Mr. Tristan Pascall reports

FIRST QUANTUM MINERALS REPORTS THIRD QUARTER 2023 RESULTS

First Quantum Minerals Ltd. has released results for the three months ended Sept. 30, 2023 (Q3 2023 or the third quarter), with net earnings attributable to shareholders of the company of $325-million (47-cent earnings per share) and adjusted earnings (1) of $359-million (52-cent adjusted earnings per share (2)) (in U.S. dollars, except where noted otherwise).

"It was pleasing that production continued to improve during the third quarter at each of our three main copper operations. The ramp-up of the CP100 Expansion project is progressing well, allowing the Cobre Panama mine to achieve another record in quarterly production. This continued strong performance, together with the recent finalization of the legal framework for the mine provides a solid foundation for Cobre Panama's future. Similarly, in Zambia, where we concluded new agreements with the government last year, we achieved first concentrate sale from the new Enterprise nickel mine in the quarter and continued to make steady progress on the S3 Expansion. With the volatile global economic outlook, we continue to build resilience to the challenging macro environment by staying focused on project execution, operational excellence and improving the balance sheet," commented Tristan Pascall, Chief Executive Officer. "The passing of Philip Pascall in September, one of First Quantum's co-founders and Chair, was felt profoundly across the Company as he was a friend, mentor and inspirational leader to many. I am pleased that Robert Harding will be taking on the role of Chair of the Board. Mr. Harding has been a valuable member of the Board of First Quantum, who has made significant contributions to guide the Company to where it is today. This, combined with his previous executive and board roles, makes him ideal for the Chair role."

"Over the many years under Philip's leadership, First Quantum grew to become the company that it is today by challenging conventional thinking. This created a unique culture and distinctive approach, "the First Quantum way", which is deeply embedded within the Company. While Philip's passing is a great loss for the Company and the industry, I am confident that with its strong management team and world class assets, the Company is very well positioned to build on Philip's legacy." said Robert Harding, Chair of the Board.

Q3 2023 SUMMARY

In Q3 2023, First Quantum reported gross profit of $660 million, EBITDA1 of $969 million, net earnings attributable to shareholders of $0.47 per share, and adjusted earnings of $0.52 per share2. Relative to the second quarter of this year ("Q2 2023"), third quarter financial results benefitted from higher copper and gold sales volumes and stabilized input costs, which was partially offset by lower realized copper prices.

2023 guidance has been updated for copper, gold and nickel production to reflect the performance-to-date and the outlook for the remainder of the year. Copper production guidance has been reduced to 745,000 - 775,000 tonnes (from 770,000 - 840,000 tonnes), mainly attributable to Sentinel with production guidance reduced to 220,000 - 230,000 tonnes (from 260,000 - 280,000 tonnes). Gold production has been reduced to 230,000 - 250,000 ounces (from 265,000 - 295,000 ounces), while nickel production has been reduced to 25,000 - 29,000 contained tonnes (from 28,000 - 38,000 contained tonnes). Copper C1 cash cost2 has been narrowed to $1.75 - $1.85 per lb (from $1.65 - $1.85 per lb), to reflect revised production guidance.

1 EBITDA and adjusted earnings 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 per share, copper C1 cash cost (copper C1), and all-in sustaining costs (AISC) 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".

CHAIR OF THE BOARD

First Quantum was deeply saddened to announce the passing of one of its founders and Chair, Philip Pascall, on September 19, 2023. Philip passed away peacefully at home in Perth, Western Australia. Philip co-founded First Quantum in 1996, serving as the Chair since its inception and Chief Executive Officer until 2022. Under his leadership, Philip instilled an entrepreneurial and bold culture that saw the Company grow from a 10,000 tonnes tailings re-processor 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.

