Slide 1: Fourth Quarter 2024 Financial & Operating Results
Fourth Quarter 2024 Financial & Operating Results Responsible Growth 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
Cobre Panamá OPENING REMARKS Tristan Pascall, CEO RESPONSIBLE GROWTH 3
Slide 4: Q4 2024 Highlights
Q4 2024 HIGHLIGHTS TOTAL COPPER PRODUCTION Recent Developments • Independent audit of copper concentrate at Cobre Panamá conducted 111,602t 4% decrease from Q3 2024 from lower • Panama’s Ministry of the Environment released Terms of Reference for environmental audit; Public consultation concluded Fe
Slide 5: Full Year 2024 Highlights
FULL YEAR 2024 HIGHLIGHTS The Year in Summary TOTAL COPPER PRODUCTION • Q1 2024 - Completed comprehensive refinancing plan including: 431,004t • $500 million prepay agreement with Jiangxi Copper • Amendments and extension to the term loan and revolving credit facility • $1.6 billion senior secured s
Slide 6: Sustainability Highlights from the Quarter
SUSTAINABILITY HIGHLIGHTS FROM THE QUARTER Local Beekeepers Thrive with Cobre Panama Leads the Trident Boosts Food Security Kansanshi Supports Solwezi Çayeli Support Region in Hydroseeding Education Trident launched a $2 million initiative for the 2024/2025 farming season, Kansanshi has donated beds
Slide 7: Operational Overview
Sentinel OPERATIONAL OVERVIEW Rudi Badenhorst, COO RESPONSIBLE GROWTH 7
Slide 8: Kansanshi
KANSANSHI Q4 2024 COPPER PRODUCTION 2025 Outlook 48,139t 3% lower than Q3 2024 due to planned • Six-week maintenance shutdown of Kansanshi smelter planned for Q2 2025 • First production from S3 Expansion expected in H2 2025; Initial feed will be shutdown in the sulphide and mixed circuits sourced fr
Slide 9: Trident - Sentinel
TRIDENT - SENTINEL Q4 2024 COPPER PRODUCTION 2025 Outlook 56,560t 3% lower than Q3 2024 due to lower • Lower grades than 2024 • Initiatives to increase mill throughput, including optimizing blast fragmentation, maintaining grades partially offset by higher throughput full stockpiles, milling rates a
Slide 10: Trident - Enterprise
TRIDENT – ENTERPRISE Q4 2024 NICKEL PRODUCTION 2025 Outlook 3,720t 23% decrease from Q3 2024 due to ore • Nickel feed to Enterprise concentrator resumed early January 2025 • Focus on optimizing the development of the pit availability; Processed Sentinel copper ore • Additional reverse circulation dr
Slide 11: Other Mines
OTHER MINES Las Cruces Çayeli NI 43-101 published February 2024 Q4 2024 PRODUCTION: 2,482t Cu, and 406t Zn Continue to pursue sales process Q4 2024 C1 CASH COST1: $2.91 per lb Cu 2025 PRODUCTION GUIDANCE: 10Kt Cu, 3.5kt Zn Copper and zinc production includes production from south ore body (received
Slide 12: Financial Overview
Kansanshi Smelter FINANCIAL OVERVIEW Ryan MacWilliam, CFO RESPONSIBLE GROWTH TSX FM
Slide 13: Q4 2024 Revenue and Copper C1 Cash Costs
Q4 2024 REVENUE AND COPPER C1 CASH COSTS¹ GROSS REALIZED COPPER PRICE1 • Lower revenue quarter-over-quarter was impacted by lower copper and gold (per lb) sales volumes $4.17 Down 2% quarter-over-quarter • Higher copper C1 cash costs1 quarter-over-quarter was driven by lower production combined with
Slide 14: Q4 2024 EBITDA and Net Earnings
Q4 2024 EBITDA¹ AND NET EARNINGS EBITDA¹ EBITDA¹ was $65 million lower quarter-over-quarter driven by higher cash costs $455 million coupled with lower gold sales volumes Down 13% quarter-over-quarter EBITDA¹ ($ million) ADJUSTED EPS² ($/share) NET EARNINGS ATTRIBUTABLE TO SHAREHOLDERS OF THE COMPAN
Slide 15: EBITDA Waterfall
EBITDA¹ WATERFALL (Excluding Cobre Panamá & share of JV and Ravensthorpe)³ External Factors (+$2 million) Internal Factors (-$46 million) • Gold +$7m • Copper -$5m • Other +$1m ¹ EBITDA is a non-GAAP financial measure and realized metal prices are non-GAAP ratios, which do not have a standardized me
Slide 16: Copper C1 Cash Cost
COPPER C1 CASH COST¹ • Higher unit cash cost in Q4 was driven by lower production and higher tolling costs at Sentinel, increased consumable costs, but mitigated by reduced drawdown of stockpiles at Kansanshi and lower Zambian fuel prices • Impact of imported power has stabilized quarter-over-quarte
