First Quantum Minerals Ltd. · TSX:FM
First Quantum Minerals — Q3 2025 Earnings Presentation
43 slides from First Quantum Minerals's earnings presentation, Oct 29, 2025
Slide 1: Growing Responsibly: Third Quarter 2025 Financial & Operating Results
GROWING RESPONSIBLY Third Quarter 2025 Financial & Operating Results TSX FM
Slide 2: Cautionary Statement on Forward-Looking Information
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
Slide 3: Opening Remarks
Cobre Panamá OPENING REMARKS Tristan Pascall, CEO RESPONSIBLE GROWTH 3
Slide 4: Q3 2025 Highlights
Q3 2025 HIGHLIGHTS TOTAL COPPER PRODUCTION Recent Developments 104,626t • Kansanshi S3 Expansion project transitioned from commissioning into early operation • First ore introduced in July; First concentrate produced in August • Project remains on schedule; Expected to be under budget 15% increase f
Slide 5: Cobré Panama Update
COBRÉ PANAMA UPDATE May 30, 2025: Government of Panama Approves Preservation and Safe Management Plan Plan allows for: • Integral P&SM activities and associated environmental measures at site • Export of copper concentrate on site • Restart of power plant Export of copper concentrate • Four vessels
Slide 6: Sustainability Highlights from the Quarter
SUSTAINABILITY HIGHLIGHTS FROM THE QUARTER Trident hands over Wumi Mini Cobre Panamá launches Repurposing Pyhäsalmi’s Trident Pioneers Kwanzangana Hospital to Government phase II of “Cobre Emprende” tailing pond Model Trident has contributed to construct and Commercial electricity production has equ
Slide 7: Operational Overview
Sentinel OPERATIONAL OVERVIEW Rudi Badenhorst, COO RESPONSIBLE GROWTH 7 7
Slide 8: Kansanshi
KANSANSHI Q3 2025 COPPER PRODUCTION 2025 Outlook 46,881t 17% higher than Q2 2025 with S3 • • 2025 copper production guidance narrowed 2025 gold production guidance increased Expansion commissioned in August • Accelerated ramp-up of the S3 Expansion expected to drive higher copper and gold production
Slide 9: Trident – Sentinel
TRIDENT – SENTINEL Q3 2025 COPPER PRODUCTION 2025 Outlook 51,336t 19% higher than Q2 2025 due to increased • • 2025 copper production guidance updated Relocation of In-Pit Crusher 2 completed and to be commissioned in Q4 2025 mill throughput • Innovative low-energy consumption rail run conveyor perf
Slide 10: Trident – Enterprise
TRIDENT – ENTERPRISE Q3 2025 NICKEL PRODUCTION 2025 Outlook 5,767t 44% increase from Q2 2025 due to higher • • 2025 nickel production guidance narrowed Nickel unit cost guidance reduced throughput and recoveries • Mining to focus on maximizing ore supply and comminution efficiency to increase throug
Slide 11: Other Mines
OTHER MINES Las Cruces Çayeli NI 43-101 published February 2024 Q3 2025 PRODUCTION: 2,901t Cu, and 572t Zn Continue to pursue sales process Q3 2025 C1 CASH COST1: $2.20 per lb Cu 2025 PRODUCTION GUIDANCE: 11kt Cu, 1.5kt Zn Updated NI 43-101; Extends operating life to 2036 Guelb Moghrein Q3 2025 PROD
Slide 12: Financial Overview
FINANCIAL OVERVIEW Ryan MacWilliam, CFO RESPONSIBLE GROWTH 12
Slide 13: Q3 2025 EBITDA and Net Earnings / (Loss)
Q3 2025 EBITDA1 AND NET EARNINGS / (LOSS) EBITDA1 EBITDA1 increased by $35 million quarter-over-quarter from greater copper sales volumes, coupled with higher realized copper and gold prices2 $435 million Up 9% from Q2 2025 NET LOSS ATTRIBUTABLE TO SHAREHOLDERS OF THE COMPANY $(48) million Down $66
Slide 14: Q3 2025 Revenue and C1 Cash Costs
Q3 2025 REVENUE AND C1 CASH COSTS1 • Increased revenue quarter-over-quarter from greater copper sales volumes, coupled GROSS REALIZED COPPER PRICE1 (per lb) with higher realized copper and gold prices1 $4.38 • Lower copper C1 cash costs1 quarter-over-quarter driven by higher production Up 2% from Q2
Slide 15: EBITDA Waterfall
EBITDA1 WATERFALL External Factors (-$6 million) Internal Factors (+$49 million) Copper +$18 million Gold +$8 million Nickel -$3 million 1 EBITDA is a non-GAAP financial measure and realize metal prices is a non-GAAP ratio, which do not have a standardized meaning under IFRS and might not be compara
Slide 16: Hedging Strategy
