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FIRST QUANTUM NEWS RELEASE 21-12 July 27 , 2021 MINERALS LTD . www.first-quantum.com FIRST QUANTUM MINERALS REPORTS SECOND QUARTER 2021 RESULTS ( In United States dollars , except where noted otherwise ) TORONTO , Ontario ( July 27 , 2021 ) - First Quantum Minerals Ltd. ( " First Quantum " or the " Company " ) ( TSX : FM ) today reported results for the three and six months ended June 30 , 2021. The Company reported , for the three months ended June 30 , 2021 ( " Q2 " ) , comparative earnings¹ of $ 173 million ( $ 0.25 per share¹ ) , net earnings attributable to shareholders of the Company¹ of $ 140 million ( $ 0.20 per share¹ ) and cash flows from operating activities of $ 679 million ( $ 0.99 per share¹ ) , which represent a significant improvement on the same quarter of 2020 . " The second quarter saw continued strong operational and financial performance . We are pleased to see the progress at Cobre Panama as it ramps up to the targeted 85 million tonnes of throughput in 2021. This will position it strongly to build to the longer term target of 100 million tonnes per annum . Debt reduction remains a focus , and we are well on our way to achieving our targeted gross debt reduction of at least $ 2bn during 2022 as a result of the strong operational performance and robust commodity prices , " commented Philip Pascall , Chairman and CEO . " The tapering of the hedging program will further benefit financial results in the remainder of this year . The expected close of the sale of the 30 % stake in Ravensthorpe in Q3 will also contribute to the debt reduction program . I am proud of how our workforce has continued to focus on executing in a safe and sustainable manner in the face of ongoing logistical and operational challenges resulting from the COVID - 19 pandemic . " SECOND QUARTER SUMMARY : Operational Highlights : Total copper production² was 199,689 tonnes in the quarter , an increase of 18 % from Q2 2020 , due to near record production at Cobre Panama of 81,686 tonnes , 276 % higher than the same period in 2020 , which was impacted by a COVID - 19 related reduction in production . Similar to production , copper sales volumes increased by 27 % relative to Q2 2020 as 2020 results reflected the impact of the COVID - 19 related shutdown at Cobre Panama . Q2 copper production costs³ : cash cost ( " C1 " ) of $ 1.29 , and all - in sustaining cost ( " AISC " ) of $ 1.91 per lb , an increase of $ 0.09 and $ 0.29 , respectively , from Q2 2020. Higher C1 costs were driven by lower production at both Zambian operations and cessation of open - pit mining at Las Cruces in August 2020. AISC was impacted by higher royalties , higher capex related to deferrals from 2020 and the higher C1 costs . Realized copper price was $ 3.55 per lb in the quarter , an increase of 37 % from Q2 2020 and reflecting the hedge profile in place during the quarter . Total gold production for the quarter was 81,375 ounces , a 49 % increase from the same period in 2020 , attributable to record production at Cobre Panama of 36,290 ounces and consistent delivery from Kansanshi of 32,942 ounces . Nickel production at Ravensthorpe in Q2 was 4,543 tonnes while construction of Shoemaker Levy continued during the quarter . The mine pre - strip at Shoemaker Levy is advanced with the first mining area cleared and ready for first ore delivery which is expected to be delivered to the plant in the third quarter of 2021. Improved ore characteristics at Shoemaker Levy are expected to improve overall process plant performance .