First Quantum Minerals Ltd — Call Transcript 2026

Thank you for standing by. My name is Carly, and I will be your conference operator today. At this time, I would like to welcome everyone to the First Quantum Minerals Q1 2026 results conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. Thank you. I would now like to turn the call over to Bonita To, Director, Investor Relations, and Capital Markets. Please go ahead. Thank you, operator. Thank you everyone for joining us today to discuss our first quarter results. During the call, we will be making forward-looking statements, and as such, I encourage you to read the cautionary notes that accompany this presentation, our MD&A, and the related news release. As a reminder, the presentation is available on our website and that all dollar references are in U.S. dollars unless otherwise noted. On today's call are Tristan Pascall, our Chief Executive Officer, Ryan MacWilliam, our Chief Financial Officer, and Rudi Badenhorst, our Chief Operating Officer. With that, I will turn the call over to Tristan for opening remarks. Thank you, Bonita. Thank you everybody for joining us today to discuss our first quarter results. 2026 has begun with important progress milestones at First Quantum, including strong performance above design capacity at the new Kansanshi S3 sulfide processing circuit, as Rudi will later discuss in more detail. However, this is against a backdrop of heightened global macroeconomic uncertainty, driven by ongoing conflict in the Middle East and its implications for critical global supply chains. We are seeing the impact of direct and indirect pressures on our cost structures as a result, particularly in relation to prices for some of our major inputs such as fuel, but also from the kwacha exchange rate in Zambia. Ryan will speak more on these cost impacts later. As fuel supply from the Middle East has become increasingly uncertain, our priority is to safeguard the continuity of our operations in this challenging environment. This has required rigorous monitoring and planning, and the team has been proactive in enhancing our fuel sourcing strategies. These actions include securing alternative supply routes, building contingency inventories, and site initiatives to identify and implement fuel savings. Our operations consume approximately 320 million L of diesel annually, and we currently have sufficient diesel on site to support at least two months of operations. Through active monitoring and careful supply management, we expect to extend coverage beyond this timeframe. Based on these precautions, we believe fuel supply can be actively managed to avoid any impact on production. At our operations, we are prioritizing measures that can be readily deployed without compromising future production. These initiatives include stricter operational disciplines on truck haul routes, on idle of fuel burn rates, and on rationalizing non-frontline equipment. For example, we are addressing placements of in-pit fuel bowsers to reduce travel distances to refuel. These actions complement the existing innovations that have been applied across our operations that not only drive tangible improvement in cost, safety, and productivity, but also fuel efficiency. These are not pilots or concepts. They are technologies operating at scale and delivering measurable outcomes. We have highlighted a number of them in our quarterly presentation, including In-Pit Crushing and Conveying, the recently commissioned Rail-Veyor, as well as the electrification of our fleet and the extensive use of trolley assist, which put all together greatly reduce the fuel intensity of our operations. Sulfur supply has also been directly impacted by the Middle East tensions and further exacerbated with export restrictions from sulfur originating countries, including Zambia. The current environment underscores the strategic value of our smelter at Kansanshi, which is a significant regional producer and generated approximately 1.1 million tons of sulfuric acid in 2025. Almost all of which was consumed on-site in our leaching circuits for cathode production. We are currently self-sufficient on sulfuric acid. We expect to be potentially in a surplus position by the end of the second quarter when the smelter expansion is fully ramped up. Depending on the geology in the mine at that time, we will evaluate additional revenue opportunities for our potential surplus sulfuric acid. There is heightened risk in today's environment. However, with the balance sheet actions taken over the last two years, our focus on safe and productive operations and building resilience ahead of potential challenges, First Quantum is in a strengthened position today, and I'm confident in our ability to manage through this period of market volatility. Thank you, and I will now pass the call to Rudi to discuss our operational results. Thank you, Tristan. During the first quarter of 2026, both Zambian operations effectively managed the above normal seasonal rainfall. Total copper production declined 4% quarter-over-quarter to 96,000 tons due to lower production at Sentinel and Kansanshi, reflecting lower grades in line with the mine plan. Copper sales totaled 90,000 tons, approximately 6,000 tons below production due to the timing of shipments and the restocking of inventory at Kansanshi following strong sale volumes in the fourth quarter of last year. Turning first to Kansanshi. Copper production in the quarter was 45,000 tons, down 2,000 tons from the previous quarter, driven by lower feed grades and recoveries, partially offset by higher throughput levels attributable to the S3 concentrator circuit. It is pleasing to report that S3 throughput increased steadily during the quarter and milling rates stabilized approximately 25% above design capacity. This supported increased processing of long-term lower grade stockpiles, which lowered overall feed grade compared to the prior quarter. We expect this grade impact to diminish as stripping activity increases at Southeast Dome, exposing fresh ore for direct feed to the S3 circuit. At Sentinel, copper production also totaled 45,000 tons, a reduction of nearly 3,000 tons from the previous quarter. This decrease was due to lower grades and recoveries, although partially offset by improved throughput, which benefited from improved reliability of the primary crushers and higher tailings thickener throughput. During the quarter, two new upgraded tailings thickener feed wells were installed and commissioned, with the third expected early in the second quarter. In-Pit Crusher 4 was decommissioned for relocation. The Rail-Veyor transitioned from commissioning to full operations, expansion of the trolley assist network continued. Enterprise continued to deliver excellent performance with record quarterly production of 12,000 tons of nickel. A 41% increase from the previous quarter, driven by higher grades and recovery. Milling rates in the quarter were moderated to sustain these recoveries. Our priorities at Enterprise remain focused on improving ore quality, grade control, and mining productivity. At Guelb Moghrein, copper production was 2,900 tons, and gold production was 7,700 ounces. With a timing change in the transition to CIL processing, Guelb will continue sulfide processing for the remainder of this year, and the transition to a primary gold operation has been deferred to 2027. We have revised 2026 copper guidance to approximately 7,000 tons and gold guidance to between 30,000 and 40,000 ounces. Thank you. With that, I will turn the call over to Ryan for the financial review. Thank you, Rudi. I'll start with the copper market. Copper entered 2026 with strong momentum, peaking at a record price of $6.28 per lb. Amidst the macro uncertainty created by the situation in the Middle East, copper prices then bottomed at $5.36 per lb towards the end of the quarter, but have since recovered and remain well above historical averages. It was notable to see buying pick up in China as industrial players there took advantage of lower prices to build copper stocks, thereby cushioning the impact of the macro uncertainty. On the nickel side, we continue to see positive signs of the Indonesian government pursuing policy to restrict supply growth, which has resulted in a strong start to the year for the nickel price. This, combined with the strong operational performance which Rudi described, meant that Enterprise had the best margins of all our assets in the first quarter. Turning to the first quarter financial performance. Revenue was down 5%. This was primarily due to lower copper and gold sales volumes. This lower revenue, together with increased hedge losses, drove a 30% reduction in EBITDA for the quarter. Adjusted loss per share of $0.18 reflects this lower EBITDA. Copper C1 cash costs rose 14%, driven by lower Zambian production and higher labor costs. The continued strength of the Zambian kwacha is a key driver of these costs. This was partly offset by stronger gold prices, which delivered a $0.12 per lb by-product credit and continued to provide valuable cost support in a volatile environment. Nickel C1 cash costs improved by $0.60 per lb due to strong production. Turning to cost guidance. We generally update our guidance later in the year in respect to the performance of our assets and any changes in key input prices. We've continued to take this approach this year, where we have not made any changes to guidance for the recent movements in oil, gold and copper prices, nor the kwacha exchange rate. We have, however, adjusted our guidance to reflect three structural changes in our business in the first quarter. The first and largest change is the inclusion of low-grade stockpile processing in Panama. Secondly, as Rudi discussed, Guelb Moghrein switched to a copper-focused production strategy for 2026 to result in increased by-product credits, as gold is now treated as a by-product rather than a primary product. Thirdly, we have an updated guidance for the sale of Çayeli. As a result of these changes, we have updated our C1 cash cost range to $2.15-$2.40 per lb. $0.20 from prior guidance. This revised guidance continues to be based on the commodity assumptions used at the start of the year by initial guidance, namely a Brent crude oil price of $70 per barrel, a gold price of $4,000 per ounce, and a kwacha-U.S. dollar exchange rate of 25. Clearly, the impact of the conflict in the Middle East represents a risk to our cost guidance due to the impact of higher fuel prices. Fuel accounts for roughly 15% of our cost base, including about 8% direct exposure, with the balance coming directly through contractors, freights, and other costs. The current gas oil futures would equate to a potential $0.20 increase on unit costs relative to our revised guidance based on our direct exposure to fuel and our estimate of the indirect impact on things such as freight costs. A sustained Zambian kwacha would increase costs by around another $0.10. Higher consensus gold prices are estimated to provide a partial offset of approximately $0.05, meaning the combined impact of all these changes would be a potential increase of approximately $0.25 per lb to our copper cost guidance. A lot of this would come through in the second half of the year as we see costs impacts typically lag commodity prices. Fuel generally reflects gas oil with a two-month lag. Contractors and freight costs respond almost immediately, while other costs follow over three to six months. For capital expenditure, we've increased full year 2026 CapEx guidance to reflect a $75 million-$100 million in project-specific capital associated with Cobre Panamá stockpile processing. In addition to the CapEx, we also expect to incur approximately $100 million in operating costs and $50 million in working capital, resulting in a total of about $250 million for the three months of pre-commissioning ahead of stockpile processing. Any proceeds from the copper concentrate sales will be reinvested directly into the PSNM program, supporting community engagement and regional supply chains. Now turning to the balance sheet. Following strong bank support and the improvement in our credit outlook after establishing the new syndicated term loan and RCF in February, we successfully issued an upsized $1.5 billion, 10-year unsecured bond due 2036. This is our longest bond tenor to date and lowest coupon, which reflects the strong market confidence in our balance sheets and long-term copper exposure. Proceeds were used to repay a portion of the RCF and repurchase the remaining $1.35 billion of 2029 secured notes. This simplifies our debt structure and returns bond portfolio to a fully unsecured profile. Our nearest bond maturity is now 2031, and our final bond maturity is extended to 2036. We also announced the sale of Çayeli in Türkiye, further simplifying the portfolio and unlocking $340 million of cash proceeds, including a $50 million advance received in Q1. On to hedging. The collar settled in Q1 resulted in a $144 million loss. We have some remaining hedges in the second quarter. On these remaining positions, we estimate potential losses of approximately $154 million on copper and $8 million on gold at current spot prices. We have no hedges beyond Q2. We'll have full exposure to spot prices starting in the second half of the year. Given that margins remain healthy at prevailing copper prices, we're comfortable having this exposure and do not plan to enter any new hedges for the time being. Lastly, net debt increased by $92 million to $5.3 billion, reflecting planned CapEx interest and tax outflows, partially offset by EBITDA generation, the Çayeli advance, and favorable working capital movements. To wrap up, although copper fundamentals continue to be supportive, elevated Middle East tensions have created headwinds for our cost profile outlook. Against that backdrop, our focus remains firmly on cost and capital discipline, controlling what we can to protect margins and keep the business well-positioned. With that, I will now hand the call back to Tristan. Thank you, Ryan. As Ryan noted, we have updated our 2026 guidance to reflect the processing of stockpiled ore at Cobre Panamá. We were pleased to receive the formal approval to proceed with the removal and processing of stockpiled ore on April 7th, 2026, with the passing of Resolution No. 27, which also confirms that this material was mined while the concession was in force and is therefore the property of First Quantum. This is also an important step in the responsible environmental management of Cobre Panamá. Our updated guidance includes 30,000-40,000 tons of copper production from Cobre Panamá. With much of the site under preservation and safe management since November 2023, we will be taking a conservative and measured approach to recommissioning the processing facilities in order to ensure the highest quality of operations that is practically achievable after a long period of shutdown. While we have made solid progress in the first quarter on the work required to prepare for stockpile processing, there is still a significant amount of work ahead of us as we prepare the facilities for the introduction of first ore in the third quarter. Our operational readiness program is well underway, with maintenance and refurbishment activities progressing across the process plant, the mine fleet and supporting infrastructure in preparation for commissioning. Initial inspections indicate that overall the asset integrity remains strong, albeit minor repairs will be required, primarily related to the second cleaner, column flotation and concentrate handling circuits. Once in operation, we expect to run the processing facilities at approximately one-third of nameplate capacity and will follow a program that will allow us to test all three circuits. With the creation of 1,000 new positions required for stockpile processing, we have launched the Suma tu Talento recruitment campaign and received over 60,000 applications and expressions of interest for employment, demonstrating a strong talent pipeline to support the stockpile processing operations. We have also commenced contract reactivations for the procurement of supplies. Our local procurement activities are expected to generate further employment through local Panamanian contractors and indirect jobs across local industries. These jobs are being created at an important moment for Panama, especially for nearby communities that are facing elevated levels of unemployment. We continue to await Report 6 and the Final Report 7 of the comprehensive environmental audit being undertaken by SGS, both of which are expected imminently, and we remain ready to find a resolution for the situation at the mine with the government of Panama. When Cobre Panamá was operational between 2019 and 2023, the mine created over 38,000 direct and indirect jobs and received goods and services from over 2,000 Panamanian companies. Cobre Panamá has always operated at the highest environmental standards and has the potential to be a meaningful contributor to the country's economy and provide tangible benefits to the people of Panama. In the meantime, public support for a resolution is critical, and we continue our outreach efforts. During the first quarter of 2026, a total of 214 events reached approximately 82,000 people directly in face-to-face interactions. Over 2,000 direct community engagements were recorded that aided in strengthening our local relationships. While Panama remains our immediate priority, First Quantum remains a growth-oriented company. We continue to progress our growth projects to maintain optionality and position ourselves to move decisively when the balance sheet is ready. The Taca Taca project in Argentina is our most advanced greenfield project and one of the largest, highest quality undeveloped copper assets globally. During the quarter, it was pleasing to deliver the 43-101 technical report for Taca Taca, which confirmed the scale and quality of the asset. Additionally, the technical report represented an important step in the ongoing preparation of our RIGI application and the evaluation of future funding options. Taca Taca is expected to follow First Quantum's tried and tested design of large-scale SAG mill processing trains. The project will initially be developed with a processing capacity of 40 million tons per annum that will self-fund an eventual expansion to 60 million tons per annum. Average annual copper production is expected to be approximately 291,000 tons over the first 10 years of operation and approximately 200,000 tons over the life of mine per year. The project economics are compelling, with an 8% after-tax NPV of $5.9 billion and an IRR of 19.3% at conservative commodity price assumptions. During the quarter, we signed an agreement with the IFC to align Taca Taca with IFC's performance standards, which are globally recognized benchmarks to ensure the project is developed in line with international best practices while creating sustainable benefits for communities and the economy. This agreement is a strong endorsement of Taca Taca and strengthens the project's position for potential funding options whilst promoting responsible and sustainable mining practices. Having been part of the teams that developed and constructed both Sentinel and Cobre Panamá, I'm greatly excited about the opportunity at Taca Taca and the benefits our in-house project planning and development team can bring to the project. This team has built the two largest greenfield projects by throughput capacity in the last two decades. More importantly, these projects were delivered according to plan and at low capital intensities. We envision Taca Taca will be built in a similar profile to Sentinel and Cobre Panamá. With an initial mine life of 35 years and a large resource base, Taca Taca has great potential to be First Quantum's next cornerstone project. There remains further work to de-risk the project and position it for construction readiness. We will continue to advance the ESIA and prepare for submission of the RIGI application. In parallel, we are evaluating the optimal financing structure and ensuring the balance sheet is well positioned to support growth. Any future decision to sanction Taca Taca will be taken in a disciplined manner, taking into account the financing plan, balance sheet capacity, and the status of our other operations. In closing, while recent tensions in the Middle East and the resulting volatility have created challenges, they have reinforced the appropriateness of our priorities. These priorities allow us to navigate near-term uncertainty while protecting our long-term growth plan. First and foremost, our priority is to progress towards a durable resolution at Cobre Panamá. Second, we wish to maintain safe and productive performance across our operations. Thirdly, we will continue to strengthen the balance sheet to ensure the company is well-positioned to support future growth. Together, these priorities provide resilience through the current environment while positioning the company for sustainable shareholder value creation over the long term. Thank you. With that, operator, I'm happy to open the lines for questions. At this time, if you would like to ask a question, press star followed by the number one on your telephone keypad. We'll pause for just a moment to compile the Q&A roster. Your first question is from Ralph Profiti with Stifel Financial Corporation. Thank you, operator, good morning, everyone. Tristan, thank you for the thorough review of supply chain issues. My question is whether your team has done some work on sort of the absolute order of magnitude of that 320 million L annually that's consumed and what could be a realistic target for savings? Is sort of 10% the number that's too conservative, or do you think you get higher efficiencies? Hi, Ralph. Thanks for that. Yeah, there's a lot of initiatives underway. Yes, we definitely, I mean, just in terms of haul distances, you know, particularly an interim measure on short dumping, because we expect, you know, ultimately the Middle East situation will resolve, but we're definitely gonna live with something that's gonna be here for, even if it's fixed today, for, you know, probably six months or so in duration. That does present the opportunity for short dumping on waste dumps, but then in sort of longer term behavioral patterns in our adjusting our idle around shovels. You know, in particular, in hang time, our shovels currently were switched on a higher idle that makes them more ready. There is the opportunity with the OEM to switch that to a lower idle without impacting cycle time. We're taking those kind of opportunities to adjust elsewhere within the maintenance shop in seeking to get those idles right on the trucking fleet. 