600 | 3432 | 3300 | 2920 | 1500 | 1704 |
| Primary production (including Cu in alloy & Chunks) | 236780 | 155842 | 240021 | 129235 | 159315 | 82926 | 175361 | 149005 | 161140 | 136090 | 73357 | 44963 |
| Primary Anodes | 207182 | 131629 | 204018 | 107646 | 135418 | 70830 | 149057 | 130320 | 136969 | 115289 | 62353 | 37319 |
| Cobalt Alloy Generation | 42534 | 31124 | 51972 | 28241 | 35047 | 13541 | 30705 | 21295 | 31297 | 21193 | 14935 | 8500 |
| Cu in Cobalt Alloy | 29597 | 23028 | 36003 | 20001 | 23897 | 10409 | 26304 | 17219 | 24171 | 18517 | 11004 | 7140 |
| Co in Cobalt Alloy | 1718 | 916 | 2082 | 802 | 747 | 325 | 689 | 280 | 652 | 206 | 209 | 96 |
| Cu in Alloy / Primary Cu (%) | 13 | 15 | 15 | 15 | 15 | 13 | 15 | 12 | 0.15 | 0.14 | 0.15 | 0.16 |
| Cu in Alloy / Total Alloy (%) | 70 | 74 | 69 | 71 | 68 | 77 | 86 | 81 | 77 | 87 | 74 | 84 |

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In April 2024, the FSF was forced to execute an emergency shutdown, permitting the contents of the furnace to freeze without drainage, leaving 70 cm of blister and 20 cm of slag in the hearth. Following cooling, the top slag layer was manually dug out. The smelter recommenced operations in October 2024 and an estimated 960 t of blister copper were melted out of the FSF during the restart sequence. The start-up was well managed, and no boiler leaks or other collateral damage were incurred.

The smelter is now operating steadily at 60-75 tph dry feed (see Table 14.11). Hearth temperatures remain a concern. Localised elevated readings on under-hearth thermocouples under the reaction shaft are likely indicative of diminished refractory lining in the area and the risk of a burn-through and liquid runout exists. Increased heat extraction fan capacity has been deployed beneath the furnace and thermocouple temperatures are being monitored continually. Operators intend to limit feed rate to the current range until the major shutdown in October 2025. The smelter processed 406.2 kt through Dec YTD which is an annualised run rate of 542 ktpa. Average Dec YTD feed rate was 72 tph. However, the smelter remains concentrate constrained and has been forced to take unplanned stoppages due to inability to assemble an appropriate concentrate feed blend while operating at 75 tph. Operators intend to continue with a feed rate set point of 70-75 tph as this rate generates a more pyrometallurgically stable environment in the FSF than when operating at 60-65 tph.

A feed rate of 102 tph has been demonstrated (FY11/12) and KCM operators express confidence that the design feed rate of 112.3 tph can be safely maintained subject to appropriate concentrates being available to present a feed blend that is within the thermodynamic operating envelope of the FSF. On-line time for the FSF (which determines the production rate of the smelter together with the concentrate feed rate) is planned to use the following downtime factors:

· 45
 days every five years - Major rebuilds of furnaces, sulfuric acid plant, oxygen plant.

· 2
 days per month - repairs requiring feed being off.

· 30
 minutes per day - time allotted for minor repairs requiring feed to be off.

· This
 schedule results in an overall time utilisation of 89.2%, which is reasonable and in line
 with similar smelter installations. Figure 14.21 shows the major sources of smelter downtime
 in the last three years. All of the unplanned downtime events shown are preventable:

---

| | |
|:---|:---|
| ¾ | Low feed stock - Inability to source sufficient feed concentrates has been the largest contributor over the last two years. The Konkola Mine has not been able to supply concentrate to plan and KCM has not been able to locally source appropriate replacement concentrate of appropriate metallurgical quality at acceptable commercial terms. The effects of this item can be expected to decrease as output from the Konkola Mine increases. |

---

---

| | |
|:---|:---|
| ¾ | Significant downtime has also been recorded to repair waste heat recovery boiler (WHRB) leaks and for routine clearing of WHRB throat leaks. Throat build-up and WHRB leaks are accentuated by slow running (low feed rate) and erratic running (stop-start operation of the FSF). Steady operation at feed rates inside the designed range can be expected to decrease the effects of these items. |

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Figure 14.21 Smelter downtime - FY22, FY23, FY24

![](ctm003_ex96-2img69.jpg)

Source: AMC, 2025.

Copper recoveries averaged 97.27% in October which is ~1% below plan, however discard slag assays are now between 0.2% and 0.3% which will result in recoveries increasing to the planned level of 98.4%.

Table 14.12 Nchanga Smelter production – October 2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Smelter October performance and November plan** | **Smelter October performance and November plan** | **Smelter October performance and November plan** | **Smelter October performance and November plan** | **Smelter October performance and November plan** | **Smelter October performance and November plan** | **Smelter October performance and November plan** |
| | | | **October 2024** | **October 2024** | | |
| **September 2024** | **September 2024** | <br>**Description** | **MTD as of 31 October** | **MTD as of 31 October** | **November 2024** | **November 2024** |
| **Plan** | **Actual** | **Input metrics** | **Plan** | **Actual** | **Var** | **Projection** |
| 0 | 0 | Operating hours hrs. | 589 | 496 | -92 | 589 |
| 0 | 0 | Total Concentrates Fed | 36200 | 30662 | -5538 | 37342 |
| 0 | 0 | Primary Cu Input | 10496 | 7649.61 | -2846 | 10446 |
| 0 | 0 | Avg. Dry Feed rate – FSF t/h | 62 | 61 | -1 | 62 |
| 0.00% | 0.00% | Avg Dry Conc Cu-Grade | 28.99% | 24.95% | -4.05% | 27.98% |
| 0.00% | 0.00% | Avg Dry Conc S-Grade | 17.84% | 18.27% | 0.43% | 18.18% |
| **Plan** | **Actual** | **Efficiency metrics** | **Plan** | **Actual** | **Var** | **Projection** |
| 0.00% | 0.00% | Cu-recovery – Operational | 98.40% | 97.27% | -1.13% | 98.40% |
| 0.00% | 0.00% | Co-recovery | 60.00% | 60.02% | 0.02% | 60.00% |
| 0.00% | 0.00% | Cu in Alloy/Total Alloy | 75.00% | 80.46% | 5.46% | 85.48% |
| **Plan** | **Actual** | **Output metrics** | **Plan** | **Actual** | **Var** | **Projection** |
| 0 | 76 | Primary Production Mt | 10328 | 6981 | -3348 | 10279 |
| 0 | 76 | Primary Anodes Mt | 8779 | 5615 | -3164 | 8737 |
| 0 | 0 | Sulfuric Acid Prod Mt | 17590 | 13411 | -4179 | 18485 |
| 0 | 0 | Sulfuric Acid Prod Mt – 500TPD | 0 | 0 | 0 | 0 |

---

Regardless of the availability of KCM concentrate, particularly Konkola high-grade concentrate, the smelter must run due to the tightly integrated flowsheet of the overall KCM operation. Starter sheets for the conventional-style, Nchanga TLP EW are manufactured by the Nkana Refinery using stripper anodes produced by the Nchanga Smelter. Sulfuric acid produced from smelter off gas and from the 500 tpd sulfur-burning sulfuric acid plant is essential for low-cost operation of the Nchanga TLP.

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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The smelter is now running at 65-75 tph. Although operation at the minimum, technically feasible, feed rate of 60-65 tph of dry concentrate feed is practical and has the advantage of conserving concentrate stocks and minimizing the need for repeated shutdowns due to the shortage of concentrate, the FSF is thermodynamically more stable at 70-75 tph and the overall risk profile of the integrated complex is lowered.

14.4.2 Smelter condition

Following the unplanned shutdown of the Smelter in 2024, Hatch Limited (Hatch), a global multidisciplinary management, engineering and development company conducted a detailed assessment of the KCM concentrators, the Nchanga TLP, the Smelter and the Refinery. Hatch's remit was to assess process conditions and readiness for re-start and to formulate a ramp-up plan and to identify risks to stable continued operation. Hatch delivered their final report in July 2024.

The Smelter successfully restarted in September 2024. The FSF is now due for a campaign rebuild including a full relining of the FSF including the hearth, having run since 2016 on the current hearth lining. The hearth brick was installed in 2008 and has lasted well. A major shutdown is planned for 45 days and is scheduled to begin in April 2026. KCM has drawn on the detailed condition assessments conducted by Hatch to develop the repair / rebuild program to be undertaken in conjunction with the relining of the FSF, SCF, and two cobalt refining furnaces (CoRFs).

Capital expenditure allocated for the campaign rebuild is US$32.8M - US$10.0M in FY 2024/25 for advance purchase of long lead items such as specialty furnace refractories and bespoke water-cooled copper furnace cooling elements and $23.0M for replacement equipment, specialty contractors and consumables to be spent in FY 2025/26. Table 14.12 shows a breakdown of capital expenditure by smelter section. The scope of the rebuild has been thoroughly developed by Hatch and KCM operators and engineers. This work was aided by the extended, unplanned downtime in 2024 which permitted internal inspections and assessments that would not otherwise have been possible.

Table 14.13 Smelter rebuild CAPEX – by section

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|:---|:---|
| **Section** | **Cost (US$)** |
| Furnace rebuilds, WHB repairs, Dryer refurbishment, anode wheel upgrade | 19100550 |
| Sulfuric acid plant refurbishment | 10041470 |
| Oxygen Plant refurbishment | 726230 |
| Miscellaneous items | 2886875 |
| Smelter rebuild total | 32755125 |

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The next campaign is planned for five years which is aligned with worldwide industry performance for similar furnaces and systems.

14.4.3 Concentrate
 blending and third-party feed requirements

Stable thermodynamic operation of the direct-to-blister smelting process relies on operators maintaining an appropriate feed concentrate blend to the FSF. The FSF requires a feed blend that achieves a specific Fe / SiO₂ ratio, a target total copper content, and controlled sulfur content. Multiple blending metrics are targeted simultaneously, as summarised in the example blend plan at Table 14.14.

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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Table 14.14 Example monthly concentrate blend plan – June 2025

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Jun' 2025-26 <br> blend plan** | **Blend<br> (%)**  | **100<br> (%)** | **DMT** | **Cu<br> (%)** | **Fe <br> (%)** | **SiO<sub>2<br> </sub>(%)** | **CaO<br> (%)** | **S <br> (%)** | **Bi <br> (ppm)** | **Co <br> (%)** | **AsCu <br> (%)** | **Au** |
| Nchanga | 5 | 5.00 | 2303 | 5 | 6.7 | 22 | 0 | 7.2 | 272.00 | 0.4 | 1.83 | 0.00 |
| Konkola | 20 | 20.00 | 9212 | 20 | 7.6 | 21.8 | 0 | 15.1 | 161.00 | 0.8 | 1.78 | 0.00 |
| Pyrite | 8 | 8.00 | 3685 | 8 | 23.6 | 1.4 | 11.3 | 30.4 | 0.00 | 0 | 0.00 | 0.00 |
| Zambian Chalcopyrite A | 36 | 36.00 | 16582 | 36 | 20.8 | 12.9 | 0.2 | 26.4 | 28.00 | 0.1 | 1.48 | 0.00 |
| Zambian Chalcopyrite B | 0 | 0.00 | 0 | 0 | 24.5 | 8 | 0.1 | 28.7 | 474.30 | 0 | 0.48 | 0.00 |
| Zambian Chalcopyrite C | 0 | 0.00 | 0 | 0 | 6.8 | 12.4 | 0.7 | 19.9 | 474.83 | 0 | 4.04 |  |
| Zambian Chalcopyrite D | 0 | 0.00 | 0 | 0 | 15.8 | 15.9 | 0.1 | 23.1 | 73.23 | 0.1 | 1.04 | 0.01 |
| Slag Concentrate (local) | 4 | 4.00 | 1842 | 4 | 14.5 | 13.5 | 2.9 | 17.3 | 146.00 | 0.5 | 3.59 |  |
| DRC Chalcopyrite | 0 | 0.00 | 0 | 0 | 1.6 | 16.3 | 1.1 | 12.4 | 131.00 | 0 | 7.47 |  |
| DRC Chalcocite A | 14 | 14.00 | 6448 | 14 | 2.6 | 21.9 | 0.6 | 5.1 | 13.00 | 0 | 1.12 | 0.00 |
| DRC Chalcocite B | 8 | 8.00 | 3685 | 8 | 6.7 | 0.2 | 0.1 | 10.3 | 95.00 | 0.1 | 4.90 |  |
| DRC Chalcocite C | 0 | 0.00 | 0 | 0 | 17.6 | 25.8 | 0.4 | 28 | 85.00 | 0 | 4.17 |  |
| Lime | 5 | 5.00 | 2303 | 5 | 0 | 2.6 | 49 | 0 | 0.00 | 0.1 | 0.00 |  |
| **Total** | **100.00** | **100.00** | **46060** | **20.0** | **12.63** | **13.95** | **3.64** | **17.54** | **70.34** | **0.26** | **1.67** | **0.00** |
|  |  |  |  |  | Fe / SiO<sub>2</sub> | 0.91 |  |  |  |  |  |  |
|  |  |  |  |  | Normalised Silica | 21.4 |  |  |  |  |  |  |

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Note: Third-party concentrate sources are identified by concentrate type and origin. The blend chemistry and proportions shown are representative of actual operational blending as at the effective date.

KCM's own concentrates, produced at the Konkola Concentrator and Nchanga Concentrators, carry elevated silica content, typically 20–22% SiO₂, which materially exceeds the preferred smelter feed limit of less than 15% SiO₂. Operating the FSF on KCM's own concentrates alone would result in an Fe / SiO₂ ratio below the thermodynamic operating envelope of the furnace, causing instability in the reaction shaft, reduced copper recovery into the blister phase, increased slag losses, and potential damage to the refractory lining. To correct this imbalance, chalcopyrite-dominant concentrates with higher iron and lower silica content must be incorporated into the feed blend. This is a metallurgical design requirement of the FSF and is not a matter of commercial preference.

Third-party concentrate sourced from other Copperbelt mines serves this blending function. The principal feeds used in the current blend are chalcopyrite-dominant concentrates sourced from large-scale Zambian open pit producers and high-grade chalcocite concentrates from DRC underground operations proximate to the Zambian border, where available. These feeds are high-iron, lower-silica concentrates that counterbalance the silica-rich KCM internal feed and bring the blended FSF input within its operating parameters.

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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**14.4.3.1** **Sources of third-party concentrate** 

Third-party concentrate is sourced from copper mines operating in the Zambian and DRC Copperbelt region, which constitutes the world's second largest copper-producing region. The proximity of these mines, the majority within 200 to 500 kilometres of the Nchanga Smelter, enables road-based concentrate logistics at commercially viable freight rates.

Principal sources in recent supply history include large-scale Zambian open pit operations producing chalcopyrite concentrate at approximately 29% Cu with low silica content; Zambian chalcopyrite producers at approximately 23–24% Cu; high-grade DRC chalcocite concentrate sources at approximately 47% Cu with very low silica, which have historically been among KCM's preferred high-grade feed sources due to their proximity to the Zambian border and favourable blend chemistry; and various smaller Copperbelt producers including slag concentrate facilities located in the Chingola and Chililabombwe areas.

**14.4.3.2** **Availability of third-party concentrate** 

The overall concentrate supply environment on the Zambian and DRC Copperbelt is assessed as supportive for continued third-party procurement over the Mineral Reserve life of mine, for the following reasons.

Total copper production in the two-country Copperbelt region is substantial and growing. Zambia's copper output has been increasing year-on-year, underpinned by significant committed mining investment, and the Zambian government has set ambitious production targets through 2031. DRC production from major operations including Kamoa-Kakula, Tenke Fungurume, and Kinsafu has been growing materially. Collectively, the Copperbelt represents one of the world's largest concentrations of copper production and output is forecast to grow further across the Mineral Reserve LOM period.

However, a number of the largest Copperbelt mine expansions are expected to be accompanied by dedicated on-site smelting capacity over the LOM period, which would reduce the volume of concentrate available to third-party buyers such as KCM. In particular, Ivanhoe Mines has announced plans to commission an on-site direct-to-blister smelter at the Kamoa-Kakula Copper Complex in the DRC (500,000 tpa capacity), which, once operational, is expected to process Kamoa-Kakula's own concentrate internally rather than making it available to regional third-party smelters. Kamoa-Kakula concentrate has historically been one of the most desirable high-grade, low-silica feeds available to the Nchanga FSF. Its transition to internal processing is a structural development in the regional concentrate market that will require active supply management by KCM, and is expected to be substantially offset over time by growing production from smaller Copperbelt producers that do not have access to proprietary smelting capacity and will continue to sell concentrate into the regional market. The QPs consider the overall regional supply base to remain adequate for the LOM plan, though the absence of binding long-term supply contracts beyond FY2026 is an area requiring ongoing commercial attention, as assessed further in Section 14.4.3.5.

This development illustrates an important structural dynamic in the Copperbelt concentrate market: while total copper production is growing, a number of the largest individual mine expansions are being accompanied by dedicated on-site smelting and refining capacity. Large-scale projects with sufficient production volumes, power supply access, and capital availability can justify the investment in proprietary smelting infrastructure, which requires capital expenditure in excess of US$500M for a facility of meaningful scale. Smaller producers and mines that lack access to reliable power supply, cannot justify the capital outlay, or are located outside established acid and logistics corridors are not able to replicate this model and will continue to sell concentrate into the regional market. The Nchanga Smelter, as an established 850,000 tpa facility with existing acid plant infrastructure and Copperbelt logistics connectivity, is well-positioned to service these producers.

A further structural factor supporting supply continuity is the Zambian regulatory framework governing concentrate exports. The Government of Zambia applies a 10% export levy on copper concentrate, reflecting a deliberate national policy of encouraging value addition within Zambia rather than export of unprocessed or semi-processed material. This levy creates a material economic disincentive for Zambian concentrate producers to divert supply to export markets or to non-Zambian smelters, effectively anchoring domestically produced concentrate within the Zambian processing value chain. For Zambian producers, the export levy, combined with the additional logistics cost of trucking concentrate to Dar es Salaam or other export corridors for onward shipment, makes supply to regional Copperbelt smelters such as the Nchanga Smelter the economically dominant off-take route. An equivalent structural dynamic applies to high-grade concentrate sources located in the DRC proximate to the Zambian border. The cost of trucking DRC-origin concentrate to deep-water ports for shipment to smelters in Asia is substantially higher than the road freight cost to regional Copperbelt smelters; accordingly, DRC mines within the relevant catchment area have a strong commercial preference for supplying regional Zambian smelters. These structural economics provide a durable basis for the QPs' assessment that third-party concentrate will remain available to KCM throughout the Mineral Reserve life of mine at commercially reasonable terms. They do not, however, eliminate the commercial risk associated with the absence of binding long-term supply contracts, which is an area requiring ongoing commercial management and is assessed in Section 14.4.3.5 below.

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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**14.4.3.3** **Existing contracts and commercial terms** 

As of the effective date of this report (1 April 2025), KCM has entered into supply agreements with multiple third-party concentrate suppliers covering the FY2025/26 period. These agreements are short-term in nature, consistent with industry practice for concentrate trading in the Copperbelt region. Concentrate purchases are made on a metal-return basis, meaning KCM takes ownership of the purchased concentrate and pays a concentrate purchase price linked to the contained metal value, less treatment and refining charges, payability deductions, and freight. This is a standard commercial purchase arrangement, KCM is not operating as a toll processor of third-party material; it acquires the concentrate as a feedstock input and retains the processed metal output, bearing the associated market price risk on both the purchase and the refined product sale.

The terms of current supply agreements, as reflected in the FY2025/26 business plan blending schedule (Table 14.15), include: concentrate purchase prices calculated by reference to prevailing LME copper prices less treatment charges (at prevailing TC / RC rates in the African market, estimated at US$60/dmt and US$0.06/lb respectively for long-term planning purposes, consistent with the payability terms in Table 16.3); volumes procured under individual contracts ranging from approximately 10,000 to 60,000 dry metric tonnes per month per supplier, with multiple concurrent suppliers engaged to provide blend flexibility and supply security; and contract durations of one fiscal year or less, with renewal subject to commercial negotiation.

Table 14.15 Concentrate blending plan – FY25/26 business plan

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Opening stock** | **Opening stock** | **Opening stock** | **Receipts** | **Receipts** | **Receipts** | **Treatment** | **Treatment** | **Treatment** | **Closing stock** | **Closing stock** | **Closing stock** |
| <br>**Own concentrates** | **DMT** | **TCu <br> (%)** | **Fine Cu** | **DMT** | **TCu<br> (%)** | **Fine Cu** | **DMT** | **TCu<br> (%)** | **Fine Cu** | **DMT** | **TCu<br> (%)** | **Fine Cu** |
| Nchanga hg |  | 20.0 |  | 63995 | 20.0 | 12799 | 19415 | 20.0 | 3883 | 44580 | 20.0 | 8916 |
| Konkola hg | 483 | 33.0 | 159 | 151608 | 33.00 | 50031 | 151653 | 33.00 | 50045 | 438 | 33.00 | 145 |
| Pyrite | 1000 | 0.3 | 3 | 72001 | 0 | 216 | 43288 | 0.3 | 130 | 29713 | 0.3 | 89 |
| Total own | 1483 |  | 162 | 287604 |  | 63046 | 214355 |  | 54058 | 74732 |  | 9150 |
| **Purchased concentrates** |  |  |  |  |  |  |  |  |  |  |  |  |
| Zambian Chalcopyrite A |  | 29.1 |  | 185233 | 29.00 | 53718 | 185233 | 29.00 | 53718 |  | 0.0 |  |
| Zambian Chalcopyrite C |  | 44.5 |  |  | 0.0 |  |  | 0.0 |  |  | 0.0 |  |
| Zambian Chalcopyrite D |  | 26.0 |  |  | 0.0 |  |  | 0.0 |  |  | 0.0 |  |
| Slag Concentrate (local) | 325 | 25.0 | 81 | 13416 | 25.0 | 3354 | 13416 | 25.0 | 3354 | 325 | 25.0 | 81 |
| Zambian Chalcopyrite B |  | 0.0 |  | 12569 | 0.0 |  | 12569 | 0.0 |  |  | 0.0 |  |
| DRC Chalcopyrite |  | 49.1 |  | 4688 | 48.00 | 2250 | 4688 | 48.0 | 2250 |  | 0.0 |  |
| DRC Chalcocite A | 235 | 48.0 | 113 | 60101 | 48.00 | 28848 | 60101 | 48.0 | 28848 | 235 | 48.0 | 113 |
| DRC Chalcocite B | 200 | 47.0 | 94 | 29333 | 47.0 | 13786 | 29333 | 47.0 | 13786 | 200 | 47.0 | 94 |
| DRC Chalcocite C |  | 29.6 |  |  | 0 |  |  | 0.0 |  |  | 0.0 |  |
| Total purchased | 759 |  | 288 | 292771 |  | 101957 | 292771 |  | 101957 | 759 |  | 288 |
| **Total concentrates** | **2242** |  | **450** | **580375** |  | **165002** | **507126** | **30.76** | **156015** | **75491** |  | **9438** |

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Note: Third-party concentrate sources are identified by concentrate type and origin. The blend plan volumes and grades shown are based on the KCM FY25/26 business plan as at the effective date.

