Slides
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TSX FM Third 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 Kansanshi Smelter
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Recent Developments ♦ Panama’s Interministerial Commission delivered its final report, recommending negotiations to provide for a restart of Cobre Panamá to support long-term, orderly, self-financed closure ♦ Copper production guidance narrowed to 405,000 – 435,000 tonnes to reflect lower grades ♦ Copper C1 cash cost1 guidance updated to $2.50 – $2.65 per lb to reflect fuel and Kwacha rates ♦ Cobre Panamá stockpile processing program advanced – All three trains commissioned. Two copper concentrate cargos loaded and shipped in August and September ♦ Environmental actions from the Comprehensive Audit were incorporated into the compliance tracking process at Cobre Panamá 4 8% increase from Q2 2026 due to higher production at Kansanshi and the continued processing of stockpiled ore at Cobre Panamá $2.59 COPPER C1 CASH COST 1 (per lb) $0.29 ADJUSTED EPS1 108,959t TOTAL COPPER PRODUCTION $0.05 per lb higher than Q2 2026 reflecting higher cost production from Cobre Panamá $0.42 improved from Q2 2026 benefitting from higher production volumes and realized metal prices 1 Adjusted earnings (loss) per share (EPS), 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 “Regul atory Disclosures” within the Q3 2026 Management’s Discussion and Analysis for further information. Q3 2026 HIGHLIGHTS
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Communities launch 'Water and Biodiversity Guardians' Building digital skills and capacity in Zambia Cobre Panamá graduates 47 new technicians in Coclé Cobre Panamá trained residents of La Pintada, Omar Torrijos, and Penonomé communities in technical trades that open new job and entrepreneurship opportunities. First Quantum opens national markets for local suppliers Skydates Enterprises, a Solwezi agribusiness working with more than 500 smallholder farmers, is now supplying Pick n Pay Zambia, one of the country's largest supermarket chains. Cobre Emprende El Pitch awards $180,000 Kansanshi, in partnership with Copperbelt University, hosted the second Kansanshi Education AI Hackathon, bringing together 105 pupils from 21 Solwezi schools to develop AI applications for mining- related challenges. The event forms part of the Kansanshi Education Quality Improvement Program, which has trained 22 teachers in AI and provided 535 computers, servers, and network devices to local schools. First Quantum has invested K18 million through its Supplier Development Program, backing small businesses and strengthening local suppliers. 15 neighbouring communities now use scientific methods to assess the quality of local rivers, accompanied by an independent scientific team. The program combines local knowledge with scientific monitoring, enabling residents to strengthen the role they play in monitoring their environment. Participants completed the training program over six weeks, with 94% of participants achieving certifications in structural carpentry and plumbing. The inaugural Cobre Emprende El Pitch program awarded $180,000 in grants to 40 entrepreneurs hailing from five provinces in Panama, including 11 winners from communities near Cobre Panamá, helping participants expand their businesses through funding and training. SUSTAINABILITY AND COMMUNITY HIGHLIGHTS FROM THE QUARTER 5
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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 ♦ Proceeds used to fund P&SM plan ♦ Royalty payments of $30 million to the GOP Restart of power plant completed ♦ Power station fully recommissioned in early February 2026 ♦ Approximately 100 new employment hires Processing of stockpiled ore ♦ Formal approval received April 7, 2026; Resolution No. 27 to mitigate environmental and operational risks ♦ 3,200 employees on-site by end of September Comprehensive Audit by SGS Panama Control Services ♦ Final integral audit was completed and published on June 19, 2026; Report can be found on MiAmbiente’s website ♦ Compliant on 361 of 370 total ESIA commitments (87.73% overall score) Interministerial Commission Recommendation ♦ Interministerial Commission created following SGS Audit to provide recommendation to the GOP on how to proceed ♦ Report and recommendation delivered to President José Raúl Mulino on September 30, 2026 ♦ Set out 17 recommendations and six governing criteria to guide negotiations on the Cobre Panamá mine 7
