First Quantum Minerals Ltd.

Thank you for standing by. My name is Carly and I will be your conference operator today. At this time, I would like to welcome everyone to the first Quantum Minerals Q4 2025 results conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. 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, press star one again. Thank you. I will now turn the call over to Ms. Benita To, Director, Investor Relations, and Capital Markets. 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 Paschal, our Chief Executive Officer, Ryan McWilliam, our Chief Financial Officer, and Rudy Battenhorst, our Chief Operating Officer. And with that, I will hand the call over to Tristan for opening remarks. Thank you.

Thank you, Benita. And thank you, everybody, for joining us today. to discuss our fourth quarter and year end results. We entered 2025 with four clear priorities and our steady delivery on these throughout the year has now positioned us well for a strong 2026. Firstly, we set out to strengthen our balance sheet and enhance our financial flexibility. And this was achieved through the support of our investors in a series of bond transactions that extended the company's debt maturities, and reduced our cost of capital. Additionally, we completed a $1 billion streaming transaction with Royal Gold that also represents the largest US corporate investment in Zambia to date. Our hedging program, which we put in place in 2024, fulfilled its intended role as risk mitigation on which Ryan will speak in his financial review. Our next priority, safe and productive operational performance, remains a continued focus, and the company achieved its 2025 production targets, which Rudy will cover in his operational review. Also a priority in 2025 was the execution and delivery of the S3 expansion project at Consanchi. I'm very pleased with our progress at S3, which achieved a major milestone with the declaration of commercial production last December. And I will speak in more detail on this towards the end of my prepared remarks. Our fourth priority continues to be achieving a long-term resolution for Cobra Panama. Whilst we await the start of formal discussions with the government of Panama on this matter, we have made meaningful progress on the preservation and safe management plan to ensure the assets remain in good condition and the site is safely and well environmentally managed. During the fourth quarter, Unit 2 at the power plant was successfully hot-commissioned and synchronised to the grid. The unit achieved its full design capacity of 150 MW output in December, reflecting the effectiveness of the maintenance program undertaken at site over the past two years. The plant is currently operating steadily at an average output of around 120 MW, consistent with the site's power requirements and broader national grid demand. The remaining unit, Unit 1, moved into commissioning in early February and is performing according to expectations. Subsequent to quarter end, in January, the President of Panama announced that the government would approve the removal, processing and export of stockpiled ore at Cobra Panama. It is important to emphasise that processing of the ore stockpiles a restart of mining operations and processing of this material is intended to address environmental and operational risks linked to the long-term stockpile storage, such as acid rock drainage, while also supplying necessary material for reinforcement of our tailings management facility. We continue to await formal approvals. However, on a preliminary basis, we expect that processing of the stockpiles could begin roughly three months after receiving one year to complete. From the stockpile, we estimate production of approximately 70,000 tonnes of copper, and this activity would support the costs of ongoing asset and environmental management at the mine. We are pleased with the government's decision to authorise the processing of the stockpiles. Alongside allowing proper environmental stewardship, this will generate significant income for the country and create jobs for over 1,000 additional Panamanians. along with broader indirect employment across local procurement, such as equipment supply, transportation, logistics, camp and food services. We continue to await the formal approvals for removal and processing of the stockpiles, which will be carried out in close coordination with the government of Panama and in full compliance with our preservation and safe management plan. It is important to reiterate The resources at Cobra Panama belong to the people of Panama. We remain committed to dialogue to achieve an amicable and durable resolution of the mine for the country and the Panamanian people. In parallel, the integral audit conducted by SGS commenced in the fourth quarter. Our team in Panama continues to cooperate fully with the audit, providing all We welcome the audit and we are confident that it will confirm that Cobra Panama has always operated at the highest environmental standards. The integral audit is expected to be concluded in April 2026. Separate to the integral audit and as part of our ESI obligations, the authorities continued with the statutory biannual audits of Cobra Panama's compliance. We are pleased to share that the most recently published audit achieved 100% compliance. The latest external order field phase was completed in November and we expect a final report during the first quarter. I will now pass the call to Rudy for his operational review.