FIRST QUANTUM MINERALS REPORTS FOURTH QUARTER AND YEAR-END 2021 RESULTS (In United States dollars, except where noted otherwise)
NEWS RELEASE
22-03
February 15, 2022
www.first-quantum.com
FIRST QUANTUM MINERALS REPORTS FOURTH QUARTER AND YEAR-END 2021 RESULTS
(In United States dollars, except where noted otherwise)
Toronto, Ontario (February 15, 2022) - First Quantum Minerals Ltd. (“First Quantum” or the “Company”) (TSX: FM)
today reported results for the three months and year-ended December 31, 2021. For the three months ended
December 31, 2021 (“Q4”), the Company reported net earnings attributable to shareholders of the Company of
$247 million ($0.36 per share), adjusted earnings1 of $306 million ($0.44 per share2), and cash flows from operating
activities of $760 million ($1.10 per share 2). For the year-ended 2021, the Company reported net earnings
attributable to shareholders of the Company of $832 million ($1.21 per share), adjusted earnings 1 of $826 million
($1.20 per share2), and cash flows from operating activities of $2,885 million ($4.19 per share2).
“First Quantum’s operations continue to demonstrate resilience in dealing with the challenges brought about by
the COVID-19 pandemic and new variants as they emerge. We are in a period of solid cash flow generation for the
Company and while debt reduction remains a priority, we are pleased to cautiously commence increased capital
returns to our shareholders with our new dividend framework. We have released our inaugural Climate Change
report which recognizes our obligation to mine responsibly and to report on our actions to address climate change,”
commented Philip Pascall, Chairman and CEO. “I am grateful for the dedication and commitment of the entire team
at First Quantum and for the support of Governments and communities in our host countries. It is with these efforts
and this support that First Quantum is placed in a strong position for 2022 and beyond.”
FOURTH QUARTER SUMMARY
Fourth quarter financial results benefitted from higher sales volumes and a higher realized copper price2 of
$4.08 per lb as the Company’s hedge profile continued to decline, partially offset by higher costs. The
Company’s exposure to the strong copper price environment is expected to continue to improve with the
declining profile of the hedge book with no new additional copper hedges were entered into during the
fourth quarter. On the basis of continued strong operational performance, the Company anticipates
continued strong future cash flow and expects to be in a position to continue its debt reduction program,
to advance growth programs, to support Environmental, Social & Governance (“ESG”) initiatives and to
cautiously increase dividend payments in 2022.
Q4 2021 copper production totalled 201,823 tonnes, taking the full year production to 816,435 tonnes, the
highest annual copper production in First Quantum’s history. Through advancement of its brownfield
portfolio, the Company sees a path to 1 million tonnes of copper production.
Copper C1 cash costs 2 averaged $1.39 per lb during the quarter. While operating costs are facing
inflationary pressures, Q4 2021 was also impacted by higher electricity costs due to regular maintenance
shutdown works to Unit 1 of the power station at Cobre Panama. During the quarter, however, there was
a non-recurring reduction in provisions at Kansanshi from the Zambian Electricity Supply Corporation
Limited (“ZESCO”) arbitration case that was settled in December 2021.
1 Adjusted earnings (loss) and EBITDA 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. Adjusted earnings (loss) and EBITDA were previously named comparative earnings and comparative EBITDA, respectively, and the
composition remains the same. See “Regulatory Disclosures” in this News Release for a reconciliation of EBITDA and adjusted earnings (loss) to the IFRS measures. The use of
adjusted earnings (loss) and EBITDA represents the Company’s adjusted earnings (loss) metrics.
2 Adjusted earnings (loss) per share, cash flows from operating activities per share, realized metal prices, and copper C1 cash costs (C1) are non-GAAP ratios which do not have a
standardized meaning prescribed by IFRS and might not be comparable to similar financial ratios disclosed by other issuers.
First Quantum Minerals Ltd. 22-03
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Cash flow from operating activities was $760 million for Q4 2021 and cumulatively $2,885 million for the
full year 2021. Net debt1 decreased by $249 million during the quarter, bringing the balance down to $6,053
million as at December 31, 2021. The Company expects to achieve the previously announced $2 billion
debt reduction target in H1 2022 and has increased the short to medium term target by an additional $1
billion. A new dividend policy was announced on January 17, 2022.