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The Interministerial Commission Recommends The GOP enter into negotiations with First Quantum to provide for a restart of Cobre Panamá to support an orderly, self-financed closure, recognizing that closure and rehabilitation will be a long-term undertaking extending over decades. A potential agreement should seek to: Six Criteria Governing the Report Any negotiation would be governed by six non-negotiable conditions. The specific mechanisms for giving effect to them would be determined through the negotiations. ♦ Compliance with the Supreme Court ruling and applicable law ♦ State stewardship and national ownership of the mineral resources ♦ No fiscal cost to Panamanians ♦ Full transparency and verifiable reporting ♦ Priority to those directly affected by the closure ♦ Supervision in accordance with international standards INTERMINISTERIAL COMMISSION RECOMMENDATION Published September 30, 2026 View Report Source: Ministry of Commerce and Industries Panama Informe Final y Recomendaciones de la Comisión Interministerial sobre la Mina de Cobre Panamá; September 30, 2026 ; available at Ministry of Commerce and Industries website. Mandate of the Commission: 1) Assess the results of the comprehensive audit 2) Identify options available to the Nation, and 3) Recommend the course that best protects the national interest in environmental, social, and economic dimensions Settle arbitration Definitively resolve the outstanding international arbitration proceedings Establish conditions for restart Enable a restart under a new framework that protects Panama’s environmental, social, and economic interests Self-finance closure Use the operation to finance the site’s long-term progressive rehabilitation and closure over decades 8
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9 OPERATIONAL OVERVIEW Rudi Badenhorst, COO Kansanshi S3 Circuit
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4% higher than Q2 2026 due to improved throughput $2.02 Q3 2026 C1 CASH COST 1 ($ per lb) 175 - 185kt 2026 UPDATED COPPER PRODUCTION GUIDANCE 45,843t Q3 2026 COPPER PRODUCTION $0.14 lower than Q2 2026 due to surplus acid sales (Q3 2026: ~70,000t) 2026 updated gold production guidance: 95 - 105koz 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 Q3 2026 Management’s Discuss ion and Analysis for further information. C1 cash cost reconciliations are provided in the appendices. KANSANSHI 2026 Outlook ♦ Production guidance narrowed to reflect performance to date ♦ S3 to benefit from higher availability, mitigating expectations of lower grades and recoveries ♦ South East Dome stripping taking longer than planned; Lower grades continuing into 2027 ♦ Optimization program in place to identify and develop gold recovery improvement opportunities ♦ Will continue to opportunistically sell surplus sulphuric acid, which will impact 2027 copper production 10
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2026 Outlook ♦ Production guidance updated to reflect performance to date ♦ Grades and throughput to improve in Q4 2026 as mining progresses within Stage 2, re- introduction of Shovel 1 and completion of In-pit crusher 4 relocation in October 2026 ♦ Continue to manage flange bolt fatigue at Ball Mill 2; Full remedial work scheduled for 2027 ♦ Continued expansion of Quantum Electra-Haul trolley-assist networks ♦ Waste stripping at Stage 4 to support 2027 ore supply 3% lower than Q2 2026 as lower grades offset improved throughput $2.71 Q3 2026 C1 CASH COST 1 ($ per lb) 190 - 200kt 2026 UPDATED COPPER PRODUCTION GUIDANCE 48,816t Q3 2026 COPPER PRODUCTION $0.13 lower than Q2 2026 primarily as a result of lower fuel costs 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 Q3 2026 Management’s Discuss ion and Analysis for further information. C1 cash cost reconciliations are provided in the appendices. In-Pit Crusher 4 SENTINEL 11
