Slide 1: First Quarter 2026 Financial & Operating Results
First 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: Q1 2026 Highlights
Q1 2026 HIGHLIGHTS TOTAL COPPER PRODUCTION Recent Developments 96,469t ♦ Initiated Fuel Continuity Planning ♦ Kansanshi S3 Expansion: Achieved milling rates ~25% above design capacity 4% decrease from Q4 2025 due to lower ♦ Taca Taca Technical Report: Strong economics at conservative metal prices; R
Slide 5: Middle East Impact: Fuel Continuity Planning
MIDDLE EAST IMPACT: FUEL CONTINUITY PLANNING FUEL AND OTHER SUPPLIES CAN BE ACTIVELY MANAGED TO AVOID PRODUCTION DISRUPTIONS Dar es Salaam Fuel Continuity Planning ENTERPRISE KANSANSHI 1) Sourcing additional supply SENTINEL 2) Diversifying ports of delivery ZAMBIA 3) Securing additional contingency
Slide 6: Fuel Discipline and Optimization Initiatives
FUEL DISCIPLINE AND OPTIMIZATION INITIATIVES FUEL REDUCTION INITIATIVES Readily deployed without compromising future production Reduction in non-productive time ♦ Maximizing the efficiency of machine operation, reducing idle times and delays Deployment of fuel bowsers in pit ♦ Less travel distance f
Slide 7: Fuel Discipline and Optimization Initiatives
FUEL DISCIPLINE AND OPTIMIZATION INITIATIVES EXISTING INITIATIVES* Delivering measurable benefits in costs, safety, productivity and fuel efficiency Drilling Fleet Electrification Quantum Blasting Fleet Electrification Quantum Electra Haul Trolly Assist Near-Pit/In-Pit Crushing Rail Run Conveyor (RR
Slide 8: Sustainability Highlights from the Quarter
SUSTAINABILITY HIGHLIGHTS FROM THE QUARTER Women in Business Kalumbila Secondary Guelb Moghrein launches Kalumbila Industrial Park program expands economic School opens its doors youth entrepreneurship attracts new local opportunities in Kalumbila training in Inchiri manufacturing The Women in Busin
Slide 9: Cobre Panamá
3 Bi: a MINERALS FIRST QU,
Slide 10: Cobre Panamá Update
COBRE PANAMÁ UPDATE May 30, 2025: Government of Panama Approves Preservation and Safe Comprehensive Audit by SGS Panama Control Services Management Plan (“P&SM”) ♦ MiAmbiente issued order for SGS to proceed with the comprehensive Plan allows for: audit in October 2026 ♦ Integral P&SM activities a
Slide 11: Cobre Panamá Operational Readiness for Stockpiled Ore Processing
COBRE PANAMÁ OPERATIONAL READINESS FOR STOCKPILED ORE PROCESSING Tailings line – Inspection and bolt replacement Mobile fleet – Load testing Environmental & Operational Benefits Processing reduces environmental and operational risks while supporting safe tailings management. Process – Water pump val
Slide 12: Cobre Panamá Operational Readiness Workforce Hiring
COBRE PANAMÁ OPERATIONAL READINESS WORKFORCE HIRING Safety meeting during onboarding Strong Workforce Response to Recruitment Campaign ~1,000 roles required (maintenance, processing, environmental management, logistics, and support services); Over 60,000 expressions of interest received Potential to
Slide 13: Sustainability and Community Highlights at Cobre Panamá
SUSTAINABILITY AND COMMUNITY HIGHLIGHTS AT COBRE PANAMÁ Biodiversity monitoring and protection during Escuela Feliz: Nourishing Strengthening Indigenous community engagement and Preservation and Safe Management (P&SM) students, enhancing learning livelihoods Cobre Panamá strengthened Cobre Panamá Th
Slide 14: Operational Overview
OPERATIONAL OVERVIEW Rudi Badenhorst, COO 14
Slide 15: Kansanshi
KANSANSHI Q1 2026 COPPER PRODUCTION 2026 Outlook 45,345t 5% lower than Q4 2025 due to lower feed ♦ 2026 production guidance unchanged ♦ Higher S3 throughput from low-grade stockpiles and increased operating time; Ongoing grades and recoveries partially offset optimization of S3 and main plant gravit
Slide 16: Sentinel