10% is definitely a realistic target in that. We would seek to put into place those long-term practices that we would then hold on to as part of our ongoing operations into the future. Your next question comes from Orest Wowkodaw with Scotiabank. Hi, good morning. Nice to see the progress at Cobre Panamá. I'm curious, is it fair to say that you've been given permission to operate everything at Cobre Panamá outside of fresh ore mining? Hi, Orest. Thank you. Yes. Look, the stockpile approval to remove and process that surface material, and blast material in the mine is very important. It has an environmental impact, also that we get the assets running. Very definitely our focus is on building a sustainable platform, and preparing the operation, and getting in a good state. We need to move into the phase of official discussions, formal conversations around what happens next. We, yes, in its entirety, you know, we will be moving material, and it's pretty much everything that would be involved, but not drill and blast and obviously not load and haul in the mine, but we will be doing some of that activity. We need to get at least 12 trucks running as the initial estimates, to haul from the stockpile, and then all the way through the process plants, everything through to the port. At this stage, we'll be starting up one train at a time and working through. For example, starting with Train 3, we've got quite a bit of life left, a few months left on a set of liners in there. We want to run those out before we would change those liners and then move through and trial each processing circuit. Yeah, overall, it's pretty much all the operations, except for that front-end drill and blast. Okay. Thank you for that. Do you still think you need sort of 6 to 9 months to ramp up assuming there is a deal to restart fresh mining? I'm just wondering if there's a big pre-strip that needs to be caught up on or whether that 6 to 9 months could be quicker now, just given you've got the soft start in terms of operating the plant ahead of that. Thanks, Orest. Yeah, look, we don't have a full approval to restart and if and when that comes through, this is an important step, both environmentally, and ensuring the assets are well-maintained. Look, there's a lot of focus. You know, the main challenges now are on people, hiring, onboarding, making sure that people are retrained and have reinduction training so that the muscle memory comes back. We don't want people rushing in. We wanna make sure that things are done sensibly and safely as we start. Yes, that would be part of moving towards full operations, if and when that comes through. You know, the full restart will depend on mining rates catching up with processing rates, and that would take time. We still think we need sort of six to nine months to get ready for that operations. It's less about pre-strip, Orest, but more just getting those rates in the mine up and running. You know, probably the bottleneck's gonna be in mine fleets and bringing all of those back online. It's a substantial piece of work. We still think six to nine months is appropriate. Your next question is from Ioannis Masvoulas with Morgan Stanley. Good morning and good afternoon. Thank you for the presentation. First question on Cobre Panamá again. Could you talk about public opinion and how it's shaping up across the country going into the completion of the audit and also the expected update from the president? 'Cause we've seen conflicting headlines. Interested to hear what you're seeing based on your engagement with people around the country and also with your own polls that you might be running. Thank you. Hi, Ioannis. Yes, sure. Look, public perception around the mine is critical, and we have done detailed work in polling and trying to understand that across the country. There's been a lot of science applied to that. We've been using Gallup, which is an organization authorized by the tribunal, the electoral tribunal in Panama. In order to attain that status, they have high standards and a proven methodology by which they go about compiling their polling data. Their last survey was in April, and we saw 55% support for reopening the mine, ensuring that there was a transparent process in place, and that the tangible benefits from the mine do come through the people. Majority see the reopening as positive and support for resuming operations is growing. You know, Gallup at that time said there's indication towards reactivation as long as it's under those conditions of transparency and tangible benefits flowing through. 61% of people believe that the reopening would have a positive impact on the economy. There are other polls out there, and you'll see commentary around that. As far as we know, Gallup is the only polling authority being publicized at the moment that is authorized by the tribunal electoral, the election tribunal there and is of that standard and of that quality. Thanks very much. Very clear. Just one clarification. You mentioned that the proceeds from the processing of the stockpiles will go towards the cost of the PSNM program. From a financials point of view, when we look at your EBITDA and cash flow for the coming quarters as eventually the mill restart, how do we think about it? Is it a function of the proceeds just offsetting that $15 million per month of costs, or is there an incremental financial benefit? Thank you. Thanks, Ioannis. Yeah. The way we look at it is that the processing of the stockpiles and using that material, you know, for example, to take that feed through the CIL facility and the corrective actions at the tailings dam, repair of erosion and so on, you know, all of that's been costing, and that's the sort of $15 million per month number. That increases as we start up, because of more people and more activity, that cost is increasing. The way we look at it is over the stockpiles, which is about 70,000 tons of copper contained, it's roughly neutral on a cash basis. We put the money in front, and Ryan talked through the capital elements, the operating costs, and the working capital elements, and basically, you know, over the period of that stockpile, it's basically on a neutral basis. Your next question comes from Anita Soni with CIBC World Markets. Hi, guys. Thanks for taking my question. First question, just the commissioning costs. I think you talked about $90 million-$100 million. Is that included in the cost guide that you just, that you increased the cost for processing the stockpile, or is that over and above? Where would that kind of show up if that's the case? Yeah, thanks, Anita. Ryan, do you want to comment on that? Yeah. Hi, Anita. Three elements to the cash outflows will incur. Mm-hmm. The first is $75 million-$100 million in CapEx and getting the plant ready for processing, and that's the reason for our change in CapEx guidance for the year. The second is around $100 million in operating costs, which is included in the guidance you see for our revised C1. The third is the incremental $15 million working capital build, which we expect as part of getting that plant back online. A total of $250 million cash outflows, of which $200 million are included in, firstly, that CapEx guidance, and then secondly, that increase in our C1 cost guidance for the year. Okay, thanks. That's clear. Secondly, I just wanted to understand with Kansanshi, how on the mixed ore grades and recoveries, you mentioned they were negatively impacted. How long do you expect that to persist? Is that all year or just half year, as you, I guess, get through some of the stripping that you're doing there? Yeah. Rudi, do you want to take that question? Yeah. Hi, Anita. We're currently progressing quite well with the southeast dome stripping, and as we move towards the back end of the year, we'll expose fresher ore for direct feed to the S3 circuit. For both, improved recovery as well, because we transition from a mixed tarnished oxidized type of material that is prevalent in the long-term stockpiles to a fresher sulfide product. We will definitely see some improvements in the recoveries there. Currently, on the stockpiled material and on some mineralized waste material going through the S3 circuit, the rougher recoveries are actually quite good at 90%, but as we progress through the rest of the plant, we do lose some recovery. Once we're on fresh sulfide, that changes dramatically, and we will see that in the back end of, or the second half of this year. Your next question is from Cody Hayden with Deutsche Bank. Good morning. Thank you for taking my questions. First, this was kind of touched upon already. You mentioned numerous fuel reduction initiatives. I was wondering if you could maybe speak about where you expect to get the greatest benefits and how quickly you expect to see those flow through. Second, are you able to provide a bit of an update around some of the work streams at Taca Taca and how you see that project progressing throughout the remainder of the year? Thank you. Hi, Cody. Well, perhaps, Rudi, do you want to take the question on fuel? I can just, a couple of questions on Taca Taca. Hi, Cody. As Tristan mentioned, there's various initiatives in play already and planned for the remainder of this year. Our biggest asset that we've always employed at both our sites and at Cobre Panamá, is the use of our trolley assist network that is rapidly being expanded at both Kansanshi and at Sentinel. Obviously, the measures around shore dumping on waste dumps and really parking unnecessary equipment where it's not needed is our greatest short-term benefit. The employment of those initiatives on all of our sites will continue, 'cause that really makes a lot of sense as far as fuel consumption is concerned. Cody, sorry, your question on Taca Taca was on the work plans. Is that right? Well, sorry. Might have been muted there, but yeah, as I understood, your question was on the work plans and the milestones to hear and the timing around that. Our process at the moment, we released the 43-101 technical report during the year and during the quarter, and that basically underlines the scope and scale of the project. I think that we talked around the NPV and the economic scale of the project, and it certainly stacks up well. From here, that flows into the RIGI application. We currently still are working on and expect imminently the ESIA approval to come through from provincial government, and that includes a public consultation period and then the water permit shortly behind that. The RIGI, I think we need to hold for that public consultation to occur. We've also seen the extension by 12 months for RIGI application. Our focus at the moment is to make sure we compile the highest quality application that we can. We've seen that, you know, well-constructed applications have met with positive receival in the federal government. It's around a 4 to 7-month process for the approval of RIGI as it seems. As I said, we'll make sure that we have the highest quality application and then expect sort of 4 to 7 months for approval of that. In the meantime, we're making progress and have commenced on the financing plan, and that includes the agreement with IFC around structuring that. We'll look across all our options for that financing plan. Together, all of those elements build up towards providing a pathway for Taca Taca. Very importantly, as we've been clear, we'll make sure that the balance sheet is in the right position to proceed and also our other operations are in the right position to proceed. Your next question comes from Lawson Winder with Bank of America. Thank you very much, operator. Hello, Tristan. Hello, Rudi and Ryan. Thank you for today's update. Can I ask about some of the other bottlenecks that have been kind of referred to on this call and in the release and things that we've heard about in the press? You know, one, for example, is, you know, we've heard about shipping backlogs at some of the ports in Africa, particularly Dar es Salaam. What about some of the other ports like Walvis Bay and Durban? Are you seeing any disruptions there? If I could just ask a follow-up after you address that question on input availability. Sure, Lawson. We so certainly the situation in Middle East has had an impact on shipping. I mean, I don't think it's the same level as what we saw in the Suez Canal with the Ever Given, with the ship that ran aground or indeed during COVID with the, you know, situation in Shanghai. Certainly when you have a situation anywhere in the globe where ships are contained, the global availability of shipping is affected and that affects the transport time. There just aren't enough ships remaining to cover the normal cycle time between the major ports. That can have a knock on effect. We haven't seen that significantly yet in African ports. Dar es Salaam, we do ship material out there, typically, cathode and anode. We also ship from Walvis Bay, and Walvis Bay is seeing sort of more and more traffic heading towards Walvis Bay. I think just sort of as a comparison to the previous destination in South Africa through Durban Port. Less about the situation in the Middle East right now and just more that regional story. There has been congestion in Walvis Bay, and we're accommodating that in terms of the direction of where we're sending our product out from. In terms of supplies coming in, you know, we use all of those ports and the overland routes. Just as it was during COVID times, you know, some of that's a little bit unpredictable. Definitely in the Middle East, you know, chemical precursors, so everything from HDPE has been impacted. Certainly, the ammonium nitrate supply chain's been impacted to some degree. Those are the ones we're watching closely. We're also just monitoring as we did during COVID, because you can end up with a widget that's unforeseen that has an issue. We're just in a heightened mode around, you know. It's very difficult to predict, but you might end up with a, you know, a widget that just doesn't get from the original manufacturer to your supply chain and then come through. That's what we're focused on. We lived through that experience in COVID, I'm certainly those experiences will see us well as we look to mitigate and make sure that we have adequate redundancy and capability in the system. Okay. Yeah, that's very helpful. Just thinking about some of the variable cost inputs that you guys would have, explosives, grinding media, other processing chemicals. Are you seeing any issues accessing those, or are those just more a function of price? Yeah. Thanks, Lawson. No, we haven't seen that knock on into availability. It's mostly on price. We haven't seen the big move yet. It's just that given the situation, you know. For example, fuel takes two months to get to our site in Zambia, and other supply chains are longer or shorter than that time. It hasn't really happened yet, you know, it will come through on the cost side. We haven't seen anything on the availability. As I said, we're just preparing the ground to make sure that we got the contingency in place, and we're monitoring closely each of those major inputs. Your next question is from Matt Murphy with BMO Capital Markets. Hi. Can I just ask another one on the Cobre costs? The $0.20 a lb increase across firm guidance, to me, I get, you know, like a mid-$4s cash cost for Panama. Does that sound right? Like, how quick do you see that coming off as the year progresses? Hi, Matt. Sure. Ryan, could you take that question? Yeah, Matt, that's spot on. We expect C1 from stockpile to be around $4.50. As one has fully ramped that up, as you get into the stockpile processing next year, falls closer to $3.50. Certainly you incur higher costs, particularly at the beginning when you're running through lower throughputs as you ramp up production. Okay. All right. Thanks. Can I just ask a follow-up on Zambia? Interestingly, on your chart with the diesel price, it looks like it dropped a bit in March. What are you seeing in April in terms of your diesel price? How should we think about the increasing cost at Sentinel versus Kansanshi? Looks like Sentinel's been increasing a bit more. Sure. Hi, Matt. Firstly, we didn't see the input impact of high diesel prices through the quarter. As we noted, there's around a two-month lag, and you see in that chart that pre the Iran conflict, diesel prices were around $0.85 per L. Currently, we're seeing around $1.60 per L, as high as $2. Then in the forward curve, that's coming off to around $1.40-$1.60 through the second half of the year. That's obviously changing a lot day to day. As we sit here today, I think broadly you can think about it as double the price what we saw two months ago, and that will start flowing through later in the quarter. Just remind me of your second question, Matt. Oh, Sentinel. Sentinel costs. The big difference there, Matt, clearly Kansanshi, we have the tailwind from gold prices. At Sentinel it's that double whammy of lower grades, stronger kwacha, and then no byproduct credits. We do expect some of that to change in the second half of the year, particularly as we get better grades. You will see, we do expect the Sentinel cost to come down, therefore come toward the overall cost guidance, with the exception of some of those market-related costs. Your next question is from Myles Allsop with UBS. Great. A couple of questions. Maybe first of all with Cobre Panamá and the more permanent agreement that you'll be looking to strike with the government. Have any discussions started yet? I mean, how is your kind of thought process evolving around the type of structure you could agree to with the government on a look-forward basis? That's the first question. I'll come back with the second after. Thanks, Myles. Hi. Yeah, we look, it's just too early to say. You know, all we can see is that it will, it will be a new agreement. I mean, the law, Law 9 situation and Law 406, you know, it's quite clear that it will be different from that setup. The government has said that publicly. We have not engaged on formal conversations, official discussions around that, but we're keeping an open mind on the structure. We've certainly done our homework in terms of what that could look like. It needs to be durable. It needs to make sense for all stakeholders. It needs to make sense for shareholders, but also for Panamanians. Okay. On Kansanshi and the smelter expansion, what's the incremental sulfuric acid that you'll be producing? Is it kind of meaningful? What sort of revenue could that be generating? Sure. Ryan, could you take that one? At the moment, we're selling around 10,000 tons per month in acid. There's potential to increase that to 20,000 tons. That's contingent on the grades we see in the pit, as Rudi noted. If we did sell that incremental amount at the current spot price for sulfuric acid we're seeing in Zambia of around $250 per ton, that'd be around $3 million incremental revenue per month. With the caveat being it's a fast-evolving situation. Let's see how we go through Q2. Your next question is from Craig Hutchison with TD Cowen. Hi, guys. Good morning. Most of my questions have been answered. Maybe I'll just ask a question on Guelb. The deferral of production this year of, I think 35,000-40,000 ounces, how should we think about that being spread out over the next few years? Should we assume it gets spread out over 2027, 2028, even 2029? Because I didn't see you guys update your guidance going forward there. Thanks. Hi, Craig. Will you take that one, Rudi, please? Hi, Craig. The main reason for the change at Guelb Mine for this year is driven by the procurement and delayed deliveries and construction of a treatment plant that we need to build at the back end of the CIL circuit in order to reduce the weak acid dissociable cyanide levels reporting to tailings. As a result, Guelb will continue to process sulfide ore with intermittent oxide treatment during the course of this year, every month or two months, to support a transition to full ore production next year. Maybe just to note then for the balance of our guidance period, what you should assume is the gold we expect to produce this year will move to years two and three of the guidance period, and the incremental copper production that we're showing this year will move out of the after two years of the guidance. We'll update that three-year guidance in January of next year to account for that. Perfect. Thanks, guys. Your next question is from Ian Rossouw with Barclays. Thank you. Just a quick question on the Cobre Panamá side. You obviously gave us an idea of the CapEx, the OpEx spend and the working capital build. Just wanted to get a sense of the funding situation at Panamá. How much cash is at the sort of asset level, and will there need to be some loans or, I guess, funding from First Quantum and KPMG to fund some of this sort of, I guess, processing of the stockpiles? Just second question or follow-up question on the cost side, I guess from what Matt was saying as well, I mean, it seems like the incremental cost seems to be a lot more than the $100 million OpEx you've mentioned within that if you sort of try to back calculate it from the C1 cost. Just trying to understand what else sort of contributes to that, $0.20 increase in the C1 cost other than the Cobre Panamá side. Thanks, Ian. I'll ask Ryan to take those two questions. Sure. Ian, from a cash perspective at all our assets, we predominantly hold cash at a group level and then fund down into the business as required. You should assume that we'll be funding that $250 million of cash flow needed to restart for the stockpiles. Obviously, that will then be refunded as we move into production and producing cash there. The second question, Ian, we see C1 cost we expect for the stockpile to around $450. Incremental to that, you have the around $100 million of CapEx plus another $50 million of working capital build. Your next question is from Anita Soni with CIBC World Markets. My follow-up I think has been asked, but I'm just going to ask one last one on enterprise. The grades were fairly strong, and I think you've delivered, you know, like a pretty solid first quarter. How, how does the, you know, how does enterprise look over the course of the year? Because you're, you know, tracking very well to your guidance of 30-40. Hi again, Anita. Rudi, can you answer that one? Hi, Anita. Yeah, spot on. We're tracking very, very well to our guidance. Seeing the start of the second quarter very strongly again, you know, and as the nickel price also has responded favorably. We will for the reevaluate some stripping activity at Enterprise probably in the second half of this year, depending on the fuel situation. Enterprise is really nicely set up at the bottom of the pit and in its developmental work in the next stages to deliver a strong year. We don't foresee any changes to the guidance. Operator, we're coming up to the hour. We'll take one more question. Thank you. Your next question is from Orest Wowkodaw with Scotiabank. Hi, thanks for the follow-up. Again, just coming back to Cobre Panamá. Outside of the completion of the environmental audit, which I assume now is due, I think you said imminently here, over the next couple weeks, is there anything else outstanding that from your perspective, that may be required to start the engagement with the government on a new agreement? Hi again, Orest. The comprehensive audit, we believe, is pretty imminent. The fifth report came out in early April, and they said 88.84% progress. They, 147 of the 370 total commitments had been analyzed. 223 remains to be closed out. You know, the overriding finding was of no environmental damage. Certainly, there were areas for focus on reforestation, on reporting and so on. The next, the next interim audit 6 is the report 6 is due out imminently, then the final report 7. We see that as being an important part of the process. It's not necessary that the things have to be completely sequential. Certainly, I think the answers that come from the audit are an important baseline to frame conversations. We're not aware of any other elements, major elements that would be impacting on that. You know, the three constructs that will be required to answer it on that environmental side, on the legal structure and on the commercial arrangements. We just need to get into those formal conversations to understand the government's view across those areas. You know, obviously critically continue to focus on public perception. The team in Panama has done a fantastic job in direct engagement and talking to people around the mine, and we need to keep moving that forward. Very clearly, Panamanians are asking to see transparency and asking to understand how the benefit from the mine will impact ordinary Panamanians in the country. There are no further questions at this time. I'd like to turn the call back over to Mr. Pascall for any closing remarks. Thank you, operator. I'd like to thank everybody for joining the call today. For all our analysts and investors in Toronto, I'm looking forward to seeing you at our annual dinner next week. Thanks, everybody, and have a great day. Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

