(In United States dollars, except where noted otherwise) TORONTO, April 23, 2024 (GLOBE NEWSWIRE) -- First Quantum Minerals Ltd. ("First Quantum" or the "Company") (TSX:FM) today reports results for the three months ended March 31, 2024 ("Q1 2024" or the "first quarter") of a net loss attributable to shareholders of the Company of $159 million ($0.21 loss per share) and an adjusted loss1 of $154 million ($0.20 adjusted loss per share2). "The successful completion of a comprehensive refinancing package during the first quarter of this year has strengthened the Company's balance sheet significantly and it has unlocked the time and financial headroom needed to secure the successful delivery of the Kansanshi S3 Expansion. The Company's outlook reflects First Quantum's enduring commitment to the success of our Zambian operations. We recognize the challenges Zambia faces from the drought this year, particularly in regard to food security, even as we are pleased to be finalizing agreements to ensure adequate power supply to Trident and Kansanshi. Beyond this, the Company remains focused on evaluating additional measures to manage its balance sheet ever more prudently," commented Tristan Pascall, Chief Executive Officer of First Quantum. "Panama holds its presidential election in early May and a new president will be inaugurated in July. Clearly, throughout this period of change, the environmental stability and asset integrity of Cobre Panamá remains a priority for the Company. First Quantum will continue to work with the current administration to implement the Cobre Panamá Preservation and Safe Management plan." Q1 2024 SUMMARY In Q1 2024, First Quantum reported gross profit of $156 million, EBITDA1 of $180 million, a net loss attributable to shareholders of $0.21 per share, and an adjusted loss per share2 of $0.20. Relative to the fourth quarter of 2023 ("Q4 2023"), first quarter financial results were negatively impacted by the disruptions experienced at the Cobre Panamá mine which led to the mine being placed in a phase of Preservation and Safe Management ("P&SM") since November 2023. Along with the Q1 2024 financial and operational results, there were a number of developments during the quarter that are detailed in the news release. Due to a National Emergency in Zambia, in response to a drought aggravated by El Niño, ZESCO revealed a plan to reduce power supply to the mining sector over the period from May 1, 2024 to December 31, 2024. First Quantum received a force majeure notice from ZESCO to formalize their request for power reductions. This procedural step will allow First Quantum to secure power independently from alternative sources. First Quantum is in the process of finalizing binding offtake agreements with third party traders for power sourced from the Southern African Power Pool for a total of 80 MW currently, which may be expanded if forecasts of power reductions in Zambia change. The Company anticipates that it will be able to substitute the power curtailed by ZESCO with imports, thereby avoiding any major interruptions to its Zambian operations. The previously announced comprehensive refinancing and balance sheet strengthening initiatives were completed, providing the Company with much stronger liquidity and a solid financial position on which to deliver its operational objectives. Cobre Panamá continues to work on the P&SM program. Approximately 121 thousand dry metric tonnes of copper concentrate remains onsite. The Attorney General of Panama, Rigoberto González, advised on January 29, 2024, that "minerals extracted through mining concessions granted in accordance with the Mining Code belong to the concessionaire". The Kansanshi S3 Expansion project continued on track during the quarter. The first quarter of 2024 has been focused on site construction activities with the installation of large mechanical equipment (e.g. SAG Mill, primary crusher) commenced. Site activities were unaffected by the rainy season. The majority of the capital spend on the S3 Expansion is expected to occur in 2024, with first production expected in 2025. 