Q3 2025 First Quantum Minerals Ltd Earnings Call

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Operator: I would now like to turn the conference over to Bonita To, Director, Investor Relations. You may begin.

If you would like to ask a question. During this time simply press star followed by the number one on your telephone keypad.

If you would like to withdraw your question again press the star one.

I'd like to turn the conference over to Bo need It all director Investor Relations you may begin.

Thank you Deseret and thank you everyone for joining us today to discuss our third quarter results.

Bonita To: Thank you, Desiree. Thank you, everyone, for joining us today to discuss our third quarter results. During the call, we will be making forward-looking statements, and as such, I encourage you to read the cautionary notes that accompany this presentation, our MD&A, and the related news release. As a reminder, the presentation is available on our website and all dollar references are in US dollars unless otherwise noted. On today's call are Tristan Pascall, our Chief Executive Officer, Ryan MacWilliam, our Chief Financial Officer, and Rudi Badenhorst, our Chief Operating Officer. With that, I will turn the call over to Tristan for opening remarks.

Bonita To: Thank you, Desiree, and thank you everyone for joining us today to discuss our Q3 results. During the call, we will be making forward-looking statements, and as such, I encourage you to read the cautionary notes that accompany this presentation, our MD&A, and the related news release. As a reminder, the presentation is available on our website, and all dollar references are in US dollars, unless otherwise noted. On today's call are Tristan Pascall, our Chief Executive Officer, Ryan MacWilliam, our Chief Financial Officer, and Rudi Badenhorst, our Chief Operating Officer. With that, I will turn the call over to Tristan for opening remarks.

During the call, we will be making forward looking statements and as such I encourage you to read the cautionary notes that accompany this presentation, our MD&A and the related news release.

As a reminder, the presentation is available on our website and that all dollar references are in U S dollars unless otherwise noted.

On today's call are trust and Pascal, our Chief Executive Officer, Ryan Mcwilliams, Our Chief Financial Officer, and really bad and horse, our Chief operating officer, and with that I will turn the call over to Tristan for opening remarks.

Thank you Vanessa and thank you to everybody for joining us today to discuss our third quarter results.

Tristan Pascall: Thank you Bonita and thank you to everybody for joining us today to discuss our third quarter results. During the quarter we made meaningful progress on our priorities for 2025 and I'm pleased to be able to provide an update on these. Firstly, we continue to proactively strengthen our balance sheet and manage our liquidity. In August we announced a $1 billion non-debt gold stream agreement with Royal Gold and undertook a series of bond transactions to extend our debt maturities, which we'll cover in more detail in this financial overview. Secondly, we remain focused on safe and leading productive operational performance. We were pleased to host analysts and investors to our Zambia operations in September to showcase our cornerstone assets, and we continue to see quarter-over-quarter improvement in production. We remain on track with our guidance for the year, which Rudi will review.

Tristan Pascall: Thank you, Bonita To, and thank you to everybody for joining us today to discuss our Q3 results. During the quarter, we made meaningful progress on our priorities for 2025, and I'm pleased to be able to provide an update on these. Firstly, we continued to proactively strengthen our balance sheet and manage our liquidity. In August, we announced a $1 billion non-debt gold stream agreement with Royal Gold and undertook a series of bond transactions to extend our debt maturities, which Ryan MacWilliam will cover in more detail in his financial overview. Secondly, we remain focused on safe and leading productive operational performance. We were pleased to host analysts and investors to our Zambia operations in September to showcase our cornerstone assets, and we continue to see quarter-over-quarter improvement in production. We remain on track with our guidance for the year, which Rudi Badenhorst will review.

During the quarter, we made meaningful progress on our priorities for 2025, and I'm pleased to be able to provide an update on this.

Especially we continued to proactively strengthen our balance sheet and manage that liquidity.

In August we announced.

I don't give in knowing that gold stream agreement with Royal Gold and undertook a series of bond transactions to extend debt maturities, which were covered.

Cover in more detail.

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Secondly, we remain focused on safe and Lady productive operational performance.

We were pleased to host analysts and investors to a Saturday operations since September to sugar cornerstone assets, and we continue to see quarter over quarter improvement in production.

We remain on track with our guidance for the year, which really will review.

Thirdly at the Constancia three expansion, we successfully reached substantial completion of most construction areas during the quarter and produce first concentrate in August which I will cover in more detail in my closing remarks.

Tristan Pascall: Thirdly, at the Kansanshi S3 expansion, we successfully reached substantial completion on most construction areas during the quarter and produced first concentrate in August, which I will cover in more detail in my closing remarks. On our fourth priority, in Panama, there were several positive developments during the quarter and we continue to make progress on the preservation and safe management program that the government approved earlier this year. During the quarter we shipped the remaining concentrate at site along with subsequent shipments of supplies and equipment. These all took place safely at our port without incidents. With regards to the power plant, we commenced pre-commissioning activities and mobilized specialists to site ahead of the restart, which remains on schedule.

Tristan Pascall: Thirdly, at the Kansanshi S3 expansion, we successfully reached substantial completion on most construction areas during the quarter and produced first concentrate in August, which I will cover in more detail in my closing remarks. On our fourth priority, in Panama, there were several positive developments during the quarter, and we continue to make progress on the preservation and safe management program that the government approved earlier this year. During the quarter, we shipped the remaining concentrated sites, along with subsequent shipments of supplies and equipment. These all took place safely at our port without incident. With regards to the power plant, we commenced pre-commissioning activities and mobilized specialists to site ahead of the restart, which remains on schedule, with the first 150 MW unit expected to be fired and synchronized with the grid in November.

On our fourth priority in Panama, there were several positive developments during the quarter and we continue to make progress on the preservation and safe management program that the government approved early this year.

During the quarter, we shipped the remaining concentrated thought along with subsequent shipments of supplies and equipment.

Took place safely at that point without incident.

With regards to the power plant with the commission, we commenced pre commissioning activities and mobilize specialists to solve it ahead of the restock, which remains on schedule with.

With the first 150 megawatt unit is expected to be fun synchronized with the grid and no doubt about it.

Tristan Pascall: With the first 150 megawatt unit expected to be fired and synchronized with the grid in November, the power generated will support on-site preservation activities, while surplus energy will be made available for dispatch to support the national grid as required. During the quarter, the Government of Panama, through MiAmbiente, initiated the comprehensive audit of Cobre Panamá and awarded the contract to SGS Global, an independent and internationally recognized audit firm. SGS has commenced the six-month audit process and is currently working with the various ministries. The company has always sought to conduct its operations with transparency and in full compliance with international environmental standards, including achieving 100% compliance on our environmental commitments in the most recent ESIA audit published earlier this year. Our team at Cobre Panamá is ready to provide all the necessary information to support SGS and the government to complete the audit.

The power generated will support alongside preservation activities.

Tristan Pascall: The power generated will support on-site preservation activities, while surplus energy will be made available for dispatch to support the national grid as required. During the quarter, the government of Panama, through MiAmbiente, initiated the comprehensive audit of Cobre Panama and awarded the contract to SGS, an independent and internationally recognized audit firm. SGS has commenced the six-month audit process and is currently working with the various ministries. The company has always sought to conduct its operations with transparency and in full compliance with international environmental standards, including achieving 100% compliance on our environmental commitments in the most recent ESIA audit published earlier this year. Our team at Cobre Panama is ready to provide all the necessary information to support SGS and the government to complete the audit.

While surplus energy will be made available for dispatch to support the national grid as record.

During the quarter the government of Panama threw me a memento initiated the comprehensive order of Cobre, Panama and <unk>.

What are the contract as she is global and independent and internationally recognized order for.

SCS has commenced a six month process and is currently working with the various industries.

The company has always sought to conduct its operations with transparency and in full compliance with international environmental standards, including achieving 100% compliance on our environmental commitments in the most recently so I ordered published early this year.

Our team at Cobre, Panama is ready to provide all the necessary information to support HTS and the government to complete the orders.

Today, the company to work with the government has been centered around the preservation and safe management program for the mine with the priority focused on safety asset integrity and environmental stewardship.

Tristan Pascall: Today, the company's work with the government has been centered around the preservation and safe management program for the mine, with a priority focus on safety, asset integrity, and environmental stewardship. However, we remain prepared for when the government is ready to discuss more broadly a resolution for the future of Cobre Panama. Understandably, any potential new agreement will need to clarify that the mineral resources belong to the people of Panama. This is well understood by First Quantum, and hence our willingness to find a durable agreement for a fair fiscal structure that reflects this, as well as the $10 billion investment that First Quantum has made into the country. I believe both sides will be motivated to reach a fair, equitable, and mutually beneficial resolution.

[Analyst]: Today.

Tristan Pascall: The Company's work with the government has been centered around the preservation and safe management program for the mine with a priority focused on safety, asset integrity, and environmental stewardship. However, we remain prepared for when the Government is ready to discuss more broadly a resolution for the future of Cobre Panamá. Understandably, any potential new agreement will need to clarify that the mineral resources belong to the people of Panama. This is well understood by First Quantum Minerals Ltd. and hence our willingness to find a durable agreement for a fair fiscal structure that reflects this as well as the $10 billion investment that First Quantum Minerals Ltd. has made into the country. I believe both sides will be motivated to reach a fair, equitable, and mutually beneficial resolution.

However, we remain prepared for when the government is ready to discuss more broadly a resolution for the future of Cobre Panama.

Understandably any potential new agreement, we need to clarify that the mineral resources belong to the people of Panama City.

It is well understood by first quantum and hence a willingness to find a suitable agreement for a fair physical structure that reflects this as well as the $10 billion investment that first quantum has made into the country.

I believe both sides will be motivated to reach a fair and equitable and mutually beneficial resolution.

Had cobra Panama remained in operation since 2023 contribution to the country of Panama Could've reached $1 billion to the Treasury and $2 billion you with the local Panamanian supply companies.

Tristan Pascall: Had Cobre Panamá remained in operation since 2023, contributions to the country of Panama could have reached $1 billion to the treasury and $2 billion to local Panamanian supplier companies. It is important to First Quantum Minerals Ltd. that the contributions of the mine, such as employment and growth, can deliver tangible benefits to the people of Panama. At the same time, a fair and balanced agreement would position Panama as a destination for foreign direct investment and a pivotal step in confirming the country's reputation as a stable and attractive environment for international capital. Our focus remains on reaching a resolution for the mine that serves the best interests of our stakeholders, the government, and the people of Panama. Thank you and I will now pass the call over to Rudi for his operational review.

Tristan Pascall: Had Cobre Panama remained in operation since 2023, contribution to the country of Panama could have reached $1 billion to the treasury and $2 billion to local Panamanian supplier companies. It is important to First Quantum that the contributions of the mine, such as employment and growth, can deliver tangible benefits to the people of Panama. At the same time, a fair and balanced agreement would position Panama as a destination for foreign direct investments and a pivotal step in confirming the country's reputation as a stable and attractive environment for international capital. Our focus remains on reaching a resolution for the mine that serves the best interests of our stakeholders, the government, and the people of Panama. Thank you. I will now pass the call over to Rudi for his operational review.

It is important to first quantum that the contributions of the mines, such as employment and growth can deliver tangible benefits to the people of Panama.

At the same time, a fair and balanced agreement would position in Panama.

As a destination for foreign direct investments and a pivotal step in confirming the country's reputation as a stable and attractive environment for international capital.

Our focus remains on reaching a resolution for the mine that serves the best interests of our stakeholders the governments and the people of Panama.

Thank you and I will now pass the call over to Rudy for his operational review.

Thank you Jason.

We just need to import that operations continue to improve into the third quarter of this year and I'll provide an uninterrupted flow from valor on sites.

Rudi Badenhorst: Thank you, Tristan. It is pleasing to report that operations continued to improve into the third quarter of this year and operated uninterrupted from power constraints. Total copper production was 105,000 tonnes, a 15% increase over the second quarter as both Sentinel and Kansanshi reported higher production. Copper sales volumes totaled 119,000 tonnes during the quarter. As Tristan noted, we benefited from additional concentrate shipments at Cobre Panamá. However, sales volumes in Zambia were lower than production due to the replenishment of inventories following the smelter shutdown in Q2. Ryan will cover this in more detail in a short review. Year to date we produced 295,000 tonnes of copper and are on track to achieve our 2025 Titan guidance range of 390,000 to 410,000 tonnes. At Kansanshi, the operations reported 47,000 tonnes of copper production in the third quarter, an increase of nearly 7,000 tonnes from the previous quarter.

