FIRST QUANTUM MINERALS REPORTS FIRST QUARTER 2022 RESULTS (In United States dollars, except where noted otherwise)
NEWS RELEASE
22-09
April 26, 2022
www.first-quantum.com
FIRST QUANTUM MINERALS REPORTS FIRST QUARTER 2022 RESULTS
(In United States dollars, except where noted otherwise)
Toronto, Ontario (April 26, 2022) - First Quantum Minerals Ltd. (“First Quantum” or “the Company”) (TSX: FM)
today reports results for the three months ended March 31, 2022 (“Q1 2022”) of net earnings attributable to
shareholders of the Company of $385 million ($0.56 earnings per share) and adjusted earnings1 of $480 million ($0.70
adjusted earnings per share 2).
“Despite the operational and inflationary challenges presented in the first quarter, First Quantum was able to deliver
another quarter of strong earnings and demonstrate continued financial improvement. Cash flow generation
continues to be strong in the current commodity price environment and we remain committed to improving our
balance sheet with net debt 1 reduction of over $200 million during the period and the early redemption of $500
million of senior notes subsequent to the quarter,” commented Philip Pascall, Chairman and CEO. “While the
restrictions from the global pandemic have largely eased, recent geopolitical events have brought about new
challenges and I thank the entire First Quantum team for their tireless efforts.”
FIRST QUARTER SUMMARY
In Q1 2022, First Quantum reported improvements in gross profit (16%), EBITDA 1 (9%), net earnings attributable to
shareholders (56%), and adjusted earnings1 (57%) relative to the fourth quarter of last year (“Q4 2021”). On a quarter-
over-quarter basis, despite lower copper and gold sales volumes and the inflationary pressures on costs, the first
quarter benefitted from higher realized metal prices2 as the Company’s copper hedge positions continued to decline.
Total copper production for the first quarter was 182,210 tonnes, a 10% decrease from Q4 2021. Different factors at
each of the main operating mines contributed, to varying degrees, to a reduction in grade from Q4 2021 levels.
Grades are expected to return to planned levels at Cobre Panama and Sentinel over the coming months, while
Kansanshi’s grades are expected to be lower than 2021. Total copper production guidance for 2022 has been lowered
to a range of 790,000 to 855,000 tonnes from 810,000 to 880,000 tonnes to reflect the lower production experienced
in the first quarter. Guidance for gold and nickel production remains unchanged.
Copper C1 cash cost 2 of $1.61 per lb for Q1 2022 was $0.22 per lb higher than the preceding quarter as global
pressures on fuel, explosives and freight prices have been seen across all of the Company’s operations. The guidance
range for copper C1 cash cost2 has been increased to $1.45 and $1.60 per lb, and copper all-in sustaining cost (AISC)2
guidance has increased to $2.15 and $2.30 per lb. The conflict in Ukraine and the associated wide-reaching sanctions
imposed upon Russia has led to higher energy and commodity prices. These increases have further contributed to
the global inflationary environment since the Company provided three-year guidance in January 2022. For the
Company, various inputs and operational costs have increased and may increase further; these include costs for fuel,
explosives, sulphur, freight, reagents and steel. Such inflationary pressures have currently added approximately $0.10
per lb to monthly copper C1 cash costs 2 and approximately $0.50 per lb to monthly nickel C1 cash costs 2.
1 EBITDA and adjusted earnings are non-GAAP financial measures and net debt is a supplementary financial measure. These measures do not have a standardized meaning
prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. See “Regulatory Disclosures”.
2 Adjusted earnings per share, realized metal prices, C1 cash cost (C1), and all-in sustaining cost (AISC) are non-GAAP ratios, and do not have a standardized meaning prescribed
by IFRS and might not be comparable to similar financial measures disclosed by other issuers. See “Regulatory Disclosures”.
First Quantum Minerals Ltd. 22-09
Page 2 of 12
Q1 2022 OPERATIONAL HIGHLIGHTS
Total copper production for the first quarter was 182,210 tonnes, down from the 201,823 tonnes reported in Q4 2021
as all three of the Company’s main operating sites experienced lower production. Given the current events with the
Ukraine conflict and COVID-19 restrictions in China, and most recently the flooding in Durban, the shipping
environment and inland logistics remain challenging and continue to impact sales volumes. Despite these constraints,
copper sales volumes in the first quarter totaled 196,702 tonnes sales, exceeding production levels by 14,492 tonnes,
with lower closing inventory levels at the Zambian operations in particular.
