Q4 2025 First Quantum Minerals Ltd Earnings Call

Speaker #2: All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. If you would like to ask a question during this time, simply press star, followed by the number 1 on your telephone keypad.

Speaker #2: If you would like to withdraw your question, press star 1 again. Thank you. I will now turn the call over to Ms. Bonita To, Director and Vestor Relations and Capital Markets.

Speaker #2: Please go ahead. Thank you, operator, and thank you, everyone, for joining us today to discuss our fourth-quarter results. During the call, we will be making forward-looking statements.

Bonita To: Thank you, Operator, and thank you, everyone, for joining us today to discuss our fourth quarter results. During the call, we will be making forward-looking statements.

Speaker #2: As such, I encourage you to read the cautionary notes that accompany this presentation, our MD&A, and the related news release. As a reminder, the presentation is available on our website and at all dollar references are in US dollars unless otherwise noted.

Rachel Smith: As such, I encourage you to read the cautionary notes that accompany this presentation, our MD&A, and the related news release. As a reminder, the presentation is available on our website and that all dollar references are in US dollars unless otherwise noted. On today's call are Tristan Pascall, our Chief Executive Officer; Ryan MacWilliam, our Chief Financial Officer; and Rudi Badenhorst, our Chief Operating Officer. And with that, I will hand the call over to Tristan for opening remarks. Thank you. Thank you, Bonita. And thank you, everybody, for joining us today to discuss our Q4 and year-end results. We entered 2025 with four clear priorities, and our steady delivery on these throughout the year has now positioned us well for a strong 2026.

Bonita To: As such, I encourage you to read the cautionary notes that accompany this presentation, our MD&A, and the related news release. As a reminder, the presentation is available on our website and that all dollar references are in US dollars unless otherwise noted. On today's call are Tristan Pascall, our Chief Executive Officer; Ryan MacWilliam, our Chief Financial Officer; and Rudi Badenhorst, our Chief Operating Officer. And with that, I will hand the call over to Tristan for opening remarks. Thank you.

Speaker #2: On today's call, our Tristan Pascall, our Chief Executive Officer, Ryan MacWilliam, our Chief Financial Officer, and Rudi Badenhorst, our Chief Operating Officer. And with that, I will hand the call over to Tristan for opening remarks.

Speaker #2: Thank you. Thank you, Bonita. And thank you, everybody, for joining us today. To discuss our fourth quarter and year-end results. We entered 2025 with four clear priorities, and our steady delivery on these throughout the year has now positioned us well for a strong 2026.

Tristan Pascall: Thank you, Bonita. And thank you, everybody, for joining us today to discuss our Q4 and year-end results. We entered 2025 with four clear priorities, and our steady delivery on these throughout the year has now positioned us well for a strong 2026.

Speaker #2: Firstly, we set out to strengthen our balance sheet and enhance our financial flexibility—and this was achieved through the support of our investors in a series of bond transactions that extended the company's debt maturities and reduced our cost of capital.

Rachel Smith: Firstly, we set out to strengthen our balance sheet and enhance our financial flexibility, and this was achieved through the support of our investors in a series of bond transactions that extended the company's debt maturities and reduced our cost of capital. Additionally, we completed a $1 billion streaming transaction with Royal Gold that also represents the largest US corporate investment in Zambia to date. Our hedging program, which we put in place in 2024, fulfilled its intended role as risk mitigation during the construction of the Kansanshi S3 expansion, and we expect to regain full exposure to spot copper prices by the second half of the year, on which Ryan will speak in his financial review. Our next priority, safe and productive operational performance, remains a continued focus, and the company achieved its 2025 production targets, which Rudi will cover in his operational review.

Tristan Pascall: Firstly, we set out to strengthen our balance sheet and enhance our financial flexibility, and this was achieved through the support of our investors in a series of bond transactions that extended the company's debt maturities and reduced our cost of capital. Additionally, we completed a $1 billion streaming transaction with Royal Gold that also represents the largest US corporate investment in Zambia to date. Our hedging program, which we put in place in 2024, fulfilled its intended role as risk mitigation during the construction of the Kansanshi S3 expansion, and we expect to regain full exposure to spot copper prices by the second half of the year, on which Ryan will speak in his financial review. Our next priority, safe and productive operational performance, remains a continued focus, and the company achieved its 2025 production targets, which Rudi will cover in his operational review.

Speaker #2: Additionally, we completed a $1 billion streaming transaction with Royal Gold that also represents the largest US corporate investment in Zambia to date. Our hedging program, which we put in place in 2024, fulfilled its intended role as risk mitigation during the construction of the Consancy S3 expansion, and we expect to regain full exposure to spot copper prices by the second half of the year.

Speaker #2: On which Ryan will speak in his financial review. Our next priority—safe and productive operational performance—remains a continued focus and the company achieved its 2025 production targets which Rudi will cover in his operational review.

Speaker #2: Also a priority in 2025 was the execution and delivery of the S3 expansion project at Consancy. I'm very pleased with our progress at S3, which achieved a major milestone with a declaration of commercial production last December.

Rachel Smith: Also, a priority in 2025 was the execution and delivery of the S3 Expansion project at Kansanshi. I'm very pleased with our progress at S3, which achieved a major milestone with a declaration of commercial production last December, and I will speak in more detail on this towards the end of my prepared remarks. Our fourth priority continues to be achieving a long-term resolution for Cobre Panamá. While we await the start of formal discussions with the Government of Panama on this matter, we have made meaningful progress on the preservation and safe management plan to ensure the assets remain in good condition and the site is safely and well environmentally managed. During Q4, Unit 2 at the power plant was successfully hot commissioned and synchronized to the grid.

Tristan Pascall: Also, a priority in 2025 was the execution and delivery of the S3 Expansion project at Kansanshi. I'm very pleased with our progress at S3, which achieved a major milestone with a declaration of commercial production last December, and I will speak in more detail on this towards the end of my prepared remarks. Our fourth priority continues to be achieving a long-term resolution for Cobre Panamá. While we await the start of formal discussions with the Government of Panama on this matter, we have made meaningful progress on the preservation and safe management plan to ensure the assets remain in good condition and the site is safely and well environmentally managed. During Q4, Unit 2 at the power plant was successfully hot commissioned and synchronized to the grid.

Speaker #2: And I will speak in more detail on this towards the end of my prepared remarks. Our fourth priority continues to be achieving a long-term resolution for COVID Panama.

Speaker #2: Whilst we await the start of formal discussions with the Government of Panama on this matter, we have made meaningful progress on the preservation of the safe management plan to ensure the assets remain in good condition and the site is safely and well environmentally managed.

Speaker #2: During the fourth quarter, Unit 2 at the power plant was successfully hot commissioned and synchronized to the grid. The unit achieved its full design capacity of 150 megawatts output in December, reflecting the effectiveness of the maintenance program undertaken at site over the past two years.

Rachel Smith: The unit achieved its full design capacity of 150MW output in December, reflecting the effectiveness of the maintenance program undertaken at site over the past two years. The plant is currently operating steadily at an average output of around 120MW, consistent with the site's power requirements and broader national grid demand. The remaining unit, Unit 1, moved into commissioning in early February and is performing according to expectations. Subsequent to quarter-end, in January, the President of Panama announced that the Government would approve the removal, processing, and export of stockpiled ore at Cobre Panamá.

Tristan Pascall: The unit achieved its full design capacity of 150MW output in December, reflecting the effectiveness of the maintenance program undertaken at site over the past two years. The plant is currently operating steadily at an average output of around 120MW, consistent with the site's power requirements and broader national grid demand. The remaining unit, Unit 1, moved into commissioning in early February and is performing according to expectations. Subsequent to quarter-end, in January, the President of Panama announced that the Government would approve the removal, processing, and export of stockpiled ore at Cobre Panamá.

Speaker #2: The plant is currently operating steadily at an average output of around 120 megawatts, consistent with the site's power requirements and broader national grid demands.

Speaker #2: The remaining unit, Unit 1, moved into commissioning in early February and is performing according to expectations. Subsequent to quarter end in January, the President of Panama announced that the government would approve the removal processing and export of stockpiled ore at COVID Panama.

Speaker #2: It is important to emphasize that processing of the ore stockpiles does not constitute a restart of mining operations and processing of this material is intended to address environmental and operational risks linked to the long-term stockpile storage.

Rachel Smith: It is important to emphasize that processing of the ore stockpiles does not constitute a restart of mining operations, and the processing of this material is intended to address environmental and operational risks linked to the long-term stockpile storage, such as acid rock drainage, while also supplying necessary material for reinforcement of our tailings management facility. We continue to await formal approvals. However, on a preliminary basis, we expect that processing of the stockpiles could begin roughly three months after receiving formal regulatory notice and would take approximately one year to complete. From this stockpile, we estimate production of approximately 70,000 tons of copper, and this activity would support the costs of ongoing asset and environmental management at the mine. We are pleased with the Government's decision to authorize the processing of the stockpiles.

