First Quantum Minerals Ltd.

Welcome to the first Quantum Minerals Limited first quarter 2025 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 To, Director, Investor Relations. Please go ahead.

Thank you, Operator, and thank you, everyone, for joining us today to discuss our first 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 Pascal, our Chief Executive Officer, Ryan McWilliam, our Chief Financial Officer, and Rudy Badenhorst, 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 us today on our first quarter update. It's been an eventful period since our Q1 results. Uncertainty from shifting trade policy has increased concerns about global growth. While there is not a material direct impact on our business from the tariffs and we continue to see strong physical demand for copper in the current market, the potentially weaker outlook for global growth reinforces our focus on lean and safe operations and continuous work to strengthen the balance sheet and drive cost and capital disciplines. Since November 2023, we have taken deliberate and strategic actions to safeguard our business and protect the long-term growth of the company in a potential scenario of a significant slowdown. This included a $500 million copper prepay agreement in February of last year, And we are pleased to announce with our first quarter results that we have supplemented this agreement with another three-year term for an additional $500 million copper prepay. During the quarter, we also successfully completed an additional US $1 billion note offering that allowed us to retire a portion of our 2027 notes. We also implemented a copper hedging strategy that we have actively over a year. Additionally, our meaningful gold production from Consanchi and Guelm-McRaine will also act as a natural hedge in a potential broad downturn. Whilst our financial initiatives are important actions in building our resilience, the strength of the company's business has always been with the quality of our assets. This is embedded in the culture of First Quantum, from overseeing construction and expansions right through to lean and safe production. The company has consistently demonstrated our ability to deliver strong results through our consistent track record in operational excellence and continuous improvement. And we remain on track for 2025 for continued safe productivity in Zambia, to which Rudy will cover in his operational review. In Panama, the country made progress on social security reform during the first quarter and passed legislation on March 18th. As well, President Molina made public comments that he will approve the shipment of the copper concentrate and the restart of the power plants. Whilst we continue of these approvals, with the President's public comments, we engaged in constructive arbitration discussions with the government's legal counsel. On April 2nd, the company terminated its ICC arbitration and suspended the FTA arbitration. and we are committed to engaging with the government and the people of Panama on resolution for the Cobra Panama mine. In the meantime, the company continues with its public outreach within the country on the benefits of the mine. Cobra Panama remains an important and strategic resource of copper, which is a critical metal for the renewable energy transition and ongoing upliftment in developing economies. The mine has always operated in an environmentally and socially responsible manner and has the potential to employ over 5,000 additional Panamanians and create over 40,000 direct and indirect Panamanian jobs. Cobra Panama was purchasing approximately $20 million per week from Panamanian companies and would have provided over $500 million in taxes royalties and social securities to the country. Since the suspension of operations in November 2023, as ordered by the previous government, the country of Panama has lost over $750 million in accumulated contributions to governments and $1.5 billion in expenditures with local companies. I would like to reiterate that the company is committed to a fair and transparent process towards an equitable resolution for COVID-19 in Panama, the country of Panama and its people. Onto Zambia. Whilst the rainy season brought steady rainfall, the reservoir levels at Lake Kariba currently remain at relatively low levels, and a return to normal hydroelectricity power generation will take time. As such, the company continues to proactively manage supplementary power arrangements and has sufficient import arrangements in place until the end of 2026 to cover 60% of the power needs of our Zambian operations. including the Consantius III expansion. With our first quarter results, I am pleased to share that Mr. Peter Buzzi and Ambassador Brian Nichols have been nominated to be appointed at our upcoming Annual General Meeting in May. Mr. Buzzi brings with him over 25 years in capital markets experience, whilst Ambassador Nichols, previously served as the United States Assistant Secretary of State for Western Hemisphere Affairs, with over 35 years of experience in international relations, crisis management, and trade development across Latin America, Africa, and Asia. I would also like to personally thank Andrew Adams and Joanne Warner, who will both be retiring at WGM. With that, I would like to hand the call over to Steve to review the operations.