FIRST QUANTUM MINERALS REPORTS SECOND QUARTER 2022 RESULTS (In United States dollars, except where noted otherwise)

NEWS RELEASE

22-15

July 26, 2022

www.first-quantum.com

FIRST QUANTUM MINERALS REPORTS SECOND QUARTER 2022 RESULTS

(In United States dollars, except where noted otherwise)

Toronto, Ontario (July 26, 2022) - First Quantum Minerals Ltd. (“First Quantum” or “the Company”) (TSX: FM) today

reports results for the three months ended June 30, 2022 (“Q2 2022”) of net earnings attributable to shareholders of

the Company of $ 419 million ($0. 61 earnings per share) and adjusted earnings 1 of $ 337 million ($0. 49 adjusted

earnings per share 2). As at June 30 , 2022, First Quantum had achieved its debt reduction target of $2 billion , from

the peak in Q2 2020, and, as previously announced, continues to target a further $1 billion reduction in debt in the

medium term.

“While the restrictions from the global pandemic have largely eased, the ma cro environment has become more

challenging due to a combination of con tinued high inflation and the emerging global economic slowdown. Our

debt reduction over the last several years has placed our balance sheet in a better position for this turn of events. In

order to build further resilience through these uncertain times, o ur focus will be on driving consistent operational

performance, successful execution of our brownfield projects and discipline with our capital investments ,”

commented Tristan Pascall, Chief Executive Officer. “It is the determination and commitment of our workforce that

has enabled us to surmount the unprecedented obstacles that we have faced in recent years and means that we can

tackle these new challenges with confidence. I thank the team for their continued commitment and efforts.”

Q2 2022 SUMMARY

In Q2 2022, First Quantum reported gross profit of $629 million, EBITDA1 of $906 million, net earnings attributable

to shareholders of $0.61 per share, and adjusted earnings of $0.49 per share2. Relative to the first quarter of this year

(“Q1 2022”), second quarter financial results were impacted by a declining copper price, inflationary pressures on

costs and lower sales volumes of copper, gold and nickel.

Total copper production for the second quarter was 192,668 tonnes, a 6% increase from Q1 2022. The quarter-over-

quarter increase in production was entirely attributable to Cobre Panama, which achieved quarterly records in mining

volumes, throughput, and production. At both Kansanshi and Sentinel, lower grades continued into Q2 2022, which

contributed to lower copper production relative to the preceding quarter for both operations. Total copper

production guidance for 2022 remains unchanged at 790,000 to 855,000 tonnes with full year production at Sentinel

and Kansanshi expected to be towards the lower end of the guidance range.

Copper C1 cash cost 2 of $1.74 per lb for Q 2 2022 was $0. 13 per lb higher than Q1 2022. While global inflationary

pressures were present in the first quarter of this year, second quarter costs were further impacted by higher energy

and commodity prices resulting from the conflict in Ukraine . Costs for fuel, explosives, freight, mill balls, reagents

and other consumables represent almost half of the Company’s operational production cost ba se and unit costs in

these areas continued to increase throughout the second quarter and rose above levels assumed in current guidance.

Copper C1 unit costs were also impacted by lower production in Zambia . Copper C1 cash cost 2 guidance range

remains unchanged at $1.45 to $1.60 per lb. Unit costs over the next six months will be dependent on market rates

for fuel and other key supplies, the market price of gold and other by-products, as well as production levels.

1 EBITDA and adjusted earnings are non-GAAP financial measures. These measures do not have a standardized meaning prescribed by IFRS and might not be comparable to similar

financial measures disclosed by other issuers. Adjusted earnings and EBITDA were previously named comparative earnings and co mparative EBITDA, respectively, and the

composition remains the same. See “Regulatory Disclosures”.

2 Adjusted earnings per share and copper C1 cash cost (copper C1) 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. 22-15

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Q2 2022 OPERATIONAL HIGHLIGHTS

Total copper production for Q2 2022 was 192,668 tonnes, up from the 182,210 tonnes reported in Q1 2022, as Cobre

Panama achieved record quarterly production while Kansanshi experienced lower production. Global logistical

challenges persisted into the second quarter as a result of the flooding in parts of South Africa that affected the Port

of Durban, the challenges posed by COVID -19 lockdowns in China, and the continued disruptions in marine traffic

flow related to the Ukraine conflict. As a consequence of these constraints, copper sales volumes in Q2 2022 totaled

187,642 tonnes, approximately 5,000 tonnes lower than production during the quarter.