Tristan Pascall: It is important to emphasize that processing of the ore stockpiles does not constitute a restart of mining operations, and the processing of this material is intended to address environmental and operational risks linked to the long-term stockpile storage, such as acid rock drainage, while also supplying necessary material for reinforcement of our tailings management facility. We continue to await formal approvals. However, on a preliminary basis, we expect that processing of the stockpiles could begin roughly three months after receiving formal regulatory notice and would take approximately one year to complete. From this stockpile, we estimate production of approximately 70,000 tons of copper, and this activity would support the costs of ongoing asset and environmental management at the mine. We are pleased with the Government's decision to authorize the processing of the stockpiles.

Speaker #2: Such as acid drop drainage, while also supplying necessary material for reinforcement of our tailings management facility. We continue to await formal approvals; however, on a preliminary basis, we expect that processing of the stockpiles could begin roughly three months after receiving formal regulatory notice.

Speaker #2: And would take approximately one year to complete. From this stockpile, we estimate production of approximately 70,000 tons of copper, and this activity would support the costs of ongoing asset and environmental management at the mine.

Speaker #2: We are pleased with the government's decision to authorize the processing of the stockpiles. Alongside allowing proper environmental stewardship, this will generate significant income for the country and create jobs for over 1,000 additional Panamanians, along with broader indirect employment across local procurement such as equipment supply, transportation, logistics, camp, and food services.

Rachel Smith: Alongside allowing proper environmental stewardship, this will generate significant income for the country and create jobs for over 1,000 additional Panamanians, along with broader indirect employment across local procurement, such as equipment supply, transportation, logistics, camp, and food services. We continue to await the formal approvals for removal and processing of the stockpiles, which will be carried out in close coordination with the Government of Panama and in full compliance with our Preservation and Safe Management plan. It is important to reiterate that the processing of the stockpiles is not a reopening mine, and we echo the President's call for transparency and engagement. The resources at Cobre Panamá belong to the people of Panama. We remain committed to dialogue to achieve and remain achieve an amicable and durable resolution at the mine for the country and the Panamanian people.

Tristan Pascall: Alongside allowing proper environmental stewardship, this will generate significant income for the country and create jobs for over 1,000 additional Panamanians, along with broader indirect employment across local procurement, such as equipment supply, transportation, logistics, camp, and food services. We continue to await the formal approvals for removal and processing of the stockpiles, which will be carried out in close coordination with the Government of Panama and in full compliance with our Preservation and Safe Management plan. It is important to reiterate that the processing of the stockpiles is not a reopening mine, and we echo the President's call for transparency and engagement. The resources at Cobre Panamá belong to the people of Panama. We remain committed to dialogue to achieve and remain achieve an amicable and durable resolution at the mine for the country and the Panamanian people.

Speaker #2: We continue to await the formal approvals for removal and processing of the stockpiles, which will be carried out in close coordination with the Government of Panama and in full compliance with our preservation and safe management plan.

Speaker #2: It is important to reiterate that the processing of the stockpiles is not a reopening mine and we echo the President's call for transparency and engagement.

Speaker #2: The resources at COVID Panama belong to the people of Panama. We remain committed to dialogue to achieve and remain achieve an amicable and durable resolution of the mine, for the country and the Panamanian people.

Speaker #2: In parallel, the integral audit conducted by SGS commenced in the fourth quarter. Our team in Panama continues to cooperate fully with the audit, providing all requested documentation and cooperating in the field visit inspections.

Rachel Smith: In parallel, the integral audit conducted by SGS commenced in the fourth quarter. Our team in Panama continues to cooperate fully with the audit, providing all requested documentation and cooperating in the field visit inspections. We welcome the audit, and we are confident that it will confirm that Cobre Panamá has always operated at the highest environmental standards. The integral audit is expected to be concluded in April 2026. Separate to the integral audit and as part of our ESIA obligations, the authorities have continued with the statutory biannual audits of Cobre Panamá's compliance. We are pleased to share that the most recently published audit achieved 100% compliance. The latest external audit field phase was completed in November, and we expect a final report during the first quarter. I will now pass the call to Rudi for his operational review. Thank you, Tristan.

Tristan Pascall: In parallel, the integral audit conducted by SGS commenced in the fourth quarter. Our team in Panama continues to cooperate fully with the audit, providing all requested documentation and cooperating in the field visit inspections. We welcome the audit, and we are confident that it will confirm that Cobre Panamá has always operated at the highest environmental standards. The integral audit is expected to be concluded in April 2026. Separate to the integral audit and as part of our ESIA obligations, the authorities have continued with the statutory biannual audits of Cobre Panamá's compliance. We are pleased to share that the most recently published audit achieved 100% compliance. The latest external audit field phase was completed in November, and we expect a final report during the first quarter. I will now pass the call to Rudi for his operational review.

Speaker #2: We welcome the audit, and we are confident that it will confirm that Cobre Panama has always operated at the highest environmental standards. The integral audit is expected to be concluded in April 2026.

Speaker #2: Separate to the integral audit, and as part of our ESI obligations, the authorities continued with a statutory biannual audit of Cobre Panama's compliance. We are pleased to share that the most recently published audit achieved 100% compliance.

Speaker #2: The latest external audit field phase was completed in November and we expect a final report during the first quarter. I will now pass the call to Rudy for his operational review.

Rudi Badenhorst: Thank you, Tristan.

Speaker #2: Thank you, Tristan. We are happy to have closed out 2025 achieving our revised guidance ranges. For the year, we achieved copper production of 396,000 tons, within the revised copper guidance range, while annual gold production of 152,000 ounces and annual nickel production of 23,000 tons were above the top ends of their respective revised guidance ranges.

Rachel Smith: We are happy to have closed out 2025, achieving our revised guidance ranges. For the year, we achieved copper production of 396,000 tonnes within the revised copper guidance range, while annual gold production of 152,000 ounces and annual nickel production of 23,000 tonnes were above the top ends of the respective revised guidance ranges. Looking to 2026, we remain focused on cost management and safe operational execution across all our sites. During the fourth quarter, total copper production was approximately 100,000 tonnes, a 4% decrease from the previous quarter, as Sentinel continued to be impacted by bolt fatigue maintenance and rainy season power interruptions. Copper sales were strong at 108,000 tonnes, exceeding production by approximately 8,000 tonnes. At Kansanshi, we delivered a solid quarter with 48,000 tonnes of copper, up 774 tonnes from the previous quarter.

Rudi Badenhorst: We are happy to have closed out 2025, achieving our revised guidance ranges. For the year, we achieved copper production of 396,000 tonnes within the revised copper guidance range, while annual gold production of 152,000 ounces and annual nickel production of 23,000 tonnes were above the top ends of the respective revised guidance ranges. Looking to 2026, we remain focused on cost management and safe operational execution across all our sites. During the fourth quarter, total copper production was approximately 100,000 tonnes, a 4% decrease from the previous quarter, as Sentinel continued to be impacted by bolt fatigue maintenance and rainy season power interruptions. Copper sales were strong at 108,000 tonnes, exceeding production by approximately 8,000 tonnes. At Kansanshi, we delivered a solid quarter with 48,000 tonnes of copper, up 774 tonnes from the previous quarter.

Speaker #2: Looking to 2026, we remain focused on cost management and safe operational execution across all our sites. During the fourth quarter, total copper production was approximately 100,000 tons.

Speaker #2: A 4% decrease from the previous quarter and a sentinel continue to be impacted by bulk fatigue maintenance and rainy season power interruptions. Copper sales were strong at 108,000 tons.

Speaker #2: Exceeding production by approximately 8,000 tons. At Consancy, we delivered a solid quarter with 48,000 tons of copper, up 774 tons from the previous quarter.

Speaker #2: This improvement was driven by a successful ramp-up of S3 expansion which contributed to higher overall mold throughput. Notably, the site achieved a record monthly mold tons in October.

Rachel Smith: This improvement was driven by a successful ramp-up of S3 expansion, which contributed to higher overall mill throughput. Notably, the site achieved a record monthly mill tonnes in October. Following successful commissioning and strong performance across all key production indicators, S3 declared commercial production as of 1 December. The crushing and milling circuit performed well, with significant improvements in stability and uptime as enhancements to the conveyor routes took effect. Work on tailings storage facility 2 is progressing well and remains on track for completion in the second quarter of this year. In 2026, Kansanshi is expected to produce 175,000 to 205,000 tonnes of copper and 110,000 to 120,000 ounces of gold. Of this, S3 is expected to contribute over 84,000 tonnes of copper, sourced evenly from low-grade stockpiles and fresh ore from the Southeast Dome.

