First Quantum Minerals Ltd. · TSX:FM
First Quantum Minerals — J.P. Morgan Global High Yield & Leveraged Finance Conference 2023
50 slides from First Quantum Minerals's conference presentation, March 2023
Slide 1: Responsible Growth
(> FIRST QUANTUM : MINERALS j { F | a TSX FM RESPONSIBLE GROWTH J.P. Morgan Global High Yield & Leveraged Finance Conference - March 2023
Slide 2: Cautionary Statement on Forward-Looking Information
CAUTIONARY STATEMENT ON & FORWARD-LOOKING INFORMATION FIRST QUANTUM 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-look
Slide 3: Company Overview
Cobre Panama Mill Company Overview
Slide 4: First Quantum - 6th Largest Copper Producer with Significant Nickel Growth
FIRST QUANTUM - 6th LARGEST COPPER PRODUCER & Copper Production WITH SIGNIFICANT NICKEL GROWTH FIRST QUANTUM PYHASALMI | Cuzn FeO, FINLAND LAS CRUCES| cuzn FOM OFFICES SPAIN & GAYELI| cuzn © OPERATING MINES & TURKEY DEVELOPMENT PROJECTS (thousand tonnes) GUELB MOGHREIN | Cu Au a | COBRE PANAMA| Cu _
Slide 5: Capital Allocation - 2023 and Beyond
CAPITAL ALLOCATION - 2023 AND BEYOND • • • • • • • • • • • • • • • 5
Slide 6: 40.5% of the foreign investment of Panamá
40.5% of the foreign investment of Panamá (2017 - 2020)
Slide 7: Copper Price and Royalty Rates
• • • Copper Price Current Rates ($/tonne) 0 – 4,499 5.50% 4,500 – 5,999 6.50% 6,000 – 7,499 7.50% 7,500 – 8,999 8.50% 9,000+ 10.00% Copper Price Revised Rates ($/tonne) as of Jan 1, 2023 0 – 4,000 4.00% 4,001– 5,000 6.50% 5,001– 7,000 8.50% 7,001+ 10.00%
Slide 8: Project Pipeline to 1 Million Tonnes Copper
& PROJECT PIPELINE TO 1 MILLION TONNES COPPER FIRST QUANTUM FIRST QUANTUM . PROJECT MODEL Brownfield & Board Approved Subject to ® Board Approval Study/ ® Permitting Phase e Copper Nickel i) First Quantum e Cobre Panama ' IN EXECUTION * In-house CP100 Expansion I > @ Kansanshi S3 Expansion ES) \ fe
Slide 9: The First Quantum Approach to ESG
& THE FIRST QUANTUM APPROACH TO ESG FIRST QUANTUM ESG integrated into First Quantum’s operating model At First Quantum, we are proud of our mines’ contributions to,society and our host communities Socially Environmentally Technically Value Responsible Sound Appropriate Accretive Actions Practices Op
Slide 10: Copper: Critical Mineral for the Future
& COPPER: CRITICAL MINERAL FOR THE FUTURE FIRST QUANTUM The metals that we mine are vital to the transition to a ANNUAL COPPER DEMAND low carbon economy and for socioeconomic IEA SUSTAINABLE DEVELOPMENT SCENARIO development Copper demand for renewables, Less than 1% EVs and & of global emissions rel
Slide 11: Correlation Between Copper Price and Inflation
CORRELATION BETWEEN COPPER PRICE 8.8 2022 COST BY NATURE BREAKDOWN AND INFLATION (EXC. DEPRECIATION) Other Employee & Contractor 6% 28% Utilities 6% 4.7 Freight 4.1 6% 4.29 3.6 3.6 3.99 3.3 3.5 Consumable 3.59 3.3 3.51 3.35 s 2.7 2.7 Fuel 20% 2.89 3.27 2.79 3.2 12% 2.70 2.51 2.13 Maintenance Royalti
Slide 12: Financial Overview
Cobre Panama Mill FINANCIAL OVERVIEW
Slide 13: Full Year 2022 Highlights
FULL YEAR 2022 HIGHLIGHTS & FIRST QUANTUM MINERALS TOTAL COPPER PRODUCTION 775,859t Lower than 2021 due to Kansanshi. Continued strong operational performance at Cobre Panama COPPER C1 CASH COSTS! (per Ib) $1.76 Up 35% year-over-year attributable to inflationary pressures and lower production ADJUST
