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Report

S-K 1300 Technical Report Summary: KCM Integrated Operations (Preliminary Feasibility Study)

Konkola Copper Mines Plc

AMC Project 0424076

2 June 2026

mine smarter

QUALIFIED PERSON — DATE AND SIGNATURE PAGE

This Technical Report Summary has been prepared by AMC Consultants (UK) Limited, acting as the Qualified Person for all sections of this report. In accordance with Instruction 5 to Item 601(b)(96) of Regulation S-K, AMC Consultants (UK) Limited is an entity that satisfies the requirements of a qualified person under § 229.1300(b) and assumes responsibility for the Technical Report Summary as a whole.

AMC Consultants (UK) Limited confirms that it has the relevant experience, competence, and professional qualifications required to prepare and take responsibility for all sections of this TRS. The individual professionals within AMC who contributed to this report possess qualifications and experience appropriate to the subject matter of their contributions and are members of recognised professional organizations.

Note: Pursuant to Instruction 5 to Item 601(b)(96), where an entity rather than an individual serves as the qualified person, the entity assumes responsibility for the Technical Report Summary. The authorised signatory executes this page on behalf of AMC Consultants (UK) Limited in its capacity as Qualified Person.

Contents

Tables

Figures

AMC Consultants (UK) Limited (AMC) was engaged by Vedanta Resources Limited (Vedanta) to prepare this Preliminary Feasibility Study (PFS) Technical Report Summary (TRS) for the Konkola Mine and associated TD03 and TD04 tailings dam operations located in the Zambian Copperbelt. This report has been prepared in compliance with Subpart 1300 of Regulation S-K (S-K 1300) as mandated by the United States Securities and Exchange Commission (SEC).

This PFS TRS presents the economic viability of mining Mineral Reserves at the Konkola Mine and the recovery of copper from TD03 and TD04 tailings dams. The technical contents of this report adhere to requirements for reporting on Mineral Reserves, as required by S-K 1300. The effective date of this report is 1 April 2026.

The Konkola Copper Mines Plc (KCM) Integrated Operations constitutes a single material property comprising an integrated copper production complex from ore extraction through to refined copper metal. KCM is an integrated copper mining, processing, and refining operation located in the Copperbelt Province of the Republic of Zambia. KCM’s operations produce refined copper cathode (LME Grade A) and cobalt alloy from two principal sources: underground mining at the Konkola Mine and recovery of copper from historical tailings dams at the Nchanga site. Run-of-mine ore from the Konkola Mine is processed through the Konkola Concentrator to produce copper concentrate, which is smelted at the Nchanga Smelter (an Outotec flash smelting facility) and refined at the Nkana Refinery in Kitwe. Oxide copper from tailings is recovered through the Nchanga Tailings Leach Plant (the Nchanga TLP) via sulfuric acid leaching, solvent extraction, and electrowinning.

KCM’s broader operations also include the Nchanga Business Unit (NBU), which comprises the Chingola Open Pit D and F (COP DF), underground operations (Nchanga Upper and Lower Ore Bodies), and several brownfield development prospects including COP E Extension, and Kakosa. These operations are covered in the companion Initial Assessment TRS. The Nchanga Business Unit mining operations are excluded from this PFS as they do not currently support Mineral Reserves.

KCM was privatised in March 2000 when assets were acquired from the state-owned Zambia Consolidated Copper Mines Limited (ZCCM). Following the exit of Anglo American in September 2002, Vedanta Resources assumed operational control from November 2004, investing in smelter construction, the Konkola Concentrator, Nchanga Concentrators, and the Konkola Mine, Konkola Deep Mining Project (No. 4 Shaft, 6 Mtpa hoisting capacity). KCM’s integrated metal production peaked at 160,000 tonnes per annum in FY 2013. In 2019, Zambia Consolidated Copper Mines Investment Holdings Plc (ZCCM-IH) commenced provisional liquidation proceedings, and operations were managed by a provisional liquidator until July 2024, when they were returned to Vedanta with shareholding restored to pre-liquidation status. Further details are provided in Section 5.

The properties covered by this PFS TRS are:

KCM is a subsidiary of CopperTech Metals Inc. (the registrant). Mineral rights associated with the Konkola and Nchanga license areas are held by Konkola Mineral Resources Limited (KMRL), a subsidiary of KCM. As of the effective date of this report, Vedanta Resources holds 79.42% of KCM’s issued share capital, with ZCCM-IH holding 20.58%. Further details on the registrant are provided in Section 2.1 and on operational history, including ownership transitions, in Section 5.

The Konkola Mine and adjacent mineral processing facilities contribute approximately 90% of recovered copper production over the life of the Mineral Reserve mine plan.

KCM's mineral rights are governed by the Republic of Zambia's Minerals Regulation Commission Act (2024) and operate under Large-Scale Mining Licenses (LSMLs). The key licenses relevant to this PFS are shown in Table 1.1.

As of the effective date of this report, and to the Qualified Person's (QP) knowledge, there are no material encumbrances, legal proceedings, or compliance issues that would adversely affect the standing of these licenses or KCM's ability to conduct operations. Standard regulatory and environmental obligations applicable to mining operations in Zambia are described in Section 3.

The Konkola deposit is a stratiform, sediment-hosted copper-cobalt deposit located within the Central African Copperbelt. Mineralisation is hosted in Neoproterozoic metasedimentary rocks of the Katanga Supergroup, primarily within the Ore Shale Unit (OSU). Copper mineralisation occurs as disseminated and vein-hosted chalcopyrite and bornite, with associated cobalt mineralisation. The orebody dips between 35° and 70° with an average thickness of approximately 9 meters (m). TD03 and TD04 comprise historical tailings from Nchanga Concentrators operations containing residual copper amenable to acid leaching.

Exploration at the Konkola deposit has been ongoing since its discovery in 1924, with systematic diamond drilling programs conducted from the 1950s through 2019. The drilling database comprises historical and modern diamond core data collected across multiple campaigns by successive asset owners, including ZCCM (pre-2000), Anglo American (2000-2002), and Vedanta Resources (2004-2019). No exploration, infill, or extension drilling has been undertaken since the commencement of provisional liquidation in May 2019.

Drilling methods employed at Konkola include pneumatic and electric hydraulic diamond coring using BQ, NQ, HQ, and PQ diameter core, with a minimum core recovery expectation of 90% in mineralised zones. Core logging records lithology, rock type, visible mineralisation, degree of weathering, RQD, and joint density. Sampling intervals are a maximum of 1 m within mineralisation, with 0.5 m intervals in the immediate footwall and hangingwall formations.

A quality assurance and quality control (QAQC) program is in place, incorporating blank and certified reference material (CRM) samples inserted at a rate of one per five primary samples (for batches of fewer than 20 samples) or one per ten primary samples (for batches exceeding 30 samples). Repeat analyses of coarse rejects and pulp samples comprise at least 20% of combined samples. Details of the QAQC program and sample preparation methods are provided in Sections 7 and 8.

Infill drilling to convert Inferred Mineral Resources to Indicated, and subsequently to support additional Mineral Reserve conversion re-commenced in late 2025 and is ongoing. This is from both underground and surface. Further drilling is recommended as a priority activity (Section 23.1.1).

KCM is a brownfield operation with over 95 years of continuous mining history. The Konkola Mine, Nchanga smelter, Nkana refinery, and associated processing infrastructure are established, operational facilities. Following the return of operational control to Vedanta in July 2024, KCM has commenced a restart and ramp-up of operations.

Konkola is an established underground copper mining operation located near Chililabombwe, Republic of Zambia. Underground mining is currently operational, with ore hoisted via No. 4 Shaft, No. 3 Shaft and No. 1 Shaft. Development activities are centred on the Konkola Deep Mining Project (KDMP), which provides access to deeper sections of the orebody via underground declines, with No. 4 Shaft already extending to the lower levels of the known mineral resource. Mining is primarily undertaken using longitudinal longhole open stoping (LHOS) methods, with a planned transition from Post Pillar Cut and Fill (PPCF) to Panel Stoping with Paste Fill in flatly dipping areas of the orebody to increase resource recovery and improve the ore-to-waste development ratio. Paste fill is not currently used at the operation; however, it is a critical component for future extraction of flatly dipping areas, where panel stoping is planned, and will enable secondary stope extraction and assist with regional geotechnical stability.

The operation is characterised by exceptionally high groundwater inflows and is regarded as one of the wettest underground mines globally. A comprehensive dewatering system is in place, including staged pumping stations, sumps, and water management infrastructure to maintain mine access and safety. Ventilation systems have been progressively expanded to address increasing depth and the use of underground diesel fleets. Personnel access is provided via shaft hoisting systems and declines, supported by underground refuge chambers and surface infrastructure.

Surface processing facilities are operational, including the Konkola Concentrator (crushing, milling, flotation, and dewatering), the Nchanga Flash Smelter, the Nkana Refinery (electrorefining), and the Nchanga Tailings Leach Plant (TLP) for acid soluble copper recovery from TD03 and TD04. The integrated processing route produces LME Grade A refined copper cathode and cobalt alloy.

Key infrastructure supporting operations includes a long-term power supply agreement with Copperbelt Energy Corporation (CEC) providing 200 MW capacity, a comprehensive dewatering system managing approximately 350,000 m³/day of groundwater inflows at the Konkola Mine, and established road and logistics infrastructure connecting the Konkola, Nchanga, and Nkana sites across the Copperbelt Province.