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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No binding concentrate supply contracts extend beyond FY2026, and this is identified as an essential commercial risk requiring ongoing management. The LOM plan assumes that 250,000–300,000 tpa of third-party concentrate will be available throughout the Mineral Reserve mine life at commercially reasonable terms. This assumption is consistent with the observed regional supply environment but is not supported by binding long-term contractual commitments. The ability to renew and extend supply arrangements will depend on continued growth in Copperbelt concentrate production from mines that do not have access to proprietary smelting capacity, ongoing commercial relationships with concentrate traders and producers, and KCM's ability to offer competitive processing terms relative to alternative smelting routes available to concentrate sellers.

**14.4.3.4** **Alternatives to third-party concentrate procurement** 

In the absence of sufficient third-party concentrate, KCM has identified the following alternative pathways, each with differing economics and operability implications.

The primary operational mitigation is blend management using additional lime addition and pyrite concentrate from the Nampundwe Mine to partially adjust the FSF feed chemistry. These materials are available in limited volumes and can partially compensate for the silica imbalance but cannot fully replicate the blend correction provided by high-volume chalcopyrite concentrate feed at required tonnages. Operating on a lime-heavy blend reduces smelter throughput and copper recovery into the blister phase.

A second mitigation is operation of the sulfur-burning acid plant (500 tpd capacity) to partially compensate for reduced off-gas acid production where smelter throughput declines. This reduces the incremental acid shortfall but does not eliminate it; if off-gas acid production falls by more than 500 tpd (i.e. if smelter throughput falls to less than approximately 60% of current operating rate), net TLP acid availability would be constrained.

Third-party acid procurement from regional suppliers in Zambia, Namibia, and South Africa represents the fall-back option for TLP operations. In the base case, the smelter transfers acid to the TLP at an internal price of US$130 per tonne. This is an internal transfer between KCM cost centres and nets to zero at the consolidated entity level. The external market price for sulphuric acid on the Copperbelt is US$175 per tonne as reflected in the model's external procurement assumption. If third-party concentrate were unavailable and acid were required to be sourced externally, the true incremental cash cost to the consolidated KCM entity would be the delta of US$45 per tonne, the premium above the internal transfer price already embedded in the model. Applying this delta to the acid shortfall of approximately 1,917,000 tonnes (55% of the 3,485,000 tonne LOM acid requirement) generates an incremental consolidated cost of approximately US$86M over the LOM. Acid prices on the Central African Copperbelt are subject to variability; in periods of tighter supply the market price has historically exceeded US$175/t, which would increase this cost impact accordingly. The full sensitivity incorporating this acid procurement cost is presented in Section 19.2.4.

**14.4.3.5** **Assessment of supply certainty** 

**The QPs consider that there is a reasonable basis to expect that third-party concentrate will remain available at the volumes assumed in the LOM plan, given the scale of regional Copperbelt production and the structural inability of many smaller producers to develop proprietary smelting capacity. However, the absence of binding supply contracts beyond FY2026 introduces commercial uncertainty that the QPs consider to be a material risk to the LOM plan, and securing ongoing supply arrangements is identified as an essential commercial requirement. The actual NPV₈% impact of losing third-party concentrate supply, incorporating both the direct smelter contribution and the incremental acid procurement cost, is estimated at approximately US$245M against the base case NPV₈% of US$2,132M, representing a reduction of approximately 11%, as set out in the full sensitivity analysis in Section 19.2.4.** 

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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14.5 Nkana Refinery

14.5.1 Mode of operation,
 general condition

The Nkana Refinery (Tank house, Refinery) is a large, conventional electro-refinery with a nominal capacity of 300 ktpa of grade A refined cathode (see Figure 14.22). Production utilises the starter sheet process whereby thin starter sheets of refined copper are plated on titanium blanks in the Stripper Section of the Tank house. Sheets are manually stripped and fabricated prior to loading in the commercial sections of the Tank house where they are grown to full weight. Anodes are consumed in two 11-day cycles and two refined cathodes are produced per anode. Approximately 18% of the anode weight is returned to the smelter as anode scrap. Overall scrap rate for the refinery is 22%.

The commercial section of the Tank house is arranged in 72 independently powered sections. Nine independent electrolyte circuits service eight sections each.

The Refinery operated reliably and well in the past, achieving >95% current efficiency and producing >95% grade A quality refined copper. In recent years the capacity of the refinery was reduced to 50% due to issues related to inability to maintain the facility in full operating condition.

Figure 14.22 Nkana Refinery – process flowsheet

![](ctm003_ex96-2img70.jpg)

Source: KCM, 2025.

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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The current mission of the Refinery is to produce starter sheets for the Nchanga TLP EW tank house. To accomplish this, stripper anodes are supplied by the Nchanga Smelter and consumed in the stripper section. Anodes produce good quality sheets while still dimensionally consistent which is about ½ weight. After this point the anodes are transferred to a commercial section to consume the remainder of the anodes and to produce refined cathode for sale. Anode scrap from these sections is returned to the Smelter for remelting.

In this mode of operation, one commercial electrolyte circuit is in service. As two sections only are required for this stripper anode refining duty, six sections in the operational electrolyte circuit are currently available for refining should copper be available in the smelter to produce and supply commercial anodes. Refining of such copper would be accomplished at minimal additional cost for power and reagents as operation of the electrolyte circuit (including labour) is a stay in business expense already incurred for production of Nchanga TLP starter sheets. The Refinery could currently be characterised as neat and tidy but very run down, with general observations as follows:

· Some
 cell-top hardware is in storage and available.

· Cells
 are in serviceable condition.

· Structures
 are not painted and are acid affected but appear to be sound.

· Basement
 floors and sumps are acid compromised. While the damage is significant, acid infiltration
 below the basement concrete floor has not yet resulted in sufficient "swell and heaving"
 to distort the basic structure of the building.

Operators are aware of the conditions described and the most critical areas have already been repaired. One of three slimes recovery sumps has been repaired and re-tiled and repair of the second is scheduled for 2025. The worst floor area has been dug out, acid has been neutralised and the floor has been re-concreted. Acid-proofing of the concrete will be completed early in 2025. Plans are in place for similar repair of a second high-priority area. One high-priority area of steel structure has been sand blasted, repaired, and re-painted. More similar repairs are budgeted for 2025.

14.5.2 Production

Table 14.15 shows Refinery production for 2024-2025 YTD to January 2025. Gross copper production was 4,763.1 t versus the business plan (BP) of 12,033 t. This significant production shortfall is largely due to availability of anodes from the Smelter. Basic refinery performance parameters were as follows:

· Current efficiency 91.8% v. 96.0% planned

· Anode scrap rate 34.2% v. 18.0%

· Plant utilisation 93.3% v. 90.0%

· Dispatchability 84.9% v. 95.0%

Although operators are experiencing some difficulties maintaining stable electro-chemical conditions in the Tank house due to the small number of sections operating and are not meeting planned current efficiency, scrap rate and cathode dispatchability levels, the operation is stable and the primary mission of supplying acceptable quality starter sheets to the Nchanga TLP is being met.

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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Table 14.16 Nkana Refinery production – 2024-2025

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **2024 - 2025 YTD** | **2024 - 2025 YTD** | **2024 - 2025 YTD** | | | | **January 2025** | **January 2025** | **January 2025** | **January 2025** | **February 2025** | **February 2025** |
| **Actual** | **BP** | **Var<br> (actual BP)** | <br>**December 2024 <br> Actual** | <br>**Parameter** | <br>**Units** | **Actual** | **Projection** | **BP** | **Var<br> (actual BP)** | **Projection** | **BP** |
| 4763.1 | 12033 | (7269.6) | 1084 | Gross Copper production | Mt | 981 | 1707.0 | 4059.6 | (3078.7) | 1584.0 | 4197.1 |
| 2221 | 6997 | (4776.2) | 580 | REC Production | Mt | 473 | 700.0 | 2611.7 | (2138.936) | 800.0 | 2914.0 |
| 2128 | 3293 | (1165.3) | 504 | S/s to Nchanga TLP | Mt | 508 | 656.0 | 840.4 | (332.246) | 550.0 | 675.6 |
| 414 | 1743 | (1328.1) | 0 | Q12 production | Mt | 0.00 | 351.0 | 607.5 | (607.500) | 234.0 | 607.5 |
| 420 | 1743 | (1322.8) | 0 | Q12 Dispatch | Mt | 0.00 | 351.0 | 607.5 | (607.5) | 234.0 | 607.5 |
| 6971 | 22000 | 15028.7 | 1194 | Nchanga Anodes Receipt | Mt | 1578 | 2700.0 | 4500.0 | (2922.1) | 2160.0 | 4500 |
| 9.6 | 20.7 | (11.1) | 1 | Slimes Production | % | 1.32 | 2.0 | 7.2 | (5.9) | 2.00 | 7.2 |
| 91.8 | 96.0 | (4.3) | 93 | Current Efficiency | % | 91.1 | 96.0 | 96.0 | (4.9) | 96.0 | 96.0 |
| 34.2 | 18.0 | (16.2) | 38 | Anodes Scrap Rate | % | 22.0 | 18.0 | 18.0 | 4.0 | 18.0 | 18.0 |
| 4.2 | 10.0 | 5.8 | 3 | Starter sheet scrap | % | 4.90 | 5.0 | 10.0 | 0.1 | 5.0 | 10.0 |
| 84.9 | 95.0 | (10.1) | 80 | Dispatchability | % | 88.2 | 95.0 | 95.0 | (6.8) | 95.0 | 95.0 |
| 93.3 | 90.0 | 3.3 | 94 | Plant Utilisation | % | 92 | 92 | 90.0 | 2.0 | 92 | 90.0 |

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14.6 Nampundwe Mine
 – pyrite flux production

The Nampundwe Mine produces pyrite concentrate that is an essential input to the Nchanga Smelter feed blend (Section 14.4.3). Nampundwe pyrite provides the sulphur balance required for stable thermodynamic operation of the Outotec direct-to-blister flash smelting process. The concentrate is described by KCM smelter technical staff as essential for fine-tuning the blend chemistry of the flash smelter feed.

Pyrite concentrate is transported by road from Nampundwe to the Nchanga site. The smelter concentrate blending plan (Table 14.15 of the companion IA TRS) includes Nampundwe pyrite as a standing component of the annual blend. Any interruption to Nampundwe supply would require sourcing alternative sulphur-bearing material to maintain smelter operational stability.

The Nampundwe Mine is excluded from the PFS Mineral Reserve estimate and mine plan. No processing of copper-bearing material occurs at Nampundwe; the sole product is pyrite concentrate for smelter flux purposes. Operating details for the Nampundwe Mine are summarised in Section 14.11.

14.7 Sulfuric acid
 plant

Sulfuric acid for the Nchanga TLP leach circuit is supplied from two on-site sources and, when required, from third-party purchases:

· Smelter
 off-gas acid plant: A contact acid plant treating sulphur dioxide (SO₂) captured from
 the Nchanga Smelter flash furnace off-gas stream, with a production capacity of 1,850 tpd.
 This is the primary acid source.

· Sulphur-burning
 acid plant: A supplementary 500 tpd acid plant that combusts elemental sulphur to produce
 additional sulphuric acid when smelter off-gas production is insufficient to meet TLP demand.

· Third-party
 acid: Purchased from the Zambian, Namibian, and South African markets when on-site production
 is insufficient. Make-up acid supplies are purchased on the open market as required.

Acid production from the smelter off-gas plant is directly linked to smelter throughput. When concentrate supplies are restricted and smelter throughput declines, acid production decreases proportionally, creating a bottleneck for TLP operations. If insufficient acid is available, Nchanga concentrator operational throughput and TLP copper recovery may be constrained. The interdependence between smelter throughput and acid supply is a key operational consideration for the integrated KCM flowsheet.

The sulfuric acid plant was refurbished as part of the most recent smelter campaign, at an estimated cost of US$10.0M.

14.8 Proposed processing
 methods

No new processing methods are proposed.

14.9 Proposed flow
 sheet

No new processing methods are proposed.

14.10 Plant design
 and equipment

See Sections 14.1.2 and 14.1.4.

14.11 Plant operations

Following the scheduled full-plant shutdown of 45 days in October / November 2025, the smelter is scheduled to return to production using the concentrate blending plan shown in Table 14.5. Planned feed rate prior to the shutdown is 70 tph and is planned to ramp up from 80 tph to 90 tph after the return to full operation. Full year throughput of 547,048 t is planned, using the standard smelter downtime schedule of 0.5 hours per day and two days per month (91.5% utilisation of available time).

Throughput for the five-year period from FY2025/26 to FY2029/30 is planned to rise to a maximum of 646,086 t which will require a feed rate of 81 tph at the standard time utilisation of 91.5%. From FY2031/32 onwards, throughput is planned at 850,000 tph which is the nominal designed maximum production rate. This requires a feed rate of 112.3 tph at 86.4%-time utilisation. Smelter technical staff are confident this rate can be maintained provided an appropriate feed blend can be sourced. AMC concurs with this opinion.

Basic operating performance parameters calculated by smelter technical staff, e.g., 98.13% Cu recovery, 60% Co recovery, S conversion to sulfuric acid, have been used to model the planned performance of the smelter and refinery.

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15 Infrastructure

Table 15.1 summarizes the principal infrastructure at each KCM operating site. Detailed descriptions of each infrastructure category are provided in the subsections that follow.

Table 15.1 Summary of infrastructure by operating site

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|:---|:---|:---|
| **Infrastructure** | **Konkola Mine** | **Nchanga Site** **(incl. TD03/TD04)** |
| Shafts / mine access | No. 1, 3, 4 Shafts; decline access | COP DF portal; UG shafts (NBU; excl. from PFS) |
| Concentrator | Konkola Concentrator (6 Mtpa) | OEM, NEM, NWM (13 Mtpa combined) |
| Leach plant | N/A | Nchanga TLP (SX-EW) |
| Smelter | N/A | Nchanga Smelter (flash; 311 ktpa) |
| Refinery | N/A | N/A |
| Acid plant | N/A | Sulphuric acid plant (1,850 tpd) |
| Tailings storage | N/A | TD03, TD04, TD05 (active deposition) |
| Power supply | CEC 66 kV (Konkola substation) | CEC (Nchanga substation) |
| Water supply | Kafue River; mine dewatering (reuse) | Kafue River intake |
| Transport links | T3 Highway; rail siding | T3 Highway; rail siding |

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Note: CEC = Copperbelt Energy Corporation.

This section of the report outlines the various infrastructure components supporting the ongoing mining and processing operations at the KCM mine site. It provides an overview of roads, railways, water dams, dumps, and tailings disposals, detailing their locations and roles in sustaining operations. Additionally, it summarises essential services such as power and water, including their sources and overall usage statistics. Ancillary service infrastructure supporting mining and processing activities is also addressed.

Furthermore, the report highlights planned future infrastructure expansions where applicable, offering insights into upcoming developments.

15.1 Roads

The mine sites are all existing operations and are connected to multiple local roads in the Chililabombwe, Chingola, Kitwe and adjacent towns. Internal town roads in these areas are primarily not always marked roadways and are a mix of dirt and tar roads. However, the main interconnecting roadway through the towns, Chingola-Chililabombwe Rd (T3), is a tar road that is kept in a decent and usable state and serves as the major route between towns and various mining sites, operations and the DRC Border. Thus, road access to support ongoing and future operations is well established in the area.

Roads in the local area are, however, prone to deterioration especially during the rainy seasons, and potholes are a frequent occurrence and risk to be aware of and dealt with when travelling on roadways. The map below visualises the main roadway, Chingola-Chililabombwe Rd (T3), and also shows existing railway infrastructure in-between towns covered in the next section (see Figure 15.1).

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Figure 15.1 Map showing main roads connecting towns of Chingola and Chililabombwe

![](ctm003_ex96-2img71.jpg)

Source: Google Earth Pro. (2025). Map showing main roads and railways around Chingola & Chililabombwe, Zambia. Google Earth. Available at: https://earth.google.com. Accessed 12 March 2025.

On a national scale, Zambia has a functioning network of major highways that is the lifeline for mining operations in the Copperbelt region. Major highways also connected to the neighboring countries of Tanzania and Namibia where access can be gained to port infrastructure for exports. Through highways connected to the neighboring countries of Botswana and Zimbabwe, access can also be gained to South Africa for port access for exports.

15.2 Rail

In recent years, Zambia's railways in the areas surrounding KCM are characterised by aged infrastructure and similarly aged rolling stock. This has resulted in significant operational challenges with operating rail services in the local areas surrounding the mine. Due to the deteriorating condition of existing railways running through the towns of Chililabombwe and Chingola, final product is not initially transported by railway. The primary method of transporting final product, and for inbound shipments of equipment or consumables, is road freight.

A viable rail export corridor that has been utilised in the past by KCM includes the Tazara railway line that stretches from the Zambian town of Kapiri Mphosi, through Tanzania and to the port of Der-es-salaam. Product still needs to be trucked via road for the initial 200 km from site to Kapiri Mphosi due to non-functioning local railways in the Copperbelt province. The Tazara railway is, however, not without its own challenges and has in recent years been plagued by operation challenges and infrastructure issues. At the time of reporting, however, the railway line is reported as open for freight and passenger use but needs extensive infrastructure upgrade and repair work. The below map shows current railway infrastructure reported in Zambia, showing both functioning and non-functioning networks (see Figure 15.2).

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Figure 15.2 Map showing rail infrastructure of Zambia Railways Limited

![](ctm003_ex96-2img72.jpg)

Source: Zambia railways ltd, railway network Map showing major railway infrastructure. Available at: zrl.com.zm/rail -Accessed 17 March 2025.

There is a potential future rail corridor referred to as the Lubito Corridor that is planned to connect Angola's port of Lobito through the DRC to Zambia's Copperbelt. Current projections are for a completion date of 2029 (Lobito Corridor: What It Is & Why It Matters, 2025).

15.3 Port facilities

Zambia is a landlocked country with no direct access to port facilities. Consequently, the transport of goods to and from the country and the mine relies exclusively on rail and road infrastructure. Accessible ports in other countries that have been utilised for product exports via existing logistical corridors include:

· Tanzania
 – Port of Dar-es-Salaam

· Namibia
 – Port of Walvis Bay

· South
 Africa – Port of Durban

15.4 Water dams

Due to the primary source of raw water for operations being derived from underground dewatering activities, there is no significant need for above-ground water storage. The volume of water inflows into the underground mine operations at Konkola Mine far exceeds the required raw water usage.

15.5 Dumps

As part of operations of the Konkola Mine, waste rock dumps are utilised to dispose of any waste rock generated through mining operations. These facilities are subject to statutory compliance and operating waste rock dumps at Konkola Mine is subjected to statutory inspections conducted by and independent 3<sup>rd</sup> party inspector to ensure compliance to the applicable legislation.

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15.6 Licensing and
 permitting

The framework for the independent inspection of mine dumps is outlined in The Mines and Minerals (Environmental) Regulations, 1997 (Statutory Instrument No. 29 of 1997), a subsidiary legislation of The Mines and Minerals Development Act (MMDA).

Licensing to own and operate waste dumps at Konkola is subject to The Environmental Management Act (EMA), 2011, Environmental Management (Licensing) Regulations, 2013. Statutory inspections are carried out in line with the required legislation to ensure compliance of the operated waste dumps.

15.7 Konkola operation
 waste dumps

The Konkola Mine, located on the outskirts of the town Chililabombwe, operates primarily two waste dumps, Dump A & B. Dump A is located west of the mine adjacent to shafts 1 & 4, and handles waste from these operations. Dump B is located North-west of shaft 3 about 2.5 km north of Dump A. Both dumps are in operation and are actively used to support ongoing operations, they respectively have coverage areas of approximately 48 ha for Dump B, and 48 – 50 ha for Dump A (see Figure 15.3).

Figure 15.3 Map showing waste dump locations at KCM

![](ctm003_ex96-2img73.jpg)

Source: Google Earth Pro., 2025. Map showing waste dumps of Konkola Mine at Chililabombwe, Zambia. Google Earth. Available at: https://earth.google.com. Accessed 19 March 2025.

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15.8 Tailings disposal

15.8.1 Tailings deposition
 locations

Tailings disposal is achieved through pumped tailings to various TSFs located at different geographical locations throughout the Konkola Mines operational footprint. The operations include historic tailings facilities that are no longer in operation and in various stages of reclamation, and two operational facilities.

The current overview and state of TSFs in summary includes:

· TD02
 – No longer in operation and fully reclaimed.

· TD03
 – No longer used for deposition of tailings and currently in process of being reclaimed
 through hydraulic mining and truck and shovel operations.

· TD04
 – No longer used for deposition of tailings and earmarked for reclamation by hydraulic
 mining.

· TD05
 – in operation and nearing maximum capacity. Investigation into stability and capacity
 increase conducted, but opportunity was limited due to stability issues (details below).

· Lubengele
 – in operation, no plans for expansion, however facility has about 50% of design capacity
 left.

