FIRST QUANTUM MINERALS REPORTS SECOND QUARTER 2024 RESULTS (In United States dollars, except where noted otherwise)
NEWS RELEASE
24-16
July 23, 2024
www.first-quantum.com
FIRST QUANTUM MINERALS REPORTS SECOND QUARTER 2024 RESULTS
(In United States dollars, except where noted otherwise)
Toronto, Ontario (July 23, 2024) - First Quantum Minerals Ltd. (“First Quantum” or the "Company”) (TSX: FM)
today reports results for the three months ended June 30, 2024 (“Q2 2024” or the "second quarter") of a net loss
attributable to shareholders of the Company of $46 million ($0.06 loss per share) and an adjusted loss1 of $13 million
($0.02 adjusted loss per share2).
“We had another solid quarter in Zambia and with the work achieved to date, both Kansanshi and Sentinel are set
up well for the remainder of the year. At Enterprise, the c ontinued successful commissioning and ramp up has
enabled the declaration of commercial production on June 1, 2024 while the S3 Expansion is progressing well and
on track for completion in mid- 2025. We also initiated a copper hedge program as we continue efforts to maintain
the strength of the balance sheet,” commented Tristan Pascall, Chief Executive Officer of First Quantum. "Finally, it
was pleasing to reach a Shareholder Rights Agreement with Jiangxi Copper, which formalizes a clear basis for the
relationship between us. The relationship with Jiangxi Copper, who have been a long standing customer, has
solidified since their purchase of First Quantum shares in 2019. We look forward to Jiangxi Copper's continued strong
support on the strategic direction of the Company."
Q2 2024 SUMMARY
There were a number of developments during the second quarter that are also detailed in this news release.
• A Shareholder Rights Agreement with Jiangxi Copper Company Limited (“Jiangxi Copper”);
• Additional power supply restrictions by the Zambian Electricity Supply Corporation Limited ("ZESCO");
• Implementation of a copper hedging program;
• Updated NI 43-101 Technical Report for Kansanshi
In Q2 2024, First Quantum reported gross profit of $333 million, EBITDA 1 of $336 million, a net loss attributable to
shareholders of $0.06 per share, and an adjusted loss per share2 of $0.02. Relative to the first quarter of 2024 (“Q1
2024”), second quarter financial results improved due to higher copper and gold prices.
Total copper production for the second quarter was 102,709 tonnes, a 2% increase from Q1 2024 as a result of
higher production at Kansanshi. Copper sales volumes totaled 94,628 tonnes, lagging production due to the timing
of shipments and vessel delays. Copper C1 cash cost3 was $1.73 per lb in the second quarter, benefiting from strong
by-product gold credits. Enterprise declared commercial production as of June 1, 2024.
2024 guidance remains unchanged for copper and gold production, while nickel production has narrowed to reflect
year-to-date production at Ravensthorpe. Copper unit cost guidance remains unchanged.
SHAREHOLDERS RIGHTS AGREEMENT
On July 23, 2024, the Company entered into a shareholder rights agreement (the “Shareholder Rights Agreement”
or “SRA”) with Jiangxi Copper. The Shareholder Rights Agreement will formalize and provide structure to the
1 EBITDA and adjusted earnings (loss) 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. See “Regulatory Disclosures”.
2 Adjusted earnings (loss) per share is a non-GAAP 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”.
3 C1 cash cost (C1) is a non-GAAP ratio, which does not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measure s disclosed
by other issuers. See “Regulatory Disclosures”
First Quantum Minerals Ltd. 24-16
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relationship that exists between the two organizations. Further, the Shareholder Rights Agreement is also expected
to support reasonable sharing of best practices between the parties across the copper value chain, including in
smelting and refining, in which Jiangxi Copper is a world leader. The four key provisions of the SRA are:
1. Nomination rights: Jiangxi Copper will have the right to nominate one person for consideration by the Nominating
and Governance Committee of the board of the Company, which will make a recommendation to the board
regarding the appointment or election of the nominee;
2. Standstill: Jiangxi Copper has agreed to customary standstill restrictions which, subject to certain exceptions,
prohibit Jiangxi Copper from taking certain actions, including, without the consent of the Company, acquiring
shares of the Company during the term of the SRA and for a period of six months following the termination of the
SRA;
3. Restrictions on dispositions: Jiangxi Copper has agreed to certain restrictions on the disposition of its shares
of the Company which include, subject to certain exceptions (i) the right of the Company to designate one or more
purchasers of such shares in the event that Jiangxi Copper proposes to sell a block of 5% or more of the shares
of the Company, and (ii) not selling such shares to any person that owns, or would own, following completion of
such sale, more than 9.9% of the issued and outstanding shares of the Company (allowing for certain ordinary
secondary market transactions executed through the TSX or other stock exchanges on which the common shares
are listed); and,
4. Shareholder support: Jiangxi Copper has agreed that it will not withhold its vote in respect of the director nominees
proposed by management of the Company or the reappointment of auditors, nor will it vote against any other matters
recommended by the Company’s board of directors (other than matters relating to an acquisition of all the shares of
the Company by a third party, a sale of a controlling interest in any material asset of the Company or an issuance of
shares that would result in a person owning more than 10% of the issued and outstanding shares of the Company).
