Mr. Tristan Pascall reports

FIRST QUANTUM FILES NI 43-101 TECHNICAL REPORT FOR LA GRANJA

First Quantum Minerals Ltd. has filed a technical report with an updated mineral resource estimate for the La Granja project. The report was prepared in accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects, with an effective date of Dec. 31, 2025 (all dollar amounts in United States dollars, except where noted otherwise).

La Granja is located in northern Peru, and is 55 per cent owned by First Quantum and 45 per cent by Rio Tinto.

"I am pleased to share this resource update on La Granja, highlighting the project's position as the second-largest greenfield copper resource in the world, with the potential to become a Tier 1, multigenerational copper mine. By working collaboratively with the surrounding community, our partner, Rio Tinto, and leveraging First Quantum's core strengths in project development, we expect La Granja will add meaningful growth to our project pipeline," said Tristan Pascall, chief executive officer of First Quantum. "La Granja has the potential to become a significant new source of the copper supply required for the global energy transition."

Katie Jackson, chief executive, copper, at Rio Tinto, said: "The updated mineral resource estimate further reinforces our increasingly positive view of La Granja's significant long-term potential. While the project remains at an early stage and there is considerable work ahead, we are encouraged by the scale and quality of the resource and look forward to continuing to work with First Quantum to better understand the opportunity."

Highlights:

• La Granja is a large-scale copper porphyry-skarn-epithermal system with two adjacent mineralized domains at Paja Blanca and Mirador, both of which transition to porphyry-style mineralization at depth.
• The updated mineral resource represents a substantial copper endowment, underpinned by improved geological confidence resulting from targeted drilling, detailed geological mapping and modelling, and geochemical test work to enhance spatial definition of the mineralized domains.
• Updated mineral resource includes approximately 4.831 billion tonnes of measured and indicated resources at 0.48 per cent copper (Cu), comprising 23.0 million tonnes of contained copper, and approximately 5.206 billion tonnes of inferred resources at 0.40 per cent Cu, comprising an additional 20.7 million tonnes of contained copper (0.16 per cent Cu cut-off grade).
• Updated mineral resource estimate was prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) definition standards.

Project description

The La Granja deposit is located in the Querocoto district of Chota province within the Cajamarca region of northern Peru, on the eastern flank of the western cordillera of the Andes. The project lies at moderate elevations of between 2,000 metres and 2,800 metres above sea level, and is situated about 220 kilometres (km) by road from Chiclayo in the Lambayeque region.

La Granja comprises a large-scale copper porphyry-skarn-epithermal system with two principal mineralized centres, Paja Blanca to the east and Mirador to the west. The upper levels of Paja Blanca are characterized primarily by breccia-dominated copper mineralization while skarn-hosted copper-zinc mineralization is more prominent at the upper levels of Mirador. Both mineralized centers transition to porphyry-style copper mineralization at depth.

Mineral resource estimates

The updated mineral resource estimate for La Granja is supported by a systematic program of geological reinterpretation, database validation and targeted drilling carried out between 2023 and 2025 to enhance the geological and geometallurgical understanding of the deposit. The drill program comprised approximately 45,998 metres of oriented diamond drilling, bringing the drill hole database to 832 diamond drill holes totalling 368,844 metres. A total of 748 diamond holes totalling 345,127 metres were used in the mineral resource estimate, with a number of early historical holes excluded due to insufficient supporting information.

The updated mineral resource estimate was completed in accordance with CIM definition standards and CIM best practice guidelines, and based on refined 3-D geological models, updated assay data sets, revised bulk density measurements and an estimation methodology reflecting current industry best practice. Consistent with the CIM definition standards, the updated mineral resource estimate includes a reclassification to measured, indicated and inferred. The updated mineral resource statement for La Granja is presented in table 1-1, reported at a cut-off of 0.16 per cent copper, consistent with the results of the pit optimization.

No mineral reserves have been defined. Further economic studies are under way to advance the project toward a mineral reserve declaration.

The deposit remains open at depth, with recent analysis demonstrating large-scale continuity of copper mineralization. Further exploration target potential has been identified at depth within both the Mirador and Paja Blanca clusters.