On the same day, the Board of Directors voted to elect Robert Harding, Lead Independent Director, as the Company's Interim Chair and more recently approved the appointment of Mr. Harding into the role of Chair of the Company. Mr. Harding has been a Director of the Company since 2013 and has a full understanding of the Company's operations and unique culture. Mr. Harding has also served as Chair of the Nominating & Governance Committee on the Board. Mr. Harding began his career at a major accounting firm before joining Brookfield Asset Management where he served in progressively senior roles and ultimately, Chief Executive Officer in 1992. He retired from the Board of Brookfield, where he was Chairman from 1997 to 2010, in 2019.

Q3 2023 OPERATIONAL HIGHLIGHTS

Total copper production for the third quarter was 221,550 tonnes, an 18% increase from Q2 2023. The quarter-over-quarter increase in production was attributable to an improvement in throughput and grades at the Company's three largest mines, particularly at Cobre Panama with the continued strong ramp-up of the CP100 Expansion project. Copper sales volumes in Q3 2023 totalled 218,946 tonnes, 2,604 tonnes lower than production.

Copper C1 cash cost1 of $1.42 per lb for Q3 2023 was $0.56 per lb lower than Q2 2023. The improvement in copper C1 cash costs1 was primarily related to improved production volumes.

• Cobre Panama produced 112,734 tonnes of copper in Q3 2023, an increase of 22,648 tonnes from the previous quarter as the current quarter saw improved grades and higher tonnes milled from the continued successful ramp-up of the CP100 Expansion project, which achieved a throughput rate of 24.5 million tonnes during the period. Copper C1 cash cost3 of $1.19 per lb was $0.52 per lb lower than the previous quarter due to higher copper production volumes and higher gold by-product credits. 2023 Production guidance for Cobre Panama has been narrowed to 365,000 - 375,000 tonnes (from 350,000 - 380,000 tonnes) of copper and lowered to 135,000 - 150,000 ounces (from 140,000 - 160,000 ounces) of gold. Full year 2023 grades and recoveries are expected to be broadly consistent with 2022, with some fluctuations from quarter to quarter. Ramp-up of the CP100 Expansion facilities continue and the expansion to 100 Mtpa remains on schedule for the end of 2023. Significant progress has been made on the pre-strip work for the Colina pit and earthworks for the associated overland conveyor and in-pit crushing facility. The first crusher at Colina is expected to be commissioned in 2024. In addition, the construction of the molybdenum recovery circuit is progressing well with commissioning and commercial production anticipated in 2024.
• Kansanshi's copper production of 39,600 tonnes in Q3 2023 was 4,943 tonnes higher than the previous quarter as mining was focused on cutbacks at elevated benches with historically higher grades where mineralization is predominantly in stratigraphy and with wider veins. Copper C1 cash cost1 of $1.63 per lb was $0.73 lower than Q2 2023 mainly due to improved production volumes. Production in 2023 has been narrowed to 130,000 - 140,000 tonnes (from 130,000 - 150,000 tonnes) of copper. Guidance for gold production has been reduced to 65,000 - 70,000 ounces (from 95,000 - 105,000 ounces) of gold. Mining fleet deployment changes have enabled the operation to open up mining areas, placing less reliance on variable-grade ore stockpiles. Additionally, mining will continue to focus on cutbacks M15 and M17 at upper elevations in the main pit, where mineralization is predominantly disseminated in stratigraphy and with wider veins, and therefore higher grades that will benefit production through the rest of 2023. Additional in-fill and targeted drilling in areas of vein mineralization has continued, thereby significantly improving decision-making at each stage of the mining value chain.
• Sentinel reported copper production of 63,805 tonnes in Q3 2023, 9,760 tonnes higher than the previous quarter as the operation saw steady improvement after the impact of record heavy rains experienced earlier this year. Higher grades were accessed in the third quarter, however, mining was impacted by very hard rock from lower levels in Stages 1 and 2 of the open pit, which increased blast requirements and also hampered crushing reliabilities and milling efficiencies. Copper C1 cash cost1 of $1.65 per lb was $0.39 per lb lower than the preceding quarter, reflecting higher production volumes. As a result of the challenges encountered year-to-date, copper production guidance for 2023 has been lowered to 220,000 - 230,000 tonnes (from 260,000 - 280,000 tonnes). Whilst mining conditions have improved and drill and blast volumes increased, the ramp up has been slower than expected due to very hard rock conditions from Stages 1 and 2, which are expected to continue into the fourth quarter of 2023. Stage 3 (Western Cut-back) mining will commence in the fourth quarter of 2023, which will enable more favourable mining conditions with softer material and shorter haul distances and aid overall mining efficiencies. However, first substantial ore from Stage 3 is only expected to start contributing towards the end of the second quarter of 2024.
• At Enterprise, first concentrate sale occurred in the third quarter of 2023. The focus remains on stripping of waste and the final ramp-up of the process plant to full production capacity, which was challenged by the metallurgical characteristics of the shallow ore and impacted recoveries. However, a good understanding of the process impact of this material has been developed. Plant recovery and concentrate quality are continuously improving as the sulphide ore quality increases, as expected from the geometallurgical understanding of the deposit. Production guidance in 2023 for Enterprise has been reduced to 3,000 - 5,000 contained tonnes of nickel (from 5,000 - 10,000 tonnes).