Rudi Badenhorst: This improvement was driven by a successful ramp-up of S3 expansion, which contributed to higher overall mill throughput. Notably, the site achieved a record monthly mill tonnes in October. Following successful commissioning and strong performance across all key production indicators, S3 declared commercial production as of 1 December. The crushing and milling circuit performed well, with significant improvements in stability and uptime as enhancements to the conveyor routes took effect. Work on tailings storage facility 2 is progressing well and remains on track for completion in the second quarter of this year. In 2026, Kansanshi is expected to produce 175,000 to 205,000 tonnes of copper and 110,000 to 120,000 ounces of gold. Of this, S3 is expected to contribute over 84,000 tonnes of copper, sourced evenly from low-grade stockpiles and fresh ore from the Southeast Dome.

Speaker #2: Following successful commissioning and strong performance across all key production indicators, S3 declared commercial production as of December the 1st. The crushing and milling circuit performed well with significant improvements in stability and uptime as enhancements to the conveyor routes took effect.

Speaker #2: Work on tailing storage facility 2 is progressing well and remains on track for completion in the second quarter of this year. In 2026, Consancy is expected to produce 175 to 205,000 tons of copper.

Speaker #2: And 110,000 to 120,000 ounces of gold. Of this, S3 is expected to contribute over 84,000 tons of copper. Source evenly from low-grade stockpiles and fresh ore from the southeast dome.

Speaker #2: At Sentinel, copper production total 48,000 tons in Q4. A reduction of 3,000 tons from the previous quarter. This decrease was due to lower throughput and lower grades.

Rachel Smith: At Sentinel, copper production totaled 48,000 tonnes in Q4, a reduction of 3,000 tonnes from the previous quarter. This decrease was due to lower throughput and lower grades. Throughput was impacted by ongoing maintenance related to bolt fatigue on ball mill 2, while grades were affected by higher proportion of material from stage 3. Looking ahead to 2026, production at Sentinel is expected to be between 190,000 and 220,000 tonnes of copper. The operational focus will continue to be on increasing throughput and improving consistency through optimization of blast fragmentation, maintaining stable crushed ore stockpile volumes, improving mulling rates, and deflation recovery. Grades are expected to strengthen modestly as we access previously sterilized stage 1 and stage 2 ore following the crusher relocations. Stage 4 ore is expected to come online in the second half of this year.

Rudi Badenhorst: At Sentinel, copper production totaled 48,000 tonnes in Q4, a reduction of 3,000 tonnes from the previous quarter. This decrease was due to lower throughput and lower grades. Throughput was impacted by ongoing maintenance related to bolt fatigue on ball mill 2, while grades were affected by higher proportion of material from stage 3. Looking ahead to 2026, production at Sentinel is expected to be between 190,000 and 220,000 tonnes of copper. The operational focus will continue to be on increasing throughput and improving consistency through optimization of blast fragmentation, maintaining stable crushed ore stockpile volumes, improving mulling rates, and deflation recovery. Grades are expected to strengthen modestly as we access previously sterilized stage 1 and stage 2 ore following the crusher relocations. Stage 4 ore is expected to come online in the second half of this year.

Speaker #2: Throughput was impacted by ongoing maintenance related to bulk fatigue on ball mold 2. While grades were affected by higher proportion of material from stage 3.

Speaker #2: Looking ahead to 2026, production at Sentinel is expected to be between 190 and 220,000 tons of copper. The operational focus will continue to be on increasing throughput and improving consistency through optimization of blast fragmentation maintaining stable crushed ore stockpile volumes improving milling rates and the flotation recovery.

Speaker #2: Grades are expected to strengthen modestly as we access previously sterilized stage 1 and stage 2 ore following the crusher relocations. Stage 4 ore is expected to come online in the second half of this year.

Speaker #2: Regarding ball mold 2, in collaboration with the original equipment manufacturer and specialist consultants, we have established a long-term fatigue management strategy. We will continue managing the fatigue through this year with full remedial work planned for the first half of 2027 when new parts become available.

Rachel Smith: Regarding Ball Mill 2, in collaboration with the original equipment manufacturer and specialist consultants, we have established a long-term fatigue management strategy. We will continue managing the fatigue through this year with full remedial work planned for the first half of 2027 when new parts become available. This approach ensures ongoing performance while enabling a permanent solution through next year's planned upgrade. Enterprise delivered excellent performance, achieving record quarterly production of 9,000 tonnes of nickel, a 52% increase from Q3. This improvement was driven by improved recoveries and mining of fresh, higher-grade sulfide zones at lower elevations in the bottom of the pit. For 2026, Enterprise is expected to produce 30,000 to 40,000 tonnes of contained nickel. Our focus at Enterprise remains on maximizing ore supply, improving commission efficiency, and maintaining an optimum run-of-mine stockpile to support blending and stable throughput.

Rudi Badenhorst: Regarding Ball Mill 2, in collaboration with the original equipment manufacturer and specialist consultants, we have established a long-term fatigue management strategy. We will continue managing the fatigue through this year with full remedial work planned for the first half of 2027 when new parts become available. This approach ensures ongoing performance while enabling a permanent solution through next year's planned upgrade. Enterprise delivered excellent performance, achieving record quarterly production of 9,000 tonnes of nickel, a 52% increase from Q3. This improvement was driven by improved recoveries and mining of fresh, higher-grade sulfide zones at lower elevations in the bottom of the pit. For 2026, Enterprise is expected to produce 30,000 to 40,000 tonnes of contained nickel. Our focus at Enterprise remains on maximizing ore supply, improving commission efficiency, and maintaining an optimum run-of-mine stockpile to support blending and stable throughput.

Speaker #2: This approach ensures ongoing performance while enabling a permanent solution through next year's planned upgrade. Enterprise delivered excellent performance achieving record quarterly production of 9,000 tons of nickel a 52% increase from quarter 3.

Speaker #2: This improvement was driven by improved recoveries and mining of fresh, higher-grade sulfide zones at lower elevations in the bottom of the pit. For 2026, enterprise is expected to produce 30 to 40,000 tons of contained nickel.

Speaker #2: Our focus at Enterprise remains on maximizing ore supply, improving comminution efficiency, and maintaining an optimum run-of-mine stockpile to support blending and stable throughput.

Speaker #2: Great controlled drilling will continue to help reduce dilution and improve recoveries. At COVID Panama, we continued detailed inspections and preservation activities during the quarter.

Rachel Smith: Grade-controlled drilling will continue to help reduce dilution and improve recoveries. At Cobre Panamá, we continued detailed inspections and preservation activities during the quarter. Working closely with the regional equipment manufacturer teams, we completed reviews of the Ultra-Class Haul Trucks, production drills, and rope shovels. Their findings are being integrated into our ongoing preservation strategies to ensure equipment integrity and future reliability. Thank you, and with that, I'll hand the call over to Ryan for his financial review. Thank you, Rudi. Starting with commodity markets, which ended the year on a buoyant note, a sentiment which has continued into 2026. During Q4, the copper price averaged $5.03 per pound, peaking at $5.71, a strong performance driven by both supply and demand.

Rudi Badenhorst: Grade-controlled drilling will continue to help reduce dilution and improve recoveries. At Cobre Panamá, we continued detailed inspections and preservation activities during the quarter. Working closely with the regional equipment manufacturer teams, we completed reviews of the Ultra-Class Haul Trucks, production drills, and rope shovels. Their findings are being integrated into our ongoing preservation strategies to ensure equipment integrity and future reliability. Thank you, and with that, I'll hand the call over to Ryan for his financial review.

Speaker #2: Working closely with original equipment manufacturer teams we completed reviews of the ultra-class haul trucks production drills and road drills. Their findings are being integrated into our ongoing preservation strategies to ensure equipment is to ensure equipment integrity and future reliability.

Speaker #2: Thank you and with that, I'll hand the call over to Ryan for his financial

Speaker #2: review. Thank you,

Ryan MacWilliam: Thank you, Rudi. Starting with commodity markets, which ended the year on a buoyant note, a sentiment which has continued into 2026. During Q4, the copper price averaged $5.03 per pound, peaking at $5.71, a strong performance driven by both supply and demand.

Speaker #3: Rudy. Starting with commodity markets, which ended the year on a buoyant note—a sentiment which has continued into 2026. During Q4, the copper price averaged $5.03 per pound.

Speaker #3: Peaking at $5.71, the strong performance was driven by both supply and demand. On the supply side, four of the world's top 20 largest copper mines are currently running at reduced production.

Rachel Smith: On the supply side, 4 of the world's top 20 largest copper mines are currently running at reduced production, and on the demand side, copper stockpiles continue to grow in the US due to the threat of potential tariffs on future imports. We would note that it is important in times like these, where prices start to rise, that we remain laser-focused on costs. This helps avoid the margin compression that can occur as the benefit of stronger commodity prices on the revenue line are offset by a rising cost base. In this respect, it is helpful that despite generally strong commodity markets, oil prices remain fairly subdued, with resilient US and OPEC production keeping the market well supplied. Turning to our Q4 results, revenue was up 10% quarter-over-quarter, underpinned by higher metal prices.