Locations of various TSFs in relation to neighboring towns and the main mining operations shown below (see Figure 15.4).

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Figure 15.4 Map showing locations of all TSFs of Konkola and Nchanga Operations

![](ctm003_ex96-2img74.jpg)

Source: Google Earth Pro., 2025. Map showing the location TSF and mining operations of Konkola Mines, Zambia. Google Earth. Available at: https://earth.google.com. Accessed 12 March 2025.

The two operational facilities which include Muntimpa (TD05) and Lubengele are each located in proximity to local towns and in close proximity to mining operations at Konkola and Nchanga.

The Muntimpa (TD05) facility is located just to the south of the town of Chingola and borders the outskirts of town (12°36'51.66"S, 27°53'13.16"E) (see Figure 15.6).

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Figure 15.5 Map showing detail view of TD05 Muntimpa TSF

![](ctm003_ex96-2img75.jpg)

Source: Google Earth Pro., 2025. Map showing the location of Muntimpa TSF in Chingola, Zambia. Google Earth. Available at: https://earth.google.com. Accessed 12 March 2025.

The Lubengele facility is located just to the north of the town of Chililabombwe and borders the outskirts of town (12°20'27.25"S, 27°49'53.35"E) (see Figure 15.7).

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Figure 15.6 Map showing detail view of Lubengele TSF

![](ctm003_ex96-2img76.jpg)

Source: Google Earth Pro. (2025). Map showing the location of Lubengele TSF in Chililabombwe, Zambia. Google Earth. Available at: https://earth.google.com. Accessed 12 March 2025.

15.8.2 LOM capacity
 and expansion opportunities

With regards to the current capacity of available facilities, the Muntimpa (TD05) TSF is nearing its end of life and is expected at current mining rates to reach end of life near the end of 2028. An inspection into increasing its capacity was conducted by an independent third-party contractor, however capacity expansion was constrained due to concerns about stability. Initially the expansion capacity aimed for was 780 Mt, but according to report findings relating to stability issues, this has been constrained to a maximum expandable capacity of 590 Mt.

Currently there are no plans to extend the capacity of the Lubengele TSF and based on historical deposited tailings, the facility still has about 50% capacity remaining.

Table 15.1 summarises the current conditions of operational TSF facilities.

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Table 15.2 Operational TSF conditions, TD05 (Muntimpa) and Lubengele

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| | | |
|:---|:---|:---|
| **Description** | **TD05 - Muntimpa** | **Lubengele** |
| Last Assessment conducted available | Nov 2024, Capacity increase investigation report & Quarterly inspection report. | Quarterly inspection report Jan 2025. |
| Management Standard / guidelines followed | Global Industry Standard on Tailings Management (GISTM). | Global Industry Standard on Tailings Management (GISTM). |
| Total Storage capacity original Design (Mt) | 534.8 | 200 |
| Total Storage Used (Mt) | 546 | 101 |
| Total Remaining (Mt) | 44 (Based on the 590 Mt increased capacity option). | 99 |
| Planned Capacity Increase (Mt) | 245 | None planned. |
| Final Planned Capacity (Mt) | 590 (780 not possible due to stability concerns). | 200 |
| Yearly deposition target (Mt) | To be confirmed based on new mining plan. | To be confirmed based on new mining plan. |
| Operational comments (During last reporting periods available) | Operating close to design freeboard and pond level reduction required.<br>Supernatant pond distance above limits, work was undertaken to lower levels. | Operating well within design freeboard limits.<br>Supernatant pond distance within limits.<br> Drains and spillways operational but needs repair work & cleaning. |
| Highlighted Major Risk / Scope required | Regardless of capacity increase, assessments pointed to stability issues, constraining the opportunity for additional capacity.<br>Increasing capacity is constrained to max of 590 Mt subject to the construction of a large Rockfill buttress to the south of the main wall, with interface filter drainage required. | Stability assessment update is required urgently to confirm stability in line with GISTM standards. Could infer additional scope for stability improvement dependent on outcome of work.<br>Needs update of 5YP deposition strategy to also infer LOM planning. |

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15.8.3 Licensing and
 permitting

TSF facilities are managed by conducting routine statutory inspections carried out by an independent consultant on TSF facilities in line with compliance with the MMDA No. of 2015, the principal Act, and its subsidiary legislation the Mines and Minerals (Environmental) Regulations, 1997 (Statutory Instrument No. 29 of 1997).

In addition, the reports produced on statutory compliance follows the licensing requirements as provided for under the Zambian EMA of 2011 and its subsidiary legislation the Environmental Management (Licensing) Regulations, 2013 (Statutory Instrument Number 112 of 2013).

15.8.3.1 Stability
 and TSF management processes

KCM tailing management systems are aligned with the GISTM.

Quarterly assessments are conducted by an independent consultant to report on TSF conditions and management. The inspections focus on:

· Tailings
 deposition in the quarter compared to planned targets.

· Pond
 water management and freeboard, also with focus on stability to deal with rainfall events.

· Beach
 profile.

· Piezometer
 readings are taken monthly at strategic locations on TSF dam walls for stability assessment.

· Environmental
 management is checked with effluent quality and limits of statutory limits of effluent discharge
 verified. Air quality with regards to dust generation is checked.

· Appurtenant
 facilities inspected with focus on spillways and canals, wall slopes and toe areas and Filter
 drains.

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Quarterly reports are accompanied by dashboards highlighting risks, and priority of risks identified during the period of inspection, quarterly reports highlight any deviations from standards and advises remedial actions to be implemented to ensure continued compliance and safety of facilities.

In addition to the mentioned activities for statutory compliance as listed above, KCM also implements the following as part of their TSF Management policy:

· Maintaining
 a robust emergency response system, which includes developing plans in collaboration with
 local communities and emergency services, as well as conducting regular mock exercises to
 test their emergency response procedures.

· Avoiding
 riverine and submarine tailings disposals in new projects.

· Maintaining
 transparency and building mutual trust with their stakeholders by keeping them informed about
 tailings are managed and engaging with stakeholders throughout the entire lifecycle of the
 facilities.

· Working
 collaboratively with their community partners to develop long-term recovery actions required
 in case of a tailing's facility failures.

· Review
 the performance on a periodic basis against their policy including the sharing of good practices
 throughout the organisation and stakeholders.

15.9 Power

KCM operations primarily draw their power from the CEC which owns and operates electricity transmission infrastructure in the Copperbelt region. CEC primarily purchases electricity from ZESCO, the national power utility in Zambia a state-owned power company. The primary sources of power for the CEC include:

· ZESCO
 is the primary source of power purchased.

· CEC
 owns thermal power generation assets totaling 80 MW capacity.

· Approximately
 34 MW of Solar PV located at Riverside Solar PV park, Kitwe.

· Future
 plans also include development of a 40 MW hydropower plant in the North-Western province
 of Zambia.

· There
 are future KCM plans for renewable energy at Chililabombwe (150 MW) and thermal South Province
 (150 MW).

The ZESCO national grid in Zambia is limited geographically and is plagued by an overall supply deficit, with many parts of the country not currently under electrification. The primary source of electricity is hydroelectric, with the rest coming from thermal coal and imports from various neighboring countries.

Power sources that feed into the ZESCO national grid include:

· Hydroelectric
 power from various hydro power plants including Kariba North Bank, Kafue Gorge, Victoria
 Falls, ITPC, Lunzua, Lusiwasi Lower, Chishimba Falls, Lunsemfwa Hydro.

· Thermo
 Coal plant located at Maamba Collieries.

· Imports
 come from various countries including South Africa, Mozambique, Malawi and Zimbabwe.

· During
 times of additional power demand, like during smelter start-ups, or when grid failures occur,
 emergency power capacity is available through the use of generators.

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Some of the main characteristics of the power transmission system in the area of operations of Konkola Mines include:

· Transmission
 system has various voltage levels including 220 kV, 66 kV, and 11 kV.

· Konkola
 mining operations tie into the 66 kV voltage lines at substations located in the towns of
 Chililabombwe and Chingola.

· At
 the 66 kV substations, power is stepped down primarily to 11 kV, and in some cases to 33
 kV, whereafter power is then distributed to various other KCM operations substations before
 being stepped down further for use.

· Underground
 power reticulation is done at 11 kV, whereafter underground substations steps down power
 further into required final usable voltages.

15.9.1 Existing operating
 power supply capacity and expansion

The existing operations at KCM have a current overall power capacity requirement of approximately 194 MW to fully operate all mining operations and supporting infrastructure. Power is distributed from substations located in Chingola, Chililabombwe, Nampundwe and Kitwe towns.

Power outages are a major threat to operations with emergency power only enough to cover critical loads and not continued operations. During unavailability of grid power, operations cannot continue until power is restored.

To support expansion of mining operations and supporting infrastructure expansions, this figure is estimated to increase to approximately 250 MW over the next ten years.

15.9.2 Emergency power
 supply and expansion

Current emergency power is limited to a 24 MW capacity backup power plant located at Konkola Mine in Chililabombwe and also includes two generators owned by a utility company in the plant areas which has a combined 20 MW emergency generator capacity. Thus, current total emergency power capacity is around 44 MW installed across the mine locations.

Due to further mine expansions, especially expansions relating to the KDMP underground expansions, more critical infrastructure is being introduced that will require emergency backup power in the event of grid failures. Due to this increased requirement of emergency power, an expansion of the existing backup power plant is planned, increasing the 24 MW capacity by 16 MW with the installation of two additional generators of 8 MW each. This will bring the total capacity of the backup power facility to 40 MW, and the total backup power across the entire operation to 60 MW.

15.10 Water

Konkola Mine is among the wettest underground mines globally, with recent underground dewatering pumping rates peaking at approximately 360,000 m³/day. Although the Nchanga Underground Mine is not as wet as Konkola, it also experiences substantial water inflow, with pumping rates frequently reaching peaks of around 75,000 m³/day.

The overall raw water balance at Konkola Mine is significantly net positive, primarily due to the substantial water inflow from underground operations at Konkola Mines. Additionally, a large amount of potable water, sourced from a local water services provider, is utilised by various operations and supporting infrastructure.

15.10.1 Raw water

The primary source of raw water is derived from underground mining dewatering activities at the Nchanga and Konkola Mines. Both mines experience significant water inflows and seepage, necessitating continuous dewatering to maintain access to mining faces. Water is extracted by underground pumping chambers and pumped through mining shafts and brought to the surface.

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With the expansion of operations at Konkola through the KDMP, the volume of water inflow is anticipated to increase as mining activities further intersect groundwater aquifers, which will further increase water quantities being pumped to the surface.

15.10.2 Konkola Mine
 raw water balance

Konkola Mine's water balance involves discharging approximately 90% of the abstracted raw water from underground dewatering activities (360,000 m³/day) back into surface streams. The water is brought to the surface and discharged into surface channels, which then deposit it into the Kakosa Stream, ultimately leading to the Kafue River.

The remaining water is recirculated and used for various underground services, as process top-up water for the Konkola Concentrator plant operations, and approximately 20,000 to 30,000 m³/day is supplied to the Mulonga Water and Sewerage Company, a local water and sewerage service provider. The Konkola Concentrator is reported to have a usage of up to 20,000 m³/day. However recent usage figures of operations show the usage over past few months being closer to around the 5,000 – 8,000 m³/day mark.

A significant portion of the water used in the Konkola Concentrator also eventually ends up in the Lubengele TSF as part of pumped tailings. A large portion of this water is mostly lost due to evaporation, seepage, and overflow, which is directed back to the Kafue River.

15.10.3 Potable water
 (domestic water)

Potable water supply and infrastructure in the area of Chingola, Mufulira, and Chililabombwe is provided by The Mulonga Water and Sewerage Company (MWSC). The existing infrastructure is aging and most of it has been in operation for about 50 years but still manages to provide the various operations with domestic water supply. In recent years local planned projects being led by MWSC is aiming to upgrade water treatment plants, pump stations, reservoirs and supply and transfer piping in the distribution network. The Konkola operations is reported to use around anything from 1,500 up as high as 8,000 m³/day of domestic water, based on operational water balances from the last few months of 2024 and beginning of 2025. A value that seems to be fluctuating heavily on a month-by-month basis.

15.11 Pipelines

Operations do not rely heavily on services from overland pipelines, except for lines running to and from TSF at Lubengele and Muntimpa (TD05).

At Lubengele tailings is transported to the TSF from the Konkola Concentrator plant by an approximately 5 km line running north through the town of Chililabombwe in the same corridor as railway infrastructure. Because of deposition locations that can change depending on TSF management, this distance can vary over time.

Another tailings pipeline, running more on the outskirts of the town connects the Konkola Concentrator plant and the operations at 3 Shaft just north of the concentrator plant. This line is approximately 3 km in length. These lines are running mostly on surface with a few culvert crossings along the way where roads are intersected.

A new return line is also planned to run between the paste plant at 3 Shaft and the Lubengele TSF. This new line will be approximately 3 km in length but would be subject to final design.

15.12 Ancillary surface
 infrastructure and expansions

As an existing operation, supporting infrastructure is in place to support current operations at the various mining and processing facilities which include:

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· Various
 process plant infrastructure at Konkola & Nchanga Concentrators plants, OEM, NEM, NWM,
 Nchanga TLP, Nchanga Smelter, and the Nkana Refinery.

· Warehouses,
 maintenance shops, administration offices and other supporting infrastructure at the various
 facilities.

· Other
 supporting infrastructure, various service workshops, wash bays, explosive storage sheds,
 water treatment plant.

· Existing
 network of access and in in-plant roads, and railway infrastructure.

· Water
 supply and distribution systems.

· Existing
 power supply infrastructure including various substations for grid power tie-in, and power
 reticulation and distribution to existing operations.

· Tailing
 storage facilities and paste backfill plants.

Following the implementation of the revival plan to restart operations, and ramp up production at existing operations , to support ongoing operations of mining at Konkola's 4 Shaft, the KDMP is also undertaken as an intensive brownfields capital upgrade project not only including underground expansions of mining and underground infrastructure, but also expansion of surface infrastructure which will include the development of additional surface level supporting infrastructure for mining operations at Shaft No.4. These upgrades items include:

· Various
 surface infrastructure including warehouses, maintenance workshops, administration offices,
 kitchen and canteen, clinic, and change houses.

· Network
 of surface roads and railways.

· Network
 of surface canals.

· Upgrade
 of emergency power capacity.

15.12.1 Internal rail
 network

The rail system envisaged will be constructed to connect with No.1 shaft existing rail infrastructure and will service all five conveyance compartments. The rail system will also interconnect the newly planned workshops, storage areas and hard standings. The rail system will also include marshalling yard.

15.12.2 Office building

An administration building is provided for within the surface infrastructure. A three-story brick building shall be provided to include:

· Large
 open plan office space on all 3 levels for approximately 340 people total.

· Central
 control room on ground level.

· 1x
 boardroom on ground level.

· Kitchen
 facilities on all floors.

· Reception
 area on ground level.

15.12.3 Change houses
 and other buildings

Other supporting infrastructure for staff includes change houses with shower, laundry and locker room access, and to provide other services as follows:

· Change
 house.

· Lamp
 houses with racks to house approximately 1,000 cap lamps.

· Kitchen
 and tea-room.

· Banksman's
 cabin.

· Winder
 and raise bore workshop.

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· Explosives
 storage shed.

· Diesel
 storage.

· Parking
 areas.

· Storage
 sheds (wire rope, skip and sheave, roper reeler).

· Hard
 standings and waste bin areas.

· First
 aid clinic.

15.13 Nampundwe Mine
 infrastructure

The Nampundwe Mine is located approximately 50 km west of Lusaka in the Central Province, accessed via the T2 highway. The mine operates under Large-scale Mining License 7074-HQ-LML (area: 962 ha, expiry: 30 March 2050).

Site infrastructure comprises an underground decline for mine access, surface ore handling and crushing facilities, a small concentrating plant producing pyrite concentrate, mine offices, a workshop, and a change house. Power is supplied from the CEC grid via a substation at Nampundwe. Water supply is from local boreholes.

Pyrite concentrate is loaded onto road trucks at the Nampundwe mine site and transported approximately 350 km by road to the Nchanga Smelter in Chingola. There is no rail connection at Nampundwe.

The Nampundwe Mine is excluded from the PFS Mineral Reserve estimate and mine plan. Infrastructure at Nampundwe is maintained to support the ongoing supply of pyrite flux to the Nchanga Smelter, as described in Section 14.4 and Section 14.6.

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16 Market studies

16.1 Market information

Copper is a transition metal that is known for several distinctive properties – it is highly malleable, ductile, a notably good conduction of thermal and electrical energy and does not readily corrode. These properties make copper especially useful for the manufacture of electrical wires; it is also widely used for piping, building material and in alloys.

Copper is relatively abundant in the earth's crust, particularly in the South American Andes and the Central African Copperbelt. Copper concentrates and cathode are the most widely traded and shipped forms of the metal, the latter being made by purification of copper ores or scrap metal via smelting and / or electrowinning. Cathode takes the form of high (>99.5%) purity metal sheets, which can be directly processed by downstream manufacturers.

Cobalt is a ferromagnetic transition metal that historically was extensively used in blue pigments. Modern use is predominantly in "superalloys" that are resistant to wear, corrosion and high temperatures, and – since the 1990s – in Lithium-Cobalt-Oxide batteries.

The large majority of the world's exploitable cobalt deposits are found in the Central African Copperbelt, where it is typically found alongside copper-containing ores. Crude cobalt hydroxide is the most widely traded and shipped form, as well as refined products such as cobalt metal and pure cobalt nitrate, sulphate, or hydroxide.

16.1.1 Market for KCM's
 products

KCM's assets form an integrated mine-concentrator-smelter-refinery complex, the end products of which are (and will continue to be) copper anode, copper cathode, and Co-Cu alloy. Since the smelter is a separate business unit, for the purpose of this study the marketed products are copper sulfide concentrates and copper-cobalt concentrates (produced by the concentrator and Nchanga TLP).

16.1.2 Copper demand

**Demand elasticity:** Copper demand is strongly dependent on prevailing global economic conditions, with consumption currently dominated by Asia, at over 70% of the 2024 global supply of refined copper (International Wrought Copper Council (IWCC)). Growth in demand is influenced by the rate of economic and technological development, urbanisation, mechanisation, electrification, digitisation, and the transition to renewable energy sources.

Because of copper's unique physical properties, it is not readily substituted as an electrical conductor, hence demand has a significant impact on price. It is primarily traded in US$, so exchange rates may also influence price, independently of underlying macroeconomic demand.

**Short-term demand** (2025-2026) will be primarily influenced by Chinese / US / European economic conditions, real estate recovery in China, and the impact of any newly introduced tariffs on US imports.

**Medium-term demand** is expected to see steady growth, rising 2.6% a year to 2030 (faster than the 1.9% growth rate observed from 2006-2021).

**Long-term demand** for copper will be heavily influenced by the success of the energy transition, particularly the extent of vehicle electrification and grid expansion. However, unlike metals such as Nickel and Cobalt, copper is agnostic to changes in battery technology. Estimates vary, but many sources expect demand to reach 50 Mt by 2050.

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16.1.3 Copper supply

The IWCC estimates 2024 copper production to be 22.58 Mt of mined output and 26.71 Mt of refined copper, an increase of 1.6% and 2.4% respectively from 2023. 2025 supply is expected to grow c.2% in 2024.

**Supply elasticity:** Copper supply is inelastic due to the very long timescales (often 10+ years) and large financial commitments required to bring new mines into production, expand existing sites or restart mothballed facilities. This slow supply-side response can create significant short-term price volatility even when medium-term supply is balanced, for example in Q1 2024.

**Short-term supply** (2025-2026) is expected to be relatively tight if FQM's Cobre Panama remains off-line, with a slight deficit of concentrate and surplus of cathode following robust Chinese smelter growth.

**Medium-term,** S&P Global forecasts supply from existing mines to peak in 2025/2026 at 23.5 Mt, and total mined copper production to peak in 2030 at 27.3 Mt. Despite this, supply deficits could start to appear by 2030 (especially if production at Cobre Panama does not resume), due to robust demand increases.

**Long-term supply (2030 onwards)**. By 2035, the world's existing mines are expected to produce 15% less copper than in 2024, and while improved leaching technologies, tailings reprocessing, and scrap recycling could bring additional metal to the market, a limited number of new mining projects have been confirmed. This leaves copper supply in the 2030-2040 period as yet unknown and significantly dependent on metals prices – higher prices can justify the very large amounts of capital required for greenfield and brownfield expansion.

Generally, long-term supply is not expected to be sufficient to meet demand, with deficits possible by 2030 and likely in 2040-2050.

16.1.4 Cobalt demand

Global cobalt demand has grown rapidly over the past decade, from ~80 kt in 2014 to >190 kt in 2024, driven primarily by the increasing demand for electric vehicles (EVs) and renewable energy technologies.

However, the rise of lithium-iron-phosphate (LFP) batteries has suppressed demand for cobalt chemicals and prices have fallen accordingly. Despite recent price declines, cobalt remains crucial for battery stability and performance, ensuring its continued importance in the green transition, and the IEA is projecting. that demand will rise to 344,000 metric tons in 2030 and then to 454,000 metric tons in 2040.

16.1.5 Cobalt supply

Cobalt supply has risen rapidly to meet demand, at 256 kt in 2024 (CMOC / Cobalt Institute). Due to shifts in battery technologies, there has been excess supply in the cobalt markets since 2023. This was expected to continue in the short-term, however, in February 2025 the Congolese government restricted supply with a 4-month export ban. Export restrictions may continue past this date.

The DRC looks set to continue to dominate supply in the near-term, with no expected increases to capacity in 2025, but in the medium-term Australian and Indonesian producers are projected to ramp up production.

In the long term, expansions in copper and nickel mining will boost the cobalt supply, since cobalt is typically found alongside copper and nickel-containing ores.

16.1.6 Study price
 and sales terms

**Copper pricing:** The copper price used in the cashflow analysis of this report is based on P75 consensus price forecasts (as at December 2025). P75 represents the 75<sup>th</sup> percentile of analyst forecasts, meaning 75% of forecasts are at or below this price level. The pricing ranges from US$9,925/t to US$11,298/t over the Mineral Reserve production period, with long-term prices from 2031 onwards at US$10,695/t. These forecasts are shown in Table 16.1. Table 16.2 shows five years of trailing prices.