The PFS mine plan contemplates sustained production from the existing infrastructure with capital investment in underground development, dewatering expansion (including the critical 1390 level pumping infrastructure), and sustaining capital across all facilities. No new greenfield infrastructure or major expansion capital beyond the existing operational footprint is required for the activities contemplated in this PFS.

This sub-section contains forward-looking information related to the Mineral Reserve estimates for the KCM Integrated Operations. The material factors that could cause actual results to differ materially from the conclusions, estimates, designs, forecasts, or projections in the forward-looking information include any significant differences from one or more of the material factors or assumptions set forth in this sub-section, including geological and grade interpretations, commodity prices, mining dilution and recovery assumptions, and forecasts associated with establishing the economic viability of the project.

The Mineral Reserve estimates presented herein have been prepared in accordance with the U.S. SEC S-K 1300 and have been reviewed and approved by the QPs. Mineral Reserves represent the economically mineable parts of Measured and Indicated Mineral Resources and include allowances for dilution and mining losses. Mineral Reserves based on Measured Mineral Resources have been classified as Proven Mineral Reserves, and Mineral Reserves based on Indicated Mineral Resources have been classified as Probable Mineral Reserves, consistent with S-K 1300 definitions. No Inferred Mineral Resources have been included in the Mineral Reserve estimate, the production schedule, or the economic analysis presented in this PFS. The Mineral Reserve estimate has been completed to a level appropriate for a Preliminary Feasibility Study and reflects the application of modifying factors, including mine design, production scheduling, metallurgical recovery, and economic parameters, to the Measured and Indicated Mineral Resources.

The Mineral Reserve estimates are based on a copper price assumption of US$9,000/t (US$4.08/lb) for Net Smelter Return (NSR) cut-off determination and US$28,000/t (US$12.70/lb) for cobalt. The economic analysis supporting the Mineral Reserve is based on P75 consensus copper price forecasts as detailed in Section 16. In the opinion of the QP, these price assumptions provide a reasonable basis for establishing the economic viability of the project and satisfy S-K 1300 requirements for commodity price disclosure.

The Mineral Reserve estimate as of 1 April 2026 is summarised in Table 1.2. The point of reference for Mineral Reserves is defined at the point where ore is delivered to the processing plant. As of the effective date of this report, Measured and Indicated Mineral Resources represent approximately 23% of the total Mineral Resource. The QPs consider that there is potential to increase Mineral Reserves through continued resource definition drilling as recommended in Section 23.1.1.

Notes: 

The Measured and Indicated portion of TD05 (198 Mt - refer companion Initial Assessment TRS Table 11.28) is reported as a Mineral Resource in the companion IA TRS but has not been declared as a Mineral Reserve in this PFS. The QPs consider that the engineering and economic definition required for TD05 Mineral Reserve declaration is below the PFS threshold at the effective date, and a prefeasibility-level study addressing TD05 reclamation through the existing Nchanga TLP is identified in Section 23 as essential to support a future Mineral Reserve declaration. Accordingly, the M&I Case in the companion IA TRS - which incorporates TD05 M&I via the existing Nchanga TLP and runs approximately 15 years - has a broader scope than the Mineral Reserve case presented in this PFS (approximately 11 years).

The QPs are not aware of any environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant factors that could materially affect the Mineral Reserve estimates, other than as disclosed elsewhere in this report.

Mineral Resources for the KCM Integrated Operations are detailed in Section 11. Mineral Resources are reported exclusive of Mineral Reserves and do not have demonstrated economic viability. Inferred Mineral Resources are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorised as Mineral Reserves, and there is no certainty that all or any part of the Inferred Mineral Resources will be converted to Measured or Indicated Mineral Resources with additional exploration. Mineral Resources that are not Mineral Reserves have not been included in the production schedule, mine plan, or economic analysis presented in this PFS. The full Mineral Resource case is assessed in the companion Initial Assessment TRS (AMC, 2026). The Mineral Resource estimate as of 1 April 2026 is summarised in Table 1.3.

Notes: 

As of the effective date of this report, approximately 63% of total KCM Mineral Resources are classified as Inferred and have not been included in the Mineral Reserve estimate; the Measured and Indicated Mineral Resources represent approximately 37% of the total Mineral Resource. The QPs consider that there is potential to increase Mineral Reserves through continued resource definition drilling as recommended in Section 23.1.1.

Konkola Mine is an established underground copper mining operation. Development activities are centered on the Konkola Deep Mining Project (KDMP), which provides access to deeper sections of the orebody via vertical shafts and underground declines. Mining is primarily undertaken using longitudinal longhole open stoping (LHOS) methods.

The orebody dips between 35° and 70°, with average thickness of 9 meters (m). A mine plan redesign of KDMP formed an integral component of the PFS. The mining method applied to flatly dipping (<40°) parts of the orebody has been changed from Post Pillar Cut and Fill (PPCF) to Panel Stoping with paste fill as a key enabler. The change in mining method increases resource recovery, thereby improving the ore to waste development ratio.

The operation is characterised by exceptionally high groundwater inflows and is regarded as one of the wettest underground mines globally, with an ore hoist-to-water pumping ratio of approximately 1:49. A comprehensive dewatering system is in place, including staged pumping stations, sumps, and water management infrastructure to maintain mine access and safety.

KCM's processing infrastructure comprises the Konkola Concentrator, Nchanga concentrators, Nchanga TLP, Nchanga flash smelter, and Nkana refinery. These assets are operationally integrated and cannot be economically separated. Surface facilities at the Konkola Complex process run-of-mine (ROM) ore through crushing, milling, flotation, and dewatering. The produced concentrate is transported to the Nchanga Smelter, with final copper production completed at the Nkana Refinery via electrorefining.

Key processing parameters:

The LOM plan assumes purchase of 300,000–315,000 tpa of third-party concentrate from regional Zambian and DRC Copperbelt mines to supplement KCM's own internal feed. This is a process requirement of the Nchanga Flash Smelting Furnace, which requires a specific Fe / SiO₂ ratio in the feed blend that cannot be achieved using KCM's own concentrates alone, as both the Konkola and Nchanga concentrators produce high-silica concentrate (typically 20–22% SiO₂ against a preferred limit of less than 15% SiO₂). Third-party concentrate is purchased on a metal-return basis, KCM takes ownership of the concentrate and bears the associated price risk, and is not a toll processing arrangement.

Third-party concentrate has been sourced historically from large-scale open pit and underground copper producers in the Zambian and DRC Copperbelt, providing a diverse regional supply base within 200 to 500 kilometres of the Nchanga Smelter. The Copperbelt region represents one of the world's largest copper-producing areas and output is forecast to grow across the Mineral Reserve LOM period. A structural dynamic supporting supply continuity is the Zambian government's 10% export levy on copper concentrate, which creates a material economic incentive for Zambian producers to supply domestic smelters rather than export, and the comparatively high logistics cost of shipping DRC-origin concentrate to overseas smelters relative to regional Copperbelt facilities. However, a number of the largest Copperbelt mine expansions are expected to be accompanied by dedicated on-site smelting capacity over the LOM period, which would reduce the volume of concentrate available to third-party buyers. In particular, Ivanhoe Mines has announced plans to commission an on-site direct-to-blister smelter at the Kamoa-Kakula Copper Complex in the DRC (500,000 tpa capacity), which, once operational, is expected to process Kamoa-Kakula's own concentrate internally rather than making it available to regional third-party smelters. Kamoa-Kakula concentrate has historically been one of the most desirable high-grade, low-silica feeds available to the Nchanga Flash Smelting Furnace (FSF) and its anticipated withdrawal from the regional market represents a material change in the third-party concentrate supply landscape over the LOM. Active management of the regional supply base will accordingly be required throughout the LOM to maintain the assumed 300,000–315,000 tpa of third-party concentrate.

The QPs consider there is a reasonable basis to expect that sufficient concentrate will remain available at commercially reasonable terms given the scale of regional Copperbelt production, the structural inability of many smaller producers to develop proprietary smelting capacity, and the structural supply dynamics described in Section 14.4.3. However, the absence of binding supply contracts beyond FY2026 introduces commercial uncertainty that the QPs consider to be a material risk to the LOM plan, and securing ongoing supply arrangements is identified as an essential commercial requirement. The sensitivity of project economics to this dependency is assessed in Section 19.2.4, which models the removal of third-party concentrate from the LOM plan entirely. The total NPV₈% impact comprises two components: the direct smelter contribution accounts for approximately US$140M or approximately 9% of the post-tax base case NPV₈% of US$1,588M; the incremental acid procurement cost arising from reduced smelter throughput accounts for a further approximately US$70M, reflecting the delta between the external market price of US$175/t and the internal transfer price of US$130/t applied to the acid shortfall of approximately 1.6 Mt over the Mineral Reserve life of mine. The combined post-tax NPV₈% reduction is approximately US$210M or approximately 13%, reducing the post-tax base case NPV₈% to approximately US$1,378M. The KCM Integrated Operations remain economic under this sensitivity on the basis of KCM's own Mineral Reserve production, and the uninterrupted sourcing of third-party concentrate is identified as an essential operational and commercial requirement throughout the life of mine.

KCM’s integrated operations span three principal sites connected by established road infrastructure across the Copperbelt Province. Run-of-mine ore from the Konkola Mine at Chililabombwe is processed through the on-site Konkola Concentrator. Copper concentrate is transported approximately 20 km by road to the Nchanga Flash Smelter at Chingola, with blister copper then transported approximately 55 km to the Nkana Refinery at Kitwe for electrorefining to LME Grade A cathode. All inter-site routes utilise high-quality tarmac roads capable of supporting loads up to 50 tonnes.

