Taca Taca

On July 28, 2026, First Quantum Minerals Ltd. (“First Quantum”) reported that it continues to work constructively with the provincial authorities, and the approval of the Environmental and Social Impact Assessment (“ESIA”) is expected in 2026, following completion of the public consultation process. In April 2026, a hydrological feasibility certificate was issued, permitting sufficient water to support the first stage of the project. The certificate will be converted into a water concession upon ESIA approval. First Quantum is finalizing its Argentina Incentive Regime for Large Investments application with an intention to submit it after receiving ESIA approval and water use concessions. First Quantum also stated, in its second quarter of 2026 MD&A, that it is preparing a feasibility package for its 40 km access road to site. Additional technical studies and a trace review were also commissioned for the 345kV powerline.

On February 19, 2026, First Quantum announced the filing of an updated technical report for the Taca Taca project prepared in accordance with NI 43-101, with an effective date of December 31, 2025. The findings of the technical report support the development of Taca Taca as an open pit mine with an initial processing capacity of 40 Mtpa with an expansion to 60 Mtpa in the fifth year of operations. Highlights of the technical report include: • average annual copper production of 291 kt in the first ten years and life-of-mine average annual production of 209 kt; • average annual gold production of 133 koz in the first ten years and life-of-mine average annual production of 96 koz; • initial mine life of 35 years; • pre-stripping and construction activities expected to take approximately 3.5 years; • Proven and Probable Mineral Reserves total 1,990 Mt grading 0.42% copper and 0.09 g/t gold, containing an estimated 8,429 kt of copper and 5,532 koz gold; and • Measured and Indicated Mineral Resources total 2,078 Mt grading 0.42% copper and 0.09 g/t gold, containing an estimated 8,716 kt of copper and 5,715 koz gold. First Quantum also stated that next steps at Taca Taca include approval of the main permit required for development of the project, the Environmental and Social Impact Assessment (“ESIA”). First Quantum continues to work with the Province of Salta on the ESIA and approval is expected in the first half of 2026. First Quantum will continue to work towards an application to the RIGI regime, an incentive regime for large investments created by the Argentine government.