Copper C1 cash cost 1 averaged $1.61 per lb for Q1 2022, up from $1.39 per lb in Q4 2021, as global inflationary
pressures led to increased prices, which were felt more acutely for fuel, explosives and freight. Copper AISC1 of $2.27
per lb, up 11% quarter-over-quarter, was also impacted by higher royalties on production at the Company’s Zambian
properties due to the higher copper price.
Cobre Panama delivered copper production of 78,337 tonnes in the first quarter, down a marginal 1,693
tonnes from the previous quarter on slightly lower throughput due to planned SAG mill relines. However,
March achieved record mill throughput of 7.6 million tonnes. Copper C1 cash cost 1 and copper AISC 1 of
$1.65 per lb and $2.00 per lb, respectively, were $0.08 and $0.06 higher than the fourth quarter of last year.
While costs were impacted by spot electricity purchases in January during maintenance of Unit 1 at the power
plant, the cost increase was also attributable to price increases for key consumables including fuel, steel for
grinding media, liners, explosives, and higher freight costs. Maintenance on Unit 1 was completed in late
January 2022. A collar structure for coal purchases is currently in place with the ceiling price already exercised
for July 2021 onwards, thereby limiting exposure to further increases in the coal price until the end of 2023.
Kansanshi’s copper production of 41,899 tonnes for the quarter was approximately 10,000 tonnes lower than
Q4 2021, resulting from a decline in ore grades. Kansanshi’s lower grades on the oxide and mixed circuits
had a consequential further impact on recoveries. Improvement in grades at Kansanshi in future years would
be reliant on approval and implementation of the S3 project. Copper C1 cash cost1 of $1.46 per lb was $0.67
higher than the fourth quarter of last year. The quarter-over-quarter increase in copper C1 cash costs 1 is
largely due to a one-time benefit from a ZESCO accrual reversal of approximately $0.45 per lb in the fourth
quarter last year. Also impacting copper C1 cash costs1 in Q1 2022 was lower production and the underlying
cost increases from higher freight, fuel and explosive prices. Copper AISC 1 of $2.47 per lb was $0.80 per lb
higher than the fourth quarter due to higher copper prices driving an increase in the royalty rate, higher
capitalized stripping2 and higher copper C1 cash costs 1 in the quarter.
Sentinel’s copper production of 52,475 tonnes for Q1 2022 was 7,722 tonnes lower than the fourth quarter
of 2021 due to lower mill throughput and grades. An extended rainy season led to wet underfoot ground
conditions, which constrained the planned waste stripping and delayed access to high-grade ore. Lower ore
grades are expected to continue for the first half of this year and improve in the second half. The fourth in-
pit crusher was successfully commissioned during the quarter, which is expected to stabilize mine ore feed
at 62 million tonnes per annum (“Mtpa”). C1 cash cost 1 of $1.61 per lb was $0.10 higher than the preceding
quarter reflecting lower copper production and higher freight, fuel, explosives and mill balls costs. Copper
AISC1 of $2.41 per lb was $0.02 higher than the fourth quarter due to higher stripping costs and royalties
associated with the higher copper prices, as well as lower copper production.
Despite production being limited in early January by a complete plant shut down until mid-January 2022,
Ravensthorpe payable nickel production of 4,743 tonnes of contained tonnes was approximately 1,900
tonnes higher than the fourth quarter of last year as the mine benefits from higher grade and recoveries
from the Shoemaker Levy operation. While the Ravensthorpe mine has faced similar inflationary pressures
as the Company’s other mines alongside higher labour costs, C1 nickel cash costs 1 were down to $6.78 per
lb in Q1 2022 from $10.93 per lb in Q4 2021 due to the higher production and sales volumes.
1 C1 cash costs (C1) and all-in sustaining costs (AISC) are non-GAAP ratios which do not have a standardized meaning prescribed by IFRS and might not be comparable to similar
financial measures disclosed by other issuers. See “Regulatory Disclosures”.
