First Quantum Minerals Provides Update ON Negotiations with Republic of Panamá

NEWS RELEASE

22-20

December 15, 2022

www.first-quantum.com

FIRST QUANTUM MINERALS PROVIDES UPDATE ON

NEGOTIATIONS WITH REPUBLIC OF PANAMÁ

Toronto, Ontario (December 15, 2022) - First Quantum Minerals Ltd. (“ First Quantum” or “the Company”) (TSX:

FM) issues the following statement today on the status of its negotiations with the Government of Panamá on a

framework governing the operation of the Cobre Panamá mine by its subsidiary Minera Panamá, S.A. (“MPSA”).

The Government of Panamá and MPSA were unable to reach an agreement by the December 14 deadline imposed

by the government. The economic package MPSA has proposed would make Cobre Panamá one of the highest

payers of royalties a nd taxes amongst the large copper producing mines in the Americas. The economic package

was agreed on almost all clauses and incorporated the agreements in principle made earlier this year, including a

contribution of $375 million in benefits per year with mutually agreed protections. MPSA believes that its proposal

achieves the Government of Panamá’s revenue objectives and provides the necessary conditions to secure the

long-term future of the mine . H owever, necessary legal protections on termination, stab ility and transition

arrangements could not be agreed upon. MPSA remains available and open to further constructive dialogue.

“Over the past 25 years, First Quantum and its predecessor have invested at least US$10 billion to build one of the

world’s large st, safest and most advanced copper mines. It is the largest private investment in the history of

Panamá and a significant contributor to the Panamanian economy and important social programs,” commented

Tristan Pascall, Chief Executive Officer. “Our goal r emains to find a mutually acceptable resolution , which we

believe is in the best interests of all parties, including our employees and their families, local communities, the

country of Panamá, and the Company’s investors and stakeholders.”

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

Bonita To, Director, Investor Relations

(416) 361-6400 Toll-free: 1 (888) 688-6577

E-Mail: [email protected]

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

Certain statements and information herein, including all statements that are not historical facts, contain forward-looking statements and

forward-looking information within the meaning of applicable securities laws. The forward-looking statements in this news release include

statements as to economic effects of the proposal put forward by MPSA, the long -term future of the Cobre Panamá mine and the

Company’s openness to further dialogue with the Government of Panama and goal of finding a mutually acceptable resolution. With

respect to forward-looking statements and information contained herein, the Company has made numerous assumptions, including as

to the effects of the proposal put forward by MPSA . Forwa rd-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, performa nce or

achievements to be materially different from any future r esults, performance or achievements expressed or implied by such forward -

looking statements or information. These factors include, but are not limited to, political stability in Panama, potential so cial and

environmental challenges, and events generally impacting global economic, political and social stability. There may also be other factors

that cause actual results, performance, achievements or events not as anticipated, estimated or intended, including the risks, uncertainties

and other factors discusse d in the Company’s Annual Information Form. The Company undertakes no obligation to reissue or update

forward-looking statements or information as a result of new information or events after the date hereof except as may be required by

law.