SENTINEL Q1 2026 COPPER PRODUCTION 2026 Outlook 45,252t 6% lower than Q4 2025 due to lower ♦ 2026 production guidance unchanged ♦ Grades to improve in H2 2026; 2026 levels below 2025 levels overall grades and recoveries partially offset by ♦ Continue to manage flange bolt fatigue at Ball Mill 2; Ful
Slide 17: Enterprise
ENTERPRISE Q1 2026 NICKEL PRODUCTION 2026 Outlook 12,340 41% increase from Q4 2025 due to higher ♦ 2026 production guidance unchanged ♦ Focus on improving ore quality, grade control, and mining productivity grades and recoveries, partially offset by lower throughput Q1 2026 NICKEL C1 CASH COST 1 ($
Slide 18: 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) ♦ 100% ownership ♦ 100% ownership ♦ Open pit (Cu, Au) ♦ Open pit (Ni) ♦ Underground (
Slide 19: Financial Overview
FINANCIAL OVERVIEW Ryan MacWilliam, CFO 19
Slide 20: Q1 2026 Revenue and C1 Cash Costs
Q1 2026 REVENUE AND C1 CASH COSTS1 GROSS REALIZED COPPER PRICE1 ($ per lb) ♦ Lower revenue quarter-over-quarter from lower copper and gold sales $5.16 ♦ Higher copper C1 cash costs1 quarter-over-quarter driven by lower Zambian production and elevated employee costs at those operations Up 6% quarter-
Slide 21: Q1 2026 EBITDA and Net Earnings / (Loss)
Q1 2026 EBITDA1 AND NET EARNINGS / (LOSS) EBITDA1 ♦ Lower EBITDA1 was driven by lower copper and gold sales volumes, together with $326 million Down 30% quarter-over-quarter ♦ greater hedge losses and elevated royalties from higher realized prices2 Increased LPS2 reflects lower EBITDA1, which includ
Slide 22: EBITDA Waterfall
EBITDA1 WATERFALL 1 EBITDA is a non-GAAP financial measure and realize 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 Q1 2026 Managemen
Slide 23: Copper C1 Cash Cost
COPPER C1 CASH COST¹ ♦ Higher unit cash cost1 driven by lower Zambian production and elevated Zambian employee costs ♦ Partially mitigated by increased by-product credits from higher realized gold prices1 1 C1 cash cost ( C1) and realized metal prices are non-GAAP ratios, do not have standardized me
Slide 24: Key Input Assumptions and Trends
KEY INPUT ASSUMPTIONS AND TRENDS PRICE / RATE GOLD PRICE Guidance1 assumption: $4,000/oz Spot at April 27, 2026: $4,692/oz BRENT CRUDE OIL PRICE Guidance1 assumption: $70/bbl Spot at April 27, 2026: $108/bbl ZAMBIAN KWACHA : US DOLLAR Guidance1 assumption: 25.00 Spot at April 27, 2026: 18.97 1Cost g
Slide 25: Market Impact on Cost Structure
MARKET IMPACT ON COST STRUCTURE ♦ Fuel cost accounts for roughly 15% of our cost base, including about 8% direct exposure ♦ Fuel prices will impact Q2 2026 operating costs ♦ Potential $0.25 per lb impact on C1 cash costs if current outlook for prices and FX rates persist for the remainder of the yea
Slide 26: Net Debt
NET DEBT1 ♦ Net debt1 increased by $92 million during the quarter attributable to capital expenditures combined with interest and taxes paid, partially offset by EBITDA2 contributions and favourable movements on working capital3 Key Working Capital3 Cash Flows Q1 2026 - $260 million inflow Q4 2025 -
Slide 27: Debt Maturity Profile
DEBT MATURITY PROFILE ♦ Debt portfolio de-risking, extension and simplification achieved following successive bank and bond market deals during Q1 2026 ♦ Nearest bond maturity is now in 2031 following issuance of new $1.5 billion 10-year Senior Unsecured Notes offering due in 2036, with majority of
Slide 28: Deliberate Capital Optimisation
DELIBERATE CAPITAL OPTIMISATION ♦ Continued focus on strong liquidity positioning and proactive maturity management while Cobre Panamá remains on P&SM and amidst increased macroeconomic volatility ♦ The net leverage position has improved materially over last twelve months and continued de-leveraging
Slide 29: Taca Taca
& FIRST QUANTUM MINERALS TACA TACA
Slide 30: Why Taca Taca?