1 EBITDA and adjusted earnings (loss) are non-GAAP financial measures. These measures do not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. See "Regulatory Disclosures".2 Adjusted earnings (loss) per share is a non-GAAP ratio which does not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. See "Regulatory Disclosures". Q1 2024 OPERATIONAL HIGHLIGHTS With Cobre Panamá in a phase of P&SM, total copper production for the first quarter was 100,605 tonnes, a 37% decrease from Q4 2023. Copper sales volumes totaled 101,776 tonnes, approximately 1,171 tonnes higher than production. Copper C1 cash cost1 was $0.20 per lb higher quarter-over-quarter to $2.02 per lb due to the lower production. Excluding Cobre Panamá, copper production was 3,021 tonnes higher quarter-over-quarter resulting from improved mining conditions at Sentinel, while copper C1 cash cost1 were lower by $0.06 per lb at $2.01 per lb. Kansanshi's copper production of 31,473 tonnes in Q1 2024 was 414 tonnes lower than the previous quarter as a result of weaker grades, partially offset by improved throughput. Grades were weaker quarter-over-quarter due to an unplanned smelter shutdown in February, which impacted acid stock availability and restricted the ability to treat high-grade ore. Despite lower production volumes, copper C1 cash cost1 of $2.34 per lb was $0.09 lower quarter-over-quarter mainly due to the absence of a one-time catch-up charge on new electricity rates in Q4 2023 following a new ten-year power supply agreement with ZESCO that was entered into at the end of 2023. Production guidance for 2024 is maintained at 130,000 to 150,000 tonnes of copper and 65,000 to 75,000 ounces of gold. Copper grades are expected to improve over the course of the year as mining progresses at higher elevation areas with higher-grade material from M15 and M17 cutbacks. Sentinel reported copper production of 62,225 tonnes in Q1 2024 was 2,261 tonnes higher than the previous quarter mainly due to an improvement in grades as mining activity was able to progress as planned with ore accessed from the bottom of Stage 1 and the high-grade material from the saddle zone between Stage 1 and Stage 2. Throughput, however, was lower than the fourth quarter of 2023 due to a planned total plant shutdown that occurred in January 2024 that was deferred from 2023. Despite the higher production volumes in Q1 2024, copper C1 cash cost1 of $1.85 per lb is unchanged from the preceding quarter, reflecting higher electricity rates from the new power supply agreement with ZESCO and higher freight costs associated with the higher volumes of concentrate sold during the quarter. Copper production guidance for 2024 is maintained at 220,000 to 250,000 tonnes. Copper grades are expected to normalize for the remainder of the year after an exceptionally strong first quarter, while throughput is expected to improve over the course of the year with the development of Stage 3 (Western Cut-back) progressing well that will enable improved mining productivities and increased availability of softer material from higher elevations. Enterprise produced 4,031 tonnes of nickel during the first quarter, an increase from 2,751 tonnes in Q4 2023, reflecting a ramp up of mining operations. In the first quarter, additional equipment was mobilized to increase mining volumes. The Jameson cell and one of the two additional columns to expand the cleaner circuit have been commissioned with a noticeable improvement in recovery. The second column is expected to be commissioned in the second quarter. The focus remains on the stripping of waste and the final ramp-up of the process plant to full production capacity, which has been challenged by the metallurgical characteristics of the shallow ore. Recovery and concentrate quality are continuously improving as supply of the fresher sulphide ore increases, consistent with expectations from the geo-metallurgical understanding of the deposit. Commercial production and full plant throughput is expected later in 2024. Production guidance in 2024 is 10,000 to 20,000 contained tonnes of nickel. 1 C1 cash cost (C1) is a non-GAAP ratio, which does not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. See "Regulatory Disclosures" Cobre Panamá currently remains in a phase of P&SM. During the quarter, the process plant went through a 14-day preservation and maintenance cycle, with equipment being run and monitored for periods to help maintain the equipment in good working condition. Furthermore, all the major ultra-class mobile equipment is in a maintenance cycle that involves daily inspections and weekly start-up and running of the assets. This equipment will be required as part of the P&SM plan that is awaiting approval by the Ministry of Commerce and Industries ("MICI"). Through the course of the first quarter of 2024, Cobre Panamá sent to