Q1 2022 HIGHLIGHTS
Q1 2022 Highlights
Adjusted EPS1 of $0.70, up 59% quarter-over-quarter as a
declining hedge position led to higher realized metal prices
Total copper production of 182,210 tonnes, down 10% quarterover-quarter due to lower grades, planned maintenance in Cobre
Panama and extended rainy season in Zambia
Copper C1 cash cost1 of $1.61 per lb, up $0.22 per lb quarterover-quarter on cost inflation resulting from the Ukraine conflict
and lower production
2022 Guidance
Total copper production guidance for 2022 lowered to 790,000-
855,000 tonnes (from 810,000-880,000 tonnes)
Copper C1 cash cost1 has been increased to $1.45-$1.60 per lb
(from $1.30-$1.50 per lb)

Recent Developments
The conflict in Ukraine and the associated wide-reaching sanctions
imposed upon Russia have led to higher energy and commodity
prices
The shipping environment and inland logistics remain challenging
due to the Ukraine conflict, COVID lockdowns in China and flooding
in Durban
Constructive engagement with the Government in Zambia towards
advancement of S3 and Enterprise
Panama Law 9 – Details surrounding the two principles ($375
million in benefits per year from Cobre Panama and a gross profit
royalty) continue to be finalized

PRODUCTION GUIDANCE
Previous Updated
Cobre Panama 330 – 360 330 – 360
Kansanshi 190 – 210 175 – 195
Sentinel 260 - 280 250 – 265
Other 30 35
Copper production (K tonnes) 810 - 880 790 - 855
Cobre Panama 135 - 150 135 - 150
Kansanshi 120 - 130 120 - 130
Other 30 30
Gold production (K ounces) 285 - 310 285 - 310
Ravensthorpe 25 - 30 25 - 30
Nickel production (K tonnes) 25 - 30 25 - 30

COST AND CAPEX GUIDANCE
Copper Cost Guidance ($/lb) Previous Updated
C11 1.30 – 1.50 1.45 – 1.60
AISC1 1.90 – 2.05 2.15 – 2.30
Ravensthorpe Nickel Cost
Guidance ($/lb)
Previous Updated
C11 5.75 – 6.50 6.25 – 7.00
AISC1 7.00 – 7.75 7.50 – 8.50
$ Million Previous Updated
Capitalized stripping1 250 250
Sustaining capital1 310 310
Project capital1 690 690
Total capital expenditure 1,250 1,250

Quarterly Performance
Production of 78,337 tonnes was impacted by lower throughput due to planned
SAG mill relines. March achieved record mill throughput of 7.6 million tonnes
Copper C1 cash costs1 of $1.65 per lb were impacted by spot electricity
purchases in January (due to maintenance of Unit 1 at the power plant) and price
increases for key consumables (fuel, grinding media, liners, explosives, and
freight)
Collar structure for coal purchases in place until December 2023 with the ceiling price already reached for July 2021 onwards

2022 Outlook
2022 Guidance: Copper production guidance unchanged at 330,000-360,000
tonnes and gold production unchanged at 135,000-150,000 ounces; Mill
throughput expected to ramp up over the course of 2022 to achieve between 85
and 90 Mtpa; Full year grades are expected to be consistent with full year 2021
see & read more on
https://s24.q4cdn.com/821689673/files/doc_presentations/2022/Q1-2022-Presentation-FINAL.pdf