Slides
Page 1
TSX FM J . P.MORGAN BACK TO SCHOOL SERIES September 8, 2026
Page 2
2 COPPER-FOCUSED PRODUCER 2 Operating Mines Greenfield Projects First Quantum Offices GUELB MOGHREIN | Cu Au | MAURITANIA Toronto | CANADA LA GRANJA | Cu | PERU HAQUIRA | Cu | PERU TACA TACA | Cu | ARGENTINA ENTERPRISE | Ni | ZAMBIA London | UK RAVENSTHORPE | Ni | AUSTRALIA (Care & Maintenance) COBRE PANAMÁ | Cu Au | PANAMA (Preservation & Safe Management) KANSANSHI | Cu Au | ZAMBIA SENTINEL | Cu | ZAMBIA 405 – 475kt Cu Production $2.15 – $2.40 Consolidated Copper C1Cash Cost3 2026 Guidance2 150 – 175koz Au Production 1 First Quantum Q4 2025 Management’s Discussion and Analysis 2 First Quantum news release dated July 28, 2026 “First Quantum Minerals Reports Second Quarter 2026 Results ” 3 C1 cash cost (C1) is a non-GAAP ratio, which does not have a standardized meaning prescribed by IFRS and might not be comparable to similar f inancial measures disclosed by other issuers. See “Regulatory Disclosures” section of the Q2 2026 Management’s Discussion and Analysis 0 200 400 600 800 1,000 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026E Copper Production (kt) Commercial production at Kansanshi Kansanshi S2 Expansion Commissioning of Sentinel First production at Cobre Panamá Cobre Panamá placed on P&SM Perth | AUSTRALIA Copper 82% Gold 10% Nickel 5% Other 3% 2025 Revenue by Commodity1 Commissioning of Kansanshi S3 Expansion
Page 3
2026 PRIORITIES Strengthening the Balance Sheet for Future Growth Advance Cobre Panamá to Resolution Advance Greenfield Projects 3 Continued Safe and Productive Operational Performance
Page 4
2026 Guidance3 ♦ 30 – 40kt Cu Production 4 THE RIGHT ASSETS FQM Zambia Top 10 global copper complex1 with vertically integrated production Cobre Panamá Third largest copper mine in the world by throughput1; Focused on a resolution to restart operations KANSANSHI Solwezi, Zambia SENTINEL Kalumbila, Zambia COBRE PANAMÁ Colón Province, Panama ♦ 80% ownership2 (20% ZCCM-IH) ♦ Open-pit (Cu, Au) ♦ 52 Mtpa processing capacity with S3 Expansion ♦ Mine life to 2050 ♦ 1.6 Mtpa smelter adjacent to the mine ♦ 100% ownership ♦ Open-pit (Cu) ♦ 62 Mtpa processing capacity ♦ Mine life to 2035 ♦ Enterprise nickel mine located in the same complex ♦ 91% ownership (9% KOMIR4) ♦ Open-pit (Cu, Au) ♦ 100 Mtpa processing capacity ♦ 31-year mine life ♦ Preservation & Safe Management (“P&SM”) since November 2023 Source: First Quantum 2025 Annual Information Form 1 Capital IQ 2 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.” 3 First Quantum news release dated July 28, 2026 “First Quantum Minerals Reports Second Quarter 2026 Results” 4 Korea Mine Rehabilitation and Mineral Resources Corporation 2026 Guidance3 ♦ 175 – 205kt Cu Production ♦ 110 – 120koz Au Production 2026 Guidance3 ♦ 190 – 220kt Cu Production Preservation & Safe Management ♦ Concentrate shipped ♦ Power plant restarted ♦ Processing of stockpiled ore approved and ongoing
Page 5
5 ENVIRONMENTAL AUDIT RESULT SGS Audit on Cobre Panamá Published June 19, 2026 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 risks – 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 Compliant on 361 out of 370 total ESIA commitments Overall compliance score 87.73%
Page 6
OPEN-PIT COPPER PROJECTS BUILT SINCE 2005 Kansanshi S3 Expansion (25 Mtpa) CP100 Expansion (15 Mtpa) Guelb Moghrein (2 Mtpa) Frontier (8 Mtpa) Cobre Panamá (85 Mtpa) Cobre Panamá, including port and power plant Sentinel (55 Mtpa)Kansanshi (12 Mtpa) Kevitsa (9 Mtpa) 6 TRACK RECORD OF PROJECT DELIVERY Greenfield Brownfield First Quantum Greenfield First Quantum Brownfield Bubble size represents annual throughput capacity Source: Wood Mackenzie, Company Filings 1 Annual throughput capacity In-house projects team completed >$13B in projects, typically within 10% of budget Built and commissioned the two largest1 copper open-pit greenfield projects in the last two decades
