Slides
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TSX FM Second Quarter 2026 Financial & Operating Results
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2 CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION Certain statements and information herein, including all statements that are not historical facts, contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. The forward-looking information includes estimates, forecasts and statements as to the Company’s production estimates for copper, gold and nickel; C1 cash costs, all-in sustaining cost and capital expenditure estimates; the delivery of gold to Royal Gold pursuant to the gold streaming agreement and the Company’s options to accelerate deliveries and reducing ongoing gold delivered to Royal Gold thereunder; the future production payments from Royal Gold under the gold streaming agreement and the resulting boost in liquidity; the impact on total tax costs resulting from the new mining convention in Mauritania; the Company’s production outlook at its mining projects; the Company’s ability to maintain supplementary power sourcing and import arrangements in Zambia and the availability, sourcing, transportation and pricing of diesel fuel and other critical consumables, including the Company’s ability to maintain alternative supply routes and contingency inventories, including related initiatives, and the estimated timing of, and annualized impact on costs of, such strategies; the status and future of Cobre Panamá and the P&SM program, including preservation strategies, the Processing Program, the processing and export of stockpiled ore, the use of proceeds from sales of copper concentrate, the anticipated timing and effects of governmental reviews, audit reports and ministerial processes; the Company’s expectations regarding replacement and maintenance work, sustained mill performance and reliability at Sentinel, and the effects thereof; the Company’s focus on increasing total throughput at Sentinel and the effect of ongoing initiatives, including the continued operation of the RRC and relocation of In-Pit Crusher 4; the expansion of the Quantum Electra-Haul trolley-assist network, the commissioning of the initial trolley line in Stage 4 and the resulting ore supply and grades; the continued optimization, mining sequence, grades, recoveries and operational performance of Enterprise; the Company’s expectations regarding the power supply and water supply system, along with operational adaptations and maintenance efforts at Guelb Moghrein; the expected cessation of copper production at Guelb Moghrein; the C&M activity at Ravensthorpe; the timing of environmental studies and approvals for Shoemaker Levy; the expected use and mine life of Taca Taca and the Company’s efforts to establish a Community Embassy in Tolar Grande; the implementation of data collection programs relating to the water supply at Taca Taca; the timing of receipt of concessions, approvals, permits required for Taca Taca, including the ESIA and water use permits; the Company’s plans to submit an application for the RIGI regime; the expected use and timing of the Company’s expenditures at La Granja, project development activities, updated mineral resource estimates, the potential scale and economics of the project, future engineering studies, mineral reserve estimates, arsenic management strategies, the Company’s plans for community engagement and the completion of engineering studies and an ESIA; the Company’s goals regarding its drilling program at Haquira; the status, commissioning and performance of the Company’s pilot plant at Kansanshi; the expected ore that will source the S3 feed at Kansanshi and the continued performance, throughput and optimization of the Kansanshi S3 Expansion and associated processing, smelting and acid production facilities; the Company’s efforts to evaluate the new near-surface gold zone occurrences at Kansanshi; the results of the Company’s extensive drill program at Sentinel; the timing, completion and benefits of ongoing infrastructure, processing and mine development initiatives at Sentinel, including flotation optimization projects, tailings infrastructure upgrades, In-Pit Crusher 4, trolley-assist infrastructure and future ore sourcing strategies; the recognition of deferred revenue resulting from the Company’s precious metal streaming arrangement with Franco-Nevada; the development and operation of the Company’s projects; the estimates regarding the interest expense on the Company’s debt, cash outflow on interest paid, capitalized interest and depreciation expense; the expected effective tax rate for the Company for full year 2026; the recoveries of the Company’s VAT receivable balances for the Company’s Zambian operations; the effect of foreign exchange and inflation rates on the Company’s cost of sales; the Company’s hedging programs; the effect of seasonality on the Company’s results; capital expenditures and the Company’s three-year capital expenditure guidance and the expected results thereof; estimates of the future price of certain precious and base metals; the Company’s project pipeline, development and growth plans and exploration and development program, future expenses and exploration and development capital requirements; the Company’s assessment and exploration of targets in the Central African Copper belt, the Andean porphyry belt, Kazakhstan and New Mexico, USA; the timing of publication of the updated NI 43-101 Technical Report in respect of La Granja; the Company’s ESG-related initiatives, including climate-related initiatives, tailings management programs and the planned alignment of the Company’s tailings facilities with the Global Industry Standard on Tailings Management; and community engagement efforts. Often, but not always, forward-looking statements or information can be identified by the use of words such as “aims”, “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate” or “believes” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.With respect to forward-looking statements and information contained herein, the Company has made numerous assumptions including, among other things, about the geopolitical, economic, permitting and legal climate in which the Company operates; continuing production at all operating facilities (other than Cobre Panamá and Ravensthorpe); the continuation of governmental approvals and authorizations relating to the Processing Program at Cobre Panamá; the successful sale and commercialization of products generated from stockpiled ore processing; the price of certain precious and base metals; exchange rates; inflation rates; anticipated costs and expenditures; the Company’s ongoing commitment to invest in innovative technology and the effects thereof; the impact of acquisitions, dispositions, suspensions or delays in the Company’s business; the Company’s ability to secure sufficient power at its Zambian operations to avoid interruption resulting from the country’s decreased power availability; mineral reserve and mineral resource estimates; the timing and sufficiency of deliveries required for the Company’s development and expansion plans; future exploration results; and the ability to achieve the Company’s goals, including with respect to the Company’s climate and sustainability initiatives. