First Quantum Minerals Ltd. (TSX: FM) reports results for the three months ended December 31, 2024 of net earnings attributable to shareholders of the Company of $99 million ($0.12 earnings per share) and adjusted earnings¹ of $31 million ($0.04 adjusted earnings per share²).

“While 2024 began with several challenges brought about from the suspension of operations at the Cobre Panamá mine, the swift implementation of our comprehensive refinancing transactions at the start of the year, along with solid operational performance in Zambia, have allowed the Company to end the year in a strong position. I would like to thank everybody at First Quantum for their tireless efforts,” said Tristan Pascall, Chief Executive Officer of First Quantum. “I am optimistic about the outlook this year for First Quantum. In Panama, we look forward to constructive discussions with the government and people of Panama for resolution of the situation at the Cobre Panamá mine. In Zambia, completion of the Kansanshi S3 Expansion project will be an inflection point for the Company that will enhance our financial resilience and support continued growth.”

Q4 2024 SUMMARY

In Q4 2024, First Quantum reported gross profit of $405 million, EBITDA¹ of $455 million, net earnings attributable to shareholders of $0.12 per share, and adjusted earnings per share² of $0.04. Relative to the third quarter of 2024 (“Q3 2024”), fourth quarter financial results were slightly weaker due to lower copper and gold sales volumes along with a lower realized copper price. Total copper production for the fourth quarter was 111,602 tonnes, a 4% decrease from Q3 2024. Copper C1 cash cost³ was $1.68 per lb in the fourth quarter, an increase of 7% quarter-over-quarter.

Along with the financial and operating results for the fourth quarter, the following are also detailed in this news release:

• Cobre Panamá Update: The Preservation and Safe Management Program (“P&SM”) that would permit the shipment of copper concentrate that remains on site continues to await approval from the Panamanian authorities. The final hearing under the International Chamber of Commerce proceedings has been rescheduled for February 2026.
• Kansanshi S3 Expansion Update: Construction remains on schedule for mid-2025 completion. The project achieved 62% completion on plant construction and 62% completion on operational readiness at year-end 2024.
• Zambia Power Update: The Company has put sourcing plans in place for 2025 to ensure reliable power availability for its operations, including the start-up of the Kansanshi S3 Expansion project.
• Board Update: Robert Harding will retire at the conclusion of the 2025 Annual General Meeting on May 8, 2025. At that time, Kevin McArthur will succeed him as Chairman.

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¹ EBITDA and adjusted earnings (loss) are non-GAAP financial measures. These measures 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”.
² 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”.
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 financial measures disclosed by other issuers. See “Regulatory Disclosures”

COBRE PANAMÁ UPDATE

On January 6, 2025, Panama’s Ministry of Environment released the Terms of Reference for an Environmental Audit of the Cobre Panamá mine. The audit will be conducted by international experts to provide updated information on the status of the mine and support the Government of Panama’s decision-making. The Terms of Reference for the Environmental Audit were submitted to a public consultation process that concluded on February 7, 2025. Separately, an independent audit of the copper concentrate stored on site was completed by the government in December 2024, which confirmed the quantities of copper concentrate stored at the facilities.

On January 12, 2025, the Minister of Environment and the Minister of Public Security conducted a site visit of Cobre Panamá. During the visit, the ministers toured the mine, process plant, port and power plant facilities to inspect the upkeep of the mine and the status of the surrounding communities and the environment. The visit also enabled the ministers to inspect 7,960 tons of ammonium nitrate stored at the mine’s Punta Rincón port. The Minister of Environment subsequently stated that the ammonium nitrate should be exported, which commenced by road in January 2025. The P&SM plan is not yet approved by the Government of Panama.

In parallel with the upkeep of the mine site in advance of the approval of the P&SM plan, the Company has continued a comprehensive program of public outreach across the country to enhance transparency and provide accessible information about Cobre Panamá. Since the beginning of 2024, these outreach efforts have reached over 40,000 Panamanian citizens through site visits and briefings conducted in universities, schools, and public spaces at more than 150 events nationwide. Additionally, over 300,000 Panamanians have participated in an online virtual tour of the mine, further broadening public engagement.

The Government of Panama applied to the Arbitration Panel of the International Chamber of Commerce proceedings to request an extension of its submission dates following the replacement of external legal counsel and on the basis that the new government required time to assess the situation concerning the mine. A final hearing for this matter is now scheduled for February 2026.

