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FIRST QUANTUM NEWS RELEASE 21-07 April 27 , 2021 MINERALS LTD . www.first-quantum.com FIRST QUANTUM MINERALS REPORTS FIRST QUARTER 2021 RESULTS ( In United States dollars , except where noted otherwise ) TORONTO , Ontario ( April 27 , 2021 ) - First Quantum Minerals Ltd. ( " First Quantum " or the " Company " ) ( TSX : FM ) today reported for the three months ended March 31 , 2021 ( " Q1 " ) comparative earnings of $ 150 million ( $ 0.22 per share¹ ) , net earnings attributable to shareholders of the Company¹ of $ 142 million ( $ 0.21 per share¹ ) and cash flows from operating activities of $ 743 million ( $ 1.08 per share¹ ) . “ Our operations performed very well with Cobre Panama delivering record quarterly production . Our Zambian business delivered in line with plan despite the heavy rains experienced in the quarter . With our continued low costs and the strong copper price , we generated significant cash flow , which in turn , enabled us to further reduce our debt level , " commented Philip Pascall , Chairman and CEO . " I continue to recognize and be thankful for the dedication and resilience of our entire workforce as the challenges associated with COVID - 19 persist . We remain committed to protecting our workforce , with their health and safety and that of the surrounding communities a top priority . ” FIRST QUARTER SUMMARY : • Operational Highlights : - - Total copper production² was 205,064 tonnes in Q1 , an increase of 5 % from Q1 2020 as a result of record production at Cobre Panama and consistent production in Zambia despite heavy rainfall . Cobre Panama had record production of 82,042 tonnes , an increase of 46 % from Q1 2020 . Sentinel produced 58,252 tonnes , an increase of 3 % from Q1 2020 despite repair work on the ball mill limiting throughput and the heavier rainfall in Zambia . Total copper sales volumes of 210,734 tonnes exceeded production in the quarter , driven by sales volumes at Cobre Panama and Sentinel which increased by 33 % and 45 % , respectively , from Q1 2020 . Q1 copper production³ costs : cash cost ( " C1 " ) of $ 1.24 per lb , and all - in sustaining cost ( " AISC " ) of $ 1.72 per lb , a decrease of $ 0.06 and increase of $ 0.08 , respectively from Q1 2020. Lower C1 costs were driven by increased production , favourable foreign exchange and lower fuel costs . AISC was impacted by higher Zambian royalties , more than offsetting the lower C1 costs . Realized copper price was $ 3.25 per lb in the quarter . Total gold production was 78,048 ounces in Q1 , an increase of 13 % from Q1 2020 , attributable to record production of 35,898 ounces at Cobre Panama . Nickel production was 4,642 tonnes in Q1 at Ravensthorpe while construction of Shoemaker Levy continued to advance with the completion of 9 km of the conveyor including the erection of the conveyer highway overpass .