First Quantum Presents 2026 Copper Production Guidance of 405,000-435,000 Tonnes

• First Quantum Minerals highlighted a Panamanian commission's recommendation to negotiate a Cobre Panamá restart in its investor presentation.
• The proposed restart would finance long-term rehabilitation and closure, with any agreement also resolving outstanding international arbitration.
• Copper production guidance for 2026 is 405,000-435,000 metric tons; gold output is projected at 150,000-170,000 ounces.
• Cobre Panamá is processing stockpiled ore, with copper production forecast at 30,000-40,000 metric tons.
• Debt reduction remains a priority, with net debt-to-EBITDA targets below 2 times through the cycle and approximately 1 time before major project sanctioning.

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