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| Table 16.1 | Five-year copper forward prices (real US$2025) |

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|:---|:---|:---|:---|:---|:---|:---|:---|
| **Year** | **2025** | **2026** | **2027** | **2028** | **2029** | **2030** | **2031 + LT** |
| Price (US$/tonne) | 9925 | 11298 | 11116 | 11062 | 10981 | 11038 | 10695 |

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Source: S&P Global Capital IQ Dec 2025 forecast.

Table 16.2 Five-year copper trailing prices

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|:---|:---|:---|:---|:---|:---|:---|
| **Year** | **2020** | **2021** | **2022** | **2023** | **2024** | **2025** |
| Price (US$/tonne) | 6175 | 9317 | 8822 | 8490 | 9250 | 9940 |

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Note: The 3-year trailing average is US$9,227/tonne. (2023 – US$8,490/t; 2024 – US$9,250; 2025 – US$9,940/t).

Source: Statista, 2025.

**Copper payability:** Copper payability rates are taken from current internal Konkola and Nchanga TLP rates. These are shown in Table 16.3. Treatment, refining and freight charges are taken from long term recent consensus forecasts within Africa however it should be noted that these are higher than current consensus forecasts in China where treatment and refining charges are currently forecast at US$20/dmt and US$0.02/lb. respectively and forecast to rise towards US$67/dmt and US$0.07/lb. in the long term. Current low treatment and refining charges put the smelters profitability at risk in the short-term.

Table 16.3 Copper payability terms for Konkola and Nchanga Copper Concentrate

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| | | | |
|:---|:---|:---|:---|
| **Item** | **Unit** | **Konkola** | **Nchanga TLP** |
| Copper Payability | % | 96.75 | 100.00 |
| Treatment Charge and premium adjustments | US$/dmt | 60 | 179 |
| Refining Charge | US$/lb. | 0.06 |  |
| Freight Charge | US$/wmt | 175 | 180 |

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**Cobalt pricing:** Cobalt is contained in the Copper-Cobalt Concentrates produced but is not recognised as revenue within the Konkola and Nchanga mines. Cobalt alloy is recovered at the Nchanga Smelter where revenue is recognised. The cobalt value is recognised in the NSR calculations, at low payability rates, when assessing cut-off decisions. Payable rates for contained Copper and Cobalt within the Cobalt alloy are based on current short-term contracts with a sliding scale based on the Copper and Cobalt percentages contained within the alloy.

**Pricing note:** Commodity price forecasting is an inherently forward-looking exercise dependent upon numerous assumptions. Natural volatility in the copper and cobalt markets due to supply and demand factors, government export regulations, and developments in battery technology means that future copper and especially cobalt prices will move significantly above and below the selected study price over the expected 20+ year life of the Project. In light of this expected volatility, the chosen prices represent transparent, neutral price point both in line with historical pricing and with expected long-term pricing.

16.1.7 Copper pricing
 for Mineral Reserve cut-off estimation

NSR has been used as a cut-off criterion for Mineral Reserve estimation as described in Section 12.3 of this report. The copper price used for Mineral Reserve NSR cut-off determination is US$8,600/t Cu, as described in Section 12.3. This is intentionally conservative relative to both the study price (Section 16.1.6) and the US$9,000/t Cu used for Mineral Resource cut-off grade determination (Section 11.2.2), reflecting the additional conservatism appropriate to the higher confidence standard required for Mineral Reserve classification.

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The cut-off grades derived from the AMC Hill of Value® Strategic Optimization (Section 12.3.2) were tested across a range of commodity price scenarios to identify the strategy that maximises risk-adjusted NPV. The copper price used for economic analysis in this report falls within the range evaluated during the optimisation. Accordingly, the cut-off grades and mine plan remain valid and have not been re-derived for the updated price assumptions.

16.2 Contracts and
 status

16.2.1 Forward sales
 and hedging

KCM currently does not engage in forward sales for the minerals produced.

16.2.2 Site development
 contracts

KCM will need to enter into a variety of contracts to develop the site expansion. As a brownfield expansion, certain contracts covering existing operations can be extended to cover the development areas (e.g. utilities, security, waste disposal). Some design work has already been contracted and carried out, but most construction contracts are still to be awarded.

Major proposed contracts for development are show in Table 16.4.

Table 16.4 Major development contracts

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| **Contract type** | **Description** | **Status** |
| Processing Plants Development | Contracts for design and construction of processing facilities (concentrator, smelter, SXEW). | Design: partially executed<br> Construction: Not executed, costs estimated in CAPEX model and some contractors identified. <sup>1</sup> |
| Ancillary Plants Development | Contracts for design and construction of processing ancillary facilities (e.g. cement plant, lime plant, oxygen plant, fuel farm). | Design: Partially Executed |
| Mining UP & OP Development | Contracts for lateral development, vertical development, production activities and maintenance of locomotives. | Design: Partially Executed<br> Construction: Not executed, but some contractors identified & costs estimated in CAPEX & OPEX model. <sup>2</sup> |
| Tailings Facilities Development | Contracts for design & construction of tailings ponds. | Design: Partially Executed<br> Construction: Not Executed |
| Infrastructure & Support Services | Contracts to design & construct essential site infrastructure e.g. utilities supply, logistics / transport, admin & residential buildings, landscaping, civil earthworks. | Design: Partially Executed<br> Construction: Not executed; costs estimated in CAPEX model & some contractors identfied<sup>1</sup>. |
| Utilities | Contracts to supply electricity, water, oxygen / air, data, telecommunications and other utilities during the development phase. | Partially executed but as a brownfield expansion, contracts exist for current operations. Existing power contract for current operations valid until 2035. <sup>3</sup> |
| Waste & recycling | Contracts for the disposal or recycling of biological, chemical & industrial waste created during development phase. | Not executed but as a brownfield expansion, contracts exist for current operations that could be extended to cover development activities. |
| Key Consumables | Supply contracts for major consumables required in development phase e.g. diesel fuel, cement, explosives, GET. | Not executed but as a brownfield expansion, contracts exist for current operations that could be extended to cover development activities. |
| Site Services | Contracts for essential site services during development phase e.g. catering, cleaning & sanitation, pest control, personnel transport & LVs, medical, security. | Not executed but as a brownfield expansion, contracts exist for current operations that could be extended to cover development activities. |
| G&A | Contracts for G&A services during the development phase e.g. legal, financial, HR, IT support, visas, customs & clearing. | Not executed but as a brownfield expansion, contracts exist for current operations that could be extended to cover development activities. |

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Notes:

<sup>1</sup> As part of CAPEX Cost Estimation work, potential suppliers / contractors have been identified for construction winches, winding ropes, jaw crushers, apron feeders, rock breakers, pumps, wastewater handling, locomotives, Hudson cars, winder automation, track rehab. No contracts are signed yet.

<sup>2</sup> As part of OPEX estimation work, UG mining operations contractors have been engaged / identified and the estimated contract costs / costed in the cashflow model.

<sup>3</sup> Current power contract states that ZESCO is "obliged to try to deliver" up to 200 MW per month, above this, an additional 25% is due on the fixed capacity charge. Given that power demand in Zambia often outstrips supply, the planned expansion in concentrator and SXEW throughput may be at risk if definitive power supply commitments cannot be arranged prior operational requirements.

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16.2.3 Operating contracts

The current major long-term contracts in place include:

· Underground
 mining – drill and blast, production, development, materials handling, locomotive maintenance,
 machinery maintenance.

· Load
 & haul of material from TD03 and TD04.

· Dewatering
 pump operations and maintenance.

· TSF
 material movement.

· Power.

Table 16.5 Example of long-term contract components

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|:---|:---|
| **Area** | **Major contracts** |
| Ops & Maintenance – Underground Mining | Drilling & Blasting – currently contracted<br> Backfill<br> Production – currently contracted<br> Development & Materials handling – currently contracted<br> Ventilation<br> SIB Projects<br> Professional & Technical Services<br> Equipment Maintenance – locomotive maintenance contracted; UG production machinery maintenance contracted<br> Building Maintenance<br> Other |
| Ops & Maintenance – TD03 and TD04 | L&H from TD03 and TD04 currently contracted |
| Ops & Maintenance – Concentrator, Smelter, SXEW | Production Operations<br> Professional & Technical Services<br> Equipment Maintenance<br> Building Maintenance<br> Other |
| Ops & Maintenance – Tailings Facilities | Operations – material movement contracted<br> Professional & Technical Services<br> Equipment Maintenance |
| Ops & Maintenance – Infrastructure, Utilities, Civil Works | Fuel Farm / Emergency Power Station<br> Electrical Infrastructure<br> Water (supply / treatment) Infrastructure<br> Dewatering Infrastructure – UG pump ops & maintenance contracted. Piping unknown<br> Data / telecoms / surveillance / security Infrastructure<br> Air and Ventilation Plants & Infrastructure<br> Lighting Infrastructure<br> Roads Infrastructure<br> Warehouse / Transport / Logistics Infrastructure<br> Other Infrastructure (e.g. fire suppression systems) |
| Ops & Maintenance – Ancillary Plants (e.g. cement, acid) | Cement / Paste backfill plant<br> Sulfuric acid plant<br> Lime Plant |

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| **Area** | **Major contracts** |
| Ops & Maintenance – Supply Chain, Procurement & Logistics | Inbound transport & clearing<br> Outbound transport & clearing<br> Other |
| Ops & Maintenance – Camp & Site Services | Catering<br> Housekeeping, cleaning & laundry<br> Pest Control<br> Landscaping<br> Transport (within site and local)<br> Clinic & OT<br> Entertainment & Leisure<br> Admin, Leisure, Residential & Security Buildings Maintenance<br> Security & Surveillance services<br> Emergency Response services<br> Waste Disposal (biological, chemical, industrial)<br> Environmental & Biodiversity Monitoring<br> Health & Safety Monitoring<br> Social and Community Services |
| Ops – General & Administrative | Legal Services<br> Finance, Audit, Risk Services<br> HR, Recruitment, Payroll Services & work permits<br> International Travel & Visas<br> Training & Educational<br> IT services<br> Professional Services & other G&A |
| Key Consumables & Reagents | Concentrates<br> Scrap Copper<br> Diesel Fuel<br> Reagents (e.g. acid, lime, floccs)<br> Explosives<br> Grinding Media<br> Cement<br> Ground Engaging Tools<br> Other |
| Power & Other utilities supply | Electricity – ESP in place with ZESCO until 2035<br> Water<br> Data & Telecommunication<br> Other |
| Equipment Rental | Underground Equipment<br> Open pit Mining Equipment<br> TMF Equipment<br> Processing Equipment<br> Logistics Equipment<br> Maintenance, SIB & Civils Equipment<br> Pumps & Generators<br> Other Equipment (LVs, buses, ERT, landscaping) |

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16.2.4 Other agreements
 and contracts

As a condition of the commercial and licensing agreement with the Government of Zambia, mining and processing production is subject to a royalty on copper (depending on the copper spot price). Mining and processing operations are also subject to 30% Corporate Income Tax, from which the royalty tax is deductible (see Table 16.6).

Table 16.6 Royalty charge relation to copper price

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| | | |
|:---|:---|:---|
| **Price range** | **Rate (%)** | **Taxable amount** |
| Less than US$4,000 per tonne | 4 | The first US$4,000 per tonne |
| Between US$4,001 and US$5,000 per tonne | 6.5 | The next US$1,000 per tonne |
| Between US$5,001 and US$7,000 per tonne | 8.5 | The next US$2,000 per tonne |
| US$7,001 per tonne or more | 10 | Balance |

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17 Environmental studies, permitting, and social or community impact

17.1 Environmental
 studies, permitting, and social or community impact

Currently, the identified Environmental and Social risks, baseline information and management measures for the Project are based on a 2001 site wide comprehensive Environment and Social Impact Assessment (ESIA) and associated Final Environmental Management Plan (FEMP), that was subsequently updated in 2009. Current Rehabilitation and Closure Plans and associated estimated costs and financial provisions are also derived from the collective 2009 FEMPs, however these are supported by annual statutory audits. Citizens for Better Environment (CBE) conducted the FY2024 audit, which validated an estimated total of US$127M for closure costs. There are expectations that the costs can escalate as a function of renewed country guidelines released in 2024 that could project the figure to up to $280M, to be confirmed as necessary Closure Planning updates are completed.

Although still valid, these reports and plans are no longer fully relevant to the current and proposed activities and do not accurately reflect the status of the operations (including demolished or decommissioned infrastructure). KCM has identified this risk and has commenced a consolidated update to reassess impacts and mitigation measures across all the sites. KCM has commissioned Knight Piésold to complete new comprehensive ESIAs, Environmental and Social Management Plans (ESMPs) and Closure Plans for all unit operations to be delivered in 2026.

KCM routinely engages with the National Regulators to ensure it maintains a set of valid licenses and authorisations indicating licenses are secured and renewed to ensure validity. Permitting and approvals can be summarised by ESIA Approvals, water access and discharge, emissions to atmosphere, waste, and other more specific requirements as well as exploration, mining and processing licenses. As a member of the International Council on Mining and Metals (ICMM), KCM is in the process of aligning their tailings management practices with GISTM (August 2020). KCM is known as one of the wettest mining operations in the world. Tailings dams are currently being encroached on by communities who either reside in close proximity to the dams, or plant seasonal crops within the tailings due to a lack of alternative land. The social economic environment presents challenges common to a declining industry which is exacerbated by a characteristic dependency on mining activity.

Actions to address Restoration Orders and Compliance Orders that were issued by the environmental regulator (ZEMA) from 2017 to address major non-compliances remain in progress, for which KCM monitors and has established action plans.

KCM are actively engaged in updating Environmental Impact Assessments and Closure plans for all KCM operations. Progress, communication with stakeholders and reporting is being managed by the KCM environmental management team. Environmental and Social Management plans, and Closure Plans for all KCM sites have been submitted to the ZEMA and feedback from the review is awaited at the time of publication of the TRS.

17.2 Permitting requirements

KCM operations are governed by Zambia's Mining and Minerals Development Act (2015) and associated environmental and labor regulations.

The Konkola operation is currently permitted under a valid Large-Scale Mining License 7076-HQ-LML, with Nchanga Operations permitted under license 7075-HQ-LML. These licenses allow for underground or open pit and underground copper extraction respectively, and associated processing activities through to March 2050.

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Environmental approvals are in place through the EPF and project-specific Environmental Management Plans (EMPs), which govern water management, tailings disposal, and rehabilitation obligations. KCM maintains active compliance with these requirements through regular monitoring, internal audits, and reporting to the ZEMA.

Additional permits cover water abstraction, effluent discharge, and waste handling. Social and land-use agreements have been established with local communities to address resettlement, access, and stakeholder engagement obligations. These agreements are managed through structured compensation and sustainability programs.

No material permitting constraints are currently identified that would prevent continued operation under the current Mineral Reserve mine plan. However, the renewal of certain licenses and approvals will require periodic reassessment to align with project expansion, infrastructure upgrades, and future Reserve development.

17.3 Rehabilitation,
 closure, and post closure planning

KCM have prepared updated closure plans in line with the IFC Environmental and Social Performance Standards which are currently pending before ZEMA. Closure plans address physical and socio-economic closure. The closure plans have been developed through a process of a closure framework establishment, stakeholder consultation and closure cost estimation.

KCM has established practices of ongoing monitoring of the quantity and quality of water discharge, air and soil sampling and monitoring to maintain any environmental impact within agreed and committed tolerances.

The KCM operations are long-life operations and closure plans will be subject to ongoing review as the operations progress. KCM aims to conduct progressive rehabilitation undertaken during the operational phase without hindering regular mining activities in areas no longer affected by mining operations.

The costs for mine closure for Konkola have been estimated in the mine closure plan generated and updated for each domain of the operations and a current estimated cost of $93M is included in the cost estimate of the total operations.

17.4 QP Opinion on
 Environmental, Social and Community Impact

It is the QP's opinion that KCM's plans to address environmental, social and community impact are adequate, subject to regular monitoring and consultation programs and associated risk mitigations and adjustments to the plans based on findings from these.

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18 Capital and operating costs

18.1 Cost estimate
 basis and accuracy

Cost estimates for this PFS were developed using multiple methodologies appropriate to the level of study and data availability. The principal sources and estimation approaches are summarised below.

18.1.1 Estimation methodology

Operating and capital cost estimates were developed using the following approaches:

· **First principles build-up:** Detailed bottom-up estimates were prepared for mining operations,
 incorporating equipment productivities, crew configurations, consumable consumption rates,
 and maintenance requirements.

· **Supplier quotations:** Budget quotations were obtained from equipment suppliers and contractors
 for major capital items including ventilation fans, pumping systems, paste fill plant equipment,
 and electrical infrastructure.

· **FY2024 actual costs:** Historical operating costs from KCM's FY2024 financial records were used
 as the basis for ongoing operations, adjusted for planned production rates and operational
 changes.

· **Contractor agreements:** Existing contract rates and terms were applied where current agreements are
 expected to continue, including mining development contracts and specialist services.

· **AMC benchmark database:** Where site-specific data was unavailable, costs were estimated using
 AMC's internal database of comparable African copper mining operations, adjusted for local
 conditions.

· **Engineering estimates:** Preliminary engineering designs were used to estimate quantities for infrastructure,
 development, and processing modifications.

18.1.2 Cost estimate
 accuracy and contingency disclosure

In accordance with Item 1302(e) of Regulation S-K, the following cost estimate accuracy and contingency ranges are disclosed for this PFS. Operating and capital cost estimates meet the minimum accuracy level of approximately ±25% with contingency not exceeding 15%, as required for a PFS under Table 1 of Item 1302.

Table 18.1 Cost estimate accuracy and contingency disclosure

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|:---|:---|:---|:---|
| **Cost category** | **Study level** | **Accuracy (%)** | **Contingency (%)** |
| Konkola Mining Operations | Pre-Feasibility | ±25 | 10 |
| Konkola Processing & Tailings | Pre-Feasibility | ±25 | 15 |
| Nchanga TLP | Pre-Feasibility | ±25 | 15 |
| Nchanga Smelter Operation | Pre-Feasibility | ±25 | 15 |
| Infrastructure & Services | Pre-Feasibility | ±25 | 15 |

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18.1.3 Key assumptions
 and exclusions

The cost estimates are based on the following key assumptions:

· All
 costs are expressed in United States dollars (US$) on a real basis (no inflation adjustment).

· Exchange
 rates are based on April 2025 rates.

· Labor
 costs reflect current Zambian wage rates and anticipated workforce requirements.

· Power
 costs are based on current ZESCO tariffs and contractual arrangements.

· No
 allowance has been made for financing costs, taxation, or working capital requirements.

· Contingency
 is included within the stated capital cost estimates.

· Closure
 costs are based on preliminary closure planning and may be refined in subsequent studies.

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The QP considers that the cost estimation methodology and accuracy levels are appropriate for a PFS and consistent with industry practice for projects at this stage of development.

18.2 Operating cost
 summary

The average unit operating cost for the Konkola Mine over the Mineral Reserve mine plan is US$114/t ore. The average unit operating cost for Nchanga TLP operations is US$13/t ore. Operating costs include mining, processing, and site administration costs.

Operating costs were categorised into the following principal components:

· Operating
 development (underground drives within production zones).

· Stoping
 production costs (drill and blast, load and haul).

· Power
 costs (supply and consumption).

· Underground
 rail system operation.

· Mine
 services (compressed air, underground light vehicles, etc.).

· Backfill
 operations.

· Dewatering.

· Labor
 costs.

· Mill
 consumables and freight costs.

· General
 and administrative (G&A) costs.

· Corporate
 overheads.

All cost figures are presented in real 2025 (1 April 2025) US$ unless otherwise specified.

The basis for each cost estimate includes detailed inputs from contractor agreements, utility pricing, site productivity assumptions, workforce models, and historical cost records.

18.2.1 Operating development

Development cost estimates are based on agreed contract rates from business partners Hahne, Tauro, Opermin, Reliant, and AAC Mining Executors Group (AAC). These contractors complete mine lateral and vertical development, production activities, and provide labor to the operation of underground rail and management of dewatering systems in inactive mining blocks.

Unit costs rates were based on contractual rates for each individual contractor and a summary of the weighted average of activity-based rates is presented in Table 18.2. Where future development profiles lacked established rates, AMC developed proxy estimates based on comparable dimensions, equipment type, and expected ground support requirements.

Table 18.2 Rates assumed for operating lateral development

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|:---|:---|:---|:---|:---|
| **Type of development** | **Profile - Cross section** | **Excavation cost<br> (US$/m<sup>3</sup>)** | **Ground support <br> allowance (US$/m<sup>3</sup>)** | **Total<br> (US$/m<sup>3</sup>)** |
| Ore drive | 5.5 m W x 5.5 m H (arch) | 157.2 | 17.85 | 175.9 |
| Fill drive (mining through paste fill) | 5.5 m W x 5.5 m H (arch) | 150.9 | 15.15 | 166.0 |

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18.2.2 Stoping production
 cost

Stoping costs covering drill and blast, and load and haul of broken mineralised rock to the material handling system) Table 18.3. Where the distance between the stope and an available ore pass is close (within 250 m), the production loaders will tram and tip direct into passes. Alternatively, they will load into trucks that will then haul rock to the nearest operating pass. No differentiation on cost by the two main mining methods is made. The main component difference between the two main mining methods proposed is the backfill placement cost which is considered separately within its own category. AMC would suggest that KCM negotiate with business partners once the panel stoping method has been approved on a unique applicable rate.

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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Table 18.3 Stoping production cost

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| | | |
|:---|:---|:---|
| **Activity** | **Rate (US$)** | **Unit** |
| Production Ore | 30 | $ per tonne |

---

Mining areas were assigned to each business partner / mining contractor in accordance with existing agreements. These allocations were honored in production and development scheduling and informed the cost and equipment modelling across each mining zone. The allocation of these areas may require future review to ensure the best utilisation of the business partners' capability.