Rudi Badenhorst: Thank you, Tristan. It is pleasing to report that operations continued to improve into Q3 of this year and operated uninterrupted from power constraints. Total copper production was 105,000 tonnes, a 15% increase over Q2 as both Sentinel and Kansanshi reported higher production. Copper sales volumes totaled 119,000 tons. During the quarter, as Tristan noted, we benefited from additional concentrate shipments at Cobre Panama. However, sales volumes in Zambia were lower than production due to the replenishment of inventories following the smelter shutdown in Q2. Ryan will cover this in more detail in his overview. Year-to-date, we produced 295,000 tons of copper and are on track to achieve our 2025 tightened guidance range of 390,000 to 410,000 tons.

Total copper production was 105000 tonnes 15.

15, 15% increase over the second quarter, both St and consensual reported a higher production.

Gold sales volumes totaled 219 thoughts.

During the quarter assisted noted we benefited from additional concentrate shipments at Cobre Panama.

However, satisfy instant Zambia beloved production.

Due to the replenishment of inventory following the smell.

Hum.

Brian will cover this in more detail in a short overview.

Year to date, we produced 295000 tons of copper.

All are on track to achieve our 2025 tightened the guidance range.

390 to 410000 tons.

At <unk>, the operation reported 7000 tons of copper production in the third quarter.

Rudi Badenhorst: At Kansanshi, the operations reported 47,000 tons of copper production in Q3, an increase of nearly 7,000 tons from the previous quarter. The improvement was mainly driven by higher mill throughput with the commissioning of the S3 expansion. The ramp-up of S3 has surpassed expectations, achieving first production in August and contributed approximately 6,000 tons of copper production to the quarter. Looking forward, copper and gold production in Q4 are expected to exceed Q3 levels as stable circuit performance is running ahead of schedule, leading to a better-than-anticipated ramp-up of the S3 concentrator, which Tristan will cover in more detail in his closing remarks.

An increase of nearly 7000 tons from the previous quarter.

The improvement was mainly driven by higher mill throughput with the commissioning of the S. Three expansion.

Rudi Badenhorst: The improvement was mainly driven by higher mill throughput with the commissioning of the S3 expansion. The ramp up of S3 has surpassed expectations, achieving first production in August and contributed approximately 6,000 tonnes of copper production to the quarter. Looking forward, copper and gold production in the fourth quarter are expected to exceed third quarter levels as stable circuit performance is running ahead of schedule, leading to a better than anticipated ramp up of the S3 concentrator, which Tristan will cover in more detail in his closing remarks. With respect to 2025 production guidance for Kansanshi, we have narrowed copper production to a range of 175,000 to 185,000 tonnes while gold production guidance has increased to a range of 110,000 to 115,000 ounces. Over to our Trident operations, Sentinel reported copper production of 51,000 tonnes in the third quarter, an improvement of over 8,000 tonnes from Q2.

The ramp up of history has surpassed expectations achieving first production in August and contributed approximately 6000 tons of copper production to the quarter.

Looking forward copper and gold production in the fourth quarter.

I expect it to exceed first quarter levels.

Stable performance is running ahead of schedule, leading to a better than anticipated.

It's a concentrated assistant will cover in more detail in his closing remarks.

With respect to 2025 production guidance for Consensually, we have narrowed the copper production to a range of 75 to 185000 tons.

Rudi Badenhorst: With respect to 2025 production guidance for Kansanshi, we have narrowed copper production to a range of 175,000 to 185,000 tons, while gold production guidance has increased to a range of 110,000 to 113,000 ounces. Over to our thriving operations. Sentinel reported copper production of 51,000 tons in Q3, an improvement of over 8,000 tons from Q2. Mill throughput averaged over 5 million tons per month, representing a 14% increase from the Q2 levels, benefiting from improved ore fragmentation, improved reliability and performance of the primary crushers, and excellent management of the crusher or mill feed stockpile. The relocation of in-pit crusher 2 has been completed and will be commissioned in Q4.

While the gold production guidance has increased.

710 to 115000 ounces.

I would say outside of the operations.

Centered on reported copper production of 51000 tons in the third quarter, an improvement of 8000 tonnes from fortitude.

Most input based of the 5 million tons per month.

Rudi Badenhorst: Mill throughput averaged over 5 million tonnes per month, representing a 14% increase from the second quarter levels, benefiting from improved ore fragmentation, improved reliability and performance of the primary crushers, and excellent management of.

Representing a 14% increase from the second quarter and Staples.

I think from improved ore fragmentation improved reliability and performance of the primary crushers.

Excellent management of the Moorefield stockpile.

Tristan Pascall: The crushed core mill field stockpile.

The relocation of input crushing too has been completed.

Rudi Badenhorst: The relocation of input Crusher 2 has been completed and will be commissioned in the fourth quarter. The innovative low energy consumption railroad conveyor, which was showcased on our Zambian tour for analysts, investors, and lenders in September, will require some modification as performance testing continues towards final commissioning of the asset during the quarter. We also continued to advance the maintenance program to address the bolt fatigue issues.

And will be commissioned in the fourth quarter.

The innovative low energy consumption on the available and conveyor, which was showcased on Zambian tour for analysts investors and lenders in September.

Rudi Badenhorst: The innovative low energy consumption Railveyor, which was showcased on our Zambian tour for analysts, investors and lenders in September, will require some modification as performance testing continues towards final commissioning of the asset. During the quarter, we also continued to advance the maintenance program to address the bolt fatigue issues on ball mill 2. Work is ongoing with the original equipment manufacturer and specialist engineering consultants to develop a long-term corrective procedure to ensure sustainable performance, and an update will be provided once this is established. Any remedial actions will be timed to the best of our ability with planned maintenance downtime in order to mitigate the impact on production.

Will it require some ways Vacation's performance testing continues towards final commissioning of the asset.

During the quarter. We also continued to advance the program to address the bolt fatigue issues.

Two.

Work is ongoing with the original equipment manufacturer and specialist engineering consultants to develop a long term corrective procedures to ensure sustainable performance.

Tristan Pascall: On World War II.

Rudi Badenhorst: Work is ongoing with the original equipment manufacturer and specialist engineering consultants to develop a long-term corrective procedure to ensure sustained bolt performance, and an update will be provided once this is established. Any remedial actions will be timed to the best of our ability with planned maintenance downtime in order to mitigate the impact on production. Copper production at Sentinel is expected to continue to improve for the fourth quarter as higher grades will be accessed as mining progresses to the bottom of stage one pit for some development ahead of this wet season, along with the transition to higher primary sulphide ore volumes. Reporting from stage three, that being said, due to the year-to-date production, we have updated our copper production guidance for Sentinel to a range of 190,000 to 200,000 tonnes. At Enterprise, it is pleasing to report.

An update will be provided once this is established.

Any remedial actions will be timed to the best availability with planned maintenance downtime in order to mitigate the impact on production.

Copper production in St to note is expected to continue to improve for the fourth quarter.

Rudi Badenhorst: Copper production at Sentinel is expected to continue to improve for Q4 as higher grades will be accessed as mining progresses to the bottom of stage 1 pit for some development ahead of this wet season, along with a transition to higher primary sulfide ore volumes reporting from stage 3. That being said, due to the year-to-date production, we have updated our copper production guidance for Sentinel to a range of 190 to 200,000 tons. At Enterprise, it is pleasing to report a 44% quarter-over-quarter improvement in nickel production to nearly 6,000 tons during Q3. While nickel grades continue to be impacted by transitional ore from the stage 3 area, throughput improved with increased nickel ore supply and plant performance. Production guidance for the year has narrowed to between 18,000 and 23,000 tons of contained nickel.

As higher grades will be accessed as mining progresses to the bottom of stage one but for some development ahead of this bid season.

Along with the transition to higher primary sulfide ore volumes supporting trumps phase III.

That being said due to the year to date production.

We have updated our copper production guidance for <unk> to a range of understand 90 to 200000 tons.

Enterprise It is pleasing to report a 44% quarter over quarter improvement the nickel production to nearly 6000 tonnes during the third quarter.

Tristan Pascall: A 44% quarter-over-quarter improvement in.

Rudi Badenhorst: Nickel production to nearly 6,000 tonnes during the third quarter. While nickel grades continue to be impacted by transitional ore from the Stage Three area, throughput improved with increased nickel ore supply and plant performance. Production guidance for the year has narrowed to between 18,000 and 23,000 tonnes of contained nickel. The continued focus at Enterprise will be on maximizing ore supply, improving communication efficiency to increase throughput, as well as enhancing plant performance when processing complex nickel ore types. At Cobre Panamá, we continued our preservation and safe management work during the quarter, which included refurbishment of subsystems in the flotation area and the conveyor belts. Inspections of the plant and stockpiled feeders have concluded that these areas are in fair condition. Additionally, detailed inspections with original equipment manufacturer specialists are being conducted on the mobile fleet to ensure asset safety and integrity.

While nickel grades continued to be impacted by transitional ore from the specialty area three.

Throughput improved with increased nickel ore supply and plant performance.

Production guidance for the year has narrowed to between 23000 tons of contained nickel.

The continued focus on enterprise will be on maximizing ore supply improving communication efficiency.

Rudi Badenhorst: The continued focus at Enterprise will be on maximizing ore supply, improving comminution efficiency to increase throughput, as well as enhancing plant performance when processing complex nickel ore types. At Cobre Panama, we continued our preservation and site management work during the quarter, which included refurbishment of subsystems in the flotation area and the conveyor belts. Inspections of the plant and stockpile feeders have concluded that these areas are in fair condition. Additionally, detailed inspections with original equipment manufacturer specialists are being conducted on the mobile fleet to ensure asset safety and integrity. These inspections and reports are expected to be concluded in the near future. Preservation and site management costs during Q3 averaged approximately $16 million per month and included services related to the copper concentrate shipments and commissioning activities for the restart of the power plant. Thank you.

Throughput is it wasn't ontic plant performance when processing complex Nikola types.

At Cobre, Panama, We continued our preservation on site management work during the quarter, which included the refurbishment of subsystems in the flotation area ethical way above.

Inspections of the plant and stockpile feed as I've concluded that these is unsafe conditions.

Additionally, detailed inspections with original equipment manufacturers specialist.

Are being conducted on the mobile fleet to ensure asset safety and integrity.

These inspections and reports are expected to be concluded in the near future.

Rudi Badenhorst: These inspections and reports are expected to be concluded in the near future. Preservation and safe management costs during the third quarter averaged approximately $16 million per month and included services related to the copper concentrate shipments and commissioning activities for.

Preservation and safe management of costs during the third quarter averaged approximately $16 million per month in.

And included services related to the copper concentrate shipments and commissioning activities for the restart of the Dallas bump.

Ryan MacWilliam: The restart of the power plant.

Thank you and with that I will hand, the call over to Ron for his financial review.

Rudi Badenhorst: Thank you.

Ryan MacWilliam: With that, I will hand the.

Rudi Badenhorst: With that, I will hand the call over to Ryan for his financial review.

Rudi Badenhorst: Call over to Ryan for his financial review.

Thank you Rudy.

For the third quarter, we reported EBITDA of $485 million and an adjusted loss of two cents per share.

Ryan MacWilliam: Thank you, Rudi. For the third quarter we reported EBITDA of $435 million and an adjusted loss of $0.02 per share. This financial performance positively benefited from the solid operational results which Rudi just described. Additionally, the copper price increased 2% from Q2 due to supply disruptions at several large copper mines across the industry. Financial results, however, were negatively impacted by two key items. While revenue grew by 10% quarter over quarter, benefiting from higher copper sales volumes and improved metal prices, this was mainly driven by the 24,000 tonnes of concentrate shipped from Cobre Panamá. However, as Rudi noted, sales volumes from Kansanshi were negatively impacted by the replenishment of anode inventories following the smelter shutdown. This impacted EBITDA by $45 million and third quarter earnings $0.03 per share.

