First Quantum Minerals Ltd. · TSX:FM
First Quantum Minerals — Bank of America Securities Global Metals, Mining and Steel Conference 2026
64 slides from First Quantum Minerals's conference presentation, May 12, 2026
Slide 1: BofA Securities Global Metals, Mining and Steel Conference 2026
BANK OF AMERICA SECURITIES GLOBAL METALS, MINING AND STEEL CONFERENCE 2026 May 12, 2026 TSX FM
Slide 2: Copper-Focused Producer
Toronto | CANADA London | UK COPPER-FOCUSED Operating Mines PRODUCER Greenfield Projects GUELB MOGHREIN | Cu Au | MAURITANIA First Quantum Offices COBRE PANAMÁ | Cu Au | PANAMA (Preservation & Safe Management) 2025 Revenue LA GRANJA | Cu | PERU by Commodity KANSANSHI | Cu Au | ZAMBIA SENTINEL | Cu |
Slide 3: 2026 Priorities
2026 PRIORITIES Advance Continued Safe and Productive Cobre Panamá Operational to Resolution Performance Strengthening the Advance Balance Sheet for Greenfield Future Growth Projects 3
Slide 4: The Right Assets
KANSANSHI SENTINEL COBRE PANAMÁ Solwezi, Zambia Kalumbila, Zambia Colón Province, Panama THE RIGHT ASSETS FQM Zambia Top 10 global copper complex1 with vertically integrated production ♦ 80% ownership2 (20% ZCCM-IH) ♦ 100% ownership ♦ 91% ownership (9% KOMIR4) ♦ Open pit (Cu, Au) ♦ Open pit (Cu) ♦ O
Slide 5: Extensive Growth Optionality
TACA TACA LA GRANJA HAQUIRA Salta Province, Argentina Cajamarca, Peru Apurímac, Peru EXTENSIVE GROWTH OPTIONALITY World-class, undeveloped copper resources with the potential to support multidecade operations ♦ 100% ownership ♦ 55% ownership (45% Rio Tinto) ♦ 100% ownership ♦ Cu, Au, Mo ♦ Cu ♦ Cu, A
Slide 6: Track Record of Project Delivery
Benefits of In-House Projects Team Flexibility to adapt the execution of Ability to scrutinize costs a project and deliver projects more efficiently TRACK RECORD OF DELIVERING PROJECTS AT LOW PROJECT DELIVERY CAPITAL INTENSITY Smooth transition from development to Learnings from each project transfe
Slide 7: Doing Business the Right Way
PRIORITIZING TANGIBLE STEPS TO SOCIAL RESPONSIBILITY REDUCE EMISSIONS DOING BUSINESS Community relationships based on transparency, respect, and trust ~14 kms Electric trolley-assist lines in Zambia THE RIGHT WAY $37 million 400+ learners supported >130,000 tonnes CO2e saved annually through pit el
Slide 8: The Critical Role of Copper
ENERGY DIGITAL THE CRITICAL ROLE TRANSITION INFRASTRUCTURE OF COPPER >4.6 Mtpa of copper Al power demand needed by 2035 to & grid infrastructure Delivering copper and nickel, meet renewable power will require 1.1 Mt metals essential to socioeconomic and EV demand of copper by 2035 development, elect
Slide 9: Why First Quantum?
