First Quantum Minerals: Strong copper sales volumes and prices

Toronto, Ontario – First Quantum Minerals Ltd. reports results for the three and six months ended June 30, 2026 (“Q2 2026” or the “second quarter”) of a net earnings of $136 million ($0.16 earnings per share) and an adjusted los of $106 million ($0.13 adjusted loss per share) for the second quarter.

“During the second quarter, we continued to deliver steady operations and we remain well positioned for improved production for the second half of the year with continued strong performance from the S3 circuit at Kansanshi, debottlenecking work at Sentinel and the processing of stockpiled ore at Cobre Panamá. With our hedging program concluded, we are once again fully exposed to copper prices. Alongside stronger production, this will position the Company for improved free cash flow generation at current copper prices. At Cobre Panamá, site preparation for the processing of stockpiled ore advanced well during the quarter with the successful commissioning of one of the three processing circuits, allowing for first concentrate production to be achieved earlier than expected,” said Tristan Pascall, Chief Executive Officer of First Quantum.

Q2 2026 SUMMARY

In Q2 2026, First Quantum reported gross profit of $297 million, EBITDA of $400 million, net earnings. Relative to the first quarter of 2026 (“Q1 2026”), second quarter financial results benefitted from strong copper sales volumes and higher realized copper prices. EBITDA¹ of $400 million includes losses of $164 million realized under the Company’s sales hedge program and a negative EBITDA¹ contribution of $51 million from Cobre Panamá associated with P&SM costs prior to the commencement of production. There are no derivative contracts outstanding beyond June 30, 2026.

Along with second quarter results, the Company provides the following updates:

• Cobre Panama achieved concentrate production earlier than expected with the successful commissioning and restart of one of the three milling circuits.
• The S3 circuit at Kansanshi continued to deliver throughput above design capacity, achieving the highest monthly processing rate in May 2026.
• The sale of the Çayeli mine and the Cobre Las Cruces project closed during the second quarter.
• 2026 guidance remains unchanged. However, the Company continues to note a potential impact to C1 copper cash costs2 of approximately $0.25 per lb to reflect the year-to-date impact of higher fuel prices and Zambian kwacha rates as well as potential further impact if current fuel prices and Zambian kwacha rates persist for the remainder of the year.