Ryan MacWilliam: On the supply side, 4 of the world's top 20 largest copper mines are currently running at reduced production, and on the demand side, copper stockpiles continue to grow in the US due to the threat of potential tariffs on future imports. We would note that it is important in times like these, where prices start to rise, that we remain laser-focused on costs. This helps avoid the margin compression that can occur as the benefit of stronger commodity prices on the revenue line are offset by a rising cost base. In this respect, it is helpful that despite generally strong commodity markets, oil prices remain fairly subdued, with resilient US and OPEC production keeping the market well supplied. Turning to our Q4 results, revenue was up 10% quarter-over-quarter, underpinned by higher metal prices.

Speaker #3: And on the demand side, copper stockpiles continue to grow in the US due to the threat of potential tariffs and future imports. We would note that it is important in times like these, where prices start to rise, that we remain laser focused on costs.

Speaker #3: This helps avoid the margin compression that can occur as the benefit of stronger commodity prices on the revenue line are offset by a rising cost base.

Speaker #3: In this respect, it is helpful that despite generally strong commodity markets, oil prices remain fairly subdued with a resilient US and OPEC production keeping the market well supplied.

Speaker #3: Turning to our fourth quarter results, revenue was up 10% quarter over quarter, underpinned by higher metal prices. This drove a 7% increase in EBITDA and a $73 million improvement in net earnings.

Rachel Smith: This drove a 7% increase in EBITDA and a $73 million improvement in net earnings. Copper C1 costs rose by 13% to $2.21 per pound, reflecting the lower production that Rudi spoke to, along with higher power, labor, and maintenance costs. Oil price tailwinds resulted in elevated byproduct credits, providing a $0.14 offset. The Enterprise Quarterly Nickel Oil and Sustaining costs came in at $3.96 per pound, against nickel prices which averaged $7. These strong margins are a reminder of the high-grade nature of the Enterprise nickel sulfide ore body. Nickel prices were depressed for much of last year, with the market being in surplus but have recently rallied following production cuts announced in Indonesia. At Cobre Panamá, the PNSM program continues to incur between $15 and 17 million per month to support the environmental stewardship of the mine and local procurement.

Ryan MacWilliam: This drove a 7% increase in EBITDA and a $73 million improvement in net earnings. Copper C1 costs rose by 13% to $2.21 per pound, reflecting the lower production that Rudi spoke to, along with higher power, labor, and maintenance costs. Oil price tailwinds resulted in elevated byproduct credits, providing a $0.14 offset. The Enterprise Quarterly Nickel Oil and Sustaining costs came in at $3.96 per pound, against nickel prices which averaged $7. These strong margins are a reminder of the high-grade nature of the Enterprise nickel sulfide ore body. Nickel prices were depressed for much of last year, with the market being in surplus but have recently rallied following production cuts announced in Indonesia. At Cobre Panamá, the PNSM program continues to incur between $15 and 17 million per month to support the environmental stewardship of the mine and local procurement.

Speaker #3: Copper C1 costs rose by 13% to $2.21 per pound. Reflecting the lower production that Rudy spoke to. Along with higher power, labor, and maintenance costs.

Speaker #3: Oil price tailwinds resulted in elevated byproduct credits. Providing a 14 cent offset. The enterprise quarterly nickel all-in sustaining costs came in at a $3.96 per pound.

Speaker #3: Against nickel prices, which averaged $7. These strong margins are a reminder of the high-grade nature of the enterprise nickel sulfide ore body. Nickel prices were depressed for much of last year, with the market being in surplus.

Speaker #3: But have recently rallied following production cuts announced in Indonesia. At Cobre Panama, the PNSM program continues to incur between $15 and $17 million per month to support the environmental stewardship of the mine and local procurement.

Speaker #3: 45 million dollars was incurred in Q4 and 400 million dollars has been spent since the mine was placed on PNSM. Operating costs to process the stockpiled ore will cost between 12 and 12.50 per ton milled.

Rachel Smith: $45 million was incurred in Q4, and $400 million has been spent since the mine was placed on PNSM. Operating costs to process the stockpiled ore will cost between $12 and $12.50 per tonne milled. Upfront cash investment will be required, with cash outflows peaking at around $250 million. On the basis that formal approval is received shortly for the stockpiles, we would expect to be broadly cash flow neutral by year-end at Cobre Panamá, inclusive of PNSM costs. Further, ongoing maintenance, the sale of Las Cruces both simplifies our portfolio and delivers approximately $30 million in annual cost savings, while paving the way for development of the project under a new owner. On the balance sheet, it is pleasing to announce our new syndicated term loan and revolving credit facility.

Ryan MacWilliam: $45 million was incurred in Q4, and $400 million has been spent since the mine was placed on PNSM. Operating costs to process the stockpiled ore will cost between $12 and $12.50 per tonne milled. Upfront cash investment will be required, with cash outflows peaking at around $250 million. On the basis that formal approval is received shortly for the stockpiles, we would expect to be broadly cash flow neutral by year-end at Cobre Panamá, inclusive of PNSM costs. Further, ongoing maintenance, the sale of Las Cruces both simplifies our portfolio and delivers approximately $30 million in annual cost savings, while paving the way for development of the project under a new owner. On the balance sheet, it is pleasing to announce our new syndicated term loan and revolving credit facility.

Speaker #3: Upfront cash investment will be required, with cash outflows peaking at around $250 million. On the basis that formal approval is received shortly for the stockpiles, we would expect to be broadly cash flow neutral by year-end.

Speaker #3: At COVID Panama, inclusive of PNSM costs. Further, on current maintenance, the sale of Las Cruces both simplifies our portfolio and delivers approximately 30 million dollars in annual cost savings.

Speaker #3: While paving the way for development of the project under a new owner. On the balance sheet, it is pleasing to announce our new syndicated term loan and revolving credit facility.

Speaker #3: This frees up about $360 million of liquidity in this year, while also securing a larger RCF and extending both maturities to 2029. The refinancing process has underscored the strong backing we continue to receive from our banks.

Rachel Smith: This frees up about $360 million of liquidity in this year, while also securing a larger RCF and extending both maturities to 2029. The refinancing process has underscored the strong backing we continue to receive from our banks, with the participation of several new lenders in a highly oversubscribed transaction. The availability of the facilities is subject to customary closing conditions. Furthermore, we've also announced a new $1.35 billion 10-year unsecured bond offering this morning. And lastly, I'm pleased to highlight that this week the rating agency S&P has moved our B rating to a positive outlook, recognizing our progress in strengthening the balance sheet and their positive expectations on the return of Cobre Panamá later this year. Moving on to guidance.

Ryan MacWilliam: This frees up about $360 million of liquidity in this year, while also securing a larger RCF and extending both maturities to 2029. The refinancing process has underscored the strong backing we continue to receive from our banks, with the participation of several new lenders in a highly oversubscribed transaction. The availability of the facilities is subject to customary closing conditions. Furthermore, we've also announced a new $1.35 billion 10-year unsecured bond offering this morning. And lastly, I'm pleased to highlight that this week the rating agency S&P has moved our B rating to a positive outlook, recognizing our progress in strengthening the balance sheet and their positive expectations on the return of Cobre Panamá later this year. Moving on to guidance.

Speaker #3: With the participation of several new lenders in a highly oversubscribed transaction. The availability of the facilities is subject to customary closing conditions. Furthermore, we've also announced a new 1.35 billion dollars 10-year unsecured bond offering this morning.

Speaker #3: And lastly, I'm pleased to highlight that this week the rating agency S&P has moved our B rating to a positive outlook. Recognizing our progress in strengthening the balance sheet and their positive expectations on the return of COVID Panama later this year.

Speaker #3: Moving on to guidance. Across the three-year guidance period, we've lifted our copper C1 and all-in cost guidance ranges to reflect the updated production cut guidance, higher costs, and the incorporation of inflationary pressures.

Rachel Smith: Across the three-year guidance period, we've lifted our copper C1 and all-in-cost guidance ranges to reflect the updated production guidance, higher costs, and the incorporation of inflationary pressures, which are somewhat offset by stronger gold prices. These higher costs are driven by the appreciation of the ZMW, the Zambian collective bargaining agreements, and increased maintenance across Sentinel and Kansanshi. Both copper C1 and all-in-cost trend downwards across the three-year guidance period, as production improves with higher grades expected to be fed into the Kansanshi S3 circuit from the new Southeast Dome pit. While cash cost guidance in 2026 and 2027 benefited from higher assumed gold prices, Guelb Moghrein gold sales will no longer be treated as byproduct credits, as gold production is expected to pause from Q2 2026.

