First Quantum Minerals Ltd.

Thank you for standing by. This is the conference operator. Welcome to the first Quantum Minerals LTD fourth quarter 2023 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 zero. I would now like to turn the conference over to Bonita To, Director of Investor Relations. Please go ahead.

Thank you, operator, 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 in U.S. dollars unless otherwise noted. On today's call are Tristan Pascoe, our Chief Executive Officer, Ryan McWilliam, our Chief Financial Officer, and Rudy Battenhorst, our Chief Operating Officer. And with that, I will turn the call over to Tristan for opening remarks.

Thank you, Benita. and thank you everybody for joining our conference call today to discuss our fourth quarter results. Financial and operating results in the fourth quarter last year were significantly impacted by the situation in Panama. As such, the quarter was challenging, not just for First Quantum but for our investors and our stakeholders in Panama, particularly our workforce, the local communities around us and our suppliers. However, we have a plan in place to address the challenges thrown up by the circumstances in Panama, focused on delivering the future positive cash flows from the Consanche S3 expansion, which will provide us the necessary time and space for resolution of Cobra Panama. We have made good progress on our balance sheet initiatives to deliver this plan, such as our announcement yesterday on a $500 million copper prepay. We are also well advanced in discussions with our lenders, and we will keep the market up to date on our progress. I will start today's call with an update on the current situation in Panama, followed by an operational update by Rudy. We will keep these updates brief, as understandably the focus is on our balance sheet initiatives, which Ryan will review in detail. I will then close the call with our progress on the Constanti S3 expansion project, before opening up the lines for Q&A. On our last conference call in October, our refreshed concession contract for the Cobra Panama mine had successfully been passed into law and published in the Official Gazette. Soon thereafter, however, civil unrest gained momentum in the country with road blockages and protests against the government and also the mining contract. The road blockages impacted people and businesses across the country and also at Cobra Panama. as illegal blockades at the port prevented deliveries of essential supplies for our power plant and eventually forced the mine to ramp down and stop production. The blockades also prevented the shipment of concentrates, to which both Rudy and Ryan will speak to shortly. On Panama Independence Day, November 28, after four days of deliberation, the Supreme Court in Panama declared Law 406 unconstitutional. This was then followed by announcement on December 19 by the Minister of MISI that a temporary phase of environmental preservation and safe management would be established until June 2024 whilst planning audits and review activities are undertaken. This period will take us into the next administration in Panama with elections across the country to be held in May this year and a new president taking office in July. In addition, the Minister noted that it could take up to two years to plan and perhaps 10 years or more to implement the measures required following the abrupt halt to operations at Cobra Panama. In early January, the company and MISI had discussions related to a formalised preservation and safe management program and the associated costs. At the government's request, we submitted our initial plan to address these critical activities on January 16. As part of this plan, we've proposed the sale of the concentrate on site to fund the initial phase of this critical environmental stability work, estimated at around $15 to $20 million per month. And we currently await a response from MISI on this plan. There is currently no mining activity at Cobra Panama. However, blockades around the mine have dissipated, allowing for the delivery of critical supplies for the environmental stewardship of the asset. We have also commenced international arbitration processes including notification under the Free Trade Agreement between Canada and Panama and with the International Chamber of Commerce's International Court of Arbitration relating to the 2023 concession contract. That being said, arbitration is not our preferred outcome and we continue to engage in constructive communication with the government as we remain committed to Panama and being a part of a long-term solution that delivers the best outcome for the country and Panamanians. As we navigate through this period of preservation and safe management at Cobra Panama, I want to reaffirm that our commitment to the environment is at the forefront. Cobra Panama has always operated under best-in-class environmental management and remains committed to this responsibility on a transparent basis, particularly with regards to tailings and water management. At all our mine sites, we implement best practices and adhere to stringent international standards to minimize our ecological footprint and preserve and restore the natural surroundings. Similarly, our reforestation efforts at Cobra Panama are also world-class and contribute to the livelihoods of many Panamanian farmers. We do acknowledge that we need to improve our broad-based communications, and we have made it a priority to address perceptions of mining by the public of Panama. This includes media campaigns to dispel the misinformation and fake news that gained traction at the close of last year, as well as direct engagement through tours to the mine site for government officials, civil society organisations and community members on an open and transparent basis to demonstrate our best-in-class environmental standards and the benefits of the mine to the country. Panamanians are curious about the mine with almost half of the people recently polled expressing an interest in visiting to understand more about copper mining. And so yesterday we launched the Cobra Panama Visitors and Citizen Participation Program. We look forward to welcoming some 3,000 people per month who want to learn more about this world-class project that is a huge part of the lives and economy of thousands of citizens and which is also a much-needed contributor to both the global renewable energy transition and to electrification in developing countries around the world. As we continue with our campaigns to inform the Panamanian people about the mine, we are seeing new space begin to open up in Panama, in which a reasoned debate about the role of mining in the economy and society is increasingly possible. I would now like to hand the call over to Rudy, who will provide an update on operations.