18.2.3 Power supply
 and consumption

The Konkola asset power costs are split into two components:

· The
 cost for the amount of installed power equipment (a small proportion of the total) based
 on the power rating of equipment connected to the network.

· A
 cost for the consumption of power (measured in kWh), where several different power tariffs
 are applicable.

Power is supplied by two separate utility companies (Kanona and ZESCO).

For the FY2025/26 because of present drought conditions affecting hydroelectricity generation in Zambia and thus ability to generate in-country power, ZESCO (power company) import power from elsewhere and pass on an imported power tariff. AMC were advised by Vedanta to assume this tariff, which is significantly higher than the standard tariff, will not be applicable long term when all power is expected to be purchased with no import power requirements.

The detail of the power tariff is presented in Table 18.4.

Table 18.4 Konkola applicable power tariff assumptions

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| | | | |
|:---|:---|:---|:---|
| **Category** | **Units** | **FY2025/26** | **FY2029/30 onwards** |
| Kanona Power | % | 50 | 0 |
| ZESCO Local Power | % | 33 | 100 |
| ZESCO Imported Power | % | 18<sup>1</sup> | 0 |
| Kanona Tarriff | US$/kWh | 0.13 | 0.095 |
| ZESCO Local Tariff | US$/kWh | 0.116 | 0.090 |
| ZESCO Imported Tarriff | US$/kWh | 0.145 | 0.145 |
| Connection Charges on MD | US$/kW | 2.33 | 2.33 |
| Connection Charges on Energy | US$/kWh | 0.025 | 0.025 |
| Excise Duty (of total cost) | % | 3 | 3 |

---

Note: <sup>1</sup>It is assumed that the imported power tariff will only apply to FY2025/26 (Guidance from Vedanta).

The power cost estimate is presented in Table 18.5.

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Table 18.5 Konkola power estimate

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| | | | | |
|:---|:---|:---|:---|:---|
| **Area** | **FY2025/26<br> installed <br> capacity (mW)** | **Basis for <br> adjustment** | **Peak (not <br> necessarily in <br> same year)** | **Total consumed <br> power (MWh)** |
| Mill / Concentrator | 124 | Production Rate | 130 |  |
| Pumping (i.e. Mine dewatering) | 707 | Production Rate | 816 |  |
| Workshops | 2 | Fixed | 3.75 |  |
| 3 Shaft Mining Area | 82 | Fixed + Variable upon expansion | 90.8 |  |
| 4 Shaft Mining Area | 118 | Fixed | 130 |  |
| Others | 35 | Production Rate | 38.8 |  |
| Total | 1068 |  | 1209 |  |
| Mill / Concentrator | 118808 | Mill feed (tonnes input) | 322193 | 13365752 |
| Pumping (i.e. Mine dewatering) | 357909 | Production Rate | 412697 | 18126007 |
| Workshops | 1283 | Mostly fixed | 1389 | 62345 |
| 3 Shaft Mining Area | 162909 | Fixed + Mostly Variable | 228682 | 7499243 |
| 4 Shaft Mining Area | 34852 | Fixed + Mostly Variable | 330062 | 12378106 |
| Others | 68274 | Production Rate | 75102 | 3400070 |
| **Total** | **744035** |  | **1287443** | **54831523** |
| **Power Cost Split** | **FY 2025/26 Cost (US$M)** |  | **Peak (not necessarily in same year)** | **Total (US$M)** |
| Mill / Concentrator, (US$M) | 17.69 |  | 30.42 | 394 |
| Pumping (i.e. Mine dewatering) (US$M) | 56.16 |  | 59.22 | 2193 |
| Workshops (US$M) | 0.20 |  | 0.21 | 7 |
| 3 Shaft Mining Area (US$M) | 25.56 |  | 25.56 | 254 |
| 4 Shaft Mining Area (US$M) | 5.47 |  | 32.85 | 443 |
| Others (US$M) | 10.71 |  | 11.24 | 403 |
| **TOTAL (US$M)** | **115.80** |  | **159.51** | **3693** |
| Kanona Power (US$M) | 47.97 |  | 54.7 | 201 |
| ZESCO Local Power (US$M) | 27.82 |  | 100.36 | 2572 |
| ZESCO Imported Power (US$M) | 18.73 |  | 21.35 | 76 |
| Connection Service Charge on Energy (US$M) | 18.45 |  | 27.88 | 758 |
| Excise Duty (US$M) | 2.84 |  | 3.23 | 85 |
| Unit Cost (US$/MWh) | 115.80 |  | 207.52 | 3693 |

---

The power consumption of the concentrator is mostly variable with a significant portion of the cost associated with the primary grinding circuits.

The power consumption of Shaft 3 and Shaft 4 mining regions will be mostly variable related to the volume of rock passing along the material transport network and through primary underground crushing and hoisting. There is a fixed component that will slowly grow over time as more fixed infrastructure is added (e.g., new loading stations and primary and secondary ventilation additions).

The power consumption associated with dewatering is expected to increase over time. While the actual volumes of water removed from the mine are not expected to increase significantly over the life of the mine, the vertical distance that water must be pumped to remove it from the mine to surface will increase as the main operating areas of the mine will be deeper with continued mining.

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18.2.3.1 Dewatering
 power consumption

Dewatering is a critical component of underground mine operations at KCM due to the substantial volume of water encountered throughout the mine. Effective water management is necessary to maintain safe and stable working conditions, prevent flooding, and enable continuous access to production areas.

The KCM dewatering system consists of a tiered approach comprising major pump stations, secondary dewatering infrastructure, and mobile units. Dewatering costs are categorised into the following operational functions:

· Major
 Dewatering Pump Stations: These fixed installations represent the backbone of the dewatering
 network and are responsible for lifting the bulk of inflowing water to surface.

· Secondary
 Dewatering Pump Stations: These support stations assist with regional water movement and
 are strategically placed to manage inflows from shafts, development areas, and inactive headings.

· Tertiary
 Dewatering: Mobile pumps are deployed in active mining zones to manage short-term inflows
 and development water. These units are frequently relocated. The main types are submersible.

18.2.3.2 Ventilation
 power consumption

Ventilation power consumption was calculated for both primary surface fans and secondary underground fans.

Primary fans located at the surface provide bulk airflow for the mine's production zones.

Power consumption is calculated as follows:

 

*Power (kWh/year) = Days per year × Fan operating hours × Rated fan power (kW) × Availability × Utilization*

Secondary ventilation includes localised fans and booster fans serving haulage areas, development headings, and shaft access links. Fan types include:

· Single
 90 kW units

· Twin
 90 kW configurations (180 kW total)

Power costs follow the same formula as primary fans, adjusted by fan duty cycle and location-specific factors.

18.2.4 Backfill

The backfill operating cost is split into Surface plant operation, costs for maintaining the delivery system to underground, the production cost of the paste fill and contractor cost. It was assumed that either an existing business partner or a new specialist will be used for day-to-day filling operations underground in setting up for fill pours, building fill barricades etc. The main component cost of the paste fill is the binding agent with the rest of the raw material coming from the tailings stream and thus the cost of producing is already included in the process costs.

18.2.5 Underground
 rail tramming operations

It was assumed that the trains used for the new rail levels (1150 and 1350) would consist of electric 20 t class locomotives with the types of wagons being bottom dump wagons although side tip wagons are also a possible alternative. This is based on details of the capital projects associated with these levels.

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Within the 2025/26 Budget model, KCM have used a US$3.0/tonne rock moved for tramming operations. AMC were also supplied with a short productivity assessment on the Konkola Mine rail system though this was for a time period prior to 2019.

AMC did a simplistic buildup of costs using information from the Costmine database to confirm that this budget cost was appropriate to apply to the Mineral Reserve mine plan.

AMC have assumed that this cost also includes the allowance for the operation of personnel trains, which are currently an important aspect of moving the underground workforce from shaft plat areas to production areas at the start and end of shifts.

Based on this work a cost of US$2.85/tonne rock was applied in the model, assuming efficiency saving from the higher volumes of train movements that will occur.

18.2.6 Mine service
 functions

Several of mine service functions were assigned specific costs.

· Compressed
 air services: a small allowance for the operation of this infrastructure.

· Underground
 road maintenance: it was assumed that to achieve the required efficiencies in production
 fleet performance, that this area would require additional focus. It was assumed that there
 will be sufficient dedicated motor graders used to maintain underground roadways. It was
 assumed that suitable road sheeting material would be available for application to high traffic
 flow trucking paths.

· Underground
 light vehicles: an allowance for operating consumables for the fleet.

18.2.7 Labor and workforce
 costs

KCM provides labor for non-contracted mining activities. These include technical services, shaft operation and maintenance team, engineering services, stores, logistics, concentrator staff and health and safety. KCM provided detailed personnel counts, salary tiers, and organizational structures of the current operational workforce (2025) which was used as starting point of the model. Labor costs include wages, benefits, and payroll overheads for permanent staff, business partners, and contractors assigned to operational areas.

18.2.8 Mill consumable
 costs

The mill consumable costs at the Konkola Concentrator cover the main reagent / chemicals and grinding media that are used in grinding, flotation and concentrate production. Cost estimates used the budget consumption rates at a starting point with small improvement in efficiency assumed as the mill operates up at its baseplate capacity for most of the Mineral Reserve mine plan.

18.2.9 Freight cost
 of concentrate

This cost is incurred in management of the concentrate produced and loading onto suitable trucks for transport to the Nchanga Smelter. The applied rate is US$7.0/tonne of concentrate produced.

18.2.10 Maintenance
 services and operating lease hire

These costs largely relate to shaft and headframe management (e.g. mud pumping, scaffolding for inspections) and other surface assets.

18.2.11 Water

The required water supply for KCM operations was estimated split by major function. The Concentrator is the main use of water on site, and the applicable rate of consumption is 0.13 m<sup>3</sup>/tonne processed. The consumption for the other functions was left flat using the 2025/2026 Budget estimates.

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18.2.12 Stores and
 spares and operating projects

The allocation for stores and spares and operating projects was left at budget settings. These were US$10.89M for stores and spares in the budget year 2025/26 and then US$10.35M for majority of Mineral Reserve mine plan. Operating projects were set at US$4.17M/year. It was assumed that this cost allocation would include ongoing operational readiness and efficiency works.

18.2.13 Administrative
 operating costs

Administrative costs cover site administration, regulatory compliance, workforce management, and business partner agreements that ensure smooth and efficient operation of the mine.

These expenditures include human capital management, training, logistics, and IT services.

18.2.14 Corporate allocations

The budget 2025/26 value of US$14.75M/year was assumed to be applied for each year of the Mineral Reserve mine plan.

**18.2.15** **Summary** 

The operating cost summary for the Konkola Mine over the Mineral Reserve mine plan is presented in Table 18.5, Figure 18.1, and Figure 18.2. The average unit operating cost for the Konkola Mine over the Mineral Reserve mine plan is US$125/t ore. The average unit operating cost for Nchanga TLP operations is US$16/t ore.

Operating costs include mining, processing, and site administration costs and over the life of the Mineral Reserve case are distributed across cost categories as illustrated in Figure 18.2.

Table 18.6 Konkola operating costs – Mineral Reserve case

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Parameter** | **Unit** | **FY2025/26** | **FY2026/27** | **FY2027/28** | **FY2028/29** | **FY2029/30** | **Total** |
| Ore Processed | kt | 1607 | 1283 | 1714 | 2591 | 3281 | **31478** |
| Operating Costs | US$M | 266 | 257 | 284 | 361 | 354 | **3678** |
| Unit Costs | US$/t | 165.3 | 200.1 | 165.5 | 139.3 | 107.8 | **116.8** |

---

Note: Operating costs include mining, processing, and site administration costs for the Konkola Mine.

Figure 18.1 Konkola Mine operating cost profile – Mineral Reserve case

![](ctm003_ex96-2img77.jpg)

Source: AMC, 2025.

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Figure 18.2 Konkola Mine cost breakdown – Mineral Reserve case

![](ctm003_ex96-2img78.jpg)

Source: AMC, 2025.

18.3 Capital cost summary

Capital expenditure for the Mineral Reserve mine plan (Table 18.7) includes growth capital for processing improvements and infrastructure upgrades, development capital for the KDMP underground development, and sustaining capital for ongoing operations including the Nchanga Smelter and Refinery.

Table 18.7 Capital cost summary

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| | |
|:---|:---|
| **Capital category** | **Amount (US$M)** |
| Growth Capital | 152 |
| Capital Development | 505 |
| Sustaining Capital | 408 |
| Total Capital | 1066 |

---

**18.3.1** **Growth capital** 

Growth capital for the Konkola Mine totals US$152.0M over the Mineral Reserve production period and comprises investments required to support planned production rates and operational efficiency improvements. Key projects include the 1390 mL Pump Chamber (US$74.2M) for primary dewatering, tramming and rail upgrades to improve ore haulage capacity, and the Concentrator Stream 2 refurbishment to enhance processing throughput. Capital cost estimates have been developed to a Pre-Feasibility Study level of accuracy (±25%) based on vendor quotations, historical cost data, and engineering estimates. Indirect costs include engineering, procurement, and construction management (EPCM) allowances. A contingency of 10% has been applied to direct and indirect costs to account for scope uncertainty and estimating risk at this stage of study. The growth capital expenditure schedule is summarised in Table 18.8.

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Table 18.8 Growth capital summary – Mineral Reserve case

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **WBS Package** | **FY25/26** | **FY26/27** | **FY27/28** | **FY28/29** | **FY29/30** | **FY30/31** | **Total** |
| Direct Costs |  |  |  |  |  |  |  |
| Mid Shaft Loading (1010 mL) | 0.6 | 0.8 | 0.5 | 0.5 |  |  | 2.4 |
| 1390 mL Pump Chamber | 18.5 | 30.9 | 24.7 |  |  |  | 74.2 |
| New Vent Shafts |  |  |  |  | 2.3 | 2.3 | 4.7 |
| Concentrator Stream 2 | 3.6 | 3.6 |  |  |  |  | 7.3 |
| Tramming Upgrade Phase 2 (875 mL) |  | 11.6 | 11.6 |  |  |  | 23.1 |
| 875 Track Rehab |  | 0.3 | 0.3 |  |  |  | 0.5 |
| 950 Track Rehab |  |  | 0.5 | 0.5 |  |  | 1 |
| 590 mL Rail Upgrade |  | 1.1 |  |  |  |  | 1.1 |
| Automation of the Winder | 0.2 | 0.4 | 0.4 | – | – | – | 1 |
| Subtotal Direct Costs | 22.9 | 48.7 | 38 | 1 | 2.3 | 2.3 | 115.2 |
| Indirect Costs |  |  |  |  |  |  |  |
| EPCM & Indirect Costs |  | 4.6 | 4.6 | 4.6 | 4.6 | 4.6 | 23 |
| Subtotal Indirect Costs |  | 4.6 | 4.6 | 4.6 | 4.6 | 4.6 | 23 |
| Contingency (10%) | – | 2.8 | 2.8 | 2.8 | 2.8 | 2.8 | 13.8 |
| Total Growth Capital | 22.9 | 56.1 | 45.3 | 8.3 | 9.7 | 9.7 | 152 |

---

Note: All values in US$M. Contingency applied at 10% of direct and indirect costs.

**18.3.2** **Sustaining capital and capitalised mining development** 

Capitalised mining development and sustaining capital for the Mineral Reserve case totals US$913.6M over the 11-year production period. Capitalised mining development of US$505.2M comprises lateral and vertical development required to access ore reserves at the Konkola Mine, with the majority of expenditure (US$353M) occurring in the first three years to establish production infrastructure. Sustaining capital of US$408.4M includes ongoing equipment replacement, infrastructure maintenance, and operational support costs for both the KCM underground operations (US$306.0M) and the Nchanga Smelter and Refinery (US$102.4M). The sustaining capital profile reflects relatively lower expenditure in the early years while development activities are prioritised, increasing to a steady-state level of approximately US$20–25M per annum from FY 2030/31 onwards. The annual capitalised mining development and sustaining capital schedule is presented in Table 18.9, with a summary by cost category provided in Table 18.10.

Table 18.9 Sustaining capital and capitalised mining development – Mineral Reserve case

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Category** | **FY25/26** | **FY26/27** | **FY27/28** | **FY28/29** | **FY29/30** | **Total** |
| KCM Underground |  |  |  |  |  |  |
| Lateral Development | 185.1 | 122.1 | 55.6 | 21.3 | 14.3 | 446.1 |
| Vertical Development | 15.1 | 30.6 | 2.1 | 1.2 | 1.4 | 59.2 |
| Capitalised Mining Development | 200.2 | 152.7 | 57.7 | 22.5 | 15.7 | 505.2 |
| Sustaining Capital |  | 6.1 | 7.9 | 8.5 | 10.5 | 124.2 |
| Other Sustaining Capex | – | 17.5 | 13.3 | 36.3 | 46.6 | 181.8 |
| KCM Subtotal | 200.2 | 176.4 | 78.9 | 67.2 | 72.9 | 811.2 |
| Nchanga Smelter |  |  |  |  |  |  |
| Nchanga Smelter Sustaining Capital | 56.9 | 4.5 | 4.5 | 4.5 | 4.5 | 102.4 |
| Total | 257.1 | 180.9 | 83.4 | 71.8 | 77.4 | 913.6 |

---

Note: All values in US$M. Totals may not sum due to rounding.

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Table 18.10 Summary by category

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| | | |
|:---|:---|:---|
| **Category** | **Total (US$M)** | **% of Total** |
| Capitalised Mining Development | 505.2 | 55% |
| KCM Sustaining Capital | 124.2 | 14% |
| Other Sustaining Capex | 181.8 | 20% |
| Nchanga Smelter Sustaining | 102.4 | 11% |
| Total | 913.6 | 100% |

---

Note: All values in US$M. Totals may not sum due to rounding.

**18.3.3** **Form of capital cost estimate** 

The capital cost estimate was completed for the underground schedule built on the Mineral Reserve minable shapes. The capital estimate was split into:

· Growth
 capital projects: A specific list of capital projects identified as vital for the business
 to rejuvenate the operation and achieve future production goals, particularly an increase
 in total production from Konkola. These packages of work are expected to be completed within
 the first six years of operation.

· Underground
 lateral and vertical capital development: Grouped into two main cost areas: development that
 forms the backbone of the infrastructure systems (e.g., dewatering drives, rail horizons),
 and development that allows for access and production from the mineralisation (e.g., access
 declines to individual stoping panels).

· New
 capital infrastructure items: Primarily fit outs of underground drives or installation of
 equipment, such as new underground mobile fleet workshops constructed as the depth and center
 of mining activities increases.

· Sustaining
 capital infrastructure expenditure: Maintaining, refurbishment, or minor replacements of
 items that form the installed facilities, such as yearly allowances for the Konkola Concentrator.

**18.3.4** **Capital cost estimation methodology** 

Capital cost estimates were derived using the following methodologies:

· Updated
 supplier quotations.

· Price
 calculations based on industry rates and derived quantities.

· Previous
 supplier quotations with escalation rates applied.

· Industry
 database pricing.

The estimation accuracy meets and in places exceeds PFS guidelines and standards. This capital profile has been developed by AMC with input from KCM management and will require more detailed scheduling with participation from the KCM project team to coordinate with all simultaneous activities.

**18.3.5** **Lateral and vertical underground development** 

The underground development is split into three major types:

**Lateral capital development:** Horizontal or inclined tunnels (max ±1 in 7 gradient) required to mine the mineralisation of the deposit. This development is further divided into:

· Primary
 – Backbone infrastructure including all capital chambers and drives around the shafts
 and the mine-wide rail levels incorporating the material handling system.

· KDMP
 development – Panel / production area development, including incline / declines that
 connect the mine-wide rail drives and set up the production stoping areas.

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**Vertical capital development:** Vertical or inclined development (max 30 degrees from vertical) including all ventilation rises, rock passes, and dewatering drillholes. This is limited to development that would be completed by the existing mining contractors.

**18.3.6** **Konkola Mine capital fit out** 

As the mine develops and the production front moves into new mining areas and levels at depth, there is a continual requirement to complete capital fit out of various mined development to extend mine services and function.

These requirements were estimated by defining infrastructure modules (IMODs), which are scoped lists of components that make up complete fit out items. IMODs were grouped into categories by function including:

· Production
 support infrastructure

· Dewatering
 infrastructure

· Mine
 services infrastructure

· Material
 handling infrastructure

· Workforce
 support infrastructure

· Mobile
 fleet support infrastructure

· Electrical
 infrastructure

· Mine
 ventilation infrastructure

· Rail
 fixed capital infrastructure

The design team evaluated the underground design and built up a table of requirements for each major zone of the mine. These IMODs can be scaled where necessary and no contingency or owner's costs are included in the individual module estimates.

**18.3.7** **Konkola diamond drilling capital campaigns** 

Diamond drilling campaigns to increase confidence in mineralisation are considered capital costs. There are two categories of drilling campaign:

· Major
 drilling campaigns: Engagement of a suitable external contractor to place multiple drill
 rigs underground and complete an extended program of drilling.

· Production-focused
 campaigns: Smaller and more regular campaigns focused on proving up material that will be
 mined in the near term.

KCM have committed to completing substantial diamond drilling in the next few years to increase the Mineral Reserve inventory.

**18.3.8** **Konkola Concentrator facility capital estimate** 

Future growth capital spent on the Konkola Concentrator is proposed to be limited due to there being no planned expansion of the baseplate capacity of the facility. Baseplate capacity will be restored by the "Concentrator Stream 2" work package included in growth capital. Growth capital is limited to general improvement projects, with an allowance of US$0.15M per year included in the Mineral Reserve case.

Future sustaining capital spend on the Konkola Concentrator consists of general annual sustaining spend for most operating years, with larger expenditure likely to occur at approximately 7–10 yearly intervals representing extended overhauls or major refurbishment projects. This cost was approximated by assuming a sustaining cost of 2% of the estimated FY 25/26 replacement cost of the concentrator (approximately US$350M). The combined capital expenditure is presented with slightly less forecast for the initial years given the refurbishment work already completed as part of the restart of the operation.