Ryan MacWilliam: Across the three-year guidance period, we've lifted our copper C1 and all-in-cost guidance ranges to reflect the updated production guidance, higher costs, and the incorporation of inflationary pressures, which are somewhat offset by stronger gold prices. These higher costs are driven by the appreciation of the ZMW, the Zambian collective bargaining agreements, and increased maintenance across Sentinel and Kansanshi. Both copper C1 and all-in-cost trend downwards across the three-year guidance period, as production improves with higher grades expected to be fed into the Kansanshi S3 circuit from the new Southeast Dome pit. While cash cost guidance in 2026 and 2027 benefited from higher assumed gold prices, Guelb Moghrein gold sales will no longer be treated as byproduct credits, as gold production is expected to pause from Q2 2026.

Speaker #3: Which are somewhat offset by stronger gold prices. These higher costs are driven by the appreciation of the cuatro, the Zambian collective bargaining agreements, and increased maintenance across Sentinel and Kinsanshi.

Speaker #3: Both copper C1 and all-in costs trend downwards across the three-year guidance period. As production improves with higher grades expected to be fed into the Kinsanshi S3 circuit from the new Southeast Dome fit.

Speaker #3: While cash cost guidance in 2026 and 2027 benefited from higher assumed gold prices, Gold McRain gold sales will no longer be treated as by-product credits.

Speaker #3: As gold production is expected to pause from Q2 2026. On CAPEX guidance, we spent about 240 million dollars less in 2025 than initially guided on.

Rachel Smith: On CAPEX guidance, we spent about $240 million less in 2025 than initially guided on, with some of that moving into 2026, such as planned replacements at Kansanshi. 2026 guidance also includes added work on Sentinel's Ball Mill 2, input crusher 4 relocation, and the third tailings pipeline. CAPEX reduces over the course of the three-year guidance period, driven by the wind-down of Southeast Dome pre-stripping at Kansanshi and the completion of Zambian tailings facility works, as well as the crusher installation at Kansanshi and the crusher relocation at Sentinel. Onto hedging. The collars that rolled off in Q4 yielded copper and gold hedge losses of $42 million in aggregate. Our 2026 planned copper and gold production both remain roughly 20% hedged for the full year and 50% hedged for the first half of the year.

Ryan MacWilliam: On CAPEX guidance, we spent about $240 million less in 2025 than initially guided on, with some of that moving into 2026, such as planned replacements at Kansanshi. 2026 guidance also includes added work on Sentinel's Ball Mill 2, input crusher 4 relocation, and the third tailings pipeline. CAPEX reduces over the course of the three-year guidance period, driven by the wind-down of Southeast Dome pre-stripping at Kansanshi and the completion of Zambian tailings facility works, as well as the crusher installation at Kansanshi and the crusher relocation at Sentinel. Onto hedging. The collars that rolled off in Q4 yielded copper and gold hedge losses of $42 million in aggregate. Our 2026 planned copper and gold production both remain roughly 20% hedged for the full year and 50% hedged for the first half of the year.

Speaker #3: With some of that moving into 2026, such as planned replacements at Kinsanshi. 2026 guidance also includes added work on Sentinel's Bournemouth 2, input crusher for relocation, and a third tailings pipeline.

Speaker #3: CAPEX reduces over

Speaker #1: Over the course of the three year guidance period , driven by the wind down of south east and stripping and kansanshi , and the completion of Zambian tailings facility works , as well as the crusher installation at Kansanshi and the crusher at installation Santschi , and the crusher relocation at Sentinel .

Speaker #1: Onto hedging the colours that off in rolled Q4 yielded copper and gold hedge losses of $42 million in aggregate . Our 2026 planned copper and gold production , both remain roughly 20% hedged for the full year , and 50% hedged for the first half of the year .

Rachel Smith: At current spot prices, we anticipate losses of around $220 million and $23 million, respectively, on our copper and gold hedge positions. Hedging has been an important tool in providing us with stability and downside protection during the S3 construction and ramp-up. However, at this stage, our existing hedges expire by mid-year, and we do not anticipate adding more hedges given our strong margins at these copper prices. During the quarter, net debt increased by $441 million to $5.2 billion. This was driven by two key factors. Firstly, an increase in working capital as accounts receivable increased due to late shipments in December. And secondly, the sharp rise in copper prices at the year-end necessitated higher margin deposits associated with our short-term customer QP hedges. Both of these are expected to unwind through the current quarter at stable copper prices.

Ryan MacWilliam: At current spot prices, we anticipate losses of around $220 million and $23 million, respectively, on our copper and gold hedge positions. Hedging has been an important tool in providing us with stability and downside protection during the S3 construction and ramp-up. However, at this stage, our existing hedges expire by mid-year, and we do not anticipate adding more hedges given our strong margins at these copper prices. During the quarter, net debt increased by $441 million to $5.2 billion. This was driven by two key factors. Firstly, an increase in working capital as accounts receivable increased due to late shipments in December. And secondly, the sharp rise in copper prices at the year-end necessitated higher margin deposits associated with our short-term customer QP hedges. Both of these are expected to unwind through the current quarter at stable copper prices.

Speaker #1: At current spot prices anticipate losses of $23 million , respectively , around $220 million copper and gold hedged positions . Hedging has been an important tool in providing us with stability and downside protection during the construction and ramp up .

Speaker #1: However , at this stage , our existing hedges by mid-year expire and we do not anticipate adding more hedges given our strong margins at these copper prices .

Speaker #1: During the quarter , net debt increased by $441 million to 5.2 billion . This was driven by two key factors . increase Firstly , an in working capital as accounts receivable increased due to late shipments in December , and secondly , the sharp rise in copper prices year end at the necessitated higher margin deposits associated with our short term customer QP hedges .

Speaker #1: Both of these are expected to unwind through the current quarter at stable copper prices remains very . Liquidity strong at 1.9 billion , comprising of $644 million in cash and a fully undrawn credit revolver of $1.3 billion at quarter end .

Rachel Smith: Liquidity remains very strong at $1.9 billion, comprising of $644 million in cash and a fully undrawn credit revolver of $1.3 billion at quarter end. In short, we close the year with support of copper and gold markets, a disciplined cost management approach, a strengthened balance sheet, and solid liquidity, positioning us very well for 2026. I will now hand the call back to Tristan. Thank you, Ryan. Over the last two years, it has been a highlight of my prepared remarks to speak on the progress at S3. However, with the announcement of commercial production, this will be part of Rudi's operational review going forward. I am extremely proud of our delivery of the Kansanshi S3 expansion project. This has been a product of huge collaborative effort across our projects and operations teams and a supportive investment climate delivered by the Government of Zambia.

Ryan MacWilliam: Liquidity remains very strong at $1.9 billion, comprising of $644 million in cash and a fully undrawn credit revolver of $1.3 billion at quarter end. In short, we close the year with support of copper and gold markets, a disciplined cost management approach, a strengthened balance sheet, and solid liquidity, positioning us very well for 2026. I will now hand the call back to Tristan.

Speaker #1: In short , we closed the year with supportive copper and gold markets . A disciplined cost management approach , a strength in balance sheet and solid liquidity , positioning us very well for 2026 .

Tristan Pascall: Thank you, Ryan. Over the last two years, it has been a highlight of my prepared remarks to speak on the progress at S3. However, with the announcement of commercial production, this will be part of Rudi's operational review going forward. I am extremely proud of our delivery of the Kansanshi S3 expansion project. This has been a product of huge collaborative effort across our projects and operations teams and a supportive investment climate delivered by the Government of Zambia.

Speaker #1: I will now hand the call back to Tristan .

Speaker #2: Thank you Ryan . Over the last two years , it has been a highlight of my prepared remarks to speak on the progress at S3 .

Speaker #2: However , with the announcement of commercial production , this will be part of Rudy's operational review going forward . I am extremely proud of our delivery of the S3 expansion project .

Speaker #2: This has been a product of huge collaborative effort across our projects and operations teams , and a delivered by the investment climate Government of Zambia .

Rachel Smith: As Rudi noted, the S3 expansion delivered strong performance across all key production indicators, which supported the declaration of commercial production. Broadly speaking, while several metrics were considered, commercial production was declared once S3 demonstrated consistent performance at 90% of its design capacity. This was accomplished within five months of initial production. This is a significant achievement for a project of this size. At a throughput capacity of 25 million tonnes per annum, S3 is one of the largest global brownfield copper projects delivered in recent years, and I would like to congratulate and express my gratitude to the entire team that delivered this successful outcome. In terms of new project opportunities at First Quantum, I am pleased to announce that we will be shortly releasing an updated 43-101 technical report for the Taca Taca project later this month.

Tristan Pascall: As Rudi noted, the S3 expansion delivered strong performance across all key production indicators, which supported the declaration of commercial production. Broadly speaking, while several metrics were considered, commercial production was declared once S3 demonstrated consistent performance at 90% of its design capacity. This was accomplished within five months of initial production. This is a significant achievement for a project of this size. At a throughput capacity of 25 million tonnes per annum, S3 is one of the largest global brownfield copper projects delivered in recent years, and I would like to congratulate and express my gratitude to the entire team that delivered this successful outcome. In terms of new project opportunities at First Quantum, I am pleased to announce that we will be shortly releasing an updated 43-101 technical report for the Taca Taca project later this month.