the National Authority of Public Services ("ASEP"), the request to extend the Auto-generator certificate, which is required to put the generation units of the power plant into operation. The restart of the power plant is a critical area for the ongoing implementation of the P&SM plan and the Company is actively engaged with ASEP in this respect. Excluding one-time severance charges for employees, the costs for the P&SM program in the first quarter were approximately $20 million per month, which included labor, maintenance spares, contractor's services, electricity, and other general expenses. For the remainder of the year, P&SM expenses are expected to range from $15 - $20 million per month, depending on the level of environmental stability and asset integrity programs. The Company is actively managing the P&SM costs of Cobre Panamá and will adjust the level of employment and cost of these activities according to the conditions on the ground in Panama. At Ravensthorpe, nickel production for the first quarter totaled 3,740 contained tonnes of nickel. Production for the quarter was lower than expected mainly due to lower throughput rates and leach extractions which was predominantly limited by capacity constraints on the Atmospheric Leach. Despite the transition to a new operating strategy announced subsequent to the year-end, maintenance challenges continue to impact production certainty and weak nickel prices, lower payabilities and high operating costs have continued to result in significant margin pressure. Production guidance remains at 12,000 – 17,000 contained tonnes of nickel per annum. FINANCIAL HIGHLIGHTS Financial results continue to be impacted by Cobre Panamá in a phase of P&SM. Gross profit for the first quarter of $156 million was $69 million higher than the fourth quarter of last year, while EBITDA1 of $180 million for the same period was $93 million lower. Cash flows from operating activities of $411 million ($0.55 per share2) for the quarter were $596 million higher than the fourth quarter of last year. The previously disclosed comprehensive refinancing and balance sheet strengthening initiatives were completed in the first quarter, providing the Company with strong liquidity, sustainable leverage, and a solid financial position on which to deliver its operational objectives. These transactions include: Execution of a copper prepayment agreement with Jiangxi Copper, resulting in gross proceeds of $500 million. Amendments to the Term Loan and Revolving Credit Facility, providing additional liquidity headroom and increases the net leverage covenant from 3.50x to 5.75x Net Debt/EBITDA until June 30, 2025. The net leverage covenant will be reduced to 5.00x between July 1, 2025 and December 31, 2025; 4.25x between January 1, 2026 and June 30, 2026; and 3.75x thereafter. Completion of the offering of $1,600 million 9.375% senior secured second-lien notes due 2029, along with the bought deal equity offering detailed below, allowing the Company to redeem in full its $1,050 million and $1,000 million aggregate principal amount senior notes that were due in 2025 and 2026, respectively. Issuance of 139,932,000 common shares (including an over-allotment option) from the previously disclosed bought deal equity offering resulting in gross proceeds of approximately $1,150 million (C$1,553 million). 1 EBITDA is a non-GAAP financial measure which does not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. See "Regulatory Disclosures".2 Cash flows from operating activities per share is a non-GAAP ratio, which does not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. See "Regulatory Disclosures". The completion of the above refinancing transactions, offset by changes in working capital, resulted in a decrease in the Company's net debt1 position by $1,143 million during the quarter, taking net debt1 to $5,277 million and total debt to $5,988 million as at March 31, 2024 (net debt1 was $6,420 million and total debt was $7,379 million at December 31, 2023). The Company continues to pursue previously announced measures to prudently manage the balance sheet for optionality and flexibility, including a sales process for the Las Cruces mine in Spain, as well as a potential minority investment in the Company's Zambian business. 