First Quantum Minerals Ltd.

Thank you for standing by. This is the conference operator. Welcome to the first Quantum Minerals Limited fourth quarter results conference call. As a reminder, all participants are in listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star then 1 on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star then 0. I would now like to turn the conference over to Benita Togue, Director, Investor Relations. Please go ahead.

Thank you, Damien, and thank you, everyone, for joining us today to discuss our fourth quarter results. During the call, we will be making forward-looking statements. 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 U.S. dollars unless otherwise noted. On today's call will be Tristan Pascal, our Chief Executive Officer, with opening remarks, followed by Rudy Battenhorst, our Chief Operating Officer, who will provide an overview of our operations during the quarter. Ryan B. Gilliam, our Chief Financial Officer, will follow with a review of financial results, and then Tristan will wrap things up. after which we will open up the lines for Q&A. With that, I will now turn it over to Tristan. Thanks.

Thank you, Benita, and thank you, everybody, for joining us on our conference call today. I'm pleased to be able on the call today to speak to you about our fourth quarter and year-end 2022 results and also provide you with an update on our discussions in Panama and on our brownfield projects. 2022 can be characterised as a very volatile year that saw large fluctuations in commodity prices, input costs and interest rates as the wider global economic mood shifted from recovery after the pandemic to concerns of a major recession. Despite these challenges, net debt at first quantum reduced by $361 million during the year, bringing the net debt level down to $5.7 billion and total debt to $7.4 billion. as of December 31st, 2022, to which Ryan will talk to more later in the call. It was also pleasing to see operational improvements continue into the fourth quarter of last year, which Rudy will review. But before I hand over to Rudy for operational highlights, there are a few items that I would like to discuss. On Panama, I want to provide a brief update on development since our call last month. In short, the situation remains fluid However, we continue to make progress. I remain confident that we will achieve a refreshed agreement which will be to the benefit of the country and will support the long-term operations of the Cobra Panama mine. Engagement continues with the Government of Panama and drafting towards an agreement is making steady headway regarding the long-term future of the operations. However, in the short term and until an agreement is finalised, I do expect the pressure being applied to First Quantum by the Government will increase. The Government has chosen to add pressure to the situation through a series of escalating regulatory hurdles for the operations. We think these steps are unnecessary and First Quantum and MPSA, our subsidiary in Panama, both remain committed to coming to an agreement with the Government of Panama on reasonable and fair terms. As we have said, we are and have been prepared to meet and in part exceed the objectives that the government outlined last year related to revenues, environmental protections and labour standards. This includes a minimum payment of $375 million per year in government income comprised of corporate taxes and a profit-based mineral royalty of 12% to 16% with downside protections that are aligned with the government's position. We continue to seek durability in the agreement, which includes reasonable protections against early termination. Absent these conditions, the agreement would be vulnerable to future renegotiations, which would be unfair to all stakeholders, including our investors, local partners and workers of Cobra Panama, but also the reputation of the country. Last week, we reported that concentrate shipments had been suspended from the Cobra Panama mine due to a requirement by the Panama Maritime Authority to have our scales recalibrated at the port. I want to emphasise that the scales were measuring accurately and are backed up by the final draft surveys of the vessels and that the Maritime Authority had previously accepted the internationally accepted certifications that we had submitted. Nonetheless, MPSA complied with the Maritime Authority's new requirements. We had the scale recalibrated and submitted the certification but a few days later the Maritime Authority rejected that. MPSA is challenging this decision and at the same time working to find another accredited certification company that the government will accept. If the government does not allow us to restart shipment shortly we will likely run out of storage capacity for our concentrate on site and be forced to stop operations at the mine. We have alerted the Maritime Authority the relevant authorities and the government of this fact. The action may be a negotiation tactics in our view, but it also threatens real world consequences for everybody who has a stake in Cobra Panama and the broader Panamanian economy. We very much hope the situation will not come to this. Stopping operations would be to the detriment to Panama, the mines, employees, suppliers and the broader Panamanian economy. We are taking all necessary measures to avoid this outcome, given the progress that both parties have made to date in discussions. Moving on to the rest of the business, alongside our fourth quarter results, we have also published our second TCFD aligned climate change report. This sets out our strategy for managing the risks faced by our business to climate change, but also the opportunities that are expected to arise in the global transition to renewable power. Metals that we mine will be vital for the world to meet climate goals. I would also like to take this opportunity to congratulate our teams in Zambia and in Panama who received recognition during the quarter for their sustainability work. In Panama, our National School Support Program, which feeds over 5,000 children every day, was recognised by the government in Panama and the United Nations. And in Zambia, our colleagues received a number of awards at the annual National Conference on Occupational Health, Safety and the Environment, including Best Performer in Local Content for Kinsanchi Mine and Best Performer in Environmental Management at the Trident Facility. We're saddened by the recent earthquake in Turkey and we offer our condolences to all those affected. While our Chayeli mine was not located near the epicentre of the earthquakes, Some of our colleagues have family members in the affected areas and our thoughts go out to them at this very difficult time. I would like to thank two of Chayeli's rescue teams who have travelled to the affected areas and have been actively assisting the authorities with the rescue and recovery efforts. These teams have now returned to Chayeli after a week on the ground in the affected areas. We are full of admiration and pride for the efforts which saved several lives from the rubble and also helped many families come to time come in a time of their great grief. Like many in Turkey, they are exhausted physically and psychologically, and we will support them over the coming period. Lastly, it is with deep regret that we announce the death of one of our colleagues in an accident at the central operations earlier this month. I would like to extend my deepest sympathies to the family and friends of our colleague. Another colleague was seriously injured in the incident and medically evacuated and we are providing the support to him and his family. I would like to thank our site emergency response team who responded immediately and worked hard to assist our colleagues in the accident. Safety and health of our workforce is our top priority. This includes providing all necessary support for both our employees and their families during this difficult time. Investigations both external and internal are still underway and we are committed improve health and safety practices from this incident. With that, I would like to hand it over to Rudy to review our operations.