© 2008 Katanga Mining Limited Trading symbol: KAT.TO

Project Update & 1Q Financials | May 14, 2008

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This management presentation contains “forward-looking statements”, within the meaning of the United States Private Securities Litigation Reform Act of 1995 and similar Canadian legislation, concerning the business, operations and financial performance and condition of Katanga. Forward-looking statements include, but are not limited to, statements with respect to anticipated developments in Katanga’s operations in future periods; planned exploration activities; the adequacy of Katanga’s financial resources and other events or conditions that may occur in the future; estimated production and synergies; the ability of Katanga to become a significant low cost copper/cobalt company; the ability of Katanga to continue to create value for its shareholders; the ability of Katanga to meet expected financing requirements; the future price of copper and cobalt; the estimation of mineral reserves and resources; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; capital expenditures; permitting time lines and permitting, mining or processing issues; currency exchange rate fluctuations; government regulation of mining operations; information concerning the interpretation of drill results; success of exploration activities; environmental risks; unanticipated reclamation expenses; title disputes or claims; and limitations on insurance coverage. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”. Forward looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Katanga to be materially different from those expressed or implied by such forward-looking statements, including but not limited to risks related to: unexpected events during construction, expansion and start-up; variations in ore grade, tonnes mined; delay or failure to receive board or government approvals; timing and availability of external financing on acceptable terms; risks related to international operations; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of copper and cobalt; possible variations in ore reserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; political unrest and insurrection; acts of terrorism; accidents, labour disputes and other risks of the mining industry; delays in the completion of development or construction activities, as well as those factors discussed in or referred to in the current annual Management’s Discussion and Analysis and current Annual Information Form of Katanga filed with the securities regulatory authorities in Canada and available at www.sedar.com. Although management of Katanga has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Katanga does not undertakes to update any forward-looking statements that are incorporated herein, except in accordance with applicable securities laws.

Cautionary and Forward-Looking Statements

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1Q OperationsArt Ditto, President & CEO

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From Mine to Metal

Underground Mining

Cobalt metal

Milling

Flotation

Open Pit Mining

Copper cathode

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1Q 2008 Production and Sales

Copper Cathode

0200400600800

1,0001,2001,4001,600

Jan Feb Mar

Tonn

es Production Sales

Concentrate

01,0002,0003,0004,0005,0006,0007,0008,000

Jan Feb Mar

Tonn

es

Production Sales

Extensive maintenance undertaken throughout the Kolwezi Concentrator plant during first quarter

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Open Pit Mining

T17Total ore mined consistently exceeding plan

Copper grades improving

High grade cobalt ore stockpiled to process through cobalt circuit at Luilu

TilwezembeWaste stripping continued through first quarter and April

Ore mining and ore haulage to KZC resumed in April

0.70%

2.52%

33,624

Copper ore

0.71%Cu grade

0.90%Co grade

61,431Ore mined (mt)

Cobalt ore1Q 2008

1.30%Cu grade

1.39%Co grade

50,718Ore mined (mt)

1Q 2008

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Kamoto Underground Mining

April ore development exceeded forecast

Exhaust ventilation capacity doubled during the quarter

Dewatering and servicing of areas 8 and 9 doubled areas available for mining starting in May

Improved setup and organization of working faces yielding improved productivity

752Development meters

0.37%Co grade

4.08%Cu grade

117,948Ore hoisted (mt)

1Q 2008

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Concentrators

Kamoto (KTC) ConcentratorNo material issues at current rate of operation

Metallurgist hired to improve quality control and help to refine performance

Kolwezi (KZC) ConcentratorExtensive maintenance undertaken throughout the plant during first quarter

Crushing to stockpile resumed March 12 and concentrator resumed operation April 9

Expected 4,500t/month of concentrate production for remainder of 2008

Sulphide

KZCKTC

3.79%

40.0%

13,147

7.03%

11.5%

3,009

Oxide

1Q 2008

1.81%Concentrate Co grade

17.1%Concentrate Cu grade

10,639Concentrate (DMT)

Oxide

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Luilu Metallurgical Plant

Copper cathode production increased each month during the first quarter and April

Copper production bottlenecks being removed

Copper residue belt filter complete and commissioning at end of April

Cobalt electrowinning started April 28 with first cathode harvested May 3

Process Director hired and arrived at start of May

3,946Cu Cathode (mt)

1Q 2008

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2008 Expected Quarterly Production

12,670

10,520

6,200

4,115

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

Q1 Q2 Q3 Q4

Tonn

es C

oppe

r

Payable Copper in ConcentrateCopper Cathode

1,1101,000

660

135

0

200

400

600

800

1,000

1,200

Q1 Q2 Q3 Q4

Tonn

es C

obal

t

Payable Cobalt in ConcentrateCobalt Metal

Cobalt metal production commenced May 2008

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1Q FinancialsSteve Jones, CFO

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Balance Sheet – March 31, 2008

Actual ActualAs of As of

31-Mar-08 31-Dec-07$m $m

AssetsCash 463.4 100.7Other current assets 148.7 27.8Total current assets 612.1 128.5

Property, plant and equipment 2,428.7 298.3Other assets 3.1 22.0Total assets 3,043.9 448.8

LiabilitiesCurrent liabilities 110.2 67.1Long term debt 266.4 267.5Other long term liabilities 554.5 0.0Total shareholders' equity 2,112.8 114.2 Total liabilities and shareholders' equity 3,043.9 448.8

