FIRST QUANTUM MINERALS REPORTS THIRD QUARTER 2022 RESULTS (In United States dollars, except where noted otherwise)
NEWS RELEASE
22-18
October 25, 2022
www.first-quantum.com
FIRST QUANTUM MINERALS REPORTS THIRD QUARTER 2022 RESULTS
(In United States dollars, except where noted otherwise)
Toronto, Ontario (October 25, 2022) - First Quantum Minerals Ltd. (“First Quantum” or “the Company”) (TSX: FM)
today reports results for the three months ended September 30, 2022 (“Q3 2022” or “third quarter”) of net earnings
attributable to shareholders of the Company of $ 113 million ($0.16 earnings per share) and adjusted earnings 1 of
$96 million ($0.14 adjusted earnings per share2).
“It is pleasing to see that the focus on operational improvement s has resulted in s trong production from Cobre
Panama and Sentinel in the quarter. However, the headwinds from recessionary concerns and broad cost inflation
have led to substantial margin compression across the industry. In the longer term, we continue to see structural
upside in our markets from the ongoing challenges of bringing on new copper supply. We are well positioned to
navigate the current period of challenging macroeconomic conditions ,” commented Chief Executive Officer, Tristan
Pascall. “We remain focused on driving productivity and cost improvements at our operations, managing capital
expenditures prudently, and exercising financial discipline.”
During the third quarter, First Quantum made an important step towards achieving the Company’s target of reducing
its greenhouse gas emissions by 50% by 2030. On September 16, 2022, the Company signed a long-term renewable
power contract for the CP100 Expansion project at Cobre Panama, which shifts the total energy mix at the mine to
approximately 20% renewable by the end of 2023.
Q3 2022 SUMMARY
In Q3 2022, First Quantum reported gross profit of $302 million, EBITDA1 of $583 million, net earnings attributable
to shareholders of $0.16 per share, and adjusted earnings of $0.14 per share2. Relative to the second quarter of this
year (“Q2 2022”), third quarter financial results were impacted by margin compression as a result of a declining
copper price and cost inflation. This was partially mitigated by higher copper sales volumes.
Total copper production for the third quarter was 194,974 tonnes, an increase of 2,306 tonnes from Q2 2022. The
quarterly increase in production was mainly attributable to Sentinel, which achieved record throughput levels and
accessed higher-grade ore. Total copper production guidance for 2022 has been lowered from 790,000 – 855,000
tonnes to 755,000 – 785,000 tonnes, mainly attributable to the lower production at Kansanshi.
Copper C1 cash cost2 of $1.82 per lb for Q3 2022 was $0.08 per lb higher than Q2 2022 as inflationary pressures on
key consumables continued to impact costs. Copper C1 cash cost 2 guidance for 2022 has increased from $1.45 –
$1.60 per lb to $1.70 – $1.80 per lb as a result of lower production from the Zambian operations and broad cost
inflation. 2022 copper AISC2 cost guidance has increased from $2.15 – $2.30 per lb to $2.35 – $2.45 per lb. Market
rates for fuel, sulphur, explosives and freight had reduced by the end of the third quarter, but there is a lag before
such market changes flow through to unit costs.
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 comparative EBITDA, respectively, and the
composition remains the same. See “Regulatory Disclosures”.
2 Adjusted earnings per share , copper C1 cash cost (copper C1) and Copper 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”.
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Q3 2022 OPERATIONAL HIGHLIGHTS
Total copper production for Q3 2022 was 194,974 tonnes, up from the 192,668 tonnes in Q 2 2022 as Sentinel
achieved strong production, while production at Kansanshi was impacted by lower grades and recoveries during the
quarter. Cobre Panama’s strong operational performance in Q2 2022 continued into the third quarter . Copper sales
volumes in Q3 2022 totaled 198,980 tonnes, approximately 4,000 tonnes higher than production, as various logistical
and shipping challenges that prevailed during previous quarters eased in the third quarter.
Copper C1 cash cost 1 averaged $1.82 per lb in Q3 2022, up from $ 1.74 per lb in Q 2 2022 as a result of broad cost
inflation that was partially mitigated by an improvement in production volumes . Copper AISC cost1 averaged $2.34
per lb in Q3 2022, down from $2.37 per lb in Q2 2022.
At Cobre Panama, record mill throughput of 22.4 million tonnes of ore with an average head grade of 0.46%
was processed during the third quarter, resulting in record quarterly production of 91,671 tonnes of copper.
