First Quantum Minerals : 2024 ESG Report

Published: 2025-05-15 09:45:13 ET FM.TO

Published on 05/15/2025 at 09:45

Environmental, Social and Governance Report

2024

GRI 2-22

INTRODUCTION

Letter from the Chief Executive Officer

2024 was a year of resilience and strategic refocus for First Quantum. We navigated significant challenges, particularly the continued suspension of Cobre Panamá, while advancing key projects and strengthening our financial position. I'm sad to report that a colleague at our Kansanshi mine passed away in September.

The health and safety of employees and contractors remain my highest priority, and as a Company we will continue to strengthen our safety culture and ensure learnings from incidents are shared and embedded across the business.

Panama

Cobre Panamá, one of the world's largest and newest copper mines, remained in a state of Preservation and Safe Management (P&SM) during 2024. The mine represents a major driver of socio-economic prosperity for Panama during operation, representing around 5% of GDP and employing, directly and indirectly, estimated at more than 40 000 people.

The ongoing environmental stewardship of the site continues to be a key area of focus for the Company. Although the P&SM plan, presented to the Government of Panama in January 2024, is pending approval, we continue to maintain the integrity

of the assets on site and carry out essential environmental stability work. This includes the maintenance of our tailings storage facility at the site which is subject to regular independent audit and review. Independent international tailings experts affirmed the excellent condition of the facility during their 2024 audit, and again in their 2025 review.

Engagement

Our social teams across our operations engage regularly with our communities and stakeholders as we seek to maintain and establish relationships based on trust, mutual respect, and collaboration. We prioritize active listening and learning from our engagements and events to continuously improve our approach and address community needs effectively. In Panama, we have expanded our stakeholder engagement efforts throughout the country, striving to provide transparent and easily accessible information about mining and Cobre Panamá. To date, more than 300 000 people have visited our virtual tour of the mine, and our outreach efforts have reached over 40 000 Panamanians.

First Quantum remains committed to supporting Zambia's economic and energy stability. In response to the drought, which impacted both food security and power availability, we worked alongside the Government of Zambia to facilitate essential food imports. On the energy front, we proactively sourced additional power from the region-not only to sustain our operations but also to help ease pressure on the national grid. Our continued investment in energy infrastructure reflects our long-term commitment to national development and energy security.

Leveraging technology

We have long seen the sustainability, operating and financial benefits that technology can bring to our business. That has been fundamental to our focus on pit electrification through

initiatives such as in-pit crushing and conveying and Quantum Electra-Haul, our proprietary trolley-assist technology.

We continue to expand our Quantum Electra-Haul network across our major operations, with more than 10 kilometers in place and plans to continue expanding in the coming years. At Kansanshi, the world's largest battery truck is undergoing trials, integrated with Quantum Electra-Haul, in partnership with Hitachi Construction Machinery and ABB.

Biodiversity

During 2024, we underlined our ongoing commitment to responsible biodiversity management with further work to update our understanding of the potential impacts of our operations, and the efficacy of the biodiversity action plans that we have in place at all of our sites to manage these potential impacts.

This supplements our support for conservation efforts as we drive understanding of, and enthusiasm for, the importance of natural capital in the parts of the world where we operate.

Responsible mining

As we navigate the global energy transition and rapid technological advancement, responsibly sourced minerals remain vitally important. We fully recognize the critical role mining plays in driving socioeconomic progress while meeting high sustainability standards. Our commitment therefore

goes beyond mining as a purely extractive industry; we strive to build trust through transparent engagement and rigorous environmental and social standards.

We deliver enduring value by directly contributing to host nations' prosperity. In addition to taxes and royalties,

we prioritize local employment, skills development, and resilient supply chains. These efforts are deeply rooted in long-term partnerships that empower communities through focused investments

in education, healthcare, and infrastructure, fostering sustainable development alongside our operations. We firmly believe that the benefits of mining must be shared in a way that supports our collective growth - advancing our communities while safeguarding the planet for future generations.