Conceptual design and operations

Conceptual studies indicate that the deposit is amenable to conventional large-scale open-pit mining using drill and blast, shovel loading, and off-highway truck haulage. A conceptual pit optimization for La Granja indicates a breakeven cut-off grade of 0.16 per cent Cu on a copper-only basis at a copper price of $4 per pound, with potential additional byproduct contributions from silver, gold and molybdenum treated as value upside. Preliminary operating cost estimates were developed to support these optimizations to define the extents for mineral resource reporting and to demonstrate reasonable prospects for eventual economic extraction.

Primary water supply will be sourced from desalinated seawater, with all site contact water captured and utilized for mineral processing to minimize impacts on natural environmental flows. This approach maximizes the efficient use of water resources and significantly reduces the need for additional water intake. The mine site is characterized by rugged terrain and high rainfall, which present important considerations for the safe, long-term storage of tailings.

Accordingly, ore comminution is planned to occur adjacent to the pit, after which material will be transported by pipeline through a seven-kilometre-long access tunnel to a flat, arid Pacific coastal plain approximately 100 kilometres from the mine. This location provides suitable conditions for conventional flotation processing, together with tailings storage and management, and will reduce long-term operational and environmental risk. The tailings storage facility will be designed, built and operated in conformance with the global industry standard on tailings management (GISTM).

Improved geological understanding has shown that the deposit exhibits variable arsenic content across the deposit, predominantly in the form of enargite with only very minor arsenopyrite present. The company's geological work to date demonstrates that a significant portion of the arsenic is structurally controlled and associated with high copper grades, lending itself to a conventional flotation flowsheet in the process plant. It is expected that arsenic can be managed by segregation, blending and through commercial offtake arrangements.

Permitting, environmental and social

At this early stage in the project, the company's commitment is to continue to engage closely with the communities around the mine. The company envisages that water use in the mine will be predominantly through reuse of contact water and from a desalination plant in order to avoid interactions with community water sources.

The project currently operates under an approved 13th amendment to the semi-detailed environmental impact study, which governs advanced exploration activities and which has been in place since September, 2023.

Preparation of a detailed environmental impact assessment, covering potential construction, operation and closure phases, is under way. Community engagement and environmental monitoring programs are continuing, and aligned with applicable Peruvian regulations and international standards.

Next steps

Further project development is focused on advancing the permitting process. Key priorities include the progression of baseline environmental and social studies, continued stakeholder engagement, and preparation for the detailed environmental impact assessment, which is scheduled to commence in 2026.

National Instrument 43-101

The technical report has been written to comply with the reporting requirements of the Canadian Securities Administrators' National Instrument 43-101, Standards of Disclosure for Mineral Projects, and Form 43-101F1 technical report.

Qualified persons

The mineral resource estimate was prepared under the direction and supervision of Carmelo Gomez Dominguez, group principal geologist, mine and resources, at First Quantum. Mr. Gomez meets the requirements of a qualified person (QP) according to his certificate of qualified person.

The conceptual pit optimization was prepared under the direction of Antti Sjoblom, principal engineer (mining), group mine, technical, at First Quantum. Mr. Sjoblom meets the requirements of a QP according to his certificate of qualified person.

Metallurgical testing, mineral processing/process recovery and process operating cost aspects of this technical report were addressed by Robert Stone, group consulting metallurgist at First Quantum. Mr. Stone meets the requirements of a QP according to his certificate of qualified person.

The QPs are satisfied that the estimate has been prepared in accordance with NI 43-101 requirements, and that the data, methods and assumptions applied are appropriate for the purpose of this disclosure.

About First Quantum Minerals Ltd.

First Quantum is engaged in the production of copper, nickel and gold, and related activities, including exploration and development. The company has operating mines located in Zambia and Mauritania. The company's Cobre Panama mine was placed into a phase of preservation and safe management in November, 2023. The company's Ravensthorpe mine was placed into a care and maintenance process in May, 2024. The company is progressing the Taca Taca copper-gold-molybdenum project in Argentina, and is exploring the La Granja and Haquira copper deposits in Peru.

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