WHY TACA TACA? WORLD-CLASS ASSET PROVEN DE-RISKING FOR SELF-BUILD TEAM SANCTIONING ♦ Among the 15 largest undeveloped copper projects in the world1 ♦ Track record of building and delivering ♦ ESIA submitted; Approval expected in Q3 large, complex projects 2026 ♦ One of the largest copper projects to
Slide 31: Taca Taca - Summary
TACA TACA - SUMMARY ♦ 100% First Quantum ♦ Defined access to water, power, rail, port ♦ Porphyry copper-gold-moly deposit ♦ Located in an area with limited environmental sensitivities ♦ Located in the Puna region of Salta Province, northwest Argentina ♦ No local communities living within or in close
Slide 32: Taca Taca – Strong Economics
TACA TACA – STRONG ECONOMICS Average Annual Production Initial Processing Capacity 40 Mtpa; Expansion to 60 Mtpa1 Initial capital to 40 Mtpa ($M) 4,232 Copper (kt) 323 Expansion capital to 60 Mtpa ($M) 1,019 291 209 Total development capital ($M) 5,250 After-tax NPV8% ($M) 2 5,917 After-tax IRR (%)
Slide 33: Taca Taca: Low Capital Intensity
TACA TACA: LOW CAPITAL INTENSITY1 FIRST QUANTUM’S IN-HOUSE PROJECTS TEAM HAS A TRACK RECORD OF DELIVERING PROJECTS AT LOW CAPITAL INTENSITY OPEN PIT COPPER PROJECTS BUILT SINCE 2005 15 LARGEST UNDEVELOPED COPPER PROJECTS Cobre Panamá, CP100 Kansanshi Sentinel including port and Expansion Taca Taca (
Slide 34: Taca Taca: Based on Tried, Tested, and Trusted Design
TACA TACA: BASED ON TRIED, TESTED, AND TRUSTED DESIGN ♦ Taca Taca’s design and construction will be driven by tried, tested, and trusted project design ♦ Initial 40 Mtpa design (2 trains) and 60 Mtpa expansion (identical third train) will resemble First Quantum’s existing operations ♦ Low operating
Slide 35: Taca Taca: Environment & Community
TACA TACA: ENVIRONMENT & COMMUNITY ENVIRONMENTAL ASSESSMENT AND PERMITTING WATER STEWARDSHIP Engagement with provincial authorities continues to advance ESIA Securing a sustainable water supply remains a priority. In 2025, field approval, with reviews focused on mining infrastructure and water inves
Slide 36: Closing Remarks
CLOSING REMARKS Tristan Pascall, CEO 36
Slide 37: 2026 Updated Guidance
2026 UPDATED GUIDANCE PRODUCTION GUIDANCE CASH COST1 AND ALL-IN SUSTAINING COST1 2026 Previous 2026 Updated 2026 Previous 2026 Updated 000's tonnes Copper Cost Guidance ($ per lb) Guidance Guidance Guidance Guidance Cobre Panamá 0 30 - 40 C11 $1.95 - $2.20 $2.15 - $2.40 Kansanshi 175 - 205 175 - 205
Slide 38: 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 38
Slide 39: 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 29, 2026 • ANALYST/INVESTOR DINNER (London) July 28, 2026 • Q2 2026 FINANCIAL AND OPERATING RESULTS (Con
Slide 40: Appendix Innovation
APPENDIX INNOVATION
Slide 41: Drilling Fleet Electrification
DRILLING FLEET ELECTRIFICATION First to adopt fully electrified Pit Viper PV231E drills, BETTER FRAGMENTATION eliminating diesel engine AND HIGHER PRECISION requirements AND PRODUCTIVITY Lower Maintenance Higher Accuracy Reduces Greenhouse Gas Fully and semi-autonomous Emissions capability improves
Slide 42: Quantum Blasting
Use of machine learning and AI, requiring less drill metres, detonators and primers and manages dilution and metal loss QUANTUM BLASTING AI-Driven Modeling Increases Throughput IMPROVED FRAGMENTATION Optimizes blast domains Reduces energy use REDUCES ENERGY USE IN MILLING, ONE OF THE MOST ENERGY-INT
Slide 43: Fleet Electrification
59% of Kansanshi mining volumes produced by electric shovels FLEET ELECTRIFICATION Supports ongoing transition Africa’s first Hitachi EX5600-7E TRANSFORMING MINE toward a fully electrified load, electric shovels LOADING & HAUL haul, and dig ecosystem EFFICIENCY Reduces Greenhouse Gas Emissions Elimi
Slide 44: Quantum Electra-Haul Trolley-Assist
Pioneering electrical drive technology on pit exit ramps QUANTUM Up to 90% reduced diesel Over 44,000 tonnes1 ELECTRA-HAUL consumption of CO2 saved at Sentinel and TROLLEY-ASSIST on uphill haul ramps Kansanshi in 2025 ELECTRIFIED HAULAGE AT SCALE; POTENTIAL FOR > 14 km of trolley lines deployed Impr
Slide 45: Near-Pit/In-Pit Crushing
