First Quantum: Total copper production for Q4 was 111,602 tonnes

TORONTO – First Quantum Minerals reports results for the three months ended December 31, 2024 of net earnings attributable to shareholders of the Company of $99 million ($0.12 earnings per share) and adjusted earnings of $31 million.

“While 2024 began with several challenges brought about from the suspension of operations at the Cobre Panamá mine, the swift implementation of our comprehensive refinancing transactions at the start of the year, along with solid operational performance in Zambia, have allowed the Company to end the year in a strong position. I would like to thank everybody at First Quantum for their tireless efforts,” said Tristan Pascall, Chief Executive Officer of First Quantum. “I am optimistic about the outlook this year for First Quantum. In Panama, we look forward to constructive discussions with the government and people of Panama for resolution of the situation at the Cobre Panamá mine. In Zambia, completion of the Kansanshi S3 Expansion project will be an inflection point for the Company that will enhance our financial resilience and support continued growth.”

Q4 2024 SUMMARY

In Q4 2024, First Quantum reported gross profit of $405 million, EBITDA of $455 million, net earnings attributable to shareholders of $0.12 per share, and adjusted earnings per share of $0.04. Relative to the third quarter of 2024 (“Q3 2024”), fourth quarter financial results were slightly weaker due to lower copper and gold sales volumes along with a lower realized copper price.

Total copper production for the fourth quarter was 111,602 tonnes, a 4% decrease from Q3 2024. Copper C1 cash cost was $1.68 per lb in the fourth quarter, an increase of 7% quarter-over-quarter.

Along with the financial and operating results for the fourth quarter, the following are also detailed in this news release:

• Cobre Panamá Update: The Preservation and Safe Management Program (“P&SM”) that would permit the shipment of copper concentrate that remains on site continues to await approval from the Panamanian authorities. The final hearing under the International Chamber of Commerce proceedings has been rescheduled for February 2026.
• Kansanshi S3 Expansion Update: Construction remains on schedule for mid-2025 completion. The project achieved 62% completion on plant construction and 62% completion on operational readiness at year-end 2024.
• Zambia Power Update: The Company has put sourcing plans in place for 2025 to ensure reliable power availability for its operations, including the start-up of the Kansanshi S3 Expansion project.
• Board Update: Robert Harding will retire at the conclusion of the 2025 Annual General Meeting on May 8, 2025. At that time, Kevin McArthur will succeed him as Chairman.