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. These factors include, but are not limited to, future production volumes and costs, the temporary or permanent closure of uneconomic operations, costs for inputs such as oil, power and sulphur, political stability in Panama, Zambia, Peru, Mauritania, Finland, Argentina and Australia, adverse weather conditions in Panama, Zambia, Finland, Mauritania, and Australia, potential social and environmental challenges (including the impact of climate change), power supply, mechanical failures, water supply, procurement and delivery of parts and supplies to the operations and events generally impacting global economic, political and social stability and legislative and regulatory reform. For mineral resource and mineral reserve figures appearing or referred to herein, varying cut-off grades have been used depending on the mine, method of extraction and type of ore contained in the orebody.See the Company’s Annual Information Form for additional information on risks, uncertainties and other factors relating to the forward-looking statements and information. Although the Company has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in the forward-looking statements or information, there may be other factors that cause actual results, performances, achievements or events not as anticipated, estimated or intended. Also, many of these factors are beyond the Company’s control. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to reissue or update forward- looking statements or information as a result of new information or events after the date hereof except as may be required by law. All forward-looking statements made and information contained herein are qualified by this cautionary statement. United States dollars, tabular amounts and graphs in millions, except where noted otherwise
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OPENING REMARKS Tristan Pascall, CEO
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Recent Developments ♦ Cobre Panamá: • Successful recommissioning of Train 3 ahead of schedule; Achieved 3,216 tonnes of production • Comprehensive audit published; Overall score of 87.73/100 compliance ♦ Kansanshi S3 Expansion: Continued delivering above design capacity, achieving highest monthly processing rate in May 2026 ♦ La Granja Technical Report: Estimated 23 million tonnes of copper; Second-largest greenfield copper resource globally ♦ Sales of Çayeli and Cobre Las Cruces closed during Q2 4 4% increase from Q1 2026 due to higher production at Sentinel and the commencement of stockpiled ore processing at Cobre Panamá $2.54 COPPER C1 CASH COST 1 (per lb) $(0.13) ADJUSTED EPS1 100,487t TOTAL COPPER PRODUCTION $0.03 per lb higher than Q1 2026 reflecting higher fuel costs, lower gold by- product credits, and higher cost production from Cobre Panamá $0.05 improvement from Q1 2026, benefitting from strong copper sales volumes and higher realized copper prices Adjusted earnings (loss) per share, C1 cash cost ( C1) and Realized metal prices are non- GAAP ratios, which do not have a standardized meaning under IFRS and might not be comparable to similar financial measures disclosed by other issuers. See “Regulatory Disclosures” within the Q2 2026 Management’s Discussion and Analysis for further information. Q2 2026 HIGHLIGHTS
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5 SUSTAINABILITY AND COMMUNITY HIGHLIGHTS FROM THE QUARTER Investing in future leaders through education • Cobre Panamá continued to invest in education and community development by supporting school improvements in Veraguas. • A pilot scholarship programme was launched for 30 students pursuing higher education and professional development. • These initiatives help expand access to education, develop local talent and support future community leaders. Empowering local businesses through partnership • Trident has partnered with Mineral Link, a Zambian-owned company, to deliver safe and reliable ore haulage services for the Sentinel and Enterprise operations. • The partnership supports local procurement, employment and skills development, strengthening business capacity within the Kalumbila Multi-Facility Economic Zone (MFEZ). • An example of how First Quantum works with local suppliers to develop while contributing to regional economic development. Building environmental awareness in local communities • Cobre Panamá launched Green Guardians, an environmental education programme designed to strengthen conservation awareness among young people by promoting environmental stewardship in their communities. • The programme aims to reach 50,000 students across more than 250 schools through classroom learning and hands-on activities such as seedling distribution and tree planting. Expanding regional access to digital learning • Modernisation of the North-Western Provincial Library has expanded access to educational resources and digital learning. • The upgraded facility serves more than 150,000 users and features 28 digital workstations, high-speed internet, solar- powered infrastructure and enhanced study spaces. • The project has transformed the library into a digital learning hub, improving access to information and supporting stronger public services.
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COBRE PANAMÁ 6
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COBRE PANAMÁ UPDATE May 30, 2025: Government of Panama (“GOP”) Approves Preservation and Safe Management Plan (“P&SM”) Plan allows for: ♦ Integral P&SM activities and associated environmental measures ♦ Export of copper concentrate on site ♦ Restart of power plant ♦ Processing of stockpiled ore Export of copper concentrate ♦ Exported in Q2 and Q3 2025 without incident; Included oversight from government representatives and nearby communities ♦ Proceeds used to fund P&SM plan ♦ Royalty payments of $30 million to the GOP Restart of power plant ♦ Power station fully recommissioned in early February 2026 ♦ Approximately 100 new employment hires Processing of stockpiled ore ♦ Formal approval received April 7, 2026 with Resolution No. 27 to mitigate environmental and operational risks ♦ Resolution No. 27 confirms company ownership of stockpiles ♦ Approximately 1,000 new employment hires ♦ 30,000 – 40,000 tonnes of copper to be produced in 2026 ♦ Capital estimated at ~$250 million, primarily comprised of working capital to replenish inventories Comprehensive Audit by SGS Panama Control Services ♦ MiAmbiente issued order for SGS to proceed with the comprehensive audit in October 2025 ♦ Final integral audit was completed and published on June 19, 2026; Reports can be found on MiAmbiente’s website (www.miambiente.gob.pa) ♦ 87.73% overall compliance score ♦ Compliant on 361 out of 370 total ESIA commitments 7
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INTEGRAL AUDIT RESULT Legal, Labour & Tax 88.23% ♦ Legal compliance – 91.30% ♦ Tax compliance – 85.73% ♦ Tax payment analysis – 87.40% ♦ Production analysis – 91.73% ♦ Labor compliance – 83.87% Environmental 87.64% ♦ Environmental audit and commitments derived from the EIA1 – 87.18% ♦ Audit of main ESG aspects – 89.00% Technical & Operational 90.20% ♦ Available mineral resource – 89.88% ♦ Operational infrastructure for processes – 96.73% ♦ Infrastructure for large-scale mining waste – 84.10% Risk & Liabilities 81.70% Identification of: ♦ Legal, labour, and tax risks – 80.00% ♦ Environmental risk – 81.54% ♦ Reputational risk – 80.00% ♦ Community risk – 90.00% ♦ Occupational health and safety risk – 80.83% Source: Ministry of Environment (MiAmbiente),“Auditoría Integral Proyecto Mina de Cobre Panamá – Informe Final, Tomo 01 (Resumen Ejecutivo)”, SGS Panama Control Services Inc., June 18, 2026; available at MiAmbiente website. 1 Environmental Impact Assessment 8 SGS Audit on Cobre Panamá Published June 19, 2026 Overall compliance score 87.73% Compliant on 361 out of 370 total ESIA commitments
