First Quantum Minerals Ltd. · TSX:FM
First Quantum Minerals — Q2 2025 Earnings Presentation
49 slides from First Quantum Minerals's earnings presentation, Jul 24, 2025
Slide 1: Growing Responsibly: Second Quarter 2025 Financial & Operating Results
GROWING RESPONSIBLY Second Quarter 2025 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
Cobre Panamá OPENING REMARKS Tristan Pascall, CEO RESPONSIBLE GROWTH 3
Slide 4: Q2 2025 Highlights
Q2 2025 HIGHLIGHTS TOTAL COPPER PRODUCTION Recent Developments 91,069t • Government of Panama approved P&SM Plan for Cobre Panamá • Export of copper concentrate commenced in June 9% decrease from Q1 2025 due to lower • Approval to restart thermoelectric power plant grades at Zambian operations • Fir
Slide 5: Cobre Panamá Update
COBRE PANAMÁ UPDATE Government of Panama Approves Preservation and Safe Management Plan (“P&SM”) May 30, 2025 Allowing for Integral P&SM activities and the associated environmental measures at site • 2nd & 3rd vessels dispatched in July with final vessel to be dispatched in coming days EXPORT OF • E
Slide 6: Cobre Panamá Concentrate Shed
COBRE PANAMÁ CONCENTRATE SHED Concentrate pile preparation for 1st vessel loading Concentrate pile at the end of 3rd vessel loading 6
Slide 7: Sustainability Highlights from the Quarter
SUSTAINABILITY HIGHLIGHTS FROM THE QUARTER Local Supplier Development in Support Zambia’s Energy Community Observers in Engagement with Indigenous Zambia Transition Independent Audit Communities Trident has partnered with Zambia’s Volunteers from neighboring Citizens Economic Empowerment communities
Slide 8: Operational Overview
Sentinel OPERATIONAL OVERVIEW Rudi Badenhorst, COO RESPONSIBLE GROWTH 8 7
Slide 9: Kansanshi
KANSANSHI Q2 2025 COPPER PRODUCTION 2025 Outlook 40,103t • • 2025 production guidance remains unchanged First production from S3 Expansion expected in H2 2025 14% lower than Q1 2025 due to lower feed • Majority of initial feed will be sourced from low-grade stockpiles grades despite increase in mill
Slide 10: Trident - Sentinel
TRIDENT - SENTINEL Q2 2025 COPPER PRODUCTION 2025 Outlook 43,108t • • 2025 copper production guidance remains unchanged In process of finalizing corrective procedure for Ball mill bolt fatigue identified in Q1 2025 7% lower than Q1 2025 due to mining of • Continued focus on increasing mill throughpu
Slide 11: Trident - Enterprise
TRIDENT – ENTERPRISE Q2 2025 NICKEL PRODUCTION 2025 Outlook 4,018t • 2025 nickel production guidance unchanged • Mining to focus on maximizing ore supply and comminution efficiency to increase 14% decrease from Q1 2025 due to lower throughput and lower operating costs throughput and grades • Mining
Slide 12: Other Mines
OTHER MINES Las Cruces Çayeli NI 43-101 published February 2024 Q2 2025 PRODUCTION: 3,300t Cu, and 379t Zn Continue to pursue sales process Q2 2025 C1 CASH COST1: $0.78 per lb Cu 2025 PRODUCTION GUIDANCE: 10kt Cu, 1.5kt Zn Updated NI 43-101 expected in H2 2025 Guelb Moghrein Q2 2025 PRODUCTION: 4,55
Slide 13: Financial Overview
S3 Expansion FINANCIAL OVERVIEW Ryan MacWilliam, CFO RESPONSIBLE GROWTH 13
Slide 14: Q2 2025 Revenue and Costs
Q2 2025 REVENUE AND COSTS GROSS REALIZED COPPER PRICE1 (per lb) • Increased revenue quarter-over-quarter from higher copper and gold realized prices coupled with greater gold and nickel sales volumes $4.30 • Higher copper C1 cash costs1 quarter-over-quarter was driven by lower grade Zambian producti
Slide 15: Q2 2025 EBITDA and Net Earnings
