Slide 1: Q2 2022 Financial and Operating Results
FIRST QUANTUM : MINERALS } = I ca ; - —s TSX FM RESPONSIBLE GROWTH Q2 2022 Financial and Operating Results
Slide 2: Cautionary Statement on Forward-Looking Information
CAUTIONARY STATEMENT ON & FORWARD-LOOKING INFORMATION FIRST QUANTUM Certain statements and information herein, including all statements that are not historical facts, contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. The forward-look
Slide 3: Closing Remarks
Cobre Panama CLOSING REMARKS
Slide 4: Q2 2022 Highlights
Q2 2022 HIGHLIGHTS & FIRST QUANTUM MINERALS Q2 2022 Highlights > Adjusted EPS' of $0.49, down $0.21 quarter-over-quarter due to a declining copper price, inflationary pressures on costs and lower sales volumes > Total copper production of 192,668 tonnes, up 6% quarter- over-quarter due to record min
Slide 5: Copper Production and C1 Cash Costs
COPPER PRODUCTION AND C1 CASH COSTS Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Production ('000 Tonnes) C1 Cash Costs ($ per pound) 5
Slide 6: Copper Production and C1 Cash Costs
COPPER PRODUCTION AND C1 CASH COSTS Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Production ('000 Tonnes) Note: Q4 2021 C1 cash costs include a one-time ZESCO accrual reversal of ~$0.45 per pound 6
Slide 7: Copper Production and C1 Cash Costs
COPPER PRODUCTION AND C1 CASH COSTS Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Production ('000 Tonnes) C1 Cash Costs ($ per pound) 7
Slide 8: The First Quantum Financial Policy
The First Quantum Financial¹ Policy 8
Slide 9: Q2 2022 ESG Highlights
Q2 2022 ESG HIGHLIGHTS AUSTRALIA At our Ravensthorpe Nickel operation in Western Australia, inaugural graduates of our Supervisory Development Programme. This six-month programme provides candidates with leadership development supportand training. Mauritanian Copper Mines continued its support to lo
Slide 10: Financial Overview
FINANCIAL OVERVIEW Hannes Meyer, Chief Financial Officer a
Slide 11: The First Quantum Financial Policy
The First Quantum Financial Policy ¹ ² ¹ ² • • • • ² • • 11
Slide 12: The First Quantum Financial Policy
The First Quantum Financial Policy ¹ ³ ¹ ¹ ¹ ¹,² 12
Slide 13: The First Quantum Financial Policy
The First Quantum Financial Policy ¹ 13
Slide 14: The First Quantum Financial Policy
The First Quantum Financial Policy ¹ ¹ • ¹ • ¹ ¹ • ¹ 14
Slide 15: Net Debt Evolution
& NET DEBT' EVOLUTION FIRST QUANTUM MINERALS & Peak net debt' 8,000 7,615 7,658 7,545 7,500 7,000 $2.3 billion 6,751 oo . reduction since & 1 = 6,500 6,302 Q2'20 e 6,000 5,500 5,000 ai a2 a3 aa a a2 a3 aa a a2 ‘20 ‘20 ‘20 ‘20 ‘21 ‘21 ‘21 ‘21 ‘22 ‘22 Mmm Net Debt! -O-Leverage + Leverage ratio was 1.3
Slide 16: Debt Maturity Profile as at June 30, 2022
& DEBT MATURITY PROFILE AS AT JUNE 30, 2022 FIRST QUANTUM MINERALS 1,838 1,500 1,305 1,000 455 256 28 455 455 488 228 2022 2023 2024 2025 2026 2027 § Trident (previously KML) Senior Notes Term Loan Funding available up to $1.3 billion in Revolving Credit Facility expiring 2025, with $700 million dra
Slide 17: Closing Remarks
Cobre Panama CLOSING REMARKS
Slide 18: Outlook for 2022 and Beyond
& OUTLOOK FOR 2022 AND BEYOND FIRST QUANTUM MINERALS > The Path Forward - focus on debt reduction and brownfield projects >> 1. Capital Allocation >> 2. Brownfield >> 3. Greenfield > Debt Reduction > Cobre Panama Ramp-up > Cautious and disciplined * On track for CP100 by end of 2023 approach to gree
Slide 19: CP100 Expansion
CP100 EXPANSION FIRST QUANTUM MINERALS Expansion to 100 Mtpa Process water upgrades Additional ball mill (Ball Mill 6) New primary screening facility and new bypass feeder Commissioning of eight additional ultra-class haul trucks completed in H1 2022; will support an additional rope shovel expected
Slide 20: S3 Expansion
S3 EXPANSION & FIRST QUANTUM MINERALS > Expansion of existing sulphide processing facilities to 53 Mtpa (from 25 Mtpa) * Additional concentrator capacity * An additional SAG and ball mill * Construction of overland conveyor * Flowsheet based on existing copper sulphide ore treatment circuits > Recei
Slide 21: Enterprise
ENTERPRISE & FIRST QUANTUM MINERALS > 4 Mtpa processing circuit was mainly constructed in 2014 as part of Sentinel > Received Board approval in May 2022; capital expenditure of $100 million > Ground breaking ceremony held on July 26 attended by the President of Zambia > Mining contractor has been mo
Slide 22: Las Cruces Underground Project
& LAS CRUCES UNDERGROUND PROJECT FIRST QUANTUM MINERALS > Benefits from existing team, workforce and infrastructure > Indicative details (not included in 3-year guidance) — * 3-4 year development * Mine life >15 years * Annual production ~45 kt CuEq > Environmental permits received in 2020; mine exp
Slide 23: • • • • • • • • • • • • • •
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Slide 24: Upcoming Events in 2022
UPCOMING EVENTS IN 2022 riRSTOUANTUM MINERALS 7) February 15,2022 > Q4/21 FINANCIAL AND OPERATING RESULTS (Conference call February 16, 2022) a) April 26,2022 > Q1/22 FINANCIAL AND OPERATING RESULTS (Conference call April 27, 2022) a) May 5, 2022 >» ANNUAL GENERAL MEETING (Virtual) a) July 26, 2022
Slide 25: Appendix
Cobre Panama Appendix
Slide 26: Quarterly Net Debt Movement
QUARTERLY NET DEBT MOVEMENT Opening Net debit! at March 31, 2022/ December 31, 2021 ($ million) EBITDA’ Quarterly movement (5,815) 906 FIRST QUANTUM MINERALS Year-to-date movement (6,053) 2,086 Working capital? 250 (27) Capital expenditure (275) (554) Interest paid? (84) (241) Taxes paid (224) (432)
Slide 27: Three-Year Guidance
THREE-YEAR GUIDANCE & FIRST QUANTUM MINERALS PRODUCTION GUIDANCE Cobre Panama 330-360 Kansanshi 175-195 Sentinel 250-265 Other 35 Copper production (K tonnes) 790-855 Cobre Panama 135-150 Kansanshi 120-130 Other 30 Gold production (K ounces) 285-310 Ravensthorpe 25-30 Enterprise - Nickel production
Slide 28: Three-Year Guidance
& THREE-YEAR GUIDANCE FIRST QUANTUM MINERALS Production > Cobre Panama: Includes the CP100 Expansion; production to ramp-up and exit 2023 at 100 Mtpa > Kansanshi: Limited S3 production in 2024 (S3 production to ramp up in 2025) > Enterprise: First nickel production in 2023 C1! and AISC! Cost Guidanc
Slide 29: Guidance
The First Quantum Financial Policy Guidance 29
Slide 30: Precious Metal Stream Arrangement
& PRECIOUS METAL STREAM ARRANGEMENT FIRST QUANTUM MINERALS Cobre Panama gold and silver revenues consist of revenues derived from the sale of metals produced by the mine, as well as revenues recognized from the amortization of the precious metal stream arrangement Stream gold and silver revenues are
Slide 31: The First Quantum Financial Policy
The First Quantum Financial Policy ² ¹ 31
Slide 32: The First Quantum Financial Policy
The First Quantum Financial Policy 32
Slide 33: The First Quantum Financial Policy
The First Quantum Financial Policy ¹ 33
Slide 34: Cobre Panama (Including CP100 Expansion)
& COBRE PANAMA (INCLUDING CP100 EXPANSION) FIRST QUANTUM MINERALS & Ownership & Mine Type @ Processing Rate 90% First Quantum Colon Province, Panama Open Pit 85 Mtpa Sulphide circuit 10% KOMIR 25km from coast where Cu-Au-Ag-Mo Porphyry CP100 Expansion to 100 wholly owned power plant Mtpa (by end of
Slide 35: Kansanshi (Including S3 Expansion)
@ KANSANSHI (INCLUDING S3 EXPANSION) FIRST QUANTUM & Ownership & Mine Type & Processing Rate KANSANSHI & Production @ — C1Cash Cost? Production Guidance 2019A: 232kt Cu, 145koz Au 2019A: $1.13/Ib Cu 2022E: 175-195kt Cu, 2020A: 221kt Cu, 128k0z Au -—-2020A: $1.09/Ib Cu Tae ae 2021A: 202kt Cu, 128koz
Slide 36: Sentinel (Including Enterprise)
& SENTINEL (INCLUDING ENTERPRISE) FIRST QUANTUM MINERALS © Ownership Mast Processing Roto 100% First Quantum Kalumbila, Zambia Open Pit Sentinel: 62 Mtpa Sulphide circuit [Kansanshi 150 km west of Kansanshi Sentinel: primary sulphide copper Enterprise 4 Mtpa sulphide cae circuit Enterprise: hydrothe
Slide 37: K Tonnes (Cu, Mo) or Ounces (Au)
Copper (ktpa) Gold (kozpa) Molybdenum (ktpa) 300 K Tonnes (Cu, Mo) or Ounces (Au) 250 200 150 100 50 0 -3 -2 -1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 Year of Operations 37
Slide 38: Haquira Overview
HAQUIRA OVERVIEW FIRST QUANTUM Large scale porphyry copper project in Apurimac, Southern Peru Acquired in December 2010 M&l resource of 3.7 million tonnes of contained copper equivalent plus an inferred resource of 2.4 million tonnes of copper equivalent 569 million tonnes at 0.56 % Cu M&l and 406 m
Slide 39: ESG at a Glance
FIRST QUANTUM MINERALS ESG AT A GLANCE 4 4.4 MILLION TCO,e SCOPE 1&2 EMISSIONS 0 S 73% WATER REUSE 6% INCREASE ON 2020 00.5% OPERATIONS IN HIGH WATER STRESS AREAS WATER USE PER TON ORE MILLED o5% s® 94% WORKFORCE NATIONALS $2. BILLION+ SPENT WITH NATIONAL $31 MILLION ‘CSR SPEND v CARBON PRICE FOR NE
Slide 40: TSX FM
FIRST QUANTUM MINERALS