WHY FIRST QUANTUM? WORLD-CLASS PROVEN GREENFIELD ASSETS SELF-BUILD TEAM OPTIONALITY Top 10 global copper In-house team with a track Two of the 15 largest producer with a focus on record of building and greenfield projects operational excellence delivering large and globally1 reside within the comple
Slide 10: Corporate Overview
CORPORATE OVERVIEW
Slide 11: Cobre Panamá
♦ Acquired 80% interest in 2013 following take-over of Inmet Mining; 85 Mtpa project re-design in 2014 (port, power and mining operations) COBRE PANAMÁ ♦ Port operations commenced in 2015 ♦ Ownership increased to 90% in 20171 Colon Province, Panama ♦ Power station commenced in 2018 ♦ First ore in 20
Slide 12: Cobre Panamá Update
Plan allows for: ♦ Integral P&SM activities and associated environmental measures ♦ Export of copper concentrate on site COBRE PANAMÁ ♦ Restart of power plant ♦ Processing of stockpiled ore UPDATE Export of copper concentrate ♦ Exported in Q2 and Q3 2025 without incident; Included oversight fro
Slide 13: Kansanshi
♦ Greenfield project acquired in 2001 ♦ Commissioned in 2004 (4 Mtpa oxide circuit, 2 Mtpa sulphide circuit and SxEw circuit); Achieved commercial KANSANSHI production in Q2 2005 Solwezi, Zambia ♦ 2006–2009 sulphide circuit expansions ♦ 25 Mtpa S3 Expansion sanctioned in 2022; Completed mid-2025; Ac
Slide 14: Kansanshi Smelter
KANSANSHI SMELTER ♦ Constructed in 2014; Original nameplate 1.2 Mtpa to produce 300ktpa of copper anode; 1.6 Kansanshi Smelter Performance vs. Design Capacity Increased to 1.4 Mtpa through debottlenecking 1.4 1.2 ♦ Undergoing expansion in parallel with S3 Expansion to 1.6 Mtpa to produce 400ktpa of
Slide 15: Sentinel
♦ Greenfield project acquired in 2010 ♦ 2010-2013 Exploration (677 diamond drilling holes and 230km of drilling); Mineral reserve in 2012 SENTINEL ♦ 55 Mtpa construction from 2012–2016; First production in 2015; Commercial production Kalumbila, Zambia in 2016 ♦ Concentrate treated at Kansanshi smelt
Slide 16: Enterprise
♦ Top 10 nickel sulphide operation globally ♦ Low-cost, high-grade nickel sulphide mine located 12 km from Sentinel ♦ Shares processing infrastructure and ENTERPRISE common tailings storage facility with Sentinel Kalumbila, Zambia ♦ Project sanctioned in May 2022 ♦ Achieved first nickel production i
Slide 17: Other Operations
OTHER OPERATIONS GUELB MOGHREIN RAVENSTHORPE LAS CRUCES Akjoujt, Mauritania Esperance Region, Western Australia Sevilla Province, Spain ♦ 100% ownership ♦ 75.7% ownership (24.3% POSCO) ♦ 100% ownership ♦ Open pit (Cu, Au) ♦ Open pit (Ni) ♦ Open pit (Cu); Underground potential ♦ Mine life to 2027 ♦ C
Slide 18: Balance Sheet
DECISIVE ACTIONS TO STRENGTHEN BALANCE SHEET BALANCE SHEET 2019 2024-2026 First production at Cobre Panamá ♦ Refinancing of bank facilities, notes offerings, bought deal equity 2022 issuance Kansanshi S3 Expansion and Enterprise nickel project sanctioned ♦ Copper & gold hedge program TOP PRIORITIES
Slide 19: Debt Maturity Profile
PROACTIVE MANAGEMENT OF DEBT MATURITIES DEBT MATURITY 3,500 Debt maturity profile as of December 31, 2023 Average tenor of debt = 3.0 years 3,500 Debt maturity profile as of March 31, 2026 Average tenor of debt = 6.9 years PROFILE 3,000 250 3,000 2,500 2,500 1050 2,000 $ Million 2,000 $ Million Mate
Slide 20: Greenfield & Project Development
GREENFIELD & PROJECT DEVELOPMENT
Slide 21: A Different Approach
HISTORY OF PROJECTS BUILT BY FIRST QUANTUM PROJECT CAPACITY PROJECT COUNTRY YEAR COMM ACHIEVEMENTS IN HOUSE THIRD PARTY A DIFFERENT TYPE (MTPA) APPROACH KANSANSHI Zambia 2005 Cu/Au Greenfield 27 Commissioned in 2004; Achieved commercial production in less than one year; Subsequently expanded GUELB N
Slide 22: Tried, Tested, and Trusted
CONSTRUCTION: SELF-BUILT PROJECTS Sentinel Cobre Panamá Kansanshi S3 Expansion 62 Mtpa 100 Mtpa 25 Mtpa TRIED, TESTED, 2 milling trains 3 milling trains 1 milling train ♦ 2 x 28 MW SAG Mills ♦ 3 x 28 MW SAG Mills ♦ 1 x 28 MW SAG Mill AND TRUSTED ♦ 2 x 22 MW Ball Mills ♦ 6 x 16.5-22.0 MW Ball Mills ♦
Slide 23: World-Class Undeveloped Projects
