First Quantum Minerals Ltd. · TSX:FM

First Quantum Minerals — Corporate Update (September 2025)

89 slides from First Quantum Minerals's corporate update, September 2025

1. Slide 1: 2025 Zambia Tour

   2025 ZAMBIA TOUR September 22-26, 2025 TSX FM

2. 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

3. Slide 3: Zambia: Sustainability, Infrastructure, Power

   ZAMBIA: SUSTAINABILITY INFRASTRUCTURE POWER September 2025 TSX FM

4. Slide 4: Zambia Export Earnings

   ZAMBIA EXPORT EARNINGS  Copper is the main export earner for Zambia, accounting for over 60% of total exports annually  Zambia’s economy is intrinsically linked to copper mining  Diversification of the economy a major focus; To be financed by earnings from mining & debt and will take time.  Stab

5. Slide 5: Impacts on Local Economy

   IMPACTS ON LOCAL ECONOMY From 2005 to 2024:  Population growth from 150,000 to >450,000, driven by mining and urbanization  GDP rose from $150 million to >$1 billion, reflecting increased economic expansion due to mining Solwezi and surrounding areas 2005 Solwezi and surrounding areas 2024 5

6. Slide 6: Supporting Zambia's Growth: Sustainability

   SUPPORTING ZAMBIA’S GROWTH SUSTAINABILITY

7. Slide 7: Doing Business the Right Way

   DOING BUSINESS THE RIGHT WAY PRIORITISING SOCIAL RESPONSIBILITY TANGIBLE STEPS TO REDUCE STRONG ENVIRONMENTAL EMISSIONS STEWARDSHIP $1.8 million -50% +100x Spend in Zambian supply chains in 2024 Reduction in absolute GHG emissions and Size of supported protected areas compared copper intensity by 20

8. Slide 8: Building Community

   BUILDING COMMUNITY Agriculture In 2024 +8,000 farmers supported with inputs +1,000 farmers trained in conservation, beans, chili, and livestock programs 2,000 hectares of maize farming supported Education In 2024 63 schools supported in catchment area 4,250 schoolgirls supported with reusable sanita

9. Slide 9: Building Community

   BUILDING COMMUNITY Local business development and employment support programs In 2024 16 women trained in skills development 36 graduates participated in internship programs 6,450 members across 76 established village banks Health and wellness In 2024 49,260 children reached with nutritional service

10. Slide 10: Community Infrastructure Support

    COMMUNITY INFRASTRUCTURE SUPPORT Mutuba Community School Before and After  Schools - construction of new facilities and upgrades to existing infrastructure  Healthcare – development and support of community health facilities  Water & Sanitation – improved access through upgraded infrastructure 

11. Slide 11: Community Programs

    COMMUNITY PROGRAMS Kwambula Trades Training Institute  Established and fully funded by First Quantum’s Kansanshi Mine  Provides scholarships for certification in 7 technical trades  544 graduates trained and now employed by First Quantum  180 students currently enrolled annually in 2-year progra

12. Slide 12: Supporting Zambia's Growth: Infrastructure & Power

    SUPPORTING ZAMBIA’S GROWTH INFRASTRUCTURE & POWER: INVESTMENTS TO SUPPORT ZAMBIA’S GROWTH AND RELIABLE OPERATIONS

13. Slide 13: Proactive Energy Sourcing Strategy Amid Grid Constraints

    PROACTIVE ENERGY SOURCING STRATEGY AMID GRID CONSTRAINTS Despite a national generation deficit, First Quantum has experienced no major disruption to power supply in 2025, with ~65% of imported power from the region (non-ZESCO sources) KEY POINTS: 1. No Curtailment to Date  Full production maintaine

14. Slide 14: Longer-Term Power Strategy and Additional Projects

    LONGER-TERM POWER STRATEGY AND ADDITIONAL PROJECTS The situation beyond 2026 remains dynamic, however, First Quantum Zambia is actively looking at both diversifying its power supply and supporting Zambia to add domestic renewable grid- scale generation First Quantum’s offtake of 430 MW solar / wind