HEDGING STRATEGY • Copper and gold hedging strategy maintained; Provides downside protection at material levels, financed by sale of potential upside on a portion of planned production • No material change in hedged portfolio in Q3 2025 with hedged portion of planned production increasing with narro
Slide 17: Copper C1 Cash Cost
COPPER C1 CASH COST¹ • Lower unit cash cost driven by increased production, lower Zambian fuel volumes and reduced Kansanshi reagent spend • Partially offset by higher employee costs, reduced capitalized stripping volumes and fewer by-product credits from lower gold to copper sold ratios $0.05 per l
Slide 18: Quarterly Net Debt Movement
QUARTERLY NET DEBT1 MOVEMENT Net debt1 decreased by $702 million attributable to the proceeds of the gold streaming arrangement and EBITDA² generation, offset by capital expenditures, interest paid4 and working capital movements driven mainly by timing of anode shipments Key Working Capital3 Cash Fl
Slide 19: Gold Stream and New Bond
GOLD STREAM AND NEW BOND • FQM continued to deliver consistent and decisive balance sheet actions to strengthen balance sheet • $1 billion stream with Royal Gold executed in August; Zambian minority stake sale no longer under consideration • $1 billion senior unsecured bond launched in August; 2027
Slide 20: Debt Maturity Profile
DEBT MATURITY PROFILE FIRST QUANTUM + — Significant reduction of near-term maturities and extension of debt maturity profile out to 2034 + Nearest bond maturity is the 2029 bond, now with a reduced a balance of $1.35 billion DEBT MATURITY PROFILE AS AT SEPTEMBER 30, 2025 | 350 | iad 1 1280 | 4,300 1
Slide 21: Consistent and Decisive Balance Sheet Actions
CONSISTENT AND DECISIVE BALANCE SHEET ACTIONS Maintenance of strong liquidity and proactive management of debt maturities while Cobre Panamá is on P&SM • $500 million • Copper hedge • $425 million • $1 billion Senior • $500 million • $1 billion gold stream 1st copper program Trident Facility Notes o
Slide 22: Closing Remarks
S3 Expansion CLOSING REMARKS Tristan Pascall, CEO RESPONSIBLE GROWTH 22
Slide 23: S3 Expansion
S3 EXPANSION • Commissioned and produced first concentrate in August 2025 • Accelerated ramp-up, circuit stabilization and recoveries surpassed expectations and had a positive impact on production S3 Expansion Works Q3 2025 Progress Outlook • Additional concentrator capacity • 98% of construction co
Slide 24: S3 Expansion
S3 EXPANSION FIRST QUANTUM MINERALS
Slide 25: Top Priorities for 2025
TOP PRIORITIES FOR 2025 Proactive Safe and Delivery of Management of Productive Resolution in Kansanshi S3 Balance Sheet Operational Panama Expansion and Liquidity Performance • $1 billion streaming agreement with Royal Gold • $1 billion 2034 Senior Notes offering (2027 Notes retired; Partial redemp
Slide 26: Upcoming Events
UPCOMING EVENTS January 15, 2026 THREE YEAR GUIDANCE February 10, 2026 Q4 2025 FINANCIAL AND OPERATING RESULTS (Conference call February 11, 2026) April 28, 2026 Q1 2026 FINANCIAL AND OPERATING RESULTS (Conference call April 29, 2026) May 7, 2026 ANNUAL GENERAL MEETING May 7, 2026 ANALYST & INVESTOR
Slide 27: Appendix
3 a & FIRST QUANTUM MINERALS. APPENDIX
Slide 28: 2025 Updated Guidance
2025 UPDATED GUIDANCE PRODUCTION GUIDANCE CASH COST1 AND ALL-IN SUSTAINING COST1 2025 Previous 2025 Updated 2025 Previous 2025 Updated 000's tonnes Copper Cost Guidance ($ per lb) Guidance Guidance Guidance Guidance Kansanshi 160 – 190 175 – 185 C11 $1.85 – $2.10 $1.95 – $2.10 Sentinel 200 – 230 190
Slide 29: Copper Cash Cost and AISC
COPPER CASH COST" AND AISC’ & FIRST QUANTUM MINERALS Lower quarterly copper C1 cash cost' and AISC* (excluding Cobre Panama) of $1.95 per Ib and $3.00 per Ib respectively, driven by increased Zambian throughput and lower Zambian sustaining capex? COPPER C1" $ per Ib 1.96 1.57 Q3 2024 Q4 2024 Q1 2025
Slide 30: Financial Summary
FINANCIAL SUMMARY $ millions (except per share numbers) Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Sales revenues 1,346 1,226 1,190 1,256 1,279 Gross profit 360 351 331 405 456 EBITDA1,2 435 400 377 455 520 Net earnings (loss) attributable to shareholders of the Company (48) 18 (23) 99 108 Adjusted ear
