第一量子（First Quantum）公布2026年第三季度业绩：铜产量108,959吨，全年铜指引收窄至405,000–435,000吨

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（除另有说明外，均以美元（“US”）计）

安大略省多伦多（2026年10月28日） – 第一量子（First Quantum Minerals Ltd.，“First Quantum”或“公司”）（TSX: FM）今日公布截至2026年9月30日止三个月及九个月的业绩（“2026年第三季度”或“第三季度”）。

“我们对本季度财务业绩的显著改善感到满意，这得益于产量提高以及对走强铜价的完全敞口，清楚展示了我们业务的基础盈利潜力。我们实现了又一个季度的产量增长，这得益于Kansanshi的S3持续强劲表现以及Cobre Panamá的库存矿加工，后者的重启进展顺利，三条生产线在本季度内相继投产，”第一量子（First Quantum）首席执行官Tristan Pascall表示。“在巴拿马，我们对部际委员会提出的建议感到鼓舞，并随时准备与巴拿马政府进行建设性接触，以达成公平、持久的解决方案，符合该国及其人民以及我们利益相关方的最佳利益。”

2026年第三季度亮点

• 第三季度财务业绩包括毛利润6.78亿美元（2026年第二季度：2.97亿美元）、EBITDA[1] 8.44亿美元（2026年第二季度：4.00亿美元）、归属于股东的每股净收益0.25美元（2026年第二季度：0.16美元），以及调整后每股收益¹ 0.29美元（2026年第二季度：$(0.13)）。与2026年第二季度相比，第三季度业绩受益于销售量增加、已实现金属价格¹改善、燃料成本下降，以及2026年6月30日套期保值计划完成后不再有衍生品合约。
• 铜总产量为108,959吨（2026年第二季度：100,487吨），C1现金成本¹为每磅2.59美元（2026年第二季度：2.54美元）。铜销量总计109,841吨。本季度生产了47,095盎司黄金（2026年第二季度：32,029盎司）和9,831吨镍（2026年第二季度：11,246吨）。
• 铜产量指引已从405,000 – 475,000吨的区间收窄至405,000 – 435,000吨，以反映Sentinel和Kansanshi迄今所经历的低品位，而Cobre Panamá的指引则保持不变。黄金产量指引已从150,000 – 175,000盎司的区间收窄至150,000 – 170,000盎司。镍产量指引已从30,000 – 40,000吨的区间上调至40,000 – 45,000吨。
• 此前提供的每磅0.25美元的敏感性已纳入更新后的铜C1现金成本[10]指引，即每磅2.50至2.65美元，以反映燃料价格上涨以及赞比亚克瓦查迄今走强的影响，预计这些因素将在第四季度持续。总资本支出指引已根据迄今支出情况及最新预计的资本支出时间安排收窄。
• 在巴拿马，部长间委员会提交了最终报告，建议评估一项新协议的可行使性，该协议可解决未决仲裁，并为Cobre Panamá可能的重启提供条件，以支持有序、自筹资金的关闭，同时认识到关闭和修复将是一项持续数十年的长期工作。总统正在审阅该报告，并将直接向全国传达决定。
• Cobre Panamá 获授权的矿石库存处理项目（“处理项目”）在本季度取得实质性进展。继3号生产线首次启动后，2号生产线于7月投入运行。1号生产线完成了翻新、测试和调试，调试过程中未出现重大问题。现有矿石库存足以支撑处理项目运行至2027年年中。
• 关于全面审计的环境发现，环境行动已被纳入Cobre Panamá的合规跟踪流程，并得到改进的证据管理、可追溯性和地理参照的支持。

2026年第三季度运营亮点

• 第三季度铜总产量为108,959吨，较2026年第二季度增长8%，主要归因于Cobre Panamá的加工项目以及Kansanshi产量的提高。
• C1 铜现金成本¹环比上升 0.05 美元，至每磅 2.59 美元，原因是纳入了 Cobre Panamá 成本较高的产量。剔除 Cobre Panamá 后，铜 C1 现金成本¹环比下降 0.08 美元，至每磅 2.40 美元，原因是酸副产品抵扣增加和燃料成本下降。本季度，Kansanshi 在强劲的区域需求和有利的硫酸价格支撑下销售了过剩硫酸。
• 铜销售量总计109,841吨，比产量高出约882吨，原因是2026年第二季度在Cobre Panamá生产的铜量于第三季度售出。
• 更多详情，请参见第8页的运营回顾。

2026年第三季度财务亮点

• 2026年第三季度销售收入为20.86亿美元，因销量增加和金属实现价格强劲，较上一季度增长38%¹。收入中包括3300万美元的硫酸富余销售量收入。
• 第三季度毛利润为6.78亿美元，较2026年第二季度增加3.81亿美元；同期EBITDA[2]为8.44亿美元，增加4.44亿美元。
• 本季度经营活动产生的现金流量为6亿美元（每股0.72美元[3]），较2026年第二季度增加4.7亿美元，原因是归属于股东的净利润增加2.07亿美元。
• 净债务[4]在本季度减少9800万美元，至2026年9月30日的53.09亿美元，主要归因于偿还债务1.71亿美元。
• 截至2026年9月30日，总流动性为21.3亿美元，其中包括7.81亿美元现金和循环信贷额度下13.5亿美元的未提取可用额度。

