First Quantum Minerals provides Cobre Panamá and Taca Taca Update
The President of Panama has indicated that the GOP will authorize the removal and processing of low-grade ore stockpiles at site. The processing of ore stockpiles will mitigate the environmental and operational risks associated with acid rock drainage and ensure the supply of feed material to the tailings management facility (“TMF”). The Company awaits formal approvals to carry out these activities, which will be carried out in coordination with the GOP and in strict compliance with the Preservation and Safe Management (“P&SM”) plan. The processing of stockpiles does not constitute a mine reopening.
Taca Taca Update
An updated Technical Report for Taca Taca will be released in the first quarter of 2026. The Environmental and Social Impact Assessment (“ESIA”) and water permit applications are expected to be approved in the first half of 2026. An application to Argentina Incentive Regime for Large Investments (“RIGI”) is also expected to be filed in the first half of 2026.
2026 – 2028 Guidance
Kansanshi copper production in 2026 is marginally below previous guidance due to an increase in ore hardness with a higher proportion of fresh ore compared to feed from stockpiles. The step up in copper production over the three-year guidance period is underpinned by the ramp-up and grade profile of S3 feed. In 2026, S3 feed will be sourced evenly from low-grade stockpiles and higher-grade ore from the South East Dome deposit. From 2027 onward, the feed will primarily consist of fresher ore with higher grades from the pit. Gold production at Kansanshi has decreased from previous guidance due to lower feed grades. The step up in gold production over the guidance period is driven by an improving grade profile. The near-surface gold zone occurrences at South East Dome are not included within the Kansanshi mine plan or guidance.
Sentinel copper production guidance for 2026 and 2027 has been impacted by heavier maintenance routines. The SAG and ball mill availability have been reduced slightly following the identification of the Ball Mill 2 fatigue failures in early 2025, including bolt failures and minor structural shell cracks. Full remedial work will be scheduled for 2027 when parts become available and will involve the replacement of the Ball Mill 2 shell can section and the discharge end head. A separate assessment of the Ball Mill 1 shell can will be conducted during 2026. In addition, maintenance works at Sentinel in 2026 will include the upgrade of thickener feed wells and installation of a new tailings pipeline. These have been included in sustaining capital within capital guidance. Waste stripping volumes remain a key focus to de-risk future ore supply to achieve an optimal and sustainable balance of grades and volumes over the life-of-mine. Mining productivities including Quantum Electra-Haul™ trolley-assist technology, rail-run conveyor (“RRC”) system, and the sequencing of in-pit crusher moves continue to underpin this approach. The RRC completed field trials and entered into operational phase in January 2026 and the planned move of in-pit crusher 4 is expected to be completed in 2026.
Enterprise nickel production guidance is consistent with prior year. Nickel production over the guidance period trends in line with the feed grade profile which aims to distribute waste stripping over the life-of-mine and optimize stripping expenditures.
Guelb Moghrein gold production has been reduced in 2026 with the extension of copper production until Q1 2026 to allow for operational adaptations and adequate build-up of water stock levels. With the cessation of copper production effective as of Q2 2026, Guelb Moghrein will report as a gold-focused operation. The Carbon-in-Leach plant will be treating tailings reclaimed from Tailings Storage Facility 1 and gold-bearing stockpiled oxide material.
Unit cost guidance assumes a gold price of $4,000 per ounce, average Brent crude oil price of $70 per barrel, Zambian kwacha/United States (“US”) dollar exchange rate of 25 and royalties based on consensus copper prices. An annual compounding US dollar inflation rate of 2.5% has been incorporated into the unit cost guidance for 2027 and 2028.
Total nickel unit cost guidance relates solely to the Enterprise operation while Ravensthorpe remains under a state of C&M. Unit cost guidance has decreased as a result of a stabilized operation and better understanding of the operating cost profile. Unit cost guidance increases in 2028 are driven by a decrease in production.
