Ms. Bonita To reports

FIRST QUANTUM PROVIDES UPDATE ON COBRE PANAMÁ

First Quantum Minerals Ltd. has noted the submission of the studies, analysis and comprehensive audit report of Cobre Panama and its recommendations by the Ministerial Commission to the President of Panama.

The report includes seventeen recommendations. The first recommendation is for:

The authorizing of formal opening of negotiations with Cobre Panama/First Quantum to assess the feasibility of a new agreement that would allow the pending international arbitrations to be brought to an end and establish the conditions for a project to be put into operation that can achieve an orderly closure, at no cost to the nation and with no possibility of extension, while giving absolute priority to the nation's environmental, social and economic interests, ensuring full transparency, and complying with the Supreme Court of Justice ruling and seeking the benefit of all Panamanians.

The report also recommends that any future framework:

• Requires that the resources generated by the site be administered transparently and translated into tangible, identifiable benefits for citizens (Recommendation 8);
• Creates a mechanism that allocates resources to an environmental plan with a fixed, automatic and irrevocable allocation from the state's share of site revenue (Recommendation 9);
• Instructs the adoption of an institutional framework with genuine autonomy that incorporates good governance practices, professional management, transparency and long-term planning (Recommendation 10);
• Requires the instruments to ensure that technical management remains insulated from short-term political cycles (Recommendation 11);
• Requires the final termination of the pending international arbitrations as a mandatory condition for the implementation of any agreement (Recommendation 17).

First Quantum recognizes that a new agreement must respect Panama's sovereignty, democratic institutions and the government-led process. First Quantum will engage constructively and in good faith with the objective of establishing a legal framework for Cobre Panama that is fair, transparent, durable, and aligned with Panama's constitution and laws.

Responsible environmental management and stewardship of Cobre Panama is central to First Quantum's priorities for the mine. The company is committed to working with the government to ensure robust environmental safeguards, effective oversight and transparent monitoring of the Cobre Panama mine.

The company believes that a sustainable path forward for Cobre Panama must provide long-term stability for all stakeholders, including tangible economic benefits for the people and country of Panama through employment, work force development, procurement with local businesses and suppliers, community investment, and broader economic contributions.

The company awaits guidance from the government of Panama on the next steps for engagement following the announcement of the recommendations today.

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.

We seek Safe Harbor.