Company Results for Q1 2013

May 22, 2013

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for mineral resources, future production, sales, cash flow, business and financial prospects, production growth profile, mine lives, costs, capital cost expenditures, plans, objectives and expectations, including with respect to future projects, progress in the development of the projects, demand and market outlook for commodities, future commodity prices, and other statements that are not historical facts. When used in this document, the words such as "could," "plan," "estimate," "expect," "intend," "may," "potential," "should," and similar expressions are forward-looking statements. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements.

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All figures are in US$ unless otherwise stated or unless the context requires otherwise.

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KGHM International Q1 2013 Results Highlights

• Operations: • Cu production:

• Q1 2013 vs. Q1 2012 increased to 65Mlbs (30kt) from 55Mlbs (25kt) • Cu sold:

• Q1 2013 vs. Q1 2012 decreased to 50Mlbs (23kt) from 55Mlbs (25kt) • C1 cost:

• Q1 2013 vs. Q1 2012 decreased to $1.99/lb from $2.38/lb • Financial highlights:

• Adjusted EBITDA: • Q1 2013 vs. Q1 2012 no change at $80M

• Growth pipeline: • Sierra Gorda highlights:

• 41% complete & On track for start up in 2014 • Updated capital cost

• Victoria: Continuing engineering and First Nations consultation

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Financial Results for KGHM International (US$M)

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• Adjusted EBITDA is a non-IFRS measures which is calculated as income from mining operations plus amortization, depreciation and depletion, inventory write down and stock-based compensation, minus general and administrative and exploration and evaluation costs. Management believes that these measures provide investors with ability to better evaluate underlying performance.

• Net revenues in Q1 2013 decreased 13% to $272M compared to Q1 2012.

• Copper production Q1 2013 up 18% to 65Mlbs .

• Copper sales lower at 50Mlbs vs 55Mlbs in Q1 2012 due to inventory timing.

• Net earnings affected by one-off $26M investment write-down

312

80

33

272

80

15

Revenue Adjusted EBITDA Net Earnings

Q1 2012 Q1 2013

KGHMI’s Positive Production & Adjusted EBITDA

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Main Operations as Percentage of Adjusted EBITDA

Robinson

Morrison

Other

DMC

Adjusted EBITDA (US$M)

80 80

Q1 2012 Q1 2013

Higher production of copper and TPM in Q1 2013

Copper production k tonnes

Nickel production k tonnes

TPM (Total Precious Metals) k ozs

2012 Copper equivalent amounts are based on previously announced LOM commodity prices: Cu at $2.75/lb, Ni at $8/lb, Pt at $1600/oz, Pd at US$500/oz, Au at $1000/oz and Mo at $12/lb and excludes the impact of the Franco Nevada Agreement.

Total copper equivalent production in Q1 2013 increased to 38k tonnes* (83Mlbs) compared to 33k tonnes (72Mlbs) in Q1 2012

Highest production growth in Q1 2013 was recorded in Robinson (+51%) Continuous improvement in mill operating practices at Robinson mine have boosted production

rates, especially by increasing copper recovery rates and increase in mill throughput.

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+27% +18% -29%

25.1

29.5

Q1 2012 Q1 2013

1.4

1.0

Q1 2012 Q1 2013

22.3

28.3

Q1 2012 Q1 2013

C1 unit cash cost decreased due to higher production with similar costs

Unit cash cost C1 – US$/lb

Higher production volumes at Robinson has a positive impact on overall unit cash cost in Q1 2013. Robinson achieved $1.47/lb unit cost in Q1 2013 compared to $2.75/lb in Q1 2012 due to

exceptional performance at the mill. Better TPM credits offset lower Nickel credits

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2.38

1.99

Q1 2012 Q1 2013

Key KGHM International Operations

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Robinson

Morrison

• Cu production 51% higher vs. Q1 2012 - higher recoveries and increased milling rates

• C1 cost significantly lower than Q1 2012 at $1.47/lb Cu

• The remainder of 2013 production will be transitioning to include the Kimbley and Liberty pits

• Improvement initiatives continue around the mill performance

• Increased haulage fleet to allow for accelerated stripping

Outlook • Production 30% lower vs. Q1 2012 -

decreased volumes due to substantial remedial work at the Craig Shaft and lower grades

• Lateral development continued

• C1 cost higher on lower production volumes and lower by product revenues

• Higher production volumes are expected as remediation work is completed in May 2013

• Diamond drilling on the lower portion of the Morrison orebody has re-commenced in Q2 2013

Outlook

Sierra Gorda project

• Detailed engineering phase largely complete and the majority of the major procurement moved into the main construction phase

• Overall progress as of March at 41%

• ~1/4 of the Plant Construction complete

• Construction of the seawater pipeline and tailing storage facility began

• DCE completed with a revised initial CAPEX of $3.9B, of which $3.1B has been committed

NAJWAŻNIEJSZE OSIĄGNIĘCIA W 2012 ROKU SIERRA GORDA

Mine under construction, processing plant construction and pre-stripping, construction completion 41%.

Status

Open pit Mine

55% KGHM International, 45% SMM and SC Ownership

~ 1,3 bn t @ 0,42% Cu, 0,0025% Mo Reserves

Q1 2013 KEY ACCOMPLISHMENTS

Cu Au Mo

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