1Net debt is a supplementary financial measure which does not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. See "Regulatory Disclosures". CONSOLIDATED FINANCIAL HIGHLIGHTS   QUARTERLY   Q1 2024   Q4 2023   Q1 2023   Sales revenues 1,036   1,218   1,558   Gross profit 156   87   280   Net earnings (loss) attributable to shareholders of the Company (159 ) (1,447 ) 75   Basic earnings (loss) per share ($0.21 ) ($2.09 ) $0.11   Diluted earnings (loss) per share ($0.21 ) ($2.09 ) $0.11   Cash flows from (used by) operating activities3 411   (185 ) 299   Net debt1 5,277   6,420   5,780   EBITDA1,2 180   273   518   Adjusted earnings (loss)1 (154 ) (259 ) 76   Adjusted earnings (loss) per share3 ($0.20 ) ($0.37 ) $0.11   Realized copper price (per lb)3 $3.78   $3.62   $3.95   Net earnings (loss) attributable to shareholders of the Company (159 ) (1,447 ) 75   Adjustments attributable to shareholders of the Company:       Adjustment for expected phasing of Zambian value-added tax ("VAT") (10 ) 20   (23 ) Loss on redemption of debt 10   –   –   Ravensthorpe deferred tax charge –   160   –   Total adjustments to EBITDA1excluding depreciation2 3   1,031   22   Tax adjustments 3   273   2   Minority interest adjustments (1 ) (296 ) –   Adjusted earnings (loss)1 (154 ) (259 ) 76   1 EBITDA and adjusted earnings (loss) are non-GAAP financial measures, and net debt is a supplementary financial measure. These measures do not have a standardized meaning under IFRS and might not be comparable to similar financial measures disclosed by other issuers. Adjusted earnings (loss) have been adjusted to exclude items from the corresponding IFRS measure, net earnings (loss) attributable to shareholders of the Company, which are not considered by management to be reflective of underlying performance. The Company has disclosed these measures to assist with the understanding of results and to provide further financial information about the results to investors and may not be comparable to similar financial measures disclosed by other issuers. The use of adjusted earnings (loss) and EBITDA represents the Company's adjusted earnings (loss) metrics. See "Regulatory Disclosures". 2 Adjustments to EBITDA in 2024 relate principally to foreign exchange revaluations and an impairment expense of $10 million and a restructuring expense of $6 million (2023 - impairment, foreign exchange revaluations, royalties and restructuring expense).3 Adjusted earnings (loss) per share, realized metal prices, and cash flows from operating activities per share are non-GAAP ratios, which do not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. See "Regulatory Disclosures". CONSOLIDATED OPERATING HIGHLIGHTS   QUARTERLY   Q1 2024 Q4 2023 Q1 2023 Copper production (tonnes)1 100,605 160,200 138,753 Cobre Panamá – 62,616 65,427 Kansanshi 31,473 31,887 28,683 Sentinel 62,225 59,964 36,232 Other Sites 6,907 5,733 8,411 Copper sales (tonnes)2 101,776 127,721 150,287 Cobre Panamá – 35,809 70,028 Kansanshi2 31,683 31,295 31,538 Sentinel 62,899 55,112 40,313 Other Sites 7,194 5,505 8,408 Gold production (ounces) 26,984 53,325 47,874 Cobre Panamá – 30,986 23,878 Kansanshi 20,082 16,718 15,960 Guelb Moghrein 6,285 5,327 7,585 Other sites 617 294 451 Gold sales (ounces)3 29,778 45,365 51,941 Cobre Panamá – 19,861 28,853 Kansanshi 20,523 19,396 17,244 Guelb Moghrein 9,015 5,539 5,482 Other sites 240 569 362 Nickel production (contained tonnes)4 7,771 7,313 5,917 Nickel sales (contained tonnes)5 8,211 5,719 5,846 Cash cost of copper production (C1) (per lb)2,6 $2.02 $1.82 $2.24 C1 (per lb) excluding Cobre Panamá2,6 $2.01 $2.07 $2.78 Total cost of copper production (C3) (per lb)2,6 $3.04 $2.77 $3.30 Copper all-in sustaining cost (AISC) (per lb)2,6 $2.85 $2.52 $2.87 AISC (per lb) excluding Cobre Panamá2,6 $2.77 $2.97 $3.57 1 Production is presented on a contained basis, and is presented prior to processing through the Kansanshi smelter.2 Sales exclude the sale of copper anode produced from third-party concentrate purchased at Kansanshi. Sales of copper anode attributable to third-party concentrate purchases were 5,790 tonnes for the three months ended March 31, 2024, respectively, (9,120 tonnes for the three months ended March 31, 2023).3 Excludes refinery-backed gold credits purchased and delivered under the precious metal streaming arrangement (see "Precious Metal Stream Arrangement").4 Nickel production includes 4,031 tonnes tonnes of pre-commercial production from Enterprise for the three months ended March 31, 2024, which is not included in earnings (loss) or C1, C3 and AISC calculations. (nil tonnes for the three months ended March 31, 2023). 