1 C1 cash costs (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".

FINANCIAL HIGHLIGHTS

Gross profit for the third quarter of $660 million was 149% higher than Q2 2023, while EBITDA1 of $969 million for the same period was 71% higher due to higher sales volumes, partially offset by lower realized metal prices.

Cash flows from operating activities of $594 million ($0.86 per share2) for the quarter were $125 million lower than Q2 2023 due mainly to unfavourable working capital movements.

Net debt1 decreased by $13 million during the quarter, taking the net debt1 balance to $5,637 million as at September 30, 2023. As at September 30, 2023, total debt was $6,892 million (June 30, 2023, total debt was $6,528 million).

An interim dividend of CDN$0.08 per share, in respect of the financial year ended December 31, 2023 (July 26, 2022: CDN$0.16 per share) was paid on September 19, 2023 to shareholders of record on August 28, 2023.

1 EBITDA is a non-GAAP financial measures and net debt is a supplementary financial measure. 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 Cash flows from operating activities per share, copper C1 cash cost (copper C1), and copper all-in sustaining cost (copper AISC) 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".

2023 GUIDANCE

Guidance has been updated for copper, gold and nickel production to reflect the performance to date and the outlook for the remainder of the year. Copper production guidance has been reduced to 745,000 - 775,000 tonnes (from 770,000 - 840,000 tonnes) with fourth quarter production levels expected to be similar with the third quarter. Gold production has been reduced to 230,000 - 250,000 ounces (from 265,000 - 295,000 ounces) principally due to lower production at Kansanshi. Nickel production has been lowered to 25,000 - 29,000 tonnes (from 28,000 - 38,000 tonnes) to reflect the performance-to-date at Ravensthorpe and Enterprise.

C1 cash cost1 of copper has been narrowed to $1.75 - $1.85 per lb (from $1.65 - $1.85 per lb), to reflect revised production guidance.

Any non-profit based top-up tax payment to meet the minimum contribution at Cobre Panama is expected to be recognized within operating profit and AISC1. The AISC1 range has been revised to an upper end of $2.50 per lb to reflect the lowered overall group production guidance and accommodate a non-profit based top up tax impact at Cobre Panama of between $0.00 per lb and $0.05 per lb.

C1 cash cost1 and AISC1 for Ravensthorpe nickel has increased to reflect reduced production as well as higher costs related to labour, contractors and maintenance costs.

Guidance for total capital expenditure has been reduced by $50 million to $1,550 million, based on latest expected timing of capitalized stripping with a portion now expected to be incurred in 2024.

Interest expense on debt for the full year 2023 is expected to be approximately $550 million and excludes interest accrued on related party loans to Cobre Panama and Ravensthorpe, a finance cost accreted on the precious metal streaming arrangement, capitalized interest expense and accretion on asset retirement obligation. Cash outflow on interest paid is expected to be approximately $505 million for the full year 2023.

The full year 2023 depreciation expense is expected to be between $1,230 million to $1,250 million.

