First Quantum Minerals (FM.TO): First Take: Cobre Panama Independent Audit Published; Broadly Compliant

Research evidence excerpt

First Quantum Minerals (FM.TO): First Take: Cobre Panama Independent Audit Published; Broadly Compliant

Equity Research

21 June 2026 | 9:36PM BRT

First Quantum Minerals (FM.TO): First Take: Cobre Panama Independent

Audit Published; Broadly Compliant

After 10 months, the government of Panama has received the final results of an Marcio Farid

+55(11)3371-4580 |

independent audit (led by Société Générale de Surveillance), followed by a press marcio.farid@gs.com

Goldman Sachs do Brasil CTVM S.A.

conference. The government has previously suggested that this final report is a

Emerson Vieira

condition to discuss the next steps around Cobre Panama. The Panamanian +55(11)3372-0256 |

President, Mr. Mulino, has previously suggested he wanted to have a final decision emerson.vieira@gs.comGoldman Sachs do Brasil CTVM S.A.

regarding the re-opening of Cobre Panama by June. Henrique Marques

+55(11)3371-0778 |

Overall, the final independent audit has concluded that the mine is broadly henrique.marques@gs.comGoldman Sachs do Brasil CTVM S.A.

compliant with the environmental matters evaluated during the process. The mine

received a final grade of 88/100, with technical and operational standards receiving

the highest grade among the audited categories.

The audit’s most critical failures are concentrated in the areas of reforestation and

biodiversity conservation, which showed as non-compliant. That said, they represent

only 9 of the 370 environmental commitments evaluated (<3%), while the mine

performed as compliant in other commitments (Environmental Compliance score of

88/100). Additionally, based on our channel checks, maintaining biodiversity

programs were particularly difficult during the pandemic and while the mine was

shut down.

During the press conference, Mr.