First Quantum Minerals Ltd.

Hello, and welcome to First Quantum's third quarter conference call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1 on your telephone. Please be advised that today's conference is being recorded. Thank you. I will now turn the call over to Clive Newell, President and Director at First Quantum.

Thanks, Operator, and thank you, everyone, for joining us today. Joining me on the call today are Philip Paschal, Chairman and CEO, Hannes Meyer, CFO, Tristan Paschal, Director, Strategy, Juliet Wall, General Manager, Finance, and Simon MacLean, Group Reporting Controller. As usual, before we proceed, I will draw your attention to the fact that over the course of this conference call, we'll be making several forward-looking statements And as such, I encourage you to read the cautionary note that accompanies our third quarter MD&A and the related results, news release, as well as the risk factors particular to our company, which are detailed in our most recent annual information form and available on our website and on CDAR. A reminder that the presentation which accompanies this conference call is available on our website. So as usual, I'll get started with some opening remarks, and we'll have Tristan provide an update on COBRE Panama before Hannes' review of the financial results. We will then open the lines to take your questions. So during the third quarter, we, together with the rest of the world, have continued to deal with the impacts of the COVID-19 pandemic. Although in some jurisdictions, there's been some easing up of restrictions related to the virus, in others, new or tougher restrictions being put in place, as we now seem to be dealing with a second wave. However, despite these continuing restrictions, the third quarter was solid operationally and financially overall. Kansanshi performed well with higher throughput across all three circuits, but with production being impacted by lower grades and recovery on the oxide circuit. During the quarter, we filed an updated 43-101 technical report for Kansanshi, that showed an impressive increase in mineral reserves and resources and the potential of an expansion that would maintain or enhance production levels and increase mine life. I think this report highlights the genuine quality of this great asset. Over the next few years, we will continue to refine the expansion before making a formal construction decision when balance sheet fiscal issues allow. Sentinel performance was exceptional, as we alluded to in our released just prior to the end of the quarter. Higher throughput and grades led to record production, which drove record low costs, though a weaker quatcher and lower fuel and maintenance costs did help. At Cabaret Panama early in July, we began the process to resume normal operations, a big part of which was bringing a large number of people back onto site without compromising COVID safety. The ramp backup was completed in early August ahead of schedule and we are very pleased that Cabaret Panama continues to be virus-free. Tristan is here to provide more detail on Cabaret Panama ramp-up and the increase in our expectations there. We delivered another quarter of improved production costs and have revised our expectations accordingly. Hannes will provide more on our updated guidance for production and costs shortly. Late in the quarter, we took advantage of an opportunity to continue to manage our debt profile with a successful senior notes offering, the proceeds from which have been used to extend our debt profile. Through the quarter, we of course continued with the various protocols and measures that we have in place to protect our employees and communities. We will continue to practice the highest standards of health and safety protocols and to focus on measures to prevent and manage the transmission of COVID-19 amongst the workforce in those communities. Although the impact of the pandemic at our operations has been manageable so far, and has had relatively modest impact operationally, I do need to acknowledge the impact of the pandemic continues to have on our workforce, many of whom are far away from their family and homes for extended periods as a result of quarantine requirements, rotation timings, travel restrictions, etc. So on behalf of the entire company, I'd like to thank all of those people who have made these personal sacrifices, and we recognize the significant contribution they continue to make to the ongoing success of the business. So without any further ado, I'll hand over to Tristan to talk about Cobre.

Thanks, Tristan. Thanks, Clive, and thank you to everyone joining the call. As Clive mentioned there, the performance at Cobre Panem was very strong in quarter three as the line ramped back up. to running on all three trains from the period of preservation and safe maintenance in July. So back to full production in August, slightly ahead of expectation. Copper production at Cobra Panama in the quarter was 62,055 tonnes in concentrate, significantly higher than in the same period in 2019. The cost of production at Cobra Panama and Q3 were also pleasing, especially given the ramp-up phase in July and August. As we stated in the MD&A for the Q3, the C1 for the quarter was $1.06 per pound and all in sustaining costs were $1.31 per pound at COVID Panama. The success of the ramp back up to operation on all three trains is testament to our people and the effort put into the preservation and safe maintenance regime. In Q2, the site was reduced to around 800 personnel due to the impact of the COVID-19 health protocols. but we were nonetheless able to keep the assets and our environmental and safety performance in good standing, and this paid off in Q3 in terms of our ability to re-establish quickly and smoothly. As Clive said, we would like to recognise the many employees who went above and beyond their duty in terms of the efforts to support the operations, including some staff who were on site for long periods away from their families. In October, Cobra Panama reached a milestone of 10 million man hours without a lost time incident, representing a period of more than eight months. Although we have achieved this milestone previously in the project phase, this is the first achievement in the commercial operations phase of the mine, and it's a testament to all the employees on site. Nonetheless, effort on safety requires continual vigilance and reinforcement. As in quarter two, the site continued in Q3 under the new normal health and sanitary protocol No new cases of COVID-19 have been detected onsite at Cobra Panama for more than five months since early May. By October, Cobra Panama had reached 3,400 personnel onsite, which is the full capacity of the site under the new normal health and sanitary protocols. In this respect, we continue to receive strong Government of Panama support. On 12 October 2020, the Ministry of Health issued Resolution 3096, which underlines the current staffing capacity of the mine and that we continue with our current health and safety sanitary protocols with respect to the control of COVID-19. The costs of these measures are not hugely material to the cost structure of the business and they will remain in place in order to underline the stability of the site. We'd like to thank our many local and international suppliers who've also subscribed to these health protocols on the site and have supported our efforts to manage our supply lines and reduce input costs across the period. We're also continuing to help in the communities around us at Cobra Panama In October, the Cobra Panama Foundation signed its first contracts and the establishment and start-up of this foundation in the operations phase of the mine honours our commitment to Panama and to the ESIA for the life of operations. We have transferred and extended our previous arrangements for infant nutrition in our surrounding communities this month into the newly established foundation. We continue provide medical and PPE support to the Government of Panama's response to the pandemic in the wider community. Reflecting the strong operational performance since ramp up from the preservation and safe maintenance regime, Cobra Panama has increased the copper production guidance for the full year 2020 to between 190,000 to 205,000 tonnes, an increase of 10,000 tonnes to the lower end of the range and 5,000 tonnes to the upper end of the range. This underlines our confidence in the operations for the remainder of the year. Gold production guidance for the full year 2020 has also been increased to between 75,000 to 85,000 ounces, an increase of 5,000 ounces. This month, October, we've undertaken a fairly major shutdown for the first change out of the crushed ore stockpile shoot liners. This maintenance is part of the normal course of operations, but is infrequent, being underneath the crushed ore stockpile, and required seven days of closure of both Train 1 and Train 2 of the milling area. The stockpile chute line of work was completed on time and we are now back up and running on two trains, with a third train expected to come on line this Sunday. The shutdown will have an impact on our costs and production for this month of October, however we expect November and December to be solid months in terms of continuing our ramp up to consistent achievement of the 85 million tonne per annum annualised throughput rate at Cobra Panama. In addition, we continue to look at the expansion project from 85 to 100 million tonnes per annum, and this is dependent on a decision to proceed with a capital expenditure across the period 21 to 2023. At this stage, we remain confident that the timetable is set out in the NI43-101 technical report to achieve 100 million tonnes per annum in 2023 is achievable. A decision on the capital expenditure program will be made later this year or early next year. And with that, I will now ask Hannes to take you through the finance presentation. Thanks, Hannes.