5 Nickel sales (contained tonnes) includes 4,346 tonnes tonnes of pre-commercial sales from Enterprise for the three months ended March 31, 2024, (nil tonnes for the three months ended March 31, 2023.)6 Copper all-in sustaining cost (copper AISC), copper C1 cash cost (copper C1), and total cost of copper (copper C3) are non-GAAP ratios, which do not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. See "Regulatory Disclosures". REALIZED METAL PRICES7   QUARTERLY   Q1 2024   Q4 2023   Q1 2023   Average LME copper cash price (per lb) $3.83   $3.70   $4.05   Realized copper price1(per lb) $3.78   $3.62   $3.95   Treatment/refining charges ("TC/RC") (per lb) ($0.10 ) ($0.13 ) ($0.14 ) Freight charges (per lb) ($0.07 ) ($0.05 ) ($0.02 ) Net realized copper price1(per lb) $3.61   $3.44   $3.79   Average LBMA cash price (per oz) $2,070   $1,974   $1,890   Net realized gold price1,2(per oz) $1,930   $1,835   $1,766   Average LME nickel cash price (per lb) $7.52   $7.82   $11.79   Net realized nickel price1(per lb) $7.40   $7.53   $10.25   1 Realized metal prices are a non-GAAP ratio, do not have standardized meanings under IFRS and might not be comparable to similar financial measures disclosed by other issuers. See "Regulatory Disclosures" for further information. 2 Excludes gold revenues recognized under the precious metal stream arrangement. ZAMBIA POWER UPDATE On February 29, 2024, Zambia's President Hakainde Hichilema declared a National Emergency in response to a drought aggravated by El Niño. In response to reduced water levels in the Kafue River and Zambezi basins, ZESCO announced a comprehensive power management plan. This plan involves a targeted reduction in power generation across the country as a whole by a total of 700 MW to mitigate the impact of the drought on the nation's power supply. Starting March 11, 2024, ZESCO implemented 8-hour daily load shedding for its retail customers. Additionally, after the National Emergency was declared, ZESCO began a series of consultations on a bilateral basis with Zambia's mining companies. During these consultations, ZESCO revealed a plan to reduce power supply to the mining sector by a total of 150 MW, over the period from May 1, 2024 to December 31, 2024. First Quantum's combined operations are expected to have its power curtailed by approximately 80 MW over this period. Consequently, on April 11, 2024, First Quantum received a force majeure notice from ZESCO to formalize their request for power reductions. This procedural step will allow First Quantum to secure power independently from alternative sources. In anticipation of these challenges, First Quantum is in the process of finalizing binding offtake agreements with third party traders for power sourced from the Southern African Power Pool for a total of 80 MW currently, which may be expanded if forecasts of power reductions in Zambia change. These vendors are securing the necessary power required by the Company's Zambian operations from Mozambique's Electricidade de Moçambique and Namibia's NamPower. The Company estimates that impact of sourcing of power from these other sources would be $25 million for the remainder of the year, approximately $0.03 per lb impact on cash costs1. First Quantum has also signed a letter of intent with ZESCO to support improved power quality across the national grid. Under the terms of the arrangement, First Quantum will provide upfront funding for ZESCO to install Static VAR Compensator units which are expected to improve the quality and availability of power on the national grid. The funding will be recovered by deductions on ZESCO's monthly invoices to Trident and Kansanshi. The Company is advancing a 430 MW of solar and wind project with TotalEnergies and Chariot Energy. The expected commissioning date of the solar and wind component is 2026 and 2027, respectively. Furthermore, the Company is in advanced discussions with Zambian hydro scheme project developers with sites in Northwest and Northern Provinces of Zambia. The combined baseload power of these projects is 50MW. These sites have more favorable hydrology than Zambia's south, where most of Zambia's current generation are located. At this stage, based on current power supply and demand forecasts, the Company anticipates that it will be able to substitute the power curtailed by ZESCO with imports, thereby avoiding any major interruptions to its Zambian operations. 