15 Largest Undeveloped Open-Pit Greenfield Projects1 Bubble size represents resource contained copper WORLD-CLASS Represents First Quantum project UNDEVELOPED PROJECT El Pachon ♦ Two of the largest undeveloped projects globally1 sit within the First Quantum portfolio Twin Metals Tampakan Frieda La ♦
Slide 24: Taca Taca
♦ Porphyry copper-gold-moly deposit ♦ 3,500 metres elevation ~230 km west of the city of Salta and 55 km east of the Chilean border TACA TACA ♦ Defined access to water, power, rail, port Salta Province, Argentina ♦ Located in an area with limited environmental sensitivities ♦ No local communities li
Slide 25: Taca Taca
Initial Processing Capacity 40 Mtpa; Expansion to 60 Mtpa1 TACA TACA Salta Province, Argentina Initial capital to 40 Mtpa ($M) 4,232 100% First Quantum Expansion capital to 60 Mtpa ($M) 1,019 Total development capital ($M) 5,250 Average Annual Production After-tax NPV8% ($M) 2 5,917 Copper (kt) 323
Slide 26: Taca Taca: De-risked Site Layout
Water ♦ Sustainable water abstraction plan TACA TACA: well advanced DE-RISKED SITE ♦ Four identified fresh water supply basins LAYOUT ♦ Sufficient water supply for 40 Mtpa and 90% of water requirement for 60 Mtpa ♦ Defined access to water, ♦ Additional water supply will be power, rail, and port inve
Slide 27: Taca Taca: Environment & Community
ENVIRONMENTAL ASSESSMENT TACA TACA: AND PERMITTING WATER STEWARDSHIP ENVIRONMENT & Securing a sustainable water supply remains a Engagement with provincial authorities continues to COMMUNITY advance ESIA approval, with reviews focused on priority. In 2025, field investigations expanded across mining
Slide 28: La Granja
♦ 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 LA GRANJA copper1 ♦ Two principal mineralized centres at Paja Blanca and Cajamarca, P
Slide 29: Conceptual Design
♦ Amenable to conventional large-scale open pit mining using drill and blast, shovel loading, and off-highway truck haulage followed by conventional flotation processing CONCEPTUAL ♦ Ore comminution is planned to occur adjacent to the pit, transported by pipeline through a 7km access tunnel to a fla
Slide 30: Arsenic Management
Improved geological understanding of arsenic distribution ♦ Arsenic is structurally controlled: High-arsenic zones are concentrated along major fault structures, not randomly distributed ARSENIC Eight primary fault systems mapped and modeled in 3D across the deposit MANAGEMENT ♦ ♦ Predictable high a
Slide 31: ESG: Community Programs
Querocoto United for Learning: Together We Win (Unidos Todos By Your Side (Junto a Ti): Support for Education initiative funding supplies, Ganamos): Sports championships in vulnerable individuals who may be part of technology and training courses Peru, Argentina and Paraguay future resettlement proc
Slide 32: First Quantum's Approach to Water
The Company envisages that water use for La Granja will be predominantly through reuse of contact water and from a desalination plant in order to avoid interactions with community water sources. FIRST QUANTUM’S First Quantum is firmly committed to reducing water withdrawal and discharge by adopting
Slide 33: Haquira
♦ Large scale porphyry copper project in Apurímac, Southern Peru ♦ Acquired in December 2010 HAQUIRA ♦ Focus on community, environmental aspects Apurímac, Peru ♦ Exploration permit approved in early February 2025; Amendment extends permit term for seven years, allowing for further drilling in future
Slide 34: Exploration Priorities
NORTH AMERICA KAZAKHSTAN ◆ Exploration partnerships with ◆ Under-explored belts with EXPLORATION local operators in SW USA a strong endowment PRIORITIES ◆ Active review of development ◆ Encouraging fiscal and opportunities governance reforms ◆ Excellent infrastructure, power, and water Focused on id
Slide 35: A Leader in Copper
A LEADER IN COPPER THE RIGHT THE RIGHT THE RIGHT THE RIGHT METALS ASSETS TRACK-RECORD CAPITAL DISCIPLINE ♦ Pure-play copper producer ♦ FQM Zambia: Top 10 copper ♦ Focused on safe and productive ♦ Completed large-scale balance complex with vertically operational performance sheet initiatives ♦ Top 10
Slide 36: Innovation
INNOVATION
Slide 37: Drilling Fleet Electrification
DRILLING FLEET ELECTRIFICATION First to adopt fully electrified Pit Viper PV231E drills, BETTER FRAGMENTATION eliminating diesel engine AND HIGHER PRECISION requirements AND PRODUCTIVITY Lower Maintenance Higher Accuracy Reduces Greenhouse Gas Fully and semi-autonomous Emissions capability improves
