China Nonferrous Mining : INSIDE INFORMATION - PRODUCTION AND OPERATION REPORT FOR THE THREE MONTHS ENDED 31 MARCH 2021

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China Nonferrous Mining Corporation Limited

中 國 有 色 礦 業 有 限 公 司

(Incorporated in Hong Kong with limited liability under the Companies Ordinance)

(Stock Code: 01258)

INSIDE INFORMATION

PRODUCTION AND OPERATION REPORT FOR THE THREE

MONTHS ENDED 31 MARCH 2021

This announcement is made pursuant to Rule 13.09(2)(a) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and the Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

This announcement sets out the production and operation report of China Nonferrous Mining Corporation Limited (the "Company", together with its subsidiaries, collectively the "Group") for the three months ended 31 March 2021. The report has not been reviewed or audited by the independent auditor of the Company.

OPERATING RESULTS

For the three months ended 31 March 2021, the Group:

• produced a total of approximately 29,573 tonnes of copper cathodes, representing an increase of approximately 11% year-on-year;
• produced a total of approximately 93,795 tonnes of blister copper and copper anodes (including approximately 8,182 tonnes of blister copper and copper anodes produced through the provision of copper products processing services*), representing an increase of approximately 97% year-on-year;
• produced a total of approximately 264,738 tonnes of sulphuric acid, representing an increase of approximately 69% year-on-year;

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• produced a total of approximately 61 tonnes of cobalt contained in cobalt hydroxides, representing an increase of approximately 43% year-on-year;
• produced a total of approximately 4,038 tonnes of liquid sulphur dioxide (no liquid sulphur dioxide produced in the same period last year).
• • The copper products processing services refer to the processing and production of copper products by the Group's smelters as entrusted by the external enterprises and the Group receives processing fees from these enterprises.

For the three months ended 31 March 2021, it is expected that the Group realized a revenue amounting to approximately US$1,050 million, representing an increase of approximately 168% year-on-year, and realized a profit attributable to owners of the Company amounting to approximately US$79 million, representing an increase of approximately 483% year-on-year.

PRODUCTION OVERVIEW

NFCA

NFCA mainly operates three mines, namely the Chambishi Main Mine, Chambishi West Mine and Chambishi Southeast Mine, as well as their ancillary processing plants.

For the three months ended 31 March 2021, the copper anodes produced by NFCA amounted to approximately 15,927 tonnes (among which, the copper anodes produced by the Chambishi Southeast Mine project amounted to approximately 8,814 tonnes).

Luanshya

Luanshya operates three copper mines under production, namely Baluba Center Mine, Muliashi North Mine, Baluba East Mine, and also operates Muliashi Leach Plant.

For the three months ended 31 March 2021, the blister copper produced by Luanshya amounted to approximately 2,995 tonnes, and the copper cathodes produced by Luanshya amounted to approximately 11,173 tonnes.

CCS

CCS mainly operates the Chambishi Smelting Plant.

For the three months ended 31 March 2021, CCS produced approximately 65,685 tonnes of blister copper and copper anodes (among which, approximately 20,450 tonnes of copper products were processed for the Group's internal enterprises and external enterprises); and produced 189,280 tonnes of sulphuric acid.

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SML

SML mainly operates Mwambashi Mine and the Chambishi Leach Plant.

For the three months ended 31 March 2021, SML produced approximately 1,528 tonnes of blister copper and approximately 2,142 tonnes of copper cathodes.

CNMC Huachin Mabende

For the three months ended 31 March 2021, CNMC Huachin Mabende produced approximately 9,238 tonnes of copper cathodes.

Huachin Leach

For the three months ended 31 March 2021, Huachin Leach produced approximately 7,020 tonnes of copper cathodes and approximately 61 tonnes of cobalt contained in cobaltous hydroxide.

Lualaba Copper Smelter

Lualaba Copper Smelter mainly operates the Lualaba Smelting Plant.

