Slide 1: Growing Responsibly: Fourth Quarter 2025 Financial & Operating Results
GROWING RESPONSIBLY Fourth 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: Full Year 2025 Highlights
FULL YEAR 2025 HIGHLIGHTS TOTAL COPPER PRODUCTION The Year in Summary 395,772t • Q1 2025 - Supplemental copper prepayment agreement for an additional $500 million • Q1 2025 - Offering of $1,000 million 8.000% Senior Notes due 2033 and partial redemption of $750 million of 6.875% Senior Notes due 202
Slide 5: Q4 2025 Highlights
Q4 2025 HIGHLIGHTS TOTAL COPPER PRODUCTION Recent Developments 100,374t • Kansanshi S3 Expansion achieved commercial production • New Syndicated Bank Facility; $2.2 billion Term Loan and Revolving Credit Facility ◦ Refinancing defers near-term, material debt maturities and extends the Revolving 4% d
Slide 6: Cobre Panamá Update
COBRE PANAMÁ UPDATE May 30, 2025: Government of Panama Approves Preservation and Safe Management Plan Plan allows for: • Integral P&SM activities and associated environmental measures • Export of copper concentrate on site • Restart of power plant Export of copper concentrate • Exported in Q2
Slide 7: Sustainability Highlights from the Quarter
SUSTAINABILITY HIGHLIGHTS FROM THE QUARTER Empowering local business Cobre Panamá: Kansanshi: Expanding Employee Housing Initiative in Zambia Strengthening Communities Learning Opportunities in Builds Long-Term Value at Solwezi Trident We advanced our supplier development program in Zambia, Kansansh
Slide 8: Operational Overview
Sentinel OPERATIONAL OVERVIEW Rudi Badenhorst, COO RESPONSIBLE GROWTH 8 7
Slide 9: Kansanshi
KANSANSHI Q4 2025 COPPER PRODUCTION 2026 Outlook 47,655t 2% higher than Q3 2025 due to successful • S3 expected to contribute over 84,000 tonnes of copper in 2026 ◦ Feed to be sourced evenly from low-grade stockpiles and fresh higher-grade ore from ramp up of S3 Expansion resulting in higher the Sou
Slide 10: Trident - Sentinel
TRIDENT - SENTINEL Q4 2025 COPPER PRODUCTION 2026 Outlook 48,235t 6% lower than Q3 2025 due to lower • Continued focus on increasing total throughput, maintain consistency of stockpile volumes and improve milling rates and flotation recovery throughput impacted by fatigue at Ball Mill 2 • Grades exp
Slide 11: Trident - Enterprise
TRIDENT – ENTERPRISE Q4 2025 NICKEL PRODUCTION 2026 Outlook 8,750t 52% increase from Q3 2025 due to higher • Focus on maximizing ore supply and improving comminution efficiency to increase throughput and reduce unit operating costs grades and recoveries Q4 2025 NICKEL C1 CASH COST 1,2 ($ per lb) $3.
Slide 12: Other Mines
OTHER MINES Las Cruces Çayeli Sale agreement announced December 23, 2025 Q4 2025 PRODUCTION: 2,427t Cu, and 909t Zn Expected to close H1 2026 Q4 2025 C1 CASH COST1: $2.80 per lb Cu 2026 PRODUCTION GUIDANCE: 9 to 11kt Cu, 4kt Zn Mine life to 2036 Guelb Moghrein Q4 2025 PRODUCTION: 2,057t Cu Q4 2025 C
Slide 13: Financial Overview
FINANCIAL OVERVIEW Ryan MacWilliam, CFO RESPONSIBLE GROWTH 13
Slide 14: Q4 2025 Revenue and C1 Cash Costs
Q4 2025 REVENUE AND C1 CASH COSTS1 GROSS REALIZED COPPER PRICE1 • Increased revenue quarter-over-quarter from higher realized copper and gold prices1 ($ per lb) • Higher copper C1 cash costs1 quarter-over-quarter driven by lower Sentinel production and $4.89 elevated power, contractor, maintenance a
Slide 15: Q4 2025 EBITDA and Net Earnings/(Loss)
Q4 2025 EBITDA1 AND NET EARNINGS/ (LOSS) EBITDA1 EBITDA1 increased by $29 million quarter-over-quarter from higher realized metal prices2, $464 million net of hedging, but impacted by higher cash costs Up 7% quarter-over-quarter NET EARNINGS ATTRIBUTABLE TO SHAREHOLDERS OF THE COMPANY $25 million Im
Slide 16: EBITDA Waterfall
EBITDA1 WATERFALL Copper +$169 million Gol +$32 million Nickel +$4 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 comparable to similar financial measures disclosed by other issuers.