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9 COBRE PANAMÁ Refurbished flotation pump valve control cabinets Refurbished concentrate handling area walkways and safety shower stations Renewed cleaner flotation cable trays and instrument station covers Restored flotation piping supports, process tanks and access platforms
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10 OPERATIONAL OVERVIEW Rudi Badenhorst, COO
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11 2026 Outlook ♦ 2026 production guidance remains unchanged ♦ Fresh ore from the South East Dome that will be harder and higher grade will be gradually introduced to the S3 circuit in H2 2026 ♦ Surplus acid sales expected to continue in Q3 2026 (Q2 ~36,000 tonnes) 3% lower than Q1 2026 due to lower throughput as a result of planned maintenance; S3 continues to deliver above design capacity $2.16 Q2 2026 C1 CASH COST 1 ($ per lb) 175 - 205kt 2026 COPPER PRODUCTION GUIDANCE 43,997t Q2 2026 COPPER PRODUCTION $0.47 higher than Q1 2026 due to higher fuel and consumable costs and lower gold by-product credits 2026 gold production guidance: 110 - 120koz 1 C1 cash cost (C1) is a non-GAAP ratio, and does not have a standardized meaning prescribed by IFRS and might not be comparable t o similar financial measures disclosed by other issuers. See “Regulatory Disclosures” within the Q2 2026 Management’s Discuss ion and Analysis for further information. C1 cash cost reconciliations are provided in the appendices. KANSANSHI
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12 2026 Outlook ♦ 2026 production guidance remains unchanged ♦ Grades to improve in the H2 2026; 2026 levels below 2025 levels overall ♦ Continue to manage flange bolt fatigue at Ball Mill 2; full remedial work scheduled for 2027 ♦ In-pit crusher 4 decommissioned to facilitate relocation; Completion expected in Q4 2026 ♦ Continued expansion of Quantum Electra-Haul trolley-assist networks ♦ Waste stripping at Stage 4 to support 2027 ore supply 11% higher than Q1 2026 as higher grades and recoveries offset lower throughput from planned maintenance $2.84 Q2 2026 C1 CASH COST 1 ($ per lb) 190 - 220kt 2026 COPPER PRODUCTION GUIDANCE 50,335t Q2 2026 COPPER PRODUCTION $0.60 lower than Q1 2026 as a result of higher production volumes 1 C1 cash cost (C1) is a non-GAAP ratio, and does not have a standardized meaning prescribed by IFRS and might not be comparable t o similar financial measures disclosed by other issuers. See “Regulatory Disclosures” within the Q2 2026 Management’s Discuss ion and Analysis for further information. C1 cash cost reconciliations are provided in the appendices. In-Pit Crusher 4 SENTINEL
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13 9% decrease from Q1 2026 due to annual planned total plant shutdown in June $2.75 Q2 2026 NICKEL C1 CASH COST 1 ($ per lb) 30 - 40kt 2026 NICKEL PRODUCTION GUIDANCE 11,246 Q2 2026 NICKEL PRODUCTION $0.23 higher than Q1 2026 due to lower production volumes 2026 Outlook ♦ 2026 production guidance remains unchanged ♦ Lower ore grades expected in Q3, in line with the mine plan ♦ Focus on improving ore quality, grade control, and mining productivity ♦ Pit dewatering Stage Tank Pad to be handed over to Projects in early July; Mining activities will focus on increasing ore footprint through lowering current cutbacks, sump development and South Wall mining in preparation for rainy season ¹ Nickel C1 cash cost (C1) is a non-GAAP ratio, and does not have a standardized meaning prescribed by IFRS and might not be com parable to similar financial measures disclosed by other issuers. See “Regulatory Disclosures” within the Q2 2026 Management’ s Discussion and Analysis for further information. Enterprise ENTERPRISE
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14 1 C1 cash cost (C1) is a non-GAAP ratio, and does not have a standardized meaning prescribed by IFRS and might not be comparable t o similar financial measures disclosed by other issuers. See “Regulatory Disclosures” within the Q2 2026 Management’s Discuss ion and Analysis for further information. C1 cash cost reconciliations are provided in the appendices. 2 First Quantum news release dated April 28,2026. 3 First Quantum news release dated March 12, 2026, “First Quantum Announces sale of Çayeli Mine” 4 First Quantum news release dated December 23, 2025. “First Quantum Minerals Announces Sale of Cobre Las Cruces” OTHER OPERATIONS GUELB MOGHREIN Akjoujt, Mauritania ÇAYELI Rize Province, Türkiye RAVENSTHORPE Esperance Region, Western Australia ♦ 100% ownership ♦ Open pit (Cu, Au) ♦ Mine life to 2027 ♦ 75.7% ownership (24.3% POSCO) ♦ Open pit (Ni) ♦ Care & Maintenance since July 2024 2026 Current Guidance2 ♦ 30 to 40 koz Au Production ♦ 7kt Cu Production Sale agreement to Cengiz Insaat3 ♦ Sale announced March 2025 for $340 million ♦ Closed in Q2 2026 LAS CRUCES Sevilla Province, Spain Care & Maintenance Assets sales reflect disciplined approach to portfolio management and a focus on core strategic priorities Q2 2026 Production: 2,031t Cu; 6,310oz Au Q2 2026 C1 Cash cost1: $1.11 per lb Cu Sale agreement to Resource Capital Funds 4 ♦ Sale announced December 2024 for $190 million ♦ Closed in Q2 2026
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15 FINANCIAL OVERVIEW Ryan MacWilliam, CFO
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♦ Increased revenue from higher realized1 copper and nickel prices together with greater copper sales volumes ♦ Excluding Cobre Panamá, copper C1 cash costs1 are $0.03 per lb lower reflecting more capitalized stripping3 and higher Zambian production but impacted by increased fuel costs and lower gold by-product credits ♦ Including Cobre Panamá, copper C1 cash costs1,2 are $0.03 per lb higher with a $0.06 per lb impact of elevated production costs from stockpile processing Up 3% quarter-over-quarter $1.5 billion REVENUE $2.54 COPPER C1 CASH COSTS1,2 ($ per lb) $5.34 GROSS REALIZED COPPER PRICE1 ($ per lb) Up 8% quarter-over-quarter Up 1% quarter-over-quarter. Excluding Cobre Panamá, copper C1 cash costs1 are 1% lower quarter-over-quarter ¹ C1 cash cost ( C1) and realized metal prices are non- GAAP ratios, do not have standardized meanings under IFRS and might not be comparable to similar financial measures disclosed by other issuers. See “Regulatory Disclosures” within the Q2 2026 Management’s Discussion and Analysis for further information. 2 Includes Cobre Panamá stockpile processing. 3 Capitalized stripping is a non-GAAP financial measure which does not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. See “Regulatory Disclosures” within the Q2 2026 Management’s Discussion and Analysis for further information. Q2 2026 REVENUE AND C1 CASH COSTS1 16 *Copper prices are shown in nominal terms. No hedges in place beyond Q2 2026.