For the three months ended 31 March 2021, Lualaba Copper Smelter produced approximately 28,110 tonnes of blister copper (among which, approximately 8,182 tonnes of blister copper were processed for the Group's internal enterprises and external enterprises); and produced approximately 75,458 tonnes of sulphuric acid and approximately 4,038 tonnes of liquid sulphur dioxide.

PROJECTS UNDER PROGRESS

Kambove Mining

The Integrated Exploration and Construction Project of Kambove Mining

The Kambove Main Mine project has a planned annual processing capacity of 990,000 tonnes of oxidized ore, 500,000 tonnes of tailings, and has a planned annual production capacity of 28,000 tonnes of copper cathode, 978 tonnes of blister cobaltous hydroxide with an estimated investment of US$238 million in total and a tentative construction period of 21 months. The construction of the project commenced in January 2020. As at 31 March 2021, the accumulative investment completed was US$120 million.

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PRODUCTION AND OPERATION OUTLOOK FOR 2021

In 2021, the Group is expected to produce approximately 120,000 tonnes of copper cathodes (including copper cathodes produced during the provision of copper products processing services), approximately 370,000 tonnes of blister copper and copper anodes (including blister copper and copper anodes produced during the provision of copper products processing services), 1,000,000 tonnes of sulphuric acid, 240 tonnes of cobalt hydroxides, and 31,000 tonnes of liquid sulphur dioxide.

The Group will continue to be committed to optimizing its operations of various mines and smelters, and will spare no effort to achieve the designed capacity and production standard in Chambishi Southeast Mine project and Lualaba Smelting Plant. The Group will endeavor to ensure the timely commencement of operation of Kambove Main Mine project as scheduled.

Exploration and development of resources is a core strategy of the Group. To achieve growth, the Group will continue to work with China Nonferrous Metal Mining (Group) Co., Ltd* and other interested parties to identify potential international mining acquisition and merger opportunities abroad.

The Group's operation was not materially affected by the outbreak of COVID-19 pandemic. The Group will pay close attention to employees' health condition and the security of supply chain, so as to respond to the potential impacts that may occur.

CAUTION STATEMENT

The board of directors (the "Board") of the Company hereby reminds investors that the above report on production and operation for the three months ended 31 March 2021 has been prepared based on the Group's internal figures and management accounts which were not reviewed or audited by auditors. Investors are advised to exercise caution in dealing in the shares of the Company.

Words such as "may", "could", "will", "expect", "intend", "estimate", "anticipate", "believe", "plan", "seek", "continue" or similar expressions in this announcement are forward-looking statements. These forward-looking statements are not guarantees of future performance. Rather, they are based on current views and assumptions and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Group and are difficult to predict, that will or may cause actual results to differ materially from any future results or developments expressed or implied in the forward-looking statements. Such risks and uncertainties include the effects of volatility in domestic and international financial markets and macro-economics, economic conditions in individual markets in which the Group operates, and other factors affecting the level of Group's business activities and costs and availability of financing for Group's activities.

• Translation of English terms for reference purposes only

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Any forward-looking statements contained in this announcement should not be taken as a representation that such trends or activities will continue in the future. No statement in this announcement is intended to be a profit forecast or to imply that the earnings of the Group as at the date of this announcement or in future will necessarily match or exceed the historical or published earnings of the Group. Each forward-looking statement speaks only as of the date of the particular statement. The Group expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Group's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

By Order of the Board

China Nonferrous Mining Corporation Limited

Dayong YANG and Man Yi WONG

Joint Company Secretaries

11 April 2021

As at the date of this announcement, the Board comprises Mr. Jinjun ZHANG, Mr. Xiaowei WANG and Mr. Chunlai WANG as executive Directors; and Mr. Chuanyao SUN, Mr. Jingwei LIU and Mr. Huanfei GUAN as independent non-executive Directors.

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