Page 7
7 WORLD-CLASS UNDEVELOPED PROJECT ♦ Two of the largest undeveloped projects globally1 sit within the First Quantum portfolio ♦ Taca Taca will be one of the largest copper projects to be developed over the next decade ♦ La Granja represents the second largest greenfield project based on contained copper1 ♦ Adds meaningful additional growth to First Quantum’s project pipeline Bubble size represents resource contained copper Represents First Quantum project 15 Largest Undeveloped Open-Pit Greenfield Projects1 1Open pit projects based on Measured & Indicated Resources Source: Wood Mackenzie, Company Filings Taca Taca Vicuna Pebble El Pachon Reko DiqKSM Los Azules Nueva Union Frieda River Twin Metals Tampakan Vizcachitas Los Helados Cascabel La Granja
Page 8
8 TACA TACA ♦ Porphyry copper-gold-moly deposit ♦ 3,500m elevation ~230 km west of city of Salta, 55 km east of the Chilean border ♦ Defined access to water, power, rail, port ♦ Located in an area with limited environmental sensitivities ♦ No local communities living within or in close proximity to the project footprint ♦ Collaboration agreement with IFC ♦ ESIA approval and water permits expected in 2026; Working towards RIGI application PROCESS PLANT 40 Mtpa train: 2 Milling trains; 60 Mtpa Expansion: Third milling train ♦ Each train: 2 x 28 MW SAG mills LIFE OF MINE ♦ Mine life: 35 years ♦ Avg. Annual Cu production: 209kt ♦ Avg. Annual Au production: 96koz ♦ C1 Cash cost: 1.26 per lb ♦ Avg. Cu grade: 0.42% ♦ Avg. Au grade: 0.09 g/t ♦ Strip ratio: 1.46:1 1 Taca Taca Project NI 43-101 Technical Report January 2026 COPPER PRODUCTION (kt) AND C1 CASH COST1 ($/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)
Page 9
9 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)
Page 10
10 DOING BUSINESS THE RIGHT WAY Sustainability is embedded across our operations, development, and growth strategy TANGIBLE STEPS TO REDUCE EMISSIONS 50% Reduction in absolute GHG emissions and copper intensity by 2035 100% Renewable power secured for Zambia under a 10-year agreement; Implementation delayed due to drought ~14 kms Electric trolley-assist lines in Zambia >130,000 tonnes CO2e saved annually through pit electrification PRIORITIZING SOCIAL RESPONSIBILITY $37 million In community investment and social outreach programs in 2025 Community relationships based on transparency, respect, and trust EMPOWERING LOCAL CONTENT 83% Spent with nationally registered suppliers95% Local employment 400+ Learners supported through scholarships and 100% Entry-level roles reserved for host communities in Zambia STRONG ENVIRONMENTAL STEWARDSHIP 1.2 million hectares Protected areas in West Lunga Ecosystem; Over 100x larger than the mining footprint 25,000 Trees planted by Kansanshi in 2025 >74% Average water reuse across Zambian operations Environmentally sound practices with a focus on accountability and continuous improvement Source: 2025 First Quantum Minerals ESG Report
Page 11
0.0 1.0 2.0 3.0 4.0 5.0 6.0 4.0 5.0 6.0 7.0 8.0 2019 2020 2021 2022 2023 2024 2025 $ Billion Nebt Debt (LHS) Net Debt to EBITDA Ratio (x) (RHS) TOP PRIORITIES 1) Debt reduction 2) Strengthening balance sheet for future growth TARGET Through the cycle: Net debt to EBITDA <2.0x Prior to sanctioning major project: Net debt to EBITDA ~1.0x 11 BALANCE SHEET Decisive actions to strengthen balance sheet for Kansanshi S3 Expansion when Cobre Panamá was placed on P&SM in November 2023 Net debt is a supplementary financial measure which 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” section of the Q4 2025 Management’s Discussion and Analysis DECISIVE ACTIONS TO STRENGTHEN BALANCE SHEET 2019 First production at Cobre Panamá 2022 Kansanshi S3 Expansion and Enterprise nickel project sanctioned for development 2024-2026 ♦ Refinancing of bank facilities, notes offerings, bought deal equity issuance ♦ Copper & gold hedge program ♦ $1.0B Gold stream agreement Net debt reduction $2.0B Avg. annual Cu production 751kt Avg. copper price $3.72 per lb Net debt reduction $1.2B Avg. annual Cu production 413kt Avg. copper price $4.15 per lb