Speaker #2: As Rudy noted , the S3 expansion delivered strong performance across all key production indicators , which supported the declaration of commercial production . Broadly speaking , while several metrics were considered , commercial production was declared once S3 demonstrated consistent performance at 90% of its design capacity .

Speaker #2: This was accomplished within five months of initial production . This is a significant achievement for a project of this size . At a throughput capacity of 25 million tonnes per annum , S3 is one of the largest global brownfield copper projects delivered in recent years , and I would like to congratulate express my and gratitude to the entire team that delivered this successful outcome .

Speaker #2: In terms of new project opportunities at first , Quantum , I am pleased to announce that we will be shortly releasing an updated 43 101 technical report for the Takataka later this month project .

Rachel Smith: Taca is one of the world's largest undeveloped copper assets, and Argentina is emerging as an increasingly competitive mining jurisdiction, supported by recent economic reforms aimed at attracting greater foreign direct investment. Globally, there are several growth projects being advanced to address the anticipated supply deficit in the copper market. However, I firmly believe that First Quantum is uniquely positioned to deliver on this growth. We expect Taca Taca to follow First Quantum's tested and proven design and construction approach of large-scale SAG mill processing trains with expansion optionality. Taca Taca will involve, for example, installation of First Quantum's seventh and eighth SAG mill at the 40-foot size and will leverage from the company's extensive experience in development and operations at Sentinel, Cobre Panamá, and most recently, the S3 expansion at Kansanshi.

Tristan Pascall: Taca is one of the world's largest undeveloped copper assets, and Argentina is emerging as an increasingly competitive mining jurisdiction, supported by recent economic reforms aimed at attracting greater foreign direct investment. Globally, there are several growth projects being advanced to address the anticipated supply deficit in the copper market. However, I firmly believe that First Quantum is uniquely positioned to deliver on this growth. We expect Taca Taca to follow First Quantum's tested and proven design and construction approach of large-scale SAG mill processing trains with expansion optionality. Taca Taca will involve, for example, installation of First Quantum's seventh and eighth SAG mill at the 40-foot size and will leverage from the company's extensive experience in development and operations at Sentinel, Cobre Panamá, and most recently, the S3 expansion at Kansanshi.

Speaker #2: one of the world's largest Takataka is undeveloped assets copper , and Argentina is emerging as an increasingly competitive mining jurisdiction supported by recent economic reforms aimed at attracting greater foreign direct investment .

Speaker #2: Globally , there are several growth projects being advanced to address the anticipated supply deficit in the copper market . However , I firmly believe that First quantum is uniquely positioned to deliver on this growth .

Speaker #2: We expect Takataka to follow, first, Quantum's tested and proven design and construction approach of large-scale SAG mill processing trains, with expansion optionality.

Speaker #2: Takataka will involve , for example , installation of first , quantum , seventh and eighth SAG mill at the 40 foot size and will leverage from the company's extensive experience in development and operations at Sentinel Cobra , Panama and most recently , the S3 expansion at Kansanshi .

Rachel Smith: We look forward to sharing the updated technical report, which represents an important step in de-risking the project as we continue to advance the ESIA, prepare our RIGI application, and evaluate the optimal financing strategy for the project. While Taca Taca is important to First Quantum's long-term growth options, and similarly, this year we will also advance the La Granja and Haquira projects on their own merits, I want to clearly state that our priorities for this year 2026 remain, firstly, progressing towards resolution of Cobre Panamá. Secondly, to ensure continued safe and productive performance at our operations, including ramp-up of the Kansanshi S3 expansion project. And thirdly, to strengthen the balance sheet to ensure that the company is well positioned to support future growth. We have meaningful achievements in our priorities for 2025, and I am extremely proud and grateful for the dedication of the entire team at First Quantum.

Tristan Pascall: We look forward to sharing the updated technical report, which represents an important step in de-risking the project as we continue to advance the ESIA, prepare our RIGI application, and evaluate the optimal financing strategy for the project. While Taca Taca is important to First Quantum's long-term growth options, and similarly, this year we will also advance the La Granja and Haquira projects on their own merits, I want to clearly state that our priorities for this year 2026 remain, firstly, progressing towards resolution of Cobre Panamá. Secondly, to ensure continued safe and productive performance at our operations, including ramp-up of the Kansanshi S3 expansion project. And thirdly, to strengthen the balance sheet to ensure that the company is well positioned to support future growth. We have meaningful achievements in our priorities for 2025, and I am extremely proud and grateful for the dedication of the entire team at First Quantum.

Speaker #2: We look forward to sharing the updated technical report , which represents an important step in de-risking the project as we continue to advance the Isya prepare our and evaluate the optimal , the optimal financing strategy for the project whilst Takataka is important to first Quantum's long term growth options and similarly , this year we will also advance the Lagrassa and Hakura their own projects on merits .

Speaker #2: I want to clearly state that our priorities for this year , 2026 remain . Firstly , progressing towards resolution of Cobra Panama . Secondly , to ensure continued safe and productive performance at our operations , including ramp up of the Kansanshi S3 expansion project .

Speaker #2: And thirdly , to strengthen the balance sheet to ensure that the company is well positioned to future support growth . We had meaningful achievements in our priorities for 2025 .

Speaker #2: And I am extremely , extremely proud and grateful for the dedication of the entire team First Quantum , our of position today is a direct result of their hard work .

Rachel Smith: Our position today is a direct result of their hard work. We have collectively accomplished a lot over the last couple of years, and I am confident in the outlook for First Quantum because of the deep talent pool within the company, our meaningful participation and long-term relationships in our host countries, and the growing strategic importance of copper. Thank you, operator. I'm happy to open the line for questions. At this time, I would like to remind everyone, in order to ask a question, press star, then the number one on your telephone keypad. We'll pause for just a moment to compile the Q&A roster. Your first question comes from Ralph Profiti with Stifel. Thanks, operator, and good morning, team.

Tristan Pascall: Our position today is a direct result of their hard work. We have collectively accomplished a lot over the last couple of years, and I am confident in the outlook for First Quantum because of the deep talent pool within the company, our meaningful participation and long-term relationships in our host countries, and the growing strategic importance of copper. Thank you, operator. I'm happy to open the line for questions.

Speaker #2: We have collectively accomplished a lot over the last couple of years, and I am confident in the outlook for First Quantum because of the deep talent pool within the company.

Speaker #2: Our meaningful participation and long term relationships in our host countries , and the growing strategic importance of copper . Thank you . Operator I am happy to open the lines for questions .

Operator: At this time, I would like to remind everyone, in order to ask a question, press star, then the number one on your telephone keypad. We'll pause for just a moment to compile the Q&A roster. Your first question comes from Ralph Profiti with Stifel.

Speaker #2: .

Speaker #3: this time . I At remind would like to everyone , in order to ask a question , press star . Then the number one on your telephone keypad .

Speaker #3: We'll pause for just a moment to compile the Q&A roster . Your first question comes from Ralph Profiti with Stiefel .

Ralph Profiti: Thanks, operator, and good morning, team.

Speaker #4: Thanks , operator , and good morning . Team Tristan and Rudy . When it comes to the for potential the same remedial work and permanent you're solutions that seeking in Ball Mill number two at Sentinel , transferring that over into ball mill number one , are you going to wait for the review to make that conclusion ?

Rachel Smith: Tristan and Rudi, when it comes to the potential for the same remedial work and permanent solutions that you're seeking in ball mill number 2 at Sentinel, transferring that over into ball mill number 1, are you going to wait for the review to make that conclusion, and when will that review be concluded? Yeah. Thanks very much for the question, Ralph. Rudi, do you want to take that one? Yeah. No problem, Tristan. Hi, Ralph. The final repairs to ball mill 2, as established with the OEM and ourselves, will take place in the first half of 2027. Now, we have ordered an additional end can and upgraded discharge end purely to take advantage of the foundry slot that we've had, and we've effectively run with one strategic spare. Ball mill 1 is getting a review principally because it's from the same vendor and no other reason.

Ralph Profiti: Tristan and Rudi, when it comes to the potential for the same remedial work and permanent solutions that you're seeking in ball mill number 2 at Sentinel, transferring that over into ball mill number 1, are you going to wait for the review to make that conclusion, and when will that review be concluded?

Speaker #4: And and when will that be ? When will that review be concluded ?

Tristan Pascall: Yeah. Thanks very much for the question, Ralph. Rudi, do you want to take that one?

Speaker #2: Yeah . Thanks very much for the question , Ralph . Rudy , do you want to take that one ? Yeah . No problem .

Rudi Badenhorst: Yeah. No problem, Tristan. Hi, Ralph. The final repairs to ball mill 2, as established with the OEM and ourselves, will take place in the first half of 2027. Now, we have ordered an additional end can and upgraded discharge end purely to take advantage of the foundry slot that we've had, and we've effectively run with one strategic spare. Ball mill 1 is getting a review principally because it's from the same vendor and no other reason.

