Slide 1: Taca Taca NI 43-101 Technical Report
TACA TACA NI 43-101 TECHNICAL REPORT (In United States dollars, except where noted otherwise) FEBRUARY 19, 2026 News Release “First Quantum Files NI 43-101 Technical Report for Taca Taca” and the “Taca Taca Project NI 43-101 Technical Report January 2026” are available at www.first-quantum.com and a
Slide 2: Taca Taca: World-class asset, proven self-build team, de-risking for sanctioning
TACA TACA 100% First Quantum WORLD-CLASS PROVEN DE-RISKING FOR ASSET SELF-BUILD TEAM SANCTIONING ♦ Among the 15 largest ♦ Track record of building and ♦ ESIA submitted; Approval undeveloped copper delivering large, complex expected in H1 2026 projects in the world1 projects ♦ Water permit applicatio
Slide 3: Taca Taca project overview
♦ Porphyry copper-gold-moly deposit ♦ Located in the Puna region of Salta Province, northwest Argentina ♦ 3,500 meters elevation ~230 km west of TACA TACA the city of Salta and 55 km east of the Chilean border Salta Province, Argentina 100% First Quantum ♦ Defined access to water, power, rail, port
Slide 4: Taca Taca economics and NPV/IRR sensitivities
Initial Processing Capacity 40 Mtpa; Expansion to 60 Mtpa1 TACA TACA Salta Province, Argentina Initial capital to 40 Mtpa ($M) 4,232 100% First Quantum Expansion capital to 60 Mtpa ($M) 1,019 Total development capital ($M) 5,250 Average Annual Production After-tax NPV8% ($M) 2 5,917 Copper (kt) 323
Slide 5: Taca Taca: Robust economics at spot prices
After-Tax NPV-8% ($M) After-Tax IRR (%) 11,318 TACA TACA: 26.9 ROBUST ECONOMICS 19.3 AT SPOT PRICES 5,917 2026 Technical Report: Copper $4.50 per lb Technical Report Spot Technical Report Spot Gold $3,000 per oz Spot Prices Payback (Years) C1 Cash Costs ($ per lb) (as of February 18, 2026): 9 1.26 C
Slide 6: Taca Taca: De-risked site layout
Water ♦ Sustainable water abstraction plan TACA TACA: well advanced DE-RISKED SITE ♦ Four identified fresh water supply basins LAYOUT ♦ Sufficient water supply for 40 Mtpa and 90% of water requirement for 60 Mtpa ♦ Defined access to water, ♦ Additional water supply will be power, rail, and port inve
Slide 7: Taca Taca: Low capital intensity
15 LARGEST UNDEVELOPED GREENFIELD PROJECTS Bubble size represents resource contained copper TACA TACA: LOW CAPITAL INTENSITY1 Taca Taca (Initial 40 Mtpa) ♦ $13,545 per tonne for initial 40 Mtpa construction ♦ $10,947 per tonne for expansion to 60 Mtpa Taca Taca (Expansion to 60 Mtpa) Source: Wood Ma
Slide 8: Taca Taca: A world-class asset
COPPER DEVELOPMENT PROJECTS OVER THE NEXT DECADE1 First quartile costs TACA TACA: 450 A WORLD-CLASS ASSET 400 Taca Taca 350 ♦ LOM Average Copper Production 209ktpa ♦ LOM C1 Cash cost 2 $1.26 per lb LOM Average Copper Production (ktpa) Among the largest copper projects 300 to be developed over the ne
Slide 9: Track record of project delivery
Benefits of In-House Projects Team Flexibility to adapt the execution of Ability to scrutinize costs a project and deliver projects more efficiently TRACK RECORD OF DELIVERING PROJECTS AT LOW PROJECT DELIVERY CAPITAL INTENSITY Smooth transition from development to Learnings from each project transfe
Slide 10: Tried, tested and trusted
CONSTRUCTION: SELF-BUILT PROJECTS Sentinel Cobre Panamá Kansanshi S3 Expansion 62 Mtpa 100 Mtpa 25 Mtpa TRIED, TESTED 2 milling trains 3 milling trains 1 milling train ♦ 2 x 28 MW SAG Mills ♦ 3 x 28 MW SAG Mills ♦ 1 x 28 MW SAG Mill AND TRUSTED ♦ 2 x 22 MW Ball Mills ♦ 6 x 16.5-22.0 MW Ball Mills ♦
Slide 11: Taca Taca: Environment & community
TACA TACA: ENVIRONMENTAL ASSESSMENT AND PERMITTING WATER STEWARDSHIP ENVIRONMENT & COMMUNITY Engagement with provincial authorities continues to advance ESIA approval, with reviews focused on Securing a sustainable water supply remains a priority. In 2025, field investigations expanded across mining
Slide 12: RIGI application
RIGI APPLICATION RIGI (INCENTIVE REGIME FOR Application De-Risks Argentina and Taca Taca LARGE INVESTMENTS IN ARGENTINA) RIGI BENEFITS FISCAL FOREIGN EXCHANGE LOWER TAX STABILITY ACCESS RATES ♦ Application deadline: Extended to ♦ Improved incentives 30-year stability across Export proceeds progressi
Slide 13: 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 14: Contact
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