The operation continues to benefit from improvements in blasting to improve fragmentation, along with
improving mill availabilities and sustained increases in secondary and pebble crushing. Copper C1 cash cost1
of $1.43 per lb was down $0.11 per lb from the previous quarter, principally driven by improved production
volumes. Copper production guidance for 2022 has been narrowed from 330,000 – 360,000 tonnes to
340,000 – 350,000 tonnes. Full year 2022 grades and recoveries are expected to be broadly consistent with
2021.
Kansanshi produced 29,862 tonnes of copper during the third quarter, 25% lower than Q2 2022 due to lower
grades across all three circuits and the resulting impact on recover ies. Access to the M12 cutback was
restricted until the end of the third quarter due to accumulation of wate r in the main pit. As a result, low-
grade oxide ore and tarnished sulphide ore from stockpiles were processed through the oxide and mixed
circuits, respectively. Dewatering of the M12 area has been completed and planned mining activities resumed
toward the end of the third quarter. The decline in the oxide ore grade was due to the depletion of higher -
grade areas and sulphide feed grade was impacted by continued feed from narrow-veined regions as a result
of the current mine layout and mining sequence. Copper C1 cash cost1 of $2.93 per lb was 60% higher than
the previous quarter, mainly due to lower production and continued high costs for key consumables. 2022
production guidance at Kansanshi has been lowered from 175,000 – 195,000 tonnes to 140,000 – 150,000
tonnes to reflect the challenges year-to-date. Production volumes are expected to continue at lower levels
until the completion of the S3 Expansion project.
Sentinel delivered its best quarterly production of the year with 64,120 tonnes of copper prod uced, 22%
higher than production in Q2 2022. Sentinel reached its target run rate of 62 million tonnes per annum ahead
of schedule, allowing the operation to achieve its highest quarterly throughput for the year. Grade improved
during the quarter with more consistent higher-grade ore being exposed in the Stage 1 and Stage 2 pits.
Copper C1 cash cost1 of $1.77 per lb was 6% lower than Q2 2022 as higher production more than offset the
impact of elevated cost pressures. While g rade is expected to continue to i mprove in the fourth quarter as
higher grade ore is exposed , the slower turnover of benches earlier in the year has resulted in a guidance
reduction in 2022 from 250,000 – 265,000 tonnes to 240,000 – 250,000 tonnes.
Ravensthorpe’s nickel production for the third quarter of 2022 was 5,849 contained tonnes, a 21% increase
over Q2 2022. HPAL rates improved in the third quarter on the back of improved beneficiation plant
availability and stability. Nickel C1 cash cost 1 was $9.12 per lb during the period, a 10% decrease from the
previous quarter, as higher production volumes offset higher processing costs of sulphur and fuel. Finished
goods at the end of the third quarter totaled 2,576 tonnes due to recent slowing in demand for MHP,
predominantly out of China. The 2022 n ickel production guidance range has been lowered from 25,000 –
30,000 tonnes to 20,000 – 23,000 tonnes based on lower year-to-date production. Nickel C1 cash cost 1
guidance has been updated from $6.25 – $7.00 per lb to $8.25 – $9.00 per lb.
1 Copper C1 cash cost (copper C1) and Nickel C1 cash costs ( nickel 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. 22-18
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CONSOLIDATED OPERATI NG HIGHLIGHTS
Q3 2022 Q2 2022 Q3 2021
Cobre Panama 91,671 90,778 87,242
Kansanshi 29,862 39,719 50,987
Sentinel 64,120 52,447 59,931
Other sites 9,321 9,724 11,699
Copper production (tonnes)1 194,974 192,668 209,859
Copper sales (tonnes)8 198,980 187,642 194,278
Gold production (ounces) 67,417 74,959 78,124
Gold sales (ounces)2 65,014 69,998 79,773
Nickel production (contained tonnes) 5,849 4,853 4,248
Nickel sales (contained tonnes) 5,992 2,892 4,055
CONSOLIDATED FINANCI AL HIGHLIGHTS
Q3 2022 Q2 2022 Q3 2021
Sales revenues3 1,727 1,904 1,747
Gross profit 302 629 613
Net earnings attributable to shareholders of the Company 113 419 303
Basic earnings per share $0.16 $0.61 $0.44
Diluted earnings per share $0.16 $0.60 $0.44
Cash flows from operating activities 525 904 703
Net debt6 5,329 5,339 6,302
EBITDA4,5 583 906 886
Adjusted earnings4 96 337 197
Adjusted earnings per share7 $0.14 $0.49 $0.29
Cash cost of copper production (C1) (per lb)7,8 $1.82 $1.74 $1.26
Total cost of copper production (C3) (per lb) 7,8 $2.75 $2.73 $2.22
Copper all-in sustaining cost (AISC) (per lb) 7,8 $2.34 $2.37 $1.87
Realized copper price (per lb)7 $3.43 $4.19 $3.68
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 September 30, 2021 has been revised to reflect this change. Sales revenues and cost of sales for the quarter ended September 30, 2021 have been reduced by
$55 and 176 million, respectively, compared to the previously reported values for the periods ended September 30, 2021 (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 compositio n 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 comparable to similar financial measures disclosed by other issuers. The use of adjusted earnings and EBITDA r epresents the Company’s adjusted earnings metrics. See
“Regulatory Disclosures”.