Q4 2021 OPERATIONAL HIGHLIGHTS
As previously reported, fourth quarter total copper production of 201,823 tonnes was down 4% from Q3 2021.
Production declined quarter-over-quarter as a result of expected lower ore grades at Cobre Panama while
production at Kansanshi and Sentinel remained consistent with Q3 2021 levels. Copper C1 cash costs 2 averaged
$1.39 per lb during the quarter, up 10% from the previous quarter, as the company continued to experience cost
increases related to freight and fuel. For the full year 2021, First Quantum achieved its highest ever annual copper
production of 816,435 tonnes, a 5% increase from 2020, attributable to record production at Cobre Panama and
the resilience of the other operations. Copper C1 cash costs 2 averaged $1.30 per lb for the year, the midpoint of
the Company’s guidance range of $1.25 to $1.35 per lb.
Cobre Panama produced 80,030 tonnes of copper in Q4 2021, a decrease of 8% quarter-over-quarter
principally due to expected lower ore grades based on the mine plan. During the quarter, Unit 1 of the
power plant continued maintenance shutdown works, which were completed in late January. Although
replacement power for Unit 1 was sourced from the grid, a 7-day unplanned shutdown of Unit 2 impacted
total tonnes milled during the quarter. However, Cobre Panama set a record in monthly copper production
in October. Copper C1 cash cost 2 for the quarter was $1.57 per lb, a 24% increase from Q3 2021 as
electricity was drawn from the grid at spot rates during the period of maintenance to the power station.
Kansanshi copper production in the fourth quarter of 2021 was 51,939 tonnes, a slight improvement over
Q3 levels on improved ore grades. Copper C1 cash costs 2 were $0.79 per lb in Q4 2021, down 26% from
the previous quarter. Copper C1 cash costs during the quarter benefitted from a reduction on operational
provisions following the conclusion of the arbitration case on electricity prices charged by ZESCO in
December 2021. This is a one-time benefit that is not expected to recur in future quarters.
Sentinel delivered its best quarterly production of the year with 60,197 tonnes of copper produced on
record quarterly throughput rates equivalent to 60 million tonnes per annum (“Mtpa”). Sentinel copper C1
cash cost 2 in the fourth quarter of $1.51 per lb was up 10% quarter-over-quarter, reflecting inflationary
pressures such as higher consumables, fuel and labour costs.
Copper sales in Q4 2021 totalled 213,087 tonnes, up from 194,278 tonnes in Q3 2021. In the fourth quarter,
there was a recovery in sales volumes at Kansanshi and Sentinel as a number of planned shipments from
the third quarter were rolled into the fourth quarter. Logistical challenges for Zambian sales are expected
to continue throughout the first quarter of 2022.
Total gold production for Q4 2021 was 74,945 ounces, a 4% decrease from the previous quarter, mainly
attributable to lower gold production at Cobre Panama. Gold sales volumes of 79,403 ounces for the fourth
quarter remained fairly consistent with the prior quarters in the year.
Ravensthorpe had its lowest quarterly nickel production of the year at 3,385 contained tonnes. Fourth
quarter production was impacted by the delayed transition to the Shoemaker Levy orebody and unplanned
maintenance at the power plant main steam pipe. However, commissioning of the Shoemaker Levy
conveyor was completed later in the quarter and the resulting material handling performance and
beneficiation upgrade was improved compared to the Hale Bopp ore, in line with expectations. Skilled
labour availability and high sulphur prices remain a challenge.