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♦ Increased EBITDA1 was driven by higher realized copper and nickel prices together with greater copper sales volumes ♦ Improved net earnings attributable to shareholders includes a $271 million gain on disposal of group companies ♦ Improved adjusted loss per share2 reflects increased EBITDA1, which includes $164 million of hedge losses Up 23% quarter-over-quarter $136 million NET EARNINGS ATTRIBUTABLE TO SHAREHOLDERS OF THE COMPANY $(0.13) ADJUSTED LOSS PER SHARE2 $400 million EBITDA1 Improved $332 million quarter-over-quarter Improved $0.05 quarter-over-quarter 1 EBITDA is a non-GAAP financial measure that does not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. See “Regulatory Disclosures” within the Q2 2026 Management’s Discus sion and Analysis for further information. 2 Adjusted earnings (loss) per share, C1 cash cost ( C1) and Realized metal prices are non- GAAP ratios, which do not have a standardized meaning under IFRS and might not be comparable to similar financial measures disclosed by other issuers. See “Regulatory Disclosures” within the Q2 2026 Management’s Discussion and Analysis for further information. Q2 2026 EBITDA1 AND NET EARNINGS/ (LOSS) 17
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EBITDA1 BRIDGE 1 EBITDA is a non-GAAP financial measure and realized metal prices is a non-GAAP ratio, which do not have a standardized meaning under IFRS and might not be comparable to similar financial measures disclosed by other issuers. See “Regulatory Disclosures” within the Q2 2026 Management’s Discussion and Analysis for further information. 2 Hedge Impact for the three months ended June 30, 2026 was $(164) million. This compared to $(144m) for the three months ended March 31, 2026. 3 Other includes foreign exchange movements, share of results of joint venture (JV) and care & maintenance. 18
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19 COPPER C1 CASH COST¹ Excluding Cobre Panamá, copper C1 cash costs1 was lower, driven by more capitalized stripping4 and increased Zambian production but impacted by higher fuel costs and lower gold by-product credits 1 C1 cash cost (C1) is a non-GAAP ratio, and does not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclos ed by other issuers. See “Regulatory Disclosures” within the Q2 2026 Management’s Discussion and Analysis for further information. 2 Production impact is presented after adjusting prior quarter costs for change in grade and mill throughput. 3 First Quantum News Releases dated July 28, 2026. 4 Capitalized stripping is a non-GAAP financial measure which does not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. See “Regulatory Disclosures” within the Q2 2026 Management’s Discussion and Analysis for further information. $0.03 per lb higher cash costs1 2.15 - 2.40
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C2 - INTERNAL MARKET IMPACT ON COST STRUCTURE KEY IMPACTS OF MARKET MOVEMENTS Fuel Full direct exposure to market prices • Driven by gasoil prices and logistic charges (Spread to crude oil has widened since the Middle East conflict) • ~2-month pricing lag Mining Contractors ~30% indirect exposure to fuel prices • Immediate cost impact from market prices Freight ~30% indirect exposure to fuel prices • Immediate cost impact from market prices Sulphuric Acid Based on local market prices; First Quantum’s Zambian operations are self-sufficient on sulphuric acid; Potential surplus in Q3 Employees ~50% direct exposure to Kwacha movements Reagents and Explosives Based on global prices Consumables and Non-Mining Contractors Minimal pricing pressure and no material supply-chain risk at this time *Other costs = Consumables and non-mining contractors 2025 COST BASE ♦ Fuel accounts for roughly 15% of our cost base, including about 8% direct exposure ♦ Fuel prices will impact Q3 2026 operating costs ♦ Potential impact to C1 cash costs of ~$0.25 per lb from higher fuel and kwacha rates, with additional risk if current conditions persist Materially impacted by fuel prices 1 C1 cash cost ( C1) and realized metal prices are non- GAAP ratios, do not have standardized meanings under IFRS and might not be comparable to similar financial measures disclosed by other issuers. See “Regulatory Disclosures” within the Q2 2026 Managem ent’s Discussion and Analysis for further information. 20
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21 NET DEBT1 Net debt1 increased by $123 million during the quarter attributable to capital expenditures combined with taxes and interest paid, partially offset by EBITDA2 contributions and net proceeds received from the disposal of group companies 1 Net debt is a supplementary financial measure which does not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. See “Regulatory Disclosures” within the Q2 2026 Management ’s Discussion and Analysis for further information. 2 EBITDA is a non-GAAP financial measure that does not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. See “Regulatory Disclosures” within the Q2 2026 Management’s Discussion and Analysis for further information. 3 Working capital includes inflows of $75 million on trade and other receivables and $59 million on trade and other payables, partially offset by outflows of $68 million from movements in inventories. 4 Other includes $143 million of deferred revenue amortization. Key Working Capital3 Cash Flows Q2 2026 - $66 million inflow Q1 2026 - $260 million inflow
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22 CLOSING REMARKS Tristan Pascall, CEO