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Summary Financial Table

2008 2007$000 $000

Revenues 90,156 0Operating loss (14,796) (3,858)Net loss (17,396) (5,435)Loss per share ($ per share) (0.10) (0.07)

Average Common Shares Outstanding 179,123 78,038

First Quarter

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2008 Expected Production

2.8 million

6.5 millionPayable copper (pounds)

Payable cobalt (pounds)

43,500KZC Cobalt Concentrate (tonnes)

133,000KTC Copper Concentrate (tonnes) – feed to Luilu

73.5 millionTotal Payable copper (pounds)

6.4 millionTotal Payable cobalt (pounds)

3.6 millionCobalt metal (pounds)

67 millionCopper cathode (pounds)

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2008 Expected Production Costs

$(1.73)$(2.31)$(2.88)

Credit (US$/lb)

$0.42$(0.16)$(0.73)

Net Cost (US$/lb)

@ $30

Copper Cathode Operating Cost AnalysisCobalt (US$/lb)

@ $50@ $40

$2,015KZC Cobalt Concentrate total costs (US$/tonne)

$(1.73)Cobalt credit (US$/lb)$0.42Operating costs after Cobalt credit (US$/lb)

$2.15Operating costs before Cobalt credit (US$/lb)Copper Cathode Production Costs

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Project Finance Facility

Financial scope to be determined after feasibility study

Future needs offset by:– Current cash flow from production

– Metal prices remaining strong

Facility currently under discussion: up to $550 million

Close expected by 2008 year-end

First draw planned in 1H 2009

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Project Update Art Ditto, President & CEO

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Kamoto Phase II Rehabilitation Program

Scope essentially unchanged from Feasibility Study

$136 million capex budget based on advanced engineering of the Roaster,

known costs from Phase I and escalation factors

Kamoto U/G – expand production fleet to allow for 120ktpm production &

continue upgrade of facilities

Kamoto Concentrator – 3rd Cascade Mill, 58 float cells, three additional

delivery lines to Luilu

Luilu – new roaster, 14 tanks, 54 electro-winning cells

Mashamba East – dewatering deferred

Tailings Structures – two additional ponds at Luilu

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KOV Dewatering Plan

1275

Lining a Decant Pond

Silt Dam

Pumping starts fourth quarter 2008

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Feasibility Study

Scheduled for completion by end September 2008

Mineral resource evaluations to be updated to comply with NI 43-101

Project capital and operating costs to be updated

Assessment of the environmental issues related to the combined operations

sufficient to complete a revised EIS/EMPP

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SX/EW module 2

Leach tanks

Roaster

High voltage yard

Acid plant

Cobalt area

Existing Luilu Refinery

New SX/EW Refinery

More than doubles production capacity

Higher grade refined metal produced

Increased Cu & Co recoveries

Phased modular approach

SX/EW module 1

1 Module ~ 80ktpa Cu

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Key Project Milestones*

*Based on scoping study. Feasibility study will finalize schedule.1. Current estimate of accelerated capex schedule for Kamoto project.

Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1

2008 2009 2010Task 2011

Kamoto phase II 1

Kamoto phase III 1

Kamoto phase IV 1

Feasibility Study

Module 1 SX/EW Construction

Mining of KOV Begins

Acid Plant Construction

New Cobalt Plant Construction

Module 2 SX/EW Construction

Est. Capex $136 m

Est. Capex $124 m

Est. Capex $64 m

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Phased Production Growth

0

50

100

150

200

250

300

350

2008 2009 2010 2011

Tonn

es C

oppe

r ('0

00s) Copper - new refinery

Copper - refurbished plant

New feasibility study and mine plan completed by end Sept ’08 will redefinethe production profile

0

5

10

15

20

25

30

35

2008 2009 2010 2011

Tonn

es C

obal

t ('0

00s) Cobalt - new refinery

Cobalt - refurbished plant

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External Challenges: Power

Short term

Unaffected by recent load shedding on 220kV network

Our installations are fed from 120kV substation

SNEL guaranteed 82MW by June 2008 – sufficient power until end 2009

Long term

Private sector refurbishment of Inga II will add 850 MW by 2011

Plans to secure financing to refurbish Zongo, Koni and Mwadingusha

Working closely with SNEL on future needs – 2011 requirement approx. 300MW

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Mining Lease & Contract Review

Process currently underway:

Transfer of Dikuluwe & Mashamba West deposits

Two concessions combined & assigned to one Joint Venture

Mining Lease to be held directly by Joint Venture

Completion of Mining Contract Review

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Goals for 2008

Strengthen management team

Complete Kamoto Phase II construction

Ramp up production of refined copper cathode and cobalt metal

Start mining at KOV

Complete feasibility study by end of Q3

Consolidate Joint Ventures & complete contract review process

Preparation for LSE listing in 2009

Generate earnings and positive cash flow from operations

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Q & A

Call available for replay until midnight on May 20 at:

1 866 883 4489 (Canada Free Call)

0800 559 3271 (UK Free Call)

+44 (0)20 7806 1970 (Standard International) using ID 6646370.

Webcast archived at: http://services.choruscall.eu/links/katanga080514.html

Conference Call Replay Details

Tel: +44 20 7440 5800Fax: +44 20 7440 5801Email: info@katangamining.comWebsite: www.katangamining.com

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