Copper C1 cash cost 1 averaged $ 1.74 per lb in Q2 2022, up from $1. 61 per lb in Q 1 2022. Various inputs and

operational costs continued to increase further during the second quarter. These include costs for fuel, explosives,

sulphur, freight, reag ents, liners and steel. Global inflationary pressures have been impacted by the COVID -19

pandemic as well as supply chain disruptions. Second quarter costs were further impacted by the wide -reaching

sanctions imposed upon Russia due to the conflict in Ukraine.

 Cobre Panama delivered record copper production of 90,778 tonnes in Q2 2022, representing a 16% increase

over production levels in the previous quarter. Cobre Panama saw an improvement in truck availability and

increased grades in the second quarter. In addition, r ecord mill throughput of 21.2 million tonnes was

achieved in the second quarter, attributable to increased plant stability and continuous improvement

projects. Copper C1 cash cost 1 of $1.54 per lb was $0.11 per lb lower than the previous quarter as higher

production volumes offset the impact of inflationary pressures for key consumables including explosives,

fuel, steel for grinding media and liners, and higher freight charges. A collar structure fo r coal purchases

continues to be in place with the ceiling price already exercised for July 2021 onwards, thereby limiting

exposure to further increases in the thermal coal price until the end of 2023.

 Kansanshi’s copper production of 39,719 tonnes in Q2 2022 was 2,180 tonnes lower than the previous quarter

as a result of lower feed grades caused by current mining conditions. After an extended rainy season, higher

than anticipated water levels in the M12 cutback restricted mining deployment, which led to supplementary

plant feed from low grade stockpile. Water from this area is expected to be removed by the end of the third

quarter of 2022, which will provide access to the scheduled oxide and mixed ore . In the quarter, a higher

than normal proportion of sulp hide feed came from narrow -veined regions as a result of the current mine

layout and mining sequence. Recent detailed updates of the geological model confirm that a relatively small

proportion, 20% of the sulphide ores , comprise vein -hosted areas and 80% f rom dominant strat iform

mineralization. Ongoing reconciliation enhancements have elevated understanding of such areas, which will

allow near-term mine plans and sequences to be improved and optimi zed. Copper C1 cash cost 1 of $1.83

per lb was $0.37 higher than Q1 2022 due to price increases in key consumables and lower production.

 Sentinel’s copper production of 52,447 tonnes in Q2 2022 was 28 tonnes lower than the previous quarter .

Sentinel’s mine production of ore and was te remained behind the planned schedule in the second quarter

of 2022, although progress has been made on preparing the pit for an improved second half of the year. As

well, low truck availability and a backlog of truck maintenance continued from the first quarter. This was a

direct impact of labour restrictions and resources during the COVID -19 pandemic, which is now subsiding.

Copper C1 cash cost 1 of $1.88 per lb was $0.27 per lb higher than the preceding quarter reflecting higher

employee, freight, fuel, explosives, and consumable costs.

 Ravensthorpe payable nickel production of 4,348 tonnes was 395 tonnes lower than the first quarter as

production was impacted by wet weather, especially during April when heavy rainfall was experienced, which

impacted materials handling and reduced beneficiation throughput in addition to low pre -leach extractions

and limestone availability. Nickel C1 cash cost1 was $10.08 per lb, a $3.30 per lb increase as a result of higher

processing costs due to increases in sulphur and fuel prices.

1 Copper C1 cash cost (copper C1) and Nickel C1 cash costs ( nickel C1) are non-GAAP ratios which do not have a standardized m eaning prescribed by IFRS and might not be

comparable to similar financial measures disclosed by other issuers. See “Regulatory Disclosures”.

