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(In United States dollars, except where noted otherwise)

TORONTO, May 15, 2025 (GLOBE NEWSWIRE) -- First Quantum Minerals Ltd. (“First Quantum” or the “Company”) (TSX: FM) has published its sustainability reports for 2024. The Environment, Social and Governance Report is the Company’s primary sustainability report, setting out its sustainability performance. The Company has also published its Task Force on Climate-related Financial Disclosures (“TCFD”) aligned Climate Change Report and Tax Transparency and Economic Contributions Report.

“While recent events in Panama and Zambia have presented challenges for the Company, our long-term commitment to the environment and our communities remains unchanged,” said Tristan Pascall, Chief Executive Officer. “We are focused on pursuing ambitious and tangible decarbonization strategies that support operational efficiency and resilience, productivity and our climate change commitments. At the same time, we continue to deliver strong economic value to our host countries, contributing over $3.5 billion in 2024 alone through taxes, salary and wages, local procurement, and community investment.”

First Quantum today released its Climate Change Report, aligned with the recommendations of the TCFD. In light of the current situation in Panama and drought conditions aggravated by El Niño in Zambia, the Company has revised its climate targets. In the current phase of Preservation and Safe Management at Cobre Panamá following the suspension of operations, and a temporary reduction in the availability of renewable power in Zambia due to drought conditions, have impacted the expected timing of delivery of the Company’s decarbonization strategy. In response, First Quantum now targets a 50% reduction in absolute Scope 1 and 2 greenhouse gas emissions, as well as the CO₂e intensity of copper production, by 2035. Achieving this goal will depend on increased clarity regarding the situation in Panama, where the power station at Cobre Panamá, when operational, remains the Company’s largest single source of emissions.

In 2024, the total direct economic contribution by the Company to the countries in which it operates was over $3.5 billion. This included:

• $800 million in taxes, royalties and other payments to government,

• $426 million in salaries and wages,

• $28 million in community investment programs, social outreach and communication, and

• $2,265 million in supplier spend with nationally registered suppliers.

Our cumulative direct contributions to government revenue, such as taxes, royalties, and other payments to government, is over $9.2 billion for the past 8 years.