Slide 14: Net Debt Evolution
NET DEBT" EVOLUTION & FIRST QUANTUM MINERALS to non-controlling interests $1 billion in 2023 senior notes redeemed in 2022 $2.2 billion in available liquidity 8,000 7,500 7,000 $ millions Q Q SG 8 8 8 8 5,500 5,000 4,500 4,000 Q2 2020 Q3 2020 4 2020 Qt 2021 Q2 2021 Q3 2021 2020 2021 Fitch B-, Stable
Slide 15: Three-Year Guidance
THREE-YEAR GUIDANCE & FIRST QUANTUM MINERALS PRODUCTION GUIDANCE COST AND CAPEX GUIDANCE Copper Cost Guidance ($/Ib) 2024E 2025E Cobre Panama 350-380 370-400 370-400 ci 1.65 - 1.85 1.65-1.85 1.60- 1.85 Kansanshi 130-150 130-150 140-180 AIsc' 2.25 -2.45 2.25-2.45 2.20-2.45 Sentinel 260-280 245-265 24
Slide 16: Capital Structure
ee ee Taca Taca Capital Structure
Slide 17: Debt Maturity Profile
AS AT DECEMBER 31, 2022 Capitalization ($ Million) Actual DEBT MATURITY PROFILE Cash and cash equivalents 1,688 Debt(1) FQM Term Loan 1,397 FQM RCF ($1.3 billion Facility) 770 Trident Facility 425 2024 Notes 850 2025 Notes 1,350 2026 Notes 1,000 2027 Notes 1,500 Other debt(2) 149 Total debt 7,441 To
Slide 18: Corporate Structure and Key Senior Notes
AS AT DECEMBER 31, 2022 Key Senior Notes: Borrower Due 2024 - $850 million FQM Facility First Quantum Minerals Ltd Due 2025 - $1,350 million Term Loan:$1.397 billion Canada RCF: $1.3 billion Due 2026 - $1,000 million Guarantor Due 2027 - $1,500 million MPSA Group Non Guarantor Kansanshi and Cobre Pa
Slide 19: Slide 19
Slide 20: Operational Innovation Driving GHG Reductions
& OPERATIONAL INNOVATION DRIVING GHG REDUCTIONS FIRST QUANTUM MINERALS INDUSTRY LEADING WORLD'S LARGEST CARBON PRICE Use of mining and hauling Ultraclass fleet using Trolley Assist at Used in major new project evaluation electrification technologies Cobre Panama to incentivise lower GHG emissions ~1
Slide 21: Action on Climate Change
ACTION ON CLIMATE CHANGE FIRST QUANTUM MINERALS cor} for the evaluation of } expected before 2025 a new projects key to decarbonisation Renewable costs competitive at current thermal coal prices 0% -50% Reduction in absolute Reduction in absolute Scope 1 & 2 GHG and intensity of Scope 1 emissions &
Slide 22: Cobre Panama
Cobre Panama
Slide 23: 2022 Production
Q4 Q4 Year Year • 2022 2021 2022 2021 2022 PRODUCTION Total Copper (kt) 206 202 776 816 Cobre Panama 90 80 350 331 • Kansanshi 35 52 146 202 Sentinel 73 60 242 233 Other sites 8 10 38 50 Total Gold (koz) 73 75 286 312 Cobre Panama 38 33 140 142 Kansanshi 24 35 110 128 Other sites 11 7 36 42 • Total
Slide 24: Community and Environmental Events
• • • • • Inauguration of the in vitro culture laboratory 6th National Conference on Occupational Health, Safety and National Launch of the 2022/2023 Tree Planting located at the Universidad Latina, Penonomé ayeli mine rescue at the Mine Rescue Environment awardees, including Mining Woman of the Yea
Slide 25: Cobre Panama
COBRE PANAMA & FIRST QUANTUM MINERALS Q4 2022 COPPER PRODUCTION 89,652t Marginally lower than Q3 2022 on lower throughput. Record volume of ore processed in December 2022 Q4 2022 C1 CASH COSTS! (per Ib) $1.63 Higher than Q3 2022 due to high labour costs and exposure to spot electricity prices 2023 C