The SRA will terminate upon the earlier of July 23, 2027 and the date on which Jiangxi Copper’s ownership
percentage of the Company’s shares falls below 10%. Jiangxi Copper and the Company may terminate the SRA at
any time by mutual written agreement.
ZAMBIA POWER UPDATE
On June 11, 2024, ZESCO informed the mining sector that power curtailment for all mining customers will increase
from the 20% previously communicated to 40% effective July 1, 2024. In response, First Quantum has strategically
decided to source additional power beyond the formal requirements set by ZESCO to ensure stable operations and
support the grid during this challenging situation. Effective July 1, 2024, the Company is sourcing 193 MW, or 52%
of its maximum power requirement, from regional sources. Consequently, the impact on C1 copper cash costs 1 is
expected to be $0.06 per lb, up from the $0.03 per lb communicated in the first quarter of 2024. The Company
anticipates it will be able to sufficiently substitute curtailed power with imports from the region for the duration of the
emergency and thereby avoid operational interruptions.
The energy generation deficit is anticipated to ease with Zambia’s next rainy season, which, according to traditional
weather patterns, begins in mid- November and lasts until April. Typically, there is a 3 to 4 month delay before the
rains impact Zambia's hydro- power generation, such that by early 2025, Zambia's hydro generation capabilities
should begin to recover.
In the medium term, the Company is in advanced discussions wit h three Independent Power Producers to provide
partial offtake commitments for advanced projects scheduled to come online in the first and second quarter of 2025.
The commercial operation date of these advanced projects align well with the commissioning and ramp-up of the S3
Expansion project at Kansanshi.
Longer term, the Company is advancing offtake arrangements with independent renewable power producers. This
includes a large scale solar/wind generation project with commissioning targeted for 2026/2027, and hydro projects
in Zambia's Northwest and Northern Provinces. Additionally, the Company is following developments related to
infrastructure investments to build transmission lines with Angola and Tanzania, countries with current and forecast
excess power.
1 C1 cash cost (C1) is a non-GAAP 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. 24-16
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COBRE PANAMÁ UPDATE
On July 1, 2024, the new president of Panama, José Raúl Mulino, was inaugurated into office. In his inauguration
speech, President Mulino announced that the Government of Panama ("GOP") will conduct, with international
experts, a strict environmental audit of the Cobre Panamá mine. The Company reiterates that transparency and
compliance with environmental standards have always been fundamental for the development of its operations and
welcomes the audit process to broaden the understanding of conditions at the mine and the challenges to
environmental management brought about by the abrupt mine suspension.
Steps towards two arbitration proceedings have been taken by the Company, one under the Canada-Panama Free
Trade Agreement (“FTA”), and another under the I nternational Chamber of Commerce (“ICC”) pursuant to the
arbitration clause of the Refreshed Concession Contract.
• ICC Arbitration: On November 29, 2023, Minera Panamá S.A. ("MPSA") initiated arbitration before the
ICC's International Court of Arbitration pursuant to the ICC’s Rules of Arbitration and Clause 46 of the
Refreshed Concession Contract, to protect its rights under Panamanian law and the Refreshed Concession
Contract that the GOP agreed to in October 2023. The arbitration clause of the contract pr ovides for
arbitration in Miami, Florida. A final hearing for this matter is scheduled for September 2025.
