First Quantum states its Q1 2025 operational highlights

Total copper production for the first quarter was 99,703 tonnes, an 11% decrease from Q4 2024 mainly as a result of lower production at Sentinel. Kansanshi and Sentinel encountered the seasonal impacts from the rains in Zambia, however, dewatering and pumping solutions all coped adequately. Copper C1 cash cost was $0.27 per lb higher quarter-over-quarter at $1.95 per lb, reflecting lower copper production volumes and higher Zambian employee and maintenance costs, which were partially offset by strong gold by-product credits. Copper sales volumes totalled 101,960 tonnes, approximately 2,257 tonnes higher than production.

• Kansanshi reported copper production of 46,544 tonnes in Q1 2025, a decrease of 1,595 tonnes from the previous quarter due to lower feed grades as the swap of the mixed and sulphide mills that allowed for higher grades in the fourth quarter returned to normal at the end of last year. Gold production continued to be strong at 29,868 ounces in the first quarter. Copper C1 cash cost1 of $1.34 per lb was $0.13 higher quarter-over-quarter as a result lower production along with higher smelter costs. Production guidance for 2025 remains unchanged at 160,000 to 190,000 tonnes of copper and 100,000 to 110,000 ounces of gold. A six-week maintenance shutdown of the Kansanshi smelter is planned in the second quarter of 2025. Copper and gold production in 2025 includes production associated with the Kansanshi S3 Expansion, with first production expected in the second half of 2025. The majority of the initial feed for S3 will be sourced from low-grade stockpiles.
• Sentinel reported copper production of 46,361 tonnes in Q1 2025, 10,199 tonnes lower than the previous quarter due to lower throughput and the mining of lower grades from Stage 3. Copper C1 cash cost1 of $2.55 per lb was $0.44 higher than the preceding quarter as a result of lower production volumes. The Company has also begun a maintenance program to address early indicators of fatigue in the Sentinel mills, a development consistent with mills of similar age and design from the same manufacturer. The program will be conducted with the original equipment manufacturer and specialist engineering consultants in a manner that minimizes production disruptions. 2025 copper production guidance remains unchanged at 200,000 to 230,000 tonnes. A 4-day full maintenance shutdown of the Sentinel plant is planned in the second quarter of 2025, followed by tailings thickener upgrades in the second half of 2025. The focus at Sentinel will continue to be on increasing mill throughput with various ongoing initiatives to optimize blast fragmentation, maintaining full stockpiles, improving milling rates, increasing tailings thickener throughput rates and flotation recovery. Grades are expected to be lower than 2024, but expected to be relatively higher in the second half of 2025 as mining progresses to the bottom of the Stage 1 pit for sump development ahead of the wet season. Stage 3 will supply a majority of the ore with lower volumes from Stage 1 and Stage 2 compared to prior years. As mining progresses deeper in Stage 3 over 2025 and 2026, the impacts of weathering are expected to reduce and the material feed to the plant is expected to more closely resemble current feed from Stage 1 and 2.
• In the first quarter of 2025, Enterprise produced 4,649 tonnes of nickel, a 25% increase over the previous quarter due to higher throughput, partially offset by lower grades. Throughput was higher as result of a ramp up in ore supply to the plant. Additional smaller capacity articulated dump trucks were sourced and dedicated to the softer areas of the pit where the bigger trucks struggled to mine, especially in the wet season due challenging underfoot conditions. Grades were impacted by a change in the mining sequence and deployment of permanent ramps to widen the footprint, resulting in a higher proportion of transitional ore from the South Wall area. Nickel C1 cash cost of $4.78 per lb is $0.16 higher than the previous quarter due to higher freight costs. 2025 production guidance remains at 15,000 to 25,000 contained tonnes of nickel. A 4-day full maintenance shutdown of the Enterprise plant is planned in the second quarter of 2025. The focus for 2025 will remain on ore quality and grade control through ongoing reverse circulation drilling. Key initiatives put in place include reverting to mining 5 meter ore benches while maintaining 10 meter waste benches. This, coupled with better grade control and monitoring, is expected to minimize ore dilution and improve recovery.
• Production at Cobre Panamá has been halted since November 2023. Costs in the first quarter were approximately $13 million per month, which included labour, maintenance spares, contractors’ services, electricity, and other general expenses, including the public engagement programs to enhance transparency and provide accessible information about Cobre Panamá. Preservation and Safe Management costs (“P&SM”) are expected to be in line with current rates until formal approval is received for the export of copper concentrate and restart of the power plant.