We are pleased to report record annual copper production and sales for 2016, and a record dividend. Our Kounrad project continues to produce copper at costs well within the lowest industry quartile

Dividends

15.5p

Significant returns to shareholders

2016 - 15.5p0%
2015 - 12.5p0%
2014 - 12.5p0%

EBITDA

$39.1m

+12% Y-O-Y, driven by increased sales volumes

2016 - $39.1m0%
2015 - $34.9m0%
2014 - $47.3m0%

CASH COST

$0.43/lb

-28% Y-O-Y, Driven by local currency devaluation and cost control

2016 - $0.43/lb0%
2015 - $0.60/lb0%
2014 - $0.62/lb0%

Lost Time Injuries

1.45m

LTI Free hours worked at Kounrad

LME Quality Product

99.998%

Copper cathode purity

Taxes

$82m

Taxes paid in Kazakhstan to date

Record Production

14,020t

2016 Copper Production

Total Produced

54,332t

Since operations commenced in 2012

2017 Outlook

13 - 14,000t

Production guidance

Employees

c.300

Employees in Kazakhstan

Social Contributions

$1.2m

Social funding since 2012

Total Returns

$96m

Including dividends and share buy backs

Kounrad Financial Performance to Date

Total
56 months
2016
12 months
2015
12 months
2014
12 months
2013
12 months
2012
8 months
Sales, Cu tonnes 54,213 13,938 12,040 11,163 10,689 6,383
Production, Cu tonnes 54,322 14,020 12,071 11,136 10,509 6,586
Average sale price, $/t 6,447 4,994 5,336 6,794 7,114 7,995
Project revenue, $m 340.3 69.3 67.3 76.6 76.0 51.1
Group EBITDA, $m 201.2 39.1 34.9 47.3 48.1 31.8
EBITDA margin 59% 56% 52% 62% 63% 62%
Dividend & share buy-back, $m 95.5 21.6 20.3 21.8 15.6 16.2
Tax paid Kazakhstan, $m 81.9 14.2 17.9 24.8 20.1 4.9
C1 cash cost, $/lb 0.59 0.43 0.60 0.62 0.66 0.63
Fully inclusive cost, $/lb 1.43 1.06 1.58 1.65 1.43 1.44