Update of information on the financing for Sierra Gorda

The Management Board of KGHM Polska Miedź S.A ("Company"), in referenceto regulatory filing no. 9/2020 dated 12 May 2020, hereby announces thaton 15 May 2020, the Supervisory Board of KGHM Polska Miedź S.A. approveda revision of a target of the Budget of KGHM Polska Miedź S.A. and theKGHM Polska Miedź S.A. Group for 2020 ("KGHM's Budget") with respect toother capital expenditures, by increasing the base amount of PLN 133million by the equivalent of USD 55 million (PLN 232 million per theexchange rate of the NBP from 15 May 2020).

The assumed increase in capital expenditures is directly related to theplan to provide owner's financing to Sierra Gorda in the amount of USD55 million.

Legal basis: Art. 17 (1) of MAR (Regulation (EU) No 596/2014 of theEuropean Parliament and of the Council of 16 April 2014 on market abuse(market abuse regulation) and repealing Directive 2003/6/EC of theEuropean Parliament and of the Council and Commission Directives2003/124/EC, 2003/125/EC and 2004/72/EC (Official Journal of theEuropean Union dated 12 June 2014, no. L 173/1)