Power is supplied under a long-term agreement with CEC, providing 200 MW capacity to all KCM sites. This agreement has been in place for over 20 years. Water supply for processing operations is sourced primarily from the Kafue River system and from dewatering operations at the Konkola Mine, which pumps approximately 350,000 m³/day. The Konkola Mine operates a comprehensive staged dewatering system including pumping stations, sumps, and water management infrastructure critical to maintaining mine access and safety.

Export logistics for refined copper cathode rely on road freight to rail transfer points and onward transport to regional ports, including Dar-es-Salaam (Tanzania), Walvis Bay (Namibia), and Durban (South Africa). Further details on infrastructure and logistics are provided in Sections 4 and 15.

The before-tax economic analysis is based on the Mineral Reserve mine plan only. The economic model incorporates the operating cost, capital cost, and pricing inputs described in this report. Revenue assumptions are:

Capital expenditure for the Mineral Reserve mine plan totals US$1,238M, comprising growth capital, capitalised mining development, and sustaining capital. A summary by category is presented in Table 1.4.

Note: All values in US$M. Capital cost estimates are at PFS accuracy level (±25%) with contingency of 10–15%. Totals may not sum due to rounding. Refer to Section 18 for detail.

Growth capital of US$208MM comprises investments to support planned production rates, with the largest single item being the 1390 mL Pump Chamber (US$55M) for primary dewatering infrastructure. Capitalised mining development of US$569M reflects the underground lateral and vertical development required to access Mineral Reserves at the Konkola Mine. Approximately 60% of life-of-mine capital expenditure (US$742M of US$1,238M) is scheduled in the first three years (fiscal years 2027 through 2029), reflecting the front-loaded nature of the dewatering, shaft, and lateral development program. Sustaining capital of US$461M covers ongoing equipment replacement and infrastructure maintenance across both the KCM underground operations and the Nchanga Smelter and Refinery.

Life-of-mine operating costs total US$4,816, comprising KCM underground mining, Nchanga TLP tailings reclamation, and Nchanga Smelter and refinery operations, and excluding royalties. A summary by operational unit is presented in Table 1.5.

Note: ¹ C1 and AISC are non-GAAP measures. C1 Cash Cost includes all direct mining, processing, and site G&A costs, net of by-product credits. AISC includes C1 plus sustaining capital, and royalties. Full definitions and reconciliation provided in Section 18. Refer to Section 18 for annual cost profiles.

KCM underground mining costs of US$3,639M (US$125/t ore average) include operating development, stoping, power, dewatering, backfill, and mine services. Nchanga TLP operating costs of US$519M, equivalent to approximately US$15/t of total TLP mill throughput, cover tailings reclamation, leach circuit processing, and site administration. Smelter and refinery operating costs of US$1376M include the Nchanga Smelter, sulfuric acid plant, and Nkana Refinery.

The Mineral Reserve case economic results are summarised in Table 1.6.

Notes:

The Mineral Reserve Case demonstrates economic viability based on the Proven and Probable Mineral Reserves declared at the Konkola Mine and Tailings Dams TD03 and TD04, with an ~11 year mine life. An 8% annual real discount rate has been applied to the cashflows in the Mineral Reserve Case to yield a post-tax NPV of US$1.6B (US$2.0B pre-tax) and a post-tax free cash flow of approximately US$2.4B. The economic analysis includes the processing of third-party purchased concentrate through the Nchanga Smelter and Nkana Refinery, which contributes approximately US$140M to post-tax NPV₈% (approximately 9% of total post-tax NPV). No third-party material is included in any Mineral Reserve or Mineral Resource estimate. Excluding the third-party contribution, the post-tax NPV₈% attributable to KCM's own copper production is approximately US$1.4B; refer to Section 19 for further detail.

A sensitivity analysis on the NPV₈% was undertaken on copper price, cobalt price, operating costs and capital costs. The results are shown in Figure 1.1 and summarised in Table 1.7. The project is most sensitive to changes in copper prices and operating costs.

Source: AMC, 2026.

KCM operates under valid Large-Scale Mining Licenses issued by the Zambian Ministry of Mines. Key permits include environmental authorisations under the Zambia Environmental Management Agency (ZEMA), water abstraction permits for dewatering operations, and tailings storage facility (TSF) operating permits. All required permits for current operations are in place. The Konkola license (7076-HQ-LML) expires 30 March 2050, and the Nchanga TLP license (28174-HQ-MPL) expires 16 December 2045. No new permits are required for the activities contemplated in this PFS. Environmental management at KCM is governed by the Environmental Management Act (EMA) of 2011 and its subsidiary regulations. Based on the 2020 EPF audit report, KCM's total EPF liability across all locations was US$129M. As per the assessment, Nkana was classified under Category 1, while Nchanga, Konkola and Nampundwe were classified under Category 2, with a total cash contribution liability of US$12,037,058. KCM made a cash contribution of US$5,464,682, leaving an outstanding balance of US$6,572,376 during the liquidation period. The outstanding balance has been filed as a claim under the Creditors' Scheme of Arrangement by the Mines Safety Department (MSD), which falls under the Government of the Republic of Zambia (GRZ), and will be settled in accordance with the waterfall mechanism provided thereunder. In relation to the period of provisional liquidation, during which KCM was not under the control of Vedanta, KCM has been granted a two-year moratorium on liabilities from the date of Board reinstatement (31 July 2024), during which no payments in respect of such liabilities are required. KCM is actively working across all operational sites to improve compliance with EPF requirements and enhance site categorisation, which is expected to reduce future cash contribution obligations. To strengthen compliance and provide an updated position, KCM commissioned an independent third-party assessment of EPF liabilities as at 31 December 2025, which assessed the total EPF liability at US$144M. The increase from the 2020 audit is attributable primarily to updated closure cost assumptions, revised scope of rehabilitation activities, inflationary adjustments, and expanded environmental obligations identified during the reassessment. Estimated closure costs of US$133M have been included in the economic analysis (Section 19) and are based on preliminary closure planning, which may be refined in subsequent studies. Tailings storage facilities are managed in accordance with the Global Industry Standard on Tailings Management (GISTM), with quarterly independent assessments conducted on all operational TSFs. Two operational TSFs (TD05 Muntimpa and Lubengele) are subject to ongoing stability monitoring and statutory compliance inspections. Further details on TSF conditions and management are provided in Section 15.8.

KCM’s operations are located within established Copperbelt mining towns (Chililabombwe, Chingola, and Kitwe) with long-standing community relationships. Community development, resettlement programs, and stakeholder engagement activities are managed by KCM as described in Section 17. The QPs have relied on the Registrant for information regarding environmental and community matters as disclosed in Section 25.

The QP concludes that:

The QP recommends:

AMC Consultants (UK) Limited (AMC) was engaged by Vedanta Resources Limited (Vedanta) to prepare this Preliminary Feasibility Study (PFS) Technical Report Summary (TRS) for the Konkola Mine and associated TD03 and TD04 operations located in the Zambian Copperbelt. This report has been prepared in compliance with Subpart 1300 of Regulation S-K (S-K 1300) as mandated by the United States Securities and Exchange Commission (SEC).

This PFS TRS presents the economic viability of mining Mineral Reserves at the Konkola Mine and the recovery of copper from TD03 and TD04. The Mineral Reserve mine plan and cash flow analysis are based exclusively on Mineral Reserves and do not include any Mineral Resources that have not been converted to Mineral Reserves.

The technical contents of this report adhere to requirements for reporting on Mineral Reserves, as required by S-K 1300. The effective date of this report is 1 April 2026.

This TRS has been prepared for the registrant, CopperTech Metals Inc., and its subsidiary, Konkola Copper Mines Plc (KCM). KCM is the operator of the Konkola Mine and associated TD03 and TD04 operations located in the Copperbelt Province of Zambia. KCM, and its subsidiary company Konkola Mineral Resources Limited (KMRL) is the legal holder of the mineral rights associated with the Konkola and Nchanga license areas and operates under large-scale mining licenses.

This report has been prepared in accordance with S-K 1300 of the U.S. SEC and provides a TRS for the Konkola Mine and Konkola Concentrator, TD03, TD04, and the associated processing infrastructure including the Nchanga Smelter and Nkana Refinery.

The purpose of this report is to report information regarding Mineral Reserves, development progress, and associated technical assessments, including risk factors and economic considerations. The report constitutes a PFS focused on the Mineral Reserve estimate for the Konkola Mine, TD03 and TD04, incorporating revised mine planning, extraction rates, and modifying factors.

This report was prepared by AMC, an independent mining consultancy, on behalf of KCM. AMC has no material interest in KCM or its affiliates.

Unless otherwise stated, all units in this report are in metric (SI) units. Currency is presented in United States Dollars (US$). The exchange rate used for financial modelling and conversions is the FY2025/26 average exchange rate (12-months ended 31 March 2026) of ZMW 22.40 to US$1.00, unless stated otherwise.

Grades are reported as total copper (TCu) in percent (%), total cobalt (TCo) in percent and acid soluble copper (ASCu) in percent. Tonnages (t) are reported as dry metric tonnes (t) unless otherwise explicitly stated.

The unit mL refers to meter level and is the vertical elevation with reference to the collar position of 4 Shaft at the Konkola Mine.

Table 2.1 defines the principal facility names, abbreviations, and technical terms used throughout this TRS. Each term is defined at first use in the body of the report; the standardised form shown in Table 2.1 is used thereafter.

This report is based on data and information provided by KCM as outlined in Section 25 of this report, supplemented by AMC's own analysis, site inspections, historical reports, and public domain references. Sources include:

Data verification steps were conducted in accordance with S-K 1300, and the Qualified Persons (QPs) have reviewed all relevant datasets for consistency and completeness.

