First Quantum Minerals Ltd. · TSX:FM
First Quantum Minerals — Q2 2026 Earnings Presentation
47 slides from First Quantum Minerals's earnings presentation, Jul 29, 2026
Slide 1: Second Quarter 2026 Financial & Operating Results
Second Quarter 2026 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
OPENING REMARKS Tristan Pascall, CEO
Slide 4: Q2 2026 Highlights
Q2 2026 HIGHLIGHTS TOTAL COPPER PRODUCTION Recent Developments 100,487t ♦ Cobre Panamá: • Successful recommissioning of Train 3 ahead of schedule; Achieved 3,216 tonnes of 4% increase from Q1 2026 due to higher production production at Sentinel and the commencement of stockpiled ore • Comprehensive
Slide 5: Sustainability and Community Highlights from the Quarter
SUSTAINABILITY AND COMMUNITY HIGHLIGHTS FROM THE QUARTER Empowering local businesses Expanding regional access to Investing in future leaders Building environmental through partnership digital learning through education awareness in local • Trident has partnered with Mineral Link, a communities • Co
Slide 6: Cobre Panamá
3 Bi: a MINERALS FIRST QU,
Slide 7: Cobre Panamá Update
COBRE PANAMÁ UPDATE May 30, 2025: Government of Panama (“GOP”) Approves Preservation and Comprehensive Audit by SGS Panama Control Services Safe Management Plan (“P&SM”) ♦ MiAmbiente issued order for SGS to proceed with the comprehensive audit in October 2025 Plan allows for: ♦ Integral P&SM acti
Slide 8: Integral Audit Result
INTEGRAL AUDIT RESULT Legal, Labour & Tax Environmental SGS Audit on Cobre Panamá Published June 19, 2026 88.23% 87.64% ♦ Legal compliance – 91.30% ♦ Environmental audit and commitments ♦ Tax compliance – 85.73% derived from the EIA1 – 87.18% Overall compliance score ♦ Tax payment analysis – 87.40%
Slide 9: Cobre Panamá
COBRE PANAMÁ Refurbished flotation pump valve control cabinets Renewed cleaner flotation cable trays and instrument station covers Refurbished concentrate handling area walkways and Restored flotation piping supports, process tanks and safety shower stations access platforms 9
Slide 10: Operational Overview
OPERATIONAL OVERVIEW Rudi Badenhorst, COO 10
Slide 11: Kansanshi
KANSANSHI Q2 2026 COPPER PRODUCTION 2026 Outlook 43,997t 3% lower than Q1 2026 due to lower ♦ 2026 production guidance remains unchanged ♦ Fresh ore from the South East Dome that will be harder and higher grade will be gradually throughput as a result of planned introduced to the S3 circuit in H2 20
Slide 12: Sentinel
SENTINEL Q2 2026 COPPER PRODUCTION 2026 Outlook 50,335t 11% higher than Q1 2026 as higher grades ♦ 2026 production guidance remains unchanged ♦ Grades to improve in the H2 2026; 2026 levels below 2025 levels overall and recoveries offset lower throughput from ♦ Continue to manage flange bolt fatigue
Slide 13: Enterprise
ENTERPRISE Q2 2026 NICKEL PRODUCTION 2026 Outlook 11,246 9% decrease from Q1 2026 due to annual ♦ 2026 production guidance remains unchanged ♦ Lower ore grades expected in Q3, in line with the mine plan planned total plant shutdown in June ♦ Focus on improving ore quality, grade control, and mining
Slide 14: Other Operations
OTHER OPERATIONS GUELB MOGHREIN RAVENSTHORPE ÇAYELI LAS CRUCES Akjoujt, Mauritania Esperance Region, Western Australia Rize Province, Türkiye Sevilla Province, Spain ♦ 100% ownership ♦ 75.7% ownership (24.3% POSCO) Sale agreement to Cengiz Insaat3 Sale agreement to Resource Capital ♦ Open pit (Cu, A