Ore crushers located in/near-pit with relocation capability NEAR-PIT/IN-PIT Eliminates long diesel haul CRUSHING routes >25k tonnes1 of CO2 saved at Sentinel and Kansanshi in 2025 Ore transferred via conveyor EFFICIENT, HIGH-VOLUME, LOW-CARBON ORE Crushers can be relocated to Enables high-volume, en
Slide 46: Rail Run Conveyor (RRC)
Conveyor ran on rail carts as opposed to idlers RAIL RUN 3.5 km RRC system supports First production-scale CONVEYOR (RRC) installation in the Western world 5,000 tph throughput with only 1 MW of power (vs. 3MW now operating at Sentinel conventional) NEXT-GENERATION OVERLAND HAULAGE Centralized and a
Slide 47: Edge AI
Building a Scalable Edge AI Capability EDGE AI Foreign Object Detection GET Loss Detection AI-enabled monitoring to detect Automated identification of loss unwanted objects before on ground-engaging tools (GET) material reaches crushers. MACHINE-LEARNING MODELS DEPLOYED ON SITE TO OPTIMIZE Proven in
Slide 48: Rolling Resistance
Surface upgrades as productivity and cost initiatives, not just maintenance ROLLING Road treatment RESISTANCE consisting of a rock chip seal 40% reduction in cost compared covered with a slurry seal (i.e. to bitumen only tar road) SURFACED HAUL ROADS 1% reduction in rolling resistance ≈ 2% fuel savi
Slide 49: Dual Purpose Fuel / Bulk Trailers
Hybrid trailers optimized for both fuel imports and copper exports; Eliminating empty haul routes; Realizing paid freight revenues on outbound legs and DUAL PURPOSE reducing number of trucks entering FQM sites FUEL / BULK TRAILERS IMPROVING FUEL 40 dual purpose trailers EFFICIENCY IN LOGISTICS 10 tr
Slide 50: Appendix Financials
& FIRST QUANTUM MINERALS APPENDIX FINANCIALS ok.
Slide 51: Hedge Portfolio
HEDGE PORTFOLIO ♦ No new trades added to copper and gold hedge portfolio in Q1 2026 and no hedges in place beyond Q2 2026 ♦ Downside risk mitigation financed by sale of upside has incurred market-driven losses ♦ ~15% and ~20% of planned full year copper and gold production hedged ♦ ~50% and ~60% of
Slide 52: Copper Cash Cost and AISC
COPPER CASH COST¹ AND AISC¹ Higher quarterly copper C1 cash cost2 and AISC2 (including Cobre Panamá) of $2.51 per lb and $4.05 per lb respectively, driven by elevated price-driven royalties coupled with increased employee costs 2.15 - 2.40 3.50 - 3.80 1 First Quantum News Release dated April 28, 202
Slide 53: Financial Summary
FINANCIAL SUMMARY $ millions (except per share numbers) Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Sales revenues 1,404 1,475 1,346 1,226 1,190 Gross profit 278 416 360 351 331 EBITDA1,2 326 464 435 400 377 Net earnings (loss) attributable to shareholders of the Company (196) 25 (48) 18 (23) Adjusted e
Slide 54: Non-GAAP EBITDA and Adjusted Earnings (Loss) Reconciliation
NON-GAAP EBITDA1 AND ADJUSTED EARNINGS (LOSS)1 RECONCILIATION $ millions (except per share numbers) Q1 2026 Q4 2025 Q1 2025 Operating profit 157 308 215 Depreciation 200 191 159 Foreign exchange loss (gain) (35) (14) 1 Impairment and Impairment (reversals)2 1 (23) — Share of results of joint venture
Slide 55: Non-GAAP C1 and AISC Reconciliation
NON-GAAP C12 AND AISC2 RECONCILIATION $ millions Q1 2026 Q4 2025 Q1 2025 Cost of sales1 (1,126) (1,059) (859) Depreciation 200 191 159 By-product credits 176 177 135 Royalties 140 113 86 Treatment and refining charges (20) (25) (17) Freight costs 5 6 3 Finished goods (52) 17 (22) Other 4 107 67 70 C
Slide 56: EBITDA Sensitivity
EBITDA SENSITIVITY Actual price/rate March 31, 2026 QTD EBITDA1 Impact of a Assumption March 31, 2026 10% unfavourable QTD price/rate change Copper (including hedge impact) 5.83 per lb $113 million Gold 4,875 per oz $16 million Nickel 7.87 per lb $14 million Zambian kwacha 19.43 ZMW/USD $9 million B
Slide 57: Appendix Operations
& FIRST QUANTUM MINERALS APPENDIX OPERATIONS
Slide 58: 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 59: 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 60: 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 61: 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 62: Taca Taca
♦ Porphyry copper-gold-moly deposit ♦ 3,500 meters 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 63: 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 64: 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 65: fqml.com
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