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23 2026 CURRENT GUIDANCE Source: First Quantum News Releases dated July 28, 2026. 1 Copper C1 cash cost (copper C1) and copper all-in sustaining costs (copper AISC) are non-GAAP ratios which do not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. See “ Regulatory Disclosures” within the Q2 2026 Management’s Discussion and Analysis for further information. Includes Cobre Panamá stockpile processing. The Company notes a potential impact to C1 copper cash costs of approximately $0.25 per lb to reflect the year-to-date impact of higher fuel prices and Zambian kwacha rates as well as potential further impact if current fuel prices and Zambian kwacha rates pers ists for the remainder of the year. 2 Project capital, sustaining capital expenditure and deferred stripping are non- GAAP financial measures, which do not have standardized meanings prescribed by IFRS and might not be comparable to similar financial measures disclosed by other is suers. See “Regulatory Disclosures” within the Q2 2026 Management’s Discussion and Analysis for further information. PRODUCTION GUIDANCE 000's tonnes 2026 Current Guidance Cobre Panamá 30 - 40 Kansanshi 175 - 205 Sentinel 190 - 220 Other sites 10 Total Copper production 405 - 475 000's ounces 2026 Current Guidance Cobre Panamá 10 - 15 Kansanshi 110 - 120 Guelb Moghrein 30 - 40 Total Gold production 150 - 175 000's tonnes 2026 Current Guidance Enterprise 30 - 40 Total Nickel production 30 - 40 CASH COST1 AND ALL-IN SUSTAINING COST1 Copper Cost Guidance ($ per lb) 2026 Current Guidance C11 $2.15 - $2.40 AISC1 $3.50 - $3.80 Nickel Cost Guidance ($ per lb) 2026 Current Guidance C11 $3.25 - $4.25 AISC1 $4.25 - $5.25 CAPEX GUIDANCE $ million 2026 Current Guidance Project capital2 410 - 460 Sustaining capital2 435 - 510 Deferred stripping2 230 - 280 Total capital expenditure 1,075 - 1,250
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2026 PRIORITIES Continued Safe and Productive Operational Performance Strengthening the Balance Sheet for Future Growth Advance Cobre Panamá to Resolution Advance Greenfield Projects 24
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UPCOMING EVENTS October 28, 2026 • Q3 2026 FINANCIAL AND OPERATING RESULTS (Conference call October 29, 2026) January 2027* • 3-YEAR GUIDANCE February 9, 2027 • Q4 2026 FINANCIAL AND OPERATING RESULTS (Conference call February 10, 2027) April 27, 2027 • Q1 2027 FINANCIAL AND OPERATING RESULTS (Conference call April 28, 2027) May 6, 2027 • ANNUAL GENERAL MEETING May 6, 2027 • TORONTO ANALYST & INVESTOR DINNER June 2027* • LONDON ANALYST & INVESTOR DINNER July 27, 2027 • Q2 2027 FINANCIAL AND OPERATING RESULTS (Conference call July 28, 2027) October 26, 2027 • Q3 2027 FINANCIAL AND OPERATING RESULTS (Conference call October 27, 2027) 25 *Dates to be confirmed
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APPENDIX FINANCIALS
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C2 - INTERNAL KEY INPUT ASSUMPTIONS AND TRENDS 27 PRICE / RATE GOLD PRICE Guidance1 assumption: $4,000/oz Spot at July 28, 2026: $4,040/oz BRENT CRUDE OIL PRICE Guidance1 assumption: $70/bbl Spot at July 28, 2026: $86/bbl ZAMBIAN KWACHA : US DOLLAR Guidance1 assumption: 25.00 Spot at July 28, 2026: 18.78 1Cost guidance continues to be based on market prices assumed in the guidance disclosed in First Quantum News Release dated January 15, 2026. Copper price assumption reflects consensus at that time. The Company notes a potential impact to C1 copper cash costs of approximately $0.25 per lb to reflect the year-to-date impact of higher fuel prices and Zambian kwacha rates as well as potential further impact if current fuel prices and Zambian kwacha rates persists for the remainder of the year.
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EBITDA SENSITIVITY 1 EBITDA is a non-GAAP financial measure that does not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. See “Regulatory Disclosures” within the Q2 2026 Management’s Discus sion and Analysis for further information. Assumption Actual price/rate June 30, 2026 QTD June 30, 2026 YTD EBITDA1 Impact of a 10% unfavourable price/rate change Copper 6.05 per lb $226 million Gold 4,506 per oz $27 million Nickel 8.22 per lb $27 million Zambian kwacha 19.03 ZMW/USD $17 million Brent crude $92/bbl $17 million 28
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29 DEBT MATURITY PROFILE ♦ Debt portfolio is simpler, longer, and materially de-risked following successive bank and bond market deals during Q1-26 ♦ De-leveraging is the key balance sheet priority, supported by prudent capital deployment to sustain financial resilience and growth ♦ Nearest material debt maturity not until 2029, with nearest bond due in 2031
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30 Excluding Cobre Panamá, higher AISC2 quarter-over-quarter of $4.14 per lb was driven by more deferred stripping3 and sustaining capex3, partially offset by decreased royalties and a lower C1 cash cost2 COPPER CASH COST2 AND AISC¹ 1 First Quantum News Release dated July 28, 2026. The Company notes a potential impact to C1 cash costs of approximately $0.25 per lb to reflect the year-to-date impact of higher fuel prices and Zambian kwacha rates as well as potential further impact if current fuel prices and Zambian kwacha rates persist for the remainder of the year. 2 Copper C1 cash cost (copper C1) and copper all -in sustaining costs (copper AISC) are non-GAAP ratios which do not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. See “Regulatory Disclosures” within the Q2 2026 Management’s Discussion and Analysis for further information. 3Sustaining capital expenditure and deferred stripping are non-GAAP financial measures, which do not have standardized meanings prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. See “Regulator y Disclosures” within the Q2 2026 Management’s Discussion and Analysis for further information. 3.50 - 3.802.15 - 2.40
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31 FINANCIAL SUMMARY 1 EBITDA and adjusted earnings (loss) are non-GAAP financial measures, and net debt is a supplementary financial measure. These m easures do not have a standardized meaning under IFRS and might not be comparable to similar financial measures disclosed by other issuers. Adjusted earnings (loss) have been adjusted to exclude items from the corresponding IFRS measure, net earnings (loss ) attributable to shareholders of the Company, which are not considered by management to be reflective of underlying performance. T he Company has disclosed these measures to assist with the understanding of results and to provide further financial information about t he results to investors and may not be comparable to similar financial measures disclosed by other issuers. The use of adjusted ear nings (loss) and EBITDA represents the Company’s adjusted earnings (loss) metrics. See “Regulatory Disclosures” within the Q2 2026 Management’ s Discussion and Analysis for further information. 2 Adjustments to EBITDA are reflected in the slide titled Non- GAAP EBITDA and Adjusted Earnings (Loss) Reconciliation. 