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GROWTH COBRE PANAMA | Colón Province, PANAMA Ownership 90% Primary Copper Secondary Gold, Molybdenum, Silver 2019 Production Copper 147Kt, Gold 60Koz

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GROWTH COBRE PANAMA | Colón Province, PANAMA Ownership 90% Primary Copper Secondary Gold, Molybdenum, Silver 2019 Production Copper 147Kt, Gold 60Koz Annual Report 2019 RELIABLE GROWTH COBRE PANAMA | Colón Province, PANAMA Ownership 90% Primary Copper Secondary Gold, molybdenum, silver 2019 Production Copper 147kt, Gold 60koz PYHÄSALMI | Pyhäjärvi, FINLAND Ownership 100% Primary Copper Secondary Pyrite, Zinc 2019 Production Copper 8kt, Zinc 12kt GUELB MOGHREIN | Akjoujt, MAURITANIA Ownership 100% Primary Copper Secondary Gold 2019 Production Copper 30kt, Gold 45koz HAQUIRA | Apurimac Region, PERU TACA TACA | Salta Province, ARGENTINA CONTENTS Our Properties IFC Letter to Shareholders 2 Financial Report 5 Board of Directors 114 Corporate Information 116 Cu Production Growth in 2019 16% LAS CRUCES | Sevilla Province, SPAIN First Quantum is a global mining Ownership 100% company primarily producing copper, Primary Copper with secondary production of gold and 2019 Production Copper 48kt zinc and inventories of nickel and cobalt. We operate long life mines in several countries and employ approximately ÇAYELI | Rize Province, TURKEY 20,000 people worldwide. Ownership 100% Primary Copper We are well known for our “can do” Secondary Zinc attitude and specialist technical, 2019 Production Copper 17kt, Zinc 5kt engineering, construction and operational skills, which allow us to develop and SENTINEL | North-Western Province, ZAMBIA successfully run complex mines and Ownership 100% processing plants. Primary Copper 2019 Production Copper 220kt After 25 years of operations we are now one of the world’s top 10 copper producers, exporting millions of tonnes KANSANSHI | North-Western Province, ZAMBIA of concentrate from multiple countries Ownership 80% to customers worldwide. We are focused Primary Copper on providing a tangible benefit from Secondary Gold everything we do for investors, employees 2019 Production Copper 232kt, Gold 145koz and the many communities that surround our operations. RAVENSTHORPE | Western Australia, AUSTRALIA Ownership 100% Primary Nickel Secondary Cobalt Care and maintenance LETTER TO SHAREHOLDERS In the early years of First Quantum we set a goal of becoming a leading copper-focused mining and metals company and the success at Cobre Panama is a significant step toward that objective. This allowed us to deliver record production and to set a new annual record for copper production. PHILIP PASCALL Chairman of the Board and Chief Executive Officer 2019 was an important year for First Quantum. The technically innovative operations, environmentally sound Company’s largest development project to date, practices, and socially responsible actions. At each Cobre Panama, achieved commercial production in project, we prioritize local community engagement as we September, less than seven months after the introduction strive to minimize our impact on the environment, and of first ore into the milling circuit. In the early years to find practical ways to improve the lives of the people of First Quantum we set a goal of becoming a leading we work amongst and alongside. Our environmental copper-focused mining and metals company and the and social programs are developed to meet the unique success at Cobre Panama is a significant step toward that requirements at every site. objective. This allowed us to deliver record production Our Health & Safety systems and our Environmental and to set a new annual record for copper production. Management Systems are now both well developed in First Quantum was born out of a belief in the enduring the group and undergo regular external compliance value of copper. After 20 years we remain even more audits. Since 2015, we have recorded and reported site convinced of copper’s importance to the modern world. In level environmental incidents according to a proprietary 2019, we produced over 702,000 tonnes of copper and we five-level classification system. From 2015 to 2019 we have expect growth in copper production to continue in 2020 seen a steady and continuous reduction in environmental as Cobre Panama continues its ramp-up. In 2020, incidents and improvement of overall environmental we expect total copper production to be between compliance across the group. We have reviewed the risks 830,000 and 880,000 tonnes, an increase of at least 18%. and management of our tailings storage facilities and these are subjected to regular inspection and reporting We have certainly had our share of ups and downs, but by independent experts. The group safety performance importantly we have learned from every development also continued to show improvement in 2019, with a and continue to improve our operations. We are now 0.05 rolling 12-month Lost Time Injury Frequency Rate. running some of the finest copper mines in the world. This is an improvement from 0.06 in 2018 and 0.11 in 2017. After we bring Ravensthorpe (our nickel and cobalt There were no workplace fatalities in 2019. We continue to mine in Australia), back into