Speaker 10: Thank you for standing by. My name is Carly, and I will be your conference operator today. At this time, I would like to welcome everyone to the First Quantum Minerals Q1 2026 results conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. Thank you. I would now like to turn the call over to Bonita To, Director, Investor Relations, and Capital Markets. Please go ahead. Thank you for standing by. thank you for standing by My name is Carly, and I will be your conference operator today. my name is carly and i will be your conference operator today At this time, I would like to welcome everyone to the First Quantum Minerals Q1 2026 results conference call. at this time i would like to welcome everyone to the first quantum minerals q1 2026 results conference call All lines have been placed on mute to prevent any background noise. all lines have been placed on mute to prevent any background noise After the speaker's remarks, there will be a question- and- answer session. after the speaker's remarks there will be a question- and- answer session If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. if you would like to ask a question during this time simply press star followed by the number one on your telephone keypad If you would like to withdraw your question, press s tar one again. if you would like to withdraw your question press s tar one again Thank you. thank you I would now like to turn the call over to Bonita To, Director, Investor Relations, and Capital Markets. i would now like to turn the call over to bonita to director investor relations and capital markets Please go ahead. please go ahead

Speaker 2: Thank you, operator. Thank you everyone for joining us today to discuss our first quarter results. During the call, we will be making forward-looking statements, and as such, I encourage you to read the cautionary notes that accompany this presentation, our MD&A, and the related news release. As a reminder, the presentation is available on our website and that all dollar references are in U.S. dollars unless otherwise noted. On today's call are Tristan Pascall, our Chief Executive Officer, Ryan MacWilliam, our Chief Financial Officer, and Rudi Badenhorst, our Chief Operating Officer. With that, I will turn the call over to Tristan for opening remarks. Thank you, operator. thank you operator Thank you everyone for joining us today to discuss our first quarter results. thank you everyone for joining us today to discuss our first quarter results During the call, we will be making forward-looking statements, and as such, I encourage you to read the cautionary notes that accompany this presentation, our MD&A, and the related news release. during the call we will be making forward-looking statements and as such i encourage you to read the cautionary notes that accompany this presentation our md&a and the related news release As a reminder, the presentation is available on our website and that all dollar references are in U.S. dollars unless otherwise noted. as a reminder the presentation is available on our website and that all dollar references are in u.s dollars unless otherwise noted On today's call are Tristan Pascall, our Chief Executive Officer, Ryan MacWilliam, our Chief Financial Officer, and Rudi Badenhorst, our Chief Operating Officer. on today's call are tristan pascall our chief executive officer ryan macwilliam our chief financial officer and rudi badenhorst our chief operating officer With that, I will turn the call over to Tristan for opening remarks. with that i will turn the call over to tristan for opening remarks

Speaker 15: Thank you, Bonita. Thank you everybody for joining us today to discuss our first quarter results. 2026 has begun with important progress milestones at First Quantum, including strong performance above design capacity at the new Kansanshi S3 sulfide processing circuit, as Rudi will later discuss in more detail. However, this is against a backdrop of heightened global macroeconomic uncertainty, driven by ongoing conflict in the Middle East and its implications for critical global supply chains. We are seeing the impact of direct and indirect pressures on our cost structures as a result, particularly in relation to prices for some of our major inputs such as fuel, but also from the kwacha exchange rate in Zambia. Ryan will speak more on these cost impacts later. Thank you, Bonita. thank you bonita Thank you everybody for joining us today to discuss our first quarter results. 2026 has begun with important progress milestones at First Quantum, including strong performance above design capacity at the new Kansanshi S3 sulfide processing circuit, as Rudi will later discuss in more detail. thank you everybody for joining us today to discuss our first quarter results 2026 has begun with important progress milestones at first quantum including strong performance above design capacity at the new kansanshi s3 sulfide processing circuit as rudi will later discuss in more detail However, this is against a backdrop of heightened global macroeconomic uncertainty, driven by ongoing conflict in the Middle East and its implications for critical global supply chains. however this is against a backdrop of heightened global macroeconomic uncertainty driven by ongoing conflict in the middle east and its implications for critical global supply chains We are seeing the impact of direct and indirect pressures on our cost structures as a result, particularly in relation to prices for some of our major inputs such as fuel, but also from the kwacha exchange rate in Zambia. we are seeing the impact of direct and indirect pressures on our cost structures as a result particularly in relation to prices for some of our major inputs such as fuel but also from the kwacha exchange rate in zambia Ryan will speak more on these cost impacts later. ryan will speak more on these cost impacts later As fuel supply from the Middle East has become increasingly uncertain, our priority is to safeguard the continuity of our operations in this challenging environment. This has required rigorous monitoring and planning, and the team has been proactive in enhancing our fuel sourcing strategies. These actions include securing alternative supply routes, building contingency inventories, and site initiatives to identify and implement fuel savings. Our operations consume approximately 320 million L of diesel annually, and we currently have sufficient diesel on site to support at least two months of operations. Through active monitoring and careful supply management, we expect to extend coverage beyond this timeframe. Based on these precautions, we believe fuel supply can be actively managed to avoid any impact on production. At our operations, we are prioritizing measures that can be readily deployed without compromising future production. As fuel supply from the Middle East has become increasingly uncertain, our priority is to safeguard the continuity of our operations in this challenging environment. as fuel supply from the middle east has become increasingly uncertain our priority is to safeguard the continuity of our operations in this challenging environment This has required rigorous monitoring and planning, and the team has been proactive in enhancing our fuel sourcing strategies. this has required rigorous monitoring and planning and the team has been proactive in enhancing our fuel sourcing strategies These actions include securing alternative supply routes, building contingency inventories, and site initiatives to identify and implement fuel savings. these actions include securing alternative supply routes building contingency inventories and site initiatives to identify and implement fuel savings Our operations consume approximately 320 million L of diesel annually, and we currently have sufficient diesel on site to support at least two months of operations. our operations consume approximately 320 million l of diesel annually and we currently have sufficient diesel on site to support at least two months of operations Through active monitoring and careful supply management, we expect to extend coverage beyond this timeframe. through active monitoring and careful supply management we expect to extend coverage beyond this timeframe Based on these precautions, we believe fuel supply can be actively managed to avoid any impact on production. based on these precautions we believe fuel supply can be actively managed to avoid any impact on production At our operations, we are prioritizing measures that can be readily deployed without compromising future production. at our operations we are prioritizing measures that can be readily deployed without compromising future production These initiatives include stricter operational disciplines on truck haul routes, on idle of fuel burn rates, and on rationalizing non-frontline equipment. For example, we are addressing placements of in-pit fuel bowsers to reduce travel distances to refuel. These actions complement the existing innovations that have been applied across our operations that not only drive tangible improvement in cost, safety, and productivity, but also fuel efficiency. These are not pilots or concepts. They are technologies operating at scale and delivering measurable outcomes. We have highlighted a number of them in our quarterly presentation, including In-Pit Crushing and Conveying, the recently commissioned Rail-Veyor, as well as the electrification of our fleet and the extensive use of trolley assist, which put all together greatly reduce the fuel intensity of our operations. These initiatives include stricter operational disciplines on truck haul routes, on idle of fuel burn rates, and on rationalizing non-frontline equipment. these initiatives include stricter operational disciplines on truck haul routes on idle of fuel burn rates and on rationalizing non-frontline equipment For example, we are addressing placements of in-pit fuel bowsers to reduce travel distances to refuel. for example we are addressing placements of in-pit fuel bowsers to reduce travel distances to refuel These actions complement the existing innovations that have been applied across our operations that not only drive tangible improvement in cost, safety, and productivity, but also fuel efficiency. these actions complement the existing innovations that have been applied across our operations that not only drive tangible improvement in cost safety and productivity but also fuel efficiency These are not pilots or concepts. these are not pilots or concepts They are technologies operating at scale and delivering measurable outcomes. they are technologies operating at scale and delivering measurable outcomes We have highlighted a number of them in our quarterly presentation, including In-Pit Crushing and Conveying, the recently commissioned Rail-Veyor, as well as the electrification of our fleet and the extensive use of trolley assist, which put all together greatly reduce the fuel intensity of our operations. we have highlighted a number of them in our quarterly presentation including in-pit crushing and conveying the recently commissioned rail-veyor as well as the electrification of our fleet and the extensive use of trolley assist which put all together greatly reduce the fuel intensity of our operations Sulfur supply has also been directly impacted by the Middle East tensions and further exacerbated with export restrictions from sulfur originating countries, including Zambia. The current environment underscores the strategic value of our smelter at Kansanshi, which is a significant regional producer and generated approximately 1.1 million tons of sulfuric acid in 2025. Almost all of which was consumed on-site in our leaching circuits for cathode production. We are currently self-sufficient on sulfuric acid. We expect to be potentially in a surplus position by the end of the second quarter when the smelter expansion is fully ramped up. Depending on the geology in the mine at that time, we will evaluate additional revenue opportunities for our potential surplus sulfuric acid. There is heightened risk in today's environment. Sulfur supply has also been directly impacted by the Middle East tensions and further exacerbated with export restrictions from sulfur originating countries, including Zambia. sulfur supply has also been directly impacted by the middle east tensions and further exacerbated with export restrictions from sulfur originating countries including zambia The current environment underscores the strategic value of our smelter at Kansanshi, which is a significant regional producer and generated approximately 1.1 million tons of sulfuric acid in 2025. the current environment underscores the strategic value of our smelter at kansanshi which is a significant regional producer and generated approximately 1.1 million tons of sulfuric acid in 2025 Almost all of which was consumed on-site in our leaching circuits for cathode production. almost all of which was consumed on-site in our leaching circuits for cathode production We are currently self-sufficient on sulfuric acid. we are currently self-sufficient on sulfuric acid We expect to be potentially in a surplus position by the end of the second quarter when the smelter expansion is fully ramped up. we expect to be potentially in a surplus position by the end of the second quarter when the smelter expansion is fully ramped up Depending on the geology in the mine at that time, we will evaluate additional revenue opportunities for our potential surplus sulfuric acid. depending on the geology in the mine at that time we will evaluate additional revenue opportunities for our potential surplus sulfuric acid There is heightened risk in today's environment. there is heightened risk in today's environment However, with the balance sheet actions taken over the last two years, our focus on safe and productive operations and building resilience ahead of potential challenges, First Quantum is in a strengthened position today, and I'm confident in our ability to manage through this period of market volatility. Thank you, and I will now pass the call to Rudi to discuss our operational results. However, with the balance sheet actions taken over the last two years, our focus on safe and productive operations and building resilience ahead of potential challenges, First Quantum is in a strengthened position today, and I'm confident in our ability to manage through this period of market volatility. however with the balance sheet actions taken over the last two years our focus on safe and productive operations and building resilience ahead of potential challenges first quantum is in a strengthened position today and i'm confident in our ability to manage through this period of market volatility Thank you, and I will now pass the call to Rudi to discuss our operational results. thank you and i will now pass the call to rudi to discuss our operational results

Speaker 13: Thank you, Tristan. During the first quarter of 2026, both Zambian operations effectively managed the above normal seasonal rainfall. Total copper production declined 4% quarter-over-quarter to 96,000 tons due to lower production at Sentinel and Kansanshi, reflecting lower grades in line with the mine plan. Thank you, Tristan. thank you tristan During the first quarter of 2026, both Zambian operations effectively managed the above normal seasonal rainfall. during the first quarter of 2026 both zambian operations effectively managed the above normal seasonal rainfall Total copper production declined 4% quarter-over-quarter to 96,000 tons due to lower production at Sentinel and Kansanshi, reflecting lower grades in line with the mine plan. total copper production declined 4% quarter-over-quarter to 96,000 tons due to lower production at sentinel and kansanshi reflecting lower grades in line with the mine plan Copper sales totaled 90,000 tons, approximately 6,000 tons below production due to the timing of shipments and the restocking of inventory at Kansanshi following strong sale volumes in the fourth quarter of last year. Turning first to Kansanshi. Copper production in the quarter was 45,000 tons, down 2,000 tons from the previous quarter, driven by lower feed grades and recoveries, partially offset by higher throughput levels attributable to the S3 concentrator circuit. It is pleasing to report that S3 throughput increased steadily during the quarter and milling rates stabilized approximately 25% above design capacity. This supported increased processing of long-term lower grade stockpiles, which lowered overall feed grade compared to the prior quarter. We expect this grade impact to diminish as stripping activity increases at Southeast Dome, exposing fresh ore for direct feed to the S3 circuit. Copper sales totaled 90,000 tons, approximately 6,000 tons below production due to the timing of shipments and the restocking of inventory at Kansanshi following strong sale volumes in the fourth quarter of last year. copper sales totaled 90,000 tons approximately 6,000 tons below production due to the timing of shipments and the restocking of inventory at kansanshi following strong sale volumes in the fourth quarter of last year Turning first to Kansanshi. turning first to kansanshi Copper production in the quarter was 45,000 tons, down 2,000 tons from the previous quarter, driven by lower feed grades and recoveries, partially offset by higher throughput levels attributable to the S3 concentrator circuit. copper production in the quarter was 45,000 tons down 2,000 tons from the previous quarter driven by lower feed grades and recoveries partially offset by higher throughput levels attributable to the s3 concentrator circuit It is pleasing to report that S3 throughput increased steadily during the quarter and milling rates stabilized approximately 25% above design capacity. it is pleasing to report that s3 throughput increased steadily during the quarter and milling rates stabilized approximately 25% above design capacity This supported increased processing of long-term lower grade stockpiles, which lowered overall feed grade compared to the prior quarter. this supported increased processing of long-term lower grade stockpiles which lowered overall feed grade compared to the prior quarter We expect this grade impact to diminish as stripping activity increases at Southeast Dome, exposing fresh ore for direct feed to the S3 circuit. we expect this grade impact to diminish as stripping activity increases at southeast dome exposing fresh ore for direct feed to the s3 circuit At Sentinel, copper production also totaled 45,000 tons, a reduction of nearly 3,000 tons from the previous quarter. This decrease was due to lower grades and recoveries, although partially offset by improved throughput, which benefited from improved reliability of the primary crushers and higher tailings thickener throughput. During the quarter, two new upgraded tailings thickener feed wells were installed and commissioned, with the third expected early in the second quarter. In-Pit Crusher 4 was decommissioned for relocation. The Rail-Veyor transitioned from commissioning to full operations, expansion of the trolley assist network continued. Enterprise continued to deliver excellent performance with record quarterly production of 12,000 tons of nickel. A 41% increase from the previous quarter, driven by higher grades and recovery. Milling rates in the quarter were moderated to sustain these recoveries. At Sentinel, copper production also totaled 45,000 tons, a reduction of nearly 3,000 tons from the previous quarter. at sentinel copper production also totaled 45,000 tons a reduction of nearly 3,000 tons from the previous quarter This decrease was due to lower grades and recoveries, although partially offset by improved throughput, which benefited from improved reliability of the primary crushers and higher tailings thickener throughput. this decrease was due to lower grades and recoveries although partially offset by improved throughput which benefited from improved reliability of the primary crushers and higher tailings thickener throughput During the quarter, two new upgraded tailings thickener feed wells were installed and commissioned, with the third expected early in the second quarter. during the quarter two new upgraded tailings thickener feed wells were installed and commissioned with the third expected early in the second quarter In-Pit Crusher 4 was decommissioned for relocation. in-pit crusher 4 was decommissioned for relocation The Rail-Veyor transitioned from commissioning to full operations, expansion of the trolley assist network continued. the rail-veyor transitioned from commissioning to full operations expansion of the trolley assist network continued Enterprise continued to deliver excellent performance with record quarterly production of 12,000 tons of nickel. enterprise continued to deliver excellent performance with record quarterly production of 12,000 tons of nickel A 41% increase from the previous quarter, driven by higher grades and recovery. a 41% increase from the previous quarter driven by higher grades and recovery Milling rates in the quarter were moderated to sustain these recoveries. milling rates in the quarter were moderated to sustain these recoveries Our priorities at Enterprise remain focused on improving ore quality, grade control, and mining productivity. At Guelb Moghrein, copper production was 2,900 tons, and gold production was 7,700 ounces. With a timing change in the transition to CIL processing, Guelb will continue sulfide processing for the remainder of this year, and the transition to a primary gold operation has been deferred to 2027. We have revised 2026 copper guidance to approximately 7,000 tons and gold guidance to between 30,000 and 40,000 ounces. Thank you. With that, I will turn the call over to Ryan for the financial review. Our priorities at Enterprise remain focused on improving ore quality, grade control, and mining productivity. our priorities at enterprise remain focused on improving ore quality grade control and mining productivity At Guelb Moghrein, copper production was 2,900 tons, and gold production was 7,700 ounces. at guelb moghrein copper production was 2,900 tons and gold production was 7,700 ounces With a timing change in the transition to CIL processing, Guelb will continue sulfide processing for the remainder of this year, and the transition to a primary gold operation has been deferred to 2027. with a timing change in the transition to cil processing guelb will continue sulfide processing for the remainder of this year and the transition to a primary gold operation has been deferred to 2027 We have revised 2026 copper guidance to approximately 7,000 tons and gold guidance to between 30,000 and 40,000 ounces. we have revised 2026 copper guidance to approximately 7,000 tons and gold guidance to between 30,000 and 40,000 ounces Thank you. thank you With that, I will turn the call over to Ryan for the financial review. with that i will turn the call over to ryan for the financial review