3 Adjusted earnings (loss) per share is a non-GAAP ratio, which does not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. See “Regulatory Disclosures” within the Q2 2026 Management’s Discussion and Analysis for further information. 4 Net debt is a supplementary financial measure which does not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. See “Regulatory Disclosures” within the Q2 2026 Management’s Discussion and Analysis for further information. $ millions (except per share numbers) Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Sales revenues 1,522 1,404 1,475 1,346 1,226 Gross profit 297 278 416 360 351 EBITDA1,2 400 326 464 435 400 Net earnings (loss) attributable to shareholders of the Company 136 (196) 25 (48) 18 Adjusted earnings (loss)1 (106) (147) 5 (16) 17 Basic earnings (loss) per share 0.16 (0.24) 0.03 (0.06) 0.02 Adjusted earnings (loss) per share3 (0.13) (0.18) 0.01 (0.02) 0.02 Cash flows from (used in) from operating activities 130 420 (36) 1,195 780 Net debt4 5,407 5,284 5,192 4,751 5,453
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32 NON-GAAP EBITDA1 AND ADJUSTED EARNINGS (LOSS)1 RECONCILIATION Q2 2026 Q1 2026 Q2 2025 Net earnings (loss) attributable to shareholders of the Company 136 (196) 18 Adjustment for expected phasing of Zambian VAT — (31) (19) Modification and redemption of liabilities — 90 — Total adjustments to EBITDA¹ excluding depreciation (237) (31) 8 Tax adjustments 3 23 12 Minority interest adjustments (8) (2) (2) Adjusted earnings (loss)1 (106) (147) 17 Basic earnings (loss) per share as reported $0.16 $(0.24) $0.02 Diluted earnings (loss) per share $0.16 $(0.24) $0.02 Adjusted earnings (loss) per share1 $(0.13) $(0.18) $0.02 1 EBITDA, adjusted earnings (loss) are non-GAAP financial measures and Adjusted earnings (loss) per share is a non- GAAP ratio, which does not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclos ed by other issuers. See “Regulatory Disclosures” within the Q2 2026 Management’s Discussion and Analysis for further information. 2 During the second quarter of 2025, KPMC’s ownership interest in MPSA was diluted from 20% to 17.96% due to KPMC's non- fulfillment of funding obligations resulting in a subsequent share issuance by MPSA in favour of the Company. 3 Other includes $42 million of commissioning costs at Cobre Panamá for the six months ended June 30, 2026. $ millions (except per share numbers) Q2 2026 Q1 2026 Q2 2025 Operating profit 423 157 220 Depreciation 214 200 172 Foreign exchange gain (15) (35) (17) Gain on disposals of group companies (271) — — Impairment expense 1 1 — Share of results of joint venture2 4 — 20 Other expense3 44 3 4 Revisions in estimates of restoration provisions at closed sites — — 1 EBITDA¹ 400 326 400
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33 NON-GAAP C12 AND AISC2 RECONCILIATION $ millions Q2 2026 Q1 2026 Q2 2025 Cost of sales1 (1,225) (1,126) (875) Depreciation 214 200 172 By-product credits 168 176 163 Royalties 136 140 71 Treatment and refining charges (19) (20) (24) Freight costs 2 5 8 Finished goods (57) (52) 26 Other 4 180 107 27 C1 Cost2,4 (601) (570) (432) General and administrative expenses (43) (45) (45) Sustaining capital expenditure and deferred stripping3 (206) (140) (157) Royalties (136) (140) (71) Other (1) (1) (1) AISC2,4 (987) (886) (706) 1 Total cost of sales per the Consolidated Statement of Earnings (Loss) in the Company’s unaudited condensed interim consolidat ed financial statements. 2 Copper C1 cash cost (copper C1) and copper all-in sustaining costs (copper AISC) are non-GAAP ratios which do not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other i ssuers. See “Regulatory Disclosures” within the Q2 2026 Management’s Discussion and Analysis for further information. Includes C obre Panamá stockpile processing. 3 Sustaining capital expenditure and deferred stripping are non-GAAP financial measures, which do not have standardized meanings prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. See “Regulatory Disclosures” within the Q2 2026 Management’s Discussion and Analysis for further information. 4 Excludes purchases of copper concentrate from third parties treated through the Kansanshi Smelter.
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APPENDIX OPERATIONS
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35 KANSANSHI 80% First Quantum1 20% ZCCM-IH RESERVES & RESOURCES ◆ P&P Reserves3 1,024.3 Mt @ 0.51% Cu | 0.10 g/t Au ◆ M&I Resources3 1,260.0 Mt @ 0.57% Cu | 0.11 g/t Au ◆ Inferred Resources3 49.3 Mt @ 0.41% Cu | 0.09 g/t Au LIFE OF MINE ♦ Mine life: To 2050 ♦ Strip ratio: 3.7:1 Stream agreement with Royal Gold ♦ Greenfield project acquired in 2001 ♦ Commissioned in 2004 (4 Mtpa oxide circuit, 2 Mtpa sulphide circuit and SxEw circuit); Achieved commercial production in Q2 2005 ♦ 2006–2009 sulphide circuit expansions ♦ 25 Mtpa S3 Expansion sanctioned in 2022; Completed mid-2025; Achieved commercial production in Q4 2025 ♦ Adjacent smelter COPPER PRODUCTION (kt) AND C1 CASH COST 4,5 ($/lb) Solwezi, Zambia Zambia 0.00 0.50 1.00 1.50 2.00 2.50 0 50 100 150 200 250 300 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Production (LHS) C1 Cash Costs (RHS) PRODUCTION GUIDANCE2 2026E: 175 – 205kt Cu | 110 – 120koz Au 2027E: 210 – 240kt Cu | 125 – 135koz Au 2028E: 230 – 260kt Cu | 140 – 150koz Au PROCESS PLANT 28 Mtpa: 7 Mtpa oxide circuit, 8 Mtpa mixed circuit; 13 Mtpa sulphide circuit S3 Process plant: 25 Mtpa conventional sulphide ore flotation circuit; 1 Milling circuit ◆ 1 x 28 MW SAG mills ◆ 1 x 22 MW Ball mills ◆ Gearless Mill Drives (GMDs) Zambia Zambia Zambia KANSANSHI 1 First Quantum receives 100% of the revenues and pays a 3.1% royalty. See first Quantum news release dated December 1, 2022, “ First Quantum Minerals Announcement in Respect of Kansanshi Mining Plc.” 2 First Quantum news release dated April 28, 2026 “First Quantum Minerals Reports First Quarter 2026 Results” 3 First Quantum 2025 Annual Information Form 4 First Quantum 2005-2024 Annual Reports, 2005 includes 8,733 tonnes of pre-commercial production 5 C1 cash cost (C1) is a non-GAAP ratio, and does not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. See “Regulatory Disclosures” within the Q4 2025 Management’ s Discussion and Analysis for further information.