The Company reiterates that arbitration is not the preferred outcome for the situation in Panama and it remains committed to dialogue with the Government of Panama and to being part of a solution for the country and the Panamanian people.

KANSANSHI S3 EXPANSION

The Kansanshi S3 Expansion remains on track for completion in mid-2025.

During the fourth quarter of 2024, the gearless mill drive installations were completed and the 33kV overhead line and substation was commissioned. Civil and structural workstreams are substantially progressed. Work in priority mechanical areas continues together with completion of piping and electrical systems to allow progress into early commissioning of major systems.

As at the end of 2024, the S3 Expansion project achieved 62% construction completion of the process plant and commenced early commissioning work. System configuration of the plant control system is at 80%, focused on functionality of cleaner and reagent circuits, and functional testing of services areas. Operational readiness achieved 62% completion with training of personnel on the process simulator.

At the Kansanshi smelter expansion, the new waste heat boiler condenser and 5th train of wet electrostatic precipitators were completed and successfully commissioned. Installation of the high pressure oxygen compressor was completed with commissioning in progress. All major oxygen plant equipment arrived on site and installation is progressing. Acid Plant 5 civil work was completed with structural mechanical and piping installation in progress.

ZAMBIA POWER UPDATE

Zambia’s energy situation remained challenging through the fourth quarter. However, the Company’s proactive strategy of securing supplementary power, primarily from Southern Africa, allowed the Company to maintain normal operations with minimal power interruptions. The annualized impact on 2025 C1 copper cash cost¹ is estimated to be $0.07 per lb, which is included in the current guidance.

Zambia has received steady rainfall since the start of this rainy season in early November, which will continue through to the end of March. Lake Kariba levels remain significantly lower than prior years due to the pulldown of lake levels earlier in 2024, although a modest recharge has allowed water levels to rise 6% since the onset of rainy season. As such, the Company is not planning for a full return to normal in-country hydroelectricity power generation in 2025. To address the likely shortfall, the Company has put sourcing plans in place for 2025 to ensure that reliable electricity supply is available for its operations, including the start-up of the Kansanshi S3 Expansion project.

First Quantum will continue collaborating with the national electricity utility, ZESCO, and third-party energy providers to maintain a secure energy supply. Longer term, the 430 MW solar and wind project with TotalEnergies and Chariot Energy, together with new hydropower initiatives in Zambia’s Northwest and Northern Provinces, remain on schedule for commissioning by 2028. These developments are expected to bolster both First Quantum’s and Zambia’s overall energy security.

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¹ 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 financial measures disclosed by other issuers. See “Regulatory Disclosures”

BOARD LEADERSHIP TRANSITION

Following over a decade as Lead Independent Director and two years as Chair of the Board, Robert Harding will retire at the conclusion of the 2025 Annual General Meeting on May 8, 2025. At that time, Kevin McArthur, a Director since 2021, will succeed him as Chairman.

“It has been a privilege to serve on First Quantum’s Board for the past twelve years and witness the Company’s transformation,” said Robert Harding. “This announcement reflects the Board’s ongoing commitment to renewal, ensuring a strong mix of experience and fresh insight over time. Having worked closely with Kevin, I am pleased with the Board’s decision to appoint him as the next Chair. His deep industry knowledge and leadership experience make him well suited for the role, and I have full confidence in him and the Board to guide the Company’s future.”

Kevin McArthur commented, “On behalf of the Board and the Company, I want to sincerely thank Bob for his leadership and dedication over the years. He has helped guide First Quantum through some of its most challenging moments, always with a steady hand and a clear vision for the future. His contributions have been invaluable, and we wish him all the best in his retirement.”

“I wish to personally thank Bob for his guidance, support and impact both as a Board member and, in particular, during the last two years as Chair during a period of challenge and change at First Quantum,” said Tristan Pascall, Chief Executive Officer. “I am looking forward to working with Kevin in a much closer capacity in his new role and I know the Company will be well served by his leadership of the Board. It is very healthy that we continue the ongoing Board succession process to position the Company for its strategic objectives for 2025 and for the coming years of ongoing disciplined growth.”