COBRE PANAMÁ 最新情况

2026年9月30日，部际委员会正式向总统何塞·劳尔·穆利诺（“总统”）提交了关于Cobre Panamá的最终报告，标志着巴拿马政府（“GOP”）从技术评估阶段转入决策阶段。该报告提出了17项建议和六项指导标准，供在决定该矿未来时参考。部际委员会建议评估与Cobre Panamá / First Quantum签订新协议的可行性，该协议将规定解决未决仲裁程序，并为潜在重启设定条件，旨在实现有序、自筹资金的关闭，同时遵守最高法院的裁决，并优先考虑巴拿马的环境、社会和经济利益。报告认识到，该场地仍需要积极管理和监测，目前由Cobre Panamá / First Quantum出资，巴拿马国无需承担费用，而维护并最终关闭该场地代表着跨越数十年的重大长期义务。报告建议，任何新框架都应规定该场地的活动为其自身关闭提供资金，不得从国家总预算中为矿山运营或关闭拨款。报告进一步记录了停产的经济和社会影响，包括对就业、巴拿马企业、出口和政府收入的影响，并引用了民意调查结果，表明公众支持在包含环境和社会保障、透明度及独立监督等条件下达成解决方案。总统正在与内阁和法律顾问审阅该报告，并将直接向全国传达决定。公司仍准备与GOP进行建设性接触，目标是为Cobre Panamá的所有利益相关方达成公平、持久的解决方案。

SGS综合审计的后续工作已从评估阶段进入纠正措施实施阶段。环境行动已纳入合规跟踪流程，实地工作重点包括再造林维护、补偿性再造林核查以及受保护植物群迁移，并辅以改进的证据管理、可追溯性和地理参照。环境管理仍是核心优先事项。所有加工活动将继续按照经批准的《保护与安全管理计划》、适用许可证和环境承诺开展，同时与GOP保持密切协调。

本季度，与项目周边市政当局的沟通也取得了进展。公司正在支持 Donoso、Omar Torrijos Herrera 和 La Pintada 市政当局识别并构建优先的地方发展倡议。这些倡议包括与相关政府机构协调，探索将项目纳入正式公共投资和市政发展机制的路径。这项工作旨在为应对地方发展优先事项建立更可持续的框架。

此外，还启动了参与式环境监测计划，该计划让项目周边社区直接参与水质监测，从样本采集到获取实验室结果的全过程，从而加强环境监督的透明度和社区参与。

公司还迎来了其社区技术培训项目的首批结业学员，超过125人完成结业，其中尤以沿海社区居民为主，他们完成了包括管道和电气工作在内的100小时技能培训。

“Suma tu Talento”招聘计划持续取得进展，以支持为保护活动招聘员工。Cobre Panamá参加了由巴拿马市政府组织的大型招聘会，收到426份现场候选人资料，其中约64%为运营、技术和监督类工种。

第三季度，通过Cobre Conecta及其他直接互动平台开展的公众外联工作也在继续，自2024年以来在巴拿马各地促成了约447,000次面对面利益相关方互动。数字互动也有所扩大，Cobre Panamá虚拟参观的访问量超过405,000次。

10月9日，巴拿马发生地震及随后的余震。据报道，该国所有第一量子（First Quantum）人员均安全，Cobre Panamá的现场检查未发现对现场基础设施或环境保护系统造成实质性影响。地震发生后，安全规程立即启动，并在整个运营区域开展了检查。检查表明，Cobre Panamá的设施和基础设施保持稳定和安全，包括现场的尾矿管理设施和水管理系统。该现场基础设施的设计标准涵盖高强度地震活动，而此次事件远低于设计参数。事件发生后，在完成预防性检查期间，堆存矿石的加工暂时中止，运营于10月10日恢复并重新稳定。发电系统在整个事件期间保持运行。此次事件未对公司的环境保护和监测系统造成影响。地震影响了巴拿马许多社区，尤其是Penonomé地区，Cobre Panamá参与了救援支持工作，与地方当局和应急服务部门协调，提供基本物资。

已实现金属价格¹

¹  已实现金属价格是一项非GAAP比率，在IFRS下没有标准化含义，可能无法与其他发行人披露的类似财务指标进行比较。更多信息请参见“监管披露”。

²  不包括根据流式安排确认的黄金收入。

³ 实现铜价包括截至2026年9月30日止三个月的对冲损失为零、截至2026年6月30日止三个月的对冲损失1.58亿美元，以及截至2026年9月30日止九个月的对冲损失2.87亿美元。

合并经营亮点

¹ 产量按所含金属量列示，且为在 Kansanshi 冶炼厂加工之前的产量。

²  销售额不包括在Kansanshi采购第三方精矿所生产的铜阳极和阴极铜。截至2026年9月30日的三个月和九个月，归属于第三方精矿采购的销售额分别为11,207吨和31,359吨（截至2025年9月30日的三个月和九个月分别为1,844吨和10,453吨）。截至2026年6月30日的三个月和六个月，归属于第三方精矿采购的铜阳极销售额分别为12,207吨和20,152吨（截至2025年6月30日的三个月和六个月分别为2,211吨和8,609吨）。

³ 不包括根据流式安排购买和交付的炼厂支持的黄金信用。

 单位现金成本（每磅）^1,2,3

¹  综合维持成本（AISC）、C1现金成本（C1）、C3总成本（C3）为非GAAP比率，其不具有IFRS规定的标准化含义，可能无法与其他发行人披露的类似指标进行比较。更多信息请参见“监管披露”。

²   不包括在 Kansanshi 从第三方购买的铜精矿。

³  不包括在 Kansanshi 采购的第三方精矿所生产的铜阳极和阴极的销售。截至2026年9月30日止三个月和九个月，归属于第三方精矿采购的销售分别为11,207吨和31,359吨（截至2025年9月30日止三个月和九个月分别为1,844吨和10,453吨）。截至2026年6月30日止三个月和六个月，归属于第三方精矿采购的铜阳极销售分别为12,207吨和20,152吨（截至2025年6月30日止三个月和六个月分别为2,211吨和8,609吨）

