Mr. Robert Harding reports

FIRST QUANTUM ANNOUNCES PASSING OF CO-FOUNDER AND CHAIRMAN PHILIP PASCALL

One of First Quantum Minerals Ltd.'s founders and chairman, Philip Pascall, passed away on Sept. 19, 2023. Philip Pascall passed away peacefully at home in Perth, Western Australia.

Philip Pascall co-founded First Quantum in 1996, serving as the chairman since its inception, and chief executive officer until 2022. Under his leadership, Philip Pascall instilled an entrepreneurial and bold culture that saw the company grow from a 10,000-tonne tailings reprocessor with the Bwana Mkubwa project in Zambia, to one of the world's largest copper producers with operations spanning five continents and employing more than 20,000 people globally. Amongst the many legacies he leaves behind, the greatest source of Philip Pascall's pride were the many programs for the local communities in which First Quantum Minerals operates, bringing improved standards of health and education in often remote places.

The board of directors has voted to elect Robert Harding, lead independent director, as the company's interim chairman. Mr. Harding has been a director of the company since 2013, and has a full understanding of the company's operations and unique culture. In his role as chair of the nominating and governance committee, Mr. Harding oversaw the company's succession planning process that led to the appointment of Tristan Pascall to the role of chief executive officer in May, 2022.

"On behalf of the board of directors, we extend our sincerest condolences to the Pascall family and friends," said Mr. Harding, interim chairman. "We are all indebted to Phillip for his extraordinary leadership at First Quantum, setting us firmly on the path to the modern, multinational mining company that we are today. Philip was a friend and mentor, and his passing will be profoundly felt across the company, and the many people and lives he impacted as a result of his vision."

"Whilst this is an enormous loss for all of us at First Quantum, Philip would not want us to dwell too long on his passing. He was always looking forward and was excited by the trajectory of the company," said Tristan Pascall, chief executive officer of First Quantum. "Philip drove First Quantum's focus on project execution, operational excellence and social responsibility, and we intend to continue to build on his substantial legacy."