Mr. Tristan Pascall reports

COBRE PANAMA MINING CONCESSION CONTRACT ENACTED INTO LAW IN PANAMA

Law 406, which approves the refreshed mining concession contract for First Quantum Minerals Ltd.'s Cobre Panama mine, was published in the Official Gazette of Panama on Oct. 20, 2023.

On Oct. 20, 2023, the National Assembly in Panama approved Bill 1100, being the proposal for approval of the concession contract for the Cobre Panama mine, in the third debate of the plenary session, with a vote of 47 in favour out of a total of 55 votes registered. On the same day, President Laurentino Cortizo sanctioned Bill 1100 into Law 406, and this was subsequently published in the Official Gazette. The enactment of Law 406 marks the final step in revising the legal framework for the Cobre Panama mine.

"We are pleased that the revised contract establishes the basis for a renewed long-term relationship between Panama and First Quantum. This will provide for both continued investment in the mine and for its important contribution to Panama and its people. We are committed to the obligations of the contract and to responsible stewardship of the Cobre Panama mine, including a continued positive impact on our work force, the surrounding communities and the environment," said Tristan Pascall, chief executive officer.

With publication in the Official Gazette, payments to cover taxes and royalties up to the year-end 2022 of approximately $395-million and certain amounts payable for 2023 corporate tax instalments, withholding taxes and quarterly royalty payments will be due within 30 days.

We seek Safe Harbor.