2 Capitalized stripping is a non-GAAP financial measure which does not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures
disclosed by other issuers. See “Regulatory Disclosures”
First Quantum Minerals Ltd. 22-09
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CONSOLIDATED OPERATING HIGHLIGHTS
Q1 2022 Q4 2021 Q1 2021
Copper production (tonnes)1 182,210 201,823 205,064
Copper sales (tonnes) 196,702 213,087 210,734
Gold production (ounces) 70,357 74,945 78,048
Gold sales (ounces)2 76,195 79,403 77,391
Nickel production (contained tonnes) 5,122 3,385 4,642
Nickel sales (contained tonnes) 4,350 3,756 2,357
CONSOLIDATED FINANCIAL HIGHLIGHTS
Q1 2022 Q4 2021 Q1 2021
Sales revenues3 2,163 2,061 1,622
Gross profit 908 784 540
Net earnings attributable to shareholders of the Company 385 247 142
Basic earnings per share $0.56 $0.36 $0.21
Diluted earnings per share $0.56 $0.36 $0.21
Cash flows from operating activities 666 760 743
Net debt6 5,815 6,053 7,062
EBITDA4,5 1,180 1,085 811
Adjusted earnings4 480 306 150
Adjusted earnings per share7 $0.70 $0.44 $0.22
Cash cost of copper production (C1) (per lb)7 $1.61 $1.39 $1.24
Total cost of copper production (C3) (per lb)7 $2.65 $2.39 $2.10
Copper all-in sustaining cost (AISC) (per lb)7 $2.27 $2.05 $1.72
Realized copper price (per lb)7 $4.45 $4.08 $3.25
Net earnings attributable to shareholders of the Company 385 247 142
Adjustments attributable to shareholders of the Company:
Adjustment for expected phasing of Zambian value-added tax
(“VAT”) receipts 22 (2) (8)
Loss on redemption of debt - 21 -
Total adjustments to EBITDA4 excluding depreciation5 103 49 12
Tax and minority interest adjustments (30) (9) 4
Adjusted earnings4 480 306 150
1 Production is presented on a contained basis, and is presented prior to processing through the Kansanshi smelter.
2 Excludes refinery-backed gold credits purchased and delivered under the precious metal streaming arrangement (see “ Precious Metal Stream Arrangement”).
3 Delivery of non-financial items (refinery-backed gold and silver credits) into the Company’s precious metal stream arrangement have been netted within sales revenues rather
than included in cost of sales. The quarter ended March 31, 2021 has been revised to reflect this change. Sales revenues and cost of sales for the quarter ended March 31, 2021
have been reduced by $56 million compared to the Q1 2021 reported values (see “Precious Metal Stream Arrangement”).
4 EBITDA and adjusted earnings are non-GAAP financial measures which do not have a standardized meaning under IFRS and might not be comparable to similar financial measures
disclosed by other issuers. Adjusted earnings and EBITDA were previously named comparative earnings (loss) and comparative EBITDA, respectively, and the composition remains
the same. Adjusted earnings have been adjusted to exclude items from the corresponding IFRS measure, net earnings attributable to shareholders of the Company, which are not
considered by management to be reflective of underlying performance. The Company has disclosed these measures to assist with the understanding of results and to provide
further financial information about the results to investors and may not be comparable to similar financial measures disclosed by other issuers. The use of adjusted earnings and
EBITDA represents the Company’s adjusted earnings metrics. See “Regulatory Disclosures”.
5 Adjustments to EBITDA in 2022 relate principally to foreign exchange revaluations and non-recurring costs relating to previously sold assets] (2021 - foreign exchange revaluations).
6 Net debt is a supplementary financial measure which does not have a standardized meaning under IFRS, and might not be comparable to similar financial measures disclosed by
other issuers. See “Regulatory Disclosures.
7 Adjusted earnings per share, realized metal prices, copper all-in sustaining cost (copper AISC), copper C1 cash cost (copper C1), and total cost of copper (copper C3) are non-
GAAP ratios which do not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. See “Regulatory
Disclosures”.
First Quantum Minerals Ltd. 22-09
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FINANCIAL HIGHLIGHTS
Record gross profit of $908 million and EBITDA 1 of $1,180 million for the first quarter were higher (16% and
9%, respectively) than the fourth quarter in 2021, attributable to higher metal prices and reduced hedge
profile, with a realized copper price 2 of $4.45 per lb achieved during the quarter.
Cash flows from operating activities of $666 million ($0.97 per share 2) for the quarter were $94 million lower
than the fourth quarter of 2021, with a relatively high receivables working capital balance at the end of the
quarter on the back of higher metal prices.
Net debt1 decreased by $238 million during the quarter, bringing the net debt 1 level down to $5,815 million
at March 31, 2022 with the debt reduction program on track. At March 31, 2022, total debt was $7,763 million
(December 31, 2021: $7,912 million).