Q2 2025 EBITDA1 AND NET EARNINGS EBITDA1 EBITDA1 increased by $23 million quarter-over-quarter driven by higher realized metal prices2 $400 million Up 6% quarter-over-quarter NET EARNINGS ATTRIBUTABLE TO SHAREHOLDERS OF THE COMPANY $18 million Improved $41 million quarter-over-quarter ADJUSTED EARNI
Slide 16: EBITDA Waterfall
EBITDA1 WATERFALL External Factors (+$52 million) Internal Factors (-$18 million) Copper +$13m Gold +$22m Nickel - $2m 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 fin
Slide 17: Copper C1 Cash Cost
COPPER C1 CASH COST¹ Higher unit cash cost driven by lower grade Zambian production was partially offset by increased by-product credits from stronger gold prices, as well as Zambian WIP (“work in progress”) build up and higher Kansanshi capitalized stripping $0.05 per lb higher cash costs 2.10 1.85
Slide 18: Quarterly Net Debt Movement
QUARTERLY NET DEBT1 MOVEMENT Net debt1 decreased by $334 million during the quarter attributable to receipt of the prepayment and EBITDA² generation, offset by capital expenditures and interest paid4 Key Working Capital Cash Flows 1 Net debt is a supplementary financial measure which does not have a
Slide 19: Hedging Strategy
HEDGING STRATEGY • Copper hedging portfolio maintained and continues to reduce copper price volatility, with a $37 million gain realized since inception of the program • Approximately 60% of planned copper production and sales in 2025, and approximately 40% for the first half of 2026 are protected f
Slide 20: Consistent, Decisive Action on the Balance Sheet
CONSISTENT, DECISIVE ACTION ON THE BALANCE SHEET Maintenance of strong liquidity and proactive management of debt maturities despite Cobre Panama being on P&SM • $500 million 1st copper • Copper hedge • $425 million • $1 billion Senior • $500 million 2nd prepayment program Trident Facility Notes off
Slide 21: Closing Remarks
S3 Expansion CLOSING REMARKS Tristan Pascall, CEO RESPONSIBLE GROWTH 21
Slide 22: S3 Expansion
S3 EXPANSION • Reached final stages of commissioning • First ore fed to the primary crusher onto the crushed ore stockpile in Q2 2025 and subsequently through SAG mill and rougher flotation circuit in July, ahead of schedule • Cash spending expected to decline as the project advances towards complet
Slide 23: S3 Expansion: Stockpile Feed Conveyor
S3 EXPANSION Stockpile Feed Conveyor 23
Slide 24: S3 Expansion: Cleaner Flotation & Reagents
S3 EXPANSION Cleaner Flotation & Reagents 24
Slide 25: S3 Expansion: Milling Area
S3 EXPANSION Milling Area 25
Slide 26: S3 Expansion: Pebble Circuit
S3 EXPANSION Pebble Circuit 26
Slide 27: S3 Expansion: Power Factor Correction Yard
S3 EXPANSION Power Factor Correction Yard 27
Slide 28: S3 Expansion: Cleaner Flotation
S3 EXPANSION Cleaner Flotation 28
Slide 29: S3 Expansion: Mill Building Fitout
S3 EXPANSION Mill Building Fitout 29
Slide 30: Top Priorities for 2025
TOP PRIORITIES FOR 2025 Proactive Safe and Delivery of Resolution in Management of Productive Kansanshi S3 Panama Balance Sheet Operational Expansion and Liquidity Performance • Partnering and sale options • Financing options • Continuation of hedging strategy 30
Slide 31: Upcoming Events
UPCOMING EVENTS September 22-26, 2025 ZAMBIA MINE TOUR October 28, 2025 Q3 2025 FINANCIAL AND OPERATING RESULTS (Conference call October 29, 2025) January, 2026* 3 YEAR GUIDANCE February 10, 2026 Q4 2025 FINANCIAL AND OPERATING RESULTS (Conference call February 11, 2026) April 28, 2026 Q1 2026 FINAN
Slide 32: Appendix
3 a & FIRST QUANTUM MINERALS. APPENDIX 32