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• • • 40 38 36 34 32 30 28 26 24 22 20 26
Slide 27: Sentinel
SENTINEL & FIRST QUANTUM MINERALS Q4 2022 COPPER PRODUCTION 73,409t Higher than Q3 2022 on record quarterly throughput, higher grades and recoveries Q4 2022 C1 CASH COSTS! (per Ib) $1.55 Lower than Q3 2022 due to higher production volumes 2023 COPPER PRODUCTION GUIDANCE 260-280kt 2023 nickel product
Slide 28: Q4 2022 Revenues and Costs
& Q4 2022 REVENUES AND COSTS FIRST QUANTUM * Copper price has risen since start of Q4 due to supply disruptions and REALIZED COPPER PRICE! (per Ib) relaxing of COVID-19 policies in China + Revenues increased due to higher realized metal prices! for copper, gold 3 . 5 6 and nickel. Copper sales flat
Slide 29: Copper C1 Cash Cost Waterfall
COPPER C1 CASH COST! WATERFALL . FIRST QUANTUM Positive impact of higher grades was offset by higher maintenance activities coupled with lower by product credits 1.74 0.09 1.86 0.03 0.03 0.02 1.82 0.06 _—— —_—_— fel (0.10) (0.01) - 1.70 +$0.01/Ib Fuel +$0.01/Ib Explosives ‘ i , -$0.01/b Fuel $0.01/I
Slide 30: Q4 2022 Earnings and EBITDA
& Q4 2022 EARNINGS AND EBITDA" FIRST QUANTUM MINERALS Q4 2022 Financial Highlights EBITDA" * Q4 2022 financial results benefitted from higher copper prices, but was $ 647 aa) i | | i O Nn impacted by lower gold sales and timing of maintenance spend + EBITDA! increased 11% as higher prices more than
Slide 31: Quarterly Net Debt Movement
& QUARTERLY NET DEBT! MOVEMENT FIRST QUANTUM Net debt' increased by $363 million this quarter, driven by an increase in working capital and the payment‘ of $195 million in dividends to non controlling interest shareholders at Kansanshi operations 221 42 5,339 74 72 126,329 317 90 = 141 — 26 ae—_ 340
Slide 32: The First Quantum Financial Policy
The First Quantum Financial Policy ¹ 32
Slide 33: • • • • • • • • • • • • • •
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Slide 34: Cobre Panama 2021 ESG Performance
COBRE PANAMA 2021 ESG PERFORMANCE FIRST QUANTUM ry Renewable Water withdrawn is Reduction in level 3 Human rights purchased from a low stress environmental violations electricity environment MINERALS (0 incidents since 2017 INNOVATION + Expansion of use of trolley assist + Processing improvement to
Slide 35: Mine and Process Plant Layout
& MINE AND PROCESS PLANT LAYOUT FIRST QUANTUM MINERALS ORE STOCKPILE 7 Reg ee ee ian ee SECONDARY & PEBBLE BUILDING. -_S ELOTATION. “HIGH INTENSITY =" MOLY'PLANT SITE CRUSHINGS os CIRCUITS: eS GRINDING MILLS ty
Slide 36: Sentinel 2021 ESG Performance
SENTINEL 2021 ESG PERFORMANCE 4 Renewable purchased electricity BIODIVERSITY * Supporting social and ecological development through the West Lunga Ecosystem * Supports 50 endemic plant species * $5 million invested in conservation since 2014 COMMUNITY INVESTMENT * Kisasa Water Project, supply water
Slide 37: Sentinel
& SENTINEL FIRST QUANTUM MINERALS Pit Ball Mills Floatation Circuit
Slide 38: Kansanshi, Including S3 Expansion
KANSANSHI, INCLUDING S3 EXPANSION FIRST QUANTUM MINERALS 80% First Qi Open Pit 7 Mtpa Oxide circuit $3 25 Mtpa Expansion (First production H2 2025) Smelter expansion to 1.6 Mtpa 20% ZCCM-IH Vein deposit; Primary 8 Mtpa Mixed circuit sulphide, mixed supergene 15 Mtpa Sulphide circuit and oxide Adjace
