KGHM Polska Miedź S.A.

Management Reports • Dec 28, 2023

Main assumptions of the Budget for 2024

Production of KGHM Polska Miedź S.A.
Copper in concentrate (kt)	391.0
Silver in concentrate (t)	1 281.0
Electrolytic copper (kt)	569.2
-including from own concentrate	370.4
Metallic silver (t)	1 239.3

Sales of KGHM Polska Miedź S.A.
Payable copper (kt)	593.2
Payable silver (t)	1 291.9

Production of KGHM International
Payable copper (kt)	58.3
TPM (koz t)	48.7

Production of Sierra Gorda (on a 55% basis)
Payable copper (kt)	87.5
Molybdenum (mn lbs)	5.7

The expected total unit cost of copper production from own concentrate(1) in KGHM Polska Miedź S.A. amounts to 35 950 PLN/t.

KGHM Polska Miedź S.A.'s capital expenditures on property, plant and equipment(2) planned for 2024 amount to PLN 4 100 million, while other capital expenditures(3) amount to PLN 1 488 million.

• (1) The sum of costs of mining, flotation, smelter processing per electrolytic copper, together with support functions and cathode selling costs, adjusted by the value of inventories of half-finished products and work in progress, less anode slimes and divided by the volume of electrolytic copper production from own concentrate
• (2) Excluding cost of borrowing, lease as well as expenditures on uncompleted development work
• (3) Acquisition of shares and a loan.

Legal basis: Art. 17 (1) of MAR (Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC (Official Journal of the European Union dated 12 June 2014, no. L 173/1)