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36 SENTINEL 100% First Quantum RESERVES & RESOURCES ♦ P&P Reserves2 541.6 Mt @ 0.42% Cu ♦ M&I Resources2 638.7 Mt @ 0.41% Cu ♦ Inferred Resources2 60.9 Mt @ 0.36% Cu PROCESS PLANT 62 Mtpa conventional sulphide ore flotation circuit: 2 Milling circuits ♦ 2 x 28 MW SAG mills ♦ 2 x 22 MW Ball mills ♦ Gearless Mill Drives (GMDs) LIFE OF MINE ♦ Mine life: To 2035 ♦ Strip ratio: 2.53:1 ♦ Greenfield project acquired in 2010 ♦ 2010-2013 Exploration (677 diamond drilling holes and 230km of drilling); Mineral reserve in 2012 ♦ 55 Mtpa construction from 2012–2016; First production in 2015; Commercial production in 2016 ♦ Concentrate treated at Kansanshi smelter ♦ 2020 Expansion to 62 Mtpa with additional fourth in-pit crusher ♦ Ongoing regional exploration to extend mine life COPPER PRODUCTION (kt) AND C1 CASH COST 3,4 ($/lb) - 0.50 1.00 1.50 2.00 2.50 3.00 - 50 100 150 200 250 300 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Production (LHS) C1 Cash Costs (RHS) Kalumbila, Zambia PRODUCTION GUIDANCE1 2026E: 190 – 220kt Cu 2027E: 190 – 220kt Cu 2028E: 190 – 220kt Cu 1 First Quantum news release dated April 28, 2026 “First Quantum Minerals Reports First Quarter 2026 Results” 2 First Quantum 2025 Annual Information Form 3 First Quantum 2015-2024 Annual Reports 4 C1 cash cost (C1) is a non-GAAP ratio, and does not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. See “Regulatory Disclosures” within the Q4 2025 Management’s Discussion and Analysis for further information. Zambia SENTINEL
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37 ENTERPRISE NICKEL PRODUCTION (kt) AND C1 CASH COST3,4 ($/lb) 3.40 3.60 3.80 4.00 4.20 4.40 - 5 10 15 20 25 2023 2024 2025 Production (LHS) C1 Cash Costs (RHS) Kalumbila, Zambia RESERVES & RESOURCES ♦ P&P Reserves2 27.1 Mt @ 1.00% Ni ♦ M&I Resources2 30.4 Mt @ 1.01% Ni ♦ Inferred Resources2 9.2 Mt @ 0.72% Ni LIFE OF MINE ♦ Mine life: To 2035 ♦ Strip ratio: 8.3:1 ♦ Top 10 nickel sulphide operation globally ♦ Low-cost, high-grade nickel sulphide mine located 12 km from Sentinel ♦ Shares processing infrastructure and common tailings storage facility with Sentinel ♦ Project sanctioned in May 2022 ♦ Achieved first nickel production in Q1 2023; Commercial production in June 2024 PROCESS PLANT 4 Mtpa nickel processing circuit integrated within the Sentinel processing plant ♦ 1 SAG ♦ 1 Ball ♦ Pebble crusher milling circuit PRODUCTION GUIDANCE1 2026E: 30 – 40kt Ni 2027E: 30 – 40kt Ni 2028E: 20 – 30kt Ni 1 First Quantum news release dated April 28, 2026 “First Quantum Minerals Reports First Quarter 2026 Results” 2 First Quantum 2025 Annual Information Form 3 First Quantum 2023-2024 Annual Reports 4 C1 cash cost (C1) is a non-GAAP ratio, and does not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. See “Regulatory Disclosures” within the Q4 2025 Management’s Discussion and Analysis for further information. 100% First Quantum Zambia ENTERPRISE
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- 0.50 1.00 1.50 2.00 - 50 100 150 200 250 300 350 400 2019 2020 2021 2022 2023 2024 2025 Production (LHS) C1 Cash Costs (RHS) 38 COBRE PANAMÁ 91% First Quantum 9% KOMIR6 COBRE PANAMÁ PROCESS PLANT 100 Mtpa conventional sulphide ore flotation circuit: 3 Milling circuits ♦ 3 x 28 MW SAG mills ♦ 2 x 22 MW and 4 x 16.5 MW Ball mills ♦ Gearless Mill Drives (GMDs) LIFE OF MINE ♦ Mine life: 31 years ♦ Strip ratio: 1:1 Stream agreement with Franco Nevada GUIDANCE2 2026E: 30 - 40kt Cu Capital = ~$250 million (mainly working capital) ♦ Acquired 80% interest in 2013 following take-over of Inmet Mining; 85 Mtpa project re-design in 2014 (port, power and mining operations) ♦ Port operations commenced in 2015 ♦ Ownership increased to 90% in 20171 ♦ Power station commenced in 2018 ♦ First ore in 2019; Commercial production achieved within six months ♦ CP100 Expansion to 100 Mtpa completed and commissioned in 2023 ♦ Placed on P&SM in November 2023 ♦ Processing Program initiated in Q2 2026 COPPER PRODUCTION (kt) AND C1 CASH COST 4,5 ($/lb) Preservation & Safe Management Colon Province, Panama 1 Additional 1% interest in 2025 through dilution of KOMIR 2 First Quantum news release dated April 28, 2026 “First Quantum Minerals Reports First Quarter 2026 Results” 3 First Quantum 2026 Annual Information Form 3 First Quantum 2019-2024 Annual Reports 4 C1 cash cost (C1) is a non-GAAP ratio and does not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. See “Regulatory Disclosures” within the Q1 2026 Management’s Discussion and Analysis for further information. 5 Korea Mine Rehabilitation and Mineral Resources Corporation RESERVES & RESOURCES ♦ P&P Reserves2 2,767.7 Mt @ 0.37% Cu | 0.07 g/t Au ♦ M&I Resources2 3,312.9 Mt @ 0.37% Cu | 0.06 g/t Au ♦ Inferred Resources2 1,084.5 Mt @ 0.26% Cu | 0.04 g/t Au
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39 TACA TACA • Porphyry copper-gold-moly deposit • 3,500 metres elevation ~230 km west of the city of Salta and 55 km east of the Chilean border • Defined access to water, power, rail, port • Located in an area with limited environmental sensitivities • No local communities living within or in close proximity to the project footprint • Entered into a collaboration agreement with the International Finance Corporation in Q1 2026 PROCESS PLANT 40 Mtpa train: 2 Milling trains; 60 Mtpa Expansion: Third milling train ♦ Each train: 2 x 28 MW SAG mills LIFE OF MINE ♦ Mine life: 35 years ♦ Avg. Annual Cu production: 209kt ♦ Avg. Annual Au production: 96koz ♦ C1 Cash cost: 1.26 per lb ♦ Avg. Cu grade: 0.42% ♦ Avg. Au grade: 0.09 g/t ♦ Strip ratio: 1.46:1 1 Taca Taca Project NI 43-101 Technical Report January 2026 COPPER PRODUCTION (kt) AND C1 CASH COST1 ($/lb) Salta Province, Argentina TACA TACA Argentina - 0.50 1.00 1.50 2.00 2.50 3.00 - 50 100 150 200 250 300 350 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 Production (LHS) C1 Cash Costs (RHS) FIRST 10 YEARS ♦ Avg. Annual Cu production: 291kt ♦ Avg. Annual Au production: 133koz ♦ C1 Cash cost: 0.97 per lb 100% First Quantum ♦ P&P Reserves1: 8.4 Mt contained copper (1,990 Mt @ 0.42% Cu | 0.09 g/t Au) ♦ M&I Resources1 : 8.7 Mt contained copper (2,078 Mt @ 0.42% Cu | 0.09 g/t Au) ♦ Inferred Resources1 : 0.4 Mt contained copper (145 Mt @ 0.27% Cu | 0.06 g/t Au)