1 Net debt is a supplementary 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”
2 Cash cost of copper production (C1) is a non-GAAP financial ratio 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. 22-03
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CONSOLIDATED OPERATING HIGHLIGHTS
QUARTERLY FULL YEAR
Q4 2021 Q3 2021 Q4 2020 2021 2020
Cobre Panama 80,030 87,242 65,520 331,000 205,548
Kansanshi 51,939 50,987 52,630 202,159 221,487
Sentinel 60,197 59,931 62,993 232,688 251,216
Other sites 9,657 11,699 22,028 50,588 100,660
Copper production (tonnes)1 1 201,823 209,859 203,171 816,435 778,911
Copper sales (tonnes) 213,087 194,278 217,041 821,889 764,471
Gold production (ounces) 74,945 78,124 68,747 312,492 265,112
Gold sales (ounces)2 2 79,403 79,773 70,905 321,858 277,291
Nickel production (contained tonnes) 3,385 4,248 5,603 16,818 12,695
Nickel sales (contained tonnes) 3,756 4,055 5,343 17,078 12,120
CONSOLIDATED FINANCIAL HIGHLIGHTS
QUARTERLY FULL YEAR
Q4 2021 Q3 2021 Q4 2020 2021 2020
Sales revenues3 2,061 1,747 1,562 7,212 5,070
Gross profit 784 613 443 2,562 1,077
Net earnings (loss) attributable to shareholders
of the Company 247 303 9 832 (180)
Basic earnings (loss) per share $0.36 $0.44 $0.01 $1.21 ($0.26)
Diluted earnings (loss) per share $0.36 $0.44 $0.01 $1.20 ($0.26)
Cash flows from operating activities 760 703 533 2,885 1,613
Net debt43 6,053 6,302 7,409 6,053 7,409
EBITDA4,5 4, 5 1,085 886 725 3,684 2,152
Adjusted earnings (loss)4 4 306 197 53 826 (46)
Adjusted earnings (loss) per share6 4 $0.44 $0.29 $0.08 $1.20 ($0.07)
Cash cost of copper production (C1) (per lb)7 3 $1.39 $1.26 $1.28 $1.30 $1.21
Total cost of copper production (C3) (per lb)7 3 $2.39 $2.22 $2.20 $2.23 $2.11
All-in sustaining cost (AISC) (per lb)7 3 $2.05 $1.87 $1.77 $1.88 $1.63
Realized copper price (per lb)7 3 $4.08 $3.68 $2.97 $3.64 $2.74
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.
3 Sales revenues and cost of sales in the year ended 2020 have been reduced by $129 million from previously reported values as refinery-backed gold and silver credits on the
Company’s precious metal stream arrangement are now netted within sales revenues rather than included in cost of sales.
4 EBITDA and adjusted earnings (loss) are non-GAAP financial measures and net debt is a supplementary financial measure. These do not have a standardized meaning under
IFRS and might not be comparable to similar financial measures disclosed by other issuers. Adjusted earnings have been adjusted to exclude items from the corresponding IFRS
measure, net earnings (loss) 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 (loss) and EBITDA represents the Company’s adjusted earnings (loss) metrics. See
“Regulatory Disclosures”.
5 Adjustments to EBITDA in 2021 relate principally to foreign exchange revaluations (2020 - foreign exchange revaluations).
6 Adjusted earnings (loss) per share is a non-GAAP financial ratio, 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 Realized metal prices, all-in sustaining cost (AISC), cash cost of copper production (C1), and total cost of copper production (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. 22-03
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FINANCIAL HIGHLIGHTS
Financial results for the fourth quarter benefitted from higher sales volumes and a higher realized copper price1 of
$4.08 per lb as the Company’s hedge profile continued to decline, partially offset by higher costs.
Q4 2021 adjusted earnings were $306 million ($0.44 adjusted earnings per share), a significant
improvement from Q3 2021 of $197 million ($0.29 per share). Net earnings included a total impairment
charge of $44 million against the Sese Integrated Power project, exploration assets and housing assets.
Gross profit of $784 million and EBITDA of $1,085 million for the quarter were higher (28% and 22%,
respectively) than the preceding quarter.
Cash flows from operating activities was $760 million for Q4 2021 and cumulatively $2,885 million for the
full year 2021.
Debt reduction: Net debt 3 decreased by $249 million during the quarter, bringing the balance down to
$6,053 million as at December 31, 2021. Net debt 3 decreased by $1,356 million during the year. At
December 31, 2021, total debt was $7,912 million.