Speaker 14: Thank you, Rudi. I'll start with the copper market. Copper entered 2026 with strong momentum, peaking at a record price of $6.28 per lb. Amidst the macro uncertainty created by the situation in the Middle East, copper prices then bottomed at $5.36 per lb towards the end of the quarter, but have since recovered and remain well above historical averages. It was notable to see buying pick up in China as industrial players there took advantage of lower prices to build copper stocks, thereby cushioning the impact of the macro uncertainty. On the nickel side, we continue to see positive signs of the Indonesian government pursuing policy to restrict supply growth, which has resulted in a strong start to the year for the nickel price. Thank you, Rudi. thank you rudi I'll start with the copper market. i'll start with the copper market Copper entered 2026 with strong momentum, peaking at a record price of $6.28 per lb. copper entered 2026 with strong momentum peaking at a record price of $6.28 per lb Amidst the macro uncertainty created by the situation in the Middle East, copper prices then bottomed at $5.36 per lb towards the end of the quarter, but have since recovered and remain well above historical averages. amidst the macro uncertainty created by the situation in the middle east copper prices then bottomed at $5.36 per lb towards the end of the quarter but have since recovered and remain well above historical averages It was notable to see buying pick up in China as industrial players there took advantage of lower prices to build copper stocks, thereby cushioning the impact of the macro uncertainty. it was notable to see buying pick up in china as industrial players there took advantage of lower prices to build copper stocks thereby cushioning the impact of the macro uncertainty On the nickel side, we continue to see positive signs of the Indonesian government pursuing policy to restrict supply growth, which has resulted in a strong start to the year for the nickel price. on the nickel side we continue to see positive signs of the indonesian government pursuing policy to restrict supply growth which has resulted in a strong start to the year for the nickel price This, combined with the strong operational performance which Rudi described, meant that Enterprise had the best margins of all our assets in the first quarter. Turning to the first quarter financial performance. Revenue was down 5%. This was primarily due to lower copper and gold sales volumes. This lower revenue, together with increased hedge losses, drove a 30% reduction in EBITDA for the quarter. Adjusted loss per share of $0.18 reflects this lower EBITDA. Copper C1 cash costs rose 14%, driven by lower Zambian production and higher labor costs. The continued strength of the Zambian kwacha is a key driver of these costs. This was partly offset by stronger gold prices, which delivered a $0.12 per lb by-product credit and continued to provide valuable cost support in a volatile environment. Nickel C1 cash costs improved by $0.60 per lb due to strong production. This, combined with the strong operational performance which Rudi described, meant that Enterprise had the best margins of all our assets in the first quarter. this combined with the strong operational performance which rudi described meant that enterprise had the best margins of all our assets in the first quarter Turning to the first quarter financial performance. turning to the first quarter financial performance Revenue was down 5%. revenue was down 5% This was primarily due to lower copper and gold sales volumes. this was primarily due to lower copper and gold sales volumes This lower revenue, together with increased hedge losses, drove a 30% reduction in EBITDA for the quarter. this lower revenue together with increased hedge losses drove a 30% reduction in ebitda for the quarter Adjusted loss per share of $0.18 reflects this lower EBITDA. adjusted loss per share of $0.18 reflects this lower ebitda Copper C1 cash costs rose 14%, driven by lower Zambian production and higher labor costs. copper c1 cash costs rose 14% driven by lower zambian production and higher labor costs The continued strength of the Zambian kwacha is a key driver of these costs. the continued strength of the zambian kwacha is a key driver of these costs This was partly offset by stronger gold prices, which delivered a $0.12 per lb by-product credit and continued to provide valuable cost support in a volatile environment. this was partly offset by stronger gold prices which delivered a $0.12 per lb by-product credit and continued to provide valuable cost support in a volatile environment Nickel C1 cash costs improved by $0.60 per lb due to strong production. nickel c1 cash costs improved by $0.60 per lb due to strong production Turning to cost guidance. We generally update our guidance later in the year in respect to the performance of our assets and any changes in key input prices. We've continued to take this approach this year, where we have not made any changes to guidance for the recent movements in oil, gold and copper prices, nor the kwacha exchange rate. We have, however, adjusted our guidance to reflect three structural changes in our business in the first quarter. The first and largest change is the inclusion of low-grade stockpile processing in Panama. Secondly, as Rudi discussed, Guelb Moghrein switched to a copper-focused production strategy for 2026 to result in increased by-product credits, as gold is now treated as a by-product rather than a primary product. Thirdly, we have an updated guidance for the sale of Çayeli. Turning to cost guidance. turning to cost guidance We generally update our guidance later in the year in respect to the performance of our assets and any changes in key input prices. we generally update our guidance later in the year in respect to the performance of our assets and any changes in key input prices We've continued to take this approach this year, where we have not made any changes to guidance for the recent movements in oil, gold and copper prices, nor the kwacha exchange rate. we've continued to take this approach this year where we have not made any changes to guidance for the recent movements in oil gold and copper prices nor the kwacha exchange rate We have, however, adjusted our guidance to reflect three structural changes in our business in the first quarter. we have however adjusted our guidance to reflect three structural changes in our business in the first quarter The first and largest change is the inclusion of low-grade stockpile processing in Panama. the first and largest change is the inclusion of low-grade stockpile processing in panama Secondly, as Rudi discussed, Guelb Moghrein switched to a copper-focused production strategy for 2026 to result in increased by-product credits, as gold is now treated as a by-product rather than a primary product. secondly as rudi discussed guelb moghrein switched to a copper-focused production strategy for 2026 to result in increased by-product credits as gold is now treated as a by-product rather than a primary product Thirdly, we have an updated guidance for the sale of Çayeli. thirdly we have an updated guidance for the sale of çayeli As a result of these changes, we have updated our C1 cash cost range to $2.15-$2.40 per lb. $0.20 from prior guidance. This revised guidance continues to be based on the commodity assumptions used at the start of the year by initial guidance, namely a Brent crude oil price of $70 per barrel, a gold price of $4,000 per ounce, and a kwacha-U.S. dollar exchange rate of 25. Clearly, the impact of the conflict in the Middle East represents a risk to our cost guidance due to the impact of higher fuel prices. Fuel accounts for roughly 15% of our cost base, including about 8% direct exposure, with the balance coming directly through contractors, freights, and other costs. As a result of these changes, we have updated our C1 cash cost range to $2.15-$2.40 per lb. $0.20 from prior guidance. as a result of these changes we have updated our c1 cash cost range to $2.15-$2.40 per lb $0.20 from prior guidance This revised guidance continues to be based on the commodity assumptions used at the start of the year by initial guidance, namely a Brent crude oil price of $70 per barrel, a gold price of $4,000 per ounce, and a kwacha-U.S. dollar exchange rate of 25. this revised guidance continues to be based on the commodity assumptions used at the start of the year by initial guidance namely a brent crude oil price of $70 per barrel a gold price of $4,000 per ounce and a kwacha-u.s dollar exchange rate of 25 Clearly, the impact of the conflict in the Middle East represents a risk to our cost guidance due to the impact of higher fuel prices. clearly the impact of the conflict in the middle east represents a risk to our cost guidance due to the impact of higher fuel prices Fuel accounts for roughly 15% of our cost base, including about 8% direct exposure, with the balance coming directly through contractors, freights, and other costs. fuel accounts for roughly 15% of our cost base including about 8% direct exposure with the balance coming directly through contractors freights and other costs The current gas oil futures would equate to a potential $0.20 increase on unit costs relative to our revised guidance based on our direct exposure to fuel and our estimate of the indirect impact on things such as freight costs. A sustained Zambian kwacha would increase costs by around another $0.10. Higher consensus gold prices are estimated to provide a partial offset of approximately $0.05, meaning the combined impact of all these changes would be a potential increase of approximately $0.25 per lb to our copper cost guidance. A lot of this would come through in the second half of the year as we see costs impacts typically lag commodity prices. Fuel generally reflects gas oil with a two-month lag. Contractors and freight costs respond almost immediately, while other costs follow over three to six months. The current gas oil futures would equate to a potential $0.20 increase on unit costs relative to our revised guidance based on our direct exposure to fuel and our estimate of the indirect impact on things such as freight costs. the current gas oil futures would equate to a potential $0.20 increase on unit costs relative to our revised guidance based on our direct exposure to fuel and our estimate of the indirect impact on things such as freight costs A sustained Zambian kwacha would increase costs by around another $0.10. a sustained zambian kwacha would increase costs by around another $0.10 Higher consensus gold prices are estimated to provide a partial offset of approximately $0.05, meaning the combined impact of all these changes would be a potential increase of approximately $0.25 per lb to our copper cost guidance. higher consensus gold prices are estimated to provide a partial offset of approximately $0.05 meaning the combined impact of all these changes would be a potential increase of approximately $0.25 per lb to our copper cost guidance A lot of this would come through in the second half of the year as we see costs impacts typically lag commodity prices. a lot of this would come through in the second half of the year as we see costs impacts typically lag commodity prices Fuel generally reflects gas oil with a two-month lag. fuel generally reflects gas oil with a two-month lag Contractors and freight costs respond almost immediately, while other costs follow over three to six months. contractors and freight costs respond almost immediately while other costs follow over three to six months For capital expenditure, we've increased full year 2026 CapEx guidance to reflect a $75 million-$100 million in project-specific capital associated with Cobre Panamá stockpile processing. In addition to the CapEx, we also expect to incur approximately $100 million in operating costs and $50 million in working capital, resulting in a total of about $250 million for the three months of pre-commissioning ahead of stockpile processing. Any proceeds from the copper concentrate sales will be reinvested directly into the PSNM program, supporting community engagement and regional supply chains. Now turning to the balance sheet. Following strong bank support and the improvement in our credit outlook after establishing the new syndicated term loan and RCF in February, we successfully issued an upsized $1.5 billion, 10-year unsecured bond due 2036. For capital expenditure, we've increased full year 2026 CapEx guidance to reflect a $75 million-$100 million in project-specific capital associated with Cobre Panamá stockpile processing. for capital expenditure we've increased full year 2026 capex guidance to reflect a $75 million-$100 million in project-specific capital associated with cobre panamá stockpile processing In addition to the CapEx, we also expect to incur approximately $100 million in operating costs and $50 million in working capital, resulting in a total of about $250 million for the three months of pre-commissioning ahead of stockpile processing. in addition to the capex we also expect to incur approximately $100 million in operating costs and $50 million in working capital resulting in a total of about $250 million for the three months of pre-commissioning ahead of stockpile processing Any proceeds from the copper concentrate sales will be reinvested directly into the PSNM program, supporting community engagement and regional supply chains. any proceeds from the copper concentrate sales will be reinvested directly into the psnm program supporting community engagement and regional supply chains Now turning to the balance sheet. now turning to the balance sheet Following strong bank support and the improvement in our credit outlook after establishing the new syndicated term loan and RCF in February, we successfully issued an upsized $1.5 billion, 10-year unsecured bond due 2036. following strong bank support and the improvement in our credit outlook after establishing the new syndicated term loan and rcf in february we successfully issued an upsized $1.5 billion 10-year unsecured bond due 2036 This is our longest bond tenor to date and lowest coupon, which reflects the strong market confidence in our balance sheets and long-term copper exposure. Proceeds were used to repay a portion of the RCF and repurchase the remaining $1.35 billion of 2029 secured notes. This simplifies our debt structure and returns bond portfolio to a fully unsecured profile. Our nearest bond maturity is now 2031, and our final bond maturity is extended to 2036. We also announced the sale of Çayeli in Türkiye, further simplifying the portfolio and unlocking $340 million of cash proceeds, including a $50 million advance received in Q1. On to hedging. The collar settled in Q1 resulted in a $144 million loss. This is our longest bond tenor to date and lowest coupon, which reflects the strong market confidence in our balance sheets and long-term copper exposure. this is our longest bond tenor to date and lowest coupon which reflects the strong market confidence in our balance sheets and long-term copper exposure Proceeds were used to repay a portion of the RCF and repurchase the remaining $1.35 billion of 2029 secured notes. proceeds were used to repay a portion of the rcf and repurchase the remaining $1.35 billion of 2029 secured notes This simplifies our debt structure and returns bond portfolio to a fully unsecured profile. this simplifies our debt structure and returns bond portfolio to a fully unsecured profile Our nearest bond maturity is now 2031, and our final bond maturity is extended to 2036. our nearest bond maturity is now 2031 and our final bond maturity is extended to 2036 We also announced the sale of Çayeli in Türkiye, further simplifying the portfolio and unlocking $340 million of cash proceeds, including a $50 million advance received in Q1. we also announced the sale of çayeli in türkiye further simplifying the portfolio and unlocking $340 million of cash proceeds including a $50 million advance received in q1 On to hedging. on to hedging The collar settled in Q1 resulted in a $144 million loss. the collar settled in q1 resulted in a $144 million loss We have some remaining hedges in the second quarter. On these remaining positions, we estimate potential losses of approximately $154 million on copper and $8 million on gold at current spot prices. We have no hedges beyond Q2. We'll have full exposure to spot prices starting in the second half of the year. Given that margins remain healthy at prevailing copper prices, we're comfortable having this exposure and do not plan to enter any new hedges for the time being. Lastly, net debt increased by $92 million to $5.3 billion, reflecting planned CapEx interest and tax outflows, partially offset by EBITDA generation, the Çayeli advance, and favorable working capital movements. To wrap up, although copper fundamentals continue to be supportive, elevated Middle East tensions have created headwinds for our cost profile outlook. We have some remaining hedges in the second quarter. we have some remaining hedges in the second quarter On these remaining positions, we estimate potential losses of approximately $154 million on copper and $8 million on gold at current spot prices. on these remaining positions we estimate potential losses of approximately $154 million on copper and $8 million on gold at current spot prices We have no hedges beyond Q2. we have no hedges beyond q2 We'll have full exposure to spot prices starting in the second half of the year. we'll have full exposure to spot prices starting in the second half of the year Given that margins remain healthy at prevailing copper prices, we're comfortable having this exposure and do not plan to enter any new hedges for the time being. given that margins remain healthy at prevailing copper prices we're comfortable having this exposure and do not plan to enter any new hedges for the time being Lastly, net debt increased by $92 million to $5.3 billion, reflecting planned CapEx interest and tax outflows, partially offset by EBITDA generation, the Çayeli advance, and favorable working capital movements. lastly net debt increased by $92 million to $5.3 billion reflecting planned capex interest and tax outflows partially offset by ebitda generation the çayeli advance and favorable working capital movements To wrap up, although copper fundamentals continue to be supportive, elevated Middle East tensions have created headwinds for our cost profile outlook. to wrap up although copper fundamentals continue to be supportive elevated middle east tensions have created headwinds for our cost profile outlook Against that backdrop, our focus remains firmly on cost and capital discipline, controlling what we can to protect margins and keep the business well-positioned. With that, I will now hand the call back to Tristan. Against that backdrop, our focus remains firmly on cost and capital discipline, controlling what we can to protect margins and keep the business well-positioned. against that backdrop our focus remains firmly on cost and capital discipline controlling what we can to protect margins and keep the business well-positioned With that, I will now hand the call back to Tristan. with that i will now hand the call back to tristan

