First Quantum Minerals announces 2024 preliminary production

TORONTO – First Quantum Minerals announces preliminary production for the three months (“Q4”) and year ended December 31, 2024.

“It is encouraging to see our Zambian operations delivering strong results in 2024, supported by our focus on operational excellence across copper, gold, and nickel production. The S3 Expansion remains on track for completion in mid-2025, representing an inflection point that will enhance the Company’s financial resilience and support sustainable growth,” said Tristan Pascall, Chief Executive Officer of First Quantum. “As we move into 2025, our priorities are centered on building balance sheet strength and advancing key initiatives. These include managing Zambian power challenges to ensure reliable energy for our operations, maintaining a disciplined approach to hedging, assessing the potential benefits of a minority stake sale in Zambia, and working constructively with the Government of Panama on responsible stewardship and progress toward a resolution for the Cobre Panamá mine.”

Highlights

• Q4 and 2024 Production: First Quantum achieved annual copper production of 431 thousand tonnes (“kt”) in 2024, exceeding the guidance range of 400 to 420kt. Kansanshi achieved its highest copper and gold production since 2021 and 2022, respectively, predominately driven by higher grades. Sentinel’s increased copper production reflected higher grades and throughput, with the highest average grades since 2017. Copper production in Q4 2024 was 112kt, 14kt above Q4 2023 (excluding Cobre Panamá) but 4kt below Q3 2024.
• Three-Year Guidance: Guidance, when referring to future and prior year production figures, is presented excluding Cobre Panamá. 2025 and 2026 copper production guidance has been slightly lowered to reflect a conservative ramp-up of S3 at Kansanshi and a rescheduling of mining at Sentinel to de-risk future ore supply. Guidance for gold production has increased due to the continued discipline in the mining of high-veined areas that contain higher gold grades at Kansanshi. Nickel production guidance for Enterprise represents the ramp-up of operations as the orebody becomes more accessible. Total C1 and AISC unit cost ranges are marginally above previous guidance driven by higher contractor and employee costs and imported power costs. 2025 capital expenditure guidance has increased to reflect approximately $100 million of expenditures carried over from 2024 along with higher cost pressures, such as power costs and labour rates. The S3 Expansion project remains on budget.

2024 Preliminary Production

First Quantum achieved annual copper production of 431kt for 2024, 54kt higher than 2023. Copper production in Q4 2024 was 112kt, 14kt above Q4 2023 but 4kt below Q3 2024. Copper production for the full year benefited from higher grades and recoveries at Kansanshi combined with higher grades and throughput at Sentinel.

Kansanshi copper production of 171kt for the full year was 36kt higher than 2023 due to improved grade control practices, resulting in higher feed grades in particularly high-grade domains. Additionally, a mill swap allowed for the processing of a higher proportion of mixed material that contained higher average feed grades. Copper production in Q4 2024 was 48kt, a 16kt increase from Q4 2023 driven by the mill swap and higher grades, but 2kt lower than Q3 2024 due to a planned total plant shutdown in the sulphide and mixed circuits during the quarter. Kansanshi production for 2024 was 6kt above the top end of the revised guidance range of 155 to 165kt.

Sentinel copper production of 231kt for the full year was 17kt higher than 2023. Production benefitted from higher grades and throughput. Grades were 5% higher during the year as mining activity was focused at the bottom of the high-grade Stage 1 pit, which was inaccessible for a significant portion of 2023 due to the accumulation of water, with 2024 benefiting from an increased focus on strategic planning and management of the site-wide water balance and reduction of contact water generation. Throughput was 4% higher than 2023 with the development of Stage 3 (Western Cut-back) that increased availability of the softer material, improved availability of the primary crushers and improved fragmentation of the ore. Q4 2024 copper production of 57kt was 3kt below Q4 2023 and 2kt lower than Q3 2024 from the mining of lower grades from Stage 3. Sentinel production of 231kt was above the top end of the revised guidance range of 220 to 230kt.

Other sites achieved consolidated copper production of 29kt for the full year, a 1kt increase from 2023 and 4kt above revised guidance of 25kt.

Annual gold production for 2024 of 139 thousand ounces (“koz”) was 42koz higher than 2023, driven by higher grades at Kansanshi as more selective mining methods were employed on high-vein areas which contained higher grades.

Nickel production for 2024 of 24kt was 2kt lower than 2023 after Ravensthorpe was placed on care and maintenance (“C&M”) in May 2024. This was mitigated by production from Enterprise, which achieved commercial production in June 2024.

The production and sales figures provided herein are preliminary and subject to final adjustment. The final production and sales figures will be confirmed in the Company’s financial results for the fourth quarter and year ended December 31, 2024.