1 Realized metal price, C1 cash cost (C1), and All-in sustaining cost (AISC) are non-GAAP ratio which does not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. See "Regulatory Disclosures". COBRE PANAMÁ UPDATE Cobre Panamá experienced illegal blockades in November 2023 at the Punta Rincón port and at the roads to the site that prevented the delivery of supplies that were necessary to operate the power plant, which led to the suspension of production at the end of November 2023 and placed the mine into a phase of P&SM. Cobre Panamá currently remains in a phase of P&SM with approximately 1,400 workers remaining on site to run the program. Previous illegal blockages around the mine have since dissipated, allowing for the delivery by road and at port of necessary supplies to conduct the P&SM program. The Company is actively managing the P&SM costs of Cobre Panamá and will adjust the level of employment and cost of these activities according to the conditions on the ground in Panama. The Company is working with the Ministry of Commerce and Industries ("MICI") to implement environmental stability and asset integrity measures. As part of these measures, a phase of environmental P&SM was established until June 2024, during which intervening period independent audits, review and planning activities would be undertaken. It was noted by the Government of Panama ("GOP") that the planning would take up to two years, and 10 years or more to implement. At the request of MICI, Cobre Panamá delivered a preliminary draft for the first phase of P&SM on January 16, 2024. Consequently, on February 27, 2024, MICI issued a resolution indicating that the Ministries of Labor, Safety, Health, Industries and Commerce, and Environment would carefully review the plan. In early March 2024, MICI requested some clarifications and additional information with respect to the P&SM plan, to which Cobre Panamá submitted an updated and expanded preservation plan at the end of March 2024. Subsequently, in early April 2024, government delegations, including representation from various ministries undertook site inspection and verification visits. Steps towards two arbitration proceedings have been taken by the Company, one under the Canada-Panama Free Trade Agreement ("FTA"), and another one as per the arbitration clause of the Refreshed Concession Contract. On November 29, 2023, the Company initiated arbitration before the International Chamber of Commerce's International Court of Arbitration ("ICC") pursuant to the ICC's Rules of Arbitration and Clause 46 of the Refreshed Concession Contract, to protect its rights under Panamanian law and the Refreshed Concession Contract that the Government of Panama ("GOP") agreed to in October 2023. The arbitration clause of the contract provides for arbitration in Miami, Florida. On November 14, 2023, First Quantum submitted a notice of intent to the GOP initiating the consultation period required under the FTA. First Quantum submitted an updated notice of intent on February 7, 2024. Under the terms of the FTA, First Quantum may initiate arbitration after at least six months have elapsed since the events giving rise to a claim. First Quantum is entitled to seek any and all relief appropriate in arbitration, including but not limited to damages and reparation for Panama's breaches of the Canada-Panama FTA. These breaches include, among other things, the GOP's failure to permit MPSA to lawfully operate the Cobre Panamá mine prior to the Supreme Court's November 2023 decision, and the GOP's pronouncements and actions concerning closure plans and P&SM at Cobre Panamá. 2024 GUIDANCE Guidance is based on a number of assumptions and estimates as of March 31, 2024, including among other things, assumptions about metal prices and anticipated costs and expenditures. Guidance involves estimates of known and unknown risks, uncertainties and other factors, which may cause the actual results to be materially different. All previously provided guidance remains unchanged. PRODUCTION GUIDANCE 000's 2024 Copper (tonnes) 370 – 420 Gold (ounces) 95 – 115 Nickel (contained tonnes) 22 – 37 PRODUCTION GUIDANCE BY OPERATION1 Copper production guidance (000's tonnes) 2024 Kansanshi 130 – 150 Trident - Sentinel 220 – 250 Other sites 20 Gold production guidance (000's ounces)   Kansanshi 65 – 75 Guelb Moghrein 28 – 38 Other sites 2 Nickel production guidance (000's contained tonnes)   Ravensthorpe 12 – 17 Trident - Enterprise 10 – 20 1 Production is stated on a 100% basis as the Company consolidates all