In accordance with Item 1302(b)(2)(iii) of Regulation S-K, AMC confirms that personal inspections of the KCM operations were conducted by the technical professionals responsible for the preparation of this TRS.

AMC personnel conducted site inspections at the Konkola and Nchanga operations on the following occasions:

IBIS Environmental personnel conducted site inspections during 2025 in support of the environmental and social assessments presented in Sections 16 and 20 of this report, including baseline environmental monitoring, stakeholder engagement activities, and assessment of tailings storage facility conditions.

All inspections occurred during active operational periods. Observations made during site visits were cross-referenced with geological models, mine plans, production records, and historical datasets to validate the assumptions used in Mineral Resource and Mineral Reserve estimation, mine planning, cost estimation, and economic analysis. The AMC professionals who conducted the site inspections are the same individuals responsible for the technical content of this TRS and who contributed to the conclusions and recommendations presented herein.

The QP is satisfied that the site inspections were of sufficient scope, frequency, and duration to support the conclusions presented in this report.

This report updates and supersedes any previous technical reports prepared for KCM in the United States of America or other jurisdictions, based on earlier geological models and classification criteria relying primarily on variogram ranges. The current assessment includes revised drillhole data, updated estimation methods, and a stricter classification framework as applied by AMC in line with current industry practice.

AMC is an independent third-party consulting firm comprising mining experts, including professional geologists and mining engineers. In accordance with S-K Item 1302(b)(1)(ii), AMC signs this TRS as a firm.

The AMC personnel who prepared this report are specialists in geology, Mineral Resource and Reserve estimation, underground mining, geotechnical engineering, mineral processing, and mineral economics. All contributing personnel have more than five years of relevant experience in sediment-hosted copper deposits and underground mining operations and are members in good standing of recognised professional organizations including the Australasian Institute of Mining and Metallurgy (AusIMM) and the Australian Institute of Geoscientists (AIG).

AMC takes responsibility for all sections of this Report.

AMC have relied on information and assurance provided by KCM and several specialists employed by KCM. The detail of this reliance is provided in Section 25 of this document.

The KCM Integrated Operations is located in the Copperbelt Province of the Republic of Zambia. The properties covered by this PFS comprise the Konkola Mine and Concentrator near Chililabombwe, the Nchanga TLP and Nchanga Smelter near Chingola, the Nkana Refinery in Kitwe, and historical TD03 and TD04 at the Nchanga site. The total combined license area of the KCM operations is approximately 14,967 hectares (ha). Infrastructure, access, and climate conditions are described in Section 4.

The Konkola operations are located in the Copperbelt Province of Zambia, Africa (Figure 3.1), within a region known for its extensive copper mining operations. This region has historically been the backbone of Zambia’s economy and continues to be a key player in global copper production.

Source: Post-Mining Restoration in Zambia Screening native tree species for phytoremediation potential. 2021. ResearchGate. Retrieved from https://www.researchgate.net/figure/Map-of-Zambia-The-Copperbelt-region-is-marked-in-the-stripped-grey-and-the-sampled-areas_fig1_341293959. Accessed: 24 Mar 2025.

The Konkola Mine and concentrator is located at Chililabombwe, approximately 20 km north of Chingola and 5 km south of the Zambia–DRC border. The site lies at approximately latitude 12.375005°S and longitude 27.830647°E.

The Nchanga Complex, including open pit and underground mines, concentrators, smelter, and the Nchanga TLP, is located approximately 4 km from the town of Chingola at latitude 12.512792°S and longitude 27.857893°E. The tailings storage facilities (TD03 and TD04) are situated between Konkola and Nchanga at latitude 12.501449°S and longitude 27.794603°E. The Nkana Refinery, where final copper cathode production is completed, is located in Kitwe at latitude 12.808555°S and longitude 28.251682°E. The Nampundwe Pyrite Mine, which supplies flux to the Nchanga Smelter, is located in the Shibuyunji District at latitude 15.491742°S and longitude 27.909511°E, approximately 320 km south of the Copperbelt operations. Geographic coordinates for all major facilities are presented in Table 3.1 and shown on the property location map (Figure 3.2).

Source: Base map tiles © OpenStreetMap contributors. Coordinate system: WGS 84 (EPSG:4326), Decimal Degrees. Map accuracy within ±50 m of stated coordinates.

Notes: All coordinates in WGS84 decimal degrees. Complex-level coordinates represent the approximate centroid of each operational area. Areas sourced from Large-Scale Mining License schedules.

KCM holds exclusive rights to explore for, extract, process, and sell copper ores and related products within the boundaries of its large-scale mining licenses. These rights are granted under the Mines and Minerals Development Act (2015) of Zambia and are administered by the Ministry of Mines and Minerals Development.

The licenses provide legal authority for both surface and underground mining activities, as well as construction and operation of associated infrastructure including processing plants, TSFs, waste management areas, and water abstraction systems.

KCM's rights include:

Surface rights within the license areas are secured either directly through the mining licenses or through agreements with local authorities and landholders where required. As of the effective date of this report, all property rights are considered to be in good legal standing. To the QP's knowledge, there are no known material encumbrances, legal proceedings, or compliance issues that would adversely affect the standing of these licenses or KCM's ability to conduct operations.

KCM is an indirect subsidiary of CopperTech Metals Inc. (the Registrant). CopperTech holds its interest in KCM through Vedanta Resources (Jersey) Limited (VRJL). As of the effective date of this report, VRJL holds 79.42% of KCM’s issued share capital, with Zambia Consolidated Copper Mines Investment Holdings Plc (ZCCM-IH) holding 20.58%. The Government of the Republic of Zambia holds one special share in KCM.

Mineral rights associated with the Konkola and Nchanga license areas are held by Konkola Mineral Resources Limited (KMRL), a wholly owned subsidiary of KCM. A complete schedule of mining licenses, mineral processing licenses, and associated areas is provided in Table 3.1.

In May 2019, ZCCM-IH petitioned the High Court of Zambia seeking to wind up KCM, and a provisional liquidator was appointed to oversee operations. On 6 November 2023, the parties entered into the KCM Shareholders Agreement, establishing the terms for the resumption of operational control by VRHL. The Scheme of Arrangement was sanctioned by the High Court on 28 June 2024 and became effective on 31 July 2024, at which point the provisional liquidator was removed and the board of directors of KCM was reinstated. In connection with the Scheme of Arrangement, VRHL entered into loan agreements with KCM for an aggregate principal amount of up to US$1.27 billion to fund capital expenditure, creditor settlement, and community support. Further details on the Scheme of Arrangement and KCM Shareholders Agreement are provided in the Registrant’s Registration Statement on Form S-1.

KCM has secured surface rights through long-term leases with the Zambian Government. These rights permit the construction of mining infrastructure, roads, and processing facilities necessary for efficient operations. Additionally, water abstraction rights have been obtained to support dewatering and processing operations, which are critical to underground mining viability.

Land access agreements have been established with local communities and traditional authorities to ensure uninterrupted mining and exploration activities. These agreements outline land-use policies, compensation frameworks, and sustainability commitments.

In areas where project development has affected local landholders or settlements, resettlement action plans (RAPs) have been developed in line with Zambian regulatory requirements and international standards. These plans include structured consultation processes, physical relocation (where applicable), livelihood restoration programs, and monitoring mechanisms. Ongoing engagement with local communities is maintained to support KCM’s social license to operate.

KCM's mineral rights are governed by Zambia's Minerals Regulation Commission Act (2024). The company operates under Large-Scale Mining Licenses (LSML) issued by the Ministry of Mines and Minerals Development (MMMD). These licenses grant KCM exclusive rights to explore, mine, and process copper within its designated areas.

All licenses are held in the name of KCM, the registrant, and are associated with relevant surface rights and environmental approvals. As of the effective date of this report, there are no known material encumbrances, legal proceedings, or compliance issues that would adversely affect the standing of these licenses or KCM's ability to conduct operations.

KCM's mineral rights are governed by Zambia's Minerals Regulation Commission Act (2024), which mandates royalty payments based on copper production revenue:

Additionally, KCM is subject to a 30% corporate income tax and a 16% value-added tax (VAT) on applicable transactions. Compliance with these obligations is integral to the company's financial planning and investment strategy.

KCM’s surface access agreements with local communities and authorities ensure continued mining and processing operations with minimal disruptions.

These fiscal obligations form part of the national revenue system and are not tied directly to community investment schemes. Community development initiatives are administered through separate corporate social responsibility (CSR) frameworks.

To the QP's knowledge, as of the effective date of this report, there are no material encumbrances to the KCM mining licenses or property rights that would adversely affect the ability to conduct mining operations.

KCM is subject to standard regulatory and environmental obligations that are typical for mining operations in Zambia, including contributions to the Environmental Protection Fund (EPF), compliance with environmental permits issued under the Environmental Management Act, and community engagement obligations associated with surface access agreements. These obligations are described below and are not considered encumbrances to the property.