On April 5, 2022, the Company redeemed at par $500 million of aggregate principal amount of the $1 billion
senior unsecured notes due in 2023.
Given the outlook for strong ongoing earnings from the business, the Board announced a cautious increase
in shareholder dividends in January 2022. The Board has adopted the Dividend policy, pursuant to which the
Company intends to pay, on a semi-annual basis, a Performance Dividend that represents, in the aggregate,
15% of available cash flows generated after planned capital spending and distributions to non-controlling
interests. It is expected that a minimum Annual Base Dividend of CDN$0.10 per share, consisting of semi-
annual dividends of CDN$0.05 per share, will be part of the Performance Dividend. Dividend payments
remain at the discretion of the Board.
The hedge profile is significantly reduced and the results for the quarter benefitted from high market prices.
At April 26, 2022, the Company had 15,000 tonnes of unmargined zero cost copper collar sales contracts
with maturities to June 2022 at weighted average prices of $3.75 to $4.63 per lb outstanding. Copper sales
in the first quarter were 19% hedged. Approximately 2% of expected copper sales for the next 12 months
are hedged to unmargined zero cost collar sales contracts.
2022 GUIDANCE UPDATE
Different factors at each of the main operating mines contributed, to varying degrees, to a reduction in grade, from
the fourth quarter of 2021. Grades are expected to return to planned levels over the coming months at Cobre Panama
and Sentinel, resulting in improved production levels over the course of the year. While grade was lower at Panama
due to quarterly variations, full year grades are expected to be consistent with full year 2021. Sentinel’s copper
production was impacted by wet underfoot ground conditions with an extended rainy season, which constrained the
planned waste stripping and delayed access to high-grade ore in the east of the pit. Grades at Sentinel are expected
to improve in the second half of 2022. Kansanshi’s production was impacted by a reduction in grade in the oxide and
mixed circuits and associated recoveries in the first quarter and full year grades are expected to be lower than last
year. Improvement in grades at Kansanshi in future years would be reliant on approval and implementation of the
S3 project.
Total copper production guidance for 2022 has been lowered to between 790,000 and 855,000 tonnes, with
Kansanshi’s range decreasing to between 175,000 and 195,000 tonnes from 190,000 and 210,000 tonnes, and
Sentinel’s range decreasing to a range of between 250,000 and 265,000 tonnes from 260,000 and 280,000 tonnes.
Cobre Panama’s production guidance remains unchanged at 330,000 and 360,000 tonnes. Other sites guidance have
been increased 5,000 tonnes to 35,000 tonnes.
Total gold and nickel production guidance remains unchanged.
1 EBITDA is a non-GAAP financial measures and net debt is a supplementary financial measure. These measures do not have a standardized meaning prescribed by IFRS and
might not be comparable to similar financial measures disclosed by other issuers. EBITDA was previously comparative EBITDA and the composition remains the same. See
“Regulatory Disclosures”.
2 Realized metal prices and operating cash flows per share are non-GAAP ratios which do not have a standardized meaning prescribed by IFRS and might not be comparable to
similar financial measures disclosed by other issuers. See “Regulatory Disclosures”.
First Quantum Minerals Ltd. 22-09
Page 5 of 12
Copper C1 cash cost 1 guidance range has been increased to between $1.45 and $1.60 per lb. This is the result of
global cost inflationary pressures experienced from the conflict in Ukraine and the associated wide-reaching
sanctions imposed upon Russia, particularly across explosives, fuel, freight and steel prices. Copper AISC 1 cost
guidance has been increased to between $2.15 and $2.30 per lb, reflecting the C1 cost 1 pressures and the impact of
the increased Zambian royalty expense following rises in metal prices.
Ravensthorpe nickel production remains unchanged. Cash costs guidance for nickel has been increased, with nickel
C1 cash cost1 range increasing to between $6.25 and $7.00 per lb and AISC 1 range increasing to between $7.50 and
$8.50 per lb.
Guidance for total capital expenditure remains unchanged at $1,250 million.