合并财务摘要

¹ EBITDA和调整后收益（亏损）为非GAAP财务指标，净债务为补充性财务指标。这些指标在IFRS下没有标准化含义，可能无法与其他发行人披露的类似财务指标进行比较。调整后收益（亏损）已作调整，以排除对应IFRS指标——归属于公司股东的净收益（亏损）——中被管理层认为不能反映 underlying performance 的项目。公司披露这些指标是为了帮助理解业绩，并向投资者提供有关业绩的进一步财务信息，这些指标可能无法与其他发行人披露的类似财务指标进行比较。使用调整后收益（亏损）和EBITDA代表公司的调整后收益（亏损）指标。参见“监管披露”。

² 2026年EBITDA的调整主要涉及出售集团公司产生的2.71亿美元收益、1900万美元汇兑收益以及Cobre Panamá的6600万美元调试成本（2025年——对赞比亚增值税预期分阶段缴纳的调整，以及被指定为套期工具的衍生工具公允价值未实现变动所产生的税务影响）。

³ 调整后每股收益（亏损）、已实现金属价格、铜全维持成本（铜AISC）、铜C1现金成本（铜C1）和铜总成本（铜C3）均为非GAAP比率，IFRS未规定其标准化含义，可能无法与其他发行人披露的类似财务指标进行比较。参见“监管披露”。

指引

以下提供的指引基于截至2026年9月30日的一系列假设和估计，其中包括对金属价格以及预期成本和支出的假设。指引涉及对已知和未知风险、不确定性及其他因素的估计，这些因素可能导致实际结果出现重大差异。

铜产量指引已收窄，以反映Sentinel和Kansanshi迄今所经历的低品位。Cobre Panamá的指引维持不变。

黄金产量指引已收窄，以反映Kansanshi品位下降。Guelb Moghrein的黄金产量指引已上调，以反映自2026年8月起过渡至生产金铜精矿。Cobre Panamá的指引维持不变。

基于年初至今强劲的品位和回收率，Enterprise 镍产量已有所提高。

此前提供的每磅0.25美元敏感性已纳入更新后的铜C1现金成本¹指引，以反映燃料价格上涨以及赞比亚克瓦查迄今走强的影响，预计这两项因素将在第四季度持续。该指引所依据的假设包括：金价为每盎司4,000美元，布伦特原油均价为每桶100美元，赞比亚克瓦查兑美元汇率为18，以及基于市场共识铜价的特许权使用费。

铜的 AISC¹ 指引有所上调，主要原因是铜价走强导致特许权使用费上升，以及产量指引收窄的影响。

Enterprise 的镍单位成本指引已下调，以反映年初至今强劲的运营表现。

总资本支出指引已根据迄今支出及最新预期资本支出时间安排收窄。递延剥离增加被维持性资本支出下降所抵消。递延剥离增加与Kansanshi有关，其中约一半归因于采矿单位成本上升，其余归因于资本化剥离量增加。

以下对2026年全年的指引保持不变：

• 债务利息支出：5亿至5.25亿美元
• 已付利息的现金流出：5亿至5.25亿美元
• 调整后有效税率，不包括 Cobre Panamá 和合资企业份额、Ravensthorpe、利息费用、公司销售对冲计划下实现的亏损以及一次性调整：35%
• 折旧费用：9.25亿至9.75亿美元

产量指引

各运营单位产量指引¹

¹ 产量按 100% 权益口径列示，因为公司合并了所有运营业务。

现金成本¹与全维持成本¹

¹ C1现金成本（C1）和全维持成本（AISC）为非GAAP比率，其含义未经IFRS标准化规定，可能无法与其他发行人披露的类似财务指标进行比较。参见“监管披露”。

¹ 递延剥离、维持性资本和项目资本为非GAAP财务指标，IFRS未规定其标准化含义，可能无法与其他发行人披露的类似财务指标进行比较。参见“监管披露”。

运营回顾

Kansanshi

¹ 以干公吨（“DMT”）计量。

² 产量以铜精矿为基准列示，即仅包括矿山产量。产量不包括冶炼厂产出。

³ 冶炼厂加工的铜精矿及产出的铜阳极以100%口径披露，包含Trident及第三方加工的铜精矿。加工的铜精矿以DMT计量。

⁴  销售量不包括在 Kansanshi 采购第三方精矿所生产的阳极铜和阴极铜。截至2026年9月30日的三个月和九个月，归属于第三方精矿采购的销售量分别为11,207吨和31,359吨（截至2025年9月30日的三个月和九个月分别为1,844吨和10,453吨）。

⁵  铜的全维持成本（copper AISC）、铜的C1现金成本（copper C1）和铜的总成本（copper C3）均为非GAAP比率。这些指标在IFRS下没有标准化含义，可能无法与其他发行人披露的类似财务指标进行比较。更多信息请参见“监管披露”。

⁶ 不包括在Kansanshi从第三方购买的铜精矿。

⁷ Kansanshi S3扩建项目于2025年12月1日宣布实现商业化生产。

¹ EBITDA 是一项非 GAAP 财务指标，IFRS 并未规定其标准化含义，可能无法与其他发行人披露的类似财务指标进行比较。参见“监管披露”。

产量

Kansanshi报告2026年第三季度铜产量为45,843吨，较上一季度增加1,846吨，原因是处理量提高，而黄金产量为24,690盎司（2026年第二季度：24,586盎司）。铜C1现金成本[5]为每磅2.02美元，环比下降0.14美元，原因是硫酸盈余销售带来每磅0.14美元的收益。在运营要求允许的情况下，通过管理给料配比和酸库存，使盈余量可用于第三方销售。本季度，Kansanshi冶炼厂生产了约316,000吨硫酸，其中包括约70,000吨盈余硫酸以平均实现价格每吨462美元售出，产生3,300万美元收入。