Ryan MacWilliam: Thank you, Rudi. For Q3, we reported EBITDA of $485 million and an adjusted loss of $0.02 per share. This financial performance positively benefited from the solid operational results, which Rudi just described. Additionally, the copper price increased 2% from Q2 due to supply disruptions at several large copper mines across the industry. Financial results, however, were negatively impacted by two key items. Our revenue grew by 10% quarter over quarter, benefiting from higher copper sales volumes and improved metal prices. This was mainly driven by the 24,000 tons of concentrate shipped from Cobre Panama. However, as Rudi noted, sales volumes from Kansanshi were negatively impacted by the replenishment of anode inventories following the smelter shutdown. EBITDA by $45 million and Q3 earnings $0.03 per share.

This financial performance positively benefited from the solid operational results, which really just described.

Additionally, the copper price increased 2% Q2 due to supply disruptions at simple much copper mines across the industry.

Financial results, however were negatively impacted by two key items.

Our revenue grew by 10% quarter over quarter benefiting from higher copper sales volumes and improved metal prices. This was mainly driven by the 24000 tonnes of concentrate shipped from Cobre Panama.

However, as Rudy noted sales volumes from cancer actually were negatively impacted by the replenishment of antibody inventories finally, the smelter shutdown.

This impacted EBITDA by $45 million and third quarter.

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Royalty costs with $25 million higher at Constancia this quarter due to the smelter shot which resulted in an increased proportion of local sales, which in turn resulted in annuity of crystallization of royalties.

Ryan MacWilliam: Additionally, royalty costs were $25 million higher at Kansanshi this quarter due to the smelter shut, which resulted in an increased proportion of local sales, which in turn resulted in earlier crystallization of royalties. With inventories largely replenished, we expect sales volumes and associated royalty cost to normalize, subject to normal timing lags. Moving on to the rest of our financial results, as I noted earlier, during the quarter we shipped the remaining concentrate at Cobre Panamá. These shipments contributed approximately $160 million to third quarter EBITDA. At the Zambian operations we had a late shipment of anodes in the quarter. While revenue was booked in the quarter, it also resulted in elevated receivables at the end of September which is expected to unwind in Q4. During the quarter we slightly added to our copper hedges while maintaining our gold hedge portfolio.

Ryan MacWilliam: Additionally, royalty costs were $25 million higher at Kansanshi this quarter due to the smelter shut, which resulted in an increased proportion of local sales, which in turn resulted in earlier crystallization of royalties. With inventories likely replenished, we expect sales volumes and associated royalty costs to normalize, subject to normal timing lags. Moving on to the rest of our financial results. As I noted earlier, during the quarter, we shipped the remaining concentrated copper at Panama. These shipments contributed approximately $160 million to Q3 EBITDA. At the Zambian operations, we had a late shipment of anodes in the quarter. While revenue was booked in the quarter, it also resulted in elevated receivables at the end of September, which is expected to unwind in Q4.

With inventories Nike replenished, we expect sales volumes and associated royalty cost to normalize how object to normal timing lax.

Moving on to the rest of our financial results.

As I noted today and yet during the quarter, we shut the remaining concentrated cobre Panama. These.

These shipments contributed approximately 106 million to $160 million to third quarter EBITDA.

And does that mean operations, we had a late shipments about <unk>.

During the quarter.

Our revenue was booked in the quarter and also resulted in elevated receivables at the end of September which is expected to unwind in Q4.

During the quarter, we slightly avatar copper hedges, while maintaining all the hedge portfolio.

Ryan MacWilliam: During the quarter, we slightly added to our copper hedges while maintaining our gold hedge portfolio. We're not currently adding additional hedges as our long-term strategy remains to be unhedged, thereby retaining full exposure to spot commodity prices. We've engaged in selective hedging as a tool to support our financial resilience and safeguard the balance sheet while S3 ramps up and as we work towards resolution in Panama. Copper C1 costs of $1.95 per pound improved by 3% from Q2, helped by higher production and lower fuel costs, but negatively impacted by reduced gold byproduct credits and less capitalized costs. Remaining input prices and Zambian power rates were stable during the quarter. We've narrowed our full-year C1 cash cost guidance to $1.95 to $2.10 per pound.

Were not currently adding additional hedges as our long term strategy remains to be on the east, thereby retaining full exposure to spot commodity prices.

Ryan MacWilliam: We're not currently adding additional hedges as our long term strategy remains to be unhedged, thereby retaining full exposure to spot commodity prices. We've engaged in selective hedging as a tool to support our financial resilience and safeguard the balance sheet while S3 ramps up and as we work towards resolution in Panama. Copper C1 costs of $1.95 per pound improved by 3% from Q2, helped by higher production and lower fuel costs but negatively impacted by reduced gold byproduct credits and less capitalized cost. Remaining input prices and Zambian power rates were stable during the quarter. We've narrowed our full year C1 cash cost guidance to $1.95 to $2.10 per pound. While gold prices have been strong, the strengthening Zambian kwacha and high respected Zambian power costs in Q4 offset this benefit.

We have engaged in selective hedging as a tool to support our financial resilience and safeguard the balance sheet on <unk> III ramps up and as we work towards resolution and Panama.

Occupancy costs of $1.95 per pound improved by 3% from Q2.

My highest production and lower fuel costs.

That negatively impacted by reduced gold byproduct credits and less capitalized costs.

Remaining input prices and Zambian power rates were stable during the quarter.

We are narrowing our full year cone cash cost guidance of $2 95 to $2 10 per pop.

Although prices have been strong.

Ryan MacWilliam: While gold prices have been strong, the strengthening Zambian kwacha and higher expected Zambian power costs in Q4 offset this benefit. Our all-in cost guidance has also been narrowed to $3.10 to $3.25 per pound, reflecting our lowered guidance on sustaining and capitalized stripping spend. We've lowered 2025 CapEx guidance by approximately $175 million to a range of $1.15 to $1.2 billion. This is due to lower capital spend year to date and the expectation the S3 project will come in under the $1.25 billion budget. Some of the reduction in sustaining capital is expected to be carried forward to next year, such as some of our mobile fleet replacements and mobile component change outs.

The strengthening Zambian kwacha and higher expected Zambian power costs in Q4 offset this benefit.

Our all in cost guidance has also been narrowed to $3.10 to $3.25 per pound, reflecting a lowered guidance in sustaining and capitalized stripping spend.

Ryan MacWilliam: Our all-in cost guidance has also been narrowed to $3.10 to $3.25 per pound, reflecting our lowered guidance on sustaining and capitalized stripping spend. We've lowered 2025 CapEx guidance by approximately $175 million to a range of $1.15 to $1.2 billion. This is due to lower capital spend year to date and the expectation S3 project will come in under the $1.25 billion budget. Some of the reduction in sustaining capital is expected to be carried forward to next year, such as some of our mobile fleet replacements and mobile component change outs. As Tristan noted, during the quarter we continue to take proactive steps to further strengthen our balance sheet by executing two milestone transactions. First, we completed a $1 billion gold stream with Royal Gold, which provides long-term unsecured non-debt capital.

With lower 2025, Capex guidance by approximately $175 million to a range of 1.15 to $1 $2 billion.

This is due to lower capital spend year to date.

And the expectation Street project will come in under the $1 two 5 billion on a budget.

How about the reduction of sustaining capital is expected to be carried forward to next year.

Actually some of our mobile fleet replacements, and my mall component change ups.

As trusted market during the quarter, we continued to take proactive steps to further strengthen our balance sheet by executing two milestone transactions.

Ryan MacWilliam: As Tristan noted, during the quarter, we continued to take proactive steps to further strengthen our balance sheet by executing two milestone transactions. First, we completed a $1 billion gold stream with Royal Gold, which provides long-term, unsecured non-debt capital. This transaction allows us to maintain full exposure to copper production at Kansanshi while leaving most of our gold production exposed to spot pricing over the long term. Proceeds were largely deployed toward debt repayments, with net debt ending the quarter at $4.8 billion. Second, we issued $1 billion in senior unsecured notes maturing in 2034. The proceeds were used to retire the remaining 2027 notes and a portion of the higher coupon 2029 secured notes. Following this refinancing, our nearest bond maturity has now been extended to 2029.

First we completed a $1 billion on a gold stream with Royal Gold, which provides long term unsecured non debt capital.

This transaction allows us to maintain exposure to copper production that Ken sachi, well, even most of our pulp production exposed to spot pricing over the long term.

Ryan MacWilliam: This transaction allows us to maintain full exposure to copper production at Kansanshi while leaving most of our gold production exposed to spot pricing. Over the long term, proceeds were largely deployed towards debt repayments with net debt ending the quarter at $4.8 billion. Second, we issued $1 billion in senior unsecured notes maturing in 2034. The proceeds were used to retire the remaining 2027 notes and a portion of the higher coupon 2029 secured notes. Following this refinancing, our nearest bond maturity has now been extended to 2029. These combined actions have improved near-term liquidity by approximately $1.6 billion, resulting in liquidity of $2.3 billion at quarter end. This comprised $960 million in cash and a fully undrawn revolver of $1.3 billion. After thoroughly evaluating alternatives, the stream agreement was the best strategic and financial outcome for First Quantum Minerals Ltd.

Proceeds were largely deployed towards debt repayments net debt ending the quarter at $4 $8 billion.

Second we issued $1 billion in senior unsecured notes maturing in 2034.

The proceeds were used to retire the remaining 2027 notes and a portion of the highest coupon 2029 secured notes.

Following this refinancing our nearest bond maturity is now being extended to 2029.

These combined actions have improved our near term liquidity by approximately $1 $6 billion.

Ryan MacWilliam: These combined actions have improved our year-to-date liquidity by approximately $1.6 billion, resulting in liquidity of $2.3 billion at quarter end. This comprised of $960 million in cash and a fully undrawn revolver of $1.3 billion. After thoroughly evaluating alternatives, the stream agreement was the best strategic and financial outcome for First Quantum. As such, there are no further financings or stake sales planned for Zambia at this time. Thank you. I'll now hand the call back to Tristan for his closing remarks.

<unk> liquidity of $2 $3 billion at quarter end.

This comprised of $960 million in cash.

Honey undrawn revolver of $1 $3 billion.

After thoroughly evaluating alternatives the stream agreement with the best strategic and financial outcomes for first quantum.

As such no further financing or stake sale leaseback was Andy at this time.

Ryan MacWilliam: As such, there are no further financings or stake sales planned for Zambia at this time. Thank you and I will now hand the call back to Tristan for his closing remarks.

Thank you and I'll now hand, the call back to Justin for his closing remarks.

Thank you Ron.

Tristan Pascall: Thank you Ryan. During the third quarter, First Quantum Minerals Ltd. achieved two milestones that demonstrate our commitment to safety and sustainability in our broader business. At Çayeli in Turkey, our colleagues delivered over three years without a lost time injury. I congratulate them on this achievement and it is a testament to our Think Safety program, which drives engagement and a measurable reduction in incidents. Also at Çayeli, yesterday we published an updated 43-101 technical report on the new Southern Orebody, including a life of mine plan which extends the mine life of Çayeli to 2036. In Finland, at our closed Pyhäsalmi mine, a 13 megawatt solar photovoltaic generation project was commissioned on the field tailings pond by the municipally owned development company Callio, connecting into the existing electrical infrastructure established by the mine.

During the third quarter first quantum achieved two milestones that demonstrate our commitment to safety and sustainability in that broader business.

Tristan Pascall: Thank you, Ryan. During Q3, First Quantum achieved 2 milestones that demonstrate our commitment to safety and sustainability in our broader business. At Çayeli in Turkey, our colleagues delivered over 3 years without a lost time injury. I congratulate them on this achievement, a testament to our THINK! Safety program, which drives engagement and a measurable reduction in incidents. At Çayeli yesterday, we published an updated 43-101 technical report on the new southern ore body, including a life of mine plan, which extends the mine life of Çayeli to 2036. In Finland, at our closed Pyhäsalmi mine, a 13 MW photovoltaic generation project was commissioned on the filled tailings pond by the municipal-owned development company, Callio, connecting into the existing electrical infrastructure established by the mine.

Ah trial in Turkey, our colleagues to leave it over three years without a lost time injury.

I congratulate them on these achievements are a testament to I think safety program, which drives engagement and a measurable reduction in incidence.

Also at Toyota Yesterday, we published an updated 43 101 technical report.