Slide 15: Financial Overview
FINANCIAL OVERVIEW Ryan MacWilliam, CFO 15
Slide 16: Q2 2026 Revenue and C1 Cash Costs
Q2 2026 REVENUE AND C1 CASH COSTS1 GROSS REALIZED COPPER PRICE1 ♦ Increased revenue from higher realized1 copper and nickel prices together with greater copper ($ per lb) sales volumes $5.34 ♦ Excluding Cobre Panamá, copper C1 cash costs1 are $0.03 per lb lower reflecting more capitalized stripping3
Slide 17: Q2 2026 EBITDA and Net Earnings/(Loss)
Q2 2026 EBITDA1 AND NET EARNINGS/ (LOSS) ♦ Increased EBITDA1 was driven by higher realized copper and nickel prices together with greater EBITDA1 copper sales volumes $400 million Up 23% quarter-over-quarter ♦ Improved net earnings attributable to shareholders includes a $271 million gain on disposa
Slide 18: EBITDA Bridge
EBITDA1 BRIDGE 1 EBITDA is a non-GAAP financial measure and realized 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. See “Regulatory Disclosures” within the Q2 2026 Management’
Slide 19: Copper C1 Cash Cost
COPPER C1 CASH COST¹ Excluding Cobre Panamá, copper C1 cash costs1 was lower, driven by more capitalized stripping4 and increased Zambian production but impacted by higher fuel costs and lower gold by-product credits $0.03 per lb higher cash costs1 2.15 - 2.40 1 C1 cash cost (C1) is a non-GAAP ratio
Slide 20: Market Impact on Cost Structure
C2 - INTERNAL MARKET IMPACT ON COST STRUCTURE ♦ Fuel accounts for roughly 15% of our cost base, including about 8% direct exposure ♦ Fuel prices will impact Q3 2026 operating costs ♦ Potential impact to C1 cash costs of ~$0.25 per lb from higher fuel and kwacha rates, with additional risk if current
Slide 21: Net Debt
NET DEBT1 Net debt1 increased by $123 million during the quarter attributable to capital expenditures combined with taxes and interest paid, partially offset by EBITDA2 contributions and net proceeds received from the disposal of group companies Key Working Capital3 Cash Flows Q2 2026 - $66 million
Slide 22: Closing Remarks
CLOSING REMARKS Tristan Pascall, CEO 22
Slide 23: 2026 Current Guidance
2026 CURRENT GUIDANCE PRODUCTION GUIDANCE CASH COST1 AND ALL-IN SUSTAINING COST1 000's tonnes 2026 Current Guidance Copper Cost Guidance ($ per lb) 2026 Current Guidance Cobre Panamá 30 - 40 C11 $2.15 - $2.40 Kansanshi 175 - 205 AISC1 $3.50 - $3.80 Sentinel 190 - 220 Other sites 10 Nickel Cost Guida
Slide 24: 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 24
Slide 25: Upcoming Events
UPCOMING EVENTS October 28, 2026 • Q3 2026 FINANCIAL AND OPERATING RESULTS (Conference call October 29, 2026) January 2027* • 3-YEAR GUIDANCE February 9, 2027 • Q4 2026 FINANCIAL AND OPERATING RESULTS (Conference call February 10, 2027) April 27, 2027 • Q1 2027 FINANCIAL AND OPERATING RESULTS (Confe
Slide 26: Appendix Financials
& FIRST QUANTUM MINERALS APPENDIX FINANCIALS ——. —
Slide 27: Key Input Assumptions and Trends
C2 - INTERNAL KEY INPUT ASSUMPTIONS AND TRENDS PRICE / RATE GOLD PRICE Guidance1 assumption: $4,000/oz Spot at July 28, 2026: $4,040/oz BRENT CRUDE OIL PRICE Guidance1 assumption: $70/bbl Spot at July 28, 2026: $86/bbl ZAMBIAN KWACHA : US DOLLAR Guidance1 assumption: 25.00 Spot at July 28, 2026: 18.