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Q2 2026: 3,216t Progress to Date ♦ Approximately 3,200 employees on site by the end of September ♦ All three trains commissioned; Train 2 commenced operations in July; Train 1 progressed through refurbishment, testing, and commissioning (Train 3 commissioned in Q2 2026) ♦ Two concentrate shipments in Q3 2026, completing restoration of integrated processing, filtration, storage, and export chain 2026 Outlook ♦ Sufficient stockpiles to support Processing Program until mid-2027 ♦ Capital estimated at ~$200 million; Commissioning: ~$90 – 100 million, Inventory: ~$10 – 20 million, Sustaining capital1: ~$70 – 80 million ♦ Environmental stewardship remains a core priority ♦ The Company remains ready to engage constructively with the GOP with the objective of achieving a fair and durable resolution for all stakeholders of Cobre Panamá $4.08 Q3 2026 C1 CASH COST 1 ($ per lb) 30 - 40kt 2026 COPPER PRODUCTION GUIDANCE 13,229t Q3 2026 COPPER PRODUCTION 1 C1 cash cost (C1) and sustaining capital are non-GAAP ratio and 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 Q3 2026 M anagement’s Discussion and Analysis for further information. C1 cash cost reconciliations are provided in the appendices. Processing Plant 12 COBRE PANAMÁ Stockpile Prior to Processing 2026 gold production guidance: 10 - 15koz Botija Pit
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13% decrease from Q2 2026 due to lower grades $3.22 Q3 2026 NICKEL C1 CASH COST 1 ($ per lb) 40 - 45kt 2026 UPDATED NICKEL PRODUCTION GUIDANCE 9,831t Q3 2026 NICKEL PRODUCTION $0.47 higher than Q2 2026 due to lower production volumes 2026 Outlook ♦ Production guidance increased due to performance to date ♦ Lower ore grades expected in Q4 2026, in line with mine plan ♦ Mining volumes expected to increase in Q4 with the arrival of additional contractor equipment ♦ Focus on improving ore quality and grade control through RC drilling ♦ Rainy season preparation – dewatering stage tank and main pit sump; ROM ore pad nearing capacity for sufficient ore feed through 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 comparable to similar financial measures disclosed by other issuers. See “Regulatory Disclosures” within the Q3 2026 Management’s Discussion and Analysis for further information. Enterprise ENTERPRISE 13
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1 All-in sustaining costs (AISC) 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 Q3 2026 Management’ s Discussion and Analysis for further information. 2 First Quantum news release dated October 28, 2026. OTHER OPERATIONS GUELB MOGHREIN Akjoujt, Mauritania RAVENSTHORPE Esperance Region, Western Australia ♦ 100% ownership ♦ Open pit (Cu, Au) ♦ Mine life to 2028 ♦ 75.7% ownership (24.3% POSCO) ♦ Open pit (Ni) ♦ Care & Maintenance since July 2024 2026 Updated Guidance2 ♦ 45 to 50koz Au production ♦ 7kt Cu production Transitioned to gold-focused operation in August 2026 Care & MaintenanceQ3 2026 Production: 16,050oz Au; 1,071t Cu Q3 2026 Gold AISC1: $1,504 per oz Au 14
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15 FINANCIAL OVERVIEW Ryan MacWilliam, CFO
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♦ Higher revenue driven by stronger realized1 copper prices, with no hedge losses, coupled with increased sales volumes including 13,463 tonnes of copper from Cobre Panamá ♦ Excluding Cobre Panamá, copper C1 cash costs1 of $2.40 are $0.08 per lb lower driven by lower fuel and maintenance costs and increased acid sales. This more than offset the impact of Guelb Moghrein transitioning to a gold producer ♦ Including Cobre Panamá, copper C1 cash costs1,2 of $2.59 are $0.05 per lb higher, reflecting a $0.13 per lb impact of a full quarter of stockpile processing Up 19% quarter-over-quarter $2.1 billion REVENUE $2.59 COPPER C1 CASH COSTS1,2 ($ per lb) $6.37 GROSS REALIZED COPPER PRICE1 ($ per lb) Up 37% quarter-over-quarter Up 2% quarter-over-quarter. Excluding Cobre Panamá, copper C1 cash costs1 are 3% 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 Q3 2026 Management ’s Discussion and Analysis for further information. 2 Includes Cobre Panamá stockpile processing. Q3 2026 REVENUE AND C1 CASH COSTS1 16 *Copper prices are shown in nominal terms