PRODUCTION GUIDANCE
000’s
2022
Previous
Guidance
2022
Updated
Guidance
Copper (tonnes) 810 – 880 790 – 855
Gold (ounces) 285 – 310 285 – 310
Nickel (contained tonnes) 25 – 30 25 – 30
PRODUCTION GUIDANCE BY OPERATION 2
Copper production guidance (000’s tonnes)
2022
Previous
Guidance
2022
Updated
Guidance
Cobre Panama 330 – 360 330 – 360
Kansanshi 190 – 210 175 – 195
Sentinel 260 – 280 250 – 265
Other sites 30 35
Gold production guidance (000’s ounces)
Cobre Panama 135 – 150 135 – 150
Kansanshi 120 – 130 120 – 130
Other sites 30 30
Nickel production guidance (000’s contained tonnes)
Ravensthorpe 25 – 30 25 – 30
CASH COST 1 AND ALL-IN SUSTAINING COST 1
Copper
2022
Previous
Guidance
2022
Updated
Guidance
C1 (per lb) $1.30 – $1.50 $1.45 – $1.60
AISC (per lb) $1.90 – $2.05 $2.15 – $2.30
Nickel
C1 (per lb) $5.75 – $6.50 $6.25 – $7.00
AISC (per lb) $7.00 – $7.75 $7.50 – $8.50
1 Cash costs of copper and nickel production (C1), and all-in sustaining costs (AISC) are non-GAAP ratios which do not have a standardized meaning prescribed by IFRS and
might not be comparable to similar financial measures disclosed by other issuers. See “Regulatory Disclosures”.
2 Production is stated on a 100% basis as the Company consolidates all operations.
First Quantum Minerals Ltd. 22-09
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PURCHASE AND DEPOSITS ON PROPERTY, PLANT & EQUIPMENT
2022
Previous
Guidance
2022
Updated
Guidance
Capitalized stripping1 250 250
Sustaining capital1 310 310
Projects capital1 690 690
Total capital expenditure 1,250 1,250
PANAMA LAW 9 UPDATE
In July 2021, the Government of Panama (“GOP”) announced the appointment of a high-level commission of senior
government ministers and officials, chaired by the Minister of Commerce, to discuss the Company’s concession
contract.
During January 2022, the GOP tabled a new proposal and the commission reached an agreement in principle on
certain items, namely that the GOP should receive $375 million in benefits per year from Cobre Panama and that the
existing revenue royalty will be replaced by a gross profit royalty. The parties continue to finalize the details behind
these principles, including the appropriate mechanics that would achieve the desired outcome, the necessary
protections to the Company’s business for downside copper price and production scenarios and ensuring that the
new contract and legislation are both durable and sustainable.
Once an agreement is concluded and the full contract is documented, it is expected that the newly drafted legislation
will be put to the Panamanian National Assembly. The Company welcomes the transparency of the robust ministerial
commission process and it is hopeful that this matter can be concluded shortly.
COVID-19 RESPONSE
The first quarter of 2022 has seen a marked drop in COVID-19 cases across our sites globally, with the exception of
our Australian sites who are feeling the effects of the Western Australia border reopening in March. The Company’s
focus this quarter has been to promote third vaccination booster shots, reinforce antigen and antibody testing and
continue to inform workers and the community of COVID-19 prevention measures.
Based on government health authority recommendations, site restrictions are being lifted and international travel
has become easier.
ENVIRONMENT, SOCIAL AND GOVERNANCE
First Quantum announced, in its proxy statement, published in March 2022, the recommendation of Alison Beckett
to the Board of Directors. If approved at the AGM, her appointment will continue the process of Board renewal with
five new directors being appointed in the past four years, 60% of whom are women. This would bring the Company’s
female board representation to 30%, a significant step towards the objective of having one third of the Company’s
board positions held by women. The Company continues to focus on inclusion and diversity across the business and
actively runs training and development programs designed to improve diversity and local workforce representation
and advancement.
The Company has reiterated its commitment to the workforce with the approval of further investments to enhance
social infrastructure. At Trident, the Company has approved the construction of an additional 800 rooms in Kalumbila
Town which will serve both our workforce and the local community. At Cobre Panama, the Company continues to
invest in the workforce following the pandemic and has approved the construction of an additional 11 permanent
accommodation blocks, adding to the 14 that have recently been completed or are close to completion.
1 Capitalized stripping, sustaining capital and project capital are non-GAAP financial measures which do not have a standardized meaning prescribed by IFRS and might not be
comparable to similar financial measures disclosed by other issuers. See “Regulatory Disclosures”.