Speaker 15: Thank you, Ryan. As Ryan noted, we have updated our 2026 guidance to reflect the processing of stockpiled ore at Cobre Panamá. We were pleased to receive the formal approval to proceed with the removal and processing of stockpiled ore on April 7th, 2026, with the passing of Resolution No. 27, which also confirms that this material was mined while the concession was in force and is therefore the property of First Quantum. This is also an important step in the responsible environmental management of Cobre Panamá. Our updated guidance includes 30,000-40,000 tons of copper production from Cobre Panamá. With much of the site under preservation and safe management since November 2023, we will be taking a conservative and measured approach to recommissioning the processing facilities in order to ensure the highest quality of operations that is practically achievable after a long period of shutdown. Thank you, Ryan. thank you ryan As Ryan noted, we have updated our 2026 guidance to reflect the processing of stockpiled ore at Cobre Panamá. as ryan noted we have updated our 2026 guidance to reflect the processing of stockpiled ore at cobre panamá We were pleased to receive the formal approval to proceed with the removal and processing of stockpiled ore on April 7th, 2026, with the passing of Resolution No. 27, which also confirms that this material was mined while the concession was in force and is therefore the property of First Quantum. we were pleased to receive the formal approval to proceed with the removal and processing of stockpiled ore on april 7th 2026 with the passing of resolution no 27 which also confirms that this material was mined while the concession was in force and is therefore the property of first quantum This is also an important step in the responsible environmental management of Cobre Panamá. this is also an important step in the responsible environmental management of cobre panamá Our updated guidance includes 30,000-40,000 tons of copper production from Cobre Panamá. our updated guidance includes 30,000-40,000 tons of copper production from cobre panamá With much of the site under preservation and safe management since November 2023, we will be taking a conservative and measured approach to recommissioning the processing facilities in order to ensure the highest quality of operations that is practically achievable after a long period of shutdown. with much of the site under preservation and safe management since november 2023 we will be taking a conservative and measured approach to recommissioning the processing facilities in order to ensure the highest quality of operations that is practically achievable after a long period of shutdown While we have made solid progress in the first quarter on the work required to prepare for stockpile processing, there is still a significant amount of work ahead of us as we prepare the facilities for the introduction of first ore in the third quarter. Our operational readiness program is well underway, with maintenance and refurbishment activities progressing across the process plant, the mine fleet and supporting infrastructure in preparation for commissioning. Initial inspections indicate that overall the asset integrity remains strong, albeit minor repairs will be required, primarily related to the second cleaner, column flotation and concentrate handling circuits. Once in operation, we expect to run the processing facilities at approximately one-third of nameplate capacity and will follow a program that will allow us to test all three circuits. While we have made solid progress in the first quarter on the work required to prepare for stockpile processing, there is still a significant amount of work ahead of us as we prepare the facilities for the introduction of first ore in the third quarter. Our operational readiness program is well underway, with maintenance and refurbishment activities progressing across the process plant, the mine fleet and supporting infrastructure in preparation for commissioning. while we have made solid progress in the first quarter on the work required to prepare for stockpile processing there is still a significant amount of work ahead of us as we prepare the facilities for the introduction of first ore in the third quarter. our operational readiness program is well underway with maintenance and refurbishment activities progressing across the process plant the mine fleet and supporting infrastructure in preparation for commissioning Initial inspections indicate that overall the asset integrity remains strong, albeit minor repairs will be required, primarily related to the second cleaner, column flotation and concentrate handling circuits. initial inspections indicate that overall the asset integrity remains strong albeit minor repairs will be required primarily related to the second cleaner column flotation and concentrate handling circuits Once in operation, we expect to run the processing facilities at approximately one-third of nameplate capacity and will follow a program that will allow us to test all three circuits. once in operation we expect to run the processing facilities at approximately one-third of nameplate capacity and will follow a program that will allow us to test all three circuits With the creation of 1,000 new positions required for stockpile processing, we have launched the Suma tu Talento recruitment campaign and received over 60,000 applications and expressions of interest for employment, demonstrating a strong talent pipeline to support the stockpile processing operations. We have also commenced contract reactivations for the procurement of supplies. Our local procurement activities are expected to generate further employment through local Panamanian contractors and indirect jobs across local industries. These jobs are being created at an important moment for Panama, especially for nearby communities that are facing elevated levels of unemployment. We continue to await Report 6 and the Final Report 7 of the comprehensive environmental audit being undertaken by SGS, both of which are expected imminently, and we remain ready to find a resolution for the situation at the mine with the government of Panama. With the creation of 1,000 new positions required for stockpile processing, we have launched the Suma tu Talento recruitment campaign and received over 60,000 applications and expressions of interest for employment, demonstrating a strong talent pipeline to support the stockpile processing operations. with the creation of 1,000 new positions required for stockpile processing we have launched the suma tu talento recruitment campaign and received over 60,000 applications and expressions of interest for employment demonstrating a strong talent pipeline to support the stockpile processing operations We have also commenced contract reactivations for the procurement of supplies. we have also commenced contract reactivations for the procurement of supplies Our local procurement activities are expected to generate further employment through local Panamanian contractors and indirect jobs across local industries. our local procurement activities are expected to generate further employment through local panamanian contractors and indirect jobs across local industries These jobs are being created at an important moment for Panama, especially for nearby communities that are facing elevated levels of unemployment. these jobs are being created at an important moment for panama especially for nearby communities that are facing elevated levels of unemployment We continue to await Report 6 and the Final Report 7 of the comprehensive environmental audit being undertaken by SGS, both of which are expected imminently, and we remain ready to find a resolution for the situation at the mine with the government of Panama. we continue to await report 6 and the final report 7 of the comprehensive environmental audit being undertaken by sgs both of which are expected imminently and we remain ready to find a resolution for the situation at the mine with the government of panama When Cobre Panamá was operational between 2019 and 2023, the mine created over 38,000 direct and indirect jobs and received goods and services from over 2,000 Panamanian companies. Cobre Panamá has always operated at the highest environmental standards and has the potential to be a meaningful contributor to the country's economy and provide tangible benefits to the people of Panama. In the meantime, public support for a resolution is critical, and we continue our outreach efforts. During the first quarter of 2026, a total of 214 events reached approximately 82,000 people directly in face-to-face interactions. Over 2,000 direct community engagements were recorded that aided in strengthening our local relationships. While Panama remains our immediate priority, First Quantum remains a growth-oriented company. When Cobre Panam á was operational between 2019 and 2023, the mine created over 38,000 direct and indirect jobs and received goods and services from over 2,000 Panamanian companies. when cobre panam á was operational between 2019 and 2023 the mine created over 38,000 direct and indirect jobs and received goods and services from over 2,000 panamanian companies Cobre Panam á has always operated at the highest environmental standards and has the potential to be a meaningful contributor to the country's economy and provide tangible benefits to the people of Panama. cobre panam á has always operated at the highest environmental standards and has the potential to be a meaningful contributor to the country's economy and provide tangible benefits to the people of panama In the meantime, public support for a resolution is critical, and we continue our outreach efforts. in the meantime public support for a resolution is critical and we continue our outreach efforts During the first quarter of 2026, a total of 214 events reached approximately 82,000 people directly in face-to-face interactions. during the first quarter of 2026 a total of 214 events reached approximately 82,000 people directly in face-to-face interactions Over 2,000 direct community engagements were recorded that aided in strengthening our local relationships. over 2,000 direct community engagements were recorded that aided in strengthening our local relationships While Panama remains our immediate priority, First Quantum remains a growth-oriented company. while panama remains our immediate priority first quantum remains a growth-oriented company We continue to progress our growth projects to maintain optionality and position ourselves to move decisively when the balance sheet is ready. The Taca Taca project in Argentina is our most advanced greenfield project and one of the largest, highest quality undeveloped copper assets globally. During the quarter, it was pleasing to deliver the 43-101 technical report for Taca Taca, which confirmed the scale and quality of the asset. Additionally, the technical report represented an important step in the ongoing preparation of our RIGI application and the evaluation of future funding options. Taca Taca is expected to follow First Quantum's tried and tested design of large-scale SAG mill processing trains. The project will initially be developed with a processing capacity of 40 million tons per annum that will self-fund an eventual expansion to 60 million tons per annum. We continue to progress our growth projects to maintain optionality and position ourselves to move decisively when the balance sheet is ready. we continue to progress our growth projects to maintain optionality and position ourselves to move decisively when the balance sheet is ready The Taca Taca project in Argentina is our most advanced greenfield project and one of the largest, highest quality undeveloped copper assets globally. the taca taca project in argentina is our most advanced greenfield project and one of the largest highest quality undeveloped copper assets globally During the quarter, it was pleasing to deliver the 43-101 technical report for Taca Taca, which confirmed the scale and quality of the asset. during the quarter it was pleasing to deliver the 43-101 technical report for taca taca which confirmed the scale and quality of the asset Additionally, the technical report represented an important step in the ongoing preparation of our RIGI application and the evaluation of future funding options. additionally the technical report represented an important step in the ongoing preparation of our rigi application and the evaluation of future funding options Taca Taca is expected to follow First Quantum's tried and tested design of large-scale SAG mill processing trains. taca taca is expected to follow first quantum's tried and tested design of large-scale sag mill processing trains The project will initially be developed with a processing capacity of 40 million tons per annum that will self-fund an eventual expansion to 60 million tons per annum. the project will initially be developed with a processing capacity of 40 million tons per annum that will self-fund an eventual expansion to 60 million tons per annum Average annual copper production is expected to be approximately 291,000 tons over the first 10 years of operation and approximately 200,000 tons over the life of mine per year. The project economics are compelling, with an 8% after-tax NPV of $5.9 billion and an IRR of 19.3% at conservative commodity price assumptions. During the quarter, we signed an agreement with the IFC to align Taca Taca with IFC's performance standards, which are globally recognized benchmarks to ensure the project is developed in line with international best practices while creating sustainable benefits for communities and the economy. This agreement is a strong endorsement of Taca Taca and strengthens the project's position for potential funding options whilst promoting responsible and sustainable mining practices. Average annual copper production is expected to be approximately 291,000 tons over the first 10 years of operation and approximately 200,000 tons over the life of mine per year. average annual copper production is expected to be approximately 291,000 tons over the first 10 years of operation and approximately 200,000 tons over the life of mine per year The project economics are compelling, with an 8% after-tax NPV of $5.9 billion and an IRR of 19.3% at conservative commodity price assumptions. the project economics are compelling with an 8% after-tax npv of $5.9 billion and an irr of 19.3% at conservative commodity price assumptions During the quarter, we signed an agreement with the IFC to align Taca Taca with IFC's performance standards, which are globally recognized benchmarks to ensure the project is developed in line with international best practices while creating sustainable benefits for communities and the economy. during the quarter we signed an agreement with the ifc to align taca taca with ifc's performance standards which are globally recognized benchmarks to ensure the project is developed in line with international best practices while creating sustainable benefits for communities and the economy This agreement is a strong endorsement of Taca Taca and strengthens the project's position for potential funding options whilst promoting responsible and sustainable mining practices. this agreement is a strong endorsement of taca taca and strengthens the project's position for potential funding options whilst promoting responsible and sustainable mining practices Having been part of the teams that developed and constructed both Sentinel and Cobre Panamá, I'm greatly excited about the opportunity at Taca Taca and the benefits our in-house project planning and development team can bring to the project. This team has built the two largest greenfield projects by throughput capacity in the last two decades. More importantly, these projects were delivered according to plan and at low capital intensities. We envision Taca Taca will be built in a similar profile to Sentinel and Cobre Panamá. With an initial mine life of 35 years and a large resource base, Taca Taca has great potential to be First Quantum's next cornerstone project. There remains further work to de-risk the project and position it for construction readiness. We will continue to advance the ESIA and prepare for submission of the RIGI application. Having been part of the teams that developed and constructed both Sentinel and Cobre Panamá, I'm greatly excited about the opportunity at Taca Taca and the benefits our in-house project planning and development team can bring to the project. having been part of the teams that developed and constructed both sentinel and cobre panamá i'm greatly excited about the opportunity at taca taca and the benefits our in-house project planning and development team can bring to the project This team has built the two largest greenfield projects by throughput capacity in the last two decades. this team has built the two largest greenfield projects by throughput capacity in the last two decades More importantly, these projects were delivered according to plan and at low capital intensities. more importantly these projects were delivered according to plan and at low capital intensities We envision Taca Taca will be built in a similar profile to Sentinel and Cobre Panamá. we envision taca taca will be built in a similar profile to sentinel and cobre panamá With an initial mine life of 35 years and a large resource base, Taca Taca has great potential to be First Quantum's next cornerstone project. with an initial mine life of 35 years and a large resource base taca taca has great potential to be first quantum's next cornerstone project There remains further work to de-risk the project and position it for construction readiness. there remains further work to de-risk the project and position it for construction readiness We will continue to advance the ESIA and prepare for submission of the RIGI application. we will continue to advance the esia and prepare for submission of the rigi application In parallel, we are evaluating the optimal financing structure and ensuring the balance sheet is well positioned to support growth. Any future decision to sanction Taca Taca will be taken in a disciplined manner, taking into account the financing plan, balance sheet capacity, and the status of our other operations. In closing, while recent tensions in the Middle East and the resulting volatility have created challenges, they have reinforced the appropriateness of our priorities. These priorities allow us to navigate near-term uncertainty while protecting our long-term growth plan. First and foremost, our priority is to progress towards a durable resolution at Cobre Panamá. Second, we wish to maintain safe and productive performance across our operations. Thirdly, we will continue to strengthen the balance sheet to ensure the company is well-positioned to support future growth. In parallel, we are evaluating the optimal financing structure and ensuring the balance sheet is well positioned to support growth. in parallel we are evaluating the optimal financing structure and ensuring the balance sheet is well positioned to support growth Any future decision to sanction Taca Taca will be taken in a disciplined manner, taking into account the financing plan, balance sheet capacity, and the status of our other operations. any future decision to sanction taca taca will be taken in a disciplined manner taking into account the financing plan balance sheet capacity and the status of our other operations In closing, while recent tensions in the Middle East and the resulting volatility have created challenges, they have reinforced the appropriateness of our priorities. in closing while recent tensions in the middle east and the resulting volatility have created challenges they have reinforced the appropriateness of our priorities These priorities allow us to navigate near-term uncertainty while protecting our long-term growth plan. First and foremost, our priority is to progress towards a durable resolution at Cobre Panamá. these priorities allow us to navigate near-term uncertainty while protecting our long-term growth plan. first and foremost our priority is to progress towards a durable resolution at cobre panamá Second, we wish to maintain safe and productive performance across our operations. second we wish to maintain safe and productive performance across our operations Thirdly, we will continue to strengthen the balance sheet to ensure the company is well-positioned to support future growth. thirdly we will continue to strengthen the balance sheet to ensure the company is well-positioned to support future growth Together, these priorities provide resilience through the current environment while positioning the company for sustainable shareholder value creation over the long term. Thank you. With that, operator, I'm happy to open the lines for questions. Together, these priorities provide resilience through the current environment while positioning the company for sustainable shareholder value creation over the long term. together these priorities provide resilience through the current environment while positioning the company for sustainable shareholder value creation over the long term Thank you. thank you With that, operator, I'm happy to open the lines for questions. with that operator i'm happy to open the lines for questions

Speaker 10: At this time, if you would like to ask a question, press star followed by the number one on your telephone keypad. We'll pause for just a moment to compile the Q&A roster. Your first question is from Ralph Profiti with Stifel Financial Corporation. At this time, if you would like to ask a question, press star followed by the number one on your telephone keypad. We'll pause for just a moment to compile the Q&A roster. Your first question is from Ralph Profiti with Stifel Financial Corporation. at this time, if you would like to ask a question, press star followed by the number one on your telephone keypad. we'll pause for just a moment to compile the q&a roster. your first question is from ralph profiti with stifel financial corporation

Speaker 12: Thank you, operator, good morning, everyone. Tristan, thank you for the thorough review of supply chain issues. My question is whether your team has done some work on sort of the absolute order of magnitude of that 320 million L annually that's consumed and what could be a realistic target for savings? Is sort of 10% the number that's too conservative, or do you think you get higher efficiencies? Thank you, operator, good morning, everyone. thank you operator good morning everyone Tristan, thank you for the thorough review of supply chain issues. tristan thank you for the thorough review of supply chain issues My question is whether your team has done some work on sort of the absolute order of magnitude of that 320 million L annually that's consumed and what could be a realistic target for savings? my question is whether your team has done some work on sort of the absolute order of magnitude of that 320 million l annually that's consumed and what could be a realistic target for savings Is sort of 10% the number that's too conservative, or do you think you get higher efficiencies? is sort of 10% the number that's too conservative or do you think you get higher efficiencies

Speaker 15: Hi, Ralph. Thanks for that. Yeah, there's a lot of initiatives underway. Yes, we definitely, I mean, just in terms of haul distances, you know, particularly an interim measure on short dumping, because we expect, you know, ultimately the Middle East situation will resolve, but we're definitely gonna live with something that's gonna be here for, even if it's fixed today, for, you know, probably six months or so in duration. That does present the opportunity for short dumping on waste dumps, but then in sort of longer term behavioral patterns in our adjusting our idle around shovels. You know, in particular, in hang time, our shovels currently were switched on a higher idle that makes them more ready. Hi, Ralph. hi ralph Thanks for that. thanks for that Yeah, there's a lot of initiatives underway. yeah there's a lot of initiatives underway Yes, we definitely, I mean, just in terms of haul distances, you know, particularly an interim measure on short dumping, because we expect, you know, ultimately the Middle East situation will resolve, but we're definitely gonna live with something that's gonna be here for, even if it's fixed today, for, you know, probably six months or so in duration. yes we definitely i mean just in terms of haul distances you know particularly an interim measure on short dumping because we expect you know ultimately the middle east situation will resolve but we're definitely gonna live with something that's gonna be here for even if it's fixed today for you know probably six months or so in duration That does present the opportunity for short dumping on waste dumps, but then in sort of longer term behavioral patterns in our adjusting our idle around shovels. that does present the opportunity for short dumping on waste dumps but then in sort of longer term behavioral patterns in our adjusting our idle around shovels You know, in particular, in hang time, our shovels currently were switched on a higher idle that makes them more ready. you know in particular in hang time our shovels currently were switched on a higher idle that makes them more ready There is the opportunity with the OEM to switch that to a lower idle without impacting cycle time. We're taking those kind of opportunities to adjust elsewhere within the maintenance shop in seeking to get those idles right on the trucking fleet. 10% is definitely a realistic target in that. We would seek to put into place those long-term practices that we would then hold on to as part of our ongoing operations into the future. There is the opportunity with the OEM to switch that to a lower idle without impacting cycle time. there is the opportunity with the oem to switch that to a lower idle without impacting cycle time We're taking those kind of opportunities to adjust elsewhere within the maintenance shop in seeking to get those idles right on the trucking fleet. 10% is definitely a realistic target in that. we're taking those kind of opportunities to adjust elsewhere within the maintenance shop in seeking to get those idles right on the trucking fleet 10% is definitely a realistic target in that We would seek to put into place those long-term practices that we would then hold on to as part of our ongoing operations into the future. we would seek to put into place those long-term practices that we would then hold on to as part of our ongoing operations into the future

Speaker 10: Your next question comes from Orest Wowkodaw with Scotiabank. Your next question comes from Orest Wowkodaw with Scotiabank. your next question comes from orest wowkodaw with scotiabank

Speaker 11: Hi, good morning. Nice to see the progress at Cobre Panamá. I'm curious, is it fair to say that you've been given permission to operate everything at Cobre Panamá outside of fresh ore mining? Hi, good morning. hi good morning Nice to see the progress at Cobre Panamá. nice to see the progress at cobre panamá I'm curious, is it fair to say that you've been given permission to operate everything at Cobre Panamá outside of fresh ore mining? i'm curious is it fair to say that you've been given permission to operate everything at cobre panamá outside of fresh ore mining

Speaker 15: Hi, Orest. Thank you. Yes. Look, the stockpile approval to remove and process that surface material, and blast material in the mine is very important. It has an environmental impact, also that we get the assets running. Very definitely our focus is on building a sustainable platform, and preparing the operation, and getting in a good state. We need to move into the phase of official discussions, formal conversations around what happens next. We, yes, in its entirety, you know, we will be moving material, and it's pretty much everything that would be involved, but not drill and blast and obviously not load and haul in the mine, but we will be doing some of that activity. Hi, Orest. hi orest Thank you. thank you Yes. yes Look, the stockpile approval to remove and process that surface material, and blast material in the mine is very important. look the stockpile approval to remove and process that surface material and blast material in the mine is very important It has an environmental impact, also that we get the assets running. it has an environmental impact also that we get the assets running Very definitely our focus is on building a sustainable platform, and preparing the operation, and getting in a good state. very definitely our focus is on building a sustainable platform and preparing the operation and getting in a good state We need to move into the phase of official discussions, formal conversations around what happens next. we need to move into the phase of official discussions formal conversations around what happens next We, yes, in its entirety, you know, we will be moving material, and it's pretty much everything that would be involved, but not drill and blast and obviously not load and haul in the mine, but we will be doing some of that activity. we yes in its entirety you know we will be moving material and it's pretty much everything that would be involved but not drill and blast and obviously not load and haul in the mine but we will be doing some of that activity We need to get at least 12 trucks running as the initial estimates, to haul from the stockpile, and then all the way through the process plants, everything through to the port. At this stage, we'll be starting up one train at a time and working through. For example, starting with Train 3, we've got quite a bit of life left, a few months left on a set of liners in there. We want to run those out before we would change those liners and then move through and trial each processing circuit. Yeah, overall, it's pretty much all the operations, except for that front-end drill and blast. We need to get at least 12 trucks running as the initial estimates, to haul from the stockpile, and then all the way through the process plants, everything through to the port. we need to get at least 12 trucks running as the initial estimates to haul from the stockpile and then all the way through the process plants everything through to the port At this stage, we'll be starting up one train at a time and working through. at this stage we'll be starting up one train at a time and working through For example, starting with T rain 3, we've got quite a bit of life left, a few months left on a set of liners in there. for example starting with t rain 3 we've got quite a bit of life left a few months left on a set of liners in there We want to run those out before we would change those liners and then move through and trial each processing circuit. we want to run those out before we would change those liners and then move through and trial each processing circuit Yeah, overall, it's pretty much all the operations, except for that front-end drill and blast. yeah overall it's pretty much all the operations except for that front-end drill and blast