15. Slide 15: Zambia Poised to Become Regional Power Hub

    ZAMBIA POISED TO BECOME REGIONAL POWER HUB While Zambia’s current drought presents challenges, as energy markets liberalize, new private sector backed domestic generation comes online and new interconnectors are developed, Zambia will be well positioned to become a leader in regional power markets 

16. Slide 16: Western Corridor: Lowering Costs, Unlocking Development

    WESTERN CORRIDOR: LOWERING COSTS, UNLOCKING DEVELOPMENT First Quantum exploring anchoring the consortium with a $30 million commitment ($5 million cash, $25 million in- kind), plus traffic guarantees to underpin financing. This is a near-term project that will lower logistics costs for mines in Zamb

17. Slide 17: Local Content & Multi-Facility Economic Zone

    LOCAL CONTENT & MULTI-FACILITY ECONOMIC ZONE (MFEZ): DRIVING INCLUSIVE GROWTH FOR ZAMBIA Local Content Strategy Objectives Local Content Case Study: Mill Balls Plant Boost Zambia’s economy  ME Elecmetal commissioned a $40 million plant in the KMFEZ Ensure continued license to operate  This plant h

18. Slide 18: First Quantum Infrastructure: Securing Operations & Supporting Zambia

    FIRST QUANTUM INFRASTRUCTURE: SECURING OPERATIONS & SUPPORTING ZAMBIA Securing Stable Power  Diversified sourcing (65% non-ZESCO)  Innovative partnerships with traders like GreenCo – securing long-term cost-competitive baseload from new renewable projects  Working with IPPs and ZESCO to stabilize

19. Slide 19: Trident Operations

    GROWING RESPONSIBLY TRIDENT OPERATIONS September 2025 TSX FM

20. Slide 20: Safety Briefing

    SAFETY BRIEFING EMERGENCY CONTACT NUMBER: +260 966 994 588 • Wear appropriate • Watch your step safety gear • Be mindful of • Stay together machinery • Follow instructions • Listen & follow and signage your guide • Follow designated • Be prepared for paths emergencies • Stay hydrated

21. Slide 21: Sentinel

    SENTINEL

22. Slide 22: Trident Site Layout

    Chisola Dam 4 3 TRIDENT SITE ENTERPRISE LAYOUT Musanghezi Dam SITE TOUR SENTINEL 1 SENTINEL MINE SENTINEL PROCESS PLANT & 2 ENTERPRISE CIRCUIT 1 3 ENTERPRISE MINE 2 4 TAILINGS STORAGE FACILITY 22

23. Slide 23: Sentinel Overview

    SENTINEL OVERVIEW Sentinel at the Forefront of Mining Technology  Constructed over four years from 2012, Musangezhi representing $2.5 billion of investment Dam  Life-of-mine average grade of 0.42% and North Waste Dump 2.53:1 strip ratio  Bulk mining techniques  Process plant: conventional sulphi

24. Slide 24: Sentinel Pit Development

    SENTINEL PIT DEVELOPMENT IPC – In-Pit Crushers IPC2B IPC3B IPC1B IPC4A 24

25. Slide 25: Sentinel Mining Fleet

    SENTINEL MINING FLEET Ultra-Class Mining Fleet, consisting of:  47 ultra-class trucks (up to 360 tonne) (all trucks trolley assist)  5 x small Liebherr & Komatsu excavators (diesel)  3 x 1,200 tonne rope shovels (electric)  7 x large production drill rigs (270 mm holes – Caterpillar MD6640,  1

26. Slide 26: Quantum Electra-Haul Trolley-Assist

    QUANTUM ELECTRA-HAUL TROLLEY-ASSIST • Reduces diesel fuel consumption by 90% and enables the trucks to travel faster ~22 km/hour (versus without trolley ~11 km/hour) • Sentinel currently has 7% of total haul routes under trolley assist and targeting 10% in next 5 years In operation Future trolley 26

