We are pleased to report another period of strong operational and financial performance that has enabled us to declare a 2017 interim dividend of 6.5 pence per share

Dividends

6.5p

Significant returns to shareholders

H1 2017 - 6.5p0%
H1 2016 - 5.5p0%
H1 2015 - 4.5p0%

EBITDA

$24.0m

+38% HoH, driven by increased sales volumes and higher sales price achieved

H1 2017 - $24.0m0%
H1 2016 - $17.4m0%
H1 2015 - $16.0m0%

CASH COST

$0.45/lb

+13% HoH, continues to be well within the lowest industry quartile

H1 2017 - $0.45/lb0%
H1 2016 - $0.40/lb0%
H1 2015 - $0.67/lb0%

Lost Time Injuries

1.7m

LTI Free hours worked at Kounrad

LME Quality Product

99.998%

Copper cathode purity

Taxes

$90m

Taxes paid in Kazakhstan to date

Record Production

7,027t

H1 2017 Copper Production

Total Produced

61,349t

Since operations commenced in 2012

2017 Outlook

13 - 14,000t

Production guidance

Employees

c.356

Employees in Kazakhstan

Social Contributions

$1.2m

Social funding since 2012

Total Returns

$105m

Including dividends and share buy backs

Kounrad Financial Performance to Date

Total
62 months
2017
6 months
2016
12 months
2015
12 months
2014
12 months
2013
12 months
2012
8 months
Sales, Cu tonnes 61,083 6,870 13,938 12,040 11,163 10,689 6,383
Production, Cu tonnes 61,349 7,027 14,020 12,071 11,136 10,509 6,586
Average sale price, $/t 6,305 5,659 4,994 5,336 6,794 7,114 7,935
Project revenue, $m 378.9 38.6 69.3 67.3 76.6 76.0 51.1
Group EBITDA, $m 225.2 24.0 39.1 34.9 47.3 48.1 31.8
EBITDA margin 59% 62% 56% 52% 62% 63% 62%
Dividend & share buy-back, $m 104.8 9.3 21.6 20.3 21.8 15.6 16.2
Tax paid Kazakhstan, $m 90.0 8.1 14.2 17.9 24.8 20.1 4.9
C1 cash cost, $/lb 0.57 0.45 0.43 0.60 0.62 0.66 0.63
Fully inclusive cost, $/lb 1.37 1.08 1.06 1.58 1.65 1.43 1.44