Speaker 11: Okay. Thank you for that. Do you still think you need sort of 6 to 9 months to ramp up assuming there is a deal to restart fresh mining? I'm just wondering if there's a big pre-strip that needs to be caught up on or whether that 6 to 9 months could be quicker now, just given you've got the soft start in terms of operating the plant ahead of that. Okay. okay Thank you for that. thank you for that Do you still think you need sort of 6 to 9 months to ramp up assuming there is a deal to restart fresh mining? do you still think you need sort of 6 to 9 months to ramp up assuming there is a deal to restart fresh mining I'm just wondering if there's a big pre-strip that needs to be caught up on or whether that 6 to 9 months could be quicker now, just given you've got the soft start in terms of operating the plant ahead of that. i'm just wondering if there's a big pre-strip that needs to be caught up on or whether that 6 to 9 months could be quicker now just given you've got the soft start in terms of operating the plant ahead of that

Speaker 15: Thanks, Orest. Yeah, look, we don't have a full approval to restart and if and when that comes through, this is an important step, both environmentally, and ensuring the assets are well-maintained. Look, there's a lot of focus. You know, the main challenges now are on people, hiring, onboarding, making sure that people are retrained and have reinduction training so that the muscle memory comes back. We don't want people rushing in. We wanna make sure that things are done sensibly and safely as we start. Yes, that would be part of moving towards full operations, if and when that comes through. You know, the full restart will depend on mining rates catching up with processing rates, and that would take time. Thanks, Orest. thanks orest Yeah, look, we don't have a full approval to restart and if and when that comes through, this is an important step, both environmentally, and ensuring the assets are well-maintained. yeah look we don't have a full approval to restart and if and when that comes through this is an important step both environmentally and ensuring the assets are well-maintained Look, there's a lot of focus. look there's a lot of focus You know, the main challenges now are on people, hiring, onboarding, making sure that people are retrained and have reinduction training so that the muscle memory comes back. you know the main challenges now are on people hiring onboarding making sure that people are retrained and have reinduction training so that the muscle memory comes back We don't want people rushing in. we don't want people rushing in We wanna make sure that things are done sensibly and safely as we start. we wanna make sure that things are done sensibly and safely as we start Yes, that would be part of moving towards full operations, if and when that comes through. yes that would be part of moving towards full operations if and when that comes through You know, the full restart will depend on mining rates catching up with processing rates, and that would take time. you know the full restart will depend on mining rates catching up with processing rates and that would take time We still think we need sort of six to nine months to get ready for that operations. It's less about pre-strip, Orest, but more just getting those rates in the mine up and running. You know, probably the bottleneck's gonna be in mine fleets and bringing all of those back online. It's a substantial piece of work. We still think six to nine months is appropriate. We still think we need sort of six to nine months to get ready for that operations. we still think we need sort of six to nine months to get ready for that operations It's less about pre-strip, Orest, but more just getting those rates in the mine up and running. it's less about pre-strip orest but more just getting those rates in the mine up and running You know, probably the bottleneck's gonna be in mine fleets and bringing all of those back online. you know probably the bottleneck's gonna be in mine fleets and bringing all of those back online It's a substantial piece of work. it's a substantial piece of work We still think six to nine months is appropriate. we still think six to nine months is appropriate

Speaker 10: Your next question is from Ioannis Masvoulas with Morgan Stanley. Your next question is from Ioannis Masvoulas with Morgan Stanley. your next question is from ioannis masvoulas with morgan stanley

Speaker 6: Good morning and good afternoon. Thank you for the presentation. First question on Cobre Panamá again. Could you talk about public opinion and how it's shaping up across the country going into the completion of the audit and also the expected update from the president? 'Cause we've seen conflicting headlines. Interested to hear what you're seeing based on your engagement with people around the country and also with your own polls that you might be running. Thank you. Good morning and good afternoon. good morning and good afternoon Thank you for the presentation. thank you for the presentation First question on Cobre Panam á again. first question on cobre panam á again Could you talk about public opinion and how it's shaping up across the country going into the completion of the audit and also the expected update from the president? 'Cause we've seen conflicting headlines. could you talk about public opinion and how it's shaping up across the country going into the completion of the audit and also the expected update from the president 'cause we've seen conflicting headlines Interested to hear what you're seeing based on your engagement with people around the country and also with your own polls that you might be running. interested to hear what you're seeing based on your engagement with people around the country and also with your own polls that you might be running Thank you. thank you

Speaker 15: Hi, Ioannis. Yes, sure. Look, public perception around the mine is critical, and we have done detailed work in polling and trying to understand that across the country. There's been a lot of science applied to that. We've been using Gallup, which is an organization authorized by the tribunal, the electoral tribunal in Panama. In order to attain that status, they have high standards and a proven methodology by which they go about compiling their polling data. Their last survey was in April, and we saw 55% support for reopening the mine, ensuring that there was a transparent process in place, and that the tangible benefits from the mine do come through the people. Majority see the reopening as positive and support for resuming operations is growing. Hi, Ioannis. hi ioannis Yes, sure. yes sure Look, public perception around the mine is critical, and we have done detailed work in polling and trying to understand that across the country. look public perception around the mine is critical and we have done detailed work in polling and trying to understand that across the country There's been a lot of science applied to that. there's been a lot of science applied to that We've been using Gallup, which is an organization authorized by the tribunal, the electoral tribunal in Panama. we've been using gallup which is an organization authorized by the tribunal the electoral tribunal in panama In order to attain that status, they have high standards and a proven methodology by which they go about compiling their polling data. in order to attain that status they have high standards and a proven methodology by which they go about compiling their polling data Their last survey was in April, and we saw 55% support for reopening the mine, ensuring that there was a transparent process in place, and that the tangible benefits from the mine do come through the people. their last survey was in april and we saw 55% support for reopening the mine ensuring that there was a transparent process in place and that the tangible benefits from the mine do come through the people Majority see the reopening as positive and support for resuming operations is growing. majority see the reopening as positive and support for resuming operations is growing You know, Gallup at that time said there's indication towards reactivation as long as it's under those conditions of transparency and tangible benefits flowing through. 61% of people believe that the reopening would have a positive impact on the economy. There are other polls out there, and you'll see commentary around that. As far as we know, Gallup is the only polling authority being publicized at the moment that is authorized by the tribunal electoral, the election tribunal there and is of that standard and of that quality. You know, Gallup at that time said there's indication towards reactivation as long as it's under those conditions of transparency and tangible benefits flowing through. 61% of people believe that the reopening would have a positive impact on the economy. you know gallup at that time said there's indication towards reactivation as long as it's under those conditions of transparency and tangible benefits flowing through 61% of people believe that the reopening would have a positive impact on the economy There are other polls out there, and you'll see commentary around that. there are other polls out there and you'll see commentary around that As far as we know, Gallup is the only polling authority being publicized at the moment that is authorized by the tribunal electoral, the election tribunal there and is of that standard and of that quality. as far as we know gallup is the only polling authority being publicized at the moment that is authorized by the tribunal electoral the election tribunal there and is of that standard and of that quality

Speaker 6: Thanks very much. Very clear. Just one clarification. You mentioned that the proceeds from the processing of the stockpiles will go towards the cost of the PSNM program. From a financials point of view, when we look at your EBITDA and cash flow for the coming quarters as eventually the mill restart, how do we think about it? Is it a function of the proceeds just offsetting that $15 million per month of costs, or is there an incremental financial benefit? Thank you. Thanks very much. thanks very much Very clear. very clear Just one clarification. just one clarification You mentioned that the proceeds from the processing of the stockpiles will go towards the cost of the PSNM program. you mentioned that the proceeds from the processing of the stockpiles will go towards the cost of the psnm program From a financials point of view, when we look at your EBITDA and cash flow for the coming quarters as eventually the mill restart, how do we think about it? from a financials point of view when we look at your ebitda and cash flow for the coming quarters as eventually the mill restart how do we think about it Is it a function of the proceeds just offsetting that $15 million per month of costs, or is there an incremental financial benefit? is it a function of the proceeds just offsetting that $15 million per month of costs or is there an incremental financial benefit Thank you. thank you

Speaker 15: Thanks, Ioannis. Yeah. The way we look at it is that the processing of the stockpiles and using that material, you know, for example, to take that feed through the CIL facility and the corrective actions at the tailings dam, repair of erosion and so on, you know, all of that's been costing, and that's the sort of $15 million per month number. That increases as we start up, because of more people and more activity, that cost is increasing. The way we look at it is over the stockpiles, which is about 70,000 tons of copper contained, it's roughly neutral on a cash basis. Thanks, Ioannis. thanks ioannis Yeah. yeah The way we look at it is that the processing of the stockpiles and using that material, you know, for example, to take that feed through the CIL facility and the corrective actions at the tailings dam, repair of erosion and so on, you know, all of that's been costing, and that's the sort of $15 million per month number. the way we look at it is that the processing of the stockpiles and using that material you know for example to take that feed through the cil facility and the corrective actions at the tailings dam repair of erosion and so on you know all of that's been costing and that's the sort of $15 million per month number That increases as we start up, because of more people and more activity, that cost is increasing. that increases as we start up because of more people and more activity that cost is increasing The way we look at it is over the stockpiles, which is about 70,000 tons of copper contained, it's roughly neutral on a cash basis. the way we look at it is over the stockpiles which is about 70,000 tons of copper contained it's roughly neutral on a cash basis We put the money in front, and Ryan talked through the capital elements, the operating costs, and the working capital elements, and basically, you know, over the period of that stockpile, it's basically on a neutral basis. We put the money in front, and Ryan talked through the capital elements, the operating costs, and the working capital elements, and basically, you know, over the period of that stockpile, it's basically on a neutral basis. we put the money in front and ryan talked through the capital elements the operating costs and the working capital elements and basically you know over the period of that stockpile it's basically on a neutral basis

Speaker 10: Your next question comes from Anita Soni with CIBC World Markets. Your next question comes from Anita Soni with CIBC World Markets. your next question comes from anita soni with cibc world markets

Speaker 1: Hi, guys. Thanks for taking my question. First question, just the commissioning costs. I think you talked about $90 million-$100 million. Is that included in the cost guide that you just, that you increased the cost for processing the stockpile, or is that over and above? Where would that kind of show up if that's the case? Hi, guys. hi guys Thanks for taking my question. thanks for taking my question First question, just the commissioning costs. first question just the commissioning costs I think you talked about $90 million-$100 million. i think you talked about $90 million-$100 million Is that included in the cost guide that you just, that you increased the cost for processing the stockpile, or is that over and above? is that included in the cost guide that you just that you increased the cost for processing the stockpile or is that over and above Where would that kind of show up if that's the case? where would that kind of show up if that's the case

Speaker 15: Yeah, thanks, Anita. Ryan, do you want to comment on that? Yeah, thanks, Anita. yeah thanks anita Ryan, do you want to comment on that? ryan do you want to comment on that

Speaker 14: Yeah. Hi, Anita. Three elements to the cash outflows will incur. Yeah. yeah Hi, Anita. hi anita Three elements to the cash outflows will incur. three elements to the cash outflows will incur

Speaker 1: Mm-hmm. Mm-hmm. mm-hmm

Speaker 14: The first is $75 million-$100 million in CapEx and getting the plant ready for processing, and that's the reason for our change in CapEx guidance for the year. The second is around $100 million in operating costs, which is included in the guidance you see for our revised C1. The third is the incremental $15 million working capital build, which we expect as part of getting that plant back online. A total of $250 million cash outflows, of which $200 million are included in, firstly, that CapEx guidance, and then secondly, that increase in our C1 cost guidance for the year. The first is $75 million-$100 million in CapEx and getting the plant ready for processing, and that's the reason for our change in CapEx guidance for the year. the first is $75 million-$100 million in capex and getting the plant ready for processing and that's the reason for our change in capex guidance for the year The second is around $100 million in operating costs, which is included in the guidance you see for our revised C1. the second is around $100 million in operating costs which is included in the guidance you see for our revised c1 The third is the incremental $15 million working capital build, which we expect as part of getting that plant back online. the third is the incremental $15 million working capital build which we expect as part of getting that plant back online A total of $250 million cash outflows, of which $200 million are included in, firstly, that CapEx guidance, and then secondly, that increase in our C1 cost guidance for the year. a total of $250 million cash outflows of which $200 million are included in firstly that capex guidance and then secondly that increase in our c1 cost guidance for the year

Speaker 1: Okay, thanks. That's clear. Secondly, I just wanted to understand with Kansanshi, how on the mixed ore grades and recoveries, you mentioned they were negatively impacted. How long do you expect that to persist? Is that all year or just half year, as you, I guess, get through some of the stripping that you're doing there? Okay, thanks. okay thanks That's clear. that's clear Secondly, I just wanted to understand with Kansanshi, how on the mixed ore grades and recoveries, you mentioned they were negatively impacted. secondly i just wanted to understand with kansanshi how on the mixed ore grades and recoveries you mentioned they were negatively impacted How long do you expect that to persist? how long do you expect that to persist Is that all year or just half year, as you, I guess, get through some of the stripping that you're doing there? is that all year or just half year as you i guess get through some of the stripping that you're doing there

Speaker 15: Yeah. Rudi, do you want to take that question? Yeah. yeah Rudi, do you want to take that question? rudi do you want to take that question

Speaker 13: Yeah. Hi, Anita. We're currently progressing quite well with the southeast dome stripping, and as we move towards the back end of the year, we'll expose fresher ore for direct feed to the S3 circuit. For both, improved recovery as well, because we transition from a mixed tarnished oxidized type of material that is prevalent in the long-term stockpiles to a fresher sulfide product. We will definitely see some improvements in the recoveries there. Yeah. yeah Hi, Anita. hi anita We're currently progressing quite well with the southeast dome stripping, and as we move towards the back end of the year, we'll expose fresher ore for direct feed to the S3 circuit. we're currently progressing quite well with the southeast dome stripping and as we move towards the back end of the year we'll expose fresher ore for direct feed to the s3 circuit For both, improved recovery as well, because we transition from a mixed tarnished oxidized type of material that is prevalent in the long-term stockpiles to a fresher sulfide product. for both improved recovery as well because we transition from a mixed tarnished oxidized type of material that is prevalent in the long-term stockpiles to a fresher sulfide product We will definitely see some improvements in the recoveries there. we will definitely see some improvements in the recoveries there Currently, on the stockpiled material and on some mineralized waste material going through the S3 circuit, the rougher recoveries are actually quite good at 90%, but as we progress through the rest of the plant, we do lose some recovery. Once we're on fresh sulfide, that changes dramatically, and we will see that in the back end of, or the second half of this year. Currently, on the stockpiled material and on some mineralized waste material going through the S3 circuit, the rougher recoveries are actually quite good at 90%, but as we progress through the rest of the plant, we do lose some recovery. currently on the stockpiled material and on some mineralized waste material going through the s3 circuit the rougher recoveries are actually quite good at 90% but as we progress through the rest of the plant we do lose some recovery Once we're on fresh sulfide, that changes dramatically, and we will see that in the back end of, or the second half of this year. once we're on fresh sulfide that changes dramatically and we will see that in the back end of or the second half of this year

Speaker 10: Your next question is from Cody Hayden with Deutsche Bank. Your next question is from Cody Hayden with Deutsche Bank. your next question is from cody hayden with deutsche bank

Speaker 3: Good morning. Thank you for taking my questions. First, this was kind of touched upon already. You mentioned numerous fuel reduction initiatives. I was wondering if you could maybe speak about where you expect to get the greatest benefits and how quickly you expect to see those flow through. Second, are you able to provide a bit of an update around some of the work streams at Taca Taca and how you see that project progressing throughout the remainder of the year? Thank you. Good morning. good morning Thank you for taking my questions. thank you for taking my questions First, this was kind of touched upon already. first this was kind of touched upon already You mentioned numerous fuel reduction initiatives. you mentioned numerous fuel reduction initiatives I was wondering if you could maybe speak about where you expect to get the greatest benefits and how quickly you expect to see those flow through. i was wondering if you could maybe speak about where you expect to get the greatest benefits and how quickly you expect to see those flow through Second, are you able to provide a bit of an update around some of the work streams at Taca Taca and how you see that project progressing throughout the remainder of the year? second are you able to provide a bit of an update around some of the work streams at taca taca and how you see that project progressing throughout the remainder of the year Thank you. thank you

Speaker 15: Hi, Cody. Well, perhaps, Rudi, do you want to take the question on fuel? I can just, a couple of questions on Taca Taca. Hi, Cody. hi cody Well, perhaps, Rudi, do you want to take the question on fuel? well perhaps rudi do you want to take the question on fuel I can just, a couple of questions on Taca Taca. i can just a couple of questions on taca taca