27. Slide 27: Mine Operations Technologies

    MINE OPERATIONS TECHNOLOGIES Road Construction & Fleet Management Condition Monitoring Boulder & Missing- Autonomous System Systems Tooth Detection Drilling System  Enhancing asset  Reducing maintenance  Preventing equipment  Boosting productivity, performance through Key costs and optimizing da

28. Slide 28: Extending Trident's Mine Life

    EXTENDING TRIDENT’S MINE LIFE Near Mine Resource Expansion:  Active drill program to upgrade confidence of the eastern extension of the Sentinel orebody Brownfields Exploration Strategy:  Strong strategic land position, 6 tenement licenses, totalling ~1,500 km2  Data rich environment with extensi

29. Slide 29: Sentinel & Enterprise Plant Layout

    SENTINEL & ENTERPRISE PLANT LAYOUT 29

30. Slide 30: Sentinel Milling

    SENTINEL MILLING Sentinel’s milling area is a showcase of world-class scale and technology, with the world’s largest gearless steel-ball mills, providing high throughput capacity and efficiency  2 Milling circuits  2 x 28 MW SAG mills  2 x 22 MW ball mills  ~4,000 tph throughput each mill train

31. Slide 31: Sentinel Cleaning and Flotation Overview

    SENTINEL CLEANING AND FLOTATION OVERVIEW  Four-stage cleaning circuit  4 x Column flotation tanks  1 x Jameson circuit  Variety of flotation technologies to cater for different ore characteristics to maximise recovery 31

32. Slide 32: Sentinel Integrated Operations Approach (Mine to Mill)

    SENTINEL HAS APPLIED AN INTEGRATED OPERATIONS APPROACH(MINE TO MILL)  Stockpile management logic has been a game-changer for mine  Introduction of re-fueling station within the pit to reduce cycle operations, ensuring crushed ore stockpile is always above 70% interruptions  Fragmentation - Key va

33. Slide 33: Sentinel Improvement Successes

    SENTINEL IMPROVEMENT SUCCESSES  These improvements have seen the Mine and Mill throughput increases  This has been facilitated by setting up the mine to be productive and efficient Truck Productivity Trends (Tph) Milling Rate (tph) 560 4,000 536 539 3,728 540 3,750 3,593 Tonnes per hour 520 511 To

34. Slide 34: Enterprise

    ENTERPRISE

35. Slide 35: Enterprise Overview

    ENTERPRISE OVERVIEW Top 10 Nickel Sulphide Operation Globally • 4 Mtpa nickel processing circuit is integrated within the Sentinel plant; • Commercial production in June 2024 • The ore is variable and geo-metallurgical control is key to securing recovery and concentrate quality • Mining with fit-for

36. Slide 36: Enterprise Processing Overview

    ENTERPRISE PROCESSING OVERVIEW The Enterprise Plant Includes Crushing, Milling, Flotation and Concentrate Handling  Crushing Circuit: Two Jaw crushers delivering to a crushed ore stockpile  Milling Circuit: One SAG-ball – pebble crusher milling circuit  Flotation: Talc pre-float stage prior to ni

37. Slide 37: Enterprise Improvement Initiatives

    ENTERPRISE IMPROVEMENT INITIATIVES INITIATIVE PLANNED IMPROVEMENTS  Upgrade the SAG feed chute CRUSHER &  Install a LoadIQ to optimize the feed rates MILL OPTIMIZATION  Optimize pre-float capacity to allow more throughput FLOTATION  Expansion of flotation expert control AUTOMATION  Automated re

38. Slide 38: Tailings

    & FIRST QUANTUM FQM Trident Limited MINERALS te vy, VA TAILINGS

39. Slide 39: Tailings Storage Facilities – Sentinel & Enterprise

    TAILINGS STORAGE FACILITIES (TSF) – SENTINEL & ENTERPRISE  Tailings from processing ore from Sentinel and Enterprise are thickened and pumped together to the Trident TSF  TSF capacity of over a 1.0 billion tonnes, adequate to serve life-of-mine requirements  5.5 km in diameter (24 km2) and is des

