Translation from the original Polish version. In the event of differences resulting from the translation,

reference should be made to the official Polish version.

Report on the evaluation of the separate financial statements of KGHM Polska Miedź S.A.

for the financial year ended 31 December 2023, the consolidated financial statements of

the KGHM Polska Miedź S.A. Group for the financial year ended 31 December 2023 and the

Management Board’s report on the activities of KGHM Polska Miedź S.A. and the KGHM

Polska Miedź S.A. Group in 2023, in terms of their compliance with the accounts,

documents and factual state

In accordance with art. 382 § 3 of the Commercial Partnerships and Companies Code, § 70 sec. 1

point 14 and § 71 sec. 1 point 12 of the Decree of the Minister of Finance dated 29 March 2018 on

current and periodic information published by issuers of securities and conditions for

recognising as equivalent information required by the laws of a non-member state and § 20 sec.

2 points 1) and 3) of the Statutes of KGHM Polska Miedź S.A., based on:

1. the contents of documents presented by the Management Board of KGHM Polska Miedź

S.A., that is:

a. The separate financial statements of KGHM Polska Miedź S.A. for the financial year ended

31 December 2023,

b. The consolidated financial statements of the KGHM Polska Miedź S.A. Group for the

financial year ended 31 December 2023,

c. The Management Board’s report on the activities of KGHM Polska Miedź S.A. and the

KGHM Polska Miedź S.A. Group in 2023,

2. the auditor’s report on the audit of the separate financial statements of KGHM Polska Miedź

S.A. for the financial year ended 31 December 2023,

3. the auditor’s report on the audit of the consolidated financial statements of the KGHM

Polska Miedź S.A. Group for the financial year ended 31 December 2023,

4. the additional report of the auditor for the Audit Committee of the Supervisory Board of

KGHM Polska Miedź S.A.,

5. meetings of the Supervisory Board with representatives of the auditing company, including

with the key certified auditor, and

6. recommendations of the Audit Committee of the Supervisory Board of KGHM Polska Miedź

S.A. regarding providing an opinion on the audited financial statements

On 23 April 2024, the Supervisory Board of KGHM Polska Miedź S.A. positively evaluated the

following:

a. The separate financial statements of KGHM Polska Miedź S.A. for the financial year ended

31 December 2023,

b. The consolidated financial statements of the KGHM Polska Miedź S.A. Group for the

financial year ended 31 December 2023,

c. The Management Board’s report on the activities of KGHM Polska Miedź S.A. and the

KGHM Polska Miedź S.A. Group in 2023.

Translation from the original Polish version. In the event of differences resulting from the translation,

reference should be made to the official Polish version.

The results of the evaluation with the justification are presented below.

1. Evaluation of the separate financial statements of KGHM Polska Miedź S.A. for the financial

year ended 31 December 2023

The Supervisory Board reviewed and analysed the separate financial statements of KGHM Polska

Miedź S.A. for the financial year ended 31 December 2023, comprising:

a. The separate statement of profit or loss showing a loss for the

period of

PLN 1 153 million

b. The separate statement of comprehensive income with a total

negative comprehensive income of

PLN 657 million

c. The separate statement of cash flows showing an increase in net

cash flow of

PLN 498 million

d. The separate statement of financial position showing total assets

and total equity and liabilities of

PLN 48 896 million

e. The separate statement of changes in equity showing a decrease

in equity of

PLN 857 million

f. Explanatory notes to the separate financial statements,

and reviewed the results of the audit carried out by the auditor of KGHM Polska Miedź S.A.

(PricewaterhouseCoopers Polska Spółka z ograniczoną odpowiedzialnością Audyt Sp.k.).

In accordance with the auditor’s report issued by the certified auditor, the separate financial

statements were prepared in compliance with International Financial Reporting Standards

approved by the European Union and:

a. accurately and clearly reflect the financial position and assets of the Company as at

31 December 2023 as well as its financial result and cash flow,

b. is compliant in form and content with the existing laws under which the Company

operates as well as with the Company’s Statutes, and

c. were prepared on the basis of properly-maintained accounts in compliance with

chapter 2 of the act on accounting.