Based on the 2020 EPF audit report, KCM’s total EPF liability across all locations was US$129 million (M). As per the assessment, Nkana was classified under Category 1, while Nchanga, Konkola, and Nampundwe were classified under Category 2, with a total cash contribution liability of US$12,037,058. KCM made a cash contribution of US$5,464,682, leaving an outstanding balance of US$6,572,376 during the liquidation period. Following the introduction of the Creditors’ Scheme of Arrangement, the Mines Safety Department (MSD) successfully filed a claim for US$6,572,376 under the Scheme. As MSD falls under the Government of the Republic of Zambia (GRZ), settlement of this claim will be governed by the waterfall mechanism provided under the approved Scheme of Arrangement and will be affected in accordance with the structure set out therein. In relation to the period of provisional liquidation, during which KCM was not under the control of Vedanta, KCM has been granted a two-year moratorium on liabilities from the date of Board reinstatement (31 July 2024). During this moratorium period, no payments in respect of such liabilities are required to be made. KCM is actively working across all operational sites to improve compliance with EPF requirements and enhance site categorisation, which is expected to reduce future cash contribution obligations. KCM is actively working across all operational sites to improve compliance with EPF requirements and enhance site categorisation, which is expected to reduce future cash contribution obligations. To strengthen compliance and provide an updated position, KCM commissioned an independent third-party assessment of EPF liabilities as at 31 December 2025, which assessed the total EPF liability at US$144M. The increase from the 2020 audit is attributable primarily to updated closure cost assumptions, revised scope of rehabilitation activities, inflationary adjustments, and expanded environmental obligations identified during the reassessment.

The recognised asset retirement obligation as of 31 March 2026 is US$66.6M. Environmental compliance is governed by permits issued under the Environmental Management Act, including conditions related to tailings management, water quality, air emissions, and waste handling. KCM is subject to compliance and prevention orders issued by ZEMA requiring, among other things, rehabilitation of TD05, desilting and ecological restoration of natural streams, installation of off-gas cleaning systems at the Nchanga Smelter anode furnaces, and measures to ensure dam stability and zero discharge from pollution control dam areas. KCM has planned capital expenditures of approximately US$28M over the next five years to address these compliance requirements. The PFS estimates total closure costs of US$133M (Section 18). Updated closure plans have been prepared in line with IFC Environmental and Social Performance Standards. Detailed rehabilitation, closure, and post-closure planning is presented in in Section 1.

Mining and processing operations are subject to conditions outlined in licenses and permits issued by ZEMA and other regulatory authorities. These conditions address issues such as land disturbance, air and water discharge limits, hazardous materials management, and occupational health and safety standards. Non-compliance may result in fines, suspension of activities, or legal enforcement actions.

KCM engages with local communities and traditional authorities on matters relating to land access, displacement, and environmental impacts. Where resettlement is required, KCM implements RAPs that include compensation mechanisms, livelihood restoration, and post-resettlement monitoring. These obligations are considered an integral part of maintaining the company's social license to operate.

Several factors may impact KCM's ability to access and operate within its mining licenses.

KCM’s operations at Konkola are exposed to a range of technical, environmental, and infrastructure-related risks that may affect the consistency of production and cost management. These include inherent geological complexity, the scale of dewatering required to maintain safe access, and dependence on stable power supply. Broader factors such as power load-shedding events and infrastructure constraints in Zambia’s energy network may further exacerbate operational challenges, particularly given the continuous pumping requirements to manage high groundwater inflows.

Additionally, while Zambia has a long-standing mining regulatory framework, changes in government policy or economic conditions may impact fiscal terms, permit timelines, or broader infrastructure availability (e.g. energy and logistics). These macro-level risks, though external to the immediate operation, can influence KCM’s ability to meet production and development targets.

Geological complexity: The Konkola deposit is characterised by folded and faulted stratigraphy, variable mineralisation thickness, and locally disrupted mineralisation associated with thrust zones and synclinal folding. These geological features complicate stope layout, sequencing, and dilution control, particularly in areas where the mineralisation is pinched or offset. Variability in lithological contacts and the presence of soft interbedded units also pose geotechnical challenges for ground support and hangingwall stability. Ongoing reconciliation between modelled and actual mineralisation geometry is required to maintain operational efficiency and accurate reserve forecasting.

Dewatering requirements: The Konkola Mine is recognised as one of the wettest underground mines globally, with groundwater inflows averaging approximately 350,000 cubic meters per day (m³/day), resulting in a hoisted ore-to-water ratio of 1:49. Effective mine access and safety are contingent on continuous operation of multi-stage dewatering infrastructure, including underground pump chambers and high-capacity surface discharge systems. The scale and cost of dewatering represent a persistent operational and financial risk, particularly if equipment reliability, power supply, or maintenance programs are compromised. Dewatering limitations may also restrict access to deeper sections of the deposit and influence the achievable mining rate.

Power supply reliability: The operation is reliant on grid-connected hydroelectric power, which is subject to seasonal variability due to rainfall-dependent reservoir levels. Periodic national power shortages and scheduled load-shedding events can disrupt production and impact critical systems such as dewatering, hoisting, ventilation, and ore processing. As the mine cannot operate without constant dewatering, interruptions to power supply present a significant operational risk. Existing backup capacity is limited and not sufficient to maintain full dewatering or production rates. A power reliability assessment and contingency planning will be required to support sustained production, particularly during ramp-up phases.

KCM's ability to maintain uninterrupted access to its mining tenements and sustain long-term operations is subject to regulatory stability, community engagement, and ongoing compliance with environmental and license obligations. While Zambia has an established mining regulatory framework and a supportive investment environment, shifts in government policy, fiscal regimes, or local stakeholder dynamics can introduce risks that impact financial planning, project timelines, or social license to operate.

The regulatory environment continues to evolve in response to economic pressures, global commodity prices, and stakeholder expectations. KCM must maintain alignment with both statutory requirements and community expectations to minimise the risk of operational delays or reputational harm.

Government policy changes: Zambia’s mining sector has experienced policy and fiscal shifts over the past decade, including changes to royalty structures, VAT rules, and corporate tax rates. These adjustments have sometimes occurred with limited notice, affecting financial models and operational planning. Uncertainty in taxation, foreign exchange controls, or investment regulations may impact investor confidence or capital allocation strategies. In addition, future policy reforms—particularly around beneficiation, local content, or energy use—could introduce new compliance requirements.

Community relations: KCM operates in proximity to densely populated communities, some of which are directly affected by land access, water usage, or environmental outcomes from mining operations. While community engagement frameworks are in place, there remains a risk that local concerns regarding resettlement, employment, or environmental impacts could escalate into resistance or protest, particularly in areas earmarked for expansion or infrastructure upgrades. Proactive engagement, grievance resolution mechanisms, and ongoing social investment are necessary to maintain trust and operational continuity.

License renewals and regulatory compliance: Retention of mineral rights is subject to compliance with license conditions, including reporting obligations, environmental monitoring, and demonstration of continued exploration or development activity. Failure to meet these obligations may lead to penalties, delays in license renewal, or revocation. Environmental permits, in particular, are subject to periodic review and may include evolving requirements on air quality, tailings management, or water discharge limits. Sustained compliance is critical to maintaining the right to operate.

Artisanal mining: Artisanal and small-scale mining activity along the Zambian Copperbelt is commonplace and may impact licensing and mining rights, surface access, and community relations in areas adjacent to KCM’s operations.

KCM operations (including Nchanga and Konkola) are located on the Copperbelt and Central Provinces which are in North-Central Zambia and Central Zambia respectively. The Copperbelt Province is 13.06°S and 27.55°E and is host to the Konkola operations in the town of Chililabombwe and the Nchanga Mine in the town of Chingola. The Central Province which is home to the Nampundwe Mine is in the district of Shibuyunji, which lies between 15°S and 26°E.

The town of Chililabombwe lies at an elevation of 1,360 meters (m) on the Central African Plateau. It is a low-lying land which extends to the border with the DRC. The topography between the hills is gently undulating with deeply weathered red lateritic soils. The top-soils are generally sandy but with a heavier textured subsoil. Most of these lateritic soils are leached because of the high rainfall and hence tend to be acidic and relatively infertile. The town has a population of ~100,000 people.

The town of Chingola lies at an elevation of 1,363 m and has a topography that is generally hilly with steep slopes along the Kafue River. The soils are sandy in some areas and loamy in others. It has a population of ~157,000 people making it the third most populated town on the Copperbelt Province.

Shibuyunji District is located at an elevation of 1,202 m along the Great West Road. Its topography is generally flat and swampy with fertile soils conducive for farming. The district is bound by the Kafue River on one side and has a population of ~177,000 people.

Miombo woodland is principally the vegetation type found in the Copperbelt region. The common tree species found in this vegetation type are Brachystegia, Isoberliriia, and Julbernardia. The natural vegetation patterns of the region have, however, been extensively disturbed by human activities that include mining activities, wood harvesting for fuel (charcoal production), subsistence / shifting agriculture and plantations among other activities.

The vegetation within the KCM Nchanga Mining License Area has equally been significantly disturbed through mining, charcoal production, subsistence agriculture and other human activities. The diversity of wildlife species within the Nchanga mining license area is poor mainly because of mining operations, human settlements, agriculture and other human activities that have resulted in loss of wildlife habitat and subsequent loss in species diversity.

The KCM Copperbelt operations are located within the towns of Chililabombwe (population approximately 100,000), Chingola (population approximately 157,000), and Kitwe (population approximately 520,000) in the Copperbelt Province of Zambia. Kitwe is the largest city on the Copperbelt and serves as the regional commercial and administrative centre. The Nampundwe pyrite mine is located in the Shibuyunji District of Central Province, approximately 50 km west of Lusaka (population approximately 3.5 million), the national capital.

The primary regional access route is the T3 Highway (Chingola–Chililabombwe Road), a sealed, all-weather tarmac road with a carriageway width of approximately 10 m, capable of supporting loads of up to 50 tonnes with maximum transport dimensions of 12 m length, 5 m width, and 4.5 m height. The T3 Highway connects the Konkola and Nchanga operations over approximately 25 km and provides onward access to the Kasumbalesa Border Post to the north, which serves as a key point for imports from the DRC and copper product exports.