5 Adjustments to EBITDA in 2022 relate principally to 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.
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FINANCIAL HIGHLIGHTS
Financial results for the third quarter include net earnings attributable to shareholders of the Company of
$113 million ($0.16 net earnings per share) and adjusted earnings 1 of $96 million ($0.1 4 adjusted earnings
per share2), a decrease from Q2 2022 which had net earnings attributable to shareholders of the Compa ny
of $419 million ($0.61 net earnings per share) and adjusted earnings1 of $337 million ($0.49 adjusted earnings
per share 2). The decreases are attributable to a lower realized copper and gold price 2 and cost inflation ,
partially mitigated by higher copper sales volumes.
Gross profit of $302 million and EBITDA1 of $583 million for the third quarter decreased from Q2 2022 which
had gross profit of $629 million and EBITDA1 of $906 million. The decline is attributable to lower realized
metal prices2 and cost inflation, partially mitigated by higher copper sales volumes.
Net debt2 was stable during the third quarter, although a small decrease of $10 million was recorded, taking
the net debt2 balance down to $5,329 million as at September 30, 2022. As at September 30, 2022, total debt
was $7,118 million ( June 30, 2022 , total debt was $ 7,164 million). The Company has achieved its debt
reduction target of $2 billion, from the peak in the second quarter of 2020, and continues to target a further
$1 billion reduction in the medium term.
Cash flows from operating activities were $525 million ($0.76 per share2) during the third quarter compared
to $904 million ($1.31 per share2) in Q2 2022.
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), which was paid on September 20, 2022
to shareholders of record on August 29, 2022. This is the first payment under the Company’s new dividend
policy.
2022 GUIDANCE
Total copper production guidance for 2022 has been lowered from 790,000 – 855,000 tonnes to 755,000 – 785,000
tonnes, mainly attributable to lower production at Kansanshi.
2022 copper production guidance for Cobre Panama has been narrowed from 330,000 – 360,000 tonnes to
340,000 – 350,000 tonnes. Full year 2022 grades and recoveries are expected to be broadly consistent with
2021. Unit 2 of the power plant at Cobre Panama has undergone a biennial scheduled total shutdown for
maintenance during October, with replacement of electrical power sourced from th e national grid at spot
prices.
At Kansanshi, year-to-date production has been impacted by reduced proportions of oxide ore mining and
increased proportions of sulphide ore mining. Access to the M12 oxide ore area cutback was restricted until
the end of the third quarter due to water in the main pit. Although dewatering of M12 was completed during
the third quarter and greater redundancy installed for the coming rainy season , some of the planned oxide
ore feed from this zone will be pushed into 2023. Further, mining of sulphide ores at Kansanshi is currently
constrained to veinous sulphide ores . O ptimization of mine plans to pro vide flexibility , including into
additional sulphide mining from stratiform mineralisation, continue. Kansanshi’s guidance has been lowered
from 175,000 – 195,000 tonnes to 1 40,000 – 150,000 tonnes to reflect the challenges year -to-date. Full
optimization of mining from the su lphide ores is antici pated when the mining methods move from the
current flitch mining to full face shovel mining techniques as the new mining fleet for the S3 Expansion is
brought online during 2023/24. In the interim, production volumes are expected to continue at lower levels
until completion of the S3 Expansion project.
At Sentinel, while grade is expected to continue to improve in the fourth quarter as higher -grade ore is
exposed in both the Stage 1 and 2 pits, the slower turnover of benches earlier in the year to reach higher -
grade ore has resulted in a guidance reduction from 250,000 – 265,000 tonnes to 240,000 – 250,000 tonnes.
