First Quantum announces the death of co-founder and president, Philip Pascall

TORONTO, September 19, 2023 — First Quantum Minerals Ltd. (“First Quantum” or “the Company”) (TSX: FM) deeply regrets to announce the passing of one of its founders and Chairman, Philip Pascall, on September 19, 2023. Philip passed away peacefully at his home in Perth, Western Australia.

Philip co-founded First Quantum in 1996, serving as Chairman from its inception and as CEO until 2022. Under his leadership, Philip instilled an entrepreneurial and bold culture that led the Company to grow from a 10,000-tonne tailings processor with the Bwana Mkubwa project in Zambia to one of the world’s largest copper producers, with operations on five continents and employing more than 20,000 people globally. Among the many legacies he leaves behind, Philip’s greatest source of pride was the numerous programs for the local communities in which First Quantum Minerals operates, which have improved health and education standards in often remote locations.

The Board of Directors has voted to elect Robert Harding, Lead Independent Director, as interim Chairman of the Company. Mr. Harding has been a director of the Company since 2013 and has a thorough understanding of the Company’s operations and unique culture. In his role as Chairman of the Nominating and Governance Committee, Mr. Harding oversaw the Company’s succession planning process leading up to the appointment of Tristan Pascall as Chief Executive Officer in May 2022.

“On behalf of the Board of Directors, we send our sincere condolences to Pascall’s family and friends,” said Robert Harding, interim chairman. “We are all indebted to Philip for his extraordinary leadership at First Quantum, which set us firmly on the path to becoming the modern multinational mining company we are today. Philip was a friend and mentor, and his passing will be deeply felt throughout the Company and the many people and lives he impacted as a result of his vision.”

“While this is a huge loss for all of us at First Quantum, Philip would not want us to dwell too much on his passing. He was always looking forward and was excited about the Company’s trajectory,” said Tristan Pascall, CEO of First Quantum. “Philip drove First Quantum’s focus on project delivery, operational excellence and social responsibility, and we intend to continue to build on his important legacy.”