Speaker 13: Hi, Cody. As Tristan mentioned, there's various initiatives in play already and planned for the remainder of this year. Our biggest asset that we've always employed at both our sites and at Cobre Panamá, is the use of our trolley assist network that is rapidly being expanded at both Kansanshi and at Sentinel. Obviously, the measures around shore dumping on waste dumps and really parking unnecessary equipment where it's not needed is our greatest short-term benefit. The employment of those initiatives on all of our sites will continue, 'cause that really makes a lot of sense as far as fuel consumption is concerned. Hi, Cody. hi cody As Tristan mentioned, there's various initiatives in play already and planned for the remainder of this year. as tristan mentioned there's various initiatives in play already and planned for the remainder of this year Our biggest asset that we've always employed at both our sites and at Cobre Panam á , is the use of our trolley assist network that is rapidly being expanded at both Kansanshi and at Sentinel. our biggest asset that we've always employed at both our sites and at cobre panam á is the use of our trolley assist network that is rapidly being expanded at both kansanshi and at sentinel Obviously, the measures around shore dumping on waste dumps and really parking unnecessary equipment where it's not needed is our greatest short-term benefit. obviously the measures around shore dumping on waste dumps and really parking unnecessary equipment where it's not needed is our greatest short-term benefit The employment of those initiatives on all of our sites will continue, 'cause that really makes a lot of sense as far as fuel consumption is concerned. the employment of those initiatives on all of our sites will continue 'cause that really makes a lot of sense as far as fuel consumption is concerned

Speaker 15: Cody, sorry, your question on Taca Taca was on the work plans. Is that right? Well, sorry. Might have been muted there, but yeah, as I understood, your question was on the work plans and the milestones to hear and the timing around that. Our process at the moment, we released the 43-101 technical report during the year and during the quarter, and that basically underlines the scope and scale of the project. I think that we talked around the NPV and the economic scale of the project, and it certainly stacks up well. From here, that flows into the RIGI application. We currently still are working on and expect imminently the ESIA approval to come through from provincial government, and that includes a public consultation period and then the water permit shortly behind that. Cody, sorry, your question on Taca Taca was on the work plans. cody sorry your question on taca taca was on the work plans Is that right? is that right Well, sorry. well sorry Might have been muted there, but yeah, as I understood, your question was on the work plans and the milestones to hear and the timing around that. might have been muted there but yeah as i understood your question was on the work plans and the milestones to hear and the timing around that Our process at the moment, we released the 43-101 technical report during the year and during the quarter, and that basically underlines the scope and scale of the project. our process at the moment we released the 43-101 technical report during the year and during the quarter and that basically underlines the scope and scale of the project I think that we talked around the NPV and the economic scale of the project, and it certainly stacks up well. i think that we talked around the npv and the economic scale of the project and it certainly stacks up well From here, that flows into the RIGI application. from here that flows into the rigi application We currently still are working on and expect imminently the ESIA approval to come through from provincial government, and that includes a public consultation period and then the water permit shortly behind that. we currently still are working on and expect imminently the esia approval to come through from provincial government and that includes a public consultation period and then the water permit shortly behind that The RIGI, I think we need to hold for that public consultation to occur. We've also seen the extension by 12 months for RIGI application. Our focus at the moment is to make sure we compile the highest quality application that we can. We've seen that, you know, well-constructed applications have met with positive receival in the federal government. It's around a 4 to 7-month process for the approval of RIGI as it seems. As I said, we'll make sure that we have the highest quality application and then expect sort of 4 to 7 months for approval of that. In the meantime, we're making progress and have commenced on the financing plan, and that includes the agreement with IFC around structuring that. The RIGI, I think we need to hold for that public consultation to occur. the rigi i think we need to hold for that public consultation to occur We've also seen the extension by 12 months for RIGI application. we've also seen the extension by 12 months for rigi application Our focus at the moment is to make sure we compile the highest quality application that we can. our focus at the moment is to make sure we compile the highest quality application that we can We've seen that, you know, well-constructed applications have met with positive receival in the federal government. we've seen that you know well-constructed applications have met with positive receival in the federal government It's around a 4 to 7-month process for the approval of RIGI as it seems. it's around a 4 to 7-month process for the approval of rigi as it seems As I said, we'll make sure that we have the highest quality application and then expect sort of 4 to 7 months for approval of that. as i said we'll make sure that we have the highest quality application and then expect sort of 4 to 7 months for approval of that In the meantime, we're making progress and have commenced on the financing plan, and that includes the agreement with IFC around structuring that. in the meantime we're making progress and have commenced on the financing plan and that includes the agreement with ifc around structuring that We'll look across all our options for that financing plan. Together, all of those elements build up towards providing a pathway for Taca Taca. Very importantly, as we've been clear, we'll make sure that the balance sheet is in the right position to proceed and also our other operations are in the right position to proceed. We'll look across all our options for that financing plan. we'll look across all our options for that financing plan Together, all of those elements build up towards providing a pathway for Taca Taca. together all of those elements build up towards providing a pathway for taca taca Very importantly, as we've been clear, we'll make sure that the balance sheet is in the right position to proceed and also our other operations are in the right position to proceed. very importantly as we've been clear we'll make sure that the balance sheet is in the right position to proceed and also our other operations are in the right position to proceed

Speaker 10: Your next question comes from Lawson Winder with Bank of America. Your next question comes from Lawson Winder with Bank of America. your next question comes from lawson winder with bank of america

Speaker 7: Thank you very much, operator. Hello, Tristan. Hello, Rudi and Ryan. Thank you for today's update. Can I ask about some of the other bottlenecks that have been kind of referred to on this call and in the release and things that we've heard about in the press? You know, one, for example, is, you know, we've heard about shipping backlogs at some of the ports in Africa, particularly Dar es Salaam. What about some of the other ports like Walvis Bay and Durban? Are you seeing any disruptions there? If I could just ask a follow-up after you address that question on input availability. Thank you very much, operator. thank you very much operator Hello, Tristan. hello tristan Hello, Rudi and Ryan. hello rudi and ryan Thank you for today's update. thank you for today's update Can I ask about some of the other bottlenecks that have been kind of referred to on this call and in the release and things that we've heard about in the press? can i ask about some of the other bottlenecks that have been kind of referred to on this call and in the release and things that we've heard about in the press You know, one, for example, is, you know, we've heard about shipping backlogs at some of the ports in Africa, particularly Dar es Salaam. you know one for example is you know we've heard about shipping backlogs at some of the ports in africa particularly dar es salaam What about some of the other ports like Walvis Bay and Durban? what about some of the other ports like walvis bay and durban Are you seeing any disruptions there? are you seeing any disruptions there If I could just ask a follow-up after you address that question on input availability. if i could just ask a follow-up after you address that question on input availability

Speaker 15: Sure, Lawson. We so certainly the situation in Middle East has had an impact on shipping. I mean, I don't think it's the same level as what we saw in the Suez Canal with the Ever Given, with the ship that ran aground or indeed during COVID with the, you know, situation in Shanghai. Certainly when you have a situation anywhere in the globe where ships are contained, the global availability of shipping is affected and that affects the transport time. There just aren't enough ships remaining to cover the normal cycle time between the major ports. That can have a knock on effect. We haven't seen that significantly yet in African ports. Dar es Salaam, we do ship material out there, typically, cathode and anode. Sure, Lawson. sure lawson We so certainly the situation in Middle East has had an impact on shipping. we so certainly the situation in middle east has had an impact on shipping I mean, I don't think it's the same level as what we saw in the Suez Canal with the Ever Given, with the ship that ran aground or indeed during COVID with the, you know, situation in Shanghai. i mean i don't think it's the same level as what we saw in the suez canal with the ever given with the ship that ran aground or indeed during covid with the you know situation in shanghai Certainly when you have a situation anywhere in the globe where ships are contained, the global availability of shipping is affected and that affects the transport time. certainly when you have a situation anywhere in the globe where ships are contained the global availability of shipping is affected and that affects the transport time There just aren't enough ships remaining to cover the normal cycle time between the major ports. there just aren't enough ships remaining to cover the normal cycle time between the major ports That can have a knock on effect. that can have a knock on effect We haven't seen that significantly yet in African ports. we haven't seen that significantly yet in african ports Dar es Salaam, we do ship material out there, typically, cathode and anode. dar es salaam we do ship material out there typically cathode and anode We also ship from Walvis Bay, and Walvis Bay is seeing sort of more and more traffic heading towards Walvis Bay. I think just sort of as a comparison to the previous destination in South Africa through Durban Port. Less about the situation in the Middle East right now and just more that regional story. There has been congestion in Walvis Bay, and we're accommodating that in terms of the direction of where we're sending our product out from. In terms of supplies coming in, you know, we use all of those ports and the overland routes. Just as it was during COVID times, you know, some of that's a little bit unpredictable. Definitely in the Middle East, you know, chemical precursors, so everything from HDPE has been impacted. We also ship from Walvis Bay, and Walvis Bay is seeing sort of more and more traffic heading towards Walvis Bay. we also ship from walvis bay and walvis bay is seeing sort of more and more traffic heading towards walvis bay I think just sort of as a comparison to the previous destination in South Africa through Durban Port. i think just sort of as a comparison to the previous destination in south africa through durban port Less about the situation in the Middle East right now and just more that regional story. less about the situation in the middle east right now and just more that regional story There has been congestion in Walvis Bay, and we're accommodating that in terms of the direction of where we're sending our product out from. there has been congestion in walvis bay and we're accommodating that in terms of the direction of where we're sending our product out from In terms of supplies coming in, you know, we use all of those ports and the overland routes. in terms of supplies coming in you know we use all of those ports and the overland routes Just as it was during COVID times, you know, some of that's a little bit unpredictable. just as it was during covid times you know some of that's a little bit unpredictable Definitely in the Middle East, you know, chemical precursors, so everything from HDPE has been impacted. definitely in the middle east you know chemical precursors so everything from hdpe has been impacted Certainly, the ammonium nitrate supply chain's been impacted to some degree. Those are the ones we're watching closely. We're also just monitoring as we did during COVID, because you can end up with a widget that's unforeseen that has an issue. We're just in a heightened mode around, you know. It's very difficult to predict, but you might end up with a, you know, a widget that just doesn't get from the original manufacturer to your supply chain and then come through. That's what we're focused on. We lived through that experience in COVID, I'm certainly those experiences will see us well as we look to mitigate and make sure that we have adequate redundancy and capability in the system. Certainly, the ammonium nitrate supply chain's been impacted to some degree. certainly the ammonium nitrate supply chain's been impacted to some degree Those are the ones we're watching closely. those are the ones we're watching closely We're also just monitoring as we did during COVID, because you can end up with a widget that's unforeseen that has an issue. we're also just monitoring as we did during covid because you can end up with a widget that's unforeseen that has an issue We're just in a heightened mode around, you know. we're just in a heightened mode around you know It's very difficult to predict, but you might end up with a, you know, a widget that just doesn't get from the original manufacturer to your supply chain and then come through. it's very difficult to predict but you might end up with a you know a widget that just doesn't get from the original manufacturer to your supply chain and then come through That's what we're focused on. that's what we're focused on We lived through that experience in COVID, I'm certainly those experiences will see us well as we look to mitigate and make sure that we have adequate redundancy and capability in the system. we lived through that experience in covid i'm certainly those experiences will see us well as we look to mitigate and make sure that we have adequate redundancy and capability in the system

Speaker 7: Okay. Yeah, that's very helpful. Just thinking about some of the variable cost inputs that you guys would have, explosives, grinding media, other processing chemicals. Are you seeing any issues accessing those, or are those just more a function of price? Okay. okay Yeah, that's very helpful. yeah that's very helpful Just thinking about some of the variable cost inputs that you guys would have, explosives, grinding media, other processing chemicals. just thinking about some of the variable cost inputs that you guys would have explosives grinding media other processing chemicals Are you seeing any issues accessing those, or are those just more a function of price? are you seeing any issues accessing those or are those just more a function of price

Speaker 15: Yeah. Thanks, Lawson. No, we haven't seen that knock on into availability. It's mostly on price. We haven't seen the big move yet. It's just that given the situation, you know. For example, fuel takes two months to get to our site in Zambia, and other supply chains are longer or shorter than that time. It hasn't really happened yet, you know, it will come through on the cost side. We haven't seen anything on the availability. As I said, we're just preparing the ground to make sure that we got the contingency in place, and we're monitoring closely each of those major inputs. Yeah. yeah Thanks, Lawson. thanks lawson No, we haven't seen that knock on into availability. no we haven't seen that knock on into availability It's mostly on price. it's mostly on price We haven't seen the big move yet. we haven't seen the big move yet It's just that given the situation, you know. it's just that given the situation you know For example, fuel takes two months to get to our site in Zambia, and other supply chains are longer or shorter than that time. for example fuel takes two months to get to our site in zambia and other supply chains are longer or shorter than that time It hasn't really happened yet, you know, it will come through on the cost side. it hasn't really happened yet you know it will come through on the cost side We haven't seen anything on the availability. we haven't seen anything on the availability As I said, we're just preparing the ground to make sure that we got the contingency in place, and we're monitoring closely each of those major inputs. as i said we're just preparing the ground to make sure that we got the contingency in place and we're monitoring closely each of those major inputs

Speaker 10: Your next question is from Matt Murphy with BMO Capital Markets. Your next question is from Matt Murphy with BMO Capital Markets. your next question is from matt murphy with bmo capital markets

Speaker 8: Hi. Can I just ask another one on the Cobre costs? The $0.20 a lb increase across firm guidance, to me, I get, you know, like a mid-$4s cash cost for Panama. Does that sound right? Like, how quick do you see that coming off as the year progresses? Hi. hi Can I just ask another one on the Cobre costs? can i just ask another one on the cobre costs The $0.20 a lb increase across firm guidance, to me, I get, you know, like a mid-$4s cash cost for Panama. the $0.20 a lb increase across firm guidance to me i get you know like a mid-$4s cash cost for panama Does that sound right? does that sound right Like, how quick do you see that coming off as the year progresses? like how quick do you see that coming off as the year progresses

Speaker 15: Hi, Matt. Sure. Ryan, could you take that question? Hi, Matt. hi matt Sure. sure Ryan, could you take that question? ryan could you take that question

Speaker 14: Yeah, Matt, that's spot on. We expect C1 from stockpile to be around $4.50. As one has fully ramped that up, as you get into the stockpile processing next year, falls closer to $3.50. Certainly you incur higher costs, particularly at the beginning when you're running through lower throughputs as you ramp up production. Yeah, Matt, that's spot on. yeah matt that's spot on We expect C1 from stockpile to be around $4.50. we expect c1 from stockpile to be around $4.50 As one has fully ramped that up, as you get into the stockpile processing next year, falls closer to $3.50. as one has fully ramped that up as you get into the stockpile processing next year falls closer to $3.50 Certainly you incur higher costs, particularly at the beginning when you're running through lower throughputs as you ramp up production. certainly you incur higher costs particularly at the beginning when you're running through lower throughputs as you ramp up production

Speaker 8: Okay. All right. Thanks. Can I just ask a follow-up on Zambia? Interestingly, on your chart with the diesel price, it looks like it dropped a bit in March. What are you seeing in April in terms of your diesel price? How should we think about the increasing cost at Sentinel versus Kansanshi? Looks like Sentinel's been increasing a bit more. Okay. okay All right. all right Thanks. thanks Can I just ask a follow-up on Zambia? can i just ask a follow-up on zambia Interestingly, on your chart with the diesel price, it looks like it dropped a bit in March. interestingly on your chart with the diesel price it looks like it dropped a bit in march What are you seeing in April in terms of your diesel price? what are you seeing in april in terms of your diesel price How should we think about the increasing cost at Sentinel versus Kansanshi? how should we think about the increasing cost at sentinel versus kansanshi Looks like Sentinel's been increasing a bit more. looks like sentinel's been increasing a bit more

Speaker 14: Sure. Hi, Matt. Firstly, we didn't see the input impact of high diesel prices through the quarter. As we noted, there's around a two-month lag, and you see in that chart that pre the Iran conflict, diesel prices were around $0.85 per L. Currently, we're seeing around $1.60 per L, as high as $2. Then in the forward curve, that's coming off to around $1.40-$1.60 through the second half of the year. That's obviously changing a lot day to day. As we sit here today, I think broadly you can think about it as double the price what we saw two months ago, and that will start flowing through later in the quarter. Just remind me of your second question, Matt. Oh, Sentinel. Sentinel costs. Sure. sure Hi, Matt. hi matt Firstly, we didn't see the input impact of high diesel prices through the quarter. firstly we didn't see the input impact of high diesel prices through the quarter As we noted, there's around a two-month lag, and you see in that chart that pre the Iran conflict, diesel prices were around $0.85 per L. as we noted there's around a two-month lag and you see in that chart that pre the iran conflict diesel prices were around $0.85 per l Currently, we're seeing around $1.60 per L, as high as $2. currently we're seeing around $1.60 per l as high as $2 Then in the forward curve, that's coming off to around $1.40-$1.60 through the second half of the year. then in the forward curve that's coming off to around $1.40-$1.60 through the second half of the year That's obviously changing a lot day to day. that's obviously changing a lot day to day As we sit here today, I think broadly you can think about it as double the price what we saw two months ago, and that will start flowing through later in the quarter. as we sit here today i think broadly you can think about it as double the price what we saw two months ago and that will start flowing through later in the quarter Just remind me of your second question, Matt. just remind me of your second question matt Oh, Sentinel. oh sentinel Sentinel costs. sentinel costs The big difference there, Matt, clearly Kansanshi, we have the tailwind from gold prices. At Sentinel it's that double whammy of lower grades, stronger kwacha, and then no byproduct credits. We do expect some of that to change in the second half of the year, particularly as we get better grades. You will see, we do expect the Sentinel cost to come down, therefore come toward the overall cost guidance, with the exception of some of those market-related costs. The big difference there, Matt, clearly Kansanshi, we have the tailwind from gold prices. the big difference there matt clearly kansanshi we have the tailwind from gold prices At Sentinel it's that double whammy of lower grades, stronger kwacha, and then no byproduct credits. at sentinel it's that double whammy of lower grades stronger kwacha and then no byproduct credits We do expect some of that to change in the second half of the year, particularly as we get better grades. we do expect some of that to change in the second half of the year particularly as we get better grades You will see, we do expect the Sentinel cost to come down, therefore come toward the overall cost guidance, with the exception of some of those market-related costs. you will see we do expect the sentinel cost to come down therefore come toward the overall cost guidance with the exception of some of those market-related costs

Speaker 10: Your next question is from Myles Allsop with UBS. Your next question is from Myles Allsop with UBS. your next question is from myles allsop with ubs

