MCM Performance for the Year 2021

The total production for the year 2021 was 87,618 tonnes of finished copper, which was 24% higher than budget of 70,653 tonnes. This aptly reflects the enormous efforts that everyone put in to ensure that Mopani continues to produce and operate safely as the Company embarks on a new chapter.

For 2022 FY, production is projected to gradually increase to achieve the targeted annual production 90,410 tonnes of finished copper. This target is achievable through continued teamwork, prudent spend of resources and avoiding wastage of all types.

Financial Performance.

Mopani ended the year 2021 with Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) of US$51 million, which was US$41 million better than the budget of US$9 million. We missed our forecast target EBITDA of US$60 million by just over 700 tonnes copper production mainly due to a few days of operational challenges with equipment availability and de-watering which we have a plan for going into

The Net Loss for the year was US$91 million compared a budgeted Net Loss of US$111 million.