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♦ Increased EBITDA1 reflects stronger revenue with no open hedge positions beyond June 30, 2026 ♦ Adjusted earnings per share2 improved on higher EBITDA¹, partially offset by increased tax and depreciationUp 111% quarter-over-quarter $207 million NET EARNINGS ATTRIBUTABLE TO SHAREHOLDERS OF THE COMPANY $0.29 ADJUSTED EARNINGS PER SHARE 2 $844 million EBITDA1 Improved $71 million quarter-over-quarter Improved $0.42 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 Q3 2026 Management’s Discus sion and Analysis for further information. 2 Adjusted earnings (loss) per share is a non-GAAP ratios, which do not have a standardized meaning under IFRS and might not be c omparable to similar financial measures disclosed by other issuers. See “Regulatory Disclosures” within the Q3 2026 Management’s Discussion and Analysis for further information. Q3 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 Q3 2026 Management’s Discussion and Analysis for further information. 2 No hedge impact for the three months ended September 30, 2026. This compared to $164m loss for the three months ended June 30, 2 026. 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 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 Q3 2026 Management’s Discuss ion and Analysis for further information. 2 First Quantum News Release dated October 28, 2026. 2.50 - 2.65 ♦ Including Cobre Panamá, copper C1 cash costs1 of $2.59 are $0.05 per lb higher, reflecting a $0.13 per lb impact of a full quarter of stockpile processing ♦ Excluding Cobre Panamá, copper C1 cash costs1 of $2.40 are $0.08 per lb lower driven by lower fuel and maintenance costs and increased acid sales; This more than offset the impact of Guelb Moghrein transitioning to a gold producer
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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 remains elevated since the Middle East conflict) 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 The company is currently selling excess acid, generating $0.14/lb of by-product credits in Q3, 2026 Employees ~50% direct exposure to Zambian kwacha movements Reagents and Explosives Based on global prices. Cost increases experienced on transportation cost Consumables and Non-Mining Contractors No material supply-chain risk at this time Costs increases experienced on transportation of goods*Other costs = Consumables and non-mining contractors 2026 YTD COST BASE ♦ Fuel accounts for approximately 16% of our cost base, including about 10% direct exposure ♦ Diesel prices averaged $1.40/ltr in Q3 2026, compared with $0.86/ltr in Q3 2025, representing a 63% year-on-year increase ♦ Zambian kwacha was 19.58 in September 2026, compared with 23.94 in September 2025, strengthening 18% year-on-year ♦ Approximately 13% of the Group’s cost base is exposed to fluctuations in the Zambian kwacha Materially impacted by fuel prices 20
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21 NET DEBT1 Net debt1 decreased by $98 million during the quarter attributable to strong EBITDA2 contributions partially offset by planned capital expenditures, interest paid and taxes 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 Q3 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 Q3 2026 Management’s Discussion and Analysis for further information. 3 Working capital inflows of $7 million includes inflows of $48 million from movements in inventories, partially offset by outflow s of $31 million on trade and other receivables and $10 million on trade and other payables. 4 Other includes $150 million of deferred revenue amortization. Key Working Capital3 Cash Flows Q3 2026 - $7 million inflow Q2 2026 - $66 million inflow
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22 CLOSING REMARKS Tristan Pascall, CEO Kansanshi S3 Circuit