On the new southern ore body, including a loss of mine plan, which extends the mine lots of chair of Chile to 2036.

In Finland at alkaloids P Asami mine.

If they take megawatts sold sorry about volt, so I'm talking about tight generation project was commissioned on the filter tailings pond for the municipal or in development compete Cagliari.

Connecting into the existing electrical infrastructure established by the mine.

As part of our commitment to responsible mine closure, we supporting the transition of legacy assets into renewable energy that benefits the local communities.

Tristan Pascall: As part of our commitment to responsible mine closure, we're supporting the transition of legacy assets into renewable energy that benefits local communities. It is pleasing that I can conclude today's call by discussing the substantial completion of the company's latest brownfield expansion project. During the quarter, the Kansanshi S3 expansion project was successfully completed and all but two circuits were handed over to operations in October. The full copper circuit was brought online in stages with a focus on tuning the circuit and ramping up towards steady state and nameplate capacity. As Rudi noted, to date the ramp-up has exceeded expectations and the plant is now maintaining 24 hour operations with support from the commissioning team and vendor specialists. Only the gravity gold circuit and some concentrate filter upgrades at S3 remain to be completed and handed over to operations.

Tristan Pascall: As part of our commitment to responsible mine closure, we're supporting the transition of legacy assets into renewable energy that benefits local communities. It is pleasing that I can conclude today's call by discussing the substantial completion of the company's latest brownfield expansion project. During the quarter, the Kansanshi S3 expansion project was successfully completed, and all but two circuits were handed over to operations in October. The full copper circuit was put online in stages with a focus on tuning the circuit and ramping up towards steady state and nameplate capacity. As Rudi Badenhorst noted, to date, the ramp up has exceeded expectations, and the plant is now maintaining 24-hour operations with support from the commissioning team and vendor specialists. Only the gravity gold circuit and some concentrate filter upgrades at S3 remain to be completed and handed over to operations.

Yeah.

And it's pleasing that I can conclude today's call by discussing the substantial completion of the company's latest brownfield expansion project.

During the quarter. The consensus yesterday expansion project was successfully completed and all but two circuits were handed over to operations in October.

The full copper circuit was put online in stages with a focus on shooting the circuit and ramping up towards steady state of nameplate capacity at.

As Rudy noted to date the ramp up has exceeded expectations and the plant is now maintaining 24 hour operations with support from the commissioning team at Ventas specialists.

I mean, the gravity gold circuits and some concentrate filter upgrades its three reminds me.

And handed over to operations.

In addition, the smelter expansion works are completed while S. Pumped five is currently in the hot commissioning stage.

Tristan Pascall: In addition, the smelter expansion works are complete while Acid Plant 5 is currently in the hot commissioning stage. Ongoing project capital works on CSF2 are expected to be completed in the second quarter of next year. I would like to take this opportunity to congratulate the in-house First Quantum Minerals Ltd. teams responsible for the successful delivery of the Kansanshi S3 expansion and, on behalf of the Board and the company, I would like to extend my gratitude to all involved in building and making operational the project for their remarkable work. These are the same in-house teams that successfully built the Sentinel and Cobre Panamá projects, allowing us to learn and improve on each of the six 40-foot SAG mill processing trains across our business.

Tristan Pascall: In addition, the smelter expansion works are complete, while Acid Plant 5 is currently in the hot commissioning stage. Ongoing project capital works on TSF 2 are expected to be completed in Q2 of next year. I would like to take this opportunity to congratulate the in-house First Quantum teams responsible for the successful delivery of the Kansanshi S3 expansion. On behalf of the board and the company, I would like to extend my gratitude to all involved in building and making operational the project for their remarkable work. These are the same in-house teams that successfully built the Sentinel and Cobre Panama projects, allowing us to learn and improve on each of the 6 40-foot sag mill processing trains across our business.

Ongoing project capital works on say safe to or expected to be completed in the second quarter of next year.

I would like to take this opportunity to congratulate inhouse first content teams responsible for the successful delivery of the Constancia sturdy expansion and on behalf of the board and the company I would like to extend my gratitude to all involved in building and making operational the project for the remarkable work.

These are the same in house teams that successfully built the Sentinel and Cobra Panama projects.

Mowing us to learn and improve go into each of the 640 foot Sag mill processing trying to cross sell business.

The new processing plants are concerned she is onto trained 25 million tonnes of ore annually incorporates cutting edge technology and automation such as the integrated operations center that make the consensus is three expansion one of the most advanced copper projects in Africa.

Tristan Pascall: The new processing plant at Kansanshi, designed to treat 25 million tonnes of ore annually, incorporates cutting-edge technology and automation such as the integrated operations center that make the Kansanshi S3 expansion one of the most advanced copper projects in Africa. At the peak of construction, over 2,500 Zambians and 535 local Zambian companies worked on the project alongside our in-house teams, gaining skills and capacity that will serve them long after S3 is complete. We see that capital intensity for copper projects is a growing challenge, particularly as the mining industry faces relatively higher cost of capital compared to other market sectors. As a result of declining grades and an increasing infrastructure burden for new projects, the industry average capital intensity to build a project is moving steadily towards $30,000 per tonne of annualized copper production.

Tristan Pascall: The new processing plant at Kansanshi, designed to treat 25 million tons of ore annually, incorporates cutting-edge technology and automation, such as the integrated operations center, that make the Kansanshi S3 expansion one of the most advanced copper projects in Africa. At the peak of construction, over 2,500 Zambians and 535 local Zambian companies worked on the project alongside our in-house teams, gaining skills and capacity that will serve them long after S3 is complete. We see that capital intensity for copper projects is a growing challenge, particularly as the mining industry faces relatively higher cost of capital compared to other market sectors. As a result of declining grades and an increasing infrastructure burden for new projects, the industry average capital intensity to build a project is moving steadily towards $30,000 per ton of annualized copper production.

At the peak of construction over two and a half thousand Zambians and 535 local Zambian companies worked on the project alongside our in house teams, gaining skills and capacity that will suit long. After his three is complete.

We see the capital intensity for a couple of projects is a growing challenge, particularly as the mining industry prices relatively high cost of capital compared to other market sectors.

As a result of declining grades and an increasing infrastructure burden for new projects. The industry average capital intensity to build a project is moving steadily towards $30000 per ton of annual copper production.

In contrast by building our own projects largely in house our experience at first quantum is that we are typically able to exert greater control on quality productivity and capital intensity.

Tristan Pascall: In contrast, by building our own projects largely in-house and our experience at First Quantum Minerals Ltd. is that we are typically able to exert greater control on quality, productivity, and capital intensity. This has allowed us to build the brownfield project at the Kansanshi S3 expansion at $12,000 per tonne of annualized copper production. Our latest greenfield projects at Cobre Panamá, including a port and power station, was built at $18,000 and Sentinel was built at $12,000 per tonne of annualized copper production. As we look forward to applying our experience to future projects within our portfolio at the most responsible and correct time for our balance sheet position, we see our most likely near-term project to be Taca Taca in Argentina.

Tristan Pascall: In contrast, by building our own projects largely in-house, our experience at First Quantum is that we are typically able to exert greater control on quality, productivity, and capital intensity. This has allowed us to build a brownfield project at the Kansanshi S3 expansion, at $12,000 per ton of annualized copper production. Our latest greenfield projects at Cobre Panama, including a port and power station, was built at $18,000, and Sentinel was built at $12,000 per ton of annualized copper production. As we look forward to applying our experience to future projects within our portfolio at the most responsible and correct time for our balance sheet position, we see our most likely near-term project to be Taca Taca in Argentina.

This has allowed us to build a brownfield project at the consensus Street, Ken said, she has three expansion at $12000 per ton of annual copper production.

Our latest greenfield projects that Covid, Panama, including important power station was built at $18000 and Sentinel was built at $12000 per ton about in your last call. It production.

As we look forward to applying our experienced you should projects within our portfolio.

The most responsible and correct time for our balance sheet position.

We say I'm, most likely need to have the project to be tech attack here in Argentina.

The midterm election results in Argentina over the weekend provided an endorsement by the electorate of economic reforms underway in the country and the administration's initiatives to attract greater foreign investment into the country.

Tristan Pascall: The midterm election results in Argentina over the weekend provide an endorsement by the electorate of the economic reforms underway in the country and the administration's initiatives to attract greater foreign investment into the country. We continue to work towards a ready application of Taca Taca well ahead of the July 2026 timeline. In closing, the Kansanshi S3 expansion is the latest of our projects to deliver on schedule and under budget. This is an important milestone for First Quantum Minerals Ltd. which will move Kansanshi back to a 200,000+ per annum copper producing mine, extending its life beyond 2040 and returning the company back to a position of positive free cash flow generation. With that, operator, I'm happy to open the call to questions.

Tristan Pascall: The midterm election results in Argentina over the weekend provide an endorsement by the electorate of the economic reforms underway in the country and the administration's initiatives to attract greater foreign investment into the country. We continue to work towards a reapplication for Taca Taca well ahead of the July 2026 time-timeline. In closing, the Kansanshi S3 expansion is the latest of our projects to deliver on schedule and under budget. This is an important milestone for First Quantum, which will move Kansanshi back to a 200,000-plus per annum copper-producing mine, extending its life beyond 2040 and returning the company back to a position of positive free cash flow generation. With that, operator, I'm happy to open the call to questions.

We continue to work towards a <unk> application of attack attack are well ahead of the July 'twenty 'twenty six time top timeline.

Yeah.

In closing then the consensus U S expansion is the lightest fab projects to deliver on schedule and under budget.

This is an important milestone for first quantum which will move consensually back to 200000 plus per annum copper producing mine extending its life beyond 2014, and returning the company back to a position of positive free cash flow generation.

With that operator, I'm happy to open the call to questions.

Thank you we will now begin the question and answer session. If you have dialed in and would like to ask a question. Please press star one on your telephone keypad to raise your hand and join the queue.

Operator: Thank you. We will now begin the question and answer session. If you have dialed in and would like to ask a question, please press Star one on your telephone keypad to raise your hand and join the queue. If you would like to withdraw your question, simply press Star one again. If you are called upon to ask your question and are listening via speakerphone in your device, please pick up your handset to ensure that your phone is not on mute when asking your question. We do request for today's session that you please limit to one question and one follow up question only.

Operator: Thank you. We will now begin the question-and-answer session. If you have dialed in and would like to ask a question, please press star one on your telephone keypad to raise your hand and join the queue. If you would like to withdraw your question, simply press star one again. If you are called upon to ask your question and are listening via speakerphone in your device, please pick up your handset to ensure that your phone is not on mute when asking your question. We do request for today's session that you please limit to one question and one follow-up question only. Thank you. Our first question comes from the line of Ralph Profiti with Stifel. Your line is open.

If you would like to withdraw your question simply press Star one again.

As you all called upon to ask a question or listening via speakers wanting advice. Please pickup your handset to ensure that your phone is not on mute and asking a question. You gave a question for todays session that you. Please limit to one question and one follow up question. Let me. Thank you.

Yeah.

Bonita To: Thank you.

And our first question comes from the line of Ralph <unk> with Stifel. Your line is open.

Operator: Our first question comes from the line of Profili with Stifel. Your line is open.

Oh good morning, Thanks, operator interest in Ryan Congratulations on performance of budgeted capital targets at Constancia.

Ralph Profiti: Good morning. Thanks, operator. Tristan Pascall, Ryan MacWilliam, congratulations on performance of budgeted capital targets, at Kansanshi. What's your outlook for copper recovery improvements, and targets in that S3 circuit over the coming months and quarters, looking at that 74% in the context of the low-grade stockpiles and as you optimize the circuit?

[Analyst]: Good morning.

Tristan Pascall: Thanks, operator. Tristan, Ryan, congratulations on performance of budgeted capital targets at Kansanshi. What's your outlook for copper recovery improvements and targets in that S3 circuit over the coming months and quarters? Looking at that 74% in the context of the low grade stockpiles and as you optimize the circuit. Hi Ralph. Thanks for that. Yeah, look, it's very pleasing to see S3 performing better than our expectations so far. As I said in my comments, there are some areas that need to be finished off, the two circuits being the gravity bolt and the filter upgrades. We will continue to remain conservative and stick with our guidance at this stage, and we only provide guidance this year. We will relook at guidance next year in late January. Again, the ramp up is going well. We continue to target an 80% of design throughput by the end of the year.