The T2/T3 trunk road system connects the Copperbelt Province southward through Kapiri Mposhi to Lusaka and provides the principal road corridor for copper product export via the Kasumbalesa border (DRC) and, via the T2, onward to Dar es Salaam (Tanzania) and Durban (South Africa). The Nampundwe pyrite mine is accessed from Chingola via the T2/T3 route (approximately 350 km via Kapiri Mposhi).

Local roads connecting the Nchanga complex to the Nkana Refinery in Kitwe (approximately 55 km) are a mix of sealed regional road and sealed urban road, maintained by the Road Development Agency and the municipal authority, respectively. Local roads within the Copperbelt towns are generally maintained but are subject to deterioration during the wet season (November to March), with potholes a known hazard. Road conditions are not considered a material constraint on operations.

The Kafue River, one of the principal tributaries of the Zambezi River, traverses the KCM operational area. The river passes through the Chingola district approximately 4 km south of the Nchanga complex, where its floodplain and steep valley slopes define the local topography (Section 4.1). The Kafue crosses the T3 Highway corridor between Chingola and Kitwe and continues southward through the Shibuyunji District, where it bounds the Nampundwe mining license area.

The Kafue River system is the primary source of process water for KCM’s mining and processing operations (Section 4.4.2). Part of the Kafue recharge derives from the Konkola Mine dewatering system, which pumps approximately 350,000 m³/day. The river system maintains adequate flow for KCM’s water requirements throughout the year, including during dry seasons.

The Kafue and its tributaries are not navigable for commercial purposes in the KCM operational area and do not serve as a means of transport access. Rivers are not a constraint on access to any of KCM’s sites; all inter-site transport is by road (Section 4.2.5).

The Copperbelt is served by the Tanzania–Zambia Railway Authority (TAZARA) and Zambia Railways Limited (ZRL) rail networks, which connect the province to the ports of Dar es Salaam (Tanzania), Durban and Richards Bay (South Africa), and Beira and Nacala (Mozambique) via interchange points at Kapiri Mposhi and Lusaka.

However, local railway infrastructure in the Chililabombwe–Chingola corridor is not currently operational for concentrate or product haulage due to the deteriorated condition of rolling stock and track. The rehabilitation of local rail links is identified as a potential logistics improvement in Section 15.2 but does not form part of the Mineral Reserve mine plan. Road freight is the primary logistics mode for all inter-site intermediate product movement and final product export.

The regional rail network remains available for inbound transport of bulk consumables (reagents, grinding media) and heavy equipment, subject to scheduling and capacity constraints on the national network.

Air access is provided by Simon Mwansa Kapwepwe International Airport (IATA: NLA) in Ndola, situated approximately 65 km from Kitwe, 120 km from Chingola, and 150 km from Chililabombwe. The airport provides scheduled domestic and international passenger and cargo flights, facilitating personnel movement and time-sensitive materials logistics. Ndola is connected to Lusaka by daily scheduled services, and to Johannesburg (South Africa) by regular international services.

The Kenneth Kaunda International Airport in Lusaka provides additional international connectivity for personnel and air freight, located approximately 400 km south of the Copperbelt.

The KCM Integrated Operations require the routine transport of intermediate products between sites. Copper concentrate produced at the Konkola Concentrator is transported by road to the Nchanga Smelter in Chingola. Copper anodes produced by the smelter are transported by road to the Nkana Refinery in Kitwe for electrorefining to copper cathode. Pyrite concentrate from the Nampundwe Mine is transported by road to the Nchanga Smelter for use in concentrate blending. Table 4.1 summarises the inter-site distances and access routes.

Note: ¹Road distances are approximate road distances between town centers. Facility gate-to-gate distances may vary.

All inter-site product transport is by road. The local railway infrastructure in the Copperbelt is not currently operational for concentrate or product haulage due to the deteriorated condition of rolling stock and track in the Chililabombwe–Chingola corridor (refer to Section 15.2). Road freight is the primary logistics mode for both inter-site intermediate product movement and final product export.

The T3 Highway provides reliable year-round access between the Konkola and Nchanga operations. Local roads within the Copperbelt towns are generally maintained but are subject to deterioration during the wet season (November to March), with potholes a known hazard. Road conditions are not considered a material constraint on operations.

Detailed descriptions of road, rail, and port infrastructure are provided in Section 15. Export logistics, including routes to the ports of Dar es Salaam (Tanzania), Durban (South Africa), and Walvis Bay (Namibia), are described in Section 15.3.

Figure 4.1 illustrates the principal inter-site product transport routes connecting the KCM Integrated Operations, including the movement of copper concentrate, copper anodes, and pyrite concentrate between facilities.

Notes: Schematic representation; facilities not to geographic scale. All inter-site product transport is by road. Local rail infrastructure is not currently operational for product haulage (refer Section 15.2).

Source: AMC, 2026. Adapted from KCM operational data and S-1 Registration Statement.

The KCM operations are situated within a subtropical climate zone characterised by distinct wet and dry seasons. The wet season extends from approximately November to April, with the dry season from May to October. Mean annual rainfall across the Copperbelt region is approximately 1,200 mm, with the majority falling between December and March.

At the Konkola and Nchanga operations in the northern Copperbelt, average temperatures range from approximately 17°C in the cool dry season (June–August) to 27°C during the hot wet season (October-December). Conditions at the Nkana Refinery in Kitwe are broadly comparable given its proximity within the Copperbelt Province. The Nampundwe Mine, located approximately 320 km to the south in the Shibuyunji District, experiences a similar seasonal pattern but with marginally lower annual rainfall and slightly higher dry-season temperatures.

Increased rainfall during the wet season can affect surface transport between sites, tailings deposition rates, and water management at the TD03 and TD04 tailings storage facilities. However, all KCM operations, including Konkola underground mining, the Nchanga open pit and concentrators, and the Nkana Refinery, operate on a year-round basis. There is no seasonal restriction to the operating season.

The mine site is within the districts of Chingola, Chililabombwe, Kitwe, and Shibuyunji, infrastructure availability is detailed below. Utilities required for operation, including power and water, are provided through established regional infrastructure. Access to tailings and backfill facilities, as well as haul and access roads linking to the processing and smelting operations, is also in place.

The mining area of interest has access to grid power. Copperbelt towns get their power through Copperbelt Energy Corporation (CEC) under a long-term power supply agreement. All infrastructure is well established and has been providing 200 megawatts (MW) for over 20 years.

The Kafue River system passes through all Copperbelt towns and remains a source of water for all mining operations associated with KCM. Part of Kafue recharge water comes from the Konkola Mine which pumps approximately 350,000 m³/day. Even in drought seasons, the Kafue River still maintains a reasonable recharge to adequately cater for KCM mining and processing requirements.

The Copperbelt regions have historically housed mining houses since 1925. Over the years other support industries have been established to supply consumables such as Mill Balls, Bolts and Nuts, Rubber and other mining consumables. Further, a number of companies have come up to supply valves, fuels and other materials requirement to support the Mineral Reserve mine plan. Other supplies coming from overseas are transported through available international roads while some are air freighted through available airports.

Surrounding areas have colleges that have consistently trained human resources for the mining industry. Of interest are institutions such as: The University of Zambia, The Copperbelt University, Northern Technical College all located within 500 km radius. KCM runs the Kitwe Trades School.

Over the years, Zambia has produced mining personnel with relevant experience. KCM has retained significant human capital in all fields in Sustainability, Human Capital Management, Metallurgy, Mining, Maintenance, Electrical to support the Mineral Reserve mine plan. There is a clear succession plan in place and training is provided to ensure sustained performance.

The KCM Integrated Operations encompass three mining license areas in Zambia: the Nchanga Large-scale Mining License (7075-HQ-LML) in Chingola, the Konkola Large-scale Mining License (7076-HQ-LML) in Chililabombwe, and the Nampundwe Large-scale Mining License (7074-HQ-LML) in Nampundwe. The mining history of these properties spans over nine decades and is closely tied to the broader development of the Zambian Copperbelt as one of the world’s major copper-producing regions.

This section describes the type, amount, quality, and general results of exploration, development, and mining undertaken by previous owners. A detailed exploration history, including drilling campaigns and geological modelling, is presented in Section 7. Production history is discussed in Section 5.6.

Copper prospecting in the Zambian Copperbelt intensified during the 1920s and 1930s under British colonial interests. In 1923, exclusive prospecting concessions were granted to the Anglo American Corporation (Anglo) for the Rhokana Concession and to Roan Selection Trust (RST) for the Rhodesia Congo Border Concession. Anglo operated the Nchanga and Konkola deposits; RST operated mines at Roan Antelope (Luanshya), Mufulira, and Chambishi.

Exploration at Nchanga commenced in 1923 with surface reconnaissance, geological mapping, and trenching that identified copper anomalies within the Lower Roan Group sediments. Development of the underground mine began in 1927. Initial underground mining commenced in 1931 but was suspended shortly thereafter due to catastrophic flooding and depressed copper prices. The mine was rehabilitated and underground mining recommenced in 1937 under Nchanga Consolidated Copper Mines Limited (NCCM). The town of Chingola was founded in 1943 to service the expanding Nchanga operations.

Early exploration at Konkola (then known as Bancroft) was limited to surface mapping, trenching, and basic geochemical sampling. These activities identified copper anomalies within sedimentary formations and led to the recognition of the Ore Shale Unit (OSU) as the primary host of copper mineralisation. Shaft sinking commenced with No. 1 Shaft in 1953, with ore production beginning from the No. 1 and No. 2 Shafts in 1957. The mine was operated by Anglo under the Bancroft name until Zambia’s independence in 1964, after which the town was renamed Chililabombwe.