First Quantum Minerals Ltd. 22-15

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CONSOLIDATED OPERATI NG HIGHLIGHTS

Q2 2022 Q1 2022 Q2 2021

Copper production (tonnes)1 192,668 182,210 199,689

Copper sales (tonnes)8 187,642 196,702 203,790

Gold production (ounces) 74,959 70,357 81,375

Gold sales (ounces)2 69,998 76,195 85,291

Nickel production (contained tonnes) 4,853 5,122 4,543

Nickel sales (contained tonnes) 2,892 4,350 6,910

CONSOLIDATED FINANCI AL HIGHLIGHTS

Q2 2022 Q1 2022 Q2 2021

Sales revenues3 1,904 2,163 1,782

Gross profit 629 908 625

Net earnings attributable to shareholders of the Company 419 385 140

Basic earnings per share $0.61 $0.56 $0.20

Diluted earnings per share $0.60 $0.56 $0.20

Cash flows from operating activities 904 666 679

Net debt6 5,339 5,815 6,751

EBITDA4,5 906 1,180 902

Adjusted earnings4 337 480 173

Adjusted earnings per share7 $0.49 $0.70 $0.25

Cash cost of copper production (C1) (per lb)8 $1.74 $1.61 $1.29

Total cost of copper production (C3) (per lb)8 $2.73 $2.65 $2.21

Copper all-in sustaining cost (AISC) (per lb)8 $2.37 $2.27 $1.91

Realized copper price (per lb)7 $4.19 $4.45 $3.55

Net earnings attributable to shareholders of the Company 419 385 140

Adjustments attributable to shareholders of the Company:

Adjustment for expected phasing of Zambian value-added tax

(“VAT”) receipts

106 22 22

Total adjustments to EBITDA4 excluding depreciation5 (238) 103 28

Tax and minority interest adjustments 50 (30) (17)

Adjusted earnings4 337 480 173

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” within the Management’s Discussion

and Analysis).

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 r ather than included in

cost of sales. The quarter ended June 30, 2021 has been revised to reflect this change. Sales revenues and cost of sales for the quarter ended June 30, 2021 have been reduced by $65 million

compared to the previously reported values (see “Precious Metal Stream Arrangement” within the Management’s Discussion and Analysis).

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 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 provid e further financial information about the results to investors

and may not be compara ble 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”.

8 Excludes purchases of copper concentrate from third parties treated through the Kansanshi smelter.

First Quantum Minerals Ltd. 22-15

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FINANCIAL HIGHLIGHTS

 Gross profit of $629 million and EBITDA 1 of $906 million for the second quarter were 31% and 23% lower ,

respectively, than Q1 2022 with the decline mainly attributable to lower metal prices, lower sales volumes

and higher inflationary pressures on costs.

 Cash flows from operating activities of $904 million ($1.31 per share 2) for the quarter were $ 238 million

higher than Q1 2022 with a favourable movement in receivables working capital balance at the end of the

quarter.

 Net debt 1 decreased by $476 million during the quarter, bringing the net debt 1 balance down to $5,339

million as at June 30, 2022. As at June 30, 2022, total debt was $7,164 million (March 31, 2022, total debt was

$7,763 million). As at June 30, 2022, First Quantum had achieved its debt reduction target of $2 billion, from

the peak in Q2 2020, and, as previously announced, continues to target a further $1 billion reduction in debt

in the medium term.

 During the second quarter, the Company redeemed at par an aggregate of $1,000 million principal amount

of the senior unsecured notes du e 2023. $500 million was redeemed on each of April 5, 2022, and June 7,

2022. No senior unsecured notes due 2023 remain outstanding post the redemptions.

 On July 26, 2022, the Company declared an interim dividend of CDN$0.16 per share in respect of the financial

year ended December 31, 2022 (July 27, 2021: CDN$0.005 per share) to be paid on September 20, 2022 to

shareholders of record on August 29, 2022.

2022 GUIDANCE

Total copper production guidance of 790,000 to 855,000 tonnes and total gold production guidance of 285,000 to

310,000 ounces remains unchanged.

 Cobre Panama year -to-date copper production of 16 9,115 tonnes is aligned to be within the full year

guidance range of 330,000 to 360,000 tonnes.