Page 12
12 WHY FIRST QUANTUM? WORLD-CLASS ASSETS Top global copper producer with a focus on operational excellence PROVEN SELF-BUILD TEAM In-house team with a track record of building and delivering large and complex projects GREENFIELD OPTIONALITY Two of the largest greenfield projects globally1 reside within the First Quantum portfolio FINANCIAL DISCIPLINE Strengthening the balance sheet for future growth CRITICAL METAL FOR THE FUTURE Copper is the key commodity to electrify the world and support the energy transition DRIVEN BY INNOVATION Latest technologies adopted for productivity, fuel efficiency, safetyand growth 1Wood Mackenzie, Company Filings
Page 13
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 and gold at its projects; expectations regarding consolidated cash cost; expectations and assumptions regarding the ramp up of the Kansanshi S3 Expansion, including expected processing capacity and production at Kansanshi; expected timing of approval of the Environmental and Social Impact Assessment application at Taca Taca; the Company’s expectations regarding increased demand for copper; the Company’s project pipeline, development and growth plans and exploration and development program, future expenses and exploration and development capital requirements; greenhouse gas emissions and energy efficiency; community engagement efforts; the Company’s plans regarding power supply stability in Zambia; the Company’s expectations regarding artificial intelligence and renewable power demand; the status of Cobre Panamá and the Preservation & Safe Management Program; the development and operation of the Company’s projects; and the Company’s top priorities for 2026. 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, regarding the geopolitical, economic, permitting and legal climate in which the Company operates; continuing production at its operating facilities (other than Cobre Panamá and Ravensthorpe); the status of Cobre Panamá, including approval of processing of stockpiles; the price of and demand for certain precious and base metals, including copper and gold; exchange rates; anticipated costs and expenditures; mineral Reserve and Mineral Resource estimates; the Company’s ability to source sufficient power at its Zambian operations to avoid interruption resulting from the country’s decreased power availability; plans regarding the Kansanshi S3 expansion and the expected benefits thereof; 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, the outcome of mine permitting and other required permitting; the impact of ore grades on future production; 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, Türkiye, Argentina and Australia; adverse weather conditions that impact the Company’s operations; 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 Company’s operations; 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. While these factors and assumptions are considered reasonable by the Company as at the date of this document in light of management’s experience and perception of current conditions and expected developments, such information is inherently subject to significant business, economic, political, regulatory and competitive uncertainties and contingencies. 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 First Quantum’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. 13
Page 14
info@fqml.com 416-361-6400 | 1-888-688-6577 fqml.com TSX FM