From the 1950s onwards, exploration at both Nchanga and Konkola transitioned towards systematic diamond drilling aimed at confirming the continuity and thickness of the mineralised horizons. Early drilling programs used spacings of 200–300 m, which were progressively reduced as the deposits became better defined. These programs confirmed the stratiform nature of the mineralisation and identified key structural controls including faults, folds, and lithological variations.

At Nchanga, open pit mining commenced in 1955 from the Nchanga Open Pit (NOP), targeting extensive near-surface oxide and supergene-enriched copper mineralisation. Subsequently, additional satellite open pits were developed around the Chingola arc, making the Nchanga complex one of the largest open pit copper operations in Africa. Underground mining continued in parallel, targeting deeper sulfide zones including what later became the Nchanga block cave.

At Konkola, the No. 3 Shaft commenced production in 1963, accessing the Kirila Bombwe North ore body. Infrastructure expansion included rail links integrated into the colonial network connecting the Copperbelt to southern export ports. By the late 1960s, Zambian national copper production had reached approximately 769,000 tonnes per annum, with the Nchanga and Konkola operations contributing materially to this total.

Following the Matero Reforms of August 1969, the GRZ acquired a 51% interest in the two major foreign mining corporations. Anglo’s Zambian operations were reorganised as Nchanga Consolidated Copper Mines (NCCM), encompassing the Nchanga, Nkana, and Konkola Mines. RST’s operations became Roan Consolidated Mines (RCM). In 1973, the GRZ redeemed all outstanding bonds and assumed full management control. In 1982, NCCM and RCM merged to form Zambia Consolidated Copper Mines Limited (ZCCM), a state-controlled parastatal.

During the ZCCM era, capital investment in exploration and development was severely constrained. No new mines were opened after 1979. The mining operations were used to fund social services and employment programs, reducing the capital available for reinvestment in geological exploration, equipment maintenance, and mine development. National copper production declined from a peak of approximately 750,000 tonnes in 1973 to approximately 250,000 tonnes in 2000. Throughout this period, limited exploration drilling was undertaken at the KCM properties and little investment was made in processing infrastructure or shaft deepening.

The privatisation of ZCCM’s operating divisions commenced in the late 1990s under the Mines and Minerals Act of 1995. KCM was formed in March 2000 to acquire the assets of the Konkola Mine, Nchanga Mine, and Nampundwe Mine from ZCCM. KCM was initially 65% owned by ZCI Holdings SA (a wholly owned subsidiary of Zambia Copper Investment Limited, itself 50.9% owned by Anglo), 20% by ZCCM, and 7.5% each by the International Finance Corporation (IFC) and CDC Financial Services (Mauritius) Limited. Anglo was the largest individual shareholder with an effective 33% interest.

During this short ownership period, Anglo initiated planning for the Konkola Deep Mining Project (KDMP), which envisaged deepening the Konkola Mine to access higher-grade ore below existing workings. However, depressed copper prices and the capital requirements of the project led Anglo to withdraw its investment in KCM on 16 September 2002. IFC and CDC exited at the same time. Following these departures, KCM was restructured with approximately 42% held by ZCCM-IH and approximately 58% by ZCI Holdings SA, with GRZ holding one special share.

Following a search for a strategic equity partner, Vedanta Resources (Vedanta) took over management of KCM in November 2004. Vedanta’s shareholding subsequently increased to 79.42%, with ZCCM-IH retaining 20.58%. In 2003, prior to Vedanta’s operational takeover, KCM had acquired the Nkana metallurgical complex (SmelterCo) comprising a smelter, refinery, and associated sulfuric acid plants and infrastructure in Kitwe.

Vedanta undertook significant capital investment in both development and processing infrastructure:

Source: KCM, 2026.

Vedanta also invested in brownfield exploration studies for several satellite deposits within the existing license areas, including Kakosa North and South, Chingola Open Pit ‘E’ Extension (COP E Extension), COP DF underground, and the Upper Ore Body. Extension and infill drilling of known mineralisation was undertaken throughout this period, focused on geological development below and along strike of mineralisation in and around active mining areas. None of the brownfield projects had advanced to construction by the time of provisional liquidation in 2019.

Exploration during the Vedanta period (2004–2019) is described in detail in Section 7.1.1. The key exploration activities included higher-density infill and extension diamond drilling programs at Konkola and Nchanga, supported by improved drill rig technology, core recovery techniques, and enhanced geostatistical modelling. These programs allowed the systematic classification of Mineral Resources into Measured, Indicated, and Inferred categories.

Integrated metal production reached a high of approximately 160,000 tonnes of copper in Financial Year (FY) 2013, reflecting the benefit of the Vedanta-era capital investments. However, production subsequently declined to approximately 90,000 tonnes in FY 2019, driven by mining challenges at Konkola (including water management), declining open pit inventory at Nchanga, and reduced smelter feed.

In May 2019, ZCCM-IH filed a winding-up petition in the High Court of Zambia, resulting from a shareholder dispute with Vedanta. The High Court appointed a provisional liquidator (the Provisional Liquidator) to oversee KCM’s operations. During this period, KCM’s board was suspended and the company operated outside of Vedanta’s direct management.

Under the Provisional Liquidator’s control, total copper production declined significantly, falling from approximately 90,000 tonnes in FY 2019 to a low of approximately 54,000 tonnes in FY 2024. The principal factors contributing to the production decline were:

No exploration, infill, or extension drilling was undertaken by KCM during the provisional liquidation period. Geological and structural mapping was continued at Konkola to refine lithological contacts, structural deformation, and alteration patterns. The mapping program focused on surface and underground geological observations, detailed core logging, and high-resolution core photography to document lithological variations and structural controls on mineralisation.

Capital development expenditure was minimal. Net cash used in investing activities during FY 2024 (under the Provisional Liquidator) was approximately US$28M, declining to approximately US$13M in FY 2025 due to care and maintenance activities.

During the provisional liquidation, limited investment in equipment maintenance and infrastructure refurbishment resulted in deterioration of key mining and processing assets. Underground mining equipment at Konkola experienced reduced availability, and the Nchanga processing circuits operated below designed capacity. The condition of the Nkana Refinery tank house and the Nchanga Smelter required substantial refurbishment upon resumption of control.

In 2023, Vedanta and ZCCM-IH resolved the shareholder dispute through a scheme of arrangement under which Vedanta committed to a revised investment program. The scheme was sanctioned by the High Court of Zambia on 28 June 2024 and became effective on 31 July 2024 (the “Scheme Effective Date”). On that date, the Provisional Liquidator was removed and Vedanta’s control and ownership of KCM was reinstated, with shareholding restored to 79.4% Vedanta (through VRHL) and 20.6% ZCCM-IH. The board was reconstituted.

Since the resumption of control, Vedanta has deployed approximately US$125M to refurbish assets across the integrated operations and restore production. Under Vedanta’s management from 31 July 2024 through 31 December 2025, KCM has achieved a production run rate of approximately 140,000 tonnes per annum of copper.

Mining and metal production from the KCM properties is summarised below. Production data prior to FY 2006 is limited due to the transition from ZCCM records. Detailed exploration history from the pre-1950s through the current period is discussed in Section 7.

Cumulative copper production from the KCM properties since commencement of operations is substantial:

Source: KCM historical operational records; first production dates corroborated by KCM corporate website (kcm.co.zm) and publicly available Zambian Copperbelt mining history sources. Cumulative extraction includes all production since commencement.

KCM integrated metal production was highest in FY 2013 at approximately 160,000 tonnes of copper. Production continued on a downward trajectory to approximately 90,000 tonnes in FY 2019, at which point provisional liquidation commenced. During the provisional liquidation period (FY 2020–FY 2024), metal production averaged approximately 55,000 tonnes per annum and reached a low of approximately 54,000 tonnes in FY 2024. Production has remained below historic levels during the restart period.

A summary of KCM’s historical production from FY 2006 to FY 2024 is shown in Figure 5.1.

Source: KCM, 2025.

Due to mining challenges during the provisional liquidation, less concentrate was delivered to the smelter, leading to the smelter operating at less than 50% capacity. This led to minimal acid production, restricting Nchanga TLP production. The smelter did not adequately utilise available concentrate in the country due to failure to pay concentrate suppliers on time.

KCM has demonstrated production capability of 160,000 tonnes per annum with all operations running optimally. The installed smelting and refining capacity is 300,000 tonnes per annum. KCM has installed capacity to produce in excess of 200,000 tonnes per annum of copper in concentrates at Konkola and 100,000 tonnes of copper cathodes from the tailings leach facility at Nchanga. With planned investment in mining and processing facilities, KCM is positioned to produce over 300,000 tonnes per annum of finished copper.

Table 5.3 summarises the principal development milestones for the KCM Integrated Operations.

Source: KCM, 2025; public sources. Nampundwe development milestones are not available in sufficient detail for inclusion.

The KCM operations are part of the Zambian Copperbelt, a major segment of the Central African Copperbelt, one of the world’s most significant sediment-hosted copper provinces, Figure 6.1. The Central African Copperbelt forms part of the Lufilian Arc, a large Neoproterozoic fold-and-thrust belt that developed due to the collision between the Congo and Kalahari cratons during the Pan-African Orogeny (~650-500 Ma). This collision shaped the arcuate Copperbelt structure, characterised by large-scale recumbent folding, thrust faulting, and shear zones, which significantly influenced copper mineralisation distribution. The Copperbelt comprises Neoproterozoic-age sedimentary sequences that were initially deposited in an ancient rift environment and later subjected to regional tectonic deformation, further impacting the structural and mineralisation framework of the region.

