First Quantum Minerals Ltd.

Good morning and welcome everyone to the first Quantum Minerals second quarter 2026 results conference call. Today's conference is being recorded. 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 the star key followed by the number 1 on your telephone keypad. If you would like to withdraw your question, press star 1 again. At this time, I would like to turn the conference over to Bonita To. Director, Investor Relations, and Capital Markets. Please go ahead.

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 Pascall, our Chief Executive Officer, Ryan MacWilliam, our Chief Financial Officer, and Rudi Badenhorst, our Chief Operating Officer. And with that, I will turn the call over to Tristan for opening remarks.

Thank you, Bonita, and thank you, everybody, for joining us on the call today. It's been a very busy first half of the year for First Quantum and in the broader markets. so I'm pleased to have this opportunity to discuss these updates alongside our second quarter results. During the second quarter, we continued to deliver steady operations and it was pleasing that the S3 circuit at Constantin continued to operate above expectations, which Rudi will discuss later in the call. We remain well positioned for firmer production in the second half of the year with continued solid performance from S3 in bottom neck and work at Sentinel and the processing of stock barred ore at Koga Palomar. With our hedging program concluded, as Ryan will discuss later, we are once again fully exposed to spot copper prices. Alongside stronger production, this will position the company for improved free cash flow generation at current copper prices. We remain well positioned in terms of our cash flow, liquidity and balance sheet to cope with ongoing market volatility, even as we continue our focus on cost management across the business. At Cobra Panama, we continue to work on the stockpile processing program during the quarter, with an acute focus on safety, equipment integrity, and operational stability. This measured approach allowed for the successful recommissioning of one of the site's 3 million trains, trained three in May and the production of first concentrate in June, which is earlier than our third quarter target. I'm very pleased with this performance and I would like to thank the team at site, including the approximate 1,000 skilled Panamanians who have rejoined or newly joined COVID Panama. This achievement reflects their hard work and the effectiveness of the preservation and safe management program maintained over the past several years that enabled a high level of readiness, and reliability across the operation. Following the successful recommissioning, the focus was on operational stabilisation and I'm pleased to report that Trone 3 achieved stable operations and a total of 2.1 million tonnes of oil was processed through the second quarter to produce approximately 3,200 tonnes of copper in concentrate. Stock bar processing through train 3 has performed well with both mechanical and operational performance tracking within expectations. Cobra Panama now has approximately 3,000 people on site and we have restarted procurement amongst local Panamanian suppliers. Our activities to date continue to provide confidence in the team and in the assets. Environmental stewardship remains a core priority and stockpile processing will mitigate environmental and operational risks associated with a prolonged onsite storage of mineralised material. During quarter two, the remaining human trains, train one and two, along with the regrind and column areas were undergoing inspection repairs and preventative maintenance to support the next phase of the stockpile processing program. So far indications are that the extent of repairs are similar to train 3 and the other concentrate common areas respectively. Subsequent to the quarter end, processing was successfully swapped over from milling train 3 to milling train 2 as part of a maintenance cycling strategy. The power station and port continue to operate well and we expect our first concentrate shipment in August. Concentrate rates will be lower while we continue inspection, repairs and preventative maintenance of the root rinds and columns area of the Cobra Panama Process Plant. Due to the global shortage there is strong demand for the concentrate and additionally at the current processing rates and spot copper prices we expect free cash flow from Cobra Panama to be neutral to positive. Moving forward we will remain focused on maintaining this conservatively measured approach in order to ensure the highest quality of operations. With an estimated 38 million tonnes of mineralised ore containing approximately 70,000 tonnes of recoverable copper, we anticipate that we have sufficient stockpile to support around 12 months of processing at current rates. Also in quarter, the comprehensive audit of Kogu Panama was published and is now available to the public on the Niambamente website. The audit process spanned approximately eight months and involved the preparation and submission of thousands of documents, participation in interviews and support from numerous site inspections and field visits. This was undoubtedly the most extensive and rigorous independent review ever undertaken at Cobra Panama and one of the most thorough independent audits of any mind globally. The audit concluded that Cobra Panama is a professionally managed and technically sound operation with a high degree of regulatory compliance. achieving an overall score of 87.73 out of 100. Importantly, the report found that the project's core systems, infrastructure, controls and management processes are functioning effectively. As with any comprehensive review of this nature, the audit also identified areas where further improvements can be made. 361 out of 370 commitments were fulfilled with seven areas being in partial compliance but with no areas fundamentally absent. Improvements required in these areas are related primarily to long-term reforestation, biodiversity and restoration programs that are correctable and not considered acute environmental incidents. We welcome these findings as continuous improvement has always been a fundamental part of how we operate and we view the recommendations as a valuable opportunity to further strengthen an already robust operation. The audit is now being reviewed by a high-level ministerial commission led by the Ministers of Commerce and Industries, Economy and Finance and the Environment. As communicated publicly by government, The Ministerial Commission is undertaking a comprehensive technical evaluation of the audit findings and will provide an informed recommendation on the future of the mine to the President in due course. In the meantime, we remain focused on the safe execution of the stockpile processing program and we remain ready to engage constructively with the Government of Panama to achieve a fair and durable resolution for the mine. Additionally, we continue outreach efforts in workforce and community initiatives in Panama. It is pleasing to share that our recruitment initiatives to support the hiring of staff for preservation activities achieved over 50% participation from communities in the 9th Local Area of Influence and the participation rate from women was approximately 17%. Our educational program added over 500 students during the quarter and now supports over 4,000 students in Panama. while our entrepreneurial program graduated over 700 individuals during the same period, taking the total to over 1,000 graduates to date. We have also launched a new environmental education initiative, which is expected to reach more than 50,000 students in school across Panama. Moving over to Zambia, I want to thank the team at Consanti for co-hosting the 2026 International Mine Rescue Competition. This was a significant achievement not only for Consantium and First Quantum but also for Zambia as it marked the first time an African nation has hosted this event. The competition brought together 22 teams from 10 countries across four continents and tested participants under real-world emergency response scenarios. We are proud to have played a role in bringing the global mining community together in Zambia towards improving safety performance across our industry. Continuing with Zambia, I am proud to share that 2026 marks a significant milestone for First Quantum as we celebrate 30 years of partnership, investment and shared growth with the people of Zambia. Over the past three decades, we have invested not only in world-class mining operations, but also in the people, communities, local suppliers and local businesses, helping to create lasting value and opportunities across the country. Our success is closely linked to the success of the communities in which we operate and that belief continues to guide our approach today. A recent example is the handover of infrastructure and learning materials valued at more than 12.9 million kwacha to several schools in Sulawesi, helping create better learning environments and opportunities for young people. Ultimately, it is the talent, dedication and ambition of Zambians that power our operations and position us for the future. As we celebrate our 30-year milestone, we remain committed to operating safely, responsibly, and transparently, and continue to be a long-term partner in Zambia's development. Thank you, and I will now pass the call to Rudi to discuss our operational results.