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40 LA GRANJA 55% First Quantum 45% Rio Tinto RESOURCES2 ♦ Located on the eastern flank of the Western Cordillera of the Andes; Situated at moderate elevations of between 2,000 metres and 2,800 metres above sea level ♦ Second largest greenfield project based on contained copper 1 ♦ Two principal mineralized centres at Paja Blanca and Mirador ♦ Large-scale copper porphyry–skarn–epithermal system that transitions to porphyry-style copper mineralization at depth ♦ Amenable to conventional large-scale open pit mining using drill and blast and load haul operations, followed by conventional flotation processing ♦ Improved geological understanding of arsenic distribution; Predictable high and low arsenic zones identified through the resource ♦ Deposit remains open at depth Cajamarca, Peru Peru LA GRANJA Paja Blanca Mirador Peru Classification Tonnes (Mt) Density (t/m3) Grade Contained Metal Cu (%) Ag (g/t) Au (g/t) Mo (g/t) Cu (Mt) Ag (Moz) Au (Moz) Mo (Mlbs) Measured 1,427 2.47 0.56 4.26 0.04 73.7 8.0 195.4 2.0 231.8 Indicated 3,404 2.58 0.44 3.74 0.04 57.0 15.0 409.2 4.7 427.9 Total M&I 4,831 2.55 0.48 3.89 0.04 61.9 23.0 604.6 6.7 659.7 Inferred 5,206 2.65 0.40 3.34 0.04 52.3 20.7 558.9 6.1 600.8 1 Open pit projects based on Measured & Indicated Resources 2 La Granja Project NI 43-101 Technical Report May 2026 Next Steps ♦ Advance permitting and regulatory engagement in Peru ♦ Progress baseline environmental and social studies to support ESIA ♦ Strengthen ongoing community and stakeholder engagement ♦ Prepare and submit Detailed ESIA (ESIA-d)
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41 HAQUIRA 100% First Quantum RESERVES & RESOURCES ♦ M&I Resources1: 3.6 Mt contained copper (703.7 Mt @ 0.51% Cu | 0.03 g/t Au) ♦ Inferred Resources1 : 2.7 Mt contained copper (683.9 Mt @ 0.40% Cu | 0.02 g/t Au) ♦ Large scale porphyry copper project in Apurímac, Southern Peru ♦ Acquired in December 2010 ♦ Focus on community, environmental aspects ♦ Exploration permit approved in early February 2025; Amendment extends permit term for seven years, allowing for further drilling in future ♦ Company remains open to dialogue with two remaining communities, aiming to expand the drilling program into Haquira West deposit and other targets Apurímac, Peru Peru HAQUIRA 1 First Quantum 2025 Annual Information Form
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LA GRANJA
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43 LA GRANJA Project Overview Lima Haquira La Granja PERU 55% First Quantum 45% Rio Tinto 40 km • Located in Querocoto District of Chota Province within the Cajamarca Region of northern Peru, on the eastern flank of the Western Cordillera of the Andes • Situated at moderate elevations of between 2,000m and 2,800m above sea level • Significant development work carried out by Rio Tinto between 2006 and 2023 • In March 2023, First Quantum acquired 55% interest • Over $70 million invested since acquisition and a total of 369,000m drilled to date, with nearly 46,000m of additional drilling Chiclayo La Granja
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44 MINERAL RESOURCE ESTIMATE ♦ Supported by a systematic program of geological reinterpretation, database validation, and targeted drilling ♦ Based on 748 diamond holes totaling 345,127m ♦ Deposit remains open at depth with further exploration targets at both Mirador and Paja Blanca ♦ Completed in accordance with CIM Definition Standards and CIM Best Practice Guidelines La Granja Mineral Resource estimate as of December 31, 2025, reported at a 0.16% Cu cut-off grade Classification Tonnes (Mt) Density (t/m3) Grade Contained Metal Cu (%) Ag (g/t) Au (g/t) Mo (g/t) Cu (Mt) Ag (Moz) Au (Moz) Mo (Mlb) Measured 1,427 2.47 0.56 4.26 0.04 73.7 8.0 195.4 2.0 231.8 Indicated 3,404 2.58 0.44 3.74 0.04 57.0 15.0 409.2 4.7 427.9 Total M&I 4,831 2.55 0.48 3.89 0.04 61.9 23.0 604.6 6.7 659.7 Inferred 5,206 2.65 0.40 3.34 0.04 52.3 20.7 558.9 6.1 600.8
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45 WORLD-CLASS UNDEVELOPED PROJECTS ♦ One of the largest undeveloped projects globally1 ♦ Second largest greenfield project based on contained copper1 ♦ Adds meaningful additional growth to First Quantum’s project pipeline Bubble size represents resource contained copper Represents First Quantum project 15 Largest Undeveloped Open-Pit Greenfield Projects1 1Open pit projects based on Measured & Indicated Resources Source: Wood Mackenzie, Company reports Taca Taca Vicuna Pebble El Pachon Reko DiqKSM Los Azules Nueva Union Frieda River Twin Metals Tampakan Vizcachitas Los Helados Cascabel La Granja
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46 NEXT STEPS ♦ Advance permitting and regulatory engagement in Peru ♦ Progress baseline environmental and social studies to support ESIA ♦ Strengthen ongoing community and stakeholder engagement ♦ Prepare and submit Detailed ESIA (ESIA-d)
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