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2026 UPDATED GUIDANCE Source: First Quantum News Releases dated October 28, 2026. 1 Copper C1 cash cost (copper C1) and copper all-in sustaining costs (copper AISC) are non-GAAP ratios which do not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. See “ Regulatory Disclosures” within the Q3 2026 Management’s Discussion and Analysis for further information. Includes Cobre Panamá stockpile processing. 2 Project capital, sustaining capital expenditure and deferred stripping are non- GAAP financial measures, which do not have standardized meanings prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. See “Regulator y Disclosures” within the Q3 2026 Management’s Discussion and Analysis for further information. PRODUCTION GUIDANCE 000's tonnes 2026 Previous Guidance 2026 Updated Guidance Cobre Panamá 30 - 40 30 - 40 Kansanshi 175 - 205 175 - 185 Sentinel 190 - 220 190 - 200 Other sites 10 10 Total Copper production 405 - 475 405 - 435 000's ounces 2026 Previous Guidance 2026 Updated Guidance Cobre Panamá 10 - 15 10 - 15 Kansanshi 110 - 120 95 - 105 Guelb Moghrein 30 - 40 45 - 50 Total Gold production 150 - 175 150 - 170 000's tonnes 2026 Previous Guidance 2026 Updated Guidance Enterprise 30 - 40 40 - 45 Total Nickel production 30 - 40 40 - 45 CASH COST1 AND ALL-IN SUSTAINING COST1 Copper Cost Guidance ($ per lb) 2026 Previous Guidance 2026 Updated Guidance C11 $2.15 - $2.40 $2.50 - $2.65 AISC1 $3.50 - $3.80 $4.10 - $4.25 Nickel Cost Guidance ($ per lb) 2026 Previous Guidance 2026 Updated Guidance C11 $3.25 - $4.25 $3.00 - $3.25 AISC1 $4.25 - $5.25 $4.00 - $4.25 CAPEX GUIDANCE $ million 2026 Previous Guidance 2026 Updated Guidance Project capital2 410 - 460 410 - 450 Sustaining capital2 435 - 510 380 - 410 Capitalized stripping2 230 - 280 360 - 390 Total capital expenditure 1,075 - 1,250 1,150 - 1,250 23
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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 January 19, 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 24, 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) *Date to be confirmed 25
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APPENDIX FINANCIALS
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C2 - INTERNAL KEY INPUT ASSUMPTIONS AND TRENDS PRICE / RATE GOLD PRICE Guidance1 assumption: $4,000/oz Spot at October 28, 2026: $4,057/oz BRENT CRUDE OIL PRICE Guidance1 assumption: $100/bbl Spot at October 28, 2026: $115/bbl ZAMBIAN KWACHA: US DOLLAR Guidance1 assumption: 18.00 Spot at October 28, 2026: 20.16 1Cost guidance is based on market prices noted within the Q3 2026 Management’s Discussion and Analysis dated October 28, 2026. 27
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28 DEBT MATURITY PROFILE ♦ De-leveraging remains the key balance sheet priority, supported by prudent capital deployment to sustain financial resilience and growth ♦ Nearest material debt maturity not until 2029 and nearest bond due in 2031, the debt profile remains flexible and manageable as we focus on strategic priorities
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29 BALANCE SHEET PRESERVATION ♦ Focused on liquidity resilience and balance sheet efficiency through macro uncertainty ♦ Continued de-leveraging is a priority, seeking levels close to 1.0x prior to sanctioning next major project ♦ $500 million 1st copper prepayment ♦ $1.05 billion equity raise ♦ $1.6 billion Senior 2L secured bond issuance ♦ $2.3 billion corporate facility amendment and extension ♦ Copper hedge program established ♦ $425 million Trident Facility refinance ♦ $1 billion Senior Notes offering due 2033 ♦ Partial redemption of $750 million of Senior Notes due 2027 ♦ $500 million 2 nd copper prepayment ♦ Gold hedge program established ♦ $1 billion gold stream ♦ $1 billion Senior Notes offering due 2034 ♦ Retirement of $750 million 2027 Senior Notes ♦ Partial redemption of $250 million of 2029 Senior 2L Secured bond ♦ $2.2 billion Term Loan and Revolving Credit Facility refinance ♦ $1.5 billion Senior Notes offering due 2036 ♦ Repurchase of $1,350 million 2029 Senior 2L Secured bond ♦ Completed Cayeli sale ♦ Completed Cobre Las Cruces sale ♦ Conclusion of the hedge program
