Katanga Mining Ltd. (fka KATFF)

[JohnCM]

DESCRIPTION OF BUSINESS

Katanga Mining Limited (“Katanga” or the “Company”) is a limited company whose common shares are
listed on the Toronto Stock Exchange under the symbol “KAT”. The Company’s registered office address
is Suite 300, 204 Black Street, Whitehorse, Yukon, Canada Y1A 2M9.

Katanga's ultimate parent company
is Glencore plc (“Glencore”) which owns 86.3% of Katanga's shares through its wholly-owned subsidiary
Glencore International AG.

Weighted average number of common shares
outstanding:
Basic 1,907,380,413
Diluted 1,908,163,407

Katanga, through its 75% owned subsidiary Kamoto Copper Company SA (“KCC”), is engaged in copper
and cobalt mining and related activities in the Democratic Republic of Congo (“DRC”). KCC is engaged in
the exploration, mining, refurbishment, rehabilitation, development and operation of the Kamoto /
Mashamba East mining complex (including “KTO Underground Mine” or “KTO”, “KTE Underground Mine”
and “Etang South Underground Mine”), the Kamoto Oliveira Virgule copper and cobalt mine (“KOV Open
Pit” or “KOV”), the T17 Mine consisting of “T17 Open Pit” and “T17 Underground Mine”, various oxide open
pit resources, the Kamoto Concentrator (“KTC”) and the Luilu Metallurgical Plant (“Luilu”) (collectively, the
“Project”), in the DRC. On September 11, 2015, the Company announced the decision to suspend the
processing of copper and cobalt during the construction phase of the Whole Ore Leach Project (“WOL
Project”). The suspension continued through most of 2017 with copper production resuming on December
11, 2017. Cobalt production resumed on March 7, 2018. The WOL Project includes the construction of
optimized copper and cobalt circuits to sustainably produce 300,000 tpa of copper cathode and 40,000 tpa
of cobalt contained in hydroxide over life-of-mine (as described in the Company’s technical report filed on
System for Electronic Document Analysis (“SEDAR”) on March 31, 2018). This is achieved by adding
additional leach capacity at Luilu in order to leach run-of-mine oxide ore directly rather than concentrating
the oxide ore at KTC. This is expected to result in improved oxide recoveries, thereby reducing the unit cost
of production.