Slide 17: Quarterly Net Debt Movement
QUARTERLY NET DEBT1 MOVEMENT Net debt1 decreased by $61 million during the quarter mainly due to favourable movements in working capital Q4 and Q3 Key Working Capital Cash Flows Q4 - $154 million inflow Payables 71 Receivables 104 Inventory (13) Q3 - $205 million outflow (66) Payables (106) Receivab
Slide 18: Hedging Strategy
HEDGING STRATEGY • Hedging strategy reducing volatility on copper price received with realized hedge gains of $13 million and $34 million in Q4 and 2024, respectively • Added new zero cost collars as protection from downside price movements on approximately 50% of planned copper production in 2025 a
Slide 19: Consistent, Decisive Action on Balance Sheet
CONSISTENT, DECISIVE ACTION ON BALANCE SHEET Internal External Dividend suspension Comprehensive Refinancing: • $500 million copper prepayment Q1 2024 Capital expenditure reductions • $1.05 billion equity raise • $1.6 billion 2L bond issuance Operating cost reductions • $2.3 billion corporate facili
Slide 20: Closing Remarks
Reforestation Initiatives Cobre Panamá CLOSING REMARKS Tristan Pascall, CEO RESPONSIBLE GROWTH
Slide 21: S3 Expansion
S3 EXPANSION S3 Expansion Works Q4 2024 Progress Outlook • Additional concentrator capacity • Construction of process plant at 62% completion; Early commissioning • Production expected to • Additional SAG and ball mill commenced commence in H2 2025 • Construction of overland conveyor • Operational r
Slide 22: S3 Expansion: Workforce Classroom Training
S3 EXPANSION S3 workforce classroom training 22
Slide 23: S3 Expansion: Workforce Field Training
S3 EXPANSION S3 workforce field training 23
Slide 24: S3 Expansion: Primary Crusher Progress
S3 EXPANSION Primary Crusher Progress 24
Slide 25: S3 Expansion: Stockpile Feed Conveyor
S3 EXPANSION Stockpile Feed Conveyor with transfer station 2 in the middle and primary crusher in the back ground 25
Slide 26: S3 Expansion: SAG Feed and Pebble Conveyor
S3 EXPANSION SAG Feed and Pebble Conveyor 26
Slide 27: S3 Expansion: SAG Mill and Ball Mill
S3 EXPANSION SAG Mill and Ball Mill 27
Slide 28: S3 Expansion: High Pressure Oxygen Compressor
S3 EXPANSION High Pressure Oxygen Compressor 28
Slide 29: S3 Expansion: Oxygen Plant Cold Box
S3 EXPANSION Oxygen Plant Cold Box due to be stood up in Q1 2025 29
Slide 30: S3 Expansion
S3 EXPANSION FIRST QUANTUM MINERALS
Slide 31: S3 Expansion: TSF Booster Station
S3 EXPANSION TSF 2 Booster Station 31
Slide 32: Top Priorities for 2025
TOP PRIORITIES FOR 2025 Proactive Safe and Delivery of Resolution in Management of Productive Kansanshi S3 Panama Balance Sheet Operational Expansion and Liquidity Performance • Partnering and sale options • Financing options • Continuation of hedging strategy 32
Slide 33: Upcoming Events
UPCOMING EVENTS February 11, 2025 • Q4 2024 FINANCIAL AND OPERATING RESULTS (Conference call February 12, 2025) April 23, 2025 • Q1 2025 FINANCIAL AND OPERATING RESULTS (Conference call April 24, 2025) May 8, 2025 • ANNUAL GENERAL MEETING May 8, 2025 • ANALYST/INVESTOR DINNER (Toronto) June 19, 2025
Slide 34: Appendix
APPENDIX RESPONSIBLE GROWTH 34
Slide 35: Copper Cash Cost and AISC
COPPER CASH COST¹ AND AISC¹ Higher Thequarterly copper C1 First Quantum cash cost¹ Financial and AISC¹ (excluding Cobre Panamá) of $1.68/lb and $2.50/lb respectively, driven by Policy lower production and increased sustaining capital expenditure² COPPER C1¹ ($/lb) COPPER AISC¹ ($/lb) 2.90 1.95 2.70
Slide 36: Debt Maturity Profile
DEBT MATURITY PROFILE • Prudent management of near-term maturities to maintain strategic flexibility • Trident facility refinanced in Q4 with new maturity extended to 2028, reducing loan amortization in 2025 DEBT MATURITY AT DECEMBER 31, 2024 $1.6bn LIQUIDITY DECEMBER 31, 2024 2,372 180 142 $ millio
Slide 37: Financial Summary
FINANCIAL SUMMARY The First $ millions Quantum (except Financial per share Policy numbers) Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Sales revenues 1,256 1,279 1,231 1,036 1,218 Gross profit 405 456 333 156 87 EBITDA1,2 455 520 336 180 273 Net earnings (loss) attributable to shareholders of the Compan
