PROJECTS / REPUBLIC OF ZAMBIA

OPERATIONS

MIMBULA COPPER Project

Moxico’s portfolio of mineral rights includes three mining licences 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 licences and the 100% owned Zuka (8440-HQ-SML) mining licence.

The Mimbula, Luano OB18 and Zuka properties lie approximately 10 kilometres to the south-east of the town of Chingola and contain the Mimbula in-situ orebody and surface stockpiles, some of which were mined and processed via toll treatment during 2020 and 2021. The Mimbula and Zuka licence areas are shown on the map in figure 1.

MIMBULA PHASE 1

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 solvent extraction/electrowinning (SX/EW) process started in December 2022.

*Mimbula Phase 1 pregnant leach solution*

Grades from ore mined and the leach pads are higher than expectation, which has allowed the Mimbula Phase 1 SX/EW circuit to demonstrate good technical performance with copper cathodes consistently at 99.999% copper and within LME Copper Grade A specifications.

*Copper production at Mimbula Phase 1 EW cells*

The Mimbula Phase 1 project was officially opened by His Excellency Hakainde Hichilema, President of the Republic of Zambia, in March 2023, with the High Commissioner for the United Kingdom and many ministers of the Government of Zambia in attendance at the opening ceremony.

*Official Opening of the Mimbula copper mine by his excellency Hakainde Hichilema, President of the Republic of Zambia*

*Site visit during the opening ceremony*

In what was the first UK Government’s Foreign Secretary visit to Zambia in over 30 years, James Cleverly toured Mimbula in August 2023 in advance of the signing of a memorandum of understanding on critical minerals between the UK and Zambia, aimed at laying the foundation for further UK support for the responsible mining of copper, cobalt and other metals essential to the global clean energy transition.

UK Foreign Secretary, James Cleverly, visit to Mimbula August 2023*

* Contains public sector information licensed under Open Government licence v3.0

MIMBULA PHASE 2

A bankable feasibility study (BFS) for Phase 2 of the Mimbula Copper Project, to expand the Phase 1 operations to 56,000 tonnes per annum through a 46,000 tonne per annum agitated leach and SX/EW circuit, was completed in August 2022. It demonstrates a very economically valuable, low cost and technically feasible project.

The final stages of Mimbula Phase 2, consisting of the expansion of the SX capacity, the construction of the ETL circuit and the construction of an additional 80 EW cells to complete the overall EW circuit, is expected to be completed in early 2026. Stockpiles of fines ore material and weathered ore material are accumulating and are ready to be processed through the ETL circuit once it has been commissioned.

An updated mineral resource statement for Mimbula was completed in March 2024, which contains 76.4 million tonnes at 1.07% TCu, with 89% of the resource estimate classified as measured or indicated. The stockpile resources are estimated to contain 7.6 million tonnes at 1.19% TCu. The updated resource statement further indicates that the pre-mining target of one million tonnes of contained copper was achieved.

Drilling activities at Mimbula continue with the aim to better define high-grade ores, improve the resource classification, and grow the mineral resource. A further reserve and resource estimate will be completed in due course.

A drilling programme is underway to expand the overall Mimbula resource base and grade and further delineate the high grade oxide zones. Recent drilling has provided intersections of high-grade copper extending significantly below the current mining pit shell. Based on the current JORC reserves and production at the rate of 56,000 tonnes per annum, Mimbula has a life of mine of 13 years. Moxico anticipates that the life of mine can be extended further with additional drilling, both infill and near-mine.

*Construction of the Phase 2 EW (80 cells)*

Early works for Mimbula Phase 2 continue to progress with the design engineering for the long lead time items, construction of project offices and EW foundations having been completed. The construction of the fabrication workshop is completed and other preparatory works are progressing well.

The initial part of Mimbula Phase 2, consisting of the construction of the first half of the EW (80 cells), has been completed and commissioned, and produced its first copper cathode in January 2024. This expansion has doubled cathode capacity to 20,000 tpa.

Moxico currently anticipates that production from Mimbula Phase 2 will commence in the second quarter of 2025.

MIMBULA PHASE 3

Moxico initiated a bankable feasibility study for Phase 3 of Mimbula, which is the construction of a cobalt processing plant to extract cobalt from the ore and the pregnant leach solution. This project is expected to result in a reduction of the C1 cash cost at Mimbula.

The March 2024 mineral resource statement for Mimbula includes an updated cobalt resource estimate of 38.6 million tonnes at 0.037% Total Cobalt. Metallurgical test work related to Phase 3 of Mimbula, continues with the cobalt flowsheet testing and capital estimates.