production in the first do all we can to ensure that every employee gets home quarter of 2020, First Quantum will have eight operating safely after every shift. mines in seven countries. We also have two significant development projects in our project pipeline. We prioritize biodiversity protection and we recognize that a focussed approach is required to meet the needs We are determined that each of our mines and projects of each site. Our community enhancement, agricultural, should be a valued partner to the community where it health, education, infrastructure and other projects are operates. This is part of an overall sustainability strategy, undertaken to assist each community, and to help them built on four key pillars: economically viable investments, 2 First Quantum Minerals Ltd. | 2019 ANNUAL REPORT become healthier, safer and more prosperous long after mining operations have stopped. Disclosure of these As urbanisation in developing countries programs and the results of our safety, environmental continues to gather pace, copper use and sustainability efforts are covered by our latest report, the 2019 Environmental, Safety and Social Data will continue to increase. As developed Report. This was issued during 2019 and can be found countries move to an increasingly on our website. connected, networked and new energy By working together, I believe First Quantum has made future, copper will remain in demand a tangible, long-term difference to people in many countries around the world. I am very proud of the lives because of its fundamental importance that have been improved through health, education and to networks, electronics and energy training delivered as a consequence of our operations; storage and delivery. especially to the communities within which we live. We also recognize that the composition of the Board needs to be refreshed as long-standing directors move There are not many known new projects that might help on. In 2019, we welcomed Joanne Warner as our newest meet that demand in the future. First Quantum is well board member. She brings significant experience and positioned with its large operating mines, and a pipeline of new potential. a valuable skill set. Paul Brunner has indicated he will not be standing for re-election at the 2020 Annual and The commodity markets for copper were very volatile Special Meeting of Shareholders. We thank Paul for his throughout 2019 hitting a low of $2.51 per pound and a huge contribution and his practical insight over a long high of $2.98 per pound on the London Metal Exchange period to the Board and its committees. We will continue (LME). The LME average copper price for the year was to seek suitable opportunities to enhance and diversify $2.72 per pound, 8% lower than the average in 2018. our Board of Directors. We achieved record production in 2019 with over 702,000 As urbanisation in developing countries continues to tonnes of copper marking an eighth consecutive year of gather pace, copper use will continue to increase. As growth in copper output. This represents a 16% increase developed countries move to an increasingly connected, over 2018. The increase from Cobre Panama offset lower networked and new energy future, copper will remain production from Kansanshi and Las Cruces. The group’s in demand because of its fundamental importance to 2019 unit costs remained at the low end of the industry networks, electronics and energy storage and delivery. cost curve and we expect this to continue through 2020. First Quantum Minerals Ltd. | 2019 ANNUAL REPORT 3 We achieved record production in 2019 with over 702,000 tonnes of copper marking an eighth consecutive year of growth in copper output. This represents a 16% increase over 2018. Gold production for the year increased by 39% over 2018 to almost 257,000 ounces. This is largely attributed to Cobre Panama, which produced just over 60,000 ounces. Gold production for the year increased by 39% over 2018 Overall these projects provide First Quantum with great to almost 257,000 ounces. This is largely attributed to long-term potential. However, we emphasise that our Cobre Panama which produced just over 60,000 ounces. priority in the short-to-medium-term is to deleverage our balance sheet so that we can provide a reliable return Our Las Cruces mine recovered during the year (after to shareholders. the January 2019 land slippage) to return to normal operations by July. The development of a proprietary Our focus in 2020 will primarily be on managing our process for the recovery of copper, zinc, silver, and commodity risk and to establish cash flow stability amid lead from primary chalcopyrite ore remains a valued the continuing commodity price uncertainty and volatility. technology. The performance of this technology is now We will consolidate our operations and we will continue well established, and the initial underground mining to explore options available to us to bring in partners in has confirmed continuation of the resource. We are some aspects that would accelerate the deleveraging. In now working to determine the practical and commercial summary, I am very positive about our outlook over the feasibility of a long-term underground mine.
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