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**18.3.9** **TD03 AND TD04 tailings reclamation capital costs** 

There is no capital requirements for the existing tailings reclaim operations at TD03 and TD04.

**18.3.10** **Smelter and refinery capital costs** 

The sustaining costs for the smelter were based on required spending to maintain baseplate capacity without any allowance for new features or functions. There is significant refurbishment cost assumed to be spent in the next year to restore function of the asset given previous significant periods of non-operation and general aging of the facility.

Table 18.11 Smelter and refinery capital estimate schedule (first five years)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Item category** | **Total project <br> life** | **FY 25/26<br> Year 1** | **FY 26/27<br> Year 2** | **FY 27/28<br> Year 3** | **FY 28/29<br> Year 4** | **FY 29/30<br> Year 5** |
| **Smelter** |  |  |  |  |  |  |
| New Growth Capital | 0 | 0 | 0 | 0 | 0 | 0 |
| Sustaining Capital | 76 | 56.9 | 4.5 | 4.5 | 4.5 | 4.5 |
| **Total** | **102.4** | **56.9** | **4.5** | **4.5** | **4.5** | **4.5** |
| **Refinery** |  |  |  |  |  |  |
| New Growth Capital | 0 | 0 | 0 | 0 | 0 | 0 |
| Sustaining Capital | 0 | 0 | 0 | 0 | 0 | 0 |
| **Total** | **0** | **0** | **0** | **0** | **0** | **0** |

---

Note: All values in US$M. Totals may not sum due to rounding.

18.4 Mine closure

The costs for mine closure for Konkola have been estimated in the mine closure plan generated and updated for each domain of the operations and have been included in the cost estimate of the total operations.

18.5 Risk mitigation
 and cost control measures

To improve estimate reliability and reduce financial risk, the following measures are implemented:

· Progressive
 Refinement of Cost Models: Cost estimates will be continuously updated as engineering designs
 advance and operational data becomes available during project execution.

· Independent
 Peer Reviews: Third-party validation of cost assumptions and risk factors has been undertaken
 by AMC as part of this PFS.

· Contingency
 Allocations: Cost contingencies have been included to account for market volatility, foreign
 exchange fluctuations, and unforeseen conditions.

· Vendor
 and Contractor Engagement: Fixed-price contracts will be pursued where practicable to minimise
 cost overruns during project execution.

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19 Economic analysis

19.1 Basis of economic
 analysis

This economic analysis is based on Mineral Reserves as defined in Section 12.

The Mineral Reserve mine plan comprises:

· Konkola
 Mine: Production from Measured and Indicated Mineral Resources, with any Inferred Mineral
 Resources within the mine designs treated as waste at zero grade.

· TD03
 AND TD04 Tailings: Production from Indicated Mineral Resources converted to Probable Mineral
 Reserves, processed through the Nchanga TLP.

The underground development plan has been focused on accessing and recovering the Measured and Indicated Mineral Resources. The capital investment program is limited to expenditure required to execute the Mineral Reserve mine plan.

19.2 Key assumptions

The following key assumptions, parameters, and methods were used in the economic analysis:

**19.2.1** **Byproducts included in the cash flow model** 

The cash flow model includes revenue from two byproducts produced at the Nchanga Smelter: cobalt alloy and sulfuric acid. Both are integral to the KCM integrated flowsheet and are credited within the Smelter and Refinery Credits line of Table 19.3 and Table 19.4. Table 19.1 summarizes the type, quantity, and price assumption for each byproduct in accordance with Item 601(b)(96)(iii)(B)(19) of Regulation S-K.

Table 19.1 Byproducts: Type, Quantity and Price Assumption

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| | | | | |
|:---|:---|:---|:---|:---|
| **Byproduct** | **Unit** | **LOM Quantity (~11-year<br> Mineral Reserve LOM)** | **Price assumption** | **Revenue Treatment in Financial<br> Model** |
| Cobalt alloy (all smelter sources)¹ | t alloy | 386809 | US$42,262–52,465/t Co² | Credited in Smelting & Credits line; sold externally |
| of which: KCM & Nchanga own concentrate | t alloy | 164517 |  |  |
| of which: third-party external concentrate³ | t alloy | 222292 |  |  |
| Cobalt (Co) content in alloy | t Co | 8194 | US$42,262–52,465/t Co² | Payable Co fraction applied to market price |
| Sulfuric acid⁴ | t | 3484630 | US$130/t⁵ | Transfer-priced credit; consumed internally by Nchanga TLP for copper leaching |

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Notes:

<sup>1</sup> Cobalt alloy quantities reflect total smelter output, inclusive of cobalt alloy attributable to third-party external concentrate processed at the KCM Nchanga Smelter. Third-party concentrate is acquired by KCM on a metal-return ownership basis — KCM is not operating as a toll processor. The inclusion of third-party concentrate in the smelter feed is a metallurgical requirement of the flash smelting process (see Section 14.4.3); for financial treatment of associated revenues and costs, see Section 19.2.4.

<sup>2</sup> Cobalt price based on P50 analyst consensus ranging from US$42,262/t to US$52,465/t Co over the Mineral Reserve life of mine (FY26–FY36). Revenue is calculated on the payable cobalt fraction within the alloy product. Payability is 32% for the majority of the LOM (FY32–FY36), stepping down to 19% and 16% during ramp-up years (FY26–FY31), as per marketing terms and consistently applied in the financial model.

<sup>3</sup> Cobalt alloy attributable to third-party external concentrate: 222,292 t alloy over the Mineral Reserve LOM. The cobalt revenue from this stream is captured in the Smelter and Refinery Credits line of the financial model alongside KCM's own cobalt production. No material derived from third-party concentrates has been included in any Mineral Resource or Mineral Reserve estimate.

<sup>4</sup> Sulphuric acid is produced at the Nchanga acid plant (capacity 1,850 tpd) from smelter off-gas. It is consumed internally as the essential leaching reagent for the Nchanga TLP and is not sold externally. The transfer price of US$130/t represents the avoided cost of purchasing acid from third-party suppliers and is credited against TLP operating costs in the financial model.

<sup>5</sup> Sulphuric acid transfer price of US$130/t is based on the estimated cost of procuring equivalent acid from the market (Section 14.7). This is an internal credit between smelter and TLP and does not represent an external sales price.

**19.2.2** **Production plan** 

The basis of the economic model is the mining, processing and smelting schedule as presented in this report which includes mined tonnes (ore and waste), development meters, processed ore tonnes, grade and recoveries.

The KCM Mineral Reserve Plan comprises production from Measured and Indicated Mineral Resources at Konkola Mine and Indicated Mineral Resources in TD03 and TD04.

A concept blend plan was developed to determine the copper metal and cobalt alloy produced from the available feed sources. Based on assumptions provided by KCM, excess smelter capacity in each year is filled by concentrates purchased from external third parties (refer Figure 19.1 below). These concentrates are assumed to meet the specifications required by the smelter over the life of the operations. No material (concentrate nor produced copper) generated from third party purchased concentrates has been included in any Mineral Resource or Mineral Reserve estimates for KCM.

Total copper sold from the KCM operations includes copper anodes from the smelter, copper in cobalt alloy and copper cathodes produced by the Nchanga TLP is shown in Figure 19.2.

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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Figure 19.1 KCM Smelter Feed Profile – Mineral Reserve Case (incl. external purchased concentrates)

![](ctm003_ex96-2img79.jpg)

Source: AMC, 2025.

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|:---|:---|
| Figure 19.2 | Total copper sold from KCM operations |

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![](ctm003_ex96-2img80.jpg)

Source: AMC, 2025.

The production profile from Mineral Reserves is shown in Figure 19.3.

The Mineral Reserve case produces a total of 901 kt of payable copper, comprising 788 kt from the Konkola Mine and 113 kt from the Nchanga TLP.

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Figure 19.3 KCM Mineral Reserve production profile

![](ctm003_ex96-2img81.jpg)

Source: AMC, 2025.

**19.2.3** **Revenue** 

The copper price selected by KCM for the cashflow analysis is based on current and consensus price forecasts (December 2025) as discussed in this document and presented in Table 19.2 and Figure 19.4 below.

The selected copper prices for the economic analysis are the P75 values, which align with the spot price achieved at the start of 2025. P75 represents the 75<sup>th</sup> percentile of the consensus price forecast, meaning there is a 25% probability of actual prices exceeding this level. Revenue is derived from copper and cobalt sales from the Nchanga Smelter and copper cathode sales from the Nchanga TLP.

Revenue assumptions:

· Copper
 Price: P75 consensus pricing as per Table 19.2 (ranging from US$9,925/t to US$11,298/t over
 the Mineral Reserve production period).

· Cobalt
 Price: P50 consensus pricing (ranging from US$42,262/t to US$52,465/t over the Mineral Reserve
 production period).

· Discount
 Rate: 8% real, pre-tax.

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Table 19.2 Consensus pricing forecast – Mineral Reserve case

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **US$/t Cu Real** | **FY 25/26** | **FY 26/27** | **FY 27/28** | **FY 28/29** | **FY 29/30** | **FY 30/31** | **FY 31/32** | **FY 32/33** | **FY 33/34** | **FY 34/35** | **FY 35/36** |
| Max | 12200 | 13000 | 13228 | 12814 | 13110 | 13427 | 14265 | 14265 | 14265 | 14265 | 11883 |
| P75 | 9925 | 11298 | 11116 | 11062 | 10981 | 11038 | 10695 | 10695 | 10695 | 10695 | 10695 |
| P50 | 9925 | 10694 | 10376 | 10259 | 10192 | 10124 | 9618 | 9618 | 9618 | 9618 | 9618 |
| Avg | 9466 | 9501 | 9567 | 9782 | 9860 | 8670 | 8670 | 8670 | 8670 | 8670 | 8670 |
| P25 | 9160 | 9238 | 9184 | 9418 | 9383 | 8244 | 8244 | 8244 | 8244 | 8244 | 8244 |
| Min | 8500 | 7010 | 6546 | 6521 | 6421 | 6420 | 6420 | 6420 | 6420 | 6420 | 6420 |

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Source: Consensus Economics and analyst forecasts (December 2025). P75 (shaded) used for economic analysis.

Figure 19.4 Copper price forecast – consensus range

![](ctm003_ex96-2img82.jpg)

Source: Consensus Economics and analyst forecasts (December 2025). P75 used for economic analysis.

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**19.2.4** **Third-party concentrate: basis for inclusion in economic analysis** 

The economic analysis includes revenue and costs attributable to the purchase and processing of third-party copper concentrate through the Nchanga Flash Smelter. The QP considers the inclusion of these cash flows to be appropriate and consistent with the requirements of Item 601(b)(96)(iii)(B)(19)(ii) of Regulation S-K for the reasons set out below.

The primary basis for this inclusion is metallurgical. KCM's own concentrates, produced at the Konkola Concentrator and the Nchanga Concentrator, carry elevated silica content of typically 20–22% SiO₂, materially exceeding the preferred FSF feed limit of less than 15% SiO₂. Operating the flash smelter on KCM's own concentrates alone would produce an Fe/SiO₂ ratio outside the thermodynamic operating envelope of the furnace, causing instability in the reaction shaft, increased slag losses, reduced copper recovery into the blister phase, and potential refractory damage. To correct this imbalance, chalcopyrite-dominant concentrates with higher iron and lower silica content must be incorporated into the feed blend. This is a design requirement of the FSF, not a matter of commercial preference. The Nchanga Flash Smelter has a design throughput capacity of 850,000 tpa of concentrate, and KCM's own Mineral Reserve production from the Konkola Mine does not generate sufficient concentrate volume to sustain that throughput across the Mineral Reserve life of mine, particularly during the ramp-up period when shaft rehabilitation and development capital is being deployed. As a consequence of both the blending requirement and the capacity utilisation profile, the LOM plan assumes the purchase of 250,000–300,000 tpa of third-party concentrate to supplement KCM's own feed (see Section 14.4.3 and the smelter feed profile in Figure 19.1).

Critically, the smelting of sulphide concentrates, whether KCM's own or third-party, is the primary source of sulphur dioxide from which sulphuric acid is produced at the Nchanga acid plant (capacity 1,850 tpd). This acid is the essential reagent for the Nchanga Tailings Leach Plant (TLP), which processes the tailings from TD03 and TD04. In this PFS, TD03 and TD04 are declared as Probable Mineral Reserves (Table 12.1) contributing 237 kt of payable copper, representing 26% of total Mineral Reserve copper production. Without third-party concentrate supplementing smelter feed, sulphuric acid output would be materially reduced; the shortfall would need to be sourced from external third-party acid suppliers at significantly higher cost (Section 14.7), materially altering the economics attributable to KCM's own Mineral Reserve. The exclusion of third-party concentrate cash flows would therefore not produce a more conservative or more accurate representation of the Mineral Reserve economics; it would produce a materially distorted result by removing a cost-offset that is structurally necessary to realise the declared TD03/TD04 Mineral Reserve.

The QP therefore concludes that the third-party concentrate processing activity is operationally integral to the economic viability of KCM's own Mineral Reserves. The inclusion of associated revenues and costs in the economic model does not misrepresent the economics of the property's own mineralisation; rather, their exclusion would undermine the economic basis on which the Mineral Reserve is declared.

In the interests of transparency, the financial contribution of third-party concentrate processing is separately identified throughout this report. Table 19.1 presents third-party concentrate volumes, grade, and attributable cobalt alloy production as distinct line items within the byproducts disclosure. In Table 19.3 and Table 19.4, concentrate purchase costs (US$10,562M) and Smelter and Refinery Credits (US$759M) are disclosed as separate line items, enabling readers to assess the net economic contribution of third-party processing activity. Free cash flow attributable to third-party concentrate processing over the life of mine is estimated at US$309M, representing approximately 9% of total project free cash flow of US$3,439M; the remaining US$3,131M (approximately 91%) is attributable to KCM's own Mineral Reserve production from the Konkola Mine and the Nchanga TLP. C1 and AISC unit cost metrics are calculated on KCM's integrated metal production only. The incremental smelter margin attributable to third-party concentrate processing is excluded from the C1 calculation, as noted in the footnotes to Table 19.3 and Table 19.4.

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**19.2.4.1** **Third-party concentrate sensitivity** 

To assess the sensitivity of project economics to the dependency on third-party concentrate, the following analysis models the removal of third-party concentrate from the LOM plan entirely. The total NPV₈% impact is approximately US$245M, representing a reduction of approximately 11% from the base case NPV₈% of US$2,132M, reducing it to approximately US$1,887M. The KCM Integrated Operations remain economic under this sensitivity on the basis of KCM's own Mineral Reserve production.

The total impact comprises two components, each described below.

**Direct smelter contribution**

The third-party contribution is removed from the economic model by reducing smelter and refinery revenue, operating costs, and sustaining capital costs proportionally, by 55%, reflecting the proportion of contained copper in the smelter feed attributable to external third-party concentrates relative to total smelter feed. Concentrate purchase costs are reduced proportionally.

The NPV₈% impact of removing the direct smelter contribution is approximately US$174M, a reduction of approximately 8% from the base case. The incremental margin on third-party concentrate processing is significantly lower than on KCM's own Mineral Reserve production, as the revenue benefit is substantially offset by concentrate purchase costs, treatment charges, and associated smelter operating expenses. Accordingly, while third-party concentrate processing provides a contribution to project value, the KCM Integrated Operations remain robustly economic on the basis of KCM's own Mineral Reserve production when considering the direct smelter impact alone.

**Incremental acid procurement cost**

The above analysis does not capture the full economic consequence of removing third-party concentrate, because smelter throughput and on-site acid production are physically coupled through the FSF off-gas acid plant. A reduction in smelter feed of 55% would reduce internal acid production proportionally, requiring the TLP to source the shortfall externally.

The Nchanga acid plant has a capacity of 1,850 tpd and produces approximately 3,485,000 tonnes of sulphuric acid over the Mineral Reserve life of mine, consumed entirely by the TLP. At 55% attributable to third-party smelter feed, the acid shortfall would be approximately 1,917,000 tonnes over the LOM.

In the base case, the smelter transfers acid to the TLP at an internal price of US$130 per tonne. At the consolidated entity level, this transfer nets to zero, it is a reallocation between KCM cost centres, not a cash outflow. The external market price for sulphuric acid on the Copperbelt is US$175 per tonne as reflected in the economic model's external procurement assumption. If the acid shortfall were sourced externally, the true incremental cash cost to the consolidated KCM entity would therefore be the delta of US$45 per tonne, the premium above the internal transfer price that is already embedded in the model. Applying this delta to the acid shortfall of approximately 1,917,000 tonnes generates an incremental consolidated operating cost of approximately US$86M over the LOM, concentrated in the earlier years of operation when TD03/TD04 reclamation is most active and before Konkola Mine's own concentrate production ramps up to higher utilisation levels.

The NPV₈% impact of this incremental acid cost, discounted at 8% real on a pre-tax basis, is estimated at approximately US$71M. Combined with the direct smelter contribution of approximately US$174M, the total NPV₈% reduction is approximately US$245M, reducing the base case NPV₈% from US$2,132M to approximately US$1,887M, a reduction of approximately 11%.

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The analysis uses conservative assumptions throughout. Acid prices on the Central African Copperbelt are subject to variability depending on regional smelter operating rates, export policy, and logistics availability; in periods of tighter supply the market price for sulphuric acid has historically exceeded the US$175/t assumption used here, which would increase the cost impact accordingly. Additionally, the analysis does not model the operating consequences of running the FSF below its thermodynamic stability threshold, which could result in reduced copper recovery and furnace damage over and above the cost impacts quantified above. The KCM Integrated Operations remain economic under this sensitivity on the basis of KCM's own Mineral Reserve production, and the uninterrupted sourcing of third-party concentrate is identified as an essential operational and commercial requirement throughout the life of mine.

**19.2.5** **Government levies, taxes, and royalties** 

Please refer to 12.3.4 for royalties and taxation information. Those described values have been applied uniformly across the economic scenarios presented in this TRS.

Royalty structure (Republic of Zambia):

· 4.0%
 for copper prices below $4,000/t.

· 6.5%
 for copper prices between $4,000/t and $5,000/t.

· 8.5%
 for copper prices between $5,000/t and $7,000/t.

· 10%
 for copper prices above $7,000/t.

**19.3** **Economic results** 

The pre-tax economic analysis is based on a financial model developed to estimate annual cash flows for the KCM Integrated Operations, comprising the Konkola Mine, the Nchanga TLP processing material from TD03 and TD04, and the Nchanga Smelter. The economic model incorporates the operating costs, capital costs, and pricing inputs described in this report.

The Mineral Reserve case economic results are summarized in Table 19.3.

Table 19.3 Economic analysis summary – Mineral Reserve case

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| | | |
|:---|:---|:---|
| **Item** | **Unit** | **Value** |
| **KCM** |  |  |
| KCM Ore mined | kt | 31478 |
| KCM Ore head grade | %T Cu | 2.91 |
| KCM Ore Recovery | % | 89.1 |
| KCM Cu Payable | kt | 788 |
| Smelter Recovery | % | 98.1% |
| KCM Cu Payable with Smelter Recovery | kt | 800 |
| Operating Costs- Mining + G&A | US$M | 3678 |
| Smelting & Credits | US$M | 226 |
| Total Operational Cost (C1) | US$M | 3904 |
| Total Royalties | US$M | 620 |
| Growth Capital | US$M | 152 |
| Capital Development | US$M | 505 |
| Sustaining Capital | US$M | 306 |
| C1 Cash Cost (total)<sup>1</sup> | US$M | 3904 |
| C1 Unit Cash Cost (unit)<sup>2</sup> | $/lb. Cu | 2.21 |
| All-in Sustaining Cost (total)<sup>3</sup> | US$M | 4830 |
| All-in Sustaining Cost (unit)<sup>4</sup> | $/lb. Cu | 2.74 |

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| | |
|:---|:---|
| **Item** | **Value** |
| **Nchanga TLP** |  |
| Nchanga TLP Ore mined | 36142 |
| Nchanga TLP Ore head grade | 0.65% |
| Nchanga TLP Ore Recovery | 48.1% |
| Nchanga TLP Cu Payable | 113 |
| Freight Charge | 24 |
| Treatment and Refining Charges | 0 |
| Operating Costs | 592 |
| Total Royalties | 86 |
| Growth Capital | 0 |
| Capital Development | 0 |
| Sustaining Capital | 0 |
| C1 Cash Cost (total)<sup>1</sup> | 592 |
| C1 Unit Cash Cost (unit)<sup>2</sup> | 2.38 |
| All-in Sustaining Cost (total)<sup>3</sup> | 679 |
| All-in Sustaining Cost (unit)<sup>4</sup> | 2.73 |
| **Consolidated** |  |
| KCM UG Ore mined | 31478 |
| KCM UG Ore head grade | 2.91% |
| KCM UG Ore Recovery | 89.1% |
| KCM Cu Payable | 788 |
| Nchanga TLP Ore mined | 36142 |
| Nchanga TLP Ore head grade | 0.65% |
| Nchanga TLP Ore recovery | 48.1% |
| Nchanga TLP Cu Payable | 113 |
| Third Party Concentrate | 3423 |
| Third Party concentrate grade | 33.0% |
| Third Party Metal Production | 1108 |
| Integrated Metal Production | 912 |
| Total Metal | 2021 |
| Gross Copper Revenue<sup>5</sup> | 9726 |
| Smelter and By-Product Credits<sup>6</sup> | 11806 |
| Freight and Refining Costs | 817 |
| Total Royalty | 706 |
| Mining Operating Costs | 4270 |
| Smelter and Refinery Operating Costs | 1338 |
| Smelter and Refinery Credits | -759 |
| Concentrate Purchase cost | 10562 |
| Growth Capital | 152 |
| Capital Development | 505 |
| Sustaining Capital | 408 |
| Closure Costs | 92.6 |
| C1 Cash Cost (total)<sup>1</sup> | 4513 |
| C1 Unit Cash Cost (unit)<sup>2</sup> | 2.24 |
| All-in Sustaining Cost (total)<sup>3</sup> | 5627 |
| All-in Sustaining Cost (unit)<sup>4</sup> | 2.80 |
| Net Revenue | 20716 |
| Free Cash Flow | 3439 |
| NPV<sub>8%</sub> (pre-tax, real basis) | 2132 |
| Payback Period<sup>7</sup> | ~5.6 years |
| Mine Life | ~11 |

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Notes:

<sup>1</sup> C1 Cash Cost includes all direct mining, processing, and site G&A costs, and smelter and refinery costs net of by-product credits (acid and cobalt revenue). This excludes a portion of smelter and refinery costs associated with third party concentrates.