Slide 39: S3 Expansion
& $3 EXPANSION FIRST QUANTUM S3 Expansion Works Progress To Date Outlook * Additional concentrator + Board approval in May 2022 + Mining fleet deliveries commencing capacity . . H2 2023 + Long-lead items procured (primary * Additional SAG and ball mill crusher, mills and fleet) « Limited production
Slide 40: • • • • -20 -40 -60 -80 -100 -120 -140 -160 -180 -200
• • • • 0 -20 -40 -60 -80 -100 -120 -140 -160 -180 -200
Slide 41: Kansanshi 2021 ESG Performance
KANSANSHI 2021 ESG PERFORMANCE FIRST QUANTUM r Renewable purchased electricity INNOVATION + Use of trolley assist and other electric mining efficiencies * High pressure oxidative leaching of copper Concentrate for fast reactions and mon recoverles MINERALS 1 4 Water withdrawn is Level 4 or5 Human ri
Slide 42: Las Cruces Underground Project
& LAS CRUCES UNDERGROUND PROJECT FIRST QUANTUM MINERALS Benefits from existing team, workforce and infrastructure Indicative details (not included in 3-year guidance) * 3-4 year development * Mine life >15 years * Annual production ~45 kt CuEq Environmental permits received in 2020; mine exploitatio
Slide 43: Water Use
& WATER USE FIRST QUANTUM MINERALS First Quantum has a core commitment to minimize water withdrawal and discharge by adopting new technologies, continually improving efficiencies and on site water reuse FIRST QUANTUM GROUP e (0) 5 % WATER WITHDRAWAL (MEGALITRES - ML) PER TONNE OF ORE MILLED Freshwat
Slide 44: Economic Contribution
& ECONOMIC CONTRIBUTION FIRST QUANTUM MINERALS Where commercially possible, First Quantum endeavours to prioritize local firms and encourage local workforce participation The Company is committed to the maintenance of its local procurement programs, which includes: COMPANY ES SUPPLIER SPEND * Buildi
Slide 45: Taca Taca
Taca Taca GREENFIELD GROWTH
Slide 46: Taca Taca
TACA TACA FIRST QUANTUM ~y US$3.6 Billion 275,000 ™ Copper (ktpa) @ Gold (kozpa) 1 Molybdenum (ktpa) Sy = =: ©) a o z Ss 3-2-1123 45 67 8 9 10111213141516 1718192021 2223 24 25 26 27 28293031 32 Year of Operations rs
Slide 47: Taca Taca Summary
TACA TACA SUMMARY & FIRST QUANTUM MINERALS * Taca Taca is a world class, large open pit copper project with gold and molybdenum by-products * Long life, low capital intensity, low cost, limited environmental sensitivities, no existing communities or land uses ¢ Located in Salta Province at 3,500 m e
Slide 48: Taca Taca Key Items Prior to Investment
TACA TACA KEY ITEMS PRIOR TO INVESTMENT & FIRST QUANTUM MINERALS No decision expected on Taca Taca prior to 2024 P itting Stat Environmental Permits ermitting status and Water Rights * Approval of ESIA is anticipated in 2023 (submitted in 2019) * November 2022 - Salta Production Minister signed Reso
Slide 49: Haquira Overview
HAQUIRA OVERVIEW FIRST QUANTUM MINERALS Large scale porphyry copper project in Apurimac, Southern Peru Acquired in December 2010 M&l resource of 3.7 million tonnes of contained copper equivalent plus an inferred resource of 2.4 million tonnes of copper equivalent 569 million tonnes at 0.56% Cu M&l a
Slide 50: First Quantum Minerals Ltd.
TSX FM First Quantum Minerals Ltd. info@fqml.com 416-361-6400 1-888-688-6577
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