• FTA Arbitration: On November 14, 2023, First Quantum submitted a notice of intent to the GOP initiating the
consultation period required under the FTA. First Quantum submitted an updated notice of intent on February
7, 2024. First Quantum is entitled to seek any and all relief appropriate in arbitration, including, but not limited
to, damages and reparation for Panama’s breaches of the Canada- Panama FTA. These breaches include,
among other things, the GOP’s failure to permit MPSA to lawfully operate the Cobre P anamá mine prior to
the Supreme Court’s November 2023 decision and the GOP’s pronouncements and actions concerning
closure plans and Preservation and Safe Management ("P&SM") at Cobre Panamá. The Company has the
right to file its arbitration claim under FTA within three years of Panama’s breaches of the FTA.
The Company reiterates that arbitration is not the preferred outcome for the situation in Panama, and it remains
committed to dialogue with the new government of Panama and to being part of a solution f or the country and its
people.
KANSANSHI S3 EXPANSION
During the second quarter of 2024, construction of the S3 Expansion project at Kansanshi continued to focus on
major mechanical equipment assembly and installation, namely the mills and primary crusher, in parallel with
assembly and installation of structural steel, pipe work and electrical work. Long lead equipment is being received
on site and the last delivery of flotation cells was completed early in the third quarter of 2024. System configuration
of the plant control system has commenced with a focus on early commissioning of medium voltage power
reticulation and plant services in the milling area. The majority of the capital spend on the S3 Expansion is expected
to occur in 2024, with first production expected in mid-2025.
KANSANSHI NI 43-101 TECHNICAL REPORT
On July 23, 2024, the Company filed an updated NI 43- 101 Technical Report for Kansanshi. The Kansanshi
Technical Report discloses an updated Mineral Resource estimate which accounts for mining a nd processing
depletions since the filing of a previous report in September 2020. The updated Measured and Indicated Mineral
Resource estimate, as at the end of December 2023, now stands at 1,160.9 Mt at an average copper grade of
0.61%TCu (excluding stock piles). Commensurate with the increase in the Mineral Resource inventory, and also
accounting for depletion, the end of December 2023 reported Proven and Probable Mineral Reserve has now risen
to 935.2 Mt with an average grade of 0.56%TCu, and with an additional 169.5 Mt stockpiled at an average grade of
0.40%TCu. The increase in Mineral Reserve extends the operating life of Kansanshi by 5 years to 2049.
Q2 2024 OPERATIONAL HIGHLIGHTS
Total copper production for the second quarter was 102,709 tonnes, a 2% increase from Q1 2024. Copper sales
volumes totaled 94,628 tonnes, approximately 8,081 tonnes lower than production due to the timing of shipments
and vessel delays at Walvis Bay, Namibia and Dar-es-Salaam, Tanzania related to weather, port congestion and
First Quantum Minerals Ltd. 24-16
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schedule disruptions. Copper C1 cash cost 1 was $0.29 per lb lower quarter -over-quarter at $1.73 per lb, benefiting
from strong gold by-product credits.
• Kansanshi’s copper production of 41,507 tonnes in Q2 2024 was 10,034 tonnes higher than the previous
quarter as a result of higher feed grades on the sulphide and mixed circuits. Grades improved due to higher-
grade material from the Main 15 and Main 17 cutbacks, predominately from mining at higher elevation.
Copper C1 cash cost1 of $1.51 per lb was $0.83 lower quarter-over-quarter due to higher by- product credits
as a result of improved gold production and stronger gold prices. Production guidance for 2024 is maintained
at 130,000 to 150,000 tonnes of copper and 65,000 to 75,000 ounces of gold. Copper grades are expected
to modestly improve over the course of the year as mining progresses at higher elevation areas with higher-
grade material from the Main 15 and Main 17 cutbacks. A swap of the mixed and sulphide mills is planned
for the third quarter of 2024 in order to maximize mixed grade through the mills during this period.
• Sentinel reported copper production of 53,595 tonnes in Q2 2024, approximately 8,630 tonnes lower than
the previous quarter. The decline in production was due to lower grades in the second quarter, which was
expected given the exceptionally strong grades in Q1 2024. The ongoing Stage 3 (Western Cut -back)
development progressed well during the second quar ter with the in- pit crusher successfully commissioned
ahead of schedule and below budget and enabled access to softer ore. Copper C1 cash cost 1 of $1.94 per
lb is higher than the preceding quarter, reflecting lower production volumes. Copper production guidance for
2024 is maintained at 220,000 to 250,000 tonnes. Mining performance and throughput is expected to
continue to improve over the remainder of the year with the ongoing development of Stage 3, which will
enable improved mining productivities and increased availability of softer material on shorter haul cycles.
