CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

S E C O N D Q U A R T E R E N D E D J U N E 3 0 , 2 0 2 1

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

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

Six months ended

June 30

June 30

Note

2021

2020

2021

2020

Sales revenues

13

1,847

1,014

3,525

2,196

Cost of sales

14

(1,222)

(873)

(2,360)

(1,908)

Gross profit

625

141

1,165

288

Exploration

(4)

(3)

(7)

(6)

General and administrative

(31)

(24)

(58)

(46)

Other income (expense)

17

(2)

(37)

1

(155)

Operating profit

588

77

1,101

81

Finance income

16

16

32

33

Finance costs

15

(186)

(202)

(373)

(403)

Adjustment for expected phasing of Zambian VAT

3c

(22)

22

(14)

59

Loss on redemption of senior notes

8

-

-

-

(2)

Earnings (loss) before income taxes

396

(87)

746

(232)

Income tax expense

16

(182)

(97)

(338)

(47)

Net earnings (loss)

214

(184)

408

(279)

Net earnings (loss) attributable to:

Non-controlling interests

74

(28)

126

(61)

Shareholders of the Company

12

140

(156)

282

(218)

Earnings (loss) per share attributable to

the shareholders of the Company

Net earnings (loss) ($ per share)

Basic

12

0.20

(0.23)

0.41

(0.32)

Diluted

12

0.20

(0.23)

0.41

(0.32)

Weighted average shares outstanding (000's)

Basic

12

688,457

688,123

688,622

688,108

Diluted

12

692,025

688,123

691,851

688,108

Total shares issued and outstanding (000's)

11a

690,987

689,407

690,987

689,407

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

First Quantum Minerals Ltd. | Q2 2021 CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS 1

Interim Consolidated Statements of Comprehensive

Income (Loss)

(unaudited)

(expressed in millions of U.S. dollars)

Three months ended

Six months ended

June 30

June 30

Note

2021

2020

2021

2020

Net earnings (loss) for the period

214

(184)

408

(279)

Other comprehensive income (loss)

Items that have been/may subsequently be

reclassified to net earnings (loss):

Cash flow hedges reclassified to net earnings

(137)

(3)

(301)

(2)

Movements on unrealized cash flow hedge

292

(309)

394

(15)

positions

Deferred tax on unrealized movements on

16

-

67

-

-

cash flow hedges

Items that will not subsequently be reclassified to

net earnings (loss):

Unrealized gain (loss) on investments

-

1

(9)

(2)

Total comprehensive income (loss) for

369

(428)

492

(298)

the period

Total comprehensive income (loss) for the

period attributable to:

Non-controlling interests

74

(28)

126

(61)

Shareholders of the Company

295

(400)

366

(237)

Total comprehensive income (loss) for the

369

(428)

492

(298)

period

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

First Quantum Minerals Ltd. | Q2 2021 CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS 2

Interim Consolidated Statements of Cash Flows

(unaudited)

(expressed in millions of U.S. dollars)

Three months ended

Six months ended

June 30

June 30

Note

2021

2020

2021

2020

Cash flows from operating activities

Net earnings (loss)

214

(184)

408

(279)

Adjustments for

Depreciation

14

286

257

572

568

Income tax expense

16

182

97

338

47

Net finance expense

170

186

341

370

Adjustment for expected phasing of Zambian

VAT

22

(22)

14

(59)

Unrealized foreign exchange loss

2

1

11

128

Loss on redemption of senior notes

-

-

-

2

Deferred revenue amortization

10

(27)

(8)

(50)

(26)

Share of loss (profit) in joint venture

17

(25)

20

(39)

36

Other

21

15

16

5

845

362

1,611

792

Taxes paid

(165)

(110)

(240)

(171)

Movements in non-cash operating working capital

20

(97)

112

7

Long-term incentive plans

(21)

-

(61)

-

Net cash from operating activities

679

155

1,422

628

Cash flows used by investing activities

Purchase and deposits on property, plant and

equipment

5,18

(264)

(130)

(444)

(300)

Other

1

2

2

4

Net cash used by investing activities

(263)

(128)

(442)

(296)

Cash flows from (used by) financing activities

Net movement in trading facility

8

(164)

56

(311)

(87)

Movement in restricted cash

(3)

-

(6)

(6)

Proceeds from debt

8

964

-

1,054

1,813

Repayments of debt

8

(312)

(285)

(532)

(1,396)

Net proceeds from (payments to) joint venture (KPMC)

6,7, 9b

(19)

14

(34)

14

Dividends paid to shareholders of the Company

(3)

(3)

(3)

(3)

Dividends paid to non-controlling interest

(6)

-

(6)

-

Interest paid

(68)

(66)

(261)

(292)

Other

(1)

(2)

(3)

(7)

Net cash from (used by) financing activities

388

(286)

(102)

36

Increase (decrease) in cash and cash equivalents

and bank overdrafts

804

(259)

878

368

Cash and cash equivalents and bank overdrafts -

beginning of period

988

1,145

914

523

Exchange losses on cash and cash equivalents

-

(4)

-

(9)

Cash and cash equivalents and bank overdrafts -

end of period

1,792

882

1,792

882

Cash and cash equivalents and bank overdrafts

comprising:

Cash and cash equivalents

1,792

919

1,792

919

Bank overdrafts

-

(37)

-

(37)

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

First Quantum Minerals Ltd. | Q2 2021 CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS 3

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First Quantum Minerals Ltd. published this content on 27 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 July 2021 20:29:04 UTC.