1 Adjusted earnings and EBITDA are non-GAAP financial measure s 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. Adjusted earnings and EBITDA were previously name d comparative
earnings and comparative EBITDA, respectively, and the composition remains the same. See “Regulatory Disclosures”.
2 Adjusted earnings per share, cash flows from operating activities per share, and realized metal prices 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. 22-18
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Copper C1 cash cost1 recorded for the third quarter and for the first nine months of the year at $1.82 per lb and $1.72
per lb , respectively, are above the top end of previous guidance. The copper C1 cash cost 1 guidance range has
increased from $1.45 – $1.60 per lb to a range of $1.70 – $1.80 per lb. The increase is attributable to lower production
at the Zambian operations and broad cost inflation, which continued to increase further during the third quarter and
remained at elevated levels. Market rates for fuel, sulphur, exp losives and freight had reduced by the end of the
quarter but there is a lag before such market changes flow through to unit costs. Employee costs rose during the
third quarter as the Company realigned labour rates to current market levels and adjusted for cost-of-living changes
in some jurisdictions.
Copper AISC1 cost for the third quarter and first nine months of the year at $2.34 per lb and $2.33 per lb, respectively,
are above the top end of the previous guidance range of $2.15 – $2.30 per lb. Royalties included within copper AISC1
is dependent on the market price of copper and was relatively high for the first six months of the year before falling
in the third quarter. The copper AISC1 cost guidance range has increased to $2.35 – $2.45 per lb.
Gold production guidance has been reduced from 285,000 – 310,000 ounces to 270,000 – 285,000 ounces based on
production achieved in the first nine months of 2022 due to lower grades at Cobre Panama and Kansanshi.
Ravensthorpe nickel production guidance has been lowered from 25,000 – 30,000 tonnes to 20,000 – 23,000 tonnes
based on lower year-to-date production, while nickel C1 cash cost 1 and AISC1 guidance ranges have been updated
to $8.25 – $9.00 per lb and $9.75 – $10.50 per lb, respectively.
Guidance for total capital expenditure in 2022 has remained un changed at $1,250 million . Capitalized stripping 3
guidance has reduced from $250 million to $230 million, whereas project capital3 has increased from $690 million to
$710 million. Sustaining capital3 of $310 million remains unchanged. While capital expenditure is expected to be in
line with guidance, the Company is experiencing inflation in capital expenditures.
PRODUCTION GUIDANCE
PRODUCTION GUIDANCE BY OPERATION 2
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.
3 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”.
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CASH COST 1 AND ALL -IN SUSTAINI NG COST 1
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”.
PURCHAS E AND DEPOSITS ON PR OPERTY, PLANT & EQUI PMENT
2 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”.
BROWNFIELD PROJECTS
Operational readiness work for the CP100 Expansion project is progressing well, with substantially all components of
the project now delivered to site. Completion of construction works and commencement of commissioning i s
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 million tonnes per annum by the end of 2023. Significant progress has been made on the
pre-strip work for the Colina pit and earthworks for the associated overland conveyor and in-pit crushing facility. The
fifth rope shovel is set to enter service at the Colina pit by the end of 2022 to continue advancing the crusher box
cut and pre-strip. The first crusher at Colin a is expected to be commissioned in 2024. The Company entered into a
long-term, fixed-price contract with AES Panama an independent power producer, for the purchase of 64 megawatts
(“MW”) of electrical power for the CP100 Expansion project. The contract subsequently received regulatory approval
from the National Dispatch Centre in September 2022.
At the Kansanshi S3 Expansion project, long-lead items have been procured, including the primary crusher, mills and
mining fleet. Engineering contractors have commenced with detailed designs. Engineering has also commenced on
the related Kansanshi smelter expansion project . Orders have been placed for key long -lead items associated with
the oxygen plant, acid plant, and wet electrostatic precipitation. The S3 Expansion mining fleet has been procured
with deliveries commencing in H2 2023, which will enable the mine to transition ahead of the plant commissioning
in 2025.
The main work stream to bring the Enterprise nickel project online, the pre -strip of the mine, commenced in May
2022. The project is on schedule for first ore in the first half of 2023. In parallel, mine facilities are being developed,
including the satellite administration office, workshop, fuel storage, haul road upgrade, dewatering boreholes and
other facilities. Plant refurbishment, completion and commissioning activities are on schedule and are aligned to the
pre-stripping duration.