First Quantum Minerals Ltd. 22-09
Page 7 of 12
The health and safety of the Company’s employees and contractors is our top priority and the Company is focused
on the continual strengthening and improvement of the safety culture at all of our operations. The Lost Time Injury
Frequency Rates (“LTIFR”) is an area of continued focus and a key performance metric for the Company. Our rolling
12-month LTIFR is 0.04 per 200,000 hours worked as of March 31, 2022 (2021: 0.07).
In March 2022, the Company announced work on a 430MW wind and solar project in Zambia that is expected to
allow the Kansanshi and Trident operations to increase the renewable power above the current level of 80%, which
is predominantly hydroelectric power. First Quantum will work with Total Eren and Chariot Transitional Power, who
will develop, finance, build and operate the project. It is expected that power will be provided by a 230 MW solar
photovoltaic plant and a 200 MW wind farm. Total Eren is a leading renewable energy Independent Power Producer
and Chariot Transitional Power is an African-focused transitional energy group.
First Quantum will also continue to prioritize the innovation and development of new mining technologies for
optimizing productivity, profitability and reducing environmental impact.
Details of the Company’s Environment, Social and Governance (“ESG”) reporting, including the Company’s primary
ESG report, the annual Environment, Safety and Social Data Report, policies and related programs, including the
Taskforce on Climate-related Financial Disclosure (“TCFD”)-aligned Climate Change Report, policies and data can be
found at: https://www.first-quantum.com/English/sustainability/default.aspx
The Company published its TCFD-aligned Climate Change Report in January 2022, which outlined targets for
greenhouse gas (“GHG”) emissions reductions. First Quantum aims to reduce absolute Scope 1 and Scope 2 emissions
by 30% by 2025 and the absolute and intensity of Scope 1 and 2 emissions by 50% by 2030. These targets are based
on commercially available solutions and projects with an identified pathway to achievement.
COMPLETE FINANCIAL STATEMENTS AND MANAGEMENT’S DISCUSSION AND ANALYSIS
The complete Consolidated Financial Statements and Management’s Discussion and Analysis for the three months
ended March 31, 2022 are available at www.first-quantum.com and at www.sedar.com and should be read in
conjunction with this news release.
CONFERENCE CALL DETAILS
The Company will host a conference call and webcast to discuss the results on Wednesday, April 27, 2022 at 9:00
am (EDT).
Conference call and webcast details:
Toll-free North America: 1-800-319-4610
Toll-free International: +1-604-638-5340
Webcast: www.first-quantum.com
A replay of the webcast will be available on the First Quantum website.
For further information, visit our website at www.first-quantum.com or contact:
Bonita To, Director, Investor Relations
(416) 361-6400 Toll-free: 1 (888) 688-6577
E-Mail: [email protected]
First Quantum Minerals Ltd. 22-09
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REGULATORY DISCLOSURES
Non-GAAP and Other Financial Measures
EBITDA, ADJUSTED EARNINGS AND ADJUSTED EARNINGS PER SHARE
EBITDA, adjusted earnings and adjusted earnings per share exclude certain impacts which the Company believes are not reflective
of the Company’s underlying performance for the reporting period. These include impairment and related charges, foreign
exchange revaluation gains and losses, gains and losses on disposal of assets and liabilities, one-time costs related to acquisitions,
dispositions, restructuring and other transactions, revisions in estimates of restoration provisions at closed sites, debt
extinguishment and modification gains and losses, the tax effect on unrealized movements in the fair value of derivatives
designated as hedged instruments, and adjustments for expected phasing of Zambian VAT receipts.
QUARTERLY
Q1 2022 Q4 2021 Q1 2021
Operating profit 782 722 513
Depreciation 295 314 286
Other adjustments:
Foreign exchange (gain) loss 56 (13) 11
Impairment expense - 44 -
Other expense 46 12 -
Revisions in estimates of restoration provisions at closed sites 1 6 1
Total adjustments excluding depreciation 103 49 12
EBITDA 1,180 1,085 811
Q1 2022 Q4 2021 Q1 2021
Net earnings attributable to shareholders of the Company 385 247 142
Adjustments attributable to shareholders of the Company:
Adjustment for expected phasing of Zambian VAT 22 (2) (8)
Loss on redemption of debt - 21 -
Total adjustments to EBITDA excluding depreciation 103 49 12
Tax and minority interest adjustments (30) (9) 4
Adjusted earnings 480 306 150
Earnings per share as reported $0.56 $0.36 $0.21
Adjusted earnings per share $0.70 $0.44 $0.22