Slide 33: 2025 Guidance Unchanged
2025 GUIDANCE UNCHANGED PRODUCTION GUIDANCE COST AND CAPEX GUIDANCE 2025E Copper Cost Guidance ($/lb) 2025E Kansanshi 160 – 190 C11 1.85 – 2.10 Sentinel 200 – 230 AISC1 3.05 – 3.35 Other sites 20 Copper production (K tonnes) 380 – 440 Nickel Cost Guidance ($/lb) 2025E C11 5.00 – 6.50 Kansanshi 100
Slide 34: Copper Cash Cost and AISC
COPPER CASH COST¹ AND AISC¹ Higher quarterly copper C1 cash cost¹ and AISC¹ (excluding Cobre Panamá) of $2.00/lb and $3.18/lb respectively, driven by lower grade Zambian The First Quantum Financial Policy production and increased Zambian sustaining capex2 2.10 3.35 3.05 1.85 2025 Updated Guidance Ra
Slide 35: Financial Summary
FINANCIAL SUMMARY The First Quantum Financial Policy $ millions (except per share numbers) Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Sales revenues 1,226 1,190 1,256 1,279 1,231 Gross profit 351 331 405 456 333 EBITDA1,2 400 377 455 520 336 Net earnings (loss) attributable to shareholders of the Compa
Slide 36: Debt Maturity Profile
DEBT MATURITY PROFILE • Continued focus on strong liquidity and proactive management of debt maturities • No significant debt maturities in 2025 or 2026 • Longer term maturity profile is well spaced over the remaining years to 2033 1 Liquidity includes $930 million in undrawn RCF (Revolving Credit F
Slide 37: Non-GAAP EBITDA and Adjusted Earnings Reconciliation
NON-GAAP EBITDA1 AND ADJUSTED EARNINGS (LOSS)1 RECONCILIATION $ millions (except per share numbers) Q2 2025 Q1 2025 Q2 2024 Operating profit 220 215 117 Depreciation 172 159 148 Foreign exchange loss (gain) (17) 1 6 Impairment expense — — 61 Share of results of joint venture2 20 — — Restructuring ex
Slide 38: Non-GAAP C1 and AISC Reconciliation
NON-GAAP C12 AND AISC2 RECONCILIATION $ millions Q2 2025 Q1 2025 Q2 2024 Cost of sales1 (875) (859) (898) Depreciation 172 159 148 By-product credits 163 135 104 Royalties 71 86 89 Treatment and refining charges (24) (17) (16) Freight costs 8 3 (7) Finished goods 26 (22) 12 Other 4 27 70 141 C1 Cost
Slide 39: EBITDA Sensitivity
EBITDA¹ SENSITIVITY The First Quantum Financial Policy June 30, 2025 YTD EBITDA1 Actual price/rate Impact of a Assumption June 30, 2025 10% unfavourable YTD price/rate change Copper (including hedge impact) $4.28/lb $181 million Gold $3,067/oz $24 million Nickel $6.97/lb $11 million Zambian kwacha 2
Slide 40: 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 41: Kansanshi Pit Development
KANSANSHI PIT DEVELOPMENT Source: Kansanshi 43-101 Technical Report July 2024 41
Slide 42: 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: 599.7 Mt Sentin
Slide 43: Sentinel Pit Development
SENTINEL PIT DEVELOPMENT Source: Trident 43-101 Technical Report March 2020 43
Slide 44: Cobre Panamá, Including CP100 Expansion
COBRE PANAMÁ, INCLUDING CP100 EXPANSION Ownership Mine Type Processing Rate CP100 Expansion 91% First Quantum Open Pit 85 Mtpa Sulphide circuit Expansion to 100 Mtpa 9% KOMIR Cu-Au-Ag-Mo Porphyry • Preservation and Safe Management (“P&SM”) since November 2023 • P&SM costs ~$15 million per month in Q
Slide 45: 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 46: 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 47: 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 2023 • Located
Slide 48: 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 49: Appendix
APPENDIX info@fqml.com | 416-361-6400 | 1-888-688-6577 TSX FM | fqml.com 49
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