40. Slide 40: Environmental & Community Affairs

    ENVIRONMENTAL & COMMUNITY AFFAIRS 4 0

41. Slide 41: Water Management

    WATER MANAGEMENT Trident ensures water compliance with ongoing initiatives to monitor quality in real time, use best available treatment technologies and report performance to stakeholders Water Treatment Water Segregation Real Time Monitoring Water Reuse Facilities Water Reuse Efficiency 100 Commis

42. Slide 42: Progressive Mine Rehabilitation

    PROGRESSIVE MINE REHABILITATION Approach Tree Planting  Pre-stripping topsoil ahead of mining to preserve quality 16,000 seedlings planted in 2024,  Stockpiled for future land rehabilitation and revegetation target of 1 million by 2034  Applied to decommissioned waste dumps as mining progresses,

43. Slide 43: Environmental & Community Work

    ENVIRONMENTAL & COMMUNITY WORK Wildlife and Foresty Conversation Agricultural Support Programs  Conversation area is 100 times greater than mining footprint  3,000+ farmers supported with inputs, training and equipment in climate smart agriculture practices  Established West Lunga Conservation Pr

44. Slide 44: Kansanshi Operations

    KANSANSHI OPERATIONS September 2025 TSX FM 44

45. Slide 45: Kansanshi Site Layout

    KANSANSHI 6 SITE LAYOUT 1 5 SITE TOUR 3 1 M15 VIEWPOINT 2 2 SOUTH EAST DOME 4 3 TSF2 CAUSEWAY 4 S3 PROCESS PLANT 5 OPERATIONS CENTRE 7 6 SMELTER 7 NATURE RESERVE

46. Slide 46: Kansanshi Operational History

    KANSANSHI OPERATIONAL HISTORY 46

47. Slide 47: Looking Forward

    LOOKING FORWARD Mined to Date Remaining in LOM (1.5 Billion tonnes) (3.6 Billion tonnes) 35% 26% 6% 2% 20% 47% 16% 66% 49% 76% 16% 14% 6% 21% Resource Contained Resource Contained Copper Metal Copper Metal Oxide Mixed Sulphide Waste

48. Slide 48: Mining Operations

    KANSANSHI MINING PLc ‘A COMPANY OWNED BY © FIRST QUANTUM TCM MINERALS UTD. awe MINING OPERATIONS

49. Slide 49: 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

50. Slide 50: Drilling Fleet Electrification

    DRILLING FLEET ELECTRIFICATION  Lower Carbon Footprint  Zero Fuel Consumption Increased Productivity  First to market Pit Viper PV231E in partnership with Epiroc  8 fully electrified rotary drills  Fully & Semi-Autonomous capability for remote operations  Improves safety, reliability & product

51. Slide 51: Fleet Electrification

    FLEET ELECTRIFICATION 10 10 59% 59% DIGGER FLEET 41% 41% Diesel Electric vs. Lower Carbon Footprint • Fleet Size Production Increased Productivity  Procured and commissioned Africa's first Hitachi EX5600-7E electric shovels  6 fully electrified 550 tonne hydraulic shovels  Produces ±59% of Kansan

52. Slide 52: Haul Fleet Electrification: Quantum Electra-Haul Trolley-Assist

    HAUL FLEET ELECTRIFICATION: QUANTUM ELECTRA-HAUL TROLLEY-ASSIST +80 Trolley-Enabled Mining Trucks ~8 km of Trolley Lines 90% Diesel Savings on Haul Road Up-Ramps Expansion of Trolley-Assist  Reduces diesel consumption  Increases productivity  Lowers costs Battery-Powered Truck Trial at Kansanshi

