First Quantum Minerals (FM) investor relations material

Executive summary

• Q2 2026 copper production rose 4% sequentially to 100,487 tonnes, driven by higher output at Sentinel and the restart of stockpiled ore processing at Cobre Panamá.

• Revenue increased 8% quarter-over-quarter to $1.5 billion, with EBITDA up 23% to $400 million, reflecting higher realized copper prices and greater sales volumes.

• Net earnings attributable to shareholders reached $136 million, a $332 million improvement from Q1 2026, aided by a $271 million gain on asset disposals.

• Successfully recommissioned Train 3 at Cobre Panamá ahead of schedule, producing first concentrate in June and processing 2.1 million tons of ore.

• Major asset sales (Çayeli and Cobre Las Cruces) closed in Q2, reflecting a disciplined portfolio approach.

Financial highlights

• Sales revenues were $1,522 million, up from $1,404 million in Q1 2026, with EBITDA of $400 million including $164 million in hedge losses.

• Copper C1 cash cost was $2.54/lb, $0.03 higher than Q1 2026, mainly due to higher fuel costs and lower gold by-product credits.

• Net debt increased by $123 million to $5.41 billion, reflecting capital expenditures, taxes, and interest paid.

• Liquidity remains strong at $2 billion, including $771 million in cash and $1.25 billion undrawn revolver.

• Adjusted loss per share improved to $(0.13), up $0.05 from the previous quarter.

Outlook and guidance

• 2026 production guidance: copper 405,000–475,000 tonnes, gold 150,000–175,000 ounces, nickel 30,000–40,000 tonnes.

• Copper C1 cash cost guidance: $2.15–$2.40/lb, with a $0.25/lb upside risk if high fuel prices and Zambian kwacha rates persist.

• Capital expenditure guidance for 2026 is $1,075–$1,250 million, including $250 million for Cobre Panamá stockpile processing.

• Ramp-up to full production at Cobre Panamá expected to take 6–9 months after approvals, with workforce scaling from 3,000 to 6,000.

• Cobre Panamá expected to generate neutral to positive free cash flow at current processing rates and spot copper prices.