First Quantum’s position regarding the Supreme Court’s decision

Panama, November 28, 2023. – In view of the ruling of the Supreme Court of Justice (CSJ) on the unconstitutionality of Law 406 of 2023, announced on Tuesday, November 28, 2023 (the Ruling), the Company wishes to express that it respects Panamanian law and will review the contents of the Ruling to understand the grounds thereof.

Since our inception, we have consistently operated with transparency and strict adherence to Panamanian law. In addition, we wish to emphasize the following:

● The contract approved by Law 406 of 2023, was the result of a long and transparent negotiation process, with the objective of promoting mutual economic benefits, guaranteeing environmental protection, supporting biodiversity conservation, fostering community development, complying with international regulations governing mining activities, and returning the necessary legal stability and durability to this legitimate investment made in good faith in Panama.

Cobre Panama’s economic contribution exceeds $50 million per week, equivalent to 5% of Panama’s gross domestic product (GDP). In addition, we directly employ more than 7,000 people and 33,000 indirectly, contributing almost $20 million per week to local suppliers.

In addition to the Ruling, the Company has also listened to popular clamor. For this reason, we will remain attentive to the constructive dialogue that will allow us to define a course of action that satisfies that clamor, as well as the legitimate interests and expectations that emerge from an investment made in good faith in Panama more than 20 years ago.