Tristan Pascall

May 2025

"Deeply rooted in long-term partnerships, we empower communities through supporting investments in education, healthcare, and infrastructure, fostering sustainable development alongside our operations."

TRISTAN PASCALL

Chief Executive Officer

EM-MM-000.A, EM-MM-000.B

GRI 2-1

SAMATOSUM

Province of British Columbia, Canada

STURGEON LAKE

Province of Ontario, Canada

LAC SHORT

Province of Quebe

WINSTON LAKE MINE

Province of Ontario, Canada

First Quantum at a glance - 2024

LAS CRUCES UNDERGROUND

Sevilla Province, Spain

Ownership

100%

c, Canada

Primary

Copper

LAS CRUCES

Sevilla Province, Spain

Ownership 100%

Primary Copper

LA GRANJA

Querocoto District, Peru

MILLENBACH

Province of Quebec, Canada

NORBEC

Province of Quebec, Canada

HAQUIRA

Apurimac Region, Peru

Ownership 100%

Primary Copper

Ownership 55%

Primary Copper

COBRE PANAMÁ

Colón Province, Panama

Ownership 90%

Primary Copper

Secondary Gold, molybdenum, silver

Placed on Preservation and Safe Management (P&SM) after production halted in November 2023.

PYHÄSALMI

Pyhäjärvi, Finland

Ownership 100%

Primary

Copper (underground closed in 2022)

Secondary Pyrite, Zinc

2024 Production Pyrite 397kt

ÇAYELI

Rize Province, Türkiye

Ownership 100%

Primary Copper

Secondary Zinc

2024 Production Copper 11kt

TRIDENT (SENTINEL AND ENTERPRISE*)

North-Western Province, Zambia

Ownership 100%

Primary

Sentinel: Copper Enterprise: Nickel

2024 Production Copper 231kt, Nickel 19kt

Commercial production declared June 1, 2024*

Copper, Nickel and Gold

INTRODUCTION

Principal products

431 004 tonnes

2024 copper production

139 040 ounces

2024 gold production

23 718 tonnes

2024 nickel production

$4 802 million

Sales revenues

14 484 Employees

12 414 Contractors

Workforce

TACA TACA

Salta Province, Argentina

KANSANSHI

North-Western Province, Zambia

RAVENSTHORPE

Western Australia, Australia

GUELB MOGHREIN

Akjoujt, Mauritania

Ownership 100%

Primary Copper

Secondary

Gold, molybdenum

Ownership

100%

Ownership

80%

Ownership

75.7%

Primary

Copper

Primary

Copper

Primary

Nickel

Secondary Gold Secondary Gold Secondary Cobalt

2024 Production Copper 18kt, Gold 31koz 2024 Production Copper 171kt, Gold 105koz 2024 Production Nickel 5kt

Placed on care and maintenance on May 1, 2024.

GRI 201-1

INTRODUCTION

Our global direct economic

contribution in 2024: $3.5 billion

At First Quantum, we are proud of our contribution to society. Mining is no longer simply an extractive industry.

First Quantum seeks to contribute in a fair and sustainable manner to our host governments and communities as a responsible corporate citizen.

Total direct economic contribution

$3 519 million

Panama*

Spain

$43 million

Finland

$11 million

Türkiye

$75 million

$800 million

Taxes, royalties and other payments to government

$426 million

Salaries and wages

$28 million

Community investment, social outreach & communications

$2 265 million

Supplier spend with nationally registered suppliers

$378 million

Peru**

$47 million

Chile**

$2 million

Argentina**

$9 million

Mauritania

$106 million

Zambia

$2 653 million

Australia

$195 million

* Cobre Panamá was placed in a state of P&SM since November 2023.

** Argentina, Peru and Chile are exploration projects.

Disclaimer

First Quantum Minerals Ltd. published this content on May 15, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 15, 2025 at 13:44 UTC.