FIRST QUANTUM MINERALS ORD SHS

Q3 performance strong (prices + stockpile ramp): - Revenue +37% to $2.1bn driven by higher copper prices and increased sales (including 2 concentrate shipments from Cobre Panamá stockpile processing). - EBITDA $844m, more than doubled QoQ. Key driver: full exposure to copper prices with no further hedges in place. - Copper produced ~109,000 tonnes (+8% QoQ); copper sales ~110,000 tonnes. - Surprising/good: copper price strength benefited the business materially once hedges were “behind us” (LME reached record $6.74/lb in Q3).

Operations & production outlooks (some downgrades, guidance narrowed): - Kansanshi: ~46,000 tonnes Cu; S3 sustained above design capacity. Acid sales initiative continued, with some copper sacrificed to sell more acid. - Sentinel: ~49,000 tonnes Cu, down ~1,000 tonnes QoQ due to lower grades (mining sequencing impacted by Rope Shovel 1 mid-life overhaul and access delays). - Cobre Panamá: processing restart working—>13,000 tonnes Cu and >6,000 oz Au in Q3; resumed concentrate shipments (~33,000 wet tonnes in Aug, ~39,000 in Sept). - 2026 copper guidance narrowed: 175,000–185,000 tonnes (slightly mixed outlook overall); gold guidance lowered to 95,000–105,000 oz (performance to date + operational constraints).

Cost outlook & margin supports (but inflation and Cobre Panamá impact): - Copper C1 (ex-Cobre Panamá): $2.40/lb (down $0.08 QoQ). - Including Cobre Panamá: $2.59/lb (up $0.05 QoQ) due mainly to full-quarter stockpile processing impact (~$0.13/lb). - Q4/2026 cost pressures: diesel and FX (kwacha) are still elevated with a lag—diesel averaged about $1.40/liter in Q3 (vs $1.59 in Q2). - Guidance updated: Copper C1 $2.50–$2.65/lb; AISC $4.10–$4.25/lb (higher royalties tied to copper price + lower volumes). - Opportunities: selling surplus sulfuric acid (~70,000 tonnes in Q3) generated about $33m revenue and $0.14/lb by-product credit to C1.