First Quantum Provides Update ON Panama

NEWS RELEASE

23-30

October 31, 2023

www.first-quantum.com

FIRST QUANTUM PROVIDES UPDATE ON PANAMA

Toronto, Ontario (October 31, 2023) - First Quantum Minerals Ltd. (“First Quantum” or “the Company”) (TSX: FM)

notes the October 29 announcement by President Laurentino Cortizo of the Panamanian government’s intention to

hold a popular consultation on December 17 concerning Law 406 . Law 406, recently enacted by the National

Assembly of Panama, approved the Company’s Panamanian subsidiary’s, Minera Panama S.A (“MPSA”), revised

contract for the Cobre Panama mine. First Quantum has contacted the government in order to understand the details

in respect of the popular consultation.

The Company also notes the comments by the Electoral Commission of Panama in respect of the legal and logistical

considerations in respect of the popular consultation. The government has said that it plans to shortly introduce a bill

to parliament in respect of the popular consultation process.

Additionally, the Company also notes the unconstitutionality challenges that have been brought against Law 406 and

that currently two of them have been admitted to be heard by the Supreme Court of Justice.

First Quantum has always been an advocate of Panama and its people and is committed to the rule of law with the

objective to achieve benefits the country, its citizens, the Company and its stakeholders.

We are proud to be a significant contributor to the Panamanian economy and to create employment and

empowerment opportunities for tens of thousands of Panamanians and sponsor a wide range of social, cultural and

biodiversity programs across the country. We are fully committed to operating in an environmentally sensitive

manner, by meeting all environmental compliance obligations and by supporting Panama’s biodiversity through our

reforestation, species conservation and protected areas plans. We remain comm itted to reforesting almost double

the area that we mine. The protected areas and national parks that we support represent more than 30 times the

footprint of our mine.

As the largest private investment in the history of Panama, the Cobre Panama mine now contributes almost 5 percent

of Panama’s Gross Domestic Product , makes up 75 percent of the country’s export of goods and has created at

least 40,000 jobs, directly and indirectly, that we estimate support 100,000 or more Panamanians and their families.

We believe in this project and its potential and welcome the opportunity to have 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.

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]

First Quantum Minerals Ltd. 23-30

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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 the occurrence, timing and effects of the popular consultation on Law 406. With respect

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

the effect of the popular consultation on the Company. 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 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, politica l stability in

Panama; potential political, social 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 discussed in the Company’s Annual Information Form.

The Company undertakes no obligation to reissue or update forward -looking statements or information as a res ult of new

information or events after the date hereof except as maybe required by law.