First Quantum provides update on Panama

(“First Quantum” or “the Company”) (TSX: FM) notes the October 29th announcement by President Laurentino Cortizo of the Panamanian Government’s intention to hold a referendum on December 17th on Law 406. Law 406, recently enacted by the Panamanian National Assembly, approved the revised contract of the Company’s Panamanian subsidiary, Minera Panama S.A. (“MPSA”), for the Cobre Panama mine. First Quantum has contacted the government regarding the details of the referendum.

The Company also notes the comments of the Panamanian Electoral Commission regarding the legal and logistical considerations for the popular consultation. The Government has said that it plans to submit a bill on the popular consultation process to the National Assembly of Deputies shortly.

Additionally, the Company also takes note of the appeals of unconstitutionality that have been filed against Law 406 and that currently two of them have been admitted to the Supreme Court of Justice.

First Quantum has always been an advocate for Panama and its people and is committed to the rule of law, with the goal of achieving benefits for the country, its citizens, the Company and its stakeholders.

We are proud to contribute significantly to the Panamanian economy, creating employment and empowerment opportunities for tens of thousands of Panamanians and driving a wide range of social, cultural and biodiversity programs throughout the country. We are fully committed to operating in an environmentally sensitive manner, meeting all environmental compliance obligations and supporting Panama’s biodiversity through our reforestation, species conservation and protected areas plans. We remain committed to reforesting nearly twice the area we operate. The protected areas and national parks we support represent more than 30 times the footprint of our mine.

As the largest private investment in Panama’s history, the Cobre Panama mine currently contributes nearly 5 percent of Panama’s Gross Domestic Product, accounts for 75 percent of the country’s goods exports and has created at least 40,000 jobs, directly and indirectly, that support an estimated 100,000 or more Panamanians and their families. We believe in this project and its potential and welcome the opportunity to have a constructive dialogue with the people of Panama about its future.

We remain focused on the safety and well-being of our more than 8,000 employees who continue to operate the mine.

Translation of First Quantum Minerals (Toronto) News Release issued October 31, 2023