Speaker #2: Hi , Ralph . The . The final repairs to normal two as established with the OEM and ourselves will take place in the first half of 2027 .

Speaker #2: Now , we have ordered a an additional end can and discharge upgraded discharge end purely to take advantage of the foundry slot that we've had and we've effectively run with one strategic spare .

Speaker #2: Vollmer one is getting a review principally because it's from the same no other is vendor and reason currently performing we do not have any issues with it .

Rachel Smith: It is currently performing well, and we do not have any issues with it. I see. And it looks as though there's going to be some degree of throttle back on the throughput. But also, Rudi, some of your pre-prepared comments talked about increasing total throughput as well. Just wondering how you're balancing the two between risk mitigation and desire to increase throughput. Rudi. Yes. Thanks, Tristan. Well, if we indicated that we will be doing a couple of projects at Sentinel this year, primarily to debottleneck the back end of the circuit, and those relate to the installation of upgraded feed wells to our tailings thickeners, but also the installation of a new tailings line and the reline of an existing one. Effectively, what that does, it helps us to increase throughput through the back end, which is currently the bottleneck.

Rudi Badenhorst: It is currently performing well, and we do not have any issues with it.

Ralph Profiti: I see. And it looks as though there's going to be some degree of throttle back on the throughput. But also, Rudi, some of your pre-prepared comments talked about increasing total throughput as well. Just wondering how you're balancing the two between risk mitigation and desire to increase throughput. Rudi.

Speaker #4: I see. And it looks as though there's going to be some degree of throttle back on the throughput, but also really, some of your comments in your pre-prepared comments talked about increasing total throughput as well.

Speaker #4: Just wondering how you're balancing the two between, you know, risk mitigation and desire to increase throughput?

Rudi Badenhorst: Yes. Thanks, Tristan. Well, if we indicated that we will be doing a couple of projects at Sentinel this year, primarily to debottleneck the back end of the circuit, and those relate to the installation of upgraded feed wells to our tailings thickeners, but also the installation of a new tailings line and the reline of an existing one. Effectively, what that does, it helps us to increase throughput through the back end, which is currently the bottleneck.

Speaker #2: Rudy . Yes . Thanks , Justin . If we . Indicated that we will be doing a couple of projects at Sentinel this year , primarily to the bottleneck , the back end of the circuit and those relate to the installation of upgraded feed wells to our thickener tailings , but also the installation of a new tailings line and of reline an existing one , effectively , what that does , it helps us to increase throughput through the back end , which is currently the bottleneck .

Rachel Smith: So the first one of those have already been replaced in January. The second one will be replaced this quarter, and the third one during the end of the second quarter, followed by the tailings lines at Q3. So debottlenecking the circuit allows for the opportunity to increase throughput, albeit maintenance stoppages on ball mill two. Your next question is from Orest Wowkodaw with Scotiabank. Hi. Good morning. A couple of questions on Cobre Panamá, please. You mentioned, Tristan, that the company's yet to start formal discussions on a new agreement in Panama. Can you give us an idea of what the hurdles are? Are you just basically waiting for the completion of the environmental audit? Is that expected to kick the process off? Hi, Orest. Thanks.

Rudi Badenhorst: So the first one of those have already been replaced in January. The second one will be replaced this quarter, and the third one during the end of the second quarter, followed by the tailings lines at Q3. So debottlenecking the circuit allows for the opportunity to increase throughput, albeit maintenance stoppages on ball mill two.

Speaker #2: So in the first one of those have already been replaced in January . The second one will be will be replaced . This quarter .

Speaker #2: And the third one during the end of the second quarter , followed by the Q3 . So debottlenecking the circuit allows for the opportunity to increase throughput , albeit maintenance stoppages .

Operator: Your next question is from Orest Wowkodaw with Scotiabank.

Speaker #2: On two .

Speaker #3: Next, your question is from Orris with Scotiabank.

Orest Wowkodaw: Hi. Good morning. A couple of questions on Cobre Panamá, please. You mentioned, Tristan, that the company's yet to start formal discussions on a new agreement in Panama. Can you give us an idea of what the hurdles are? Are you just basically waiting for the completion of the environmental audit? Is that expected to kick the process off?

Speaker #5: Hi . Good morning . A couple of questions on Cobre Panama , please . You mentioned , Tristan , that the company is yet to start formal discussions on a new agreement in Panama .

Speaker #5: Can you give us an idea of of what the hurdles are ? you just Is it are basically waiting for the completion of the environmental audit ?

Speaker #5: Is that expected to kick the process off?

Tristan Pascall: Hi, Orest. Thanks.

Rachel Smith: I think in Panama, over the last since the middle of last year, you've seen concrete milestones passing, and that revolves around approval of the preservation and safe management plan, export of the concentrate, the restart of the power plant, and the commencement of the environmental audit. Then most recently, the announcement by the president that the government will approve the removal of the stockpiles and processing associated with that. Looking forward, the president has made announcements around dealing with the matters at Cobre Panamá. And I think, as you point out, the environmental audit is one of the key elements in that timetable. So we do expect the audit will be completed in April. We'll have to assess the next steps and timing from there, but certainly, that does seem to be one of the key elements in terms of the pathway from here. Okay. Thank you.

Tristan Pascall: I think in Panama, over the last since the middle of last year, you've seen concrete milestones passing, and that revolves around approval of the preservation and safe management plan, export of the concentrate, the restart of the power plant, and the commencement of the environmental audit. Then most recently, the announcement by the president that the government will approve the removal of the stockpiles and processing associated with that. Looking forward, the president has made announcements around dealing with the matters at Cobre Panamá. And I think, as you point out, the environmental audit is one of the key elements in that timetable. So we do expect the audit will be completed in April. We'll have to assess the next steps and timing from there, but certainly, that does seem to be one of the key elements in terms of the pathway from here.

Speaker #6: I thanks , I think in Panama last since the middle of last year , you've seen concrete milestones passing and that revolves around approval of the preservation safe management plan , export of the concentrate , the restart of the power plant and the commencement of the environmental audit .

Speaker #6: And then, most recently, the announcement by the President that the government will approve the removal of the stockpiles and processing associated with that.

Speaker #6: Looking forward , the the president has made announcements around dealing with the matters at Panama . And I think as you point out , the environmental audit is one of the key elements in that timetable .

Speaker #6: So we do expect the audit will be in completed to assess the . April next steps and timing from there . But certainly that does seem to be one of the key elements in terms pathway from here .

Orest Wowkodaw: Okay. Thank you.

Rachel Smith: As a follow-up, thank you for the disclosure around some of the partial restart costs here to turn on one mill train to process these ore stockpiles, the $230 to 280 million range. I'm just curious, is that a good rule of thumb in terms of incremental costs to eventually restart all the mill trains? Yeah, Orest. It's a little bit of a moving target at the moment because you can paint different scenarios to restart around the timing and ramp-up of that in terms of stage of approvals.

Orest Wowkodaw: As a follow-up, thank you for the disclosure around some of the partial restart costs here to turn on one mill train to process these ore stockpiles, the $230 to 280 million range. I'm just curious, is that a good rule of thumb in terms of incremental costs to eventually restart all the mill trains?

Speaker #5: Okay . Thank you . And as up , a follow thank you for the disclosure around some of the partial restart costs here to turn on one mill train to process these or stockpiles , the 230 to 280 million range .

Speaker #5: I'm just curious that , is a good rule of thumb in terms of incremental costs to to eventually restart all the mill trains ?

Tristan Pascall: Yeah, Orest. It's a little bit of a moving target at the moment because you can paint different scenarios to restart around the timing and ramp-up of that in terms of stage of approvals.

Speaker #6: Yeah , it's a little bit of a moving target at the moment because , you know , you can you can paint different scenarios to restart around the timing and ramp up of that .

Rachel Smith: But if we follow a pathway, well, if we just look at the stockpiles and the restart of the plant is important to that stockpile reprocessing, that allows us to remove that material, which does cause some acid rock drainage and will greatly improve our water quality control at Sediment Pond Two and the discharge in the Botija site, and also in terms of feed to the tailings dam and being able to cope with high rainfall, erosion, and so on that we do get on the tailings dam. If we just look at that, it's probably three months to get that moving, and it would be on the basis of the costs that we outlined there around $12 to $12.50 per tonne milled and hence those capital costs that you refer to there.

Tristan Pascall: But if we follow a pathway, well, if we just look at the stockpiles and the restart of the plant is important to that stockpile reprocessing, that allows us to remove that material, which does cause some acid rock drainage and will greatly improve our water quality control at Sediment Pond Two and the discharge in the Botija site, and also in terms of feed to the tailings dam and being able to cope with high rainfall, erosion, and so on that we do get on the tailings dam. If we just look at that, it's probably three months to get that moving, and it would be on the basis of the costs that we outlined there around $12 to $12.50 per tonne milled and hence those capital costs that you refer to there.

