First Quantum Minerals Ltd. · TSX:FM

First Quantum Minerals — Q2 2015 Earnings Presentation

26 slides from First Quantum Minerals's earnings presentation, Jul 30, 2015

1. Slide 1: Second Quarter 2015 Conference Call & Webcast

   SECOND QUARTER 2015 CONFERENCE CALL & WEBCAST JULY 30, 2015 TSX: FM; LSE: FQM

2. Slide 2: Cautionary Note Regarding Forward-Looking Statement

   CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENT  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 looking statements

3. Slide 3: Kansanshi Copper Smelter

   KANSANSHI COPPER SMELTER FIRST QUANTUM MINERALS ETD 3

4. Slide 4: Kansanshi Copper Smelter

   KANSANSHI COPPER SMELTER FIRST QUANTUM MINERALS LTD. 4

5. Slide 5: Kansanshi Copper Smelter

   KANSANSHI COPPER SMELTER j BAB cs eo ea ae pa DT me, = 1 - = i SSS . = — = an ia 3 “Te = rr nN » => | & FIRST QUANTUM MINERALS LTD. 5

6. Slide 6: Kansanshi Copper Smelter – Anode Stockpile

   KANSANSHI COPPER SMELTER – ANODE STOCKPILE 6

7. Slide 7: Kansanshi Copper Smelter – Anode Stockpile

   KANSANSHI COPPER SMELTER – ANODE STOCKPILE 7

8. Slide 8: Cobre Panama – Mill Stockpile and Flotation

   COBRE PANAMA – MILL STOCKPILE AND FLOTATION 8

9. Slide 9: Cobre Panama – Power Plant

   COBRE PANAMA — POWER PLANT FIRST QUANTUM MINERALS LTD. 9

10. Slide 10: Cobre Panama – Port and Power Plant

    COBRE PANAMA – PORT AND POWER PLANT 10

11. Slide 11: Cobre Panama – Stockpile Area

    COBRE PANAMA – STOCKPILE AREA 11

12. Slide 12: Cobre Panama – Ball Mill 3 Foundation

    COBRE PANAMA – BALL MILL 3 FOUNDATION 12

13. Slide 13: Cobre Panama – Mill Area

    COBRE PANAMA - MILL AREA FIRST QUANTUM MINERALS LTD. 13

14. Slide 14: Sentinel

    FIRST QUANTUM MINERALS LTD. 14

15. Slide 15: Sentinel

    SENTINEL 15

16. Slide 16: Sentinel

    SENTINEL 16

17. Slide 17: Financial Review

    FINANCIAL REVIEW 17

18. Slide 18: Q2 2015 Highlights

    Q2 2015 Highlights Cu production below Q2 2014, but 8kt above Q1 Production Q2 2015 vs Q1 2015 vs Q2 2014 2015 with increased availability of smelter acid. Copper ('000 tonnes) 104 8 (4) Ni production above Q1 2015 as Ravensthorpe Nickel ('000 tonnes) 9 3 (3) production increases ahead of re-commiss

19. Slide 19: Production

    Production Copper production reflects increased smelter acid availability • Primarily reflects production at Kansanshi with production increasing from Q1 2015 as acid production from the smelter improves. • The smelter produced 184,442 tonnes of acid in the quarter. • Ramp-up continued at Sentinel i

20. Slide 20: C1 Cost

    C1 Cost Copper C1 cost ($/lb) Nickel C1 cost ($/lb) Q2 2015 copper C1 cost lower than Q1 2015 Q2 2015 nickel C1 cost above Q1 2015 A continued focus on cost reduction and efficiencies helped to Ravensthorpe - cash costs broadly in line with Q1 2015. Cash lower mining and processing costs together wi

21. Slide 21: Financial Overview

    Financial Overview Comparative EBITDA impacted by lower metal prices and sales volumes Gross profit against Q1 2015 higher $ million Q2 2015 Q1 2015 Q2 2014 due to lower C1 copper costs. Revenue 610 650 945 Q2 2015 Comparative EBITDA 34% Gross Profit 54 26 292 higher than Q1 2015 despite lower reven

22. Slide 22: Q2 Gross Profit

    Q2 Gross Profit Gross profit higher than Q1 2015 from prices and cost savings 25 54 (2) 6 $ million 12 26 (13) Gross Sales Q1 2015 realised FX Costs Depreciation Q2 2015 Volumes price 22

23. Slide 23: Zambian Developments

    Zambian Developments • The Zambian government is in the process of passing into parliament changes to be effective from July 1, 2015. • Mineral royalties reduced to 9% and corporate tax reinstated to 30% with variable profits tax of up to 15%. Previous H1 2015 H2 2015 Mineral Royalty 6% 20% 9%  Cor

24. Slide 24: Quarterly Net Debt Movement

    Quarterly Net Debt Movement Opening Net Debt at April 1, 2015 ($ million) (5,929) Comparative EBITDA 161 Working capital (12) Tax (41) Share issue 1,121 Dividends paid (25) Capital expenditure (393) Net interest paid(1) (68) Other (23) Net debt movement 720 Closing Net Debt at June 30, 2015 ($ milli

25. Slide 25: 2015 Market Guidance

    2015 Market Guidance Production guidance for copper, nickel and gold remains unchanged Copper production(1) Nickel production Gold production 410 – 440k tonnes 32 – 40k contained tonnes 218 – 247k ounces Palladium production Zinc production Platinum production 20 – 23k ounces 40 – 45k tonnes 25 – 35

26. Slide 26: Second Quarter 2015 Conference Call & Webcast

    SECOND QUARTER 2015 CONFERENCE CALL & WEBCAST JULY 30, 2015 TSX: FM; LSE: FQM

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