Mr. Tristan Pascall reports

FIRST QUANTUM MINERALS ANNOUNCES SALE OF CAYELI MINE

First Quantum Minerals Ltd. has entered into a binding agreement to sell the Cayeli mine in Turkey to Cengiz Insaat, a company controlled by Cengiz Holding, for cash consideration of $340-million (in U.S. dollars, except where noted otherwise).

"For more than a decade, the performance of Cayeli within First Quantum has been underpinned by the dedication of its employees and a strong safety and operating culture. The sale reflects the company's disciplined approach to portfolio management as we focus on our core strategic priorities," said Tristan Pascall, chief executive officer of First Quantum.

Transaction summary

Under the terms of the transaction, Cengiz will acquire Cayeli for a purchase price of $340-million in cash, subject to certain customary adjustments at the time of closing. Cengiz is providing an advance payment of $50-million simultaneously to the transaction announcement, which is creditable against the purchase price at the closing of the transaction.

The transaction is subject to certain customary conditions and regulatory approvals, and is expected to close during the second or third quarter of 2026.

About Cayeli

The Cayeli mine is located on the Black Sea coast of northeastern Turkey. The mine has produced copper and zinc concentrates by conventional underground mining methods since 1994. In 2025, a maiden mineral resource was provided for a newly defined copper and zinc deposit named the South orebody that extended the operating life for Cayeli to 2036.

Advisers

BMO Capital Markets served as financial adviser, and Simmons & Simmons served as legal adviser to the company for the purposes of the transaction.

About First Quantum Minerals Ltd.

First Quantum is engaged in the production of copper, nickel and gold and related activities including exploration and development. The company has operating mines located in Zambia, Turkey and Mauritania. The company's Cobre Panama mine was placed into a phase of preservation and safe management in November, 2023. The company's Ravensthorpe mine was placed into a care and maintenance process in May, 2024. The company is progressing the Taca Taca copper-gold-molybdenum project in Argentina and is exploring La Granja and the Haquira copper deposits in Peru.

We seek Safe Harbor.