Slide 38: Quantum Blasting
Use of machine learning and AI, requiring fewer drill metres, detonators, and primers and manages dilution and metal loss QUANTUM BLASTING AI-Driven Modeling Increases Throughput IMPROVED FRAGMENTATION Optimizes blast domains Reduces energy use REDUCES ENERGY USE IN MILLING, ONE OF THE MOST ENERGY-I
Slide 39: Fleet Electrification
59% of Kansanshi mining volumes produced by electric shovels FLEET ELECTRIFICATION Supports ongoing transition Africa’s first Hitachi EX5600-7E TRANSFORMING MINE toward a fully electrified load, electric shovels LOADING & HAUL haul, and dig ecosystem EFFICIENCY Reduces Greenhouse Gas Emissions Elimi
Slide 40: Quantum Electra-Haul Trolley-Assist
Pioneering electrical drive technology on pit exit ramps QUANTUM Up to 90% reduced diesel Over 44,000 tonnes1 ELECTRA-HAUL consumption of CO2 saved at Sentinel and TROLLEY-ASSIST on uphill haul ramps Kansanshi in 2025 ELECTRIFIED HAULAGE AT SCALE; POTENTIAL FOR > 14 km of trolley lines deployed Impr
Slide 41: Near-Pit/In-Pit Crushing
Ore crushers located in/near-pit with relocation capability NEAR-PIT/IN-PIT Eliminates long diesel CRUSHING haul routes >25k tonnes1 of CO2 saved at Sentinel and Kansanshi in 2025 Ore transferred via conveyor EFFICIENT, HIGH-VOLUME, LOW-CARBON ORE Crushers can be relocated to Enables high-volume, en
Slide 42: Rail Run Conveyor (RRC)
Conveyor ran on rail carts as opposed to idlers RAIL RUN First production-scale 3.5 km RRC system supports installation in the Western world CONVEYOR (RRC) now operating at Sentinel* 5,000 tph throughput with only 1 MW of power (vs. 3MW *First production version outside China, Development partnershi
Slide 43: Edge AI
Building a Scalable Edge AI Capability EDGE AI Foreign Object Detection GET Loss Detection AI-enabled monitoring to detect Automated identification of loss unwanted objects before on ground-engaging tools (GET) material reaches crushers. MACHINE-LEARNING MODELS DEPLOYED ON SITE TO OPTIMIZE Proven in
Slide 44: Rolling Resistance
Surface upgrades as productivity and cost initiatives, not just maintenance ROLLING Road treatment RESISTANCE consisting of a rock chip seal 40% reduction in cost compared covered with a slurry seal (i.e. to bitumen only tar road) SURFACED HAUL ROADS 1% reduction in rolling resistance ≈ 2% fuel savi
Slide 45: Dual Purpose Fuel / Bulk Trailers
Hybrid trailers optimized for both fuel imports and copper exports; Eliminating empty haul routes; Realizing paid freight revenues on outbound legs and DUAL PURPOSE reducing number of trucks entering FQM sites FUEL / BULK TRAILERS IMPROVING FUEL 40 dual purpose trailers EFFICIENCY IN LOGISTICS 10 tr
Slide 46: Environmental, Social, and Governance
ENVIRONMENTAL, SOCIAL, AND GOVERNANCE
Slide 47: Integrated Sustainability
Socially Community participation with relationships INTEGRATED Responsible based on transparency, respect, and trust Actions SUSTAINABILITY Environmentally Accountability and a focus on continuous Sound improvement Practices Technically Leveraging in-house expertise to deliver Appropriate innovatio
Slide 48: Targets & Milestones
TARGETS & MILESTONES ~100,000 tonnes of 100% renewable power ACTION ON carbon dioxide equivalent agreement secured for ten-years with 50% reduction of our CLIMATE CHANGE (CO2e) saved per year by ZESCO in November 2023 in absolute GHG emissions and powering Cobre Panama’s Zambia. Implementation is cu
Slide 49: Pathway to Emissions Reduction
Practical application of technology is integral to First Quantum's philosophy PATHWAY TO EMISSIONS Quantum Electra-Haul Trolley-assist REDUCTION Expansion of trolley-assist to further reduce diesel consumption, increase productivity, and lower costs. In Zambia: >110 trolley-enabled mining trucks >10
Slide 50: Tailings Management
First Quantum's approach to tailings storage facilities (“TSF”) management is to design TSFs that are appropriate for the local conditions and for tailings TAILINGS material to be deposited MANAGEMENT Designed in accordance with internationally i. Structure and Responsibility Board Oversight of Risk