Speaker #6: In terms of stage of approvals . But if we if we follow a pathway , well , if we just look at the stockpiles and the restart of the the plant is important to that stockpile reprocessing that allows us to remove that material , is which does cause some acid rock drainage and will greatly improve our water quality control at sediment .

Speaker #6: Sediment pond two and the discharge and the patika side . And also in terms of feed to the tailings dam and being able to cope with , high rainfall and and erosion and so on , that we do get on the tailings dam if we just look at that , you know , it's probably three months to get that moving .

Speaker #6: And it would it would be on the basis of the cost that we outlined there , around $12 to $12.50 per pound per ton milled .

Speaker #6: And hence those capital costs that you refer to . There . If , if something else comes through in terms of timetable and we don't have that , we don't have that clear as yet .

Rachel Smith: If something else comes through in terms of timetable and we don't have that clear as yet, that would shift around disclosure from the Government of Panama around that. Your next question comes from Christopher LaFemina with Jefferies. Hi. Thanks, operator. Hi, guys. Thanks for taking my question. So I just wanted to ask about the overall unit cost guidance. You guys have a lot of operational improvements that you're going to be delivering across the portfolio over the next couple of years. If I look at Sentinel, for example, where you're commissioning the rail run conveyor system, you're expanding the trolley assist network, you're expecting slightly higher grades. Volumes across the business are going to be rising, which should lead to some fixed cost dilution. Yet your unit cost guidance is effectively at the middle of the guidance range.

Tristan Pascall: If something else comes through in terms of timetable and we don't have that clear as yet, that would shift around disclosure from the Government of Panama around that.

Speaker #6: You know , that would shift around disclosure from the government of Panama around that .

Operator: Your next question comes from Christopher LaFemina with Jefferies.

Speaker #3: Your next question comes from Chris Lamanna with Jefferies

Christopher LaFemina: Hi. Thanks, operator. Hi, guys. Thanks for taking my question. So I just wanted to ask about the overall unit cost guidance. You guys have a lot of operational improvements that you're going to be delivering across the portfolio over the next couple of years. If I look at Sentinel, for example, where you're commissioning the rail run conveyor system, you're expanding the trolley assist network, you're expecting slightly higher grades. Volumes across the business are going to be rising, which should lead to some fixed cost dilution. Yet your unit cost guidance is effectively at the middle of the guidance range.

Speaker #3: .

Speaker #3: .

Speaker #7: Thanks . Hi . Operator . Thanks for taking my question . So I just wanted to ask about the overall unit cost guidance .

Speaker #7: You guys have a lot of operational improvements that you're going to be delivering across the portfolio over the of years . next couple If I look at Sentinel , for example , where you're commissioning the conveyor railroad system , you're expanding the assist network , you're expecting slightly higher grades volumes across the business are going to be rising , which should lead to some fixed cost dilution .

Speaker #7: Yet your unit cost guidance is effectively at the middle of the guidance range . You're basically guidance across being flat over the next few years .

Rachel Smith: You're basically guiding to costs being flat over the next few years. And I'm wondering, is there potential for costs to be significantly lower than what you're guiding to? Is your guidance conservative? And if not, I'm wondering, what are the offsetting inflationary factors? I mean, you mentioned some of the cost inflation that you're seeing in the business now, but I'm wondering what the inflationary factors are that you're kind of baking into your assumptions here where those inflationary factors are offsetting the benefits of some of these operational improvements that you guys are expected to deliver. Thank you. Thanks, Chris. Hi. And I'm sure Ryan will add a comment, but just, I mean, big picture, the trade-off at Sentinel is between volume, and you're seeing the throughput.

Christopher LaFemina: You're basically guiding to costs being flat over the next few years. And I'm wondering, is there potential for costs to be significantly lower than what you're guiding to? Is your guidance conservative? And if not, I'm wondering, what are the offsetting inflationary factors? I mean, you mentioned some of the cost inflation that you're seeing in the business now, but I'm wondering what the inflationary factors are that you're kind of baking into your assumptions here where those inflationary factors are offsetting the benefits of some of these operational improvements that you guys are expected to deliver. Thank you.

Speaker #7: And I'm wondering , you know , is there is there a for cost to be significantly lower guidance than what your is ? Your guidance conservative ?

Speaker #7: And if not , I'm what are the wondering offsetting inflationary factors ? You mentioned some of the cost inflation that you're seeing in the business now .

Speaker #7: But I'm working with the inflationary factors are that you're kind of baking into your assumptions here , where those inflationary factors are offsetting the benefits of some of these operational improvements that you guys are expected to deliver .

Tristan Pascall: Thanks, Chris. Hi. And I'm sure Ryan will add a comment, but just, I mean, big picture, the trade-off at Sentinel is between volume, and you're seeing the throughput.

Speaker #7: Thank you .

Speaker #6: Thanks , Chris . Hi . And I'm Ryan sure add will comment , but I mean , big just picture the trade off at Sentinel is between volume and you're seeing the the throughput .

Rachel Smith: You're seeing the effort that's been put in there to deliver throughput, and you're seeing that in terms of the front end of the plants and the dry plant pushing there. As Rudi mentioned, debottlenecking in the back end to continue that trend. We have had that offset by grade and our management of that. As we get into fresh material beneath stage three and also open up stage four over the next couple of years, we'll be able to offset that grade, and we'll see good material come through. On the cost side, it's really a story around commodity inflation, as Ryan points it out, and labor. But Ryan, do you have anything else to add there? Sure. Thanks for the question, Chris.

Tristan Pascall: You're seeing the effort that's been put in there to deliver throughput, and you're seeing that in terms of the front end of the plants and the dry plant pushing there. As Rudi mentioned, debottlenecking in the back end to continue that trend. We have had that offset by grade and our management of that. As we get into fresh material beneath stage three and also open up stage four over the next couple of years, we'll be able to offset that grade, and we'll see good material come through. On the cost side, it's really a story around commodity inflation, as Ryan points it out, and labor. But Ryan, do you have anything else to add there?

Speaker #6: You're seeing the effort that's being put in there into deliver throughput . And you're seeing that in terms of the front end of the plant and the dry plant pushing there .

Speaker #6: And as Rudy mentioned , Debottlenecking in the back end to to continue that trend , we have had , you know , that is offset by grade and our management of that as we get into fresh material beneath stage three and , and also open up stage four over the next year , a of years know , we'll , you be able to offset that grade and we'll see .

Speaker #6: Good material come through on the cost side. It's really a story around commodity inflation, as Ryan pointed out, and labor.

Speaker #6: But do you have Ryan , anything else to add there ?

Ryan MacWilliam: Sure. Thanks for the question, Chris.

Rachel Smith: So we do see cost guidance fall, albeit fairly slightly, through the three-year period from $1.95 to $2.20 for 2026, down to $1.85 to $2.10 in 2028. And in terms of the swings and roundabouts there, as Tristan notes, in 2028, we actually see slightly weaker production from Sentinel due to lower grades that year, which somewhat offsets the fact by that at that stage, we expect to be fully feeding S3 from Southeast Dome higher-grade material. So some positives and negatives on the production side there, and similar on the cost side where we're seeing strong gold byproduct credits, albeit our gold price guidance is potentially conservative. It's quite a lot below current spot prices. The flip side is we're seeing a stronger kwacha in Zambia as they make continued progress with reforming their economy. The kwacha now sub-20 kwacha to the dollar.

Ryan MacWilliam: So we do see cost guidance fall, albeit fairly slightly, through the three-year period from $1.95 to $2.20 for 2026, down to $1.85 to $2.10 in 2028. And in terms of the swings and roundabouts there, as Tristan notes, in 2028, we actually see slightly weaker production from Sentinel due to lower grades that year, which somewhat offsets the fact by that at that stage, we expect to be fully feeding S3 from Southeast Dome higher-grade material. So some positives and negatives on the production side there, and similar on the cost side where we're seeing strong gold byproduct credits, albeit our gold price guidance is potentially conservative. It's quite a lot below current spot prices. The flip side is we're seeing a stronger kwacha in Zambia as they make continued progress with reforming their economy. The kwacha now sub-20 kwacha to the dollar.

Speaker #1: Sure . the Thanks for question , Chris . So we do see cost guidance for , albeit fairly through the three year slightly period from $1.95 to $2 20 or 2026 , down to one dollars $0.85 to $2.10 in 2028 .

Speaker #1: And in terms of the swings and roundabouts , there's Tristan notes . We will in 2028 , we actually see slightly weaker production from Sentinel due to lower grades that year , which somewhat offsets the fact by that at that stage , we expect to be fully feeding S3 east from south dome .

Speaker #1: Higher grade material . So some positives and negatives on the production side there . And similar on the cost side where we're seeing strong gold product byproduct credits , albeit our gold price guidance is potentially conservative , it's quite a lot below current spot prices .

Speaker #1: