First Quantum Minerals (FM) Conference presentation summary

Market outlook and copper demand

• Over 4.6 million tonnes per annum of copper needed by 2035 to meet renewable energy and EV demand.

• AI power demand and grid infrastructure projected to require 1.1 million tonnes of copper by 2035.

• Global copper demand expected to grow 2.2% annually, with India forecast to reach 3.2 million tonnes by 2035.

Strategic priorities and operational focus

• Emphasis on continued safe and productive operational performance.

• Advancing greenfield projects and progressing Cobre Panamá towards resolution.

• Strengthening the balance sheet to support future growth.

Asset portfolio and production guidance

• Operates major copper assets in Zambia and Panama, including Kansanshi, Sentinel, and Cobre Panamá.

• Cobre Panamá is the third largest copper mine globally by throughput, with a mine life to 2050.

• 2026 copper production guidance: Kansanshi 175–205kt, Sentinel 190–220kt, Cobre Panamá 30–40kt.