S3 的处理量在设计产能之上得以维持，这得益于运行时间增加、利用率强劲以及磨矿速率提升。S3 仍从地表矿堆中获取高比例的原矿，这些矿堆已受污染且品位低于新采矿石。

此外，氧化物回路处理量受益于筛分带来的细粒给料增加，同时通过去除贫化、高耗酸物料也提高了品位。

展望

2026年铜产量指引已收窄至17.5万至18.5万吨，以反映迄今的表现。

S3 将受益于更高的运行可用率，从而缓解对给矿品位下降的预期，以及主要因给矿质量变化导致的回收率降低。South East Dome 的剥离耗时超出原计划，这将导致明年品位继续偏低。第三季度，为在酸价高企的情况下通过硫酸销售实现价值最大化，高品位、高耗酸物料的处理量被减少，转而处理低耗酸物料。这一硫酸销售举措预计将持续至 2027 年，也将影响明年的铜产量。硫化物精选回收率提升策略已经到位，目前正通过试验工作、考察和工厂试验进行验证。此外，一台破碎机凹面衬板更换已改期至明年，并且通过处理更高比例的筛下细料，预计氧化物处理量将提高。

2026年黄金产量指引已下调至95,000 – 105,000盎司，以反映迄今的生产表现。这归因于品位下降。目前已实施一项优化计划，以识别和开发提高黄金回收率的机会。

第三季度，公司继续实施评估 Kansanshi 东南穹丘（South East Dome）地区新近地表金矿化带赋存情况的计划。中试工厂设施的试验工作仍在继续。

Trident

¹  以干公吨（“DMT”）计量。

²   综合维持成本（AISC）、C1现金成本（C1）和总成本（C3）为非GAAP比率，EBITDA为非GAAP财务指标。这些指标在IFRS下没有标准化含义，可能无法与其他发行人披露的类似指标进行比较。更多信息请参见“监管披露”。 

Sentinel 产量

Sentinel报告称，2026年第三季度铜产量为48,816吨，较上一季度减少1,519吨，原因是品位下降的影响超过了处理量的改善。品位下降反映了本季度开采区域的情况，由于1号绳铲（Rope Shovel 1）中期大修导致开采量减少，进入高品位矿区的进度被推迟。铜C1现金成本[6]为每磅2.71美元，较上一季度下降0.13美元，主要原因是燃料成本降低。

Sentinel 展望

2026年产量指引已更新为19万至20万吨铜，以反映迄今的表现。

预计2026年第四季度，随着开采在第二阶段内推进，品位和产能将有所提升。第三阶段矿石将日益补充第一和第二阶段的原矿供应。4号坑内破碎机项目已于2026年10月完成。旨在提高浮选稳定性的自动化与控制系统持续改进预计将于2027年初完成。第四阶段废石剥离正在推进，以支持自2027年起的未来矿石供应。

正在与原始设备制造商（“OEM”）及工程顾问合作，持续制定2号球磨机法兰螺栓疲劳的缓解策略。2027年重大升级的规划工作仍在继续，该升级将采用OEM的新设计更换排料端的一部分，从而提供永久性的工程解决方案。

企业生产

Enterprise 在 2026 年第三季度生产了 9,831 吨镍，由于品位下降，较上一季度减少 13%，此前今年上半年品位较高。镍的 C1 现金成本¹ 为每磅 3.22 美元，较上一季度高出 0.47 美元，反映出产量下降。

企业展望

根据迄今的表现，2026年产量指引已上调至4万至4.5万吨含镍量。

预计第四季度矿石品位将下降，这与矿山计划一致。在矿石范围扩大后，运营重点现在将转向雨季准备工作，脱水阶段水槽和主采坑集水坑预计于10月完工。由于原矿堆场接近满负荷，Enterprise已为雨季的矿石供应做好了充分准备。

Cobre Panamá

¹  以干公吨（“DMT”）计量。

²  不包括根据贵金属流式安排（见“贵金属流式安排”）购买和交付的由精炼厂支持的黄金和白银信用额度。

³  铜的全面维持成本（copper AISC）、铜的C1现金成本（copper C1）和铜的总成本（copper C3）均为非GAAP比率，在IFRS下并无标准化含义，可能无法与其他发行人披露的类似财务指标进行比较。更多信息请参见“监管披露”。

⁴  EBITDA 是一项非 GAAP 财务指标，在 IFRS 下没有标准化含义，可能无法与其他发行人披露的类似财务指标进行比较。更多信息请参见“监管披露”。

产量

2026年第三季度，共处理矿石660万吨，平均原矿品位为0.27%，平均回收率为74%，由此生产出13,229吨铜和6,355盎司黄金。该季度铜的C1现金成本[7]为每磅4.08美元。

首批铜精矿发运是加工计划中的又一重要里程碑。8月，装载并发运了33,000湿公吨（“wmt”）铜精矿，表明一体化加工、过滤、储存和出口链条已恢复。随后于9月装载并发运了第二艘船，铜精矿总量为38,611湿公吨。

该电厂的两台发电机组在第三季度均表现出可靠运行，满足了现场的电力需求，并将多余电力出售给国家电网。

本季度，随着各工艺系列逐步启动和调试，加工项目取得实质性进展。在3号系列首次启动后，2号系列于7月开始运行，并在8月期间运行无重大问题。1号系列完成了翻新、测试和调试，包括8月对1号半自磨机、2号球磨机及相关旋流器给料泵进行的运行测试，测试顺利完成，无重大问题。本季度，工程活动从初期恢复转向可靠性和资产完整性管理。主要技术重点仍是中压驱动和功率单元可靠性，期间推进了维修、运营风险管理支持以及独立根本原因调查。综合恢复计划还包括3号半自磨机无齿轮磨机驱动段更换、磨机衬板更换、6号球磨机电气工程、破碎机修复，以及完成剩余的水路和浮选工程范围。