At current consensus pricing, the adjusted effective tax rate for the full year 2023 is expected to be between 40% and 45%. It is anticipated that the effective tax rate for the Group in the final quarter of the year will be higher as the income tax expense is adjusted to the full year rate under the Concession Contract in Panama, rather than the Law 9 basis used in the current quarter.

COBRE PANAMA UPDATE

On October 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.

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.

BROWNFIELD PROJECTS

At the S3 Expansion, detailed design is progressing well and will be largely complete by the end of this year. Long-lead mining fleet and long-lead process plant equipment deliveries have commenced, with first ultra-class trucks commissioned on site and initial components of the mills and primary crusher dispatched. Deliveries will continue until the second quarter of 2024. As at the end of the quarter, approximately 90% of all mechanical equipment have been ordered and overall project procurement is approximately 55% committed. Construction continues with earthworks, buried pipe and electrical services, while concrete works and first steelwork and platework installation have commenced. The majority of the capital spend on the S3 Expansion is expected in 2024, with first production expected in 2025.

At Enterprise, all major infrastructures are complete or nearing completion ahead of the onset of the wet season. Additional equipment is being mobilized to the mining operation and additional flotation capacity construction is progressing towards commissioning in early 2024. Commercial production and full plant throughput is expected in 2024 with a focus on providing greater exposure to less weathered ore in the mine.

At the Las Cruces Underground Project, work continues to advance the release of the NI 43-101 Technical Report on Reserves and Resources expected later in the year. The Las Cruces Underground Project is awaiting Board approval, which is not expected before the end of 2023 and will take into consideration prevailing economic conditions and the Company's debt reduction objectives.

GREENFIELD PROJECTS

At Taca Taca, the Company is continuing with project pre-development and feasibility activities. In June 2023, the Company received a second set of observations to the ESIA from the mining authority and submitted its responses in October 2023. The Company now expects ESIA approval to be in 2024.

At La Granja, as announced on August 27, 2023, the Company finalized an agreement with Rio Tinto to progress the copper project in northern Peru and a resource definition drilling program commenced in October 2023.

At Haquira, negotiations for land access to support a drill program were resumed during the second quarter and agreements were reached with three local communities. This enabled a drilling campaign to start at the Haquira East deposit in September 2023. The current exploration permit is being renewed and amended to enable further drilling. As part of this process, the Company successfully conducted in August 2023, together with representatives from competent mining authority and local communities, a public participation workshop as required by applicable law. The Company has resumed dialogue with the remaining communities with the aim to extend the drilling program into Haquira West and other targets in the area of the project.

OTHER DEVELOPMENTS

Panama Canal

A prolonged period of abnormally low rainfall in the catchment area of the Panama Canal has led to restrictions and longer queuing for ships transiting the canal. Mitigations such as adopting longer shipping routes or shipping more concentrate to Atlantic accessible customers are available in the event the trend continues. Currently, the only impact on Cobre Panama are slightly longer voyage times for concentrate shipments to customers based in Asia that have not opted for alternative shipping routes. Based on the contracts with these customers, revenue recognition for these shipments are not impacted by these longer voyage times. While freight rates through the Panama Canal remain competitive at this time, there is upside risk to these rates if the current situation with the canal remains protracted.

Disposal of investment in African Energy

The Company disposed of its investment in African Energy, a company holding exploration projects in Botswana, including the Sese coal power project. The Company had previously announced in January 2022, its intention not to develop this project.

COMPLETE FINANCIAL STATEMENTS AND MANAGEMENT'S DISCUSSION AND ANALYSIS

The complete Consolidated Financial Statements and Management's Discussion and Analysis for the three and nine months ended September 30, 2023 are available on the First Quantum website and on SEDAR+, 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, October 25, 2023 at 9:00 am (ET). Conference call and webcast details:

• Toll-free North America: 1-800-319-4610
• Toll-free International: +1-604-638-5340

A replay of the webcast will be available on the First Quantum website.

We seek Safe Harbor.