Speaker 9: Great. A couple of questions. Maybe first of all with Cobre Panamá and the more permanent agreement that you'll be looking to strike with the government. Have any discussions started yet? I mean, how is your kind of thought process evolving around the type of structure you could agree to with the government on a look-forward basis? That's the first question. I'll come back with the second after. Great. great A couple of questions. a couple of questions Maybe first of all with Cobre Panamá and the more permanent agreement that you'll be looking to strike with the government. maybe first of all with cobre panamá and the more permanent agreement that you'll be looking to strike with the government Have any discussions started yet? have any discussions started yet I mean, how is your kind of thought process evolving around the type of structure you could agree to with the government on a look-forward basis? i mean how is your kind of thought process evolving around the type of structure you could agree to with the government on a look-forward basis That's the first question. that's the first question I'll come back with the second after. i'll come back with the second after

Speaker 15: Thanks, Myles. Hi. Yeah, we look, it's just too early to say. You know, all we can see is that it will, it will be a new agreement. I mean, the law, Law 9 situation and Law 406, you know, it's quite clear that it will be different from that setup. The government has said that publicly. We have not engaged on formal conversations, official discussions around that, but we're keeping an open mind on the structure. We've certainly done our homework in terms of what that could look like. It needs to be durable. It needs to make sense for all stakeholders. It needs to make sense for shareholders, but also for Panamanians. Thanks, Myles. thanks myles Hi. hi Yeah, we look, it's just too early to say. yeah we look it's just too early to say You know, all we can see is that it will, it will be a new agreement. you know all we can see is that it will it will be a new agreement I mean, the law, Law 9 situation and Law 406, you know, it's quite clear that it will be different from that setup. i mean the law law 9 situation and law 406 you know it's quite clear that it will be different from that setup The government has said that publicly. the government has said that publicly We have not engaged on formal conversations, official discussions around that, but we're keeping an open mind on the structure. we have not engaged on formal conversations official discussions around that but we're keeping an open mind on the structure We've certainly done our homework in terms of what that could look like. we've certainly done our homework in terms of what that could look like It needs to be durable. it needs to be durable It needs to make sense for all stakeholders. it needs to make sense for all stakeholders It needs to make sense for shareholders, but also for Panamanians. it needs to make sense for shareholders but also for panamanians

Speaker 9: Okay. On Kansanshi and the smelter expansion, what's the incremental sulfuric acid that you'll be producing? Is it kind of meaningful? What sort of revenue could that be generating? Okay. okay On Kansanshi and the smelter expansion, what's the incremental sulfuric acid that you'll be producing? on kansanshi and the smelter expansion what's the incremental sulfuric acid that you'll be producing Is it kind of meaningful? is it kind of meaningful What sort of revenue could that be generating? what sort of revenue could that be generating

Speaker 15: Sure. Ryan, could you take that one? Sure. sure Ryan, could you take that one? ryan could you take that one

Speaker 14: At the moment, we're selling around 10,000 tons per month in acid. There's potential to increase that to 20,000 tons. That's contingent on the grades we see in the pit, as Rudi noted. If we did sell that incremental amount at the current spot price for sulfuric acid we're seeing in Zambia of around $250 per ton, that'd be around $3 million incremental revenue per month. With the caveat being it's a fast-evolving situation. Let's see how we go through Q2. At the moment, we're selling around 10,000 tons per month in acid. at the moment we're selling around 10,000 tons per month in acid There's potential to increase that to 20,000 tons. there's potential to increase that to 20,000 tons That's contingent on the grades we see in the pit, as Rudi noted. that's contingent on the grades we see in the pit as rudi noted If we did sell that incremental amount at the current spot price for sulfuric acid we're seeing in Zambia of around $250 per ton, that'd be around $3 million incremental revenue per month. if we did sell that incremental amount at the current spot price for sulfuric acid we're seeing in zambia of around $250 per ton that'd be around $3 million incremental revenue per month With the caveat being it's a fast-evolving situation. with the caveat being it's a fast-evolving situation Let's see how we go through Q2. let's see how we go through q2

Speaker 10: Your next question is from Craig Hutchison with TD Cowen. Your next question is from Craig Hutchison with TD Cowen. your next question is from craig hutchison with td cowen

Speaker 4: Hi, guys. Good morning. Most of my questions have been answered. Maybe I'll just ask a question on Guelb. The deferral of production this year of, I think 35,000-40,000 ounces, how should we think about that being spread out over the next few years? Should we assume it gets spread out over 2027, 2028, even 2029? Because I didn't see you guys update your guidance going forward there. Thanks. Hi, guys. hi guys Good morning. good morning Most of my questions have been answered. most of my questions have been answered Maybe I'll just ask a question on Guelb. maybe i'll just ask a question on guelb The deferral of production this year of, I think 35,000-40,000 ounces, how should we think about that being spread out over the next few years? the deferral of production this year of i think 35,000-40,000 ounces how should we think about that being spread out over the next few years Should we assume it gets spread out over 2027, 2028, even 2029? should we assume it gets spread out over 2027 2028 even 2029 Because I didn't see you guys update your guidance going forward there. because i didn't see you guys update your guidance going forward there Thanks. thanks

Speaker 15: Hi, Craig. Will you take that one, Rudi, please? Hi, Craig. hi craig Will you take that one, Rudi, please? will you take that one rudi please

Speaker 13: Hi, Craig. The main reason for the change at Guelb Mine for this year is driven by the procurement and delayed deliveries and construction of a treatment plant that we need to build at the back end of the CIL circuit in order to reduce the weak acid dissociable cyanide levels reporting to tailings. As a result, Guelb will continue to process sulfide ore with intermittent oxide treatment during the course of this year, every month or two months, to support a transition to full ore production next year. Hi, Craig. hi craig The main reason for the change at Guelb Mine for this year is driven by the procurement and delayed deliveries and construction of a treatment plant that we need to build at the back end of the CIL circuit in order to reduce the weak acid dissociable cyanide levels reporting to tailings. the main reason for the change at guelb mine for this year is driven by the procurement and delayed deliveries and construction of a treatment plant that we need to build at the back end of the cil circuit in order to reduce the weak acid dissociable cyanide levels reporting to tailings As a result, Guelb will continue to process sulfide ore with intermittent oxide treatment during the course of this year, every month or two months, to support a transition to full ore production next year. as a result guelb will continue to process sulfide ore with intermittent oxide treatment during the course of this year every month or two months to support a transition to full ore production next year

Speaker 14: Maybe just to note then for the balance of our guidance period, what you should assume is the gold we expect to produce this year will move to years two and three of the guidance period, and the incremental copper production that we're showing this year will move out of the after two years of the guidance. We'll update that three-year guidance in January of next year to account for that. Maybe just to note then for the balance of our guidance period, what you should assume is the gold we expect to produce this year will move to years two and three of the guidance period, and the incremental copper production that we're showing this year will move out of the after two years of the guidance. maybe just to note then for the balance of our guidance period what you should assume is the gold we expect to produce this year will move to years two and three of the guidance period and the incremental copper production that we're showing this year will move out of the after two years of the guidance We'll update that three-year guidance in January of next year to account for that. we'll update that three-year guidance in january of next year to account for that

Speaker 4: Perfect. Thanks, guys. Perfect. perfect Thanks, guys. thanks guys

Speaker 10: Your next question is from Ian Rossouw with Barclays. Your next question is from Ian Rossouw with Barclays. your next question is from ian rossouw with barclays

Speaker 5: Thank you. Just a quick question on the Cobre Panamá side. You obviously gave us an idea of the CapEx, the OpEx spend and the working capital build. Just wanted to get a sense of the funding situation at Panamá. How much cash is at the sort of asset level, and will there need to be some loans or, I guess, funding from First Quantum and KPMG to fund some of this sort of, I guess, processing of the stockpiles? Thank you. thank you Just a quick question on the Cobre Panamá side. just a quick question on the cobre panamá side You obviously gave us an idea of the CapEx, the OpEx spend and the working capital build. you obviously gave us an idea of the capex the opex spend and the working capital build Just wanted to get a sense of the funding situation at Panamá. just wanted to get a sense of the funding situation at panamá How much cash is at the sort of asset level, and will there need to be some loans or, I guess, funding from First Quantum and KPMG to fund some of this sort of, I guess, processing of the stockpiles? how much cash is at the sort of asset level and will there need to be some loans or i guess funding from first quantum and kpmg to fund some of this sort of i guess processing of the stockpiles Just second question or follow-up question on the cost side, I guess from what Matt was saying as well, I mean, it seems like the incremental cost seems to be a lot more than the $100 million OpEx you've mentioned within that if you sort of try to back calculate it from the C1 cost. Just trying to understand what else sort of contributes to that, $0.20 increase in the C1 cost other than the Cobre Panamá side. Just second question or follow-up question on the cost side, I guess from what Matt was saying as well, I mean, it seems like the incremental cost seems to be a lot more than the $100 million OpEx you've mentioned within that if you sort of try to back calculate it from the C1 cost. just second question or follow-up question on the cost side i guess from what matt was saying as well i mean it seems like the incremental cost seems to be a lot more than the $100 million opex you've mentioned within that if you sort of try to back calculate it from the c1 cost Just trying to understand what else sort of contributes to that, $0.20 increase in the C1 cost other than the Cobre Panamá side. just trying to understand what else sort of contributes to that $0.20 increase in the c1 cost other than the cobre panamá side

Speaker 15: Thanks, Ian. I'll ask Ryan to take those two questions. Thanks, Ian. thanks ian I'll ask Ryan to take those two questions. i'll ask ryan to take those two questions

Speaker 14: Sure. Ian, from a cash perspective at all our assets, we predominantly hold cash at a group level and then fund down into the business as required. You should assume that we'll be funding that $250 million of cash flow needed to restart for the stockpiles. Obviously, that will then be refunded as we move into production and producing cash there. The second question, Ian, we see C1 cost we expect for the stockpile to around $450. Incremental to that, you have the around $100 million of CapEx plus another $50 million of working capital build. Sure. sure Ian, from a cash perspective at all our assets, we predominantly hold cash at a group level and then fund down into the business as required. ian from a cash perspective at all our assets we predominantly hold cash at a group level and then fund down into the business as required You should assume that we'll be funding that $250 million of cash flow needed to restart for the stockpiles. you should assume that we'll be funding that $250 million of cash flow needed to restart for the stockpiles Obviously, that will then be refunded as we move into production and producing cash there. obviously that will then be refunded as we move into production and producing cash there The second question, Ian, we see C1 cost we expect for the stockpile to around $450. the second question ian we see c1 cost we expect for the stockpile to around $450 Incremental to that, you have the around $100 million of CapEx plus another $50 million of working capital build. incremental to that you have the around $100 million of capex plus another $50 million of working capital build

Speaker 10: Your next question is from Anita Soni with CIBC World Markets. Your next question is from Anita Soni with CIBC World Markets. your next question is from anita soni with cibc world markets

Speaker 1: My follow-up I think has been asked, but I'm just going to ask one last one on enterprise. The grades were fairly strong, and I think you've delivered, you know, like a pretty solid first quarter. How, how does the, you know, how does enterprise look over the course of the year? Because you're, you know, tracking very well to your guidance of 30-40. My follow-up I think has been asked, but I'm just going to ask one last one on enterprise. my follow-up i think has been asked but i'm just going to ask one last one on enterprise The grades were fairly strong, and I think you've delivered, you know, like a pretty solid first quarter. the grades were fairly strong and i think you've delivered you know like a pretty solid first quarter How, how does the, you know, how does enterprise look over the course of the year? how how does the you know how does enterprise look over the course of the year Because you're, you know, tracking very well to your guidance of 30-40. because you're you know tracking very well to your guidance of 30-40

Speaker 15: Hi again, Anita. Rudi, can you answer that one? Hi again, Anita. hi again anita Rudi, can you answer that one? rudi can you answer that one

Speaker 13: Hi, Anita. Yeah, spot on. We're tracking very, very well to our guidance. Seeing the start of the second quarter very strongly again, you know, and as the nickel price also has responded favorably. Hi, Anita. hi anita Yeah, spot on. yeah spot on We're tracking very, very well to our guidance. we're tracking very very well to our guidance Seeing the start of the second quarter very strongly again, you know, and as the nickel price also has responded favorably. seeing the start of the second quarter very strongly again you know and as the nickel price also has responded favorably We will for the reevaluate some stripping activity at Enterprise probably in the second half of this year, depending on the fuel situation. Enterprise is really nicely set up at the bottom of the pit and in its developmental work in the next stages to deliver a strong year. We don't foresee any changes to the guidance. We will for the reevaluate some stripping activity at Enterprise probably in the second half of this year, depending on the fuel situation. we will for the reevaluate some stripping activity at enterprise probably in the second half of this year depending on the fuel situation Enterprise is really nicely set up at the bottom of the pit and in its developmental work in the next stages to deliver a strong year. enterprise is really nicely set up at the bottom of the pit and in its developmental work in the next stages to deliver a strong year We don't foresee any changes to the guidance. we don't foresee any changes to the guidance

Speaker 2: Operator, we're coming up to the hour. We'll take one more question. Thank you. Operator, we're coming up to the hour. operator we're coming up to the hour We'll take one more question. we'll take one more question Thank you. thank you

Speaker 10: Your next question is from Orest Wowkodaw with Scotiabank. Your next question is from Orest Wowkodaw with Scotiabank. your next question is from orest wowkodaw with scotiabank

Speaker 11: Hi, thanks for the follow-up. Again, just coming back to Cobre Panamá. Outside of the completion of the environmental audit, which I assume now is due, I think you said imminently here, over the next couple weeks, is there anything else outstanding that from your perspective, that may be required to start the engagement with the government on a new agreement? Hi, thanks for the follow-up. hi thanks for the follow-up Again, just coming back to Cobre Panamá. again just coming back to cobre panamá Outside of the completion of the environmental audit, which I assume now is due, I think you said imminently here, over the next couple weeks, is there anything else outstanding that from your perspective, that may be required to start the engagement with the government on a new agreement? outside of the completion of the environmental audit which i assume now is due i think you said imminently here over the next couple weeks is there anything else outstanding that from your perspective that may be required to start the engagement with the government on a new agreement

Speaker 15: Hi again, Orest. The comprehensive audit, we believe, is pretty imminent. The fifth report came out in early April, and they said 88.84% progress. They, 147 of the 370 total commitments had been analyzed. 223 remains to be closed out. You know, the overriding finding was of no environmental damage. Certainly, there were areas for focus on reforestation, on reporting and so on. The next, the next interim audit 6 is the report 6 is due out imminently, then the final report 7. We see that as being an important part of the process. It's not necessary that the things have to be completely sequential. Hi again, Orest. hi again orest The comprehensive audit, we believe, is pretty imminent. the comprehensive audit we believe is pretty imminent The fifth report came out in early April, and they said 88.84% progress. the fifth report came out in early april and they said 88.84% progress They, 147 of the 370 total commitments had been analyzed. 223 remains to be closed out. they 147 of the 370 total commitments had been analyzed 223 remains to be closed out You know, the overriding finding was of no environmental damage. you know the overriding finding was of no environmental damage Certainly, there were areas for focus on reforestation, on reporting and so on. certainly there were areas for focus on reforestation on reporting and so on The next, the next interim audit 6 is the report 6 is due out imminently, then the final report 7. the next the next interim audit 6 is the report 6 is due out imminently then the final report 7 We see that as being an important part of the process. we see that as being an important part of the process It's not necessary that the things have to be completely sequential. it's not necessary that the things have to be completely sequential Certainly, I think the answers that come from the audit are an important baseline to frame conversations. We're not aware of any other elements, major elements that would be impacting on that. You know, the three constructs that will be required to answer it on that environmental side, on the legal structure and on the commercial arrangements. We just need to get into those formal conversations to understand the government's view across those areas. You know, obviously critically continue to focus on public perception. The team in Panama has done a fantastic job in direct engagement and talking to people around the mine, and we need to keep moving that forward. Certainly, I think the answers that come from the audit are an important baseline to frame conversations. certainly i think the answers that come from the audit are an important baseline to frame conversations We're not aware of any other elements, major elements that would be impacting on that. we're not aware of any other elements major elements that would be impacting on that You know, the three constructs that will be required to answer it on that environmental side, on the legal structure and on the commercial arrangements. you know the three constructs that will be required to answer it on that environmental side on the legal structure and on the commercial arrangements We just need to get into those formal conversations to understand the government's view across those areas. we just need to get into those formal conversations to understand the government's view across those areas You know, obviously critically continue to focus on public perception. you know obviously critically continue to focus on public perception The team in Panama has done a fantastic job in direct engagement and talking to people around the mine, and we need to keep moving that forward. the team in panama has done a fantastic job in direct engagement and talking to people around the mine and we need to keep moving that forward Very clearly, Panamanians are asking to see transparency and asking to understand how the benefit from the mine will impact ordinary Panamanians in the country. Very clearly, Panamanians are asking to see transparency and asking to understand how the benefit from the mine will impact ordinary Panamanians in the country. very clearly panamanians are asking to see transparency and asking to understand how the benefit from the mine will impact ordinary panamanians in the country

Speaker 10: There are no further questions at this time. I'd like to turn the call back over to Mr. Pascall for any closing remarks. There are no further questions at this time. there are no further questions at this time I'd like to turn the call back over to Mr. Pascall for any closing remarks. i'd like to turn the call back over to mr pascall for any closing remarks

Speaker 15: Thank you, operator. I'd like to thank everybody for joining the call today. For all our analysts and investors in Toronto, I'm looking forward to seeing you at our annual dinner next week. Thanks, everybody, and have a great day. Thank you, operator. thank you operator I'd like to thank everybody for joining the call today. i'd like to thank everybody for joining the call today For all our analysts and investors in Toronto, I'm looking forward to seeing you at our annual dinner next week. for all our analysts and investors in toronto i'm looking forward to seeing you at our annual dinner next week Thanks, everybody, and have a great day. thanks everybody and have a great day

Speaker 10: Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect. Ladies and gentlemen, that concludes today's call. ladies and gentlemen that concludes today's call Thank you all for joining. thank you all for joining You may now disconnect. you may now disconnect