劳动力工作的重点仍集中于扩大和维持 Train 2 招聘渠道，候选人寻源、评估和入职前准备工作与预期运营需求保持一致。现场总用工人数从6月底约3,000名员工增至9月底约3,200名员工，为调试、维护和运营活动提供支持。

移动设备车队的保护与维护工作继续按照原始设备制造商（OEM）的建议和既定维护策略开展，包括重新启用支持堆场复垦所需的某些设备。截至2026年第三季度，36辆超大型卡车中已有18辆重新投入运行。单列运营所需的辅助车队也已全面重新启用。

展望

预计2026年，通过加工Cobre Panamá库存矿石生产的铜和黄金将分别为30,000至40,000吨和10,000至15,000盎司。

继第二季度成功启动堆存矿石加工后，公司的重心已转向稳定新增的加工配置，并执行实现可持续双系列运行所需的剩余翻新与维护计划。随着电站全面重新投运，新增电厂成本目前正部分被向国家电网出售多余电力所抵消。堆存矿石总量估计约为3800万吨不同品位的矿化矿石，含约7万吨可回收铜，足以支撑加工计划至2027年年中。

环境管理仍然是核心优先事项。所有加工活动将继续按照经批准的 P&SM 计划、适用许可证和环境承诺进行，同时与 GOP 保持密切协调。公司仍然愿意与 GOP 进行建设性接触，目标是为 Cobre Panamá 的所有利益相关者达成公平、持久的解决方案。

加工项目的所需支出估计约为2亿美元，包括厂房和设备重新调试、仓库库存补充以及维持性资本[8]。目前成本估计约为：调试9000万至1亿美元，库存1000万至2000万美元，维持性资本7000万至8000万美元¹。截至2026年第三季度，与这些成本相关的现金流出约为8000万美元。

Guelb Moghrein

¹  磁铁矿精矿产量和销量以湿公吨（“WMT”）计量。

²  全维持成本（AISC）是一项非GAAP比率，EBITDA是一项非GAAP财务指标。这些指标在IFRS下没有标准化含义，可能无法与其他发行人披露的类似指标进行比较。更多信息请参见“监管披露”。

 生产与展望

在Guelb Moghrein，铜和黄金产量分别为1,071吨和16,050盎司。该作业于2026年8月转为处理氧化物物料与部分硫化物矿石的混合料，以生产金铜精矿。第三季度的AISC [9]为每盎司黄金1,504美元。

2026年产量指引约为7,000吨铜。产量指引已上调至45,000至50,000盎司黄金，以反映年初至今的表现。黄金产量包括通过CIL工厂再处理的尾矿以及通过浮选回路处理的矿石堆场的产出。供水保持稳定。淡水管道部分区段正在更换或重新部署，并改进密封以减少泄漏、提高输送效率。项目目标于2027年初完成。淡水柱密封增强项目将在10月大修后于11月恢复。

绿地项目

Taca Taca

在阿根廷，公司继续与省级主管部门开展建设性合作，矿山ESIA预计将于2026年获批，此前计划于11月完成公众咨询程序。

公司正在完成其阿根廷大型投资激励制度（“RIGI”）的申请，打算在获得ESIA批准和用水特许权后提交。

La Granja

工程研究已高度推进，社区参与、基线环境计划和搬迁规划活动已经启动，以支持许可审批活动。ESIA的职责范围已于2026年6月提交相关主管部门。本季度内，公司就监管审批过程中收到的意见作出了回应。职责范围的批准仍待完成。

储量技术报告预计将于2027年提交。本季度继续对首选布局方案及相关基础设施需求进行评估，重点仍是推进工程定义的深化，同时为利益相关方和许可方面的考量保留灵活性。

最新进展

燃料供应与价格

第三季度柴油供应状况有所改善，进入所有主要区域港口的供应增强，原因是区域价格走高和需求持续，贸易商和石油营销公司继续将柴油货物运入该地区。各国政府还采取措施，通过降低税收和增值税来平抑到货价格，不过预计这一财政支持将在未来几个月内撤回。公司通过南部非洲替代供应路线、应急库存和其他供应安排，维持了对其赞比亚业务的燃料不间断供应。尽管如此，第三季度柴油价格仍居高不下，并影响了运营成本。

硫酸

第三季度，公司继续管理给料配比和酸库存，在运营要求允许的情况下，将富余量用于第三方销售，这得益于强劲的区域需求和有利的硫酸价格。通过积极管理入选矿石中脉石耗酸较高的氧化矿以及酸库存，公司得以在第三季度销售硫酸，从而创造了额外的机会性利润，并使 Kansanshi 实现 3300 万美元的硫酸销售收入。公司将继续监测市场，并在有利可图时择机销售。

赞比亚电力供应

2026年第三季度，赞比亚国家电力供应仍处于明显改善的状态，尽管国有电力公司ZESCO于2024年初宣布的不可抗力仍然有效。卡里巴湖在本季度末的可用蓄水量约为39%，而2025年同期约为15%，这是在雨季结束时达到的水位基础上经历季节性下降后的结果。2026/2027年雨季预计将受到非常强烈的厄尔尼诺现象影响，这增加了进一步水文恢复速度的不确定性。

本季度，公司未发生与电力相关的重大生产影响，并维持其多元化电力采购策略。公司赞比亚电力需求中约80%来自进口和国内独立发电商，其余由ZESCO供应。这种多元化方式支持运营可靠性，并限制对Kariba发电的依赖。