operations. CASH COST1 AND ALL-IN SUSTAINING COST1 Total Copper 2024 C1 (per lb)1 $1.80 – $2.05 AISC (per lb)1 $2.70 – $3.00 Total Nickel 2024 C1 (per lb)1 $7.00 – $8.50 AISC (per lb)1 $8.40 – $10.40 1 C1 cash cost (C1), and all-in sustaining cost (AISC) are non-GAAP ratios, and do not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. See "Regulatory Disclosures". PURCHASE AND DEPOSITS ON PROPERTY, PLANT & EQUIPMENT   2024 Capitalized stripping1 180 – 230 Sustaining capital1 260 – 290 Project capital1 810 – 880 Total capital expenditure 1,250 – 1,400 1 Capitalized stripping, sustaining capital and project capital are non-GAAP financial measures which do not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. See "Regulatory Disclosures". BROWNFIELD PROJECTS At the Kansanshi S3 Expansion project, having completed the majority of detailed engineering and the long lead procurement during 2023, the first quarter of 2024 has been focused on site construction activities. Deliveries of major long lead equipment will continue through to the second quarter of 2024 and the remaining equipment and materials deliveries will be sequenced to match the construction progression. Construction continues across all disciplines with the installation of large mechanical equipment (e.g. SAG Mill, primary crusher) having started during the quarter. The primary crusher excavation has been completed and the construction of the boxcut walls has commenced. The project has a strong focus on cost control whilst ensuring quality of construction execution. The majority of the capital spend on the S3 Expansion is expected to occur in 2024, with first production expected in 2025. ENVIRONMENT, SOCIAL AND GOVERNANCE ("ESG") The latest sustainability reports can be found in the ESG Analyst Centre on the Company's website: https://www.first-quantum.com. These include the TCFD-aligned Climate Change Reports, ESG Reports, Tax Transparency and Contributions to Government Reports, as well as Company's sustainability policies. The Company expects to publish the 2023 ESG Climate and Tax Transparency Reports in the second quarter. COMPLETE FINANCIAL STATEMENTS AND MANAGEMENT'S DISCUSSION AND ANALYSIS The complete Consolidated Financial Statements and Management's Discussion and Analysis for the three months ended March 31, 2024 are available at www.first-quantum.com and at www.sedarplus.com and should be read in conjunction with this news release. CONFERENCE CALL DETAILS The Company will host a conference call and webcast to discuss the results on Wednesday, April 24, 2024 at 9:00 am (EST). Conference call and webcast details:Toll-free North America: 1-800-319-4610Toll-free International: +1-604-638-5340Webcast: Direct link or on our website A replay of the webcast will be available on the First Quantum website. For further information, visit our website at www.first-quantum.com or contact: Bonita To, Director, Investor Relations(416) 361-6400 Toll-free: 1 (888) 688-6577E-Mail: REGULATORY DISCLOSURES Non-GAAP and Other Financial Measures EBITDA, ADJUSTED EARNINGS (LOSS) AND ADJUSTED EARNINGS (LOSS) PER SHARE EBITDA, adjusted earnings (loss) and adjusted earnings (loss) per share exclude certain impacts which the Company believes are not reflective of the Company's underlying performance for the reporting period. These include impairment and related charges, foreign exchange revaluation gains and losses, gains and losses on disposal of assets and liabilities, one-time costs related to acquisitions, dispositions, restructuring and other transactions, revisions in estimates of restoration provisions at closed sites, debt extinguishment and modification gains and losses, the tax effect on unrealized movements in the fair value of derivatives designated as hedged instruments, and adjustments for expected phasing of Zambian VAT.   QUARTERLY   Q1 2024   Q4 2023   Q1 2023   Operating profit (loss) 20   (984 ) 225   Depreciation 157   226   271   Other adjustments:         Foreign exchange loss (gain) (20 ) 43   16   Impairment expense 10   900   –   Share of results of joint venture 1   35   –   Royalty payable –   28   –   Restructuring expense 6   18   –   Other expense 7   11   6   Revisions in estimates of restoration provisions at closed sites (1 ) (4 ) –   Total adjustments excluding depreciation 3   1,031   22   EBITDA 180   273   518     QUARTERLY   Q1 2024   Q4 2023   Q1 2023   Net earnings (loss) attributable to shareholders of the Company (159 ) (1,447