Lloyds Metals & Energy Limited has achieved a significant operational milestone by commencing commercial production of copper cathodes from its 12,000 tonnes per annum copper processing plant located in the Katanga Copper Belt in the Democratic Republic of Congo. This development marks the company's strategic entry into the global copper value chain, positioning it to capitalize on the growing demand for copper driven by electrification, renewable energy infrastructure, and electric mobility.

Operational Infrastructure and Assets

The company holds a 50% interest in a comprehensive copper mining and processing platform in the DRC, which provides a solid foundation for its copper operations.

The project combines ready infrastructure, high-grade resources, and operational expertise, enabling disciplined scale-up of production. The facility utilizes solvent extraction-electrowinning (SX-EW) technology, which is particularly well-suited for processing the high-grade oxide copper ore deposits available at the site.

Production Outlook and Ramp-Up Strategy

The company has outlined a clear production ramp-up strategy as mining operations and ore supply stabilize. The progressive scaling approach reflects a disciplined operational methodology.

The medium-term expansion pathway towards 30,000 tonnes per annum will be supported by increasing captive ore supply from the mining licences, positioning the company as one of the few Indian integrated copper companies with significant international operations.

Strategic Significance

The commencement of copper cathode production represents a key milestone in Lloyds Metals & Energy's strategy to diversify its metals portfolio and build a scalable presence in critical minerals. The DRC platform provides several strategic advantages:

• Established mining licenses providing long-term resource security
• Ready processing infrastructure reducing time-to-market
• Clear expansion roadmap supporting future growth
• Access to high-grade oxide copper ore deposits
• Strategic positioning in the Katanga Copper Belt

This development positions the company to participate in the anticipated long-term growth in global copper demand, particularly driven by the global transition towards electrification and renewable energy infrastructure. The successful production of the first copper cathodes confirms the operational readiness of the plant and marks the beginning of commercial operations for this strategic initiative.

Lloyds Metals and Energy Limited announced the completion of a significant warrant conversion exercise and strategic investment approval during its board meeting held on March 13, 2026. The company allotted 1,76,20,550 equity shares to 47 non-promoter investors through convertible warrant conversion, raising Rs. 8,47,54,84,550.

Major Warrant Conversion Exercise

The board approved the allotment of equity shares following the conversion of convertible warrants originally issued through preferential allotment. The warrants were exercised at a conversion price of Rs. 481.00 per share, with the total issue price being Rs. 740.00 per share including a premium of Rs. 739.00.

Top Investor Allocations

The warrant conversion attracted substantial participation from institutional and individual investors, with Goodday Enterprises LLP leading the allocation with 27,00,000 shares.

Strategic International Investment Approval

The board simultaneously approved a strategic international investment proposal for Lloyds Global Resources FZCO, the company's wholly owned subsidiary, to acquire up to 49% equity stake in Virtus Lloyds Minerals Holding, a Cayman Islands entity.

Impact on Share Capital Structure

The warrant conversion significantly expanded the company's equity base, with the issued and paid-up share capital increasing substantially. All newly allotted equity shares rank pari passu with existing equity shares in terms of dividend rights and voting rights.

The target entity Virtus Lloyds Minerals Holding was incorporated on February 24, 2026, and will function as an investment company for acquiring and developing mining licenses while undertaking related CSR activities in the copper and cobalt mining sector.