<sup>2</sup> C1 Cash Cost per payable pound is calculated as total C1 cash costs divided by payable copper pounds produced during the period.

<sup>3</sup> All-in Sustaining Cost (AISC) is defined as C1 Cash Cost plus sustaining capital expenditure, and royalties. AISC is a non-GAAP measure presented for illustrative purposes and is reconciled to the operating and capital cost estimates in Section 18.

<sup>4</sup> AISC per payable pound is calculated by dividing total All-In Sustaining Costs (C1 cash costs + sustaining capital expenditure + royalties) by the number of payable copper pounds produced in the period. AISC is a non-GAAP measure presented for illustrative purposes and is reconciled to the operating and capital cost estimates in Section 18.

<sup>5</sup> Gross Copper Revenue represents payable copper revenue associated with KCM and Nchanga TLP.

<sup>6</sup> Smelter and By-Product Credits comprise cobalt and sulfuric acid revenue.

<sup>7</sup> Payback period represents the time for cumulative free cash flow to equal total capital investment. IRR is not reported as this is a brownfield operation generating positive free cash flow from Year 1.

The net present value before tax at a discount rate of 8% per year (NPV<sub>8%</sub>) for the Mineral Reserve case is US$2,132M.

The payback period is 5.6 years, calculated as the time required for cumulative undiscounted free cash flow to equal total capital investment (growth capital, capital development, sustaining capital, and closure costs totaling US$1,158M).

KCM is a brownfield producing operation with existing infrastructure, an operating workforce, and annual free cash flows that are positive from Year 1 of the evaluation period. Capital expenditure is distributed across the Mineral Reserve mine plan rather than concentrated in an initial construction period, and there is no discrete point at which cumulative cash flows transition from negative to positive. Under these conditions, a conventional project internal rate of return (IRR) calculation does not produce a meaningful result. S-K 1300 Item 1302(d)(4)(i)(ii) identifies IRR as a measure of economic viability; however, the Qualified Person has determined that net present value and payback period, as presented in this section, are the appropriate measures for evaluating the economic viability of the KCM Integrated Operations. This is consistent with industry practice for producing operations where incremental capital investment supports ongoing production rather than a defined project construction phase.

The annual and cumulative cashflows are presented on an annual basis in Figure 19.5 and Table 19.4.

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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Figure 19.5 Mineral Reserve cashflow

![](ctm003_ex96-2img83.jpg)

Source: AMC, 2025.

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Table 19.4 Mineral Reserve production and cashflow schedule

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| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Item** | **Unit** | **FY25/26** | **FY26/27** | **FY27/28** | **FY28/29** | **FY29/30** | **FY30/31** | **FY31/32** | **FY32/33** | **FY33/34** | **FY34/35** | **FY35/36** | **FY36/37** | **FY37/38** | **FY38/39** | **Total** |
| **KCM** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| KCM Ore mined | kt | 1607 | 1283 | 1714 | 2591 | 3281 | 4174 | 4670 | 4368 | 3189 | 2665 | 1935 |  |  |  | 31478 |
| KCM Ore head grade | %TCu | 3.40 | 3.50 | 3.10 | 2.90 | 2.90 | 2.90 | 2.80 | 2.80 | 2.80 | 2.80 | 2.80 |  |  |  | 2.9 |
| KCM Ore Recovery | % | 87.20 | 85.10 | 88.10 | 89.00 | 88.30 | 88.90 | 89.70 | 89.50 | 90.80 | 90.50 | 89.90 |  |  |  | 89.1 |
| Smelter Recovery | % | 98.10 | 98.10 | 98.10 | 98.10 | 98.10 | 98.10 | 98.10 | 98.10 | 98.10 | 98.10 | 98.10 |  |  |  | 98.1 |
| KCM Cu Payable with Smelter Recovery | kt | 47 | 38 | 46 | 65 | 83 | 106 | 115 | 107 | 79 | 66 | 48 |  |  |  | 800 |
| KCM Cu Payable | kt | 47 | 37 | 45 | 64 | 82 | 105 | 113 | 105 | 77 | 65 | 47 |  |  |  | 788 |
| Freight Charge | US$M | 27 | 22 | 26 | 37 | 47 | 60 | 65 | 61 | 45 | 38 | 27 |  |  |  | 455 |
| TC/RCs | US$M | 15 | 13 | 17 | 26 | 34 | 45 | 50 | 48 | 36 | 31 | 23 |  |  |  | 337 |
| Operating Costs | US$M | 266 | 257 | 284 | 361 | 354 | 408 | 426 | 409 | 341 | 308 | 266 |  |  |  | 3678 |
| Smelting & Credits | US$M | 19 | 18 | 23 | 26 | 22 | 23 | 20 | 19 | 21 | 20 | 17 |  |  |  | 226 |
| Total Operational Cost (C1) | US$M | 284 | 274 | 307 | 387 | 375 | 431 | 446 | 428 | 362 | 327 | 283 |  |  |  | 3904 |
| Total Royalties | US$M | 33 | 31 | 37 | 52 | 66 | 85 | 88 | 82 | 60 | 50 | 36 |  |  |  | 620 |
| Growth Capital | US$M | 23 | 56 | 45 | 8 | 10 | 10 |  |  |  |  |  |  |  |  | 152 |
| Capital Development | US$M | 200 | 153 | 58 | 22 | 16 | 19 | 14 | 10 | 6 | 5 | 2 |  |  |  | 505 |
| Sustaining Capital | US$M |  | 24 | 21 | 45 | 57 | 44 | 27 | 31 | 26 | 18 | 15 |  |  |  | 306 |
| C1 Cash Cost<sup>1</sup> | US$M | 284 | 274 | 307 | 387 | 375 | 431 | 446 | 428 | 362 | 327 | 283 |  |  |  | 3904 |
| C1 Cash Cost<sup>2</sup> | $/lb. Cu | 2.72 | 3.28 | 3.03 | 2.69 | 2.04 | 1.84 | 1.76 | 1.82 | 2.09 | 2.25 | 2.69 |  |  |  | 2.21 |
| All-in Sustaining Cost<sup>3</sup> | US$M | 317 | 329 | 365 | 484 | 499 | 559 | 561 | 541 | 447 | 395 | 334 |  |  |  | 4830 |
| All-in Sustaining Cost<sup>4</sup> | $/lb. Cu | 3.04 | 3.94 | 3.6 | 3.36 | 2.71 | 2.39 | 2.22 | 2.3 | 2.58 | 2.72 | 3.18 |  |  |  | 2.74 |
| **Nchanga TLP** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Nchanga TLP Ore mined<sup>5</sup> | kt | 14492 | 9000 | 9000 | 3650 |  |  |  |  |  |  |  |  |  |  | 36142 |
| Nchanga TLP Ore head grade | %TCu | 0.7 | 0.6 | 0.6 | 0.6 |  |  |  |  |  |  |  |  |  |  | 0.6 |
| Nchanga TLP Ore Recovery | % | 45.6 | 49.9 | 49.9 | 49.9 |  |  |  |  |  |  |  |  |  |  | 48.1 |
| Nchanga TLP Cu Payable | kt | 45 | 28 | 28 | 11 |  |  |  |  |  |  |  |  |  |  | 113 |
| Freight Charge | US$M | 10 | 6 | 6 | 2 |  |  |  |  |  |  |  |  |  |  | 24 |
| TC/RCs | US$M |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Operating Costs | US$M | 217 | 135 | 138 | 102 |  |  |  |  |  |  |  |  |  |  | 592 |
| Total Royalties | US$M | 31 | 23 | 23 | 9 |  |  |  |  |  |  |  |  |  |  | 86 |
| Growth Capital | US$M |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Capital Development | US$M |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Sustaining Capital | US$M |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| C1 Cash Cost1 | US$M | 227 | 141 | 144 | 104 |  |  |  |  |  |  |  |  |  |  | 617 |
| C1 Cash Cost2 | US$M | 2.29 | 2.26 | 2.32 | 4.13 |  |  |  |  |  |  |  |  |  |  | 2.48 |
| All-in Sustaining Cost<sup>3</sup> | US$M | 258 | 164 | 167 | 114 |  |  |  |  |  |  |  |  |  |  | 703 |
| All-in Sustaining Cost<sup>4</sup> | $/lb. Cu | 2.6 | 2.63 | 2.68 | 4.5 |  |  |  |  |  |  |  |  |  |  | 2.82 |
| **Consolidated** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| KCM UG Ore mined | kt | 1607 | 1283 | 1714 | 2591 | 3281 | 4174 | 4670 | 4368 | 3189 | 2665 | 1935 |  |  |  | 31478 |
| KCM UG Ore head grade | %TCu | 3.4 | 3.5 | 3.1 | 2.9 | 2.9 | 2.9 | 2.8 | 2.8 | 2.8 | 2.8 | 2.8 |  |  |  | 2.9 |
| KCM UG Ore Recovery | % | 87.2 | 85.1 | 88.1 | 89 | 88.3 | 88.9 | 89.7 | 89.5 | 90.8 | 90.5 | 89.9 |  |  |  | 89.1 |
| KCM Cu Payable with Smelter Recovery | kt | 47 | 38 | 46 | 65 | 83 | 106 | 115 | 107 | 79 | 66 | 48 |  |  |  | 800 |
| KCM Cu Payable | kt | 47 | 37 | 45 | 64 | 82 | 105 | 113 | 105 | 77 | 65 | 47 |  |  |  | 788 |
| Nchanga TLP Ore mined<sup>5</sup> | kt | 14492 | 9000 | 9000 | 3650 |  |  |  |  |  |  |  |  |  |  | 36142 |
| Nchanga TLP Ore head grade | %TCu | 0.7 | 0.6 | 0.6 | 0.6 |  |  |  |  |  |  |  |  |  |  | 0.6 |
| Nchanga TLP Ore recovery | % | 45.6 | 49.9 | 49.9 | 49.9 |  |  |  |  |  |  |  |  |  |  | 48.1 |
| Nchanga TLP Cu Payable | kt | 45 | 28 | 28 | 11 |  |  |  |  |  |  |  |  |  |  | 113 |
| Third Party Concentrate | kt | 306 | 338 | 306 | 315 | 308 | 308 | 308 | 308 | 308 | 308 | 308 |  |  |  | 3423 |
| Third Party concentrate grade | % | 32.40 | 32.50 | 32.40 | 32.60 | 33.30 | 33.30 | 33.30 | 33.30 | 33.30 | 33.30 | 33.30 |  |  |  | 33.00 |
| Third Party Metal Production | kt | 97 | 108 | 97 | 101 | 101 | 101 | 101 | 101 | 101 | 101 | 101 |  |  |  | 1108 |
| Integrated Metal Production | kt | 92 | 66 | 74 | 77 | 83 | 106 | 115 | 107 | 79 | 66 | 48 |  |  |  | 912 |
| Total Metal | kt | 189 | 174 | 171 | 177 | 184 | 207 | 215 | 208 | 179 | 167 | 148 |  |  |  | 2021 |
| Gross Copper Revenue<sup>6</sup> | US$M | 1774 | 1868 | 1819 | 1868 | 1918 | 2169 | 2188 | 2106 | 1817 | 1687 | 1501 | 0 | 0 |  | 20716 |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Item** | **Unit** | **FY25/26** | **FY26/27** | **FY27/28** | **FY28/29** | **FY29/30** | **FY30/31** | **FY31/32** | **FY32/33** | **FY33/34** | **FY34/35** | **FY35/36** | **FY36/37** | **FY37/38** | **FY38/39** | **Total** |
| Total Royalty | US$M | 63 | 55 | 60 | 61 | 66 | 85 | 88 | 82 | 60 | 50 | 36 |  |  | – | 706 |
| Mining Operating Costs | US$M | 483 | 391 | 422 | 463 | 354 | 408 | 426 | 409 | 341 | 308 | 266 |  |  | – | 4270 |
| Smelter & Refinery Op Costs | US$M | 111 | 123 | 127 | 131 | 120 | 125 | 126 | 125 | 119 | 117 | 113 | 0 | 0 | – | 1338 |
| Smelter and Refinery Credits | US$M | -54 | -55 | -56 | -65 | -73 | -80 | -90 | -88 | -72 | -67 | -60 |  |  | – | 759 |
| Concentrate Purchase cost | US$M | 853 | 1090 | 961 | 989 | 976 | 980 | 945 | 944 | 943 | 941 | 941 |  |  | – | 10562 |
| Growth Capital | US$M | 23 | 56 | 45 | 8 | 10 | 10 |  |  |  |  |  |  |  | – | 152 |
| Capital Development | US$M | 200 | 153 | 58 | 22 | 16 | 19 | 14 | 10 | 6 | 5 | 2 |  |  | – | 505 |
| Sustaining Capital | US$M | 57 | 28 | 26 | 49 | 62 | 48 | 31 | 35 | 30 | 22 | 19 |  |  | – | 408 |
| Closure Costs | US$M | 5 |  |  |  |  |  |  |  |  |  |  | 43.8 | 43.8 | – | 92.6 |
| C1 Cash Cost<sup>1</sup> | US$M | 502 | 409 | 445 | 489 | 375 | 431 | 446 | 428 | 362 | 327 | 283 |  |  | – | 4513 |
| C1 Cash Cost<sup>2</sup> | $/lb. Cu | 2.47 | 2.81 | 2.72 | 2.89 | 2.04 | 1.84 | 1.76 | 1.82 | 2.09 | 2.25 | 2.69 |  |  | – | 2.24 |
| All-in Sustaining Cost<sup>3</sup> | US$M | 622 | 492 | 531 | 600 | 503 | 563 | 565 | 545 | 452 | 400 | 339 |  |  | – | 5627 |
| All-in Sustaining Cost<sup>4</sup> | $/lb. Cu | 3.06 | 3.37 | 3.24 | 3.54 | 2.74 | 2.41 | 2.23 | 2.32 | 2.61 | 2.75 | 3.22 |  |  | – | 2.80 |
| Net Revenue | US$M | 1774 | 1868 | 1819 | 1868 | 1918 | 2169 | 2188 | 2106 | 1817 | 1687 | 1501 | 0 | 0 | – | 20716 |
| Free Cash Flow | US$M | 33 | 28 | 176 | 209 | 388 | 575 | 646 | 589 | 390 | 311 | 182 | -44 | -44 | – | 3439 |
| NPV<sub>8%</sub> (pre-tax, real basis) | US$M |  |  |  |  |  |  |  |  |  |  |  |  |  | – | 2132 |

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Notes:

<sup>1</sup> C1 Cash Cost includes all direct mining, processing, and site G&A costs, and smelter and refinery costs net of by-product credits (acid and cobalt revenue). This excludes a portion of smelter and refinery costs associated with third party concentrates.

<sup>2</sup> C1 Cash Cost per payable pound is calculated as total C1 cash costs divided by payable copper pounds produced during the period.

<sup>3</sup> AISC is defined as C1 Cash Cost plus sustaining capital expenditure, and royalties. AISC is a non-GAAP measure presented for illustrative purposes and is reconciled to the operating and capital cost estimates in Section 18.

<sup>4</sup> AISC ($/lb. payable Cu) = (C1 cash costs + sustaining CAPEX + royalties) ÷ payable copper pounds produced. AISC is a non-GAAP measure presented for illustrative purposes; reconciled in Section 18.

<sup>5</sup> Comprises Tailings reclamation from TD03 and TD04 only.

<sup>6</sup> Gross Copper Revenue represents payable copper revenue associated with KCM and Nchanga TLP.

<sup>7</sup> Smelter and By-Product Credits comprise cobalt and sulfuric acid revenue.

<sup>8</sup> Figures in this table may not sum to totals shown due to rounding.

Source: AMC, 2025.

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**19.4** **Sensitivity analysis** 

A sensitivity analysis on the NPV<sub>8%</sub> was undertaken on copper price, cobalt price, operating costs and capital costs. The results are summarised in Figure 19.6 and Table 19.5. The project is most sensitive to changes in copper prices and operating costs.

Figure 19.6 Sensitivity analysis graph – Mineral Reserve

![](ctm003_ex96-2img84.jpg)

Source: AMC, 2025.

Table 19.5 Sensitivity analysis table – Mineral Reserve

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Parameter** | **80%** | **90%** | **100%** | **110%** | **120%** |
| Cu Price (NPV US$M) | 962 | 1547 | 2132 | 2717 | 3302 |
| Co Price (NPV US$M) | 2124 | 2128 | 2132 | 2136 | 2140 |
| OPEX (NPV US$M) | 2620 | 2376 | 2132 | 1888 | 1644 |
| CAPEX (NPV US$M) | 2303 | 2217 | 2132 | 2047 | 1961 |

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A further sensitivity analysis on the project NPV<sub>8%</sub> was completed on various copper prices, that were applied uniformly across the life of the operation. The results are shown in Table 19.6.

Table 19.6 Copper price sensitivity with uniformly applied copper prices

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|:---|:---|
| **Cu price** | **NPV (US$M)** |
| 8000 | 622 |
| 9000 | 1164 |
| 10000 | 1707 |
| 11000 | 2249 |
| 12000 | 2792 |
| 13000 | 3334 |
| 14000 | 3877 |

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20 Adjacent properties

The following section describes properties adjacent to or in the immediate vicinity of the KCM license areas. The descriptions are based on publicly available information disclosed by the respective owners and operators. The Qualified Person has not verified the information presented and it is not necessarily indicative of the mineralisation, geological characteristics, or economic potential of the KCM properties that are the subject of this TRS.

Table 20.1 Summary of adjacent properties

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| **Property** | **Owner / Operator** | **Location** | **Commodity** | **Status** | **Adjacent KCM <br> License** |
| Mimbula Project | Moxico Resources | Chingola | Cu | Operating (OP) | 7075-HQ-LML |
| Mopani Nkana Complex | ZCCM-IH (100%) | Kitwe | Cu, Co | Operating (UG) | 20945-HQ-MPL |
| Lubambe Mine | EMR Capital / ZCCM-IH | Chililabombwe | Cu | Operating (UG) | 7076-HQ-LML |
| Mingomba Project | KoBold Metals / ZCCM-IH | Chililabombwe | Cu | Exploration | 7076-HQ-LML |

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Note: UG = underground, OP = open pit. Ownership and status based on publicly available information as of March 2025.

**20.1** **Chingola area** 

20.1.1 Mimbula Copper
 Project (Moxico Resources)

The Mimbula Copper Project is operated by Moxico Resources Plc on mining licenses adjacent to the Nchanga license (7075-HQ-LML) in the Chingola area. Moxico's portfolio includes three mining licenses within the Chingola cluster: Mimbula (21816-HQ-LML, 92.5% owned), Luano OB18 (8514-HQ-SML, 92.5% owned), and Zuka (8440-HQ-SML, 100% owned). The deposit is hosted within the Lower Roan Group, the same stratigraphic sequence that hosts the Nchanga mineralisation. Phase 1 operations commenced in December 2022, producing approximately 10,000 tonnes of copper cathode per annum via a heap leach and SX/EW process (Moxico Resources Plc, company website, accessed 10 March 2025).

**20.2** **Kitwe area** 

20.2.1 Mopani Copper
 Mines – Nkana Complex

The Mopani Nkana mining complex is situated immediately adjacent to the KCM Nkana Refinery license (20945-HQ-MPL) in Kitwe. In January 2021, Glencore transferred its 73.1% equity interest in Mopani Copper Mines to ZCCM-IH, making Mopani a wholly state-owned operation. The Nkana complex comprises several underground mine sections, including the South Ore Body, Central Shaft, and Synclinorium shaft complexes to the south, and the Mindolo Deep Mine to the northwest. Associated processing infrastructure includes the Nkana concentrators and a cobalt plant (currently decommissioned).

The Nkana deposits are hosted within the Mine Series of the Lower Roan Group, the same broad stratigraphic sequence that characterises copper–cobalt mineralisation across the Zambian Copperbelt. The complex has been in continuous operation since the 1930s and produces copper in concentrates, which are shipped to the Mopani Mufulira smelter complex for processing (Mopani Copper Mines, company website, accessed 10 March 2025).

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**20.3** **Chililabombwe area** 

The Konkola mining license (7076-HQ-LML) is bordered to the north by the Lubambe Mine and the KoBold Mingomba exploration project, as shown in Figure 20.1. Both properties are hosted within the Konkola–Musoshi Basin and share geological continuity with the Konkola deposit through the Copperbelt Orebody Member (Ore Shale) of the Kitwe Formation.

Figure 20.1 Konkola deposit and surrounding properties

![](ctm003_ex96-2img85.jpg)

Source: PorterGeo.

20.3.1 Lubambe Copper
 Mine

The Lubambe Copper Mine is an underground operation situated on a tenement area of approximately 58.1 km² within the Konkola–Musoshi Basin. The deposit is hosted within the same Copperbelt Orebody Member (Ore Shale) that hosts the Konkola deposit, reflecting geological continuity of the Lower Roan sedimentary sequence across the basin. Mineralisation has a global mean grade of approximately 1.95% TCu with orebody thickness ranging from 2.0 to 6.0 m across a strike length of approximately 5 km. The mine produces a high-grade concentrate averaging 40% Cu, sold under offtake agreements to smelters in Zambia (Lubambe, company website, accessed 10 March 2025).

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20.3.2 KoBold Zambia
 – Mingomba Project

The Mingomba Project is being developed by KoBold Metals in partnership with ZCCM-IH on a license area adjacent to the northern boundary of the Konkola license. The project is at the exploration stage, with approximately 50,000 m of drilling completed over 17 months as of the date of the public disclosure referenced below. According to KoBold's public disclosures, the company has stated an aspiration for production capacity of 300,000 tonnes per annum of copper in concentrates, with an anticipated investment of approximately US$2.3 billion. The project has not advanced to a feasibility study and no Mineral Resource or Mineral Reserve has been publicly reported under S-K 1300 or any equivalent standard. These figures have not been verified by the Qualified Person (KoBold Metals, company website, accessed 10 March 2025).