What's your outlook for copper recovery improvements.

And targets in that S. Three circuit over the coming months and quarters looking at that 74% in the context of the low grade stockpiles and as you optimize the circuits.

Hi, Ralph Thanks for that yes, very pleasing to see S. Three performing better than our expectations. So far.

Tristan Pascall: Hi, Ralph. Thanks for that. Yeah, look, it's very pleasing to see S3 performing better than our expectations so far. As I said in my comments, there are some areas that need to be finished off, the two circuits being the gravity gold and the filter upgrades. We will continue to remain conservative and stick with our guidance at this stage. We only provide guidance for this year. We will re-look at guidance next year in late January. Again, the ramp-up's going well. We continue to target an 80% of design throughput by the end of the year. More broadly, as we look into next year, we will be commencing on stockpiles, which means the grade is lower. You know, that will have an impact on production and costs as well.

And in my comments there are some areas that need to be finished off the two circuits being the gravity colt and the field upgrades.

Upgrades.

So we will continue to remain conservative and stick with that guidance at this stage and we only provide guidance.

This year, we will re look at guardant next year.

In late January but again, the ramp up is going well, we continue to see to target a 90%.

After so on throughput bought at the end of the year well.

More broadly as we look into next year, we will be commencing on stockpiles, which means the garage is lower and so that will have an impact on production.

Tristan Pascall: More broadly, as we look into next year, we will be commencing on stockpiles, which means the grade is lower, and that will have an impact on production and costs as well. As we get into 2027, the outlook is we'll get into much more fresh grade, which will increase production from the overall circuit with a corresponding impact most likely on cost as well. Okay, thanks, Tristan. I appreciate that. As a follow up, what are the critical path items for Kansanshi's TSF2 completion by the second quarter of 2026? Is this just maintaining civil earthwork rates? Yeah, not complicated, Ralph. We're just putting in a large buttress there and going about the works. We're comfortable around deposition rates, we're comfortable around rates of rise. It's really just steady progress on earth moving volumes.

And cost as well, but then as we get into 2027 and the outlook is we will get into much more fresh pride, which will increase production from the overall circuit.

Tristan Pascall: As we get into 2027, the outlook is we'll get into much more fresh grade, which will increase production from the overall circuit, with a corresponding impact, most likely on costs as well.

With a corresponding impact my philosophy on cost as well.

Okay. Okay. Thanks, Tristan I appreciate that and as a follow up what are the.

Ralph Profiti: Okay. Okay, thanks, Tristan, I appreciate that. As a follow-up, what are the critical path items for Kansanshi's TSF 2 completion by Q2 2026? Is this just maintaining civil earthwork rates?

Critical path items for consensus T. S F to completion by the second quarter of 26 is this just maintaining civil earthwork rights.

Yeah, not complicated Ralph.

Tristan Pascall: Yeah, not complicated, Ralph. We're just putting in a large buttress there and going about the works. We're comfortable around deposition rates, we're comfortable around rates of rise. It's really just steady progress on earth moving volumes. I mean, as we get into the southeast dome and have much more confident rock available, that gets easier and easier for us as well.

Just putting in a large buttress there and going about the works we comfortable around deposition rates would comfortable around rights abroad. It's really just steady progress on on earthmoving volumes.

As we get into the South East argument have much more competent rock available that gets easier and easier for us as well.

Tristan Pascall: As we get into the Southeast dome and have much more confident rock available, that gets easier and easier for us as well.

Our next question comes from the line of RSV called out with Scotiabank. Your line is open.

Operator: Our next question comes from the line of Orest Wowkodaw with Scotiabank. Your line is open.

Operator: Our next question comes from the line of Orest Wowkodaw with Scotiabank. Your line is open. Hi, good morning.

Hi, good morning.

Like to just say congratulations on the deleveraging efforts, both with the stream and the terming out the refinancing your debt that really eases the pressure in the next couple of years, but my question has to do with Cobra, Panama and I'm, just curious with the environmental audit now underway do we do you think that we have to wait.

Orest Wowkodaw: Hi, good morning. You know, I'd like to just say congratulations on the deleveraging efforts, both with the stream and the terming out, the refinancing of your debt. That really eases the pressure in the next couple of years. My question had to do with Cobre Panama, and I'm just curious, with the environmental audit now underway, do you think that we have to wait till the conclusion of that audit before formal negotiations could begin with the government on a potential new deal? Could that begin earlier? I'm just wondering what milestones we should be looking for here.

[Analyst]: I'd like to just say congratulations on the deleveraging efforts both with the stream and the terming out the refinancing your debt. That really eases the pressure in the next couple years. My question had to do with Cobre Panamá. I'm just curious, with the environmental audit now underway, do you think that.

Until the conclusion of that audit before formal negotiations could begin with the government on on a potential new deal or could that began earlier and I'm just wondering what milestones we should be looking for here.

Ryan MacWilliam: We have to wait for the conclusion.

[Analyst]: Of that audit before formal negotiations could begin with the Government of Panama on a potential new deal?

Ryan MacWilliam: Could that begin earlier?

[Analyst]: I'm just wondering what milestones we should be looking for here.

Thanks, Laura and thank you for those comments.

Tristan Pascall: Thanks, Orest, and thank you for those comments.

Tristan Pascall: Thanks, Orest, and thank you for those comments. Yeah, look, Panama, we, you know, we recognize the concrete progress in the country, and there's been the evidence in terms of that progress. The approval of the preservation and site management plan. The export of the concentrates that were completed during Q3. We continue to see the power plant coming online and the permits granted to get that restarted. We expect to start up in the 1st train in November. The environmental audits now underway is good solid momentum. In terms of future milestones, we're not really anchoring around those. We remain disposed to the government's timetable. It will be the president that sets out that timetable and the pathway to those milestones and for progress.

Panama.

Ryan MacWilliam: Yeah, look, Panama.

We recognize the concrete progress in the country and it has been.

Tristan Pascall: We recognize the concrete progress in the country, and there has been evidence in terms of that progress, the approval of Preservation and Safety Management Plan, the export of the concentrates that were completed during Q3. We continue to see the power plant coming online, and the permits granted to get that restarted. We expect to start up in the first train in November. The environmental audits are now underway.

Evidence in terms of that progression the approval of the presentation.

As we plan the export of the concentrates that were completed during Q3, we continued to see the power plants coming online in the patents granted to get that restarted and we expect it to start up in the first train in November and the environmental audits now underway.

Hi.

It's good solid momentum in terms of future milestones, we're not really anchoring around those we remain disposed to the governments I believe we will seek it would be the price.

Rudi Badenhorst: Is.

Tristan Pascall: Good, solid momentum in terms of future milestones. We're not really anchoring around those. We remain disposed to the government's table. We will seek, it will be the President that sets out that timetable and the pathway to those milestones and for progress from our side. We put aside the arbitration, suspended arbitration, and we committed to a constructive process. We will work step by step with the government and again we'll follow the President's guidance in that timetable and to work things in terms of the timetable for the audit and how that relates. We'll take direction from government. The indication from government is four to six months timetable and how things go, whether in sequence or in parallel. Take guidance from the President and from the Government of Panama. Okay, and just as a quick follow.

Sets out that time table and the pathway.

So those milestones and progress from outside.

We put aside the arbitration suspended arbitration and we committed to a constructive process, we will work step by step with the government.

Tristan Pascall: From our side, we, you know, we put aside the arbitration, suspended arbitration, and we're committed to a constructive process. We will work step by step with the Government, and again, we'll follow the President's guidance in that timetable and to work things through. In terms of the timetable for the audits, and how that relates, we'll take direction from Government. The indication from Government is sort of 4 to 6 months timetable, and how things go, whether in sequence or in parallel, take guidance from the President and from the Government of Panama.

And again, we will follow the pricing guidance in that timetable and to work things sort of in central the timetable for the audits.

And how that relates will take direction from governments indication.

From government is four to six months timetable.

And how things go with them in sequence work parallel take guidance from the president and from the government of Panama.

Okay, and then just as a quick follow up is there any potential visibility on processing the existing ore stockpiles on site at Cobre, Panama under the the preservation plan in terms of turning at a mill.

Orest Wowkodaw: Okay. Just as a quick follow-up, is there any potential visibility on processing the existing ore stockpiles on site at Cobre Panama under the preservation plan in terms of turning on a mill?

[Analyst]: Is there any potential visibility on processing the existing ore stockpiles on site at Cobre Panamá under the preservation plan in terms of turning on a mill?

Yes sure are things.

Tristan Pascall: Yeah, sure, Boris, thanks. There hasn't been any discussions on that to date. We wouldn't anchor things around future milestones. We want to be constructive and move towards resolution that deals with the matters at Cobre Panamá in the best interest of all stakeholders, the Government of Panama, the people of Panama, but also shareholders. Having said that, the stockpiles, we do think there's some good rationale to move forward. Providing that feed to the cyclone plants at the tailings stand would give an important source of material that we can use to counter erosion from the high rainfall. That is important work that the stockpiles would provide. We don't have that on the critical path. We remain constructive towards resolution and engaging with government in that regard.

Tristan Pascall: Yeah, sure, Orest, thanks. There hasn't been any discussions on that to date. Again, we wouldn't anchor things around future milestones. We want to be constructive and move, you know, towards resolution that deals with the matters at Cobre Panama in the best interest of all stakeholders, the government of Panama, the people of Panama, but also shareholders. You know, having said that, the stockpiles, we do think there's some good rationale to move forward. They, you know, providing that feed to the cyclone plant at the tailing stand would give an important source of material that we can use to counter erosion from the high rainfall. That is important work that the stockpiles would provide. We, you know, we don't have that on the critical path.

It hasn't been any discussions on that Tonight, and again, we wouldn't anchor things around future milestones, we want to be constructive and move.

Towards resolution that feels.

With the medicine Cobre, Panama in the best interest of all stakeholders, the government of Panama that people with Panama capital to shareholders.

Having said that the stockpiles, we do think there's some good rationale to move forward.

You're providing that feed to the cycling plants at the tailings dam would give them an important source of material that we can use to cancer.

Cancer erosion from the high rainfall.

That is important work that the stockpiles would provide.

But we we don't have a debt on a critical path.

Constructive towards a resolution and engaging with government in that regard.

Tristan Pascall: We remain constructive towards resolution and engaging with government in that regard.

Next question comes from the line of Marshalls Hobby with Goldman Sachs. Your line is open.

Operator: Next question comes from the line of Marshall Farid with Goldman Sachs. Your line is open.

Operator: Next question comes from the line of Marcio Farid with Goldman Sachs. Your line is open.

Okay.

Good morning, everyone and congrats on getting a free on time.

Tristan Pascall: Thank you.

Marcio Farid: Thank you. Morning, everyone, and congrats on getting S3 on time and below budget. Yeah, my question is on, maybe to Ryan on the hedging strategy. Ryan, probably, it made more sense to be more active on hedging, you know, before you've done the actions related to, you know, refinancing, but also the streaming deal as well. Just wondering how we should think about it going forward as well now that the balance sheet is cleaner. What was the sort of strategy you're gonna be taking on the hedging program? Thank you.

[Analyst]: Morning everyone and congrats on getting S3 on time and below budget. My question is maybe to Ryan on the hedging strategy. Ryan, probably it made more sense to be more active on hedging before you took the actions related to refinancing, but also the streaming view as well. Just wondering how we should think about it going forward as well. Now that the balance sheet is cleaner, what was the sort of strategy going to be taking on the hedging program?

Whole bunch of.

My question is on maybe it's a write off on the on the hedging front did you write them probably it made more sense to be more active on the hedging you know before you take the <unk>.

The actions related to you know refinancing, but also the streaming deal as well just wondering how we should think about it going forward as well not the bullish it gets cleaner.

What what was the sort of sprouts and you're gonna be taken on the hedging programs. Thank you.

Okay.

[Analyst]: Thank you.

Thanks boss at Rowan.

Tristan Pascall: Thanks, Marcio. Ryan, can you take that?

Yes, Hi, Masha, yeah, absolutely <unk> seen three big tailwind from the balance sheet as fast as the stronger copper price. The second is the strong performance in history coming in on track at this stage under budget and then the third is the Royal Gold's treatment significantly adds to our liquidity and as a result of that that we haven't recently added.