• Enterprise produced 6,147 tonnes of nickel during the second quarter, an increase from 4,031 tonnes in Q1
2024. The first half of the year has yielded consistently positive results, meeting expectations and supporting
the recommendation to declare commercial production as of June 1, 2024. Mining volumes are steadily
improving and ramping up in accordance with the mobilization strategy and enhanced contractor fleet asset
management. The plant performance has been strong, with increased fresh feed leading to higher recovery
rates and a focus on optimising recovery for each ore type. An increase in mining volumes is anticipated
through the dry season with a focus on the South Wall cutback and sinking the pit sump in preparation for
the wet season. Ore variability controls will be prioritized as mixed oxides with lower feed grade will be
primarily processed in September and October of 2024, but nickel production consistency is expected to be
maintained through higher throughput at full plant capacity and stable milling rates. Production guidance for
2024 has been narrowed to 17,000 to 20 ,000 contained tonnes of nickel (previously 10,000 to 20,000
tonnes).
• Cobre Panamá currently remains in a phase of P&SM with production halted and production guidance
suspended. During the second quarter, the process plant preservation and maintenance cycle was changed
from 14 to 28 days, with equipment being run and monitored. This new maintenance cycle allows for the
completion of outstanding work and corrective maintenance activities required to maintain the integrity of the
assets. Furthermore, all the major ultra-class mobile equipment is in a maintenance cycle that adheres to
the original equipment manufacturer's long- term storage recommendations and includes periodic
inspections as well as scheduled startups. This equipment will be required as part of the P&SM plan that is
awaiting approval by the Ministry of Commerce and Industries. The costs for the P&SM program in the
second quarter were approximately $17 million per month. For the remainder of the year, P&SM expenses
are expected to be $15 to $20 million per month, depending on the level of environmental stability and asset
integrity programs. Approximately 121 thousand dry metric tonnes of copper concentrate remains onsite.
The sale of this concentrate will result in a net cash inflow of approximately $265 million at current market
prices. Relevant ministries and government agencies (a cross -government committee) conducted an
inspection at site. In the report of this committee, it was recommended that the copper concentrate be
exported and the power plant be re-started.
• At Ravensthorpe, nickel production for the second quarter totaled 1,253 contained tonnes of nickel,
compared to 3,740 tonnes in Q1 2024. Ravensthorpe was placed into care and maintenance from May
1 C1 cash cost (C1) is a non-GAAP ratio, which does not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measure s disclosed
by other issuers. See “Regulatory Disclosures”
First Quantum Minerals Ltd. 24-16
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2024. Preparation and cleaning of plant and equipment for care and maintenance that commenced in May
2024 will be finalized in the first few weeks of the third quarter of 2024. Activity will be focused on execution
of preventative maintenance plans that have been developed with equipment being run and monitored to
help maintain it in good working condition. In addition, the Company continues to support its personnel and
local regional communities through the change in circumstances at Ravensthorpe. Care and maintenance
costs for Ravensthorpe are expected to be approximately $5 million per month for the third quarter and
reduce to approximately $2 million per month from the fourth quarter onwards. Production guidance has
been lowered to 5,000 contained tonnes of nickel (previously 12,000 to 17,000 tonnes) to reflect the closure.
FINANCIAL HIGHLIGHTS
Financial results continue to be impacted by Cobre Panamá being in a phase of P&SM, however, the second
quarter benefitted from strong copper and gold prices.
• Gross profit for the second quarter of $333 million was $177 million higher than Q1 2024, while EBITDA1 of
$336 million for the same period was $156 million higher.
• Cash flows from operating activities of $397 million ($0.48 per share2) for the quarter were $12 million lower
than Q1 2024.
• Net debt 3 increased by $160 million during the quarter, attributable mainly to planned higher capital
expenditures at Kansanshi, bringing the net debt3 level to $5,437 million, with total debt at $6,313 million, as
at June 30, 2024.
HEDGING PROGRAM
During the second quarter, the Company entered into derivative contracts, in the form of unmargined zero cost
copper collars, as protection from downside price movements, financed by selling price upside beyond certain levels
on a matched portion of production. More than half of planned production remains exposed to spot copper prices
through the period until end-2025.
At July 23, 2024, the Company had zero cost copper collar contracts for 269,650 tonnes at weighted average
prices of $4.24 per lb to $5.00 per lb outstanding with maturities to December 2025.