中长期电力采购方案持续取得进展。此前公布的風能和太阳能发电项目的开发仍按计划推进，公司拟从该项目购电。与国家电力公司联合开展的电网稳定性举措也取得进展，其中包括 Kansanshi STATCOM 项目，该项目的采购和工厂验收测试已于本季度完成。现场安装计划于 2027 年初开始。

公司的Trident采矿业务正在与Solarcentury Africa就拟建的112兆瓦峰值（“MWp”）Kusoka太阳能电站敲定电力承购协议。该电站将由Solarcentury Africa拥有并运营，Trident将作为锚定承购方。该项目将使公司Sentinel铜矿和Enterprise镍矿的电力供应实现多元化。

可持续发展

健康与安全

公司员工和承包商的健康与安全是首要事项，公司致力于持续加强和改善其所有运营场所的安全文化。损失工时伤害频率（“LTIFR”）是公司持续关注的领域，也是一项关键绩效指标。截至2026年9月30日，公司滚动12个月的LTIFR为每20万工时0.06（2025年：0.03）。

Kansanshi的负责任矿产采购

Kansanshi铜冶炼厂成功完成了首次独立第三方评估，并在负责任矿产倡议（Responsible Minerals Initiative）的负责任矿产保证流程（“RMAP”）下达到合规。该评估通过文件审查、访谈和现场观察，对Kansanshi冶炼厂的尽职调查管理体系及负责任矿产采购实践进行了评价。这一成果体现了公司在负责任采矿与采购方面的做法。

Quantum Electra-Haul 专利与商标

2026年，公司就专有的架线辅助解决方案Quantum Electra-Haul从英国知识产权局获得了专利和商标。该技术使配备该系统的运输卡车能够在矿山运输道路的指定路段使用电力，当满载卡车在配备该系统的上坡路段行驶时，可将柴油消耗量降低多达90%，并带来效率收益。Quantum Electra-Haul是公司务实做法的鲜明例证：通过创新及在采矿活动中切实应用技术，在提高运营效率的同时减少温室气体排放。

完整财务报表及管理层讨论与分析

截至2026年9月30日的三个月和九个月完整合并财务报表及管理层讨论与分析可在 www.first-quantum.com 和 www.sedarplus.com 查阅，并应结合本新闻稿一并阅读。

年度披露文件

公司的2025年度信息表已在SEDAR+（www.sedarplus.com）上提交，并将同时在公司网站 https://www.first-quantum.com/investors/2026-annual-general-meeting/ 上提供。

电话会议详情

公司将于2026年10月29日（星期四）上午9:00（美国东部时间）举行电话会议和网络直播，讨论业绩结果。

Conference call and webcast details:
Toll-free North America: 1-800-715-9871
International: +1-646-307-1963
Conference ID 8111752
Webcast: Direct link or on our website

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

About First Quantum

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 and Mauritania. The Company’s Cobre Panamá 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 the La Granja and Haquira copper deposits in Peru.

For further information, visit our website at www.first-quantum.com or contact:

Investor Relations:

Bonita To, Director, Investor Relations & Capital Markets
(416) 361-6400
Toll-free: 1 (888) 688-6577
E-Mail: info@fqml.com

Media Relations:

James Devas, Manager, Corporate Affairs
+44 207 291 6630
Email: james.devas@fqml.com

REGULATORY DISCLOSURES

Non-GAAP and Other Financial Measures

EBITDA, ADJUSTED EARNINGS (LOSS) AND ADJUSTED EARNINGS (LOSS) PER SHARE

EBITDA, adjusted earnings (loss) and adjusted earnings (loss) per share exclude certain impacts which the Company believes are not reflective of the Company’s underlying performance for the reporting period. These include impairment and related charges, foreign exchange revaluation gains and losses, gains and losses on disposal of assets and liabilities, one-time costs related to acquisitions, dispositions, restructuring and other transactions, revisions in estimates of restoration provisions at closed sites, debt extinguishment and modification gains and losses, the tax effect on unrealized movements in the fair value of derivatives designated as hedged instruments, and adjustments for expected phasing of Zambian VAT.

 REALIZED METAL PRICES

Realized metal prices are used by the Company to enable management to better evaluate sales revenues in each reporting period. Realized metal prices are calculated as gross metal sales revenues divided by the volume of metal sold in lbs. Net realized metal price is inclusive of the treatment and refining charges (TC/RC) and freight charges per lb.

OPERATING CASHFLOW PER SHARE

In calculating the operating cash flow per share, the operating cash flow calculated for IFRS purposes is divided by the basic weighted average common shares outstanding for the respective period.

NET DEBT

Net debt is comprised of bank overdrafts and total debt less unrestricted cash and cash equivalents.

CASH COST, ALL-IN SUSTAINING COST, TOTAL COST

The consolidated cash cost (C1), all-in sustaining cost (AISC) and total cost (C3) presented by the Company are measures that are prepared on a basis consistent with the industry standard definitions by the World Gold Council and Brook Hunt cost guidelines but are not measures recognized under IFRS. In calculating the C1 cash cost, AISC and C3, total cost for each segment, the costs are measured on the same basis as the segmented financial information that is contained in the financial statements.

C1 cash cost includes all mining and processing costs less any profits from by-products such as gold, silver, zinc, pyrite, cobalt, sulphuric acid, or iron magnetite and is used by management to evaluate operating performance. TC/RC and freight deductions on metal sales, which are typically recognized as a component of sales revenues, are added to C1 cash cost to arrive at an approximate cost of finished metal.