Debt restructure: On October 14, 2021, the Company signed a new $2.925 billion Term Loan and Revolving
Credit Facility (the "Facility"). This new Facility replaces the existing $2.7 billion Term Loan and Revolving
Credit Facility due to mature December 2022. The new $2.925 billion Facility comprises a $1.625 billion
Term Loan Facility and a $1.3 billion Revolving Credit Facility, maturing in 2025 and is syndicated to a group
of long-standing relationship banks of First Quantum. The Facility was used to fully prepay and cancel
amounts outstanding on the existing facility, to fully prepay and cancel a bilateral bank facility for $175
million and for general corporate purposes. Repayments on the term loan will commence in December
2022. The Facility has a single Net debt3 to EBITDA ratio covenant set at 3.5 times over the Facility term.
Note redemption: On December 7, 2021, the Company redeemed $600 million of the 2023 Notes at a
redemption price of 101.813%. The portion of the outstanding 2023 Notes to be redeemed was allocated
on a lottery drawing basis at the redemption plus accrued and unpaid interest.
As previously announced, with the company on track to meet the previously announced $2 billion debt
reduction target during the first half of 2022, the target for debt reduction in the short to medium term
has increased by $1 billion.
The Company has declared a final dividend of $0.005 Canadian dollar (“CDN”) per share, in respect of the
financial year-ended December 31, 2021. The final dividend together with the interim dividend of
CDN$0.005 per share is a total of CDN$0.01 per share for the 2021 financial year.
A new dividend policy was also adopted by the Company. The Company intends to pay, on a semi-annual
basis, a performance dividend (the “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.
Copper price hedges: At December 31, 2021, all of the Company’s unmargined copper forward sales
contracts have matured, with no new hedges put in place. At February 15, 2022, the Company had 40,000
tonnes of unmargined zero cost copper collar sales contracts with maturities to June 2022 at weighted
average prices of $3.63 per lb to $4.68 per lb outstanding. Copper sales in the fourth quarter were 24%
hedged. Approximately 5% of expected copper sales for the next 12 months are hedged to unmargined
zero cost collar sales contracts.
1 Realized metal prices and adjusted earnings (loss) 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”
2 Adjusted earnings (loss) and EBITDA 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” in this News Release for a reconciliation of EBITDA and adjusted earnings (loss) to the IFRS measures. The use of adjusted earnings (loss)
and EBITDA represents the Company’s adjusted earnings (loss) metrics.
3 Net debt is a supplementary 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.
First Quantum Minerals Ltd. 22-03
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2022 to 2024 GUIDANCE UPDATE
Three-year guidance on production, C1 cash costs 1, AISC1 and capital expenditures that was previously disclosed
on January 17, 2022 remains unchanged. Copper and nickel production are forecast to grow to 850,000 to 910,000
tonnes and 40,000 to 50,000 tonnes, respectively, by 2024. Capital cost guidance has been guided to $1,250 million
in 2022 and 2023 and $1,375 million in 2024.
Cobre Panama is expected to produce 330,000 to 360,000 tonnes of copper and 135,000 to 150,000 ounces
of gold in 2022. Mill throughput is expected to ramp up over the course of 2022 to achieve between 85
and 90 Mtpa. For 2022 as a whole, grades and recoveries are expected to be consistent with 2021 levels
but will fluctuate from quarter to quarter. The three-year guidance period for Cobre Panama includes the
CP100 Expansion, which includes a new primary crushed ore screening facility, process water upgrades and
the addition of a sixth ball mill. Completion of construction works and commencement of commissioning
is targeted for the first quarter of 2023 to allow for a ramp up of production over the course of the year
and achieve a throughput rate of 100 Mtpa by the end of 2023. A Letter of Intent was signed for incremental
electrical supply for the CP100 Expansion, approximately 60-80MW, and is expected to be renewable
power, specifically hydroelectricity, sourced from the Panamanian grid.
At Kansanshi, production in 2022 is expected to range from 190,000 to 210,000 tonnes of copper and
120,000 to 130,000 ounces of gold. Based on the current mine plan at Kansanshi, while processed ore is
expected to be slightly higher in 2022 relative to 2021, grades are expected to decline over the course of
the year from Q4 2021 levels. For the three-year guidance period, copper and gold production in 2024
includes some limited production associated to the S3 expansion, with the development and timing still
subject to Board approval.