Tristan Pascall: Thanks, Marcio. Ryan, can you take that quick?

[Analyst]: Yeah.

Ryan MacWilliam: Hi, Marcio. Absolutely. You've seen the three big tailwinds for the balance sheet. The first is the stronger copper price. The second is the strong performance at S3 coming in on track at this stage under budget. The third is the Royal Gold stream, which significantly adds to our liquidity. As a result of that, we haven't recently added additional hedges, either on the copper or gold side. We'll continue to monitor that month to month. Those hedges roll off as we get into this H1 of next year. Absolutely, the liquidity and stronger balance sheet gives us more flexibility in terms of planning for future hedging, noting our overarching goal is to be unhedged over time.

Ryan MacWilliam: Hi, Marcio. Yeah, absolutely. You've seen three big tailwinds for the balance sheet. The first is the stronger copper price. The second is the strong performance in S3 coming in on track and at this stage under budget. The third is the Royal Gold stream, which significantly adds to our liquidity. As a result of that, we haven't recently added additional hedges either on the copper or gold side. We'll continue to monitor that month to month as those hedges roll off as we get into this first half of next year. Absolutely, the liquidity and stronger balance sheet give us more flexibility in terms of planning for future hedging, noting our overarching goal is to be unhedged over time.

Additional hedges either on the copper or gold side, and we'll continue to monitor that month to month those hedges roll off as we get into this first half of next year.

But absolutely that.

Quiddity in stronger balance sheet that gives us more flexibility in terms of planning for future hatching 19, our overarching goal is to be unhedged overtime.

Great. Thank you that's helpful.

We're up on trying to appropriately.

Tristan Pascall: Great, thank you.

Marcio Farid: Great. Thank you. As a follow-up on Trident, obviously, seems like some progress has been made around the issue with the bolt, ball mill 2. But it seems like it's still doing a lot of long maintenance as well, right? Just wondering what's the path for a final solution around Trident and the ball mill 2, please. Thank you.

[Analyst]: As a follow up on Trident, obviously seems like some progress has been made around the issue with the ball mill number two, but it seems like it's still doing a lot of long maintenance as well. Right. Just wondering what's the path for a final solution around Trident and the ball mill number two, please.

Looks like some progress has been made their own niche with the bolt a multitude of mature.

But it seems like you're still doing a lot of our long maintenance as well right. So just wondering what's the path for a final solution or I'll try them and the bold new perpetual. Please thank you.

Thanks, Matthew Rudy will you take that one on the city issue.

Tristan Pascall: Thank you. Thanks, Marcia. Rudi, will you take that one on the fatigue issue? No problem.

Tristan Pascall: Thanks, Marcio. Rudi, will you take that one on the fatigue issue?

Hi, Marc Thanks.

Rudi Badenhorst: No problem. Hi, Marcio. Thanks. Most people have noticed, from the production results, we saw a steady increase on production from the second to the third quarter, which is a clear indication of how comfortable we are getting with the maintenance strategy around the ball fatigue on ball mill two, which really equates to something like 20 hours a month now. We are quite comfortable with the way we're handling it. We're working with the OEM to try and get to a final fix.

Rudi Badenhorst: Hi Marcia.

Tristan Pascall: Thanks.

I assume that's notices.

Rudi Badenhorst: As you would have noticed from the production results, we saw a steady increase of production from the second to the third quarter, which is a clear indication.

Following this.

The production results are sort of the steady increase in production from the second to third.

Third quarter was just this.

Any indication at all.

How comfortable we are getting with the the maintenance strategy at all.

Tristan Pascall: Of how comfortable we are getting with.

Rudi Badenhorst: The maintenance strategy around the bolt fatigue on Ball Mill 2, which really equates to something like 20 hours a month. Now we are quite comfortable with the way we're handling it. We're working with the OEM to try.

Oh.

Fatigue on ball mill too.

But it really equates to something like 20 hours a month now.

We are quite comfortable with the library and again, we're working with the OEM.

And try and get to a final fix we almost day and.

Tristan Pascall: Get to a final fix.

Rudi Badenhorst: We're almost there. As we continue into next year, we are happy to continue with our current maintenance strategy. We will come back to the market and give a clear, fulsome update once we have finalized the final approach for this. We certainly don't want to do any intermediate measures because we're quite comfortable with it.

Rudi Badenhorst: We're almost there, and as we continue into next year, we are happy to continue with our current maintenance strategy, but we will come back to the market and give a clear full set of updates once we've finalized the final approach for this ball mill. We certainly don't wanna do any intermediate measures because we're quite comfortable with the current maintenance strategy.

Uh huh.

We are continuing to into next year.

We are happy to continue without kind of maintenance, but.

But we will come back to.

To the market and gave them clear.

Fulsome update once we have finalized the final.

Our approach for this formal we sent them the.

Don't want to do any intermediate in Asia, because we are quite comfortable with our current maintenance strategy.

Tristan Pascall: The current maintenance strategy.

And again, if you would like to ask a question Press Star then the number one on your telephone keypad.

Operator: If you would like to ask a question, press Star, then the number one on your telephone keypad. Next question comes from the line of Myles Allsop with UBS. Your line is open.

Operator: Again, if you would like to ask a question, press star then the number 1 on your telephone keypad. Next question comes from the line of Myles Allsop with UBS. Your line is open.

Next question comes from the line of Myles Allsop UBS. Your line is open.

Yes.

Thank you maybe just.

Myles Allsop: Thank you. Maybe just on Cobre Panama, you're saying you're kind of working towards a fair outcome. How should we think about fair from a First Quantum perspective? Is that something broadly aligned with the previous license agreement? Do you think the government has a similar kind of expectation in terms of how value is shared as we go into these negotiations?

On Panama.

Tristan Pascall: Thank you. Maybe just on Cobre Panamá, you're saying you're kind of working towards a fair outcome. How should we think about fair from a First Quantum perspective? Is that something broadly aligned with the previous license agreement?

Panama, and you're saying you're kind of working towards a fair outcome, how how should we think about that from a quantum perspective is that something.

Broadly aligned with the previous license agreement and do you think the government.

Rudi Badenhorst: Do you think the government a.

Yeah, similar kind of expect in terms of how valuation it as we go into these two leases.

Tristan Pascall: Similar kind of expectation in terms of how value is shared as we go into these. Hi, Mark.

Yeah.

Hi, Marc Thank you Yeah look I think.

Tristan Pascall: Hi, Myles. Thank you. I think it's too early to get into that. I think, you know, first of all, we understand, you know, for example, the recent comments in Panama. The mineral resources, it's very clear ownership of those belong to the people of Panama. We, you know, we're absolutely willing to find a durable arrangement that deals with each of the stakeholders, that is the government and the people of Panama, and they need to see reasonable and tangible benefits coming from the mine. But also that it deals with, you know, the $10 billion investment that First Quantum has made into the country, and there's reasonable recognition on that basis.

Ryan MacWilliam: Thank you.

Tristan Pascall: Yeah, I think too early to get into that.

Too early to get into that.

We but I think.

Ryan MacWilliam: We.

First of all we understand for example, the recent comments in Panama. The mineral resources is very clear ownership always belong to the people of Panama, and we absolutely willing to find a suitable arrangement that deals with each of the stakeholders.

Tristan Pascall: I think, first of all, we understand, for example, the recent comments in Panama, the mineral resources, it's very clear ownership of those belong to the people of Panama. We are absolutely willing to find a durable arrangement that deals with each of the stakeholders, that is the government and the people of Panama, and they need to see reasonable and tangible benefits coming from the mine, but also that it deals with the $10 billion investment that First Quantum Minerals Ltd. has made into the country. There's reasonable recognition on that basis. We will look at those as the main principles and be constructive around any conversation. The timetable, from that we will take direction from the President and the Government of Panama as to when they're ready to commence.

The government and the people of Panama, and I need to see reasonable and tangible.

<unk> benefits coming from the mine.

But also that it deals with the.

The $10 billion investment at first quantum is made into the country and that's reasonable.

Recognition on that basis.

We will look at those as the main principles and deconstruct it around to any conversation that game title from from that.

Tristan Pascall: You know, we will look at those as the main principles and be constructive around any conversation. Again, the timetable from that, we will take direction from the president and the government of Panama, as to when they are ready to commence.

Type direction from the President and the government of Panama is.

So when they're ready to commence.

Yeah.

[Analyst]: Yeah.

Myles Allsop: Yeah. In terms of ramp up, how much capital, I presume there'll be quite a big working capital bill to get Panama back up to full operational level?

Ryan MacWilliam: And.

Uh Huh Patrick.

Tristan Pascall: Ramp up how much capital consumed. I presume there'll be quite a big working capital bill to get Panama back up to full operational level. Thanks, Myles. It broke up a little bit, but I think you were asking what does the startup and capital and working capital look like in the event that there is a positive outcome and resolution. As we go through the inspection process, there's been a lot of focus on that through the preservation and safe management plan now approved by the government. Dealing with corrosion, dealing with the situation on site. We're pleased in that the resolution to those corrosion issues has been fairly straightforward. It's really around man hours for welding, for painting, and to work our way through that.

Hum.

Yes.

I presume that the big working capital build to get them all back up to.

Full operational level.

Good thanks, Martha it broke up a little bit, but I'll take you asking what does the startup and capital and working capital look like.

Tristan Pascall: Yeah. Thanks, Myles. It broke up a little bit, but I think you were asking what does the startup and capital and working capital look like in the event that there is a positive outcome and resolution. Yeah, look, as we go through the inspection process, there's been a lot of focus on that through the preservation and safe management plan now approved by the government. So dealing with corrosion, dealing with the situation on site, we're pleased in that the resolution to those corrosion has been fairly straightforward. It's really around man-hours for welding, for painting, and to work our way through that. I think the team continues to do a good job in making sure that the main assets on, you know, the mills, the rope shovels remain long in good condition.

In the event that there is a positive outcome in resolution.

Yeah.

As we go through the inspection process is being able to focus on that through the preservation and safe management plan now approved by the government and.

And so dealing with corrosion dealing with the situation of thought we were pleased in that the resolution to those corrosion that's been fairly straightforward, it's really around man hour for welding for painting.

And to work our way through that I think music.

Team continues to do a good job of making sure that the mine has its own.

Tristan Pascall: I think the team continues to do a good job in making sure that the main assets on the mills, the ropes, shovels, remain long in good condition. Certainly we will need to repair some of those minor items. As that comes online, we'll understand the timetable more because inspection means that we will be able to open up and see areas. At this stage, we think that's something like six to nine months as we work through those issues. The timetable for that, we don't see major capital items in that regard. It will really be getting people back on site, getting supplies back on site that are the key drivers of that. That's largely around working capital to pay salaries and also to remobilize supply chains in order to get there.

The mills are the rope shovels remain.

In good condition, but certainly we will need to repair some of those those minor items and that and that comes online.

Tristan Pascall: Certainly we will need to, you know, repair some of those minor items. As that comes online, we'll understand timetable more because, you know, inspection means that, you know, we will be able to open up and see areas. At this stage, we think that's something like 6 to 9 months as we work through those issues. Again, you know, the timetable for that, you know, remains to be seen. No, we don't see major capital items in that regard, and it will really be getting people back on site, getting the supplies back on site, that are the sort of the key drivers of that. That's largely around working capital to pay salaries and also to remobilize supply chains in order to get there.

But what I'm, saying, Tom type of more because in inspection means that.

We will be able to open up and see areas, but at this stage, we think that something like six to nine months as we work through those issues.

But again the timetable for that.

We might see some no we don't see major capital items in that regard and it will really be.

Getting people back on so getting supply back on site.

<unk>.

Key drivers of that and that's largely around working capital our salaries and also to remark a lot of supply chain in order to get there.

Sure as we get closer to L. O re forecast at like January.

Tristan Pascall: I'm sure as we get closer to our reforecast at late January, we'll provide a clearer picture of what we see there, but also as we understand progress in Panama around resolution of this matter.

Tristan Pascall: I'm sure as we get closer to our reforecast at late January, we'll provide a clearer picture of what we see there, also as we understand progress in Panama around resolution of this matter.

A clearer picture of what we see there.