Slide 31: Non-GAAP EBITDA and Adjusted Earnings (Loss) Reconciliation
NON-GAAP EBITDA1 AND ADJUSTED EARNINGS (LOSS)1 RECONCILIATION $ millions (except per share numbers) Q3 2025 Q2 2025 Q3 2024 Operating profit 223 220 329 Depreciation 196 172 159 Foreign exchange loss (gain) 9 (17) 23 Impairment expense — — 2 Share of results of joint venture2 — 20 (1) Restructuring
Slide 32: Non-GAAP C1 and AISC Reconciliation
NON-GAAP C12 AND AISC2 RECONCILIATION $ millions Q3 2025 Q2 2025 Q3 2024 Cost of sales1 (986) (875) (823) Depreciation 196 172 159 By-product credits 146 163 127 Royalties 100 71 91 Treatment and refining charges (24) (24) (20) Freight costs 5 8 (3) Finished goods 25 26 (16) Other 4 66 27 68 C1 Cost
Slide 33: EBITDA Sensitivity
EBITDA¹ SENSITIVITY September 30, 2025 Actual price/rate YTD EBITDA1 Assumption September 30, 2025 Impact of a YTD 10% unfavourable price/rate change Copper (including hedge impact) $4.33 per lb $203 million Gold $3,201 per oz $34 million Nickel $6.92 per lb $15 million Zambian kwacha 25.93 ZMW/USD
Slide 34: Kansanshi, Including S3 Expansion
KANSANSHI, INCLUDING S3 EXPANSION Ownership Mine Type Processing Rate S3 Expansion 80% First Quantum Open Pit Adjacent 1.38 Mtpa S3 25 Mtpa Expansion smelter 20% ZCCM-IH Vein deposit, mixed First production August 2025 27 Mtpa circuit (oxide, supergene and oxide Smelter expansion to 1.6 Mtpa mixed,
Slide 35: Kansanshi Pit Development
KANSANSHI PIT DEVELOPMENT Waste dump Waste dump LG6 MWD9 Waste dump MWD9 Waste dump LG6 MWD8 MWD8 W2 3 LGR6 MWD12 MWD12 W3A MWD11 - stockpile N9 MWD11 - stockpile N9 M18 1 M12 1 MAIN PIT M15 M16 M15 M18 M12 2 SOUTH EAST DOME M11/17 M11/17 M23 LG7 LG7 3 NORTH WEST PIT D02 D02 2 stockpile ACTIVE MININ
Slide 36: Trident (Sentinel & Enterprise)
TRIDENT (SENTINEL & ENTERPRISE) Ownership Mine Type Sentinel Processing Enterprise Processing 100% First Quantum Open Pit 62 Mtpa Sulphide circuit 4 Mtpa Sulphide circuit Sentinel: Copper Enterprise: Nickel SENTINEL & ENTERPRISE P&P Reserves M&I Resources Inferred Resources Sentinel: 599.7 Mt Sentin
Slide 37: Sentinel Pit Development
SENTINEL PIT DEVELOPMENT IPC – In-Pit Crushers IPC2B IPC3B IPC1B IPC4A Source: Trident 43-101 Technical Report March 2020 37
Slide 38: Cobre Panamá, Including CP100 Expansion
COBRE PANAMÁ, INCLUDING CP100 EXPANSION Ownership Mine Type Processing Rate CP100 Expansion 90% First Quantum Open Pit 85 Mtpa Sulphide circuit Expansion to 100 Mtpa 10% KOMIR Cu-Au-Ag-Mo Porphyry • Preservation and Safe Management (“P&SM”) since November 2023 • P&SM costs ~$15 million per month in
Slide 39: Las Cruces Underground Project
LAS CRUCES UNDERGROUND PROJECT • Benefits from existing team, workforce and Las Cruces Underground Resource Classification infrastructure MINERAL RESOURCE STATEMENT AS OF SEPTEMBER 30, 2023 • Environmental permits received in 2020; Mine exploitation permit received in 2021; Water Tonnes CuEq Ag Mate
Slide 40: Taca Taca
TACA TACA 275,000 Low 32 Years US$3.6 Billion Tonnes of Cu C1 Cash Cost1 Mine Life Capital Per Year (Peak) Investment • 50 - 200 Megawatts of Renewable Energy • Primary ESIA under evaluation by the Secretariat of Mining of Salta Province. Independent evaluation from SEGEMAR (Argentinian Geological a
Slide 41: La Granja
LA GRANJA La Granja is one of the largest undeveloped copper resources in the world, with potential to support a multi-decade open-pit operation • First Quantum is the operator with a 55% interest • Large copper project in northern Peru • Partnership with Rio Tinto, acquired in August 2023 • Located
Slide 42: Haquira Overview
HAQUIRA OVERVIEW • Large scale porphyry copper project in Apurímac, Southern Peru • Acquired in December 2010 • One of the world’s major undeveloped copper deposits • M&I resource of 3.7 million tonnes of contained copper equivalent plus an inferred resource of 2.4 million tonnes of copper equivalen
Slide 43: Appendix
APPENDIX info@fqml.com | 416-361-6400 | 1-888-688-6577 TSX FM | fqml.com 43
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