 At Kansanshi, water from the M12 area is expected to be removed by the end of the third quarter of 2022,

which will provide access to the scheduled oxide and mixed ore . Extensive work has been conducted on a

new geological approach to narrower and lower mineralized veins that comprise around 20% of the sulphide

ores at Kansanshi, which is expected to improve optimization of the mine plan in the near term. Kansanshi is

tracking towards the lower end of the guidance range of 175,000 to 195,000 tonnes.

 Grades at Sentinel are expected to return to planned levels over the coming months with an improved grade

profile in the second half of 2022 compared to the first six months, resulting in improved production levels

over the course of the year. Full year production at Sentinel is tracking towards the lower end of the guidance

range of 250,000 to 265,000 tonnes of copper.

Copper C1 cash cost 2 guidance range remains unchanged at $1.45 to $1.60 per lb. Copper C1 cash cost 2 recorded

for the second quarter and for first six months of the year a t $1.74 per lb and $1.67 per lb, respectively, are above

the top end of current guidance. Costs for fuel, explosives, freight, mill balls, reagents and other consumables

represent almost half of the Company’s operational production cost base and unit costs in these areas continued to

increase throughout the second quarter and rose above levels assumed in current guidance . Copper C1 unit costs

have also been impacted by lower production at both Zambian operations. Unit costs over the next six months will

be dependent on market rates for fuel and other key supplies, the market price of gold and other by -products as

well as production levels.

1 EBITDA is non-GAAP financial measure and net debt is a supplementary financial measure. These measures do not have a standardized meaning p rescribed by IFRS and might

not be comparable to similar financial measures disclosed by other issuers. Adjusted earnings and EBITDA were previously named comparative earnings and comparative EBITDA,

respectively, and the composition remains the same. See “Regulatory Disclosures”.

2 Cash flows from operating activities per share and copper C1 cash cost (copper C1) 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. 22-15

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Copper AISC1 cost guidance range remains unchanged at $2.15 to $2.30 per lb . Copper AISC1 cost for the second

quarter and first six months of the year at $2.37 per lb and $2.32 per lb, respectively, are above the top end of the

guidance range. Royalties cost included within AISC 1 is dependent on the market price of copper and has therefore

been relatively high for the first six months of the year.

Ravensthorpe nickel production and nickel C1 cash cost 1 and AISC1 remains unchanged. The spot price for sulphur

has fallen sharply in July 2022 compared to levels experienced in the first six months of 2022.

Guidance for total capital expenditure remains unchanged at $1,250 million. In July, the Board approved the

expansion of the Kansanshi smelter, whic h is included in the Company’s thr ee-year capital expenditure guidance

issued in January 2022.

PRODUCTION GUIDANCE

000’s 2022

Current Guidance

Copper (tonnes) 790 – 855

Gold (ounces) 285 – 310

Nickel (contained tonnes) 25 – 30

PRODUCTION GUIDANCE BY OPERATION 2

Copper production guidance (000’s tonnes)

2022

Current Guidance

Cobre Panama 330 – 360

Kansanshi 175 – 195

Sentinel 250 – 265

Other sites 35

Gold production guidance (000’s ounces)

Cobre Panama 135 – 150

Kansanshi 120 – 130

Other sites 30

Nickel production guidance (000’s contained tonnes)

Ravensthorpe 25 – 30

CASH COST 1 AND ALL -IN SUSTAINI NG COST 1

Copper 2022

Current Guidance

C11 (per lb) $1.45 – $1.60

AISC1 (per lb) $2.15 – $2.30

Nickel 2022

Current Guidance

C11 (per lb) $6.25 – $7.00

AISC1 (per lb) $7.50 – $8.50

At this stage, guidance assumes no change in royalties in Panama.

1 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”.

2 Production is stated on a 100% basis as the Company consolidates all operations.

First Quantum Minerals Ltd. 22-15

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PURCHASE AND DEPOSIT S ON PROPERTY, PLANT & EQUIPMENT

2022

Current Guidance

Capitalized stripping1 250

Sustaining capital1 310

Project capital1 690

Total capital expenditure 1,250

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”.

