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 mining operations to produce 10,000 tonnes of copper cathode per annum using a heap leach and solvent extraction/electrowinning (SX/EW) process started in December 2022.

*Aerial view of Mining Operations at Mimbula Pit 2*

*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 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*

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 nameplate capacity was increased from 40,000 tonnes per annum (BFS dated November 2020) following the finalisation of the mine plan incorporating high grade zones in the initial mining areas and the updated JORC reserves and resources report dated July 2022 which contains 84.2 million tonnes at 1.06% Total Copper (TCu), with 91% of the resource estimate classified as measured or indicated.

*July 2022 JORC mineral resource at 0.5% cut-off and ore types*

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 is confident 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 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 full production from Mimbula Phase 2 will commence early 2025.

MIMBULA PHASE 3

The BFS for Phase 2 of the Mimbula Copper Project contains an updated JORC reserves and resources report dated July 2022, which included for the first time a JORC resource estimate of cobalt of 45.8 million tonnes at 0.037%.

Moxico has initiated a BFS 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.