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FIRST QUANTUM MINERALS LTD . NEWS RELEASE 21-15 October 26 , 2021 www.first-quantum.com FIRST QUANTUM MINERALS REPORTS THIRD QUARTER 2021 RESULTS ( In United States dollars , except where noted otherwise ) Toronto , Ontario ( October 26 , 2021 ) - First Quantum Minerals Ltd. ( " FQM " or the " Company " ) ( TSX : FM ) today reported results for the three and nine months ended September 30 , 2021. The Company reported , for the three months ended September 30 , 2021 ( " Q3 " ) , comparative earnings¹ of $ 197 million ( $ 0.29 per share¹ ) , net earnings attributable to shareholders of the Company¹ of $ 303 million ( $ 0.44 per share¹ ) and cash flows from operating activities of $ 703 million ( $ 1.02 per share¹ ) . " In the third quarter , we delivered continued strong operational performance at all three of our large assets . This performance , combined with the closing of the Ravensthorpe stake sale in the quarter and our declining hedge book , means we are well on our way towards achieving our debt reduction target of at least $ 2 billion on an accelerated timetable in early 2022. Following the recent elections and subsequent smooth transfer of power in Zambia , we are pleased to be engaging constructively with the new Government as we look to establish the parameters for long- term investments into our growth projects in the country . Law 9 discussions with the Government of Panama continue to be transparent and constructive towards a mutually beneficial agreement . We were pleased to conclude the environmental and labour aspects of the discussions in the quarter , " commented Philip Pascall , Chairman and CEO . " The global pandemic from COVID - 19 continues to present its challenges and I am grateful to our entire workforce for the commitment and tenacity that they demonstrated through these uncertain times . We remain committed to operating in a responsible and sustainable manner for the health and safety of our employees and providing support for our local communities during these challenging times . " THIRD QUARTER SUMMARY First Quantum's financial performance continues at strong levels , driven by higher metal prices and strong operational performance resulting in a significant year - over - year increase in comparative EBITDA4,5 and net earnings , as well as notable further reduction in net debt³ . On a quarter - over - quarter basis , reported comparative EBITDA of $ 886 million in Q3 came in slightly below the $ 902 million reported in Q2 2021. Total copper production for the third quarter was 209,859 tonnes , up from 199,689 tonnes in Q2 2021. However , copper sales for the period were 194,278 tonnes , reflecting a challenging shipping environment . Partially offsetting the timing of sales was a higher realized copper price of $ 3.68 per lb in Q3 compared to $ 3.55 in Q2 2021 , as the Company's copper hedges continue to roll off . Net debt decreased by $ 449 million during the quarter , with a total reduction of $ 1,107 million during the nine months year - to - date , bringing the balance down to $ 6,302 million as of September 30 , 2021. With the current strength in the copper price and ongoing strong operational performance , a significant further reduction is expected in the last quarter of this year .