COPPER SALES QUARTERLY HEDGE PROFILE - JULY 23 2024
5.50
5.00
4.50
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Q3 2025
Q4 2025
4.00
Collar Contracts (kt) Floor ($/lb) Potential Upside ($/lb)
1 EBITDA 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”.
2 Cash flows from operating activities per share is a non-GAAP 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”.
3 Net debt is a supplementary financial measure which does not have a standardized meaning prescribed by IFRS and might not be compara ble to similar financial measures
disclosed by other issuers. See “Regulatory Disclosures”.
5.22
5.13
5.09
5.13
4.88
4.18
21
33
4.27
34
4.22
39
4.22
4.21
64
4.28
79
4.76
$/lb
Tonnes ('000s)
First Quantum Minerals Ltd. 24-16
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CONSOLIDATED FINANCIAL HIGHLIGHTS
QUARTERLY
Q2 2024 Q1 2024 Q2 2023
Sales revenues 1,231 1,036 1,651
Gross profit 333 156 265
Net earnings (loss) attributable to shareholders of
the Company (46) (159) 93
Basic earnings (loss) per share ($0.06) ($0.21) $0.13
Diluted earnings (loss) per share ($0.06) ($0.21) $0.13
Cash flows from operating activities3 397 411 719
Net debt1 5,437 5,277 5,650
EBITDA1,2 336 180 568
Adjusted earnings (loss)1 (13) (154) 85
Adjusted earnings (loss) per share3 ($0.02) ($0.20) $0.12
Cash cost of copper production excluding Cobre
Panamá (C1) (per lb)3,4 $1.73 $2.01 $2.23
Total cost of copper production excluding Cobre
Panamá (C3) (per lb)3,4 $2.83 $2.97 $3.23
Copper all-in sustaining cost excluding Cobre
Panamá (AISC) (per lb)3,4 $2.71 $2.77 $3.08
Cash cost of copper production (C1) (per lb)3,4 $1.73 $2.02 $1.98
Total cost of copper production (C3) (per lb)3,4 $2.87 $3.04 $2.92
Copper all-in sustaining cost (AISC) (per lb)3,4 $2.82 $2.85 $2.64
Realized copper price (per lb)3 $4.39 $3.78 $3.75
Net earnings (loss) attributable to shareholders of
the Company (46) (159) 93
Adjustments attributable to shareholders of the
Company:
Adjustment for expected phasing of Zambian
value-added tax (“VAT”) (27) (10) (31)
Loss on redemption of debt – 10 –
Total adjustments to EBITDA1 excluding
depreciation2 71 3 15
Tax adjustments 6 3 8
Minority interest adjustments (17) (1) –
Adjusted earnings (loss)1 (13) (154) 85
1 EBITDA and adjusted earnings (loss) are non -GAAP financial measures, and net debt is a supplementary financial measure. These measures do not have a standardized
meaning under IFRS and might not be comparable to similar financial measures disclosed by oth er issuers. Adjusted earnings (loss) 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”.
2 Adjustments to EBITDA in 2024 relate principally to an impairment expense of $71 million, a foreign exchange revaluations gai n of $14m and a restructuring expense of $12
million (2023 - royalties and revisions in estimates of restoration provision).
3 Adjusted earnings (loss) per share, realized metal prices, copper all -in sustaining cost (copper AISC), copper C1 cash cost (copper C1), cash flows from operating activities per
share 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”.
4 Excludes the sale of copper anode produced from third-party concentrate purchased at Kansanshi. Sales of copper anode attributable to third-party concentrate purchases were
12,100 tonnes for the three months ended June 30, 2024, (8,821 tonnes for the three months ended June 30, 2023).
First Quantum Minerals Ltd. 24-16
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CONSOLIDATED OPERATING HIGHLIGHTS
