First Quantum Minerals reports adjusted earnings of $119m in Q3 2024

TORONTO, – First Quantum Minerals has reported results for the three months ended September 30, 2024 of net earnings attributable to shareholders of the Company of $108 million and adjusted earnings of $119 million.

“While it is pleasing to see continued strong operational performance from the Zambian operations during the third quarter, this was marred by a tragic accident in September resulting in the death of a colleague at Kansanshi. We continue to support the family and we remain committed to ensure the safety of our colleagues across the business. While ZESCO power restrictions continue, our Zambian team’s proactive actions have resulted in minimal production impacts. The S3 Expansion continues to make good progress for production in the second half of 2025,” commented Tristan Pascall, Chief Executive Officer of First Quantum. “In Panama, we continue to engage with local authorities for the approval of the Preservation and Safe Management program for Cobre Panamá. With Cobre Panamá remaining in a state of preservation and safe management and the ongoing capital expenditures related to the S3 Expansion, we are continuing efforts to maintain the strength of the balance sheet and, as such, additional hedges were added during the quarter.”

Q3 2024 SUMMARY

In Q3 2024, First Quantum reported gross profit of $456 million, EBITDA of $520 million, net earnings attributable to shareholders of $0.13 per share, and adjusted earnings per share² of $0.14. Relative to the second quarter of 2024 (“Q2 2024”), third quarter financial results improved due to higher copper and gold sales volumes along with stronger realized gold prices. Total copper production for the third quarter was 116,088 tonnes, a 13% increase from Q2 2024. Copper C1 cash cost was $1.57 per lb in the third quarter, a decrease of 9% quarter-over-quarter.

There were a number of developments during the third quarter:

• 2024 Guidance for copper production has narrowed to the top end of previous guidance, while gold production guidance has increased. Copper C1 cash cost³ guidance has narrowed to the low end of previous guidance.
• During the quarter, the Company entered into additional derivative contracts. More than half of planned production and sales remains exposed to spot copper prices through the period until the end of 2025.
• On October 15, 2024, FQM Trident signed a $425 million unsecured term loan facility with a maturity date of September 2028 to replace the previous Trident facility that was scheduled to mature in December 2025.
• While Zambia’s energy crisis persisted in the third quarter, operational adjustments minimized the effect on copper production. Minimal operational interruptions are expected heading into the fourth quarter of 2024.
• As part of the ongoing board renewal program, the Company is pleased to announce the appointments of Ms. Juanita Montalvo and Mr. Hanjun (“Kevin”) Xia to its Board of Directors with immediate effect.