Our path
to responsible growth

In this interview, Tristan Pascall, CEO of First Quantum Minerals (FQM), shares valuable insights into the global copper market, the supply-demand dynamics, and the company’s progress. As copper prices continue to reach new historical heights, FQM’s commitment to responsible growth and operational excellence is guiding the company through a period of significant global change. We cover a few of his key talking points below.

The growing divide between supply and demand
There is a structural supply deficit in the copper market, largely driven by increasing demand from sectors like renewable energy, electric vehicles, data centres, and AI. While copper continues to play a crucial role in powering electricity grids globally, these new sources – including grid reinforcement and technological advancements – are causing rapid growth.
With supply constrained – and an average of approximately 16 years for a mine to go from discovery of a deposit to startup.- any disruption in supply has an immediate and significant impact on prices. In fact, the world only has around seven to twenty-one days of copper inventory at any given time, underscoring the criticality of maintaining stable supply chains, and finding new copper sources.

Challenges in mining operations and costs
The mining industry is facing several challenges, with inflation increasing the cost of key materials, energy, and labour. As grades of copper decline, mining companies must move more material, using more water and energy, making operations costlier and less efficient. These increased capital costs are impacting new projects.
Despite these obstacles, FQM remains committed to building new projects, leveraging its strong project execution capabilities to manage costs and maintain operational excellence. FQM’s self-building approach, rather than relying on external contractors, gives FQM more control over costs, timelines, and quality – an important competitive advantage in an industry where project execution can be difficult.

Momentum building in Panama
In Panama, there were several positive developments during the fourth quarter of 2025, and we continue to make progress in the preservation and safe management program that the government approved earlier in 2025. During the quarter, the Government of Panama, through MiAmbiente, initiated the comprehensive audit of Cobre Panamá and awarded the contract to SGS Global.
We remain prepared for when the government is ready to discuss more broadly a resolution for the future of Cobre Panamá. The Company believe both sides will be motivated to reach a fair, equitable, and mutually beneficial resolution. It is important to First Quantum that the contributions of the mine, such as employment and growth, can deliver tangible benefits to the people of Panama.

Future growth and projects
Looking forward, FQM is focused on disciplined growth through the ramping up of S3 in Zambia and a number of ongoing greenfield projects, including the Taca Taca project in Argentina which has strong economic potential at current copper prices. It’s important to note that a cautious and methodical approach is being taken, ensuring that all permitting and financing requirements are in place before moving forward.
FQM’s strategy continues to revolve around responsible growth, not only scaling up production, but doing so in a way that maintains environmental and operational standards, and that benefits the people and the economies in the countries in which it operates.
As the copper industry continues to meet its challenges and societal demands, FQM remains committed to balancing growth with responsibility, ensuring long-term value for its stakeholders and the communities in which it operates.