FIRST QUANTUM MINERALS ANNOUNCES PRICING OF $1,600 MILLION SENIOR SECURED SECOND LIEN NOTES OFFERING (In United States dollars, except where noted otherwise)

NEWS RELEASE

24-07

February 22, 2024

www.first-quantum.com

FIRST QUANTUM MINERALS ANNOUNCES PRICING OF $1,600 MILLION SENIOR

SECURED SECOND LIEN NOTES OFFERING

(In United States dollars, except where noted otherwise)

Toronto, Ontario (February 22, 2024) - First Quantum Minerals Ltd. (“First Quantum” or the “Company”) (TSX: FM)

announces that it has successfully completed the pricing of its offering (the “Offering”) o f $1,600 million aggregate

principal amount of 9.375% senior secured second lien due 2029 (the “Notes”). The issue price of the Notes is

100.000%.

Interest on the Notes will accrue from the issue date at a rate of 9.375% per annum and will be payable semiannually.

Settlement is expected to take place on or about February 29, 2024, subject to customary conditions precedent for

similar transactions. The Notes will be senior obligations of the Company and will rank equally in right of payment

with all of the Company’s existing and future senior debt and senior in right of payment to all of the Company’s existing

and future subordinated debt. The Notes will be guaranteed, jointly and severally, on a senior basis by the guarantors

(the “Guarantors”) described in the offering memorandum for the Offering (the “Guarantees”). The Guarantees will

rank equally in right of payment to all existing and future senior debt of the Guarantors. The obligations of the

Company under the Notes and the Guarantors under the Guarantees will be secured on a second-priority basis by a

lien on all of the Company’s and the Guarantors’ assets that secure the Company’s and the Guarantors’ obligations

under certain of the Company’s credit facilities as described in the offering memorandum relating to the Offering.

The Company intends to apply the net proceeds from the Offering towards the redemption of all of its outstanding

senior notes due 2025 and 2026.

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

Bonita To, Director, Investor Relations

Tel: (416) 361-6400

Toll-free: 1 (888) 688-6577

E-Mail: [email protected]

IMPORTANT DISCLAIMER

The information in this announcement does not constitute a notice of redemption or the solicitation to purchase any

securities of the Company, or an offer of securities for sale in the United States or any other jurisdiction. Securities

may not be offered or sold in the United States unless they are registered or are exempt from the registration of the

U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”). The Notes will not be registered under the U.S.

Securities Act, or the securities laws of any state of the U.S. or other jurisdictions and the Notes will not be offered or

sold within the U.S. or to, or for the account or benefit of, U.S. Persons (as defined in Regulation S of the U.S.

Securities Act), except pursuant to an exemption from, or in a transaction not subject to, the registration requirements

of the U.S. Securities Act and the applicable laws of other jurisdictions. The Company does not intend to conduct a

public offering in the United States or any other jurisdiction. It may be unlawful to distribute this announcement in

certain jurisdictions.

The information in this announcement does not constitute an offer, or a solicitation of an offer, of securities for sale

in the United States, Canada, the EEA, the UK, Switzerland, Panama, Hong Kong, Japan, Singapore, or any other

jurisdiction in which such an offer, solicitation or sale is not permitted.

In member states of the EEA (“Member States”) or the UK, this announcement and any offer of securities if made

subsequently is directed only at persons who are "qualified investors" (any such person a “Qualified Investor”) as

defined in Regulation (EU) 2017/1129 (as amended and superseded) (the “Prospectus Regulation”). Any person in

the EEA or the UK who acquires securities in any offer of securities (an "investor") or to whom any offer of securities

is made will be deemed to have represented and agreed th at it is a Qualified Investor. Any investor will also be

deemed to have represented and agreed that any securities acquired by it in the offer have not been acquired on

behalf of persons in the EEA or the UK other than Qualified Investors or persons in the UK and other Member States

for whom the investor has authority to make decisions on a wholly discretionary basis, nor have the securities been