At Sentinel, copper production in 2022 is expected to be between 260,000 to 280,000 tonnes. Grade is
expected to improve from 2021 levels throughout 2022 as higher-grade ore is exposed in both the Stage 1
and Stage 2 pits. Construction of the fourth in-pit crusher was completed in the December 2021 and
commissioning was completed in January 2022, which will enable the plant to achieve throughput of 62
Mtpa in 2022.
2022 copper production guidance from Other sites is expected to be 30,000 tonnes.
Nickel production in 2022 from Ravensthorpe is expected to be 25,000 to 30,000 tonnes with major
shutdowns and descales of autoclaves scheduled in March and August of this year. Nickel production for
the three-year guidance period includes Enterprise, with first production assumed during 2023. The
development timeline for Enterprise is expected to be approximately twelve months and still subject to
Board approval.
C1 cash cost2 guidance over 2022 to 2024 period for both copper and nickel remains unchanged and reflects
recent inflationary and commodity price pressures as well as movement in foreign exchange rates,
particularly in Zambia. AISC guidance also reflects higher royalties in Zambia related to copper prices as
well as an increase in sustaining capital expenditure. At this stage, guidance assumes no change in royalties
in Panama. Copper C1 cash cost2 and AISC2 guidance for 2024 includes some limited contribution from the
S3 expansion at Kansanshi. Nickel unit cost guidance does not include Enterprise. By 2024, nickel C1 cash
costs2 at Enterprise are expected to range $4.25/lb to $5.25/lb.
Guidance on 2022 to 2024 capital expenditures remains unchanged. Within the total project capital
expenditure guidance of $2,210 million over the three-year period, approximately $1,000 million relates
to Kansanshi, $830 million to Cobre Panama, $60 million to Enterprise and $15 million to Guelb Moghrein.
1 Cash cost of copper production (C1) and all-in sustaining cost (AISC) are non-GAAP financial ratios which do not have a standardized meaning prescribed by IFRS and might not be comparable
to similar financial ratios disclosed by other issuers.
First Quantum Minerals Ltd. 22-03
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PRODUCTION GUIDANCE
000’s 2022 2023 2024
Copper (tonnes) 810 – 880 840 – 910 850 – 910
Gold (ounces) 285 – 310 275 – 300 295 – 320
Nickel (contained tonnes) 25 – 30 30 – 40 40 – 50
PRODUCTION GUIDANCE BY OPERATION 1
Copper production guidance (000’s tonnes) 2022 2023 2024
Cobre Panama 330 – 360 350 – 380 370 – 400
Kansanshi 190 – 210 190 – 210 205 – 220
Sentinel 260 – 280 270 – 290 255 – 270
Other sites 30 30 20
Gold production guidance (000’s ounces)
Cobre Panama 135 – 150 140 – 155 155 – 170
Kansanshi 120 – 130 105 – 115 110 – 120
Other sites 30 30 30
Nickel production guidance (000’s contained tonnes)
Ravensthorpe 25 – 30 25 – 30 25 – 30
Enterprise - 5 - 10 15 – 20
11 Production is stated on a 100% basis as the Company consolidates all operations.
CASH COST AND ALL-IN SUSTAINING COST
Total Copper 2022 2023 2024
C1 cash cost (per lb)2 $1.30 – $1.50 $1.30 – $1.50 $1.25 – $1.45
AISC (per lb)2 $1.90 – $2.05 $1.90 – $2.05 $1.85 – $2.00
Ravensthorpe Nickel 2022 2023 2024
C1 cash cost (per lb)2 $5.75 - $6.50 $5.75 - $6.50 $5.50 - $6.25
AISC (per lb) 2 $7.00 - $7.75 $7.00 - $7.75 $6.75 - $7.25
PURCHASE AND DEPOSITS ON PROPERTY, PLANT & EQUIPMENT
2022 2023 2024
Deferred stripping3,4 250 250 275
Sustaining capital4 310 290 290
Project Capital4 690 710 810
Total purchase and deposits on property, plant and equipment 1,250 1,250 1,375
2 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”.