Source: Wendorff, M., 2011. Tectonosedimentary expressions of the evolution of the Fungurume foreland basin in the Lufilian Arc, Neoproterozoic-Lower Palaeozoic, Central Africa. Geological Society of London Special Publications, 357, 69-83. https://doi.org/10.1144/SP357.5.

The primary host rocks for copper-cobalt mineralisation belong to the Katanga Supergroup, a thick succession of marine sedimentary sequences that unconformably overlie the older Basement Complex, which consists of metamorphic and igneous rocks such as schists, gneisses, and granitic intrusions. These basement rocks form the structural foundation for the overlying stratigraphic sequences and influence local deposit geometry. The Katanga Supergroup is subdivided into several formations, with the most economically significant being the Lower Roan Subgroup, which hosts the bulk of copper mineralisation within sandstones, siltstones, and carbonate-rich rocks. The overlying Mwashia and Kundelungu Groups contain additional sedimentary sequences that play roles in fluid migration and structural modification of mineral deposits.

The geological evolution of the Central African Copperbelt is defined by key processes that influenced mineralisation:

The copper deposits of the Zambian Copperbelt are classified as sediment-hosted stratiform copper deposits, with mineralisation occurring as disseminated sulfides within shales, siltstones, and dolomitic horizons. These deposits formed through the interaction of metal-bearing hydrothermal fluids with sulfur-rich reductants, leading to the precipitation of copper sulfides (Figure 6.2). The complex structural modifications from the Lufilian Orogeny played a crucial role in shaping the distribution and quality of mineralisation zones, making structural controls a key factor in the localisation of mineralisation.

Source: Selley, D., Broughton, D., Scott, R., Hitzman, M., Bull, S., Large, R., McGoldrick, P., Croaker, M., & Pollington, N. (2005). A new look at the geology of the Zambian Copperbelt. Society of Economic Geologists, 100th Anniversary Volume, pp. 000-000.

The Katanga Supergroup is subdivided into three major stratigraphic groups that play a crucial role in copper mineralisation.

Roan Group (dominant copper host) consisting of:

Nguba Group (overlying marine sequences) composed of carbonates, black shales, and calcareous siltstones, deposited in a deeper marine setting. Acting as a regional aquitard, restricted hydrothermal fluid flow and impacting mineralisation patterns. Some zones within the Nguba Group contain secondary copper enrichment, where remobilised fluids have introduced additional mineralisation.

Kundelungu Group (late-stage overlying sequences) consisting of thick quartzites, sandstones, and glaciogenic diamictites, representing deposition in a post-orogenic setting. These units do not host significant copper mineralisation but provide structural control by acting as competent layers that influence the development of folds and thrust faults.

Figure 6.3 illustrates a simplified stratigraphic column of the Kataga Supergroup and geological units containing copper mineralisation.

Source: Wendorff, M. (2011). Tectonosedimentary expressions of the evolution of the Fungurume foreland basin in the Lufilian Arc, Neoproterozoic-Lower Palaeozoic, Central Africa. Geological Society of London Special Publications, 357, 69-83. https://doi.org/10.1144/SP357.5.

Copper deposits of the Zambian Copperbelt are sediment-hosted stratiform deposits, formed through the interplay of sedimentation, basin evolution, and hydrothermal fluid migration. During Neoproterozoic rifting, metal-bearing basinal brines circulated through permeable Roan Group sediments. Copper and cobalt were leached from basement rocks and precipitated upon reacting with sulfur-rich reductants (such as organic matter and pyrite) within the OSU. Near-surface oxidation led to the formation of oxide copper minerals (malachite, azurite, and chrysocolla). Supergene enrichment enhanced chalcocite-dominated mineralisation, improving mineralisation grades.

The Central African Copperbelt has experienced multiple deformational events. Key structural features include:

Primary mineralisation is hosted within the OSU. Regional-scale shear zones and low-angle thrust faults have influenced the redistribution of mineralisation, creating high-grade copper zones. Reactivated fault structures have remobilised copper-cobalt mineralisation, leading to the formation of secondary enrichment zones.

The geological map of the greater Konkola areas is shown in Figure 6.4. The Konkola deposit (shown in grey) is adjacent to the Kirilabombwe anticline.

Source: KCM, 2026.

Konkola Mineralisation is hosted within the Lower Roan Subgroup, see the stratigraphic column in Figure 6.5. Key geological units include:

Lower Roan Subgroup consisting of:

Source: KCM, 2026.

The Konkola deposit is classified as a sediment hosted stratiform copper deposit, formed in low-energy, reducing sedimentary environments. Mineralisation is primarily hosted within fine-grained sedimentary units, where copper sulfides precipitated under anoxic conditions. The deposit exhibits two distinct styles of mineralisation, influenced by lithological and structural controls: shale-hosted and sandstone-hosted copper mineralisation.

Shale-hosted fine grained copper mineralisation occurs within carbonaceous siltstones and shales of the OSU, forming laterally extensive, stratiform deposits. Copper deposition took place in multiple phases, beginning with primary hypogene sulfide mineralisation, followed by supergene enrichment, which enhanced mineralisation grades near the surface. Structural remobilisation further concentrated copper within fold hinges and fault intersections, creating localised high-grade zones.

In contrast, sandstone-hosted copper mineralisation is found in porous quarzitic sandstones of the FWQ, where mineralizing fluids migrated into high-permeability zones, leading to structurally controlled, localised mineralisation deposition. Although less laterally extensive than shale-hosted mineralisation, these zones often contain higher-grade copper concentrations.

The dominant economic minerals at Konkola include chalcopyrite, bornite, and chalcocite. These primary copper sulfide minerals define the economic potential of the deposit, with bornite and chalcocite typically associated with higher copper grades, while chalcopyrite remains the most widespread. Cobalt is present often occurring as the copper cobalt sulfide (CuCo₂S₄) carrollite.

The mineralogy of the KCM operation varies significantly across different mining areas, reflecting differences in host rock composition, structural complexity, hydrothermal alteration, and secondary enrichment processes.

The primary (hypogene) mineralisation at Konkola is characterised by the deposition of copper-bearing sulfide minerals within the OSU under reducing conditions during the initial formation of the deposit. This mineralisation style represents the earliest stage of copper enrichment and is largely controlled by the chemical composition of the host rock, basin-scale fluid migration, and diagenetic processes. Unlike secondary mineralisation, which results from later enrichment or oxidation, primary mineralisation is associated with the original precipitation of copper sulfides from hydrothermal fluids during the deposit’s formation.

The distribution of chalcopyrite, bornite, and pyrite varies according to temperature, fluid composition, and permeability at the time of deposition. Chalcopyrite-dominant zones represent the earliest sulfide mineralisation, forming as a stable copper-iron sulfide under moderate-temperature conditions. Bornite-rich zones indicate higher copper enrichment, often associated with hydrothermal upgrading, while pyrite-dominant areas suggest less copper availability during early diagenesis.

In addition to its layer-parallel stratiform distribution, primary mineralisation at Konkola has also been affected by later structural reworking. In some areas, copper sulfides have been remobilised along shear zones and fault intersections, locally increasing mineralisation grades. These structural features, combined with hydrothermal alteration, have influenced the spatial variability of primary mineralisation and its transition into enriched secondary mineralisation zones. Key sources of copper from primary mineralisation are summarised below:

The process of supergene enrichment enhances copper grades at Konkola by transforming primary sulfides into secondary, more copper-rich minerals. This enrichment occurs when meteoric water infiltrates the deposit, dissolving copper from upper oxidised zones and redepositing it at deeper levels where chemical conditions shift from oxidizing to reducing. This results in the conversion of chalcopyrite and bornite into higher-grade chalcocite and covellite, which has greater copper content per unit mass.

At Konkola, supergene enrichment is particularly evident in structurally favorable zones, such as areas with increased fracture permeability, shear zones, and fold hinges. These geological features provide pathways for descending copper-rich solutions and serve as natural deposition sites where secondary sulfides precipitate. As a result, supergene-enriched horizons often exhibit higher copper grades than the original primary sulfide mineralisation, making them economically significant for mining.

Secondary mineralisation, a broader term that encompasses supergene enrichment, refers to all mineral changes that occur after the initial formation of the deposit. This includes both sulfide transformations and the development of oxidised copper minerals. In the near-surface portions of the Konkola deposit, prolonged exposure to oxygen and acidic groundwater has altered sulfides into secondary copper oxides and carbonates, such as malachite, azurite, and chrysocolla.

These oxidised minerals mark the transition from the weathered surface layers down to the enriched sulfide zone.

While secondary sulfide mineralisation generally improves copper recovery through flotation due to the higher copper-to-iron ratio of minerals like chalcocite and digenite, oxide mineralisation poses different processing challenges. Copper oxides are less responsive to flotation and require acid leaching methods for effective recovery. The extent of oxidation and supergene enrichment at Konkola influences metallurgical performance, with some areas containing both highly reactive secondary sulfides and less flotation-efficient oxidised copper zones.

The structural complexity of the Konkola deposit has a significant impact on the distribution of supergene enrichment and secondary mineralisation. Fault networks and shear zones have facilitated the downward migration of copper-bearing fluids, leading to localised zones of high-grade enrichment. At the same time, impermeable lithological boundaries, such as certain carbonate-rich layers, have acted as barriers, influencing where secondary mineralisation is concentrated.