An anonymous director reports

FIRST QUANTUM ANNOUNCES $1,000 MILLION EQUITY BOUGHT DEAL OFFERING AS PART OF COMPREHENSIVE REFINANCING

First Quantum Minerals Ltd. has entered into an agreement with a syndicate of underwriters led by RBC Capital Markets, BMO Capital Markets and Goldman Sachs as joint bookrunners pursuant to which the underwriters have agreed to purchase, on a bought deal basis, 121.68 million common shares of First Quantum at a price of $11.10 (Canadian) per common share, for aggregate gross proceeds of approximately $1,351-million (Canadian) (approximately $1,000-million). All amounts are in U.S. dollars, except for Canadian dollars where noted.

The company has granted the underwriters an overallotment option, exercisable in whole or in part at any time up to 30 days after the closing of the offering, to purchase up to an additional 18,252,000 common shares (representing 15 per cent of the number of common shares purchased pursuant to the offering), at the offering price.

The company intends to use the net proceeds of the offering to repay certain indebtedness, enhance the company's liquidity profile and for general corporate purposes.

The offering is part of First Quantum's comprehensive refinancing and balance sheet strengthening initiatives which include:

• $500-million copper prepayment agreement (announced yesterday and detailed in the company's fourth quarter and year-end 2023 results);
• The amendment and extension of its $2.2-billion corporate bank facilities that revises the leverage covenant and extends the maturity profile to April, 2027;
• $1,000-million equity bought deal offering (this offering);
• $1,600-million senior secured second-lien notes offering, also announced today, Feb. 21, 2024.

Closing of the offering is expected to occur on or about Feb. 29, 2024, subject to the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange in accordance with its applicable listing requirements, and shall be conditional on the satisfaction or waiver of any condition precedent to the completion of each of the transactions contemplated by: (i) the amendment, restatement and accession agreement in respect of the company's credit facilities; and (ii) the note purchase agreement to be entered into among the company and certain initial purchasers; in each case, other than the completion of the offering and such other conditions thereunder that by their nature are to be satisfied at or following the closing of such transactions.

The offering will be made in each of the provinces and territories of Canada other than Quebec by way of a prospectus supplement to the company's short form base shelf prospectus dated Aug. 18, 2023, and may be offered in the United States to qualified institutional buyers pursuant to Rule 144A under the United States Securities Act of 1933, as amended, and in other jurisdictions outside Canada and the United States pursuant to exemptions from prospectus and registration requirements.

The prospectus supplement will be filed on SEDAR+ on or before Feb. 22, 2024.

This news release should be read in conjunction with the news release dated Feb. 21, 2024, "First Quantum Announces Comprehensive Refinancing Transactions as Part of its Balance Sheet Strengthening Initiatives."

The company will host a recorded webcast including a presentation and prepared remarks from the executive team. It can be accessed after 4:30 p.m. on Feb. 21, 2024, or alternatively by phone toll-free at 1-800-319-8560 (passcode: 86286 followed by the pound key).

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