Bank of America Securities Global Metals, Mining and Steel Conference Presentation

BANK OF AMERICA SECURITIES GLOBAL METALS, MINING AND STEEL CONFERENCE 2026

May 12, 2026

TSX FM

COBRE PANAMÁ | Cu Au | PANAMA

(Preservation & Safe Management)

GUELB MOGHREIN | Cu Au | MAURITANIA

Operating Mines Greenfield Projects First Quantum Offices

LA GRANJA | Cu | PERU

1,000

Copper Production

(kt)

800

600

400

200

Commercial

production at Kansanshi

Kansanshi

S2 Expansion

Commissioning of

Sentinel

0

First production at Cobre Panamá

Cobre Panamá placed on P&SM

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026E

2

1 First Quantum news release dated April 28, 2026 "First Quantum Minerals Reports First Quarter 2026 Results" 2 C1 cash cost (C1) is a non-GAAP ratio, which does not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. See "Regulatory Disclosures" section of the Q4 2025 Management's Discussion and Analysis

COPPER-FOCUSED PRODUCER

2025 Revenue

by Commodity

Gold

10%

Copper 82%

Nickel 5%

Other 3%

2026 Guidance1

405 - 475kt

Cu Production 150 - 175koz Au Production

$2.15- $2.40

Consolidated Copper C1 Cash Cost2

Advance Cobre Panamá to Resolution

Strengthening the Balance Sheet for Future Growth

Continued Safe and Productive Operational Performance

Advance Greenfield Projects

3

2026

PRIORITIES

KANSANSHI

Solwezi, Zambia

• 80% ownership1 (20% ZCCM-IH)

• Open pit (Cu, Au)

• 52 Mtpa processing capacity with S3 Expansion

• Mine life to 2050

• 1.6 Mtpa smelter adjacent to the mine

SENTINEL

Kalumbila, Zambia

• 100% ownership

• Open pit (Cu)

• 62 Mtpa processing capacity

• Mine life to 2035

• Enterprise nickel mine located in the same complex

  COBRE PANAMÁ

  Colón Province, Panama

  
  
  

• 91% ownership (9% KOMIR3)

• Open pit (Cu, Au)

• 100 Mtpa processing capacity

• 31 year mine life

• Preservation & Safe Management ("P&SM") since November 2023

  2026 Guidance2

  • 175 - 205kt Cu Production

  • 110 - 120koz Au Production

    2026 Guidance2

  • 190 - 220kt Cu Production

    2026 Guidance2

    • 30 - 40kt Cu Production

      Preservation & Safe Management

    • Concentrate shipped

    • Power plant restarted

    • Processing of stockpiled ore pending

      4

      1 First Quantum receives 100% of the revenues and pays a 3.1% royalty. See First Quantum news release dated December 1, 2022, "First Quantum Minerals Announcement in Respect of Kansanshi Mining Plc." 2 First Quantum news release dated April 28, 2026 "First Quantum Minerals Reports First Quarter 2026 Results" 3 Korea Mine Rehabilitation and Mineral Resources Corporation

      THE RIGHT ASSETS

      FQM Zambia

      Top 10 global copper complex with vertically integrated production

      Cobre Panamá

      Third largest copper mine in the world by throughput; Focused on a resolution to restart operations

      
      
      TACA TACA
      
      

      Salta Province, Argentina

      • 100% ownership

      • Cu, Au, Mo

      • Updated 43-101 Technical Report published on February 19, 2026

      • Expects ESIA approval in H1 2026

      • Working towards RIGI application

      • P&P Reserves1:

        8.4 Mt contained copper (1,990 Mt @ 0.42% Cu | 0.09 g/t Au)

      • M&I Resources1 :

        8.7 Mt contained copper (2,078 Mt @ 0.42% Cu | 0.09 g/t Au)

      • Inferred Resources1 :

        0.4 Mt contained copper (145 Mt @ 0.27% Cu | 0.06 g/t Au)

        LA GRANJA

        Cajamarca, Peru

        
        
        

        • 55% ownership (45% Rio Tinto)

        • Cu

        • Updated 43-101 Technical Report published on May 11, 2026

        • Advance permitting and regulatory engagement

        • Progress baseline environmental and social studies to support ESIA

        • Strengthen ongoing community and stakeholder engagement

        • Prepare and submit Detailed ESIA (ESIA-d)

        • M&I Resources (Cu grade)2:

          23.0 Mt contained copper (4,831.0 Mt @ 0.48% Cu | 0.04 g/t Au)

        • Inferred Resources (Cu grade)2:

        20.7 Mt contained copper (5,206.0 Mt @ 0.40% Cu | 0.04 g/t Au)

        HAQUIRA

        Apurímac, Peru

        
        
        

• 100% ownership

• Cu, Au, Mo

• Community engagement underway

• M&I Resources 3:

  3.6 Mt contained copper (703.7 Mt @ 0.51% Cu | 0.03 g/t Au)

• Inferred Resources 3:

2.7 Mt contained copper (683.9 Mt @ 0.0.40% Cu | 0.02 g/t Au)

1 Taca Taca Project NI 43-101 Technical Report January 2026 2 La Granja Project NI 43-101 Technical Report May 3 2026 First Quantum 2025 Annual Information Form 5

EXTENSIVE GROWTH OPTIONALITY

World-class, undeveloped copper

resources with the potential to support multidecade operations

LA GRANJA

Peru

Argentina

Ability to scrutinize costs

and deliver projects more efficiently

Benefits of In-House Projects Team

OPEN PIT COPPER PROJECTS BUILT SINCE 2005

Kansanshi

(12 Mtpa)

Sentinel

(55 Mtpa)

Frontier

(8 Mtpa)

Cobre

Panamá (85 Mtpa)

Cobre Panamá,

including port and power plant

CP100

Expansion (15 Mtpa)

Guelb

Moghrein (2 Mtpa)

Kevitsa

(9 Mtpa)

S3

Expansion (25 Mtpa)

Greenfield Brownfield

First Quantum Greenfield First Quantum Brownfield

Bubble size represents annual throughput capacity

Source: Wood Mackenzie 1 Annual throughput capacity 6

TRACK RECORD OF PROJECT DELIVERY

In-house projects team; Developed over decades with nine major self-built projects

Completed >$13B in projects,

typically within 10% of budget

Built and commissioned the two

largest1 copper open-pit greenfield projects in the last two decades

Cobre Panamá:

Commissioned in six months

Kansanshi S3 Expansion:

Commercial production in five months

PRIORITIZING

SOCIAL RESPONSIBILITY

Community relationships based on

transparency, respect, and trust

TANGIBLE STEPS TO

REDUCE EMISSIONS

~10 kms Electric trolley-assist lines in Zambia

$28 million

In community and social outreach programs in 2024

28 Schools supported and 863 Pupils sponsored within our catchment

areas in Zambia

>140,000 tonnes CO2e saved annually through pit electrification

50% Reduction in absolute GHG emissions and copper intensity by 2035

100% Renewable power secured for Zambia under a 10-year

STRONG ENVIRONMENTAL STEWARDSHIP

Environmentally sound practices with a focus on accountability and continuous improvement

1.2 million hectares

Protected areas in West Lunga Ecosystem

agreement; Implementation delayed due to drought

EMPOWERING

LOCAL CONTENT

over 100x larger than the mining footprint

24,000 Trees planted >77% Average water reuse by Kansanshi in 2024 across Zambian operations

96% Local employment

84% Spent with nationally registered suppliers

7

DOING BUSINESS THE RIGHT WAY

Sustainability is embedded across

our operations, development, and growth strategy

THE CRITICAL ROLE OF COPPER

Delivering copper and nickel, metals essential to socioeconomic development, electrification, and technology

ENERGY

TRANSITION

>4.6 Mtpa of copper needed by 2035 to meet renewable power

and EV demand

DIGITAL

INFRASTRUCTURE

Al power demand

& grid infrastructure will require 1.1 Mt

of copper by 2035

Copper Market Surplus/(Deficit)*

400

300

200

100

kt

0

(100)

(200)

(300)

(400)

2027E

Global copper demand expected to grow 2.2% per year. Demand from India forecast to reach

3.2 Mt by 2035 (8% of global consumption)

*Wood Mackenzie; Consumption in 2025 27.9Mt, 2026 28.6Mt, 2027 29.2Mt

INDUSTRIALIZATION

8

WORLD-CLASS ASSETS

Top 10 global copper producer with a focus on operational excellence

PROVEN SELF-BUILD TEAM

In-house team with a track record of building and delivering large and complex projects

GREENFIELD OPTIONALITY

Two of the 15 largest greenfield projects globally reside within the First Quantum portfolio

FINANCIAL DISCIPLINE

Strengthening the balance sheet for future growth

CRITICAL METAL FOR THE FUTURE

Copper is the key commodity to electrify the world and support the energy transition

DRIVEN BY INNOVATION

Latest technologies adopted for productivity and growth

9

WHY

FIRST QUANTUM?