Q4 2024 OPERATIONAL HIGHLIGHTS

Total copper production for the fourth quarter was 111,602 tonnes, a 4% decrease from Q3 2024 as a result of lower production at the Zambian operations. Copper C1 cash cost¹ was $0.11 per lb higher quarter-over-quarter at $1.68 per lb, reflecting lower copper production volumes. Copper sales volumes totalled 111,613 tonnes, approximately 11 tonnes higher than production.

• Kansanshi reported copper production of 48,139 tonnes in Q4 2024, 1,671 tonnes lower than the previous quarter. While feed grades remained high with the continued swap of the mixed and sulphide mills, throughput was lower due to a planned maintenance plant shutdown in the sulphide and mixed circuits. Gold production continued to be strong with 29,787 ounces of gold produced in the fourth quarter. Copper C1 cash cost¹ of $1.21 per lb was $0.08 lower quarter-over-quarter as a result of the drawdown of stockpiles. Production guidance for 2025 remains unchanged at 160,000 to 190,000 tonnes of copper and 100,000 to 110,000 ounces of gold. Copper and gold production in 2025 includes production associated with the Kansanshi S3 Expansion, with first production expected in the second half of 2025. The majority of the initial feed for S3 will be sourced from low-grade stockpiles.
• Sentinel reported copper production of 56,560 tonnes in Q4 2024, 1,852 tonnes lower than the previous quarter due to lower grades. Throughput levels, however, improved quarter-over-quarter with December 2024 reporting the highest monthly throughput since October 2022, benefiting from the development of Stage 3 (Western Cut-back) that increased availability of softer material, improved availability of the primary crushers and improved fragmentation of the ore. Stripping in Stage 4 (Final Eastern Cut-back) commenced during the fourth quarter. In-pit crusher 1 was successfully relocated and commissioned at the end of December, two months ahead of schedule. Copper C1 cash cost¹ of $2.11 per lb was higher than the preceding quarter as a result of lower production volumes and higher tolling and freight costs. Copper production guidance for 2025 remains unchanged at 200,000 to 230,000 tonnes of copper. In 2025, the focus at Sentinel will be on increasing mill throughput with various ongoing initiatives in place to optimize blast fragmentation, maintain full stockpiles, and improve milling rates and flotation recovery. Grades are expected to be lower than 2024, in line with the pit development sequence. Stage 3 will supply a majority of the ore with lower volumes from Stage 1 and Stage 2 compared to prior years. The relocation of in-pit crusher 2 has been planned for the 2025 year, including installation of an innovative rail-driven conveyor system that is expected to result in reduced power and maintenance costs. A major overhaul is planned for a rope shovel during the second quarter. Stripping will continue in Stage 4, with ore expected to be available in 2026. Bringing forward production from Stages 3 and 4, along with a balanced increase in waste stripping, is expected to de-risk future ore supply to achieve an optimal and sustainable balance of grades and volumes during the life of the mine.
• For the fourth quarter of 2024, Enterprise produced 3,720 tonnes of nickel at a nickel C1 cash cost¹ of $4.62 per lb. Sources of nickel sulphide ore during the quarter were impacted by weathering and alteration in a fault line in the Southern Wall of the pit and the presence of nickel silicates. In the second week of December, the Enterprise flotation circuit was switched to treat copper ores from the Sentinel mine while the fault area was mined through and the altered material was stockpiled separately for blending with fresh nickel sulphide ore. The relevant area in the Southern Wall was mined out in early January 2025 and nickel feed to the Enterprise concentrator resumed. 2025 Production guidance is 15,000 to 25,000 contained tonnes of nickel. The focus for 2025 at Enterprise will be on optimizing the development of the pit to supply feed volumes to the plant. Additional reverse circulation drilling will be performed to obtain additional geological information. Grade is expected to be lower than 2024 while recoveries will benefit from a better understanding of the geological characteristics of the ore.
• Production at Cobre Panamá has been halted since November 2023. During the quarter, the process plant assets inspection frequency was maintained at 56 days and the equipment start-up frequency remained unchanged at 14 days. In addition to asset preservation, a key focus continues to be on maintaining the environmental stability for all areas of the site and compliance with the environmental and social impact study for the project, which remains in force. Primary activities are in cleaning and maintenance works at sediment ponds, managing surface water at the waste dump and low-grade stockpiles, and treatment of water to manage the pH levels. Costs in the fourth quarter were approximately $13 million per month, which included labour, maintenance spares, contractors’ services, electricity, other general expenses, including the public outreach program across the country to enhance transparency and provide accessible information about Cobre Panamá. The Company is actively managing the maintenance costs of Cobre Panamá and will adjust the level of employment and the costs of these activities according to the conditions on the ground in Panama. Approximately 121 thousand dry metric tonnes of copper concentrate remain onsite following the 2023 disruptions at the Punta Rincón port. P&SM costs are expected to be between $12 million to $13 million per month.