Slide 28: EBITDA Sensitivity
EBITDA SENSITIVITY June 30, 2026 YTD Actual price/rate EBITDA1 Impact of a Assumption June 30, 2026 10% unfavourable QTD price/rate change Copper 6.05 per lb $226 million Gold 4,506 per oz $27 million Nickel 8.22 per lb $27 million Zambian kwacha 19.03 ZMW/USD $17 million Brent crude $92/bbl $17 mil
Slide 29: Debt Maturity Profile
DEBT MATURITY PROFILE ♦ Debt portfolio is simpler, longer, and materially de-risked following successive bank and bond market deals during Q1-26 ♦ De-leveraging is the key balance sheet priority, supported by prudent capital deployment to sustain financial resilience and growth ♦ Nearest material de
Slide 30: Copper Cash Cost and AISC
COPPER CASH COST2 AND AISC¹ Excluding Cobre Panamá, higher AISC2 quarter-over-quarter of $4.14 per lb was driven by more deferred stripping3 and sustaining capex3, partially offset by decreased royalties and a lower C1 cash cost2 2.15 - 2.40 3.50 - 3.80 1 First Quantum News Release dated July 28, 20
Slide 31: Financial Summary
FINANCIAL SUMMARY $ millions (except per share numbers) Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Sales revenues 1,522 1,404 1,475 1,346 1,226 Gross profit 297 278 416 360 351 EBITDA1,2 400 326 464 435 400 Net earnings (loss) attributable to shareholders of the Company 136 (196) 25 (48) 18 Adjusted ea
Slide 32: Non-GAAP EBITDA and Adjusted Earnings (Loss) Reconciliation
NON-GAAP EBITDA1 AND ADJUSTED EARNINGS (LOSS)1 RECONCILIATION $ millions (except per share numbers) Q2 2026 Q1 2026 Q2 2025 Operating profit 423 157 220 Depreciation 214 200 172 Foreign exchange gain (15) (35) (17) Gain on disposals of group companies (271) — — Impairment expense 1 1 — Share of resu
Slide 33: Non-GAAP C1 and AISC Reconciliation
NON-GAAP C12 AND AISC2 RECONCILIATION $ millions Q2 2026 Q1 2026 Q2 2025 Cost of sales1 (1,225) (1,126) (875) Depreciation 214 200 172 By-product credits 168 176 163 Royalties 136 140 71 Treatment and refining charges (19) (20) (24) Freight costs 2 5 8 Finished goods (57) (52) 26 Other 4 180 107 27
Slide 34: Appendix Operations
& FIRST QUANTUM MINERALS APPENDIX OPERATIONS
Slide 35: Kansanshi
♦ Greenfield project acquired in 2001 ♦ Commissioned in 2004 (4 Mtpa oxide circuit, 2 Mtpa sulphide circuit and SxEw circuit); Achieved commercial production in KANSANSHI Q2 2005 ♦ 2006–2009 sulphide circuit expansions Solwezi, Zambia ♦ 25 Mtpa S3 Expansion sanctioned in 2022; Completed mid-2025; Ac
Slide 36: 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 37: 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 38: 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 39: 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 40: 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 Cajamarca, Peru ♦ Two principal mineralized centres at Paja Blanca
Slide 41: Haquira
♦ Large scale porphyry copper project in Apurímac, Southern Peru ♦ Acquired in December 2010 ♦ Focus on community, environmental HAQUIRA aspects Apurímac, Peru ♦ Exploration permit approved in early February 2025; Amendment extends permit term for seven years, allowing for further drilling in future
Slide 42: La Granja
& FIRST QUANTUM MINERALS LA GRANJA
Slide 43: La Granja Project Overview
• Located in Querocoto District of Chota • Significant development work carried out Province within the Cajamarca Region of by Rio Tinto between 2006 and 2023 northern Peru, on the eastern flank of the • In March 2023, First Quantum acquired LA GRANJA Western Cordillera of the Andes 55% interest Pro
Slide 44: Mineral Resource Estimate
La Granja Mineral Resource estimate as of December 31, 2025, reported at a 0.16% Cu cut-off grade Grade Contained Metal Tonnes Density Classification (Mt) (t/m3) Cu (%) Ag (g/t) Au (g/t) Mo (g/t) Cu (Mt) Ag (Moz) Au (Moz) Mo (Mlb) MINERAL RESOURCE Measured 1,427 2.47 0.56 4.26 0.04 73.7 8.0 195.4 2.
Slide 45: 15 Largest Undeveloped Open-Pit Greenfield Projects
15 Largest Undeveloped Open-Pit Greenfield Projects1 Bubble size represents resource contained copper WORLD-CLASS Represents First Quantum project UNDEVELOPED PROJECTS El Pachon ♦ One of the largest undeveloped projects globally1 Twin Metals Tampakan ♦ Second largest greenfield project Frieda La bas
Slide 46: Next Steps
NEXT STEPS ♦ Advance permitting and regulatory engagement in Peru ♦ Progress baseline environmental and social studies to support ESIA ♦ Strengthen ongoing community and stakeholder engagement ♦ Prepare and submit Detailed ESIA (ESIA-d) 46
Slide 47: fqml.com
TSX FM info@fqml.com 416-361-6400 | 1-888-688-6577 fqml.com
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