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30 Excluding Cobre Panamá, higher AISC2 quarter-over-quarter of $4.20 per lb was driven by more sustaining capex3 and greater royalties, partially offset by lower C1 cash costs2 COPPER CASH COST¹ AND AISC¹ 1 First Quantum News Release dated October 28, 2026. 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 Q3 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 “Regulatory Disc losures” within the Q3 2026 Management’s Discussion and Analysis for further information. 2.50 - 2.65 4.10 - 4.25
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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. The Com pany has disclosed these measures to assist with the understanding of results and to provide further financial information about the r esults to investors and may not be comparable to similar financial measures disclosed by other issuers. The use of adjusted earnings (loss) and EBITDA represents the Company’s adjusted earnings (loss) metrics. See “Regulatory Disclosures” within the Q3 2026 Management’s Discussi on 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 Q3 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 Q3 2026 Management’s Discussion and Analysis for further information. $ millions (except per share numbers) Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Sales revenues 2,086 1,522 1,404 1,475 1,346 Gross profit 678 297 278 416 360 EBITDA1,2 844 400 326 464 435 Net earnings (loss) attributable to shareholders of the Company 207 136 (196) 25 (48) Adjusted earnings (loss)1 244 (106) (147) 5 (16) Basic earnings (loss) per share 0.25 0.16 (0.24) 0.03 (0.06) Adjusted earnings (loss) per share3 0.29 (0.13) (0.18) 0.01 (0.02) Cash flows from (used in) operating activities 600 130 420 (36) 1,195 Net debt4 5,309 5,407 5,284 5,192 4,751
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32 NON-GAAP EBITDA1 AND ADJUSTED EARNINGS (LOSS)1 RECONCILIATION Q3 2026 Q2 2026 Q3 2025 Net earnings (loss) attributable to shareholders of the Company 207 136 (48) Adjustment for expected phasing of Zambian VAT (16) — (8) Loss on redemption of debt — — 25 Total adjustments to EBITDA¹ excluding depreciation 62 (237) 16 Tax adjustments (5) 3 — Minority interest adjustments (4) (8) (1) Adjusted earnings (loss)1 244 (106) (16) Basic earnings (loss) per share as reported $0.25 $0.16 $(0.06) Diluted earnings (loss) per share $0.25 $0.16 $(0.06) Adjusted earnings (loss) per share1 $0.29 $(0.13) $(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 Q3 2026 Management’s Discussion and Analysis for further information. $ millions (except per share numbers) Q3 2026 Q2 2026 Q3 2025 Operating profit 549 423 223 Depreciation 233 214 196 Foreign exchange loss (gain) 31 (15) 9 Gain on disposals of group companies — (271) — Impairment expense — 1 — Share of results of joint venture 2 4 — Other expense 5 2 7 Commissioning costs 24 42 — Revisions in estimates of restoration provisions at closed sites — — — EBITDA¹ 844 400 435
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33 NON-GAAP C12 AND AISC2 RECONCILIATION $ millions Q3 2026 Q2 2026 Q3 2025 Cost of sales1 (1,408) (1,225) (986) Depreciation 233 214 196 By-product credits 165 168 146 Royalties 147 136 100 Treatment and refining charges (21) (19) (24) Freight costs 3 2 5 Finished goods 35 (57) 25 Other 4 184 180 66 C1 Cost2,4 (662) (601) (472) General and administrative expenses (45) (43) (40) Sustaining capital expenditure and deferred stripping3 (230) (206) (108) Royalties (147) (136) (100) Other (2) (1) (6) AISC2,4 (1,086) (987) (726) 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 issuers. See “Regulatory Disclosures” within the Q3 2026 Management’s Discussion and Analysis for further information. Includes Cobre Panam á 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 Discl osures” within the Q3 2026 Management’s Discussion and Analysis for further information. 4 Excludes the sale of copper anode and cathode produced from third- party concentrate purchased at Kansanshi.