acquired with a view to their offer or resale in the EEA or the UK to persons where this would result in a requirement

for publication by the Company of a prospectus pursuant to the Prospectus Regulation. The Company and others will

rely upon the truth and accuracy of the foregoing representations and agreements. This announcement constitutes a

public disclosure of inside information by the Company under Regulation (EU) 596/2014 (16 April 2014). References

to Regulations or Directives include, in relation to the UK, those Regulations or Directives as they form part of UK

domestic law by virtue of the European Union (Withdrawal) Act 2018 or have been implemented in UK domestic law,

as appropriate.

This communication is only directed at (i) persons having professional experience in matters relating to investments

falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as

amended, (the “Order”), or (ii) high net worth entities falling within Article 49(2)(a) to (d) of the Order, or (iii) persons

to whom it would otherwise be lawful to distribute to or direct at, all such persons together being referred to as

“relevant persons”. The Notes are only available to, and any invitation, offer or agreement to subscribe, purchase or

otherwise acquire such securities will be engaged in only with relevant persons. Any person who is not a relevant

person should not act or rely on this communication or any of its contents.

This announcement is not, and under no circumstances is to be construed as, a prospectus, an advertisement or a

public offering of the securities referred to herein in Canada. No securities commission or similar regulatory authority

in Canada has reviewed or in any way passed upon this announcement or the merits of the securities referred to

herein, and any representation to the contrary is an offence.

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

Certain information contained in this news release constitutes "forward-looking statements" within the meaning of the

Private Securities Litigation Reform Act of 1995 and forward-looking information under applicable Canadian securities

legislation. The forward-looking statements and forward-looking information in this news release include the expected

uses of proceeds of the Offering. Often, but not always, forward- looking statements or information can be identified

by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”,

“forecasts”, “intends”, “anticipates” or “does not anticipate” or “believes” or variations of such words and phrases or

statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be

achieved. With respect to forward- looking statements and information contained herein, the Company has made

numerous assumptions including, among other things, assumptions about the ability to price the Notes on terms that

are acceptable to the Company, the timing of the closing of the Offering and the ability to achieve the Company’s

goals. Forward-looking statements and information by their nature are based on assumptions and involve known and

unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements, or

industry results, to be materially different from any future results, performance or achievements expressed or implied

by such forward- looking statements or information. These factors include, but are not limited to, events generally

impacting global economic, financial, political and social stability.

See the Company’s Annual Information Form and other documents filed with the securities regulators or similar

authorities in Canada for additional information on risks, uncertainties and other factors relating to the forward-looking

statements and information. Although the Company has attempted to identify factors that would cause actual actions,

events or results to differ materially from those disclosed in the forward-looking statements or information, there may

be other factors that cause actual results, performances, achievements or events not to be anticipated, estimated or

intended. Also, many of these factors are beyond First Quantum’s control. Accordingly, readers should not place

undue reliance on forward- looking statements or information. The Compa ny undertakes no obligation to reissue or

update forward-looking statements or information as a result of new information or events after the date hereof except

as may be required by law. All forward- looking statements and information made herein are expressly qualified by

this cautionary statement.

PROHIBITION OF SALES TO EEA OR UK RETAIL INVESTORS

The Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or

otherwise made available to any retail investor in the EEA or the UK. For these purposes, a retail investor means a

person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU ("MiFID

II") or (ii) a customer within the meaning of Directive 2016/97/EU, where that customer would not qualify as a

professional client as defined in point (10) of Article 4(1) of MiFID II or (iii) not a Qualified Investor. Consequently, no

key information document required by Regulation (EU) No 1286/2014 (the "PRIIPs Regulation") for offering or selling

the Notes or otherwise making them available to retail investors in the EEA or the UK has been prepared and therefore

offering or selling the Notes or otherwise making them available to any retail investor in the EEA or the UK may be

unlawful under the PRIIPS Regulation.