AISC is defined as cash cost (C1) plus general and administrative expenses, sustaining capital expenditure, deferred stripping, royalties and lease payments and is used by management to evaluate performance inclusive of sustaining expenditure required to maintain current production levels.

C3 total cost is defined as AISC less sustaining capital expenditure, deferred stripping and general and administrative expenses net of insurance, plus depreciation and exploration. This metric is used by management to evaluate the operating performance inclusive of costs not classified as sustaining in nature such as exploration and depreciation.

¹   Total cost of sales per the Consolidated Statement of Earnings (Loss) in the Company’s unaudited condensed interim consolidated financial statements.

²   C1 cash cost (C1), total costs (C3), 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”.

³   Sustaining capital and deferred stripping are non-GAAP financial measures 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”.

⁴   Excludes copper concentrate from third parties purchased at Kansanshi.

⁵ Other Copper includes Mauritania and the gold streaming arrangement with Royal Gold.

¹   Total cost of sales per the Consolidated Statement of Earnings (Loss) in the Company’s unaudited condensed interim consolidated financial statements.

²   C1 cash cost (C1), total costs (C3), 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”.

³   Sustaining capital and deferred stripping are non-GAAP financial measures 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”.

⁴   Excludes purchases of copper concentrate from third parties treated through the Kansanshi Smelter.

⁵ Other Copper includes Çayeli and Mauritania and gold streaming arrangement with Royal Gold.

¹  Total cost of sales per the Consolidated Statement of Earnings (Loss) in the Company’s unaudited condensed interim consolidated financial statements.

²  C1 cash cost (C1), total costs (C3) 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”.

³  Sustaining capital and deferred stripping are non-GAAP financial measures 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”.

⁴   Excludes purchases of copper concentrate from third parties treated through the Kansanshi Smelter.

⁵   Other Copper includes Çayeli and Mauritania. 

EARNINGS (LOSS) BY SEGMENT

For the three months ended September 30, 2026, segmented information for the statement of earnings (loss) is presented as follows:

¹ Operating profit (loss) less net finance costs and taxes equals net earnings (loss) for the period on the consolidated statement of earnings (loss).

² Cobre Panamá is 17.958% owned by KPMC, a joint venture – See note 7.

³ Trident includes Sentinel copper mine and the Enterprise Nickel mine.

⁴ Corporate & other revenue includes hedge losses of $— recognized on zero cost collar options.

⁵ Finance costs of $205 million, including interest expense on debt, are not included within operating profit. See note 16.

For the three months ended June 30, 2026, segmented information for the statement of earnings (loss) is presented as follows:

¹ Operating profit (loss) less net finance costs and taxes equals net earnings (loss) for the period on the consolidated statement of earnings (loss).

² Cobre Panamá is 17.958% (March 31, 2025: 20%) owned by KPMC, a joint venture

³ Trident includes Sentinel copper mine and the Enterprise Nickel mine.

⁴ Corporate & other revenue includes hedge gains and losses recognized on zero cost collar options.

⁵ Finance costs of $192 million, including interest expense on debt, are not included within operating profit. 

For the three months ended September 30, 2025, segmented information for the statement of earnings (loss) is presented as follows:

¹ Operating profit (loss) less net finance costs and taxes equals net earnings (loss) for the period on the consolidated statement of earnings (loss).

² Cobre Panamá is 17.958% owned by KPMC, a joint venture – See note 7.

³ Trident includes Sentinel copper mine and the Enterprise Nickel mine.

⁴ Corporate & other revenue includes hedge gains and losses recognized on zero cost collar options.

⁵ Finance costs of $201 million, including interest expense on debt, are not included within operating profit. See note 16.