53. Slide 53: Trolley Lines

    KaNsANSHI MininG PLo TROLLEY LINES van ro ® Sel eee, Se A

54. Slide 54: De-Watering Strategy

    DE-WATERING STRATEGY  5 active sumps: 1 2 3 4 5  6 main pit dewatering boreholes: BH  3 SED dewatering boreholes: BH  Raise bore shaft: RB 2 1  Underground decline extension completed in Q2 2025: BH 8 4 3 RB 6 5 BH 7 Source File: Project Kola - Kansanshi Geology & Mining Site Visit Presentation

55. Slide 55: Processing

    KaNsANSH! MINING PLc “1! ‘A COMPANY OWNED BY FIRST QUANTUM ZtMk MINERALS ITD Sb PROCESSING

56. Slide 56: Kansanshi Process Flow Diagram

    KANSANSHI PROCESS FLOW DIAGRAM Mining Sulphide Ore: S3 Sulphide Ore Mixed Ore Oxide Ore 2024 Production Crushing Gold 25 Mtpa 13 Mtpa 8 Mtpa 7 Mtpa Gold Dore: 43 koz & Milling Room Conventional Conventional Sulphidization Sulphidization 3rd Party Flotation Flotation Flotation Flotation Flotation Con

57. Slide 57: Kansanshi Plant Layout

    KANSANSHI PLANT LAYOUT Key Features  Continuous improvement since 2005  Complex orebody  Complex but flexible and adjustable plant  Brand new Integrated Operations Control Center 57

58. Slide 58: Crushing

    CRUSHING $3: SULPHIDE ORE $2: SULPHIDE ORE $1: MIXED ORE GYRATORY CRUSHER $0: OXIDE ORE JAW CRUSHER ya) ———

59. Slide 59: Milling: 4 Circuits

    MILLING: 4 CIRCUITS S0 Oxide, S1 Mixed, S2 Sulphide, S3 Sulphide MILL FEED SAG MILL BALL MILL STOCKPILE Discharge 2024 THROUGHPUT (kt) Sulphide 9,452 Mixed 10,061 Oxide 7,404 CYCLONE CLUSTER FLOTATION 59

60. Slide 60: Flotation

    FLOTATION  Dedicated flotation section on each circuit  Each contains:  Roughing  Scavenging  Cleaning  Recleaning – Columns, Jameson  Significant flexibility to suit ore type and concentrate variations.  Mixed & Oxide circuits use CPS (controlled potential sulphidisation)  Sulphide circuit

61. Slide 61: Hydromet

    HYDROMET Oxide tails acid leached in two trains Train 1:  8 leach tanks  8 x 35 m CCDs Train 2:  5 leach tanks  2 x 50 m + 4 x 46 m CCDs Mixed tails either acid leached or discharged, according to  Tails grade  Ore Gangue Acid Consumption (GAC)  Available acid from smelter Leach solution trea

62. Slide 62: High Pressure Acid Leach

    HIGH PRESSURE ACID LEACH Two Autoclaves  Product combined with atmospheric leach for recovery of copper through CCD/SX/EW  Throughput 2024: 43 k DMT  Additional oxygen supply upcoming in 2025  Operating pressure: 3,000 kPa  Operating temperature: 220 ᴼC 62

63. Slide 63: Gold Process Flow

    GOLD PROCESS FLOW Milling Circuits 20-45% of cyclone underflow Gravity Concentrators 2024 Production Gold Concentrate Gold Room Gold Dore: Flotation (Shaking Tables) 43 koz Tails Gold Regrinding & Concentrate Reconcentrating Gold-Bearing Tails Gold in Anode: Copper Concentrate Smelter 62 koz 63

64. Slide 64: TSF Management

    TSF MANAGEMENT TSF1  Commissioned 2004, earth-fill cross-valley dam  Upstream raises with sand; Fines to decant pond  ~650 ha, 75 m TSF2  Commissioned 2012, earth-fill cross-valley dam  Converted to downstream raise for S3  Embankment with waste rock Tailings  Neutral (ore neutralizing capaci

