First Quantum Minerals Ltd.

Hello and welcome to the first Quantum Minerals Q2 2025 results conference call. All lines have been placed on mute to prevent any background noise. Today's conference is being recorded. After the speaker's remarks, there will be a question and answer session, and if you would like to ask a question during this time, please press star 1 on your telephone keypad. I would now like to turn the conference over to Benita To, Director of Investor Relations. You may begin.

Thank you, operator, and thank you, everyone, for joining us today to discuss our second 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 that all dollar references are in U.S. dollars unless otherwise noted. On today's call are Tristan Paschall, 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 us today for our quarterly earnings update. At the beginning of the year, we set forth our key priorities for 2025, moving towards resolution in Panama, ongoing proactive management of our balance sheet and liquidity position, safe and productive operational performance, and the delivery of the S3 expansion project at Kinsanchi. I'm pleased that we have made meaningful progress in these priorities during the second quarter. At Cobra Panama, the Government of Panama approved the Preservation and Safe Management Program, which is an important step forward in our ongoing responsible environmental stewardship of the mine. At the Consangie S3 expansion project, we fed first ore into the comminution circuit at the end of the second quarter, and the project remains on budget and on schedule. As we near completion, cash spending is expected to decline as we have now passed the peak of capital expenditure on S3. Whilst our copper production was lower quarter over quarter at our Zambian operations, Production is expected to be stronger in the second half of the year, and we remain on track to achieve our 2025 guidance, which Rudy will review in more detail during his operational overview. During the quarter, the company took further steps to strengthen its near-term liquidity through the initiation of new gold hedges. This move takes advantage of strong prevailing market prices for a portion of our gold production, providing added protection for the balance sheet as the Consanti S3 expansion project ramped up the design capacity. We continue to evaluate additional initiatives to enhance our financial flexibility and further reinforce our balance sheet, which Ryan will address in more detail during his financial overview. Additionally, we have identified a new expiration opportunity in near-surface gold zone occurrences at Consanche, and our test work to date, albeit preliminary, is yielding promising results, which I will speak more later on in the call. During the quarter, after constructive discussions with the Government of Panama, it was pleasing to receive formal approval of the Preservation and Safe Management Program for the Cobra Panama mine. The implementation of the PNSM plan is now underway under the oversight of a multidisciplinary team of regulatory officials. As part of the program, the first shipment of concentrate was completed in late June and subsequently vessels number two and three shipped earlier this month of July. We expect to complete the fourth and final vessel shipment in coming days. During the export process, we have worked in close collaboration with government representatives as well as nearby communities in order to enhance transparency and communication, and the concentrate was loaded and exported safely without incident. The proceeds generated from the sale of the concentrate are earmarked to fund procurement with our local suppliers and local employment in Panama as part of the PNSM plan implementation and the ongoing environmental stewardship of the mine. The PNSM plan approval also authorises the reactivation of Cobra Panama's power plants. All necessary licences and permits are in place and we have commenced preparation work for the restart including pre-commissioning inspections. The restart of the power plant is anticipated for the fourth quarter of this year. Separate to the P&SM plan, the tenth external environmental audit was completed in March and a final report was submitted to government in April. These audits are conducted by the regulator and local consultants in Panama with the support of international experts. Additionally, community members participated as observers during the field phase, reinforcing transparency and stakeholder engagement. I am pleased to share that the audit found zero environmental non-compliances. The 11th external environmental audit began in June and the final report is expected in the coming months. Additionally, the company conducted a comprehensive site-wise corrosion inspection audit of all major structures with an external team of international experts, and we are also awaiting a final report from this work. On to power in Zambia. And whilst Lake Kariba levels are recovering following a stronger rainy season, power restrictions do remain in effect in Zambia. Our operations, however, did not experience any power disruptions due to our import contracts. Nevertheless, we continue to work on medium and long-term power security for our Zambian operations and to support electricity availability in the country. During the quarter, the company entered into a 10-year agreement with Africa Green Co. for the supply of solar power from the Chisamba Solar PV project, which will provide a minimum of 25 megawatts of baseload power for the company, whilst the remainder will be made available to other Zambian customers. The project was inaugurated by the President of Zambia on June 30, 2025, and represents a key milestone expanding the country's renewable power generation capacity. Additionally, the company continues to advance grid stability work streams in partnership with ZESCO to support growing industrial demand in the Northwest Province. These efforts are critical to enabling large-scale integration of new renewable power resources and ensuring long-term grid resilience. With that, I will now turn the call over to Rudy for his operational review. Thank you, Tristan.