So we all understand progressing Panama around resolution of this matter.

Next question comes from the line of Lawson Winder with Bank of America. Your line is open.

Operator: Next question comes from the line of Lawson Winder with Bank of America. Your line is open.

Operator: Next question comes from the line of Lawson Winder with Bank of America. Your line is open.

Thank you operator, and Hello, Chris Iridium Ryan. Thank you for today's update I. Just you know if I could ask about L. A and I don't think that was something that was on everybody's single cart.

[Analyst]: Thank you, operator, and hello, Tristan, Rudi, and Ryan, thank you for today's update.

Lawson Winder: Thank you, operator. Hello, Tristan, Rudy, and Ryan. Thank you for today's update. I just wonder, you know, if I could ask about Çayeli. I mean, I don't think that was something that was on everybody's bingo card. So first of all, well done on extending the life to 2036. I mean, I think that's an extraordinary development. Also, as you think about longer term growth and the benefits for jurisdictional diversification, how would you characterize Turkey as a country in which to grow going forward, both in terms of the regulatory environment and the geological prospectivity?

Ryan MacWilliam: I just wanted to know if I.

[Analyst]: Could ask about Çayeli. I mean, I don't think that was something that was on everybody's bingo card. First of all, well done on extending the life to 2036. I mean, I think that's an extraordinary development. As you think about longer term growth and the benefits for jurisdictional diversification, how would you characterize Turkey as a country in which to grow going forward, both in terms of the regulatory environment and the geological prospectivity?

So first of all well done an unexplained in my life for 'twenty.

And I think that's an extraordinary development.

But also as you think about longer term growth and the benefits for our jurisdictional diversification, how would you characterize turkey as a country in which to grow going forward. Both in terms of the regulatory environment and the geological cross sell activity.

Awesome. Thanks for the question, Yeah look I think the team at <unk>.

Tristan Pascall: Lawson, thanks for the question. Yeah, look, I think the team at Pyhäsalmi have done a remarkable job here. The history is that certainly the mine was looking at end of life and then a lot of work over the last decade on exploration and the discovery of the southern ore body, which is very productive for it. It's improved ground conditions compared to the existing ore body. We still have more work to finish off in the existing ore body, and that gives us a very good transition period across to the new southern ore body. As we spelled out in the 43-101, we see life out to 2036. I think beyond that, that's been very well developed both by the local team in Finland, but also our exploration group working hand in hand. We do see that Turkey has those opportunities for exploration.

Tristan Pascall: Awesome. Thanks for the question. Yeah, look, I think the team at Çayeli's done a remarkable job here. The history is that, you know, certainly the mine was looking at end of life and then, you know, a lot of work over the last decade on exploration and the discovery of the southern ore body, which is very productive for us. It's improved ground conditions compared to, you know, the existing ore body. We still have more work to finish off in the existing ore body, and that gives us a very good transition period across to the new southern ore body. As we spelt out in the National Instrument 43-101, we see life out to 2036.

<unk> done a remarkable job here, but histories that.

Certainly the mine.

We're looking at at the end of law and then you know a lot of work over the last decade on exploration and the discovery of the sell the full body, which.

It's very productive fourth it's improved ground conditions compared to.

The existing ore body, we still have more work to finish off on the existing ore body that gives us a very good transition period across to the new our new southern orebody and as we spelled out in the 43 101 C life out to 2036 I think beyond that.

Tristan Pascall: I think beyond that, you know, that's been very well developed both by the local team at Çayeli, but also our exploration group working hand in hand. You know, we do see that Turkey has those opportunities for exploration. I would just, you know, frame those a little bit in that what we see is, you know, there's reasonable grade, but it's really around scale that we see challenged. Permitting and particularly an example like Çayeli, where there's an extremely good relationship with community and so on, and an established operation that's been one of the leading training grounds for technical capacity in the country, having run for, you know, many decades. It does set up a good basis in the country. Overall, you know, there is opportunity in Turkey.

That's been very well developed both by the local team of Charlie but also our exploration group working hand in hand, and we do see that Turkey has those opportunities for exploration I would just.

Primarily there's a little bit in that what we see is reasonable grade, but it's really around scale that we say challenge, but permitting and in particularly in the example of Chile with its an extremely good relationship with community and so on.

Tristan Pascall: I would just frame those a little bit in that what we see is this reasonable grade, but it's really around scale that we've seen challenged with permitting, and particularly an example like Çayeli, where there's an extremely good relationship with community and so on and an established operation that's been one of the leading training grounds for technical capacity in the country. Having run for many decades, it does set up a good basis in the country. Overall, there is opportunity in Turkey. It's just around questions of scale as to whether they really move the needle for a company like First Quantum Minerals Ltd.

And in established operation that they had one of the leading training grounds.

For technical capacity in the country, having run for many decades it does fit up.

Good basis in the country.

But overall.

There is opportunity in Turkey, it's just around the question of scale is to.

Tristan Pascall: It's just around questions of scale as to, whether they really move the needle for a company like First Quantum.

They really move the needle for a company like first one sir.

Okay understood. That's helpful perspective, if I could ask a follow up I.

Lawson Winder: Okay. Understood. That's helpful perspective. If I could ask a follow-up, I would love to ask about Taca Taca and, you know, the last technical report that you guys studied showed a project with very low capital intensity and, I mean, clearly there's been CapEx inflation in the industry. But, you know, perhaps, you know, can you give us a sense of how we could think about that CapEx intensity today? Would that be approaching global averages? Would it still be slightly below global averages? Then, when might First Quantum think to update that technical report?

Ryan MacWilliam: Okay, understood.

[Analyst]: That's helpful perspective. If I could ask a follow up, I would love to ask about Taca Taca.

Would love to ask about Taco Taco.

Hum.

Rudi Badenhorst: And.

Yes.

Last technical report that you guys studied showed a project with very low capital intensity.

[Analyst]: The last technical report that you guys studied showed a project with very low capital intensity. I mean clearly there's been CapEx inflation in the industry, but perhaps could you give us a sense of how we could think about that CapEx intensity today? Would that be approaching global averages? Would it still be slightly below global averages? When might First Quantum think to update that technical report?

I mean, clearly there has been capex inflation in the industry.

Alright.

You know perhaps.

Can you give us a sense of how we can think about that capex in quantity what day would that be a protein global averages would it still be slightly below global averages and then.

When my first quantum thing to update that technical report.

Thanks Lawson.

We were working on that at the more minutes must be around the engineering stage, we would like to have a 40, a technical report a 43 101 out at the end of this year early next year.

Tristan Pascall: Thanks, Lawson. We're working on that at the moment. It's mostly around the engineering studies. We would like to have a technical report of 43-101 out at the end of this year, early next year. We're dotting the I's and crossing T's on the engineering studies. Around that, there's been a lot of the drilling and the resource definition is well in hand. Also, in terms of the environmental and water permitting process, what the project looks like will define that final picture. We believe that those permits are in good order and they continue to move well in Salta province, and we look forward to receiving those in the near future. In terms of capital intensity, Taca Taca will remain competitive.

Tristan Pascall: Thanks, Lawson. We're working on that at the moment. It's mostly around the engineering studies. We would like to have a technical report of National Instrument 43-101 out at the end of this year, early next year. We're dotting the i's and crossing t's on the engineering studies around that. There's been a lot of, you know, the drilling and the resource definition is well in hand. Also around in terms of the environmental and water permitting process around what the project looks like will define that final picture. We believe that those permits are in good order and they continue to move well in Salta Province. We look forward to receiving those in the near future. In terms of capital intensity, Taca Taca will remain competitive.

We don't it can be all i's and crossing T's on the engineering studies around that.

There's been a lot of the drilling and the resource definition is willing hands.

But also around in terms of environmental water permitting process around what the project looks like.

Well defined that that final picture.

We believe that those payments are in good order and they continue to move well in.

And solve the problems.

We look forward to receiving those in the near future.

In terms of capital intensity Tech attack will remain competitive.

Sure.

Once we have that final picture in the 43 101, we would release data and make it very clear that the capital picture, but I think we we don't even see it evolving to the $30000.

Tristan Pascall: You know, once we have that final picture in the 43-101, we would release that and make it very clear that capital picture. I think we, you know, we don't see it evolving to the $30,000 per ton annualized capital intensity. You know, it will remain at a reasonable picture. Obviously, there's been some level of inflation, but we think that the project remains well in hand.

Tristan Pascall: Once we have that final picture in the 43-101, we would release that and make it very clear, that capital picture, but I think we don't see it evolving to the $30,000 per tonne annualized capital intensity. No, it will remain at a reasonable picture. Obviously, there's been some level of inflation, but we think that the project remains well in hand.

Per ton annualized capital intensity no.

It will remain at a reasonable picture, obviously, there's been some level of inflation, but we think that the project remains well in hand.

Our next question comes from the line of that Sony with CIBC. Your line is open.

Operator: Our next question comes from the line of Anita Soni with CIBC. Your line is open.

Operator: Our next question comes from the line of Anita Soni with CIBC. Your line is open.

Hi, Good morning, Chris and Ryan and Rudy.

Bonita To: Hi, good morning. Tristan, Ryan and Rudi. Most of the questions have been asked and answered, but I just have a couple of follow-ups. Could you just talk about inflationary pressures, if there are any in Zambia that you're seeing, and any offsets that you see, obviously such as the ramp up at S3? Can you just give us a context of what we should be thinking about going into 2026?

Anita Soni: Hi, good morning, Tristan, Ryan, and Rudi. Most of the questions have been asked and answered, but I just have a couple of follow-ups. Could you just talk about inflationary pressures, if there are any in Zambia that you're seeing and any offsets that you see, you know, obviously such as the ramp up at S3. Can you just give us a context of what we should be thinking about going into 2026?

Most of the questions have been asked and answered but I just have a couple of follow up. So can you just talk about inflationary pressure. If there are any in Zambia that you're seeing and any offsets that you see and you know obviously such as the ramp up that S. Three but Kevin can you just give us a context of what we should be thinking about going into place. Many thanks.

Thanks, and then Ron could you take that question on inflation.

Ryan MacWilliam: Thanks.

Tristan Pascall: Thanks, Anita. Ryan, could you take that question on inflation?

Tristan Pascall: Bonita, Ryan, could you take that question on inflation?

What we've seen in Zambia in terms of pushing costs up has principally been two things finding a high employee and maintenance costs and then secondly, we started this year with the quite share on 28 to the dollar more recently because of the strong fiscal reforms. The countries may ask up closer to 20 closer to the data. So that's pushed out costs up.

Bonita To: Yeah.

Ryan MacWilliam: Yeah. Hi, Anita. What we've seen in Zambia in terms of pushing costs up has principally been two things, slightly higher employee and maintenance costs. Secondly, we started this year with the kwacha around ZMW 28 to the USD. More recently, because of the strong fiscal reforms the country's made, that got closer to ZMW 20 to the USD. That's pushed our costs up. Conversely, the strong gold price, a strong gold production from Kansanshi has pushed our costs down, the net-net of those two has meant that we've narrowed rather than changing cost guidance. You know, we expect those similar dynamics to play out as we go through next year. You know, the S3, I mean, as we ramp it up, the early days of S3 is has higher costs because we're processing stock piles.

Ryan MacWilliam: Hi Bonita. What we've seen in Zambia in terms of pushing costs up has principally been two things: slightly higher employee and maintenance cost, and then secondly, we started this year with the kwacha around 28 kwacha to the dollar. More recently, because of the strong fiscal reforms the country's made, that got closer to 20 kwacha to the dollar. That's pushed our costs up. Conversely, the strong gold price, the strong gold production from Kansanshi has pushed our costs down. The net net of those two has meant that we've narrowed rather than changing cost guidance. We expect those similar dynamics to play out as we go through next year. You know, the S3, as we ramp it up, the early days of S3 has higher costs because we're processing stockpiles.

Conversely, the strong gold price struggle.

Our production for Ken Sanchez personnel costs down and the net net of those two has meant that we've not red rock.

Changing cost guidance and we expect those similar dynamics to play out as we go through next year and United three as we ramp it up the early phase of a three is.

Has higher cost because we're processing stockpiles and it's interesting to note is as you get into 2027, and we stopped putting southeast time all through it. That's when you really see the cost position improve and therefore, the positive impact on our cost position of the company.

