First Quantum Minerals Ltd. · TSX:FM
First Quantum Minerals — BMO Global Metals, Mining & Critical Minerals Conference 2026
48 slides from First Quantum Minerals's conference presentation, Feb 23, 2026
Slide 1: BMO Global Metals, Mining & Critical Minerals Conference
BMO GLOBAL METALS, MINING & CRITICAL MINERALS CONFERENCE February 23, 2026 TSX FM
Slide 2: Copper-Focused Producer
Toronto | CANADA London | UK ÇAYELI | Cu Zn | TÜRKIYE COPPER-FOCUSED Operating Mines PRODUCER Greenfield Projects First Quantum Offices COBRE PANAMÁ | Cu Au | PANAMA GUELB MOGHREIN | Cu Au | MAURITANIA (Preservation & Safe Management) 2025 Revenue LA GRANJA | Cu | PERU by Commodity KANSANSHI | Cu Au
Slide 3: 2026 Priorities
2026 PRIORITIES Continued Safe Ramp-up of Proactive and Productive Kansanshi Management of Operational S3 Expansion Balance Sheet Performance Advance Advance Cobre Panamá Greenfield to Resolution 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 complex with vertically integrated production ◆ 80% ownership1 (20% ZCCM-IH) ◆ 100% ownership ◆ 91% ownership (9% KOMIR3) ◆ Open pit (Cu, Au) ◆ Open pit (Cu) ◆ Op
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 ~10 kms Electric trolley-assist lines in Zambia THE RIGHT WAY $28 million 28 Schools supported and >140,000 tonnes CO2e saved annually through pit e
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 globally reside within the complex
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 Colon Province, Panama ♦ Ownership increased to 90% in 20171 ♦ Power station commenced in 2018 ♦ First ore in 20
Slide 12: Cobre Panamá
November 2023 ♦ Cobre Panamá’s Concession Contract (Law 406) declared unconstitutional by the Supreme Court of Panama; Former President of Panama, Laurentino Cortizo, announces the orderly closure of Cobre Panamá COBRE PANAMÁ ♦ First Quantum provides notice of intent to initiate FTA arbitration to e
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 1.6 Kansanshi Smelter Performance vs. Design Capacity 1.4 ♦ Original nameplate 1.2 Mtpa to produce 300ktpa of copper anode; Increased to 1.4 Mtpa 1.2 through debottlenecking 1.0 ♦ Undergoing expansion in parallel with S3 Expansion to 1.6 Mtpa to produce 400ktp
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 ÇAYELI RAVENSTHORPE LAS CRUCES Akjoujt, Mauritania Rize Province, Türkiye Esperance Region, Western Australia Sevilla Province, Spain ◆ 100% ownership ◆ 100% ownership ◆ 75.7% ownership (24.3% POSCO) ◆ 100% ownership ◆ Open pit (Cu, Au) ◆ Open pit (Cu, Zn) ◆ Open pit
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 3,500 Debt Maturity Pro-forma Q1 2026 PROFILE 3,000 250 3,000 2,500 2,500 1050 2,000 Proactive management of debt $ Million 2,000 $ Million maturities while Cobre Panamá 1,500 1,050 1,500 is und
Slide 20: Greenfield & Project Development
GREENFIELD & PROJECT DEVELOPMENT
Slide 21: A Different Approach
HISTORY OF PROJECTS BUILT BY FIRST QUANTUM PROJECT CAPACITY THIRD IN PROJECT COUNTRY YEAR COMM ACHIEVEMENTS A DIFFERENT TYPE (MTPA) PARTY HOUSE 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: Development Projects: Among the Largest Undeveloped Greenfield Projects
15 LARGEST UNDEVELOPED GREENFIELD PROJECTS Bubble size represents resource contained copper DEVELOPMENT PROJECTS: AMONG THE LARGEST GLOBALLY Taca Taca (40 Mtpa) Decades of experience with self- La Granja built greenfield and expansion projects will allow First Quantum’s in-house Projects Team to dev
Slide 24: Taca Taca
♦ Porphyry copper-gold-moly deposit ♦ Located in the Puna region of Salta Province, northwest Argentina ♦ 3,500 meters elevation ~230 km west of TACA TACA the city of Salta and 55 km east of the Chilean border Salta Province, Argentina ♦ Defined access to water, power, rail, port ♦ Located in an are
