First Quantum Minerals Reports First Quarter 2018 Results - Seite 2

^[1] Net earnings (loss) attributable to shareholders of the Company has been adjusted to exclude items which are not reflective of underlying performance to arrive at comparative earnings (loss). Comparative earnings (loss), comparative earnings (loss) per share, comparative EBITDA and cash flows per share are not measures recognized under IFRS and do not have a standardized meaning prescribed by IFRS. The Company has disclosed these measures to assist with the understanding of results and to provide further financial information about the results to investors. Refer to the "Regulatory Disclosures" section in the MD&A for the quarter ended March 31, 2018 for further information.

^[2] Production is presented on a copper contained basis, and is presented prior to processing through the Kansanshi smelter.

^[3] AISC, C1 and C3 costs per pound are not recognized under IFRS. Refer to the "Regulatory Disclosures" section in the MD&A for the quarter ended March 31, 2018 for further information.

CEO'S COMMENTS 

"We are pleased with the quarter's results in all aspects of the Company. The solid performances at our Zambian operations are of particular note considering the severity of the seasonal rains," noted Philip Pascall, Chairman and CEO.

"With the reduction in our copper forward sales contracts, the value of maintaining our capital investment program through a challenging economic environment is becoming more visible. The significant turnaround in our financial results from a year ago is indicative of First Quantum's enhanced earnings and cash generating capability.  This is expected to grow substantially when Cobre Panama begins commercial operations.

"While we had several successes in the quarter, we also had a few challenges. Such occurrences are not unexpected in the resource industry with the onset of improved commodity prices and sentiment.  While this can be momentarily distracting, these matters do get resolved through open discussion and transparency which we are committed to," Mr. Pascall concluded.

OPERATING HIGHLIGHTS 

   
                                                            Three months ended
                                                                March 31
    (U.S. dollars where applicable)                       2018           2017

    COPPER
    - Production (tonnes)                              145,358        132,356
    - Sales (tonnes)                                   138,021        139,810

    - Cost of production:
                         o AISC (per lb)                 $1.72          $1.59
                         o C1 (per lb)                   $1.27          $1.26
                         o C3 (per lb)                   $2.16          $2.05
    - Realized price (per lb)                            $2.74          $2.20

    GOLD
    - Production (ounces)                               45,929         50,579
    - Sales (ounces)                                    48,815         46,904