65. Slide 65: Smelter

    KANSANSHI MINING PLC ‘A COMPANY OWNED BY eo & FIRST QUANTUM ZMH MINERALS LTD. ele lee SMELTER

66. Slide 66: Smelter Site Layout

    SMELTER SITE LAYOUT Oxygen Plant Concentrate Handling Fluxes, Please recreate this Blending image using the high- quality photo from Convertor Furnace Isle next page Anode Casting Slag Pits Acid Plant & Storage 66

67. Slide 67: Smelter Overview

    SMELTER OVERVIEW One of the Newest Operating Copper Smelters Globally (ex-China)  Designed to treat Kansanshi, Sentinel, and third-party concentrates  Sulphuric acid produced as a low-cost by-product, used in leaching of oxide & mixed ores  Original nameplate capacity 1.2 Mtpa concentrate to prod

68. Slide 68: Concentrate Flows Post Expansion

    CONCENTRATE FLOWS POST EXPANSION • Treats 100% of Kansanshi KANSANSHI Cu Concentrate concentrate AUTOCLAVES & • Post-expansion, treats 98% of SMELTER Capacity: 1.7 Mtpa OUTPUT Anode Sentinel concentrate SENTINEL Cu Concentrate • Retains plans to process 3rd party concentrate, to ensure the optimum f

69. Slide 69: Ongoing Initiatives

    KANSANSHI MINING PLC ‘A COMPANY OWNED BY 33 TS @ & FIRST QUANTUM (MH MINERALS ETD awe ONGOING INITIATIVES

70. Slide 70: Exploration: New Near-Surface Gold Zone

    EXPLORATION: NEW NEAR-SURFACE GOLD ZONE Gold Zone  Original gold source: Kansanshi copper gold deposit's mineralised veins & strata  Laterite containing gold – being investigated Definition & Delineation  Upper South East Dome resource model  Diamond core drilling program – assays incoming  Aer

71. Slide 71: Environmental Management

    ENVIRONMENTAL MANAGEMENT Environmental Management System based on ISO14001:2015 Annual external audits Air & Water Monitoring 64 Air Monitoring Points 255 water sampling points:  Surface 107  Groundwater 148 External Reporting ESG Report annually company-wide and monthly for Zambian operations 2 x

72. Slide 72: Growing Responsibly: Projects

    GROWING RESPONSIBLY PROJECTS September 2025 TSX FM

73. Slide 73: Sentinel Rail Run Conveyor (RRC)

    SENTINEL RAIL RUN CONVEYOR (RRC)

74. Slide 74: RRC Benefits

    RRC BENEFITS  Efficient system for bulk materials conveying comparable with railway Conventional steel cord or fabric belt Support carriage Rail track haulage  Conveyor belt runs on rail carts as opposed to conventional conveyors running on idlers  Reduced friction resulting in 20% to 80% reduced

75. Slide 75: RRC at Sentinel

    RRC AT SENTINEL  First production version in the western world*  4.5 km long 1,600 mm wide overland conveyor  RRC length 3.5 km  5,000 tph throughput running at 3.75 metres/second  Demand power – 1 MW (3 MW for conventional)  Single flight conveyor curving around existing pit infrastructure 

76. Slide 76: How It Works

    HOW IT WORKS Conventional Head & Tail Ends:  Idlers, pulleys, drives, belt Between Head & Tail:  Belt rides on light, wheeled carts instead of idlers Before Head & Tail:  Cart turnaround loop  Continuous monitoring  Centralised maintenance Click to View Animation 76

77. Slide 77: Kansanshi S3 Expansion

    FIRST QUANTUM MINERALS ~ KANSANSHI S3 Expansion

78. Slide 78: S3 Expansion - Tried and Tested Project Design

    S3 EXPANSION - TRIED AND TESTED PROJECT DESIGN  The S3 Expansion was approved in May of 2022; Kansanshi Mining Areas Earthworks commenced Q3 2022; Commissioned H1 2025, now in operation and ramping up  S3 is the sixth bulk processing (>20 Mtpa) train developed by First Quantum; Incorporates the le