ZAMBIAN VAT

During the second quarter, the Company reached an agreement with the Government of Zambia for repayment of

the outstanding VAT claims based on offsets against future corporate income tax and mineral royalty tax payments,

which commenced July 1, 2022.

PANAMA LAW 9 UPDATE

In recent days, Panama has experienced civil unrest, largely focused on temporary block ades to transport routes in

the main cities. Production at Cobre Panama has been undisrupted and the Company continues to moni tor the

situation closely. The Company remains in contact with the Government of Panama regarding Law 9, but recognize

that their attention is, quite properly, focused on resolving the civil disturbances. First Quantum and the Government

of Panama remain committed to a swift conclusion of the Law 9 discussions on the basis of the agreed principles and

on ensuring that the new contract and legislation are both durable and sustainable with downside copper price and

production scenarios.

Once an agreement is concluded and the full contract is documented, it is expected that the newly drafted legislation

would be put to the Panamanian National Assembly. The Company welcomes the transparency of the robust

ministerial commission process and is hopeful that this matter can be concluded shortly.

ENVIRONMENT, SOCIAL AND GOVERNANCE

At the Company’s Annual General Meeting on May 5, 2022 , Clive Newall, co-founder of the Company, retired from

the Board of Directors and Philip Pascall, co-founder and Chief Executive Officer (“CEO”) since 1996, retired from the

CEO role. Philip Pascall will continue to serve as Chairman of the Board.

On May 6, 2022, the Board of Directors appointed Tristan Pascall to the role of CEO. Tristan Pascall has also joined

the Board. In additi on, the Board announced the appointment of Alison Beckett as an independent director of the

Board of Directors.

In May 2022, the Company published its principal annual Environment, Social and Governance (“ESG”) report, the

2021 ESG Report, setting out the Company’s performance in a range of environmental, health and safety, social and

governance metrics against the Global Reporting Initiative and Sustainability Accounting Standards Board

frameworks.

The Company’s approach to sustainability in host commun ities is consistent with the United Nations Sustainable

Development Goals and these are mapped against disclosures provided. The 2021 ESG Report provides further

information on the range of social infrastructure and community development initiatives undert aken in the

Company’s host communities.

During the second quarter of 2022, the Company published the 2021 Tax Transparency and Contributions to

Government Report. In 2021, the Company contributed $1.6 billion to host governments through taxes, royalties and

other payments, an increase of 44% from 2020.

First Quantum Minerals Ltd. 22-15

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The Company strongly supports the various transparency initiatives which provide all stakeholders with clear

information of the contributions which are made to host governments by the Company. The report i s intended to

meet Canada’s Extractive Sector Transparency Measures Act reporting obligations as well as Chapter 10 of the EU

Accounting Directive.

The 2021 ESG Report, the 2021 Tax Transparency and Contributions to Government Report, policies and related

programs, including the Taskforce on Climate -related Financial Disclosure -aligned Climate Change Report, can be

found at: https://www.first-quantum.com/English/sustainability/default.aspx

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 six months ended June 30, 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, July 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. 22-15

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REGULATORY DISCLOSURES

Non-GAAP and Other Financial Measures

EBITDA, ADJUSTED EAR NINGS AND ADJUSTED E ARNINGS 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 a nd 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

Q2 2022 Q1 2022 Q2 2021

Operating profit 856 782 588

Depreciation 288 295 286

Other adjustments:

Foreign exchange (gain) loss (239) 56 23

Other expense 2 461 4

Revisions in estimates of restoration provisions at closed sites (1) 1 1

Total adjustments excluding depreciation (238) 103 28

EBITDA 906 1,180 902

1 Other expenses includes a charge of $40 million for non-recurring costs in connection with previously sold assets

Q2 2022 Q1 2022 Q2 2021

Net earnings attributable to shareholders of the Company 419 385 140

Adjustments attributable to shareholders of the Company:

Adjustment for expected phasing of Zambian VAT 106 22 22

Total adjustments to EBITDA excluding depreciation (238) 103 28

Tax and minority interest adjustments 50 (30) (17)

Adjusted earnings 337 480 173

Earnings per share as reported $0.61 $0.56 $0.20

Adjusted earnings per share $0.49 $0.70 $0.25