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¹ 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 financial measures disclosed by other issuers. See “Regulatory Disclosures”

FINANCIAL HIGHLIGHTS

Financial results continue to be impacted by the suspension of Cobre Panamá. Fourth quarter financial results, relative to the third quarter, were impacted by lower copper and gold sales volumes along with a lower realized copper price.

• Gross profit for the fourth quarter of $405 million was $51 million lower than Q3 2024, while EBITDA¹ of $455 million for the same period was $65 million lower.
• Cash flows from operating activities of $583 million ($0.70 per share²) for the quarter were $323 million higher than Q3 2024, attributable to favourable movements in working capital.
• Net debt³ decreased by $61 million during the quarter to $5,530 million, with total debt at $6,342 million as at December 31, 2024. The decline in net debt³ is attributable to positive movements in EBITDA¹ contribution and working capital, partially offset by interest paid and planned capital expenditure, mostly related to the Kansanshi S3 project.

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¹ EBITDA 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”.
² Cash flows from operating activities 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”.
³ 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”.

HEDGING PROGRAM

Consistent with prior quarters, the Company entered into additional derivative contracts, in the form of unmargined zero cost copper collars, as protection from downside price movements, financed by selling price upside beyond certain levels on a matched portion of production.

The Company recognized a $13 million gain on the copper sales hedge program in Q4 2024 and a $34 million gain for the year.

At February 11, 2025, the Company had zero cost copper collar contracts outstanding for 242,641 tonnes at weighted average prices of $4.14 per lb to $4.81 per lb with maturities to June 2026. Approximately half of planned production and sales in 2025 and over 90% of the same in 2026 remain exposed to spot copper prices.

REALIZED METAL PRICES¹

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¹ Realized metal prices, C1 cash cost (C1), and all-in sustaining cost (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”.

CONSOLIDATED FINANCIAL HIGHLIGHTS

CONSOLIDATED OPERATING HIGHLIGHTS

2025 GUIDANCE

Production, C1 cash cost¹ and capital expenditure guidance for 2025 to 2027 remain unchanged from the News Release “First Quantum Minerals Announces 2024 Preliminary Production and 2025 – 2027 Guidance” dated January 15, 2025.

Interest expense on debt for the full year 2025 is expected to be approximately $600 million to $625 million and excludes finance cost accretion on related party loans to Cobre Panamá and

Ravensthorpe, finance cost accreted on the precious metal streaming arrangement and on the Prepayment Agreement, capitalized interest expense and accretion on asset retirement obligation.

Cash outflow on interest paid is expected to be approximately $575 million to $600 million for the full year 2025. This figure excludes capitalized interest paid.

Capitalized interest is expected to be approximately $25 million for the full year 2025.

The effective tax rate for 2025, excluding Cobre Panamá and interest expense, is expected to be approximately 30%.

The full year 2025 depreciation expense excluding Cobre Panamá is expected to be between $700 million and $750 million. While under P&SM, depreciation at Cobre Panamá is expected to be $80 million to $85 million on an annualized basis, which includes approximately $40 million of depreciation associated with the concentrate shed sale.

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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 disclosed by other issuers. See “Regulatory Disclosures”.

PRODUCTION GUIDANCE

PRODUCTION GUIDANCE BY OPERATION¹

CASH COST¹ AND ALL-IN SUSTAINING COST¹

PURCHASE AND DEPOSITS ON PROPERTY, PLANT & EQUIPMENT

COMPLETE FINANCIAL STATEMENTS AND MANAGEMENT’S DISCUSSION AND ANALYSIS

The complete Consolidated Financial Statements and Management’s Discussion and Analysis for the three months and year-ended December 31, 2024 are available at www.first-quantum.com and at www.sedarplus.com and should be read in conjunction with this news release.