Slide 17: Hedging Strategy
HEDGING STRATEGY • No new trades added to copper and gold hedge portfolio in Q4 2025 and no hedges in place beyond Q2 2026 • Hedging strategy continued to deliver downside protection through periods of balance sheet risk. Significant moves in underlying prices has seen derivative losses • Copper: ~2
Slide 18: Copper C1 Cash Cost
COPPER C1 CASH COST¹ • 2025 copper C1 costs1 ended at the mid-point of guidance • Higher quarter-over-quarter unit cash cost driven by lower Sentinel production and elevated Zambian power, contractor, maintenance and employee costs • Partially mitigated by increased by-product credits from higher re
Slide 19: Quarterly Net Debt Movement
QUARTERLY NET DEBT1 MOVEMENT Net debt1 increased by $441 million during the quarter driven by elevated receivables from timing of sales in late December Key Working Capital3 Cash Flows Q4 2025 - $298 million outflow Q3 2025 - $136 million outflow 1 Net debt is a supplementary financial measure which
Slide 20: Debt Maturity Profile
DEBT MATURITY PROFILE • Continued focus on debt maturity optimisation • The Term Loan and Revolving Credit Facility ("RCF") refinanced1, reducing repayments in 2026 as well as upsizing and extending RCF to 2029, further enhancing debt maturity profile and liquidity 1 On February 10, 2026, the Compan
Slide 21: Deliberate Capital Optimisation
DELIBERATE CAPITAL OPTIMISATION Fortifying liquidity and proactively optimising our debt maturity profile while Cobre Panamá is on P&SM • $500 million 1st • Copper hedge • $425 million • $1 billion • $500 million • $1 billion gold • $2.2 billion copper program Trident Facility Senior Notes 2nd coppe
Slide 22: Closing Remarks
S3 Expansion CLOSING REMARKS Tristan Pascall, CEO RESPONSIBLE GROWTH 22
Slide 23: S3 Expansion
S3 EXPANSION • Successfully commissioned and exceeding targets on all production key performance indicators; contributing to Kansanshi achieving record milled tonnes in October 2025 • S3 contributed 25kt of copper production in 2025 S3 Expansion Works Q4 2025 Progress Outlook • Additional concentrat
Slide 24: S3 Expansion: Stockpile Feed Conveyor
S3 EXPANSION Stockpile Feed Conveyor 24
Slide 25: Top Priorities for 2026
TOP PRIORITIES FOR 2026 Proactive Safe and Ramp-up of Advance Management Productive Resolution in Kansanshi Greenfield of Balance Operational Panama S3 Expansion Projects Sheet Performance 25
Slide 26: Upcoming Events
UPCOMING EVENTS April 28, 2026 Q1 2026 FINANCIAL AND OPERATING RESULTS (Conference call April 29, 2026) May 7, 2026 ANNUAL GENERAL MEETING May 7, 2026 ANALYST & INVESTOR DINNER (Toronto) June 25, 2026 ANALYST & INVESTOR DINNER (London) July 28, 2026 Q2 2026 FINANCIAL AND OPERATING RESULTS (Conferenc
Slide 27: Appendix
3 a & FIRST QUANTUM MINERALS. APPENDIX
Slide 28: Three-Year Guidance
THREE-YEAR GUIDANCE PRODUCTION GUIDANCE CASH COST1 AND ALL-IN SUSTAINING COST1 000's tonnes 2026E 2027E 2028E Copper Cost Guidance ($ per lb) 2026E 2027E 2028E Kansanshi 175 - 205 210 - 240 230 - 260 C11 $1.95 - $2.20 $1.85 - $2.10 $1.85 - $2.10 Sentinel 190 - 220 190 - 220 190 - 220 AISC1 $3.25 - $
Slide 29: Copper Cash Cost and AISC
COPPER CASH COST¹ AND AISC¹ Higher Thequarterly copper C1 cash First Quantum cost¹ and Financial AISC¹ (excluding Cobre Panamá) of $2.21 per lb and $3.37 per lb respectively, driven by lower Policy Sentinel production and higher Sentinel sustaining capex2 $3.25 $2.10 $3.10 $1.95 2025 Updated Guidanc
Slide 30: Financial Summary
FINANCIAL SUMMARY The First Quantum Financial Policy $ millions (except per share numbers) Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Sales revenues 1,475 1,346 1,226 1,190 1,256 Gross profit 416 360 351 331 405 EBITDA1,2 464 435 400 377 455 Net earnings (loss) attributable to shareholders of the Compa
Slide 31: Non-GAAP EBITDA and Adjusted Earnings (Loss) Reconciliation
NON-GAAP EBITDA1 AND ADJUSTED EARNINGS (LOSS)1 RECONCILIATION Full Year Full Year $ millions (except per share numbers) Q4 2025 Q3 2025 Q4 2024 2025 2024 Operating profit 308 223 344 966 810 Depreciation 191 196 169 718 633 Foreign exchange loss (gain) (14) 9 (13) (21) (4) Impairment and Impairment
Slide 32: Non-GAAP C1 and AISC Reconciliation
NON-GAAP C12 AND AISC2 RECONCILIATION $ millions Q4 2025 Q3 2025 Q4 2024 Full Year 2025 Full Year 2024 Cost of sales1 (1,059) (986) (851) (3,779) (3,452) Depreciation 191 196 169 718 633 By-product credits 177 146 124 621 428 Royalties 113 100 92 370 334 Treatment and refining charges (25) (24) (28)
Slide 33: EBITDA Sensitivity
EBITDA¹ SENSITIVITY The First Quantum Financial Policy December 31, 2025 Actual price/rate YTD EBITDA1 Assumption December 31, 2025 Impact of a YTD 10% unfavourable price/rate change Copper (including hedge impact) $4.51 per lb $357 million Gold $3,436 per oz $53 million Nickel $6.88 per lb $25 mill
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 Commercial production December 27 Mtpa circuit (oxide, 2025 supergene and oxide mixed, sulphide) Smelter expan
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: 541.6 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 91% First Quantum Open Pit 85 Mtpa Sulphide circuit Expansion to 100 Mtpa 9% KOMIR Cu-Au-Ag-Mo Porphyry • Preservation and Safe Management (“P&SM”) since November 2023 • P&SM costs ~$15 million per month in Q
Slide 39: 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 40: 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 41: 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 42: Appendix
APPENDIX info@fqml.com | 416-361-6400 | 1-888-688-6577 TSX FM | fqml.com 42