First Quantum Minerals Ltd. 22-18
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Approval of t he Las Cruces Underground Project is not expected before the end of 2023 and will take into
consideration prevailing economic conditions. The Company published an updated technical report on January 17,
2022 with an updated Measured and Indicated Mineral Resources of 41.2 million tonnes of Polymetallic Primary
Sulphide. Further detailed technical work is being conducted to convert Mineral Resources to Mineral Reserves as
part of the Las Cruces Underground Project.
ZAMBIAN TAX REGIME
On September 30, 2022, the Minister of Finance and National Planning presented the 2023 National Budget. The key
announcements affecting the mining industry include the restructuring of the Mineral Royalty tax regime and the
reinstatement of taxes and duties on fuel that was previously suspended.
The restructuring of the Mineral Royalty tax regime is expected to be effective from January 1, 2023 and includes an
amendment to the calculation of mineral royalty tax . Royalties will now be incurred on an incremental basis . In
addition, an amendment was made to the mineral royalty tax bands determining the m ineral royalty tax rate
applicable at various price levels, as shown below.
The reinstatement of taxes and duties on fuel, which were suspended in January 2021, includes the rein statement
of excise duties and a standard rated VAT effective from October 1, 2022 and the reinstatement of import duties
that is expected to be effective January 1, 2023.
ZAMBIAN VAT
During the second quarter, the Company reached an agreement with the Government Republic 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
First Quantum and the Government of Panama (“GOP”) continue to fi nalize the details behind the agreed upon
principles, 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, in cluding the appropriate mechanisms 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. In the second quarter of 2022, the Ministe r of
Commerce was replaced and discussions have subsequently continued in order, including installation of a bilateral
contractual drafting committee in early September 2022. First Quantum remains committed to a timely conclusion
of the Law 9 issue. 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.
ENVIRONMENT, SOCIAL AND GOVERNANCE
On September 1, 2022, the Company announced changes to senior management with the appointment of Ryan
MacWilliam as Chief Financial Officer and Rudi Badenhorst as Chief Operating Officer.
The Company entered into a long-term, fixed-price contract with AES Panama, an independent power producer, for
the purchase of 64 MW of electrical power for the demand requirements of the CP100 Expansion project , which
subsequently received regulatory approval from the National Dispatch Centre in September 2022 . The expansion
project will be supplied by 100% renewable energy from a portfolio that includes a combination of solar, wind, and
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hydroelectric generation. The cost of power under this agreement will be broadly in line with the current all-in cost
of power generated by the Cobre Panama power station and favourable compared to what costs would be at current
thermal coal prices. The current all-in cost of power at the power station includes depreciation and the collar structure
for coal purchases that expire at the end of 2023. This additional power is required at Cobre Panama as operations
ramp up over 2023 for the CP100 Expansion and, as a result, the total energy mix at the mine will move to
approximately 20% renewable by this time. This represents an important first step towards the Company’s target of
reducing greenhouse gas emissions by 30% by 2025 and 50% by 2030.
On September 9, 2022, the Company , in co njunction with The Minister of Labour and Workforce Development
(“MITRADEL”), Doris Zapata, inaugurated the Training Centre for Industrial Professions in La Pintada province,
Panama. The Company invested $5 million in developing the facility, which will of fer subsidized technical education
to individuals between the ages of 18 and 35 years old in a range of areas for careers in the mining and industrial
sectors. Working closely with MITRADEL, the qualifications received by the students at the training centre will be
endorsed by the Panamanian National Institute of Vocational Training and Training for Human Development. The
training centre seeks to offer new opportunities for host communities around Cobre Panama and, in particular, to
increase the representation of women, who have accounted for almost a third of the students enrolled to date.
The Company launched the CARE program at its Zambian operations in July 2022. The program's goal is to empower
individuals at First Quantum’s Zambian operations with the right skills and knowledge to deliver world -class
maintenance on the C ompany’s mobile fleet. CARE will provide the teams in Zambia with enhanced career paths,
high-quality development opportunities and improve the employee experience. The program supports a predictive
maintenance culture that will deliver further productivity and sustainability benefits through reduced use of oil and
consumables as well as extending component life.
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 nine months ended September 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, October 26, 2022 at 9:00
am (EDT).
Conference call and webcast details:
Toll-free North America: 1-800-319-4610
Toll 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]