Condensed Interim Consolidated Financial Statements

First Quarter - March 31, 2021

(unaudited)

(In U.S. dollars, tabular amounts in millions, except where indicated)

First Quantum Minerals Ltd.

Interim Consolidated Statements of Earnings (Loss)

(unaudited)

(expressed in millions of U.S. dollars, except where indicated and share and per share amounts)

Three months ended March 31

Note

2021

2020

Sales revenues

13

1,678

1,182

Cost of sales

14

(1,138)

(1,035)

Gross profit

540

147

Exploration

(3)

(3)

General and administrative

(27)

(22)

Other income (expense)

17

3

(118)

Operating profit

513

4

Finance income

16

17

Finance costs

15

(187)

(201)

Adjustment for expected phasing of Zambian VAT

3c

8

37

Loss on redemption of senior notes

8

-

(2)

Earnings (loss) before income taxes

350

(145)

Income tax credit (expense)

16

(156)

50

Net earnings (loss)

194

(95)

Net earnings (loss) attributable to:

Non-controlling interests

52

(33)

Shareholders of the Company

12

142

(62)

Earnings (loss) per share attributable to

the shareholders of the Company

Net earnings (loss) ($ per share)

Basic

12

0.21

(0.09)

Diluted

12

0.21

(0.09)

Weighted average shares outstanding (000's)

Basic

12

688,771

688,093

Diluted

12

691,812

688,093

Total shares issued and outstanding (000's)

11a

690,415

689,401

The accompanying notes are an integral part of these unaudited interim consolidated financial statements.

1

First Quantum Minerals Ltd.

Interim Consolidated Statements of Comprehensive Income (Loss)

(unaudited)

(expressed in millions of U.S. dollars)

Three months ended March 31

Note

2021

2020

Net earnings (loss) for the period

194

(95)

Other comprehensive income (loss)

Items that have been/may subsequently be reclassified to net earnings (loss):

Cash flow hedges reclassified to net earnings (loss)

(164)

1

Movements on unrealized cash flow hedge positions

102

294

Deferred tax on unrealized gain on cash flow hedge

16

-

(67)

Items that will not subsequently be reclassified to net earnings (loss):

Unrealized loss on investments

(9)

(3)

Total comprehensive income for the period

123

130

Total comprehensive income (loss) for the period attributable to:

Non-controlling interests

52

(33)

Shareholders of the Company

71

163

Total comprehensive income for the period

123

130

The accompanying notes are an integral part of these unaudited interim consolidated financial statements.

2

First Quantum Minerals Ltd.

Condensed Interim Consolidated Statements of Cash Flows

(unaudited)

(expressed in millions of U.S. dollars)

Three months ended March 31

Not

2021

2020

Cash flows from operating activities

Net earnings (loss)

194

(95)

Adjustments for

Depreciation

14

286

311

Income tax expense (credit)

16

156

(50)

Net finance expense

171

184

Adjustment for expected phasing of Zambian VAT

(8)

(37)

Unrealized foreign exchange loss

9

127

Loss on redemption of senior notes

-

2

Deferred revenue amortization

10

(23)

(18)

Share of loss (profit) in joint venture

17

(14)

16

Other

(5)

(10)

766

430

Taxes paid

(75)

(61)

Movements in non-cash operating working capital

92

104

Long-term incentive plans

(40)

-

Net cash from operating activities

743

473

Cash flows used by investing activities

Purchase and deposits on property, plant and equipment

5,18

(180)

(170)

Other

17

2

Net cash used by investing activities

(163)

(168)

Cash flows from (used by) financing activities

Net movement in trading facility

8

(147)

(143)

Movement in restricted cash

(3)

(6)

Proceeds from debt

8

90

1,813

Repayments of debt

8

(220)

(1,111)

Payments to joint venture (KPMC)

9b

(31)

-

Interest paid

(193)

(226)

Other

(2)

(5)

Net cash from (used by) financing activities

(506)

322

Increase in cash and cash equivalents and bank overdrafts

74

627

Cash and cash equivalents and bank overdrafts - beginning of period

914

523

Exchange losses on cash and cash equivalents

-

(5)

Cash and cash equivalents and bank overdrafts - end of period

988

1,145

Cash and cash equivalents and bank overdrafts comprising:

Cash and cash equivalents

1,058

1,515

Bank overdrafts

(70)

(370)

The accompanying notes are an integral part of these unaudited interim consolidated financial statements.

3

First Quantum Minerals Ltd.

Interim Consolidated Balance Sheets

(unaudited)

(expressed in millions of U.S. dollars)

March 31,

December 31,

Note

2021

2020

Assets

(audited)

Current assets

Cash and cash equivalents

1,058

950

Trade and other receivables

3

714

737

Inventories

4

1,331

1,333

Current portion of other assets

6

89

88

3,192

3,108

Non-current assets

Cash and cash equivalents - restricted cash

42

40

Non-current VAT receivable

3b

373

349

Property, plant and equipment

5

19,373

19,468

Goodwill

237

237

Investment in joint venture

7

558

544

Deferred income tax assets

161

152

Other assets

6

329

338

Total assets

24,265

24,236

Liabilities

Current liabilities

Bank overdrafts

70

36

Trade and other payables

802

762

Current taxes payable

234

164

Current debt

8

724

871

Current portion of provisions and other liabilities

9

695

602

2,525

2,435

Non-current liabilities

Debt

8

7,326

7,452

Provisions and other liabilities

9

2,258

2,286

Deferred revenue

10

1,424

1,433

Deferred income tax liabilities

615

595

Total liabilities

14,148

14,201

Equity

Share capital

11

5,597

5,629

Retained earnings

3,834

3,695

Accumulated other comprehensive income (loss)

(526)

(455)

Total equity attributable to shareholders of the Company

8,905

8,869

Non-controlling interests

1,212

1,166

Total equity

10,117

10,035

Total liabilities and equity

24,265

24,236

Commitments & contingencies

20

The accompanying notes are an integral part of these consolidated financial statements.

4

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First Quantum Minerals Ltd. published this content on 27 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 April 2021 20:30:06 UTC.