Slide 51: Social Responsibility and Community Engagement
Community support is an essential element of our responsibility to sustainable practices SOCIAL RESPONSIBILITY Community social investment strategy $3.5 billion contribution in 2024 AND COMMUNITY ♦ Local employment Direct economic contribution to the ENGAGEMENT ♦ Local business governments of our ho
Slide 52: Continuous Focus on Health & Safety
Our goal is for everyone who works at our sites to go home safely to their families at the end of every shift CONTINUOUS FOCUS ON HEALTH & SAFETY 2025 Safety Actions THINK! Safety ♦ Control of light vehicle Program access in active pit and dump areas THINK! Visible Felt ♦ Full separation and Leaders
Slide 53: Cobre Conecta: Countrywide Outreach in Panama
Effective outreach through transparency and listening to inform stakeholders about the environmental responsibilities embedded in our operations COBRE CONECTA: COUNTRYWIDE Transparent information shared: OUTREACH IN ♦ Sustainability initiatives and audit reports PANAMA ♦ Responsible mining approach
Slide 54: Appendix & First Quantum Minerals Appendix
& FIRST QUANTUM MINERALS APPENDIX ae ——
Slide 55: Cautionary Statement on Forward-Looking Information
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION Certain statements and information herein, including all statements that are not historical facts, contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. The forward-looking information
Slide 56: Upcoming Events
UPCOMING EVENTS June 29, 2026 • ANALYST/INVESTOR DINNER (London) July 28, 2026 • Q2 2026 FINANCIAL AND OPERATING RESULTS (Conference call July 29, 2026) October 28, 2026 • Q3 2026 FINANCIAL AND OPERATING RESULTS (Conference call October 29, 2026) 57
Slide 57: 2026 Updated Guidance
2026 UPDATED GUIDANCE PRODUCTION GUIDANCE CASH COST1 AND ALL-IN SUSTAINING COST1 2026 Previous 2026 Updated 2026 Previous 2026 Updated 000's tonnes Copper Cost Guidance ($ per lb) Guidance Guidance Guidance Guidance Cobre Panamá 0 30 - 40 C11 $1.95 - $2.20 $2.15 - $2.40 Kansanshi 175 - 205 175 - 205
Slide 58: Quarter Summary
QUARTER SUMMARY $ millions (except per share numbers) Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Sales revenues 1,404 1,475 1,346 1,226 1,190 Gross profit 278 416 360 351 331 EBITDA1,2 326 464 435 400 377 Net earnings (loss) attributable to shareholders of the Company (196) 25 (48) 18 (23) Adjusted ear
Slide 59: EBITDA Sensitivity
EBITDA SENSITIVITY Actual price/rate March 31, 2026 QTD EBITDA1 Impact of a Assumption March 31, 2026 10% unfavourable QTD price/rate change Copper (including hedge impact) 5.83 per lb $113 million Gold 4,875 per oz $16 million Nickel 7.87 per lb $14 million Zambian kwacha 19.43 ZMW/USD $9 million B
Slide 60: Copper C1 Cash Cost
COPPER C1 CASH COST¹ ♦ Higher unit cash cost1 driven by lower Zambian production and elevated Zambian employee costs ♦ Partially mitigated by increased by-product credits from higher realized gold prices1 1 C1 cash cost ( C1) and realized metal prices are non-GAAP ratios, do not have standardized me
Slide 61: Key Input Assumptions and Trends
KEY INPUT ASSUMPTIONS AND TRENDS PRICE / RATE GOLD PRICE Guidance1 assumption: $4,000/oz Spot at April 27, 2026: $4,692/oz BRENT CRUDE OIL PRICE Guidance1 assumption: $70/bbl Spot at April 27, 2026: $108/bbl ZAMBIAN KWACHA : US DOLLAR Guidance1 assumption: 25.00 Spot at April 27, 2026: 18.97 1Cost g
Slide 62: Approach to Biodiversity
First Quantum takes a risk-based approach that is tailored at each of our sites and reflects the challenges specific to that location APPROACH TO BIODIVERSITY Risk Management and Governance: ♦ Biodiversity Action Plans at each operation Application of the biodiversity risk ♦ Environmental impact ass
Slide 63: Zambian Biodiversity
Supported Protected Areas >100x larger 1.2 million hectares protected in the West than Zambian Mine Footprint Lunga Ecosystem (“WLE”) area ZAMBIAN BIODIVERSITY 24,000 trees planted in 2024 by Kansanshi 679,000 tonnes of topsoil stockpiled for use in rehabilitation works Areas of natural habitat we s
Slide 64: fqml.com
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