The new total mineral resource estimate for the Kamoa-Kakula property is the culmination of an infill drilling program designed to better define higher- grade copper zones. At a 1% cut-off, indicated mineral resources now total 760 million mt grading 2.73% copper, containing 45.8 billion pounds (lb) of copper, while inferred mineral resources total 235 million mt grading 1.7% copper, containing 8.8 billion lb of copper. At a 3% cut-off, the new mineral resource estimate boosts indicated mineral resource tonnages by 15% and contained copper by 15.5% to a total of 256.8 million mt at a grade of 4.15% copper. At the same 3% cut-off, inferred mineral resources now total 13 million mt at a grade of 3.51% copper.

The majority of recently added copper resources are hosted in the Kamoa-Kakula property’s ultra-high-grade Bonanza Zone and the Far North Zone. The initial indicated mineral resource estimate for the North Bonanza Zone includes 1.5 million mt grading 10.7% copper at a 5% cut-off. The Bonanza and Far North zones were discovered within previously drilled areas following a review of the mineralization controls evident at the Kansoko, Kakula, and Makoko discoveries on the Kamoa-Kakula property. An intense focus on understanding these controls and how to recognize them from available data provided the exploration team with the ability to target high-grade zones, leading to infill drilling that included the two highest-grade intersections ever drilled at the Kamoa-Kakula project.

Two drill rigs currently are drilling in the Kamoa North area, testing the typical Kamoa-Kakula shallow mineralized horizon on previously identified, high-grade copper trends. The ultra-high copper grades intercepted to date in the North Bonanza Zone are believed to be the result of an eastwest growth fault focusing copper-rich fluids to interface with both the typical mineralized horizon at Kamoa-Kakula and the overlying, highly sulphidic and reduced Kamoa Pyritic Siltstone (KPS).