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: RIGI Application
RIGI APPLICATION RIGI (INCENTIVE REGIME FOR Application De-Risks Argentina and Taca Taca LARGE INVESTMENTS IN ARGENTINA) RIGI BENEFITS FISCAL FOREIGN EXCHANGE LOWER TAX STABILITY ACCESS RATES ♦ Application deadline: Extended to ♦ Improved incentives 30-year stability across Export proceeds progressi
Slide 29: La Granja
♦ One of the largest undeveloped copper resources in the world, with potential to support a multi-decade open-pit operation ♦ First Quantum will be responsible for $546 LA GRANJA million of initial funding to: ♦ Progress community engagement and Cajamarca, Peru completion of feasibility study ♦ Adva
Slide 30: 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 31: A Leader in Copper Metals
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 complex with vertically operational performance ◆ Top 10 producer of nickel balanc
Slide 32: Sustainability
SUSTAINABILITY
Slide 33: 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 innovation
Slide 34: 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 35: 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 k
Slide 36: 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 37: Social Responsibility and Community Engagement
Community support is an essential element of our responsibility to sustainable practices SOCIAL RESPONSIBILITY Community social investment strategy $3.5 billion contribution in 2024 AND COMMUNITY ♦ Local employment Direct economic contribution to the ENGAGEMENT ♦ Local business governments of our ho
Slide 38: Continuous Focus on Health & Safety
Our goal is for everyone who works at our sites to go home safely to their families at the end of every shift CONTINUOUS FOCUS ON HEALTH & SAFETY 2025 Safety Actions THINK! Safety ♦ Control of light vehicle Program access in active pit and dump areas THINK! Visible Felt ♦ Full separation and Leaders
Slide 39: Appendix
& FIRST QUANTUM MINERALS APPENDIX
Slide 40: Cautionary Statement on Forward-Looking Information
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION Certain statements and information herein, including all statements that are not historical facts, contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. The forward-looking information
Slide 41: Upcoming Events
UPCOMING EVENTS April 28, 2026 • Q1 2026 FINANCIAL AND OPERATING RESULTS (Conference call April 29, 2026) May 7, 2026 • ANNUAL GENERAL MEETING May 7, 2026 • ANALYST/INVESTOR DINNER (Toronto) June 25, 2026 • ANALYST/INVESTOR DINNER (London) July 28, 2026 • Q2 2026 FINANCIAL AND OPERATING RESULTS (Con
Slide 42: 2026 Guidance
2026 GUIDANCE PRODUCTION GUIDANCE CASH COST1 AND ALL-IN SUSTAINING COST1 000's tonnes 2026 Guidance Copper Cost Guidance ($ per lb) 2026 Guidance Kansanshi 175 – 185 C11 $1.95 – $2.10 Sentinel 190 – 200 AISC1 $3.10 – $3.25 Other sites 25 Total Copper production 390 – 410 Nickel Cost Guidance ($ per
Slide 43: Quarter Summary
QUARTER SUMMARY $ 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 Company 25 (48) 18 (23) 99 Adjusted earnin
Slide 44: EBITDA Sensitivity
EBITDA SENSITIVITY 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 million Zambian kwacha 25.30 ZMW/USD $18
Slide 45: 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 46: 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 679,000 tonnes of topsoil stockpiled for use in 24,000 trees planted in 2024 by Kansanshi rehabilitation works Areas of natural habitat we s
Slide 47: 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 48: fqml.com
TSX FM info@fqml.com 416-361-6400 | 1-888-688-6577 fqml.com
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