First Quantum Minerals (FM) AGM 2025 summary

Opening remarks and agenda

• Meeting held in a hybrid format, allowing both in-person and virtual participation, with clear instructions for Q&A and voting procedures.

• Attendees were reminded of privacy and consent regarding personal information shared during the meeting.

• The agenda included formal business, CEO update, and a Q&A session.

Financial performance review

• 2024 marked by resilience, with a comprehensive refinancing strategy including a $500M copper prepay, $1.6B bond, $1.15B equity deal, and $2.2B bank facility amendment.

• Net earnings of $2M, gross profit of $1.35B, and EBITDA of $1.49B reported for 2024.

• Excluding Cobre Panamá, financial results improved from 2023 due to higher copper prices and increased production at Kansanshi and Sentinel.

• Achieved annual copper production of 431,000 tons, exceeding guidance.

Board and executive committee updates

• Board renewal included the retirement of Andrew Adams, Joanne Warner, and Robert Harding, with Kevin McArthur appointed as new chair.

• New board members welcomed: Brian Nichols, Peter Buzzi, Juanita Montalvo, and Kevin Shea.