CORPORATE OVERVIEW

LIFE OF MINE

• Mine life: 31 years

• Strip ratio: 1:1

Stream agreement with Franco Nevada

GUIDANCE2

2026E: 30 - 40kt Cu

Capital = ~$250 million (mainly working capital)

PROCESS PLANT

100 Mtpa conventional sulphide ore flotation circuit:

3 Milling circuits

• 3 x 28 MW SAG mills

• 2 x 22 MW and 4 x 16.5 MW Ball mills

• Gearless Mill Drives (GMDs)

  RESERVES & RESOURCES

• P&P Reserves2

  2,767.7 Mt @ 0.37% Cu | 0.07 g/t Au

• M&I Resources2

  3,312.9 Mt @ 0.37% Cu | 0.06 g/t Au

• Inferred Resources2

  1,084.5 Mt @ 0.26% Cu | 0.04 g/t Au

  COPPER PRODUCTION (kt) AND C1 CASH COST4,5 ($/lb)

  400

  Preservation & Safe Management

  350

  300

  250

  200

  150

  100

  50

  -

  2019 2020 2021 2022 2023 2024 2025

  Production (LHS) C1 Cash Costs (RHS)

  1 Additional 1% interest in 2025 through dilution of KOMIR 2 First Quantum news release dated April 28, 2026 "First Quantum Minerals Reports First Quarter 2026 Results" 3 First Quantum 2026 Annual Information Form 3 First Quantum 2019-2024 Annual Reports 4 C1 cash cost (C1) is a non-GAAP ratio and does not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. See "Regulatory Disclosures" within the Q1 2026 Management's Discussion and Analysis for further information. 5 Korea Mine Rehabilitation and Mineral Resources Corporation

  2.00

  1.50

  1.00

  0.50

  -

  11

  COBRE PANAMÁ

  Colon Province, Panama

  91% First Quantum

  9% KOMIR6

  COBRE PANAMÁ

Plan allows for:

12

COBRE PANAMÁ UPDATE

Preservation & Safe Management

since November 2023

Government of Panama

Approved Preservation and Safe Management Plan ("P&SM") in May 2025

LIFE OF MINE

• Mine life: To 2050

• Strip ratio: 3.7:1

Stream agreement with Royal Gold

PRODUCTION GUIDANCE2

2026E: 175 - 205kt Cu | 110 - 120koz Au

2027E: 210 - 240kt Cu | 125 - 135koz Au

2028E: 230 - 260kt Cu | 140 - 150koz Au

PROCESS PLANT

28 Mtpa: 7 Mtpa oxide circuit, 8 Mtpa mixed circuit; 13 Mtpa sulphide circuit

S3 Process plant: 25 Mtpa conventional sulphide ore flotation circuit; 1 Milling circuit

• 1 x 28 MW SAG mills

• 1 x 22 MW Ball mills

• Gearless Mill Drives (GMDs)

  RESERVES & RESOURCES

• P&P Reserves3

  1,024.3 Mt @ 0.51% Cu | 0.10 g/t Au

• M&I Resources3

  1,260.0 Mt @ 0.57% Cu | 0.11 g/t Au

• Inferred Resources3

  49.3 Mt @ 0.41% Cu | 0.09 g/t Au

  COPPER PRODUCTION (kt) AND C1 CASH COST4,5 ($/lb)

  300

  250

  200

  150

  100

  50

  0

  2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

  Production (LHS) C1 Cash Costs (RHS)

  2.50

  2.00

  1.50

  1.00

  0.50

  0.00

  1 First Quantum receives 100% of the revenues and pays a 3.1% royalty. See first Quantum news release dated December 1, 2022, "First Quantum Minerals Announcement in Respect of Kansanshi Mining Plc." 2 First Quantum news release dated April 28, 2026 "First Quantum Minerals Reports First Quarter 2026 Results" 3 First Quantum 2025 Annual Information Form 4 First Quantum 2005-2024

  Annual Reports, 2005 includes 8,733 tonnes of pre-commercial production 5 C1 cash cost (C1) is a non-GAAP ratio, and does not have a standardized meaning prescribed by IFRS and might not be 13

  comparable to similar financial measures disclosed by other issuers. See "Regulatory Disclosures" within the Q4 2025 Management's Discussion and Analysis for further information.

