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 Q1 2026 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 1 again. Thank you. I would now like to turn the call over to 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 first 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 Pascal, 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 to discuss our first quarter results. 2026 has begun with important progress milestones at First Quantum, including strong performance above design capacity at the new Consanti S3 sulfide processing circuit, as Rudy will later discuss in more detail. However, this is against the backdrop of heightened global macroeconomic uncertainties. driven by ongoing conflict in the Middle East and its implications for critical global supply chains. We are seeing the impact of direct and indirect pressures on our cost structures as a result, particularly in relation to prices for some of our major inputs such as fuel, but also from the Kwacha exchange rate in Zambia. Ryan will speak more on these cost impacts later. As fuel supply from the Middle East has become increasingly uncertain, our priority is to safeguard the continuity of our operations in this challenging environment. This has required rigorous monitoring and planning, and the team has been proactive in enhancing our fuel sourcing strategies. These actions include securing alternative supply routes, building contingency inventories, and site initiatives to identify and implement fuel savings. consume approximately 320 million litres of diesel annually and we currently have sufficient diesel at site to support at least two months of operations and through active monitoring and careful supply management we expect to extend coverage beyond this time frame. Based on these precautions we believe fuel supply can be actively managed to avoid any impact on production. At our operations, we are prioritising measures that can be readily deployed without compromising future production. These initiatives include stricter operational disciplines on truck haul routes, on idle of fuel burn rates, and on rationalising non-frontline equipment. For example, we are addressing placements of in-pit fuel boughs to reduce travel distances to refuel. These actions complement the existing innovations that have been applied across our operations that not only drive tangible improvement in cost, safety, and productivity, but also fuel efficiency. These are not pilots or concepts. They are technologies operating at scale and delivering measurable outcomes. We have highlighted a number of them in our quarterly presentation, including in-pit crushing and conveying, the recently commissioned rail run conveyor, as well as the electrification of our fleet and the extensive use of trolley assist, which put all together greatly reduced the fuel intensity of our operations. Sulphur supply has also been directly impacted by the Middle East tensions and further exacerbated with export restrictions from sulphur originating countries, including Zambia. The current environment underscores the strategic value of our smelter at Kasanchi, which is a significant regional producer and generated approximately 1.1 million tons of sulfuric acid in 2025. Almost all of it was consumed onsite in our leaching circuits for cathode production. We are currently self-sufficient on sulfuric acid. However, we expect to be potentially in a surplus position by the end of the second quarter when the smelter expansion is fully ramped up. And depending on the geology in the mine at that time, we will evaluate additional revenue opportunities for our potential surplus sulfuric acid. There is heightened risk in today's environment. However, with the balance sheet actions taken over the last two years, our focus on safe and productive operations and building resilience ahead of potential challenges, First Quantum is in a strengthened position today, and I'm confident in our ability to manage through this period of market volatility. Thank you, and I will now pass the call to Rudy to discuss our operational results.