Mimbula Copper Royalty

Moxico Resources successfully raised US$73M in equity in June 2021 in order to fast-track the construction of a standalone processing centre at Mimbula capable of producing 30,000kta of copper.

The GRR will decrease to 0.3% upon US$5.0 million being paid on the royalty, with a subsequent decrease to 0.2% once the royalty has been paid on 575,000 tonnes of copper. In addition, the GRR is subject to a Minimum Payment Schedule in which the higher of the minimum amount, or the Gross Revenue Royalty amount, are due; specifically:

• Minimum payments of US$375,000 per quarter in 2021;

• Minimum payments of US$500,000 per quarter in 2022; and

• Minimum payments of US$750,000 in each of the first two quarters of 2023

In 2022 Moxico Resources invested $100m into the expansion of the Mimbula copper mine in Zambia, In October 2022 Moxico successfully produced the first copper cathode at its 10,000 tonne per annum copper cathode Phase 1 operation.