**20.4** **Qualified Person's statement on adjacent properties** 

The Qualified Person is not aware of any material information regarding the adjacent properties described above that would affect the Mineral Resource or Mineral Reserve estimates, or the conclusions, of this TRS. The geological continuity between certain adjacent deposits and the KCM properties is noted for context only and does not imply that the characteristics of adjacent properties are indicative of those within the KCM license areas.

All adjacent properties described in this section are independently owned and operated. There are no current joint ventures, cooperative development agreements, or shared infrastructure arrangements between KCM and the owners of these adjacent properties, other than the processing of third-party purchased concentrates through the Nchanga Smelter under arm's-length commercial terms (refer to Section 19).

All information presented in this section is derived from publicly available sources as cited and has not been independently verified by the Qualified Person.

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21 Other relevant data and information

This section presents information on potential expansion opportunities that are not included in the Mineral Reserve economic analysis presented in this report.

The Konkola deposit hosts a substantial Inferred Mineral Resource, as reported in the KCM Technical Report Summary – Initial Assessment, which provides a foundation for potential future expansion of the KCM operations.

Conceptual assessments have been undertaken to evaluate the conditions required to increase copper production at the Konkola Mine and to expand the processing and smelting capacity at the Nchanga complex. These assessments are based on Inferred Mineral Resources, which do not have demonstrated economic viability, and are evaluated in the separate Initial Assessment Technical Report Summary filed concurrently with this PFS.

No production targets, capital estimates, or economic analyses associated with these expansion opportunities have been included in the Mineral Reserve mine plan, production schedule, or economic analysis presented in this report.

This section presents information on potential expansion opportunities that are not included in the Mineral Reserve economic analysis. These opportunities are based on Inferred Mineral Resources and conceptual studies that require further work to demonstrate technical and economic viability. The KCM Mineral Resource base includes a significant proportion of Inferred Mineral Resources, as reported in Section 11. The economic potential of the full Mineral Resource, including Inferred Mineral Resources, is evaluated in the separate Initial Assessment Technical Report Summary: KCM Integrated Operations (AMC Consultants, effective 1 April 2025), filed concurrently with this PFS. The reader is directed to the IA TRS for details on exploration upside, conceptual expansion opportunities, and the full resource economic assessment.

No Inferred Mineral Resources, production targets, capital estimates, or economic analyses associated with expansion opportunities have been included in the Mineral Reserve mine plan, production schedule, or economic analysis presented in this PFS. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

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22 Interpretation and conclusions

22.1 Mineral Resource
 data

There is limited sample preparation or analytical QAQC data for historical samples. The QP notes that no twin hole drilling has been conducted to confirm the accuracy of historical data. However, historical and modern drilling are intermingled geographically, and at no time have recent drillholes provided results outside the values or range indicated by historic drilling.

The QP notes that as mining progresses, there is reduced reliance on historical data.

Modern and recent sample preparation, security, and analytical procedures are appropriate. The QP is of the opinion that QAQC protocols should be conducted on all drillholes to ensure improved accuracy and precision.

The Konkola Mineral Resource was classified into Measured, Indicated, and Inferred categories reflecting geological uncertainty and risk in the estimate. Sources of risk and uncertainty are discussed in Section 11.2 and include reduced precision of estimates relying on historic drilling and sampling data, reduced geological confidence in deeper regions distant from mining activities, and material estimation uncertainty for the more distal Inferred blocks, as grade interpolation in these areas is less well-constrained by the available data.

22.2 Mineral Reserves

The Konkola Mineral Reserve estimate is based on the mine plan and adjusted mining methods and systems described in this report. The required capital investment and project development milestones are clearly outlined and form the basis of the Mineral Reserve mine plan that underpins the economic analysis in this report. These factors combined to comprise the modifying factors applied to the Mineral Resource to estimate Mineral Reserves.

Mineral Reserves have been derived exclusively from Measured and Indicated Mineral Resources. As of the effective date, approximately 96% of the Konkola Mineral Resource (exclusive of Reserves) is classified as Inferred, which under S-K 1300 cannot be converted to Mineral Reserves. No Inferred Mineral Resources have been included in the Mineral Reserve estimate; any Inferred material falling within mine designs has been treated as waste and assigned zero grade. The QP considers that the planned infill drilling program (Section 23.1.1), which targets conversion of Inferred Resources to Indicated, has the potential to materially increase future Mineral Reserve estimates, subject to the application of applicable modifying factors including mine design, economic parameters, and metallurgical recovery. The rate and extent of such conversion will depend on drilling results, geological continuity, and the degree to which infill data confirms the assumptions underlying the current Mineral Resource model.

The Mineral Reserve estimate for TD03 and TD04 is based on the Mineral Resource estimate and the application of modifying factors demonstrated by the current continuing operation of tailings reclamation and processing.

In the opinion of the QP, the Mineral Reserves are subject to the type of risks that are common to underground mining operations and may be materially affected by the following risk factors:

· Changes
 in realised metal prices from what was assumed.

· Changes
 to the mining costs, processing and G&A costs used to calculate the cut-off value.

· Changes
 in local interpretation of mineralisation geometry or modelled continuity of mineralised
 zones.

· Changes
 to geotechnical or hydrogeological design assumptions resulting in schedule delays, increased
 dilution, or reduced mining recoveries.

· Changes
 to metallurgical recoveries.

· Changes
 in the long-term assumptions relating to product payability, marketability, and penalty terms.

· Assumptions
 as to the continued ability to access the site, retain mineral tenure, obtain required environmental,
 mining, and other regulatory permits, and maintain a social license to operate.

22.3 Mining and infrastructure

The mining approach described in this report projects a substantial improvement in mining performance at the Konkola Mine. This improvement requires the engagement of mining contractors who possess the capability to deliver safe, reliable, and effective mining practices that compare with the top tier of the international mining industry.

This mining performance improvement also requires that KCM invest in providing the infrastructure to support world-class mining performance. This infrastructure investment includes development access, shafts and materials handling infrastructure, substantial dewatering capacity, paste fill, ventilation, and power reticulation systems. The timely and effective installation of the 1390 level pumping infrastructure is critical to achieving the required dewatering rates that underpin the production forecasts for Konkola Mine.

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22.4 Processing and
 recovery methods

The processing facilities at KCM have the potential to generate substantial value for the business. The recent period of restricted cash flow and investment has left most facilities in need of maintenance and upgrade to produce reliable performance. KCM has studied, reviewed, and understands the necessary investment required to improve these facilities.

22.5 Project economics

The economic analysis for the Mineral Reserve case has identified substantial potential value to be generated from the KCM Integrated Operations, comprising the Konkola Mine, the Nchanga TLP processing material from TD03 and TD04, and the Nchanga Smelter. This value is dependent on the adequate and timely investment of capital funds into the operation to establish mining and processing systems that can reliably deliver the inherent value in the deposit.

The Mineral Reserve case demonstrates a positive economic outcome with a pre-tax NPV of US$2,132M at an 8% discount rate and a payback period of 5.6 years. The economic analysis is based exclusively on Mineral Reserves; no Inferred Mineral Resources have been included in the production schedule or cash flow analysis.

22.6 Effective date
 and subsequent events

The effective date of the Mineral Resource and Mineral Reserve estimates is 1 April 2025. Approximately 1.2 Mt of ore has been mined from Konkola Mine between the effective date and the date of this report, representing less than 2% of the stated Mineral Reserve and less than 0.5% of the total Mineral Resource. The QP considers this depletion to be not material, and neither the Mineral Reserve nor the Mineral Resource estimates have been adjusted. The QP confirms, based on a review of production records and mine planning data, that no material changes to the underlying geological model, grade estimates, resource classification, modifying factors, or economic assumptions have occurred since the effective date. There have been no changes from the effective date of the TRS that would materially disaffirm or otherwise change any aspect of the TRS or require the filing of a new TRS in accordance with Regulation S-K.

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23 Recommendations

Based on the findings of this PFS, the QP recommends the following work programs to advance the KCM Integrated Operations toward a Feasibility Study and to support future investment and funding processes.

23.1 Mineral Resource
 and geological recommendations

23.1.1 Resource infill
 and extension drilling

A structured drilling program is recommended to increase geological confidence and upgrade the Mineral Resource classification at Konkola Mine. The program comprises four phases:

**Phase 1 – Measured Resource Definition (Years 1–5 Production)**

· Objective:
 Achieve Measured classification for the first five years of production.

· Method:
 Underground and surface directional drilling at 60 m spacing.

· Estimated
 cost: US$3.0M.

· Duration:
 12 months.

**Phase 2 – Indicated Resource Expansion (Years 6–15 Production)**

· Objective:
 Convert Inferred to Indicated Mineral Resources for an additional ten years of production.

· Method:
 Combination of surface directional and vertical drilling.

· Estimated
 cost: US$5.0M.

· Duration:
 18 months.

**Phase 3 – Inferred Resource Confidence**

· Objective:
 Enhance confidence in the Inferred Mineral Resource through reduced drillhole spacing.

· Method:
 Infill drilling targeting areas of higher geological uncertainty.

· Estimated
 cost: US$2.0M.

· Duration:
 12 months.

**Phase 4 – Resource Extension**

· Objective:
 Test for mineralisation extensions within the lease boundary.

· Method:
 Limited surface drillholes with average depth of 1,500 m.

· Estimated
 cost: US$1.5M.

· Duration:
 12 months.

23.1.2 QAQC and data
 management

· Update
 standard operating procedures for sample preparation and analysis.

· Implement
 comprehensive QAQC protocols on all future drillholes.

· Generate
 master QAQC reports and Mineral Resource statement reports.

· Prepare
 documentation for external audit of Mineral Resource estimates.

· Estimated
 cost: US$0.3M.

23.2 Mining recommendations

23.2.1 Konkola Mine

· Complete
 detailed mine design and scheduling to Feasibility Study level.

· Finalise
 contractor engagement strategy for underground mining operations.

· Complete
 geotechnical studies to confirm stope designs and ground support requirements.

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· Advance
 dewatering infrastructure design, particularly the 1390 level pumping system.

· Complete
 paste fill plant detailed engineering.

· Estimated
 cost: US$2.0M.

23.2.2 TD03 AND TD04
 tailings reclamation

· Continue
 ongoing tailings characterisation to refine recovery estimates.

· Optimise
 hydro sluicing operations based on current performance data.

· Estimated
 cost: US$0.2M.

23.3 Processing and
 metallurgical recommendations

23.3.1 Konkola Concentrator

· Complete
 Concentrator Stream 2 refurbishment to restore baseplate capacity.

· Conduct
 variability test work on ore from different mining areas.

· Estimated
 cost: US$0.5M (test work only; refurbishment capital included in economic analysis).

23.3.2 Nchanga TLP

· Complete
 detailed engineering for the elevated temperature leaching upgrade.

· Conduct
 confirmatory test work on TD03 AND TD04 material to verify recovery assumptions.

· Estimated
 cost: US$0.3M.

23.4 Infrastructure
 recommendations

· Complete
 detailed engineering for ventilation upgrades.

· Finalise
 power supply arrangements with ZESCO.

· Advance
 dewatering system detailed design.

· Complete
 closure cost estimate update.

· Estimated
 cost: US$0.5M.

23.5 Economic and commercial
 recommendations

· Secure
 third-party concentrate supply agreements beyond 2026 to fill smelter capacity.

· Complete
 Feasibility Study on the KCM Integrated Operations to support future investment and funding
 processes.

· Update
 economic model with results from recommended studies.

· Estimated
 cost: US$1.0M (Feasibility Study).

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23.6 Summary of recommended
 work program

Table 23.1 Recommended work program

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| | | |
|:---|:---|:---|
| **Work program** | **Estimated Cost (US$M)** | **Duration** |
| Phase 1 Drilling – Measured Resource | 3 | 12 months |
| Phase 2 Drilling – Indicated Resource | 5 | 18 months |
| Phase 3 Drilling – Inferred Confidence | 2 | 12 months |
| Phase 4 Drilling – Resource Extension | 1.5 | 12 months |
| QAQC and Data Management | 0.3 | 6 months |
| Mining Studies (Konkola Mine) | 2 | 12 months |
| Mining Studies (TD03 AND TD04) | 0.2 | 6 months |
| Processing and Metallurgical Studies | 0.8 | 12 months |
| Infrastructure Studies | 0.5 | 12 months |
| Feasibility Study and Commercial | 1 | 18 months |
| **Total** | **16.3** | **18–24 months** |

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The QP recommends that these work programs be undertaken to advance the project to Feasibility Study level and to reduce the risks and uncertainties identified in this PFS.

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24 References

24.1 List of references

The following references were consulted in the preparation of this TRS:

· AMC
 Consultants, 2025. Internal technical reports and memoranda.

· KCM,
 2025. Geological and production data, site documentation.

· Selley,
 D., et al. (2005). A new look at the geology of the Zambian Copperbelt. Society of Economic
 Geologists, 100th Anniversary Volume.

· Wendorff,
 M. (2011). Tectonosedimentary expressions of the evolution of the Fungurume foreland basin
 in the Lufilian Arc. Geological Society of London Special Publications, 357, 69-83.

· WSP,
 2018. Groundwater Model Calibration and Hydrogeological Conceptual Model Reports.

The sources of data and information used in the preparation of this TRS are presented in Table 24.1.

Table 24.1 TRS data and information sources

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| | | | | |
|:---|:---|:---|:---|:---|
| **Category** | **Source** | **Date** | **File type** | **Title** |
| Mineral Resources | KCM | 2025 | pdf | KMRL Resource Reporting Procedure 2025 |
| Mineral Resources | KCM | 2024 | pdf | Geology of the Konkola Mine Area |
| Mineral Resources | KCM | 2025 | docx | Konkola Geological and Resource model update-v8 |
| Mineral Resources | KCM | 2016 | pdf | SRK Review of the update of the Konkola Mine resource model |
| Mineral Resources | KCM | 2019 | pdf | Appendix B - Drilling grid optimisation - Konkola Mine |
| Mineral Resources | KCM | 2000 | doc | KCM TD03_TD04 model November 2000 |
| Mineral Resources | AMC | 2025 | pdf | 0424061 Konkola KDMP Exploration Strategy Report |
| Mineral Processing | KCM | 2023 | pdf | Konkola Concentrator Flow Sheet |
| Mineral Processing | KCM | 2023 | xlsx | Historical Production Numbers |
| Mineral Processing | KCM | 2023 | xlsx | Historical Performance 042024 |
| Mineral Processing | Hatch | 2024 | pdf | Nchanga TLP Start-up Plan Review |
| Mineral Processing | Hatch | 2024 | pdf | Concentrator Report |
| Smelter | KCM | 2023 | xlsx | Historical Nchanga Smelter Production Performance and Plant Capacity |
| Smelter | KCM | 2023 | docx | Smelter Process Flow Chart |
| Refinery | KCM | 2024 | ppt | Nkana Refinery Process flow Sheet - December 2024 |
| Hydrology | WSP | 2018 | pdf | Groundwater Model Calibration Update Report |
| Hydrology | WSP | 2018 | pdf | Hydrogeological Conceptual Model Report |
| Hydrology | KCM | 2024 | xlsx | Dewatering Crosscut Flows 2023-2024 |
| Environmental and Social | IBIS | 2024 | pdf | IBIS_KCM E&S Review Report_ |
| Life-of-Mine Plan | AMC | 2025 | pdf | 0423014 KCM LoM Report_29 August 2025 |
| Mine Designs | AMC | 2025 | Deswik | KCM Schedule_Master_v4.9.9 |
| Mine Designs | KCM | 2022 | pdf | Scheduling Parameters-KBU |
| Cost and Cashflow | AMC | 2026 | xlsx | Full_KCM Cost Model_V12 |

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24.2 Units of measurement
 and abbreviations

24.2.1 Units of measurement

---

| | |
|:---|:---|
| **Unit** | **Description** |
| % | percent |
| °C | degrees Celsius |
| g | gram |
| g/t | grams per tonne |
| ha | hectare |
| kg | kilogram |
| km | kilometer |
| kt | kilotonne (1,000 tonnes) |
| ktpa | kilotonnes per annum |
| kW | kilowatt |
| L | liter |
| m | meter |
| m² | square meter |
| m³ | cubic meter |
| m³/s | cubic meters per second |
| mm | millimeter |
| Mt | million tonnes |
| MW | megawatt |
| t | metric tonne |
| t/m³ | tonnes per cubic meter |
| tpa | tonnes per annum |
| tpm | tonnes per month |

---

24.2.2 Abbreviations

---

| | |
|:---|:---|
| **Abbreviation** | **Description** |
| AISC | All-in Sustaining Cost |
| AMC | AMC Consultants Pty Ltd |
| ASCu | Acid Soluble Copper |
| CIM | Canadian Institute of Mining, Metallurgy and Petroleum |
| Cu | Copper |
| Co | Cobalt |
| DRC | Democratic Republic of the Congo |
| E&S | Environmental and Social |
| EIA | Environmental Impact Assessment |
| FS | Feasibility Study |
| FY | Fiscal Year |
| HoV | Hierarchy of Value |
| IA | Initial Assessment |
| JORC | Joint Ore Reserves Committee |
| KCM | Konkola Copper Mines PLC |
| KDMP | Konkola Deeps Mining Project |
| LOM | Life of Mine |
| M&I | Measured and Indicated |
| mRL | meters Relative Level |
| NPV | Net Present Value |

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| | |
|:---|:---|
| **Abbreviation** | **Description** |
| NSR | Net Smelter Return |
| PFS | Preliminary Feasibility Study |
| QAQC | Quality Assurance / Quality Control |
| QP | Qualified Person |
| ROM | Run of Mine |
| S-K 1300 | Subpart 1300 of Regulation S-K |
| SEC | U.S. Securities and Exchange Commission |
| SG | Specific Gravity |
| TCu | Total Copper |
| TD05 | Tailings Dam 05 |
| TRS | Technical Report Summary |
| TSF | Tailings storage facility |
| UG | Underground |
| US$ | United States Dollar |
| US$M | United States Dollar (millions) |
| ZESCO | Zambia Electricity Supply Corporation |

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25 Reliance on information provided by the Registrant

In accordance with S-K Item 601(b)(96)(iii)(B)(25), this section: (i) identifies the categories of information provided by the Registrant upon which the QPs have relied; (ii) identifies the portions of this TRS prepared in reliance on such information; and (iii) explains why the QPs consider such reliance to be reasonable.

The QPs have relied on information provided by KCM, the Registrant, for various aspects of the KCM Integrated Operations. The QPs have not independently verified all information but have exercised professional judgment.

KCM staff provided the information openly and transparently during the preparation of this TRS. The QPs note that any material inaccuracies in the provided information could affect the reliability of this TRS.

The specific areas of reliance are as follows:

25.1 Legal matters

The QPs have not independently reviewed ownership of the KCM properties, underlying mineral tenure, surface rights, or permit conditions. Reliance is placed on representations provided by KCM.

 ****

***Relevant Sections: 3, 16, and 17.***

The QPs consider this reliance reasonable because verification of legal title, mineral tenure, and permit conditions require legal expertise and access to official registries that are outside the technical scope of the QPs.

25.2 Environmental
 Management and Community Engagement

25.2.1 Environmental
 and community matters

The QPs have reviewed existing environmental and community matters and engaged with the Registrant to confirm understanding of the status of these matters at the time of review. The Registrant has provided, and the QPs have relied upon, information regarding the status and outlook for environmental impact assessments, closure plans, closure cost estimates, environmental bonds and liabilities, community impact and engagement, and related permitting.

 ****

***Relevant Sections: 17.***

The QPs consider this reliance reasonable because the Registrant has direct responsibility for environmental management and community engagement and has provided supporting documentation from qualified environmental specialists.

25.2.2 Tailings storage
 facility facilities

The Registrant has provided representations, independent expert reports, and plans for ongoing management of all active and dormant TSFs, confirming compliance with required standards. The QPs have relied on information and assurance provided by KCM and several specialists employed by KCM regarding the monitoring and stability assessment of the TSFs at the KCM operations.

 ****

***Relevant Sections: 3, 12, 13, and 17.***

The QPs consider this reliance reasonable because the Registrant has engaged independent specialists to assess TSF stability and compliance, and the QPs have reviewed the findings of these assessments.

25.3 Economic assumptions

25.3.1 Macroeconomic
 assumptions

The QPs have relied on macroeconomic assumptions provided by the Registrant and third-party sources, including foreign exchange rates, inflation rates, and discount rates used in the economic analysis. The copper and cobalt price forecasts are based on consensus pricing data from independent analyst forecasts (December 2025) as disclosed in Section 19.

 ****

***Relevant Sections: 18 and 19.***

The QPs consider this reliance reasonable because macroeconomic forecasting is outside the technical expertise of the QPs, and the assumptions used are derived from reputable third-party sources and are consistent with industry practice for preliminary feasibility studies.

25.3.2 Market information

The QPs have relied on information provided by the Registrant regarding market and pricing assumptions for the sale of copper products and the purchase of third-party concentrates.

 ****

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 ****

***Relevant Sections: 16 and 19.***

The QPs consider this reliance reasonable because marketing arrangements and commercial terms for product sales are within the control of and negotiated by the Registrant.

25.4 Community accommodations

The QPs have relied on information provided by the Registrant regarding commitments and plans to provide accommodation to local individuals and communities in connection with the mine plan, including resettlement programs, community development agreements, and stakeholder engagement activities.

 ****

***Relevant Sections: 3 and 17.***

The QPs consider this reliance reasonable because community relations and social commitments are within the control of and managed by the Registrant.

25.5 Governmental factors

The QPs have relied on information provided by the Registrant regarding governmental factors outside the expertise of the QPs, including the status and interpretation of mining legislation, fiscal terms, royalty structures, and regulatory approvals in the Republic of Zambia.

 ****

***Relevant Sections: 3, 12, 17, and 19.***

The QPs consider this reliance reasonable because interpretation of Zambian mining law, government policy, and fiscal regulations requires local legal and regulatory expertise that is outside the technical scope of the QPs.

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