  KANSANSHI

  Solwezi, Zambia

  Zambia

  80% First Quantum1

  20% ZCCM-IH

  KANSANSHI

1.6

1.4

1.2

1.0

Mtpa

0.8

0.6

0.4

0.2

0.0

Kansanshi Smelter Performance vs. Design Capacity

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Actual Design

Kansanshi is One of the Largest, Newest Smelters Outside China (Throughput in ktpa)

Smelter

Age (Years)

47

<1

<1

55

110

11 28 54

104

28

67

33

56

74

8

66

17

7

700

600

500

400

300

200

100

Saganoseki

Caletones

Chuquicamata

Pirdop

Ilo

Huelva

Toyo

Aurubis

Onsan

Altnorte

Gresik

Dahej

Chambishi

Kansanshi

Dikuluwe-Mashamba

Lualaba

Kamoa

Freeport Indo

-

Source: Wood Mackenzie, Company Filings 14

KANSANSHI SMELTER

LIFE OF MINE

• Mine life: To 2035

• Strip ratio: 2.53:1 PRODUCTION GUIDANCE1 2026E: 190 - 220kt Cu

2027E: 190 - 220kt Cu

2028E: 190 - 220kt Cu

PROCESS PLANT

62 Mtpa conventional sulphide ore flotation circuit:

2 Milling circuits

• 2 x 28 MW SAG mills

• 2 x 22 MW Ball mills

• Gearless Mill Drives (GMDs)

RESERVES & RESOURCES

LIFE OF MINE

• Mine life: To 2035

• Strip ratio: 8.3:1

PRODUCTION GUIDANCE1

2026E: 30 - 40kt Ni

2027E: 30 - 40kt Ni

2028E: 20 - 30kt Ni

PROCESS PLANT

4 Mtpa nickel processing circuit integrated within the Sentinel processing plant

• 1 SAG

• 1 Ball

• Pebble crusher milling circuit

RESERVES & RESOURCES

GUELB MOGHREIN

Akjoujt, Mauritania

Care & Maintenance

1 First Quantum news release dated April 28, 2026 "First Quantum Minerals Reports First Quarter 2026 Results" 2 First Quantum news release dated December 23, 2025. "First Quantum Minerals Announces Sale of Cobre Las Cruces" 17

OTHER OPERATIONS

DECISIVE ACTIONS TO STRENGTHEN BALANCE SHEET

8.0

7.0

2019

First production at Cobre Panamá

2022

Kansanshi S3 Expansion and Enterprise nickel project sanctioned for development

Net debt reduction $1.4B

Avg. annual Cu production 751kt Avg. copper price $3.72 per lb

2024-2026

• Refinancing of bank facilities, notes offerings, bought deal equity

  issuance

  • Copper & gold hedge program

  • $1.0B Gold stream agreement

Net debt reduction $0.8B

Avg. annual Cu production 413kt Avg. copper price $4.15 per lb

6.0

5.0

4.0

$ Billion

6.0 3.0

2.0

5.0

1.0

4.0

2019 2020 2021 2022 2023 2024 2025

0.0

Nebt Debt (LHS) Net Debt to EBITDA Ratio (x) (RHS)

Net debt is a supplementary financial measure which does not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other 18

issuers. See "Regulatory Disclosures" section of the Q4 2025 Management's Discussion and Analysis

BALANCE SHEET

Decisive actions to strengthen

balance sheet for Kansanshi S3 Expansion when Cobre Panamá was placed on P&SM in November 2023

PROACTIVE MANAGEMENT OF DEBT MATURITIES

3,500

3,000

2,500

$ Million

2,000

1,500

1,000

500

0

Debt maturity profile as of December 31, 2023

250

1050

1,050

1,500

170

455

255

488

1,000

1,300

Average tenor of debt = 3.0 years

2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034

3,500

3,000

2,500

$ Million

2,000

1,500

1,000

500

0

Debt maturity profile as of March 31, 2026

Average tenor of debt = 6.9 years

1,350

1,300

1,500

1,000 1,000

142 142

200 200

150

300

2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036

Term Loan Trident Facility Notes RCF (Drawn) RCF (Undrawn)

Term Loan Trident Facility Notes RCF (Drawn) RCF (Undrawn)

2,500

Available Liquidity

2,260

2,081

1,944

1,761

1,616

1,667

1,523

1,562

1,623

1300

1,209

1350

1050 740

250

830

750

880

930

1300

959

711

876

693

812

743

737

960

644

748

2,000

$ Million

1,500

1,000

500

0

Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

Cash

Undrawn RCF Total Liquidity

19

DEBT MATURITY PROFILE

Material improvements to

balance sheet :

• Increased average tenor from

3.0 years to 6.9 years

• Average weighted cost of debt reduced from 7.77% to 7.46%

• Unsecured debt proportion increased from 73% to 85%

Credit Rating

• Fitch: B, Stable

• S&P: B, Positive

GREENFIELD & PROJECT DEVELOPMENT