QUARTERLY
Q2 2024 Q1 2024 Q2 2023
Copper production (tonnes)1 102,709 100,605 187,175
Cobre Panamá – – 90,086
Kansanshi 41,507 31,473 34,657
Sentinel 53,595 62,225 54,045
Other Sites 7,607 6,907 8,387
Copper sales (tonnes)2 94,628 101,776 177,362
Cobre Panamá – – 86,964
Kansanshi2 36,332 31,683 30,732
Sentinel 51,113 62,899 51,135
Other Sites 7,183 7,194 8,531
Gold production (ounces) 32,266 26,984 52,561
Cobre Panamá – – 28,994
Kansanshi 23,575 20,082 16,346
Guelb Moghrein 8,144 6,285 6,686
Other sites 547 617 535
Gold sales (ounces)3 37,140 29,778 48,640
Cobre Panamá – – 26,881
Kansanshi 28,860 20,523 15,825
Guelb Moghrein 7,572 9,015 5,233
Other sites 708 240 701
Nickel production (contained tonnes)4 7,400 7,771 5,976
Nickel sales (contained tonnes)5 7,645 8,211 5,906
Cash cost of copper production (C1) (per lb)2,6 $1.73 $2.02 $1.98
C1 (per lb) excluding Cobre Panamá 2,6 $1.73 $2.01 $2.23
Total cost of copper production (C3) (per lb)2,6 $2.87 $3.04 $2.92
Copper all-in sustaining cost (AISC) (per lb)2,6 $2.82 $2.85 $2.64
AISC (per lb) excluding Cobre Panamá 2,6 $2.71 $2.77 $3.08
1 Production is presented on a contained basis, and is presented prior to processing through the Kansanshi smelter.
2 Sales exclude the sale of copper anode produced from third-party concentrate purchased at Kansanshi. Sales of copper anode attributable to third-party concentrate purchases
were 12,100 tonnes for the three months ended June 30, 2024, respectively, (8,821 tonnes for the three months ended June 30, 2023).
3 Excludes refinery-backed gold credits purchased and delivered under the precious metal streaming arrangement (see “Precious Metal Stream Arrangement”).
4 Nickel production includes 6,147 tonnes tonnes of pre-commercial production from Enterprise for the three months ended June 30, 2024, which is not included in earnings
(loss) or C1, C3 and AISC calculations. (two hundred twenty tonnes for the three months ended June 30, 2023).
5 Nickel sales (contained tonnes) includes 5,044 tonnes tonnes of pre-commercial sales from Enterprise for the three months ended June 30, 2024, (nil tonnes for the three
months ended March 31, 2023.)
6 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”.
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REALIZED METAL PRICES1
QUARTERLY
Q2 2024 Q1 2024 Q2 2023
Average LME copper cash price (per lb) $4.42 $3.83 $3.84
Realized copper price1 (per lb) $4.39 $3.78 $3.75
Treatment/refining charges (“TC/RC”) (per lb) ($0.06) ($0.10) ($0.15)
Freight charges (per lb) ($0.05) ($0.07) ($0.03)
Net realized copper price1 (per lb) $4.28 $3.61 $3.57
Average LBMA cash price (per oz) $2,338 $2,070 $1,976
Net realized gold price1,2 (per oz) $2,207 $1,930 $1,797
Average LME nickel cash price (per lb) $8.35 $7.52 $10.12
Net realized nickel price1 (per lb) $7.86 $7.40 $9.50
1 Realized metal prices are a non-GAAP ratio, do not have standardized meanings under IFRS and might not be comparable to similar financial measures disclosed by other
issuers. See “Regulatory Disclosures” for further information.
2 Excludes gold revenues recognized under the precious metal stream arrangement.
2024 GUIDANCE
Guidance is based on a number of assumptions and estimates as of June 30, 2024, including among other things,
assumptions about metal prices and anticipated costs and expenditures. Guidance involves estimates of known and
unknown risks, uncertainties and other factors, which may cause the actual results to be materially different.
Production guidance remains unchanged for copper and gold. Guidance for nickel production has narrowed to
between 22,000 and 25,000 tonnes, to reflect year-to-date production at Ravensthorpe. In addition, Enterprise nickel
production guidance has narrowed to 17,000 and 20,000 tonnes as a result of strong year-to-date production.
Copper unit cost guidance remains unchanged. Previous nickel unit cash cost guidance for 2024 was for
Ravensthorpe only and has therefore been withdrawn. Enterprise is excluded from unit cost guidance for 2024 as
operations ramp up this year.
PRODUCTION GUIDANCE
000’s 2024
Copper (tonnes) 370 – 420
Gold (ounces) 95 – 115
Nickel (contained tonnes) 22 – 25
PRODUCTION GUIDANCE BY OPERATION1
Copper production guidance (000’s tonnes) 2024
Kansanshi 130 – 150
Trident - Sentinel 220 – 250
Other sites 20
Gold production guidance (000’s ounces)
Kansanshi 65 – 75
Guelb Moghrein 28 – 38
Other sites 2
Nickel production guidance (000’s contained tonnes)
Ravensthorpe 5
Trident - Enterprise 17 – 20
1 Production is stated on a 100% basis as the Company consolidates all operations.
1 Realized metal price, C1 cash cost (C1), and All-in sustaining cost (AISC) are non-GAAP 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”