Ryan MacWilliam: As Rudi noted, as you get into 2027 and we start putting Southeast Dome ore through it, that's when you really see the cost position improve and therefore the positive impact on our cost position as a company.

Ryan MacWilliam: As Tristan noted, as you get into 2027 and we start putting Southeast Dome ore through it, that's when you really see the cost position improve and therefore the positive impact on our cost position as a company.

Okay. Thank you and then just on Cobre Panama.

Bonita To: Okay, thank you. Just on Cobre Panamá, in terms of the timeline, thanks for all the color that you provided. I think Goris asked a little bit about the environmental audit and whether or not the negotiations can start. Is the timeline for a restart, you know, once it's all passed through Congress, still six to nine months or has that evolved at this stage?

Anita Soni: Okay. Thank you. Just on Cobre Panama, in terms of the timeline, thanks for all the color that you've provided. I think Orestes asked a little bit about the environmental audit and whether or not something the negotiations can start. Is the timeline for a restart, you know, once it's all passed through Congress, still six to nine months, or has that evolved at this stage?

In terms of the timeline. Thanks for all the color that you've provided and I think worst asked a little bit about the environmental audit and whether or not something negotiations can start is the timeline for a restart.

Once it's all paths or Congress still six to nine months or has that evolved at this stage.

Thanks, and I said, yeah, I think look.

Tristan Pascall: Thanks, Anita.

Tristan Pascall: Thanks, Anita. Yeah, I think, look, that's the best estimate that we have at this stage. As we go through inspection and detailed understanding on the preservation space management plan, as we open up areas, it may adjust, but that's the best estimate that we. That's really to get the 3 trains operating. It's important to note that, you know, optimization would take longer. Getting, you know, 100 million tons is a very large throughput and a lot of work to get there. You know, we qualify that to say optimization to the 100, you know, will take a level of refinement over a longer period. At this stage, 9 months seems reasonable based on what we know today. Again, you know, we need to go through the process with the government. That's not a straight line.

That's the best estimate that we have at this stage as we go through.

Ryan MacWilliam: I think, look, that's the best.

Tristan Pascall: Estimate that we have at this stage. As we go through inspection and detailed understanding on the preservation space management plan, as we open up areas, it may adjust, but that's the best estimate that we have. That's really to get the three trains operating. It's important to note that optimization would take longer. Getting 100 million tonnes is a very large throughput and a lot of work to get there. We qualify that to say, optimization to the 100.

Inspection and they tell them the standing of the preservation and safe management plan as we are.

Up areas at my adjusted that's the best estimate that we.

That's really to get the three trains operating is important to note that optimization would take long ago get it 100 million tonnes is a very large three important a lot of work to get there. So we qualify that to say optimizations of the 100.

Second level of refinement.

Rudi Badenhorst: Take a.

Along the period, but at this stage.

Tristan Pascall: Level of refinement over a longer period. At this stage, six to nine months seems reasonable based on what we know today. We need to go through the process with the government. That's not a straight line. There will be some ups and downs, but we've seen constructive progress in all of the concrete milestones that have been achieved this year. We need to keep working on public perception and certainly we'll follow the timetable provided by governments on the overall process.

Yeah, the six to nine months.

It seems reasonable based on what we know today.

You know.

We need to go through the process with the government that's not a strike line, though there'll be some ups and downs, but we've seen constructed program.

Tristan Pascall: There'll be some ups and downs. We've seen constructive progress in all of the concrete milestones that have achieved this year. We need to keep working on public perception, certainly we'll follow the timetable provided by governments on the overall process.

And all of the concrete milestones that are achieved this year, we need to keep working on public perception and certainly we will follow the timetable on about governments on the overall process.

And our last question comes from the line of Dalton Barreto with Canaccord Genuity. Your line is open.

Operator: Our last question comes from the line of Dalton Baretto with Canaccord Genuity. Your line is open.

Operator: Our last question comes from the line of Dalton Baretto with Canaccord Genuity. Your line is open.

Great. Thanks, operator, good morning, Chris and team. Thank you for taking my question Tristan I wanted to follow up on a comment you made in your prepared remarks, there around Panama, where I think you said that first quantum recognizes that the resources belong to the people of Panama.

[Analyst]: Great, thanks, operator. Good morning, Tristan and team. Thank you for taking my question. Tristan, I wanted to follow up on a comment you made in your prepared remarks there around Panama, where I think you said that First Quantum recognizes that the resources belong to the people of Panama, but that any agreement would need to recognize the $10 billion investment made. I'm just wondering, it sounds like there are being markers laid down in negotiating positions ahead of the actual official discussion kicking off. I'm just wondering are there background discussions happening around a potential framework and sort of defining what the non negotiables are ahead of actual official discussions with the President?

Dalton Baretto: Great. Thanks, operator. Good morning, Tristan and team. Thank you for taking my question. Tristan, I wanted to follow up on a comment you made in your prepared remarks there around Panama, where I think you said that First Quantum recognizes that the resources belong to the people of Panama, but that any agreement would need to recognize the $10 billion investment made. I'm just wondering, it sounds like there are being markers laid down in negotiating positions ahead of the actual official discussion kicking off. I'm just wondering, are there background discussions happening around a potential framework and sort of defining what the non-negotiables are ahead of actual official discussions with the president?

Without any agreement would need to recognize the $10 billion investment made and I'm. Just wondering it sounds like there are being Marcos laid down a negotiating positions ahead of the actual official discussion taking off and I'm. Just wondering are there background discussions happening around the potential framework.

Sort of defining what the non negotiable are ahead of actual official discussions with the president.

Yeah.

Yeah. Thanks Dalton.

So we were very.

Tristan Pascall: Yeah, thanks Dalton. Look, we, you know, we very. It's been pleasing progress so far this year in terms of the concrete milestones that have been achieved on the preservation safe management plan and so on, and certainly around those there is conversation with the government on preservation and safe management plan around bringing in feedstock for the power plant, you know, the technical issues around these topics. There are discussions at that level. We welcome the environmental audit now, the comprehensive audit to be done by SGS Global, and that's commencing now as we understand, and certainly that will take a lot of work from our side, but we're ready to provide all information and to comply with that audit fully and to go through that with the environmental authorities, with the selected independent expert there in SGS Global.

Tristan Pascall: Yeah, thanks, Dalton. look, we, you know, we're very, you know, it's been pleasing progress so far this year in terms of the concrete milestones that have been achieved on the preservation safe management plan and so on. Certainly around those there is conversation with the government on the preservation and safe management plan around bringing in feedstock for the power plant, you know, the technical issues around these topics. There are discussions at that level. We welcome the environmental audit now, the comprehensive audit to be done by SGS, and that's commencing now, as we understand.

It's been pleasing progress so far this year in terms of the concrete.

Milestones that have been achieved and the preservation SEC management plan and song and Sydney around.

They there is conversation with the government on preservation and safe mentioned plan around bringing in feedstock for the power plants.

Technical issues around these topics.

Broad discussions at that level, we welcome.

The environmental order now the comprehensive order to be done by FCS and that's commencing now as we understand and certainly that will take a lot of work from our side, but we are ready to provide all the information and to comply with that audits Felipe and to go through that.

Tristan Pascall: Certainly there, you know, that will take a lot of work from our side, but we're ready to provide all information and to comply with that audit, fully and to go through that with the environmental authorities, with the selected, you know, independent expert there in SGS. All of those form a framework around, you know, which conversations, and feedback, is in process. You know, more broadly, no, there is no formal conversation. We're waiting for that timetable to come from government. Once the president and so on provide that timetable, we will be constructive. In terms of those royalties that was bringing, just to point out, you know, we understand that criteria certainly because we were paying royalties before.

The environmental authorities with the selected.

Independent expert in STS all of those for a framework around.

Tristan Pascall: All of those form a framework around which conversations and feedback is in process. More broadly, there is no formal conversation. We're waiting for that timetable to come from government that once and so ontable we will be constructive in terms of those royalties. Just to point out, we understand that criteria certainly because we were paying royalties before. Those royalty payments do recognize that it is the people of Panama that own the resources, and we understand that that's important in terms of the profile of the mine and the profile extraction in Panama.

Which conversations and.

And feedback.

He is in process, but more broadly no.

No I phone conversation are we waiting for that timetable to come from government.

And so on.

Table will be considered.

In terms of those royalties.

Point out we understand that criteria, certainly because we would I'm royalties before those royalty payments do recognize that it is the people of Panama and the resources and we understand that that's important in terms of the profile of <unk>.

Tristan Pascall: Those royalty payments do recognize that it is the people of Panama that own the resources, and we understand that that's important in terms of the profile of the mine and the profile of extraction in Panama.

The mine and the profile of extraction in Panama.

Great. Thank you for that attrition and then just one follow up if I may.

[Analyst]: Great, thank you for that, Tristan. Just one follow up for me. If, and let's say when, Cobre Panamá is back up and running again and looking at what you're doing at the rest of your portfolio in terms of partnering in JVs and so on, is it your intention to bring on another partner there in addition to Franco and the Koreans? I mean, even getting the Koreans to re-up their stake, or are you happy with the way things are?

Dalton Baretto: Great. Thank you for that, Tristan. Then just one follow-up from me. If and let's say when Cobre Panama is back up and running again and looking at what you are doing at the rest of your portfolio in terms of partnering in JVs and so on, is it your intention to bring on another partner there in addition to Franco-Nevada and the Koreans? Even getting the Koreans to re-up their stake, or are you happy with the way things are?

If and let's say win Cobre, Panama is back up and running again and looking at what you're doing.

The rest of your portfolio in terms of partnering and J B's and so on.

Is it your intention to bring on another partner there in addition to Franco and the Koreans I mean, even getting the Koreans to re up their stake or are you happy with the way things are.

Delta and I think it's.

Tristan Pascall: Yeah, Dalton, I think it's, you know, we need to go step by step with the Government of Panama. I think it's too early to get into that. It's not something we're looking at at this time. We're just working our way through each step as they present. Their focus at the moment is the preservation safe management plan, the restart of the power plant, the environmental audit. That's right on us now, and certainly we're waiting, we're ready for conversation to happen when, you know, at the timetable to be chosen by government. It's too early to get into those areas at this stage.

Tristan Pascall: Yeah, Dalton, I think it's we need to go step by step with the government of Panama. I think it's too early to get into that. It's not something we're looking at at this time. We're just working our way through each step as they present. Our focus at the moment is the preservation and safe management plan, the restart of the power plant, the environmental audit that's right on us now. Certainly we're waiting. We're ready for conversation to happen when at the timetable to be chosen by government. It's too early to get into those areas at this stage.

And we need to go step by step with the government of Panama I think it's too early to get into that it's not something we're looking at at this time, we're just working our way through.

Each step as they present their focus at the moment is the preservation of site management plan. The restart of the power plant environmental orders, that's right on US now and should we Whiting, we're ready for conversation to happen when it does.

It's the Palm Beach.

Be chosen by governments, it's too early to get into those.

Those areas at this stage.

That concludes the question and answer session I would like to turn the call back over to Ara C E O Tristan Pascoe for closing remarks.

Operator: That concludes the question and answer session. I would like to turn the call back over to our CEO, Tristan Pascall, for closing remarks.

Operator: That concludes the question and answer session. I would like to turn the call back over to our CEO, Tristan Pascall, for closing remarks.

Thanks, operator, and thank you everybody for joining the call.

Tristan Pascall: Thanks, operator. Thank you, everybody, for joining the call. Should you have any additional questions, please don't hesitate to contact us. Thank you again. I would like to wish everybody well for the remainder of the year. Thank you and goodbye.

Tristan Pascall: Thanks, operator. Thank you everybody for joining the call. Should you have any additional questions, please don't hesitate to contact us. Thank you again. I would like to wish everybody well for the remainder of the year. Thank you and goodbye.

Should you have any additional questions. Please don't hesitate to contact us. Thank you again, and I would like to wish everybody well for the remainder of the year. Thank you and goodbye.

Ladies and gentlemen that concludes today's call. Thank you all for joining and you may now disconnect.

Operator: Ladies and gentlemen, that concludes today's call. Thank you all for joining in. You may now disconnect.

Operator: Ladies and gentlemen, that concludes today's call. Thank you all for joining in. You may now disconnect.