Slide 38: Non-GAAP EBITDA and Adjusted Earnings (Loss) Reconciliation
NON-GAAP EBITDA AND ADJUSTED EARNINGS (LOSS) RECONCILIATION $ millions (except per share numbers) Q4 2024 Q3 2024 Q4 2023 FULL YEAR 2024 FULL YEAR 2023 Operating profit (loss) 344 329 (984) 810 78 Depreciation 169 159 226 633 1,121 Foreign exchange loss (gain) (13) 23 43 (4) 67 Impairment expense¹ 2
Slide 39: Non-GAAP Measures Reconciliation C1 and AISC
NON-GAAP MEASURES RECONCILIATION C12 AND AISC2 $ millions Q4 2024 Q3 2024 Q4 2023 FULL YEAR 2024 FULL YEAR 2023 Cost of sales¹ (851) (823) (1,131) (3,452) (5,164) Depreciation 169 159 226 633 1,121 By-product credits 124 127 92 428 462 Royalties 92 91 85 334 345 Treatment and refining charges (28) (
Slide 40: EBITDA Sensitivity
EBITDA¹ SENSITIVITY The First Quantum Financial Policy Impact on December Actual price/rate 2024 FY EBITDA¹ of a Assumption December 2024 FY 10% unfavourable change in price/rate Copper (including hedge impact) $4.15/lb $333 million Gold $2,388/oz $32 million Nickel $7.63/lb $33 million Zambian kwac
Slide 41: Three-Year Guidance
THREE-YEAR GUIDANCE PRODUCTION GUIDANCE COST AND CAPEX GUIDANCE 2025E 2026E 2027E Copper Cost Guidance ($/lb) 2025E 2026E 2027E Kansanshi 160 – 190 180 – 210 210 – 240 C11 $1.85 – $2.10 $1.85 – $2.10 $1.75 – $2.00 Trident - Sentinel 200 – 230 200 – 230 210 – 240 AISC1 $3.05 – $3.35 $2.95 – $3.25 $2.
Slide 42: Kansanshi, Including S3 Expansion
KANSANSHI, INCLUDING S3 EXPANSION Ownership Mine Type Processing Rate S3 Expansion 80% First Quantum Open Pit Adjacent 1.38 Mtpa S3 25 Mtpa Expansion smelter 20% ZCCM-IH Vein deposit, mixed First production H2 2025 27 Mtpa circuit (oxide, supergene and oxide Smelter expansion to 1.6 Mtpa mixed, sulp
Slide 43: Kansanshi Pit Development
KANSANSHI PIT DEVELOPMENT Source: Kansanshi 43-101 Technical Report July 2024 43
Slide 44: Trident (Sentinel & Enterprise)
TRIDENT (SENTINEL & ENTERPRISE) Ownership Mine Type Sentinel Processing Enterprise Processing 100% First Quantum Open Pit 62 Mtpa Sulphide circuit 4 Mtpa Sulphide circuit Sentinel: Copper Enterprise: Nickel SENTINEL & ENTERPRISE P&P Reserves M&I Resources Inferred Resources Sentinel: 651.2 Mt Sentin
Slide 45: Sentinel Pit Development
SENTINEL PIT DEVELOPMENT Source: Trident 43-101 Technical Report March 2020 45
Slide 46: Cobre Panamá, Including CP100 Expansion
COBRE PANAMÁ, INCLUDING CP100 EXPANSION Ownership Mine Type Processing Rate CP100 Expansion 90% First Quantum Open Pit 85 Mtpa Sulphide circuit Expansion to 100 Mtpa 10% KOMIR Cu-Au-Ag-Mo Porphyry • Preservation and Safe Management (“P&SM”) since November 2023 • P&SM costs are expected to be $12 mil
Slide 47: Las Cruces Underground Project
LAS CRUCES UNDERGROUND PROJECT • Benefits from existing team, workforce and Las Cruces Underground Resource Classification infrastructure MINERAL RESOURCE STATEMENT AS OF SEPTEMBER 30, 2023 • Environmental permits received in 2020; Mine exploitation permit received in 2021; Water Tonnes CuEq Ag Mate
Slide 48: Taca Taca
TACA TACA 275,000 Low 32 Years US$3.6 Billion Tonnes of Cu C1 Cash Cost1 Mine Life Capital Per Year (Peak) Investment • 50 - 200 Megawatts of Renewable Energy • Primary ESIA under evaluation by the Secretariat of Mining of Salta Province. Independent evaluation from SEGEMAR (Argentinian Geological a
Slide 49: La Granja
LA GRANJA La Granja is one of the largest undeveloped copper resources in the world, with potential to support a multi-decade open-pit operation • First Quantum is the operator with a 55% interest • Large copper project in northern Peru • Partnership with Rio Tinto, acquired in August • Located in t
Slide 50: Haquira Overview
HAQUIRA OVERVIEW • Large scale porphyry copper project in Apurímac, Southern Peru • Acquired in December 2010 • One of the world’s major undeveloped copper deposits • M&I resource of 3.7 million tonnes of contained copper equivalent plus an inferred resource of 2.4 million tonnes of copper equivalen
Slide 51: First Quantum Minerals Ltd. contact
First Quantum Minerals Ltd. info@fqml.com 416-361-6400 1-888-688-6577 RESPONSIBLE GROWTH 51