79. Slide 79: Kansanshi S3 Expansion

    KANSANSHI S3 EXPANSION  Additional 25 Mtpa sulphide concentrator capacity  Ultra Class mining fleet  36 off 220 tonnes Haul Trucks  6 off 550 tonnes Shovels  Mining of South East Dome  Capacity upgrades to the Kansanshi smelter 79

80. Slide 80: Kansanshi S3 Expansion: Dry Plant

    KANSANSHI S3 EXPANSION Dry Plant  Primary crushing using a semi-mobile crusher located at the pit rim and remote from the S3 plant area  Conveyed overland to the coarse ore stockpile  Planned for a second pit rim crusher to be added (completion early 2027)  Dual cone crushers will crush up to 30

81. Slide 81: Kansanshi S3 Expansion: Wet Plant

    KANSANSHI S3 EXPANSION Wet Plant  Crushed ore from the stockpile to be fed to a single 28 MW SAG mill coupled with a 22 MW ball mill  2 parallel trains of rougher flotation  Main plant and S3 concentrates are combined for cleaner flotation  Concorde and columns used for final cleaning  Final co

82. Slide 82: Status

    STATUS Processing Circuit in Production January May July April June July August 2024 2024 2024 2025 2025 2025 2025 Early August Mining First blast First ore Biggest 1st feed to 1st feed to 1st Rougher Concentrate commenced mined blast to date Crusher SAG Mill produced • Volumes • 45.2 M blasted to •

83. Slide 83: Kansanshi Copper Smelter Expansion

    KANSANSHI COPPER SMELTER EXPANSION Increases Throughput from 1.3 Mtpa to 1.6 Mtpa  >400 ktpa of copper anode  1.5 Mtpa sulphuric acid  Expansion of existing oxygen plant by 750 tpd which increases processing capacity of High Pressure Leach plant  Increasing gas handling with fan upgrades and an

84. Slide 84: Benefits of S3 Expansion to Kansanshi

    BENEFITS OF S3 EXPANSION TO KANSANSHI Plant Feed Tonnes and Average Feed Grade 60 1.00 50 0.80 Million tonnes 40 0.60 %Tcu 30 0.40 20 10 0.20 0 0.00 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 Oxide Ore Mixed Ore S2 Sul

85. Slide 85: Work Going Forward

    WORK GOING FORWARD  S3 Scope  Complete gravity gold tower MSA Workshop  Install an additional filter press  Complete mine service area workshop  Second primary crusher at S3  Main plant enhancements and refurbishment  Pebble crusher upgrades  Reagents  Gold projects S3 Gravity Gold 85

86. Slide 86: The First Quantum Approach to Projects

    THE FIRST QUANTUM APPROACH TO PROJECTS FIRST QUANTUM PROJECT MODEL The First Quantum Self-Perform Approach Engineering  In-house project team has been developed over many years and Design  Use of external firms is limited to providing specific expertise  Key project employees transition from deve

87. Slide 87: Track Record of Delivering on High Quality Assets

    TRACK RECORD OF DELIVERING ON HIGH QUALITY ASSETS Project Capacity Project Country Year Commodity Achievements Third-Party / In-House Type (Mtpa) In-House Commissioned in 2004; Achieved commercial production in less than Third-Party Kansanshi Zambia 2005 Cu/Au Greenfield 27 one year; Subsequently ex

88. Slide 88: Top Priorities for 2025

    TOP PRIORITIES FOR 2025 Proactive Safe and Delivery of Management of Productive Resolution in Kansanshi S3 Balance Sheet Operational Panama Expansion and Liquidity Performance • $1 billion streaming agreement with Royal Gold • Financing options • Management of hedging strategy 88

89. Slide 89: First Quantum Minerals

    MINERALS FIRST QUANTUM

First Quantum Minerals — Corporate Update (September 2025) on 6ix