Ms. Bonita To reports

FIRST QUANTUM PROVIDES UPDATE ON THE COBRE PANAMA MINE REGARDING RESPONSIBLE ENVIRONMENTAL STEWARDSHIP

First Quantum Minerals Ltd. has provided an update regarding the next steps required for the responsible environmental stewardship of the Cobre Panama mine.

On Dec. 20, Panama's Ministry of Commerce and Industries (MICI) announced that it is pursuing a closure plan for Cobre Panama that will take several months to develop and will include a temporary phase of environmental preservation and safe management, conducting environmental, technical and legal audits, and the formation of a multidisciplinary expert panel. MICI stated that it expects to present the closure plan in June, 2024.

However, no legal basis for pursuing a closure plan has been provided to Minera Panama SA (MPSA), a subsidiary of First Quantum. To date, MPSA has been unable to engage formally with the government to clarify the legal situation and associated environmental obligations.

In the near term, it is crucial that steps are taken to ensure that the Cobre Panama project and associated facilities are maintained in a safe, responsible and sustainable manner, protecting both the environment and local communities. Furthermore, before and during both the formulation and execution of any plan by MICI, the illegal blockade of the access roads to the mine and at the Punta Rincon port must be cleared by the competent authorities in order to avoid any environmental damage in the current non-operational phase. MPSA is concerned for the environmental consequences that may occur if critical supplies and personnel continue to be denied access the mine.

First Quantum has invested in excess of $10-billion (U.S.) to build a world-class mine, port and power station in Panama. The company will pursue all appropriate legal avenues to protect its investment and rights.

We seek Safe Harbor.