First Quantum Minerals Ltd. (“First Quantum” or “the Company”) (TSX: FM) announced today that Law 406, which approves the refreshed mining concession contract (“Concession Contract”) for the Cobre Panamá mine, was published in the Official Gazette of Panamá on October 20, 2023.

On October 20, 2023, the National Assembly in Panamá approved Bill 1100, being the proposal for approval of the Concession Contract for the Cobre Panamá mine, in the third debate of the plenary session with a vote of 47 in favour out of a total of 55 votes registered. On the same day, President Laurentino Cortizo sanctioned Bill 1100 into Law 406 and this was subsequently published in the Official Gazette. The enactment of Law 406 marks the final step in revising the legal framework for the Cobre Panamá mine.

“We are pleased that the revised contract establishes the basis for a renewed long-term relationship between Panamá and First Quantum. This will provide for both continued investment in the mine and for its important contribution to Panamá and its people. We are committed to the obligations of the contract and to responsible stewardship of the Cobre Panamá mine, including a continued positive impact on our workforce, the surrounding communities and the environment,” said Tristan Pascall, Chief Executive Officer.

With publication in the Official Gazette, payments to cover taxes and royalties up to the year-end 2022 of approximately $395 million and certain amounts payable for 2023 corporate tax instalments, withholding taxes and quarterly royalty payments will be due within 30 days.

For further information, visit our website at www.first-quantum.com or contact:

Bonita To, Director, Investor Relations
(416) 361-6400 Toll-free: 1 (888) 688-6577
E-Mail: info@fqml.com