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

Certain statements and information herein, including all statements that are not historical facts, contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. The forward-looking information includes estimates, forecasts and statements as to the Company’s production estimates for copper, gold and nickel; C1 cash costs, all-in sustaining costs and capital expenditure estimates; the delivery of gold to Royal Gold pursuant to the gold streaming agreement and the Company’s options to accelerate deliveries and reducing ongoing gold delivered to Royal Gold thereunder; the future production payments from Royal Gold under the gold streaming agreement and the resulting boost in liquidity; the impact on total tax costs resulting from the new mining convention in Mauritania; the Company’s production outlook at its mining projects; the Company’s ability to maintain supplementary power sourcing and import arrangements in Zambia and the availability, sourcing, transportation and pricing of diesel fuel and other critical consumables, including the Company’s ability to maintain alternative supply routes and contingency inventories, related fuel-efficiency initiatives, and the estimated timing of, and annualized impact on costs of, such strategies; the development, timing and expected benefits of medium and long-term power sourcing and grid-stability initiatives in Zambia, including the wind and solar power project and the Kansanshi STATCOM project; the status and future of Cobre Panamá and the P&SM program, including preservation strategies, the Processing Program, the processing and export of stockpiled ore, expected production, costs, cash outflows and operational requirements associated with the Processing Program, remaining refurbishment, maintenance, commissioning and workforce activities, the stabilization of two-train operation, the use of proceeds from sales of copper concentrate and the anticipated timing and effects of governmental reviews, audit reports and ministerial processes; the Company’s expectations regarding replacement and maintenance work, sustained mill performance and reliability at Sentinel, and the effects thereof; the Company’s focus on increasing total throughput at Sentinel and the effect of ongoing initiatives, including the continued operation of the RRC; the expansion of the Quantum Electra-Haul™ trolley-assist network, and the resulting operational and efficiency benefits; the continued optimization, mining sequence, grades, recoveries and operational performance of Enterprise; the Company’s expectations regarding the power supply and water supply system, along with operational adaptations and maintenance efforts at Guelb Moghrein; the expected cessation of copper production at Guelb Moghrein; the C&M activity at Ravensthorpe; the timing of environmental studies and approvals for Shoemaker Levy; the expected use and mine life of Taca Taca and the Company’s community engagement and development initiatives in Tolar Grande; the implementation of data collection programs relating to the water supply at Taca Taca; the timing of receipt of concessions, approvals and permits required for Taca Taca, including the ESIA and water use permits; the Company’s plans to submit an application for the RIGI regime; the expected use and timing of the Company’s expenditures at La Granja, project development activities, updated mineral resource estimates, the potential scale and economics of the project, future engineering studies, mineral reserve estimates, arsenic management strategies, the Company’s plans for community engagement and the completion of engineering studies and an ESIA; the Company’s goals regarding its drilling program at Haquira; the status, commissioning and performance of the Company’s pilot plant at Kansanshi; the expected sources of ore for the S3 feed at Kansanshi and the continued performance, throughput and optimization of the Kansanshi S3 Expansion and associated processing, smelting and acid production facilities; the Company’s efforts to evaluate the new near-surface gold zone occurrences at Kansanshi; the results of the Company’s extensive drill program at Sentinel; the timing, completion and benefits of ongoing infrastructure, processing and mine development initiatives at Sentinel, including flotation optimization projects, tailings infrastructure upgrades, trolley-assist infrastructure and future ore sourcing strategies; the recognition of deferred revenue resulting from the Company’s precious metal streaming arrangement with Franco-Nevada; the development and operation of the Company’s projects; the estimates regarding the interest expense on the Company’s debt, cash outflow on interest paid, capitalized interest and depreciation expense; the expected effective tax rate for the Company for full year 2026; the recoveries of the Company’s VAT receivable balances for the Company’s Zambian operations; the effect of foreign exchange and inflation rates on the Company’s cost of sales; the Company’s hedging programs; the effect of seasonality on the Company’s results; capital expenditures and the Company’s three-year capital expenditure guidance and the expected results thereof; estimates of the future price of certain precious and base metals; the Company’s project pipeline, development and growth plans and exploration and development program, future expenses and exploration and development capital requirements; the Company’s assessment and exploration of targets in the Central African Copper belt, the Andean porphyry belt, Kazakhstan and New Mexico, USA; the timing of publication of the updated NI 43-101 Technical Report in respect of La Granja; the Company’s ESG-related initiatives, including climate-related initiatives, tailings management programs and the planned alignment of the Company’s tailings facilities with the Global Industry Standard on Tailings Management by the end of 2030; and community engagement efforts. Often, but not always, forward-looking statements or information can be identified by the use of words such as “aims”, “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate” or “believes” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.

With respect to forward-looking statements and information contained herein, the Company has made numerous assumptions including, among other things, about the geopolitical, economic, permitting and legal climate in which the Company operates; continuing production at all operating facilities (other than Cobre Panamá and Ravensthorpe); the continuation of governmental approvals and authorizations relating to the Processing Program at Cobre Panamá; the successful sale and commercialization of products generated from stockpiled ore processing; the price of certain precious and base metals; exchange rates; inflation rates; anticipated costs and expenditures; the Company’s ongoing commitment to invest in innovative technology and the effects thereof; the impact of acquisitions, dispositions, suspensions or delays in the Company’s business; the Company’s ability to secure sufficient power at its Zambian operations to avoid interruption resulting from the country’s decreased power availability; mineral reserve and mineral resource estimates; the timing and sufficiency of deliveries required for the Company’s development and expansion plans; future exploration results; and the ability to achieve the Company’s goals, including with respect to the Company’s climate and sustainability initiatives. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. These factors include, but are not limited to, future production volumes and costs, the temporary or permanent closure of uneconomic operations, costs for inputs such as oil, power and sulphur, political stability in Panama, Zambia, Peru, Mauritania, Finland, Argentina and Australia, adverse weather conditions in Panama, Zambia, Finland, Mauritania, and Australia, potential social and environmental challenges (including the impact of climate change), power supply, mechanical failures, water supply, procurement and delivery of parts and supplies to the operations and events generally impacting global economic, political and social stability and legislative and regulatory reform. For mineral resource and mineral reserve figures appearing or referred to herein, varying cut-off grades have been used depending on the mine, method of extraction and type of ore contained in the orebody.

See the Company’s Annual Information Form for additional information on risks, uncertainties and other factors relating to the forward-looking statements and information. Although the Company has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in the forward-looking statements or information, there may be other factors that cause actual results, performances, achievements or events not as anticipated, estimated or intended. Also, many of these factors are beyond the Company’s control. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to reissue or update forward-looking statements or information as a result of new information or events after the date hereof except as may be required by law. All forward-looking statements made and information contained herein are qualified by this cautionary statement.

[1] EBITDA, adjusted earnings (loss), realized metal prices and C1 cash costs are non-GAAP financial measures 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”.

[2] EBITDA and copper C1 cash cost (copper C1) are non-GAAP financial measures 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”.

[3] Cash flows from operating activities per share, and realized metal prices 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”.

[4] 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”.

[5] C1 cash costs are non-GAAP financial measure 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”.

[6] C1 cash costs are non-GAAP financial measure 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”.

[7] C1 cash costs are non-GAAP financial measure 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”.

[8]Sustaining capital is a non-GAAP financial measure, which does not have standardized meanings prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. See “Regulatory Disclosures”.

[9]Copper all-in sustaining costs (copper AISC), Copper C1 cash cost (copper C1), and realized metal prices are non-GAAP ratios, which do not have a standardized meaning under IFRS and might not be comparable to similar financial measures disclosed by other issuers. See “Regulatory Disclosures” for further information.

[10]C1 cash cost (C1), and all-in sustaining cost (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”.

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