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EBITDA1 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 Q3 2026 Management’s Discus sion and Analysis for further information. Assumption Actual price/rate September 30, 2026 QTD September 30, 2026 YTD EBITDA1 Impact of a 10% unfavourable price/rate change Copper 6.40 per lb $382 million Gold 4,258 per oz $38 million Nickel 7.52 per lb $43 million Zambian kwacha 18.89 ZMW/USD $27 million Brent crude $96/bbl $28 million 34
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APPENDIX OPERATIONS
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KANSANSHI 80% First Quantum1 20% ZCCM-IH RESERVES & RESOURCES ♦ P&P Reserves3 1,024.3 Mt @ 0.51% Cu | 0.10 g/t Au ♦ M&I Resources3 1,260.0 Mt @ 0.57% Cu | 0.11 g/t Au ♦ Inferred Resources3 49.3 Mt @ 0.41% Cu | 0.09 g/t Au LIFE OF MINE ♦ Mine life: To 2050 ♦ Strip ratio: 3.7:1 Stream agreement with Royal Gold ♦ Greenfield project acquired in 2001 ♦ Commissioned in 2004 (4 Mtpa oxide circuit, 2 Mtpa sulphide circuit and SxEw circuit); Achieved commercial production in Q2 2005 ♦ 2006–2009 sulphide circuit expansions ♦ 25 Mtpa S3 Expansion sanctioned in 2022; Completed mid-2025; Achieved commercial production in Q4 2025 ♦ Adjacent smelter COPPER PRODUCTION (kt) AND C1 CASH COST4,5 ($/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 – 185kt Cu | 95 – 105koz 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 October 28, 2026 “First Quantum Minerals Reports Third 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 Q3 2026 Management’s Discussion and Analysis for further information. 36
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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 230 km 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 – 200kt Cu 2027E: 190 – 220kt Cu 2028E: 190 – 220kt Cu 1 First Quantum news release dated October 28, 2026 “First Quantum Minerals Reports Third 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 Q3 2026 Management’s Discussion and Analysis for further information. Zambia SENTINEL 37
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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) 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 = ~$200 million ♦ Acquired 80% interest in 2013 following take-over of Inmet Mining; 85 Mtpa project re-design in 2014 (port, power and mining operations) ♦ Port operations commenced in 2015 ♦ Ownership increased to 90% in 20171 ♦ Power station commenced in 2018 ♦ First ore in 2019; Commercial production achieved within six months ♦ CP100 Expansion to 100 Mtpa completed and commissioned in 2023 ♦ Placed on P&SM in November 2023 COPPER PRODUCTION (kt) AND C1 CASH COST 4,5 ($/lb) Preservation & Safe Management Colón Province, Panama 1 Additional 1% interest in 2025 through dilution of KOMIR 2 First Quantum news release dated October 28, 2026 “First Quantum Minerals Reports Third Quarter 2026 Results” 3 First Quantum 2025 Annual Information Form 4 First Quantum 2019-2024 Annual Reports 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 Q3 2026 Management’s Discus sion and Analysis for further information. 6 Korea Mine Rehabilitation and Mineral Resources Corporation RESERVES & RESOURCES ♦ P&P Reserves3 2,767.7 Mt @ 0.37% Cu | 0.07 g/t Au ♦ M&I Resources3 3,312.9 Mt @ 0.37% Cu | 0.06 g/t Au ♦ Inferred Resources3 1,084.5 Mt @ 0.26% Cu | 0.04 g/t Au 38
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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 mill ♦ 1 Ball mill ♦ Pebble crusher milling circuit PRODUCTION GUIDANCE1 2026E: 40 – 45kt Ni 2027E: 30 – 40kt Ni 2028E: 20 – 30kt Ni 1 First Quantum news release dated October 28, 2026 “First Quantum Minerals Reports Third 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 Q3 2026 Management’s Discussion and Analysis for further information. 100% First Quantum Zambia ENTERPRISE 39
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WORLD-CLASS UNDEVELOPED PROJECTS
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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 41
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TACA TACA ♦ Porphyry copper-gold-moly deposit ♦ 3,500 metres elevation ~230 km west of city of Salta, 55 km east of 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; Each train 28 MW SAG mill, 22 MW Ball mill 60 Mtpa Expansion: Third milling train LIFE OF MINE ♦ Mine life: 35 years ♦ Avg. Annual Cu production: 209kt ♦ Avg. Annual Au production: 96koz ♦ C1 Cash cost2: $1.26 per lb ♦ Avg. Cu grade: 0.42% ♦ Avg. Au grade: 0.09 g/t ♦ Strip ratio: 1.46:1 1 Taca Taca Project NI 43-101 Technical Report February 2026 2 C1 cash cost (C1) is a non-GAAP ratio and does not have a standardized meaning prescribed by IFRS and might not be comparable t o similar financial measures disclosed by other issuers. See “Regulatory Disclosures” within the Q3 2026 Management’s Discussion and Analysis for further information. COPPER PRODUCTION (kt) AND C1 CASH COST1,2 ($/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 cost2: $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) 42
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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) ♦ Technical Report on Reserves to be filed in 2027 43
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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 44
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