Based on the aforementioned procedures and explanations, the Supervisory Board hereby

declares that the separate financial statements of KGHM Polska Miedź S.A. for the financial year

ended 31 December 2023 were prepared in all material aspects in accordance with International

Financial Reporting Standards and is compliant with the accounts and documents, as well as the

factual state.

2. Evaluation of the consolidated financial statements of the KGHM Polska Miedź S.A. Group for

the financial year ended 31 December 2023

The Supervisory Board reviewed and analysed the consolidated financial statements of the

KGHM Polska Miedź S.A. Group for the financial year ended 31 December 2023, comprising:

Translation from the original Polish version. In the event of differences resulting from the translation,

reference should be made to the official Polish version.

a. The consolidated statement of profit or loss showing a loss for the

period of

PLN 3 691 million

b. The consolidated statement of comprehensive income with a total

negative comprehensive income of

PLN 3 318 million

c. The consolidated statement of cash flows showing an increase in

net cash flow of

PLN 506 million

d. The consolidated statement of financial position showing total

assets and total equity and liabilities of

PLN 51 383 million

e. The consolidated statement of changes in equity showing

a decrease in equity of

PLN 3 516 million

f. Explanatory notes to the consolidated financial statements,

and reviewed the results of the audit carried out by the auditor of KGHM Polska Miedź S.A.

(PricewaterhouseCoopers Polska Spółka z ograniczoną odpowiedzialnością Audyt Sp.k.).

In accordance with the auditor’s report issued by the certified auditor, the consolidated financial

statements were prepared in compliance with International Financial Reporting Standards

approved by the European Union and:

a. accurately and clearly reflect the financial position and assets of the Group as at

31 December 2023 as well as its financial result and cash flow,

b. is compliant in form and content with the existing laws under which the Group operates

as well as with the Company’s Statutes, and

c. were prepared on the basis of properly-maintained accounts in compliance with chapter

2 of the act on accounting.

Based on the aforementioned procedures and explanations, the Supervisory Board hereby

declares that the consolidated financial statements of the KGHM Polska Miedź S.A. Group for the

financial year ended 31 December 2023 were prepared in all material aspects in accordance with

International Financial Reporting Standards and is compliant with the accounts and documents,

as well as the factual state.

3. Evaluation of the Management Board’s report on the activities of KGHM Polska Miedź S.A.

and the KGHM Polska Miedź S.A. Group in 2023.

The Supervisory Board evaluated the Management Board’s report on the activities of KGHM

Polska Miedź S.A. and the KGHM Polska Miedź S.A. Group in 2023 and declares that the report

was prepared in accordance with art. 49 of the act dated 29 September 1994 on accounting and

with §70 and §71 of the Decree of the Minister of Finance dated 29 March 2018 on current and

periodic information published by issuers of securities and conditions for recognising as

equivalent information required by the laws of a non-member state and is consistent with the

information contained in the separate financial statements of KGHM Polska Miedź S.A. for the

financial year ended 31 December 2023 and in the consolidated financial statements of the

KGHM Polska Miedź S.A. Group for the financial year ended 31 December 2023.

Translation from the original Polish version. In the event of differences resulting from the translation,

reference should be made to the official Polish version.

The Management Board’s report on the activities of KGHM Polska Miedź S.A. and the KGHM

Polska Miedź S.A. Group in 2023 accurately and clearly reflects the assets, economic and financial

position as well as the development of the Company and the KGHM Polska Miedź S.A. Group. The

completeness of the Management Board’s report on the activities of KGHM Polska Miedź S.A. and

the KGHM Polska Miedź S.A. Group in 2023 and the correctness of the disclosed information, was

confirmed by the certified auditor.

Furthermore, the certified auditor, in its auditor’s report, confirmed that the Company provided

in the Management Board’s report information on the statement on non-financial information, as

provided for in art. 49b sec. 9 of the Act on accounting.

Consequently, the Supervisory Board positively evaluates the Management Board’s report on the

activities of KGHM Polska Miedź S.A. and of the KGHM Polska Miedź S.A Group in 2023.

appropriate signatures on the original

Lubin, dated 23 April 2024

Chairman of the Supervisory Board

Tadeusz Kocowski