3 Capitalized stripping represents additions to what IFRS refers to as the ‘stripping activity asset’.
4 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. 22-03
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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. In September 2021, the Supreme Court upheld its ruling in respect of the clarification motions presented
by the Company to the Court in relation to its Law 9 decision announced in September 2018 and the ruling was
gazetted in the fourth quarter. We understand that the upholding of the unconstitutionality ruling against Law 9
of 1997 does not have retroactive effects, pursuant to article 2573 of the Code of Judicial Proceedings of Panama,
therefore the approval of the mining concession contract which occurred in 1997 with the enactment of Law 9,
remains unaltered, providing operation continuity as per status quo. In September 2021, the Ministry of Commerce
publicly announced the culmination of the high-level formal discussions on two topics being environmental and
labour matters.
During January 2022, the GOP tabled a new proposal, 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 this outcome, the necessary protections to the business for downside copper price and production
scenarios and to ensure 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 National Assembly. The Company welcomes the transparency of the robust ministerial
commission process and is hopeful that this matter can be concluded shortly.
ZESCO RESOLUTION
In the fourth quarter of 2021, the Company received a favourable resolution on the case that commenced in June
2018 between ZESCO and Kansanshi.
The arbitration hearing took place on August 22, 2018 and concluded in July 2021 with the Tribunal issuing its
award in November 2021. The Tribunal found in favour of Kansanshi on the key issues including the appropriate
tariff and the return to Kansanshi of the funds held in the segregated account pursuant to the Order. In December
2021, the Tribunal awarded Kansanshi its costs of the arbitration and rejected ZESCO’s application for
interpretation of various parts of the Tribunal’s award.
Despite this dispute, the Company’s operations generally maintain a constructive relationship with ZESCO,
particularly with regards to the management of technical and supply issues. Operational and technical dialogue
between the parties is expected to continue in the normal course.
COVID-19
The ongoing challenges presented by COVID-19 have continued throughout the fourth quarter, with the Omicron
variant present on several sites. Fortunately, employees and neighbouring communities are not experiencing as
severe symptoms from this wave as previous variants. The focus for this quarter has been to maximize vaccination
rates and plan booster vaccination campaigns for 2022.
The Company continues to maintain strict health and sanitary protocols to minimize transmission and support the
government health authorities. We continue to work with local communities to develop support processes and
encourage vaccination. The Company has also redesigned ways of working, with staggered rosters, remote working
and bubble concepts on site to continue operations while limiting the potential spread.
As cases are identified amongst the workforce, they are contained and isolated according to the established
protocols and in coordination with local health authorities, with limited impact to operations. The Company
continues to employ measures to ensure minimal spread, and the health and well-being of our workforce continues
to be a priority.
First Quantum Minerals Ltd. 22-03
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SUSTAINABILITY
On January 17, 2022, First Quantum published its Inaugural Climate Change Report. First Quantum has set tangible
targets with an identified realistic path to reduce unit greenhouse gas emissions by 50% by 2030. The achievement
of these targets is not expected to result in significant increases in capital expenditures or operating costs from
previous forecasts. Details of the Company’s 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 Disclosures aligned Climate Change Report, policies and data can be found at:
https://www.first-quantum.com/English/sustainability/default.aspx
SOCIAL RESPONSIBILITY
The Company has published its Legacy Report which provides a ten-year overview of the Company’s approach to
social responsibility. This report highlights the Company’s environmental, community and economic development
initiatives, programs and achievements across the regions in which the operations are located.
COMPLETE FINANCIAL STATEMENTS AND MANAGEMENT’S DISCUSSION AND ANALYSIS
The complete Consolidated Financial Statements and Management’s Discussion and Analysis for the three months
and year-ended December 31, 2021 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, February 16 at 9:00 am
(ET).
Conference call and webcast details:
Toll-free North America: 1-800-952-5114
Toronto Local and International: 1-416-406-0743
Toll-free UK: 00-80042228835
Passcode: 8095536#
Webcast: www.first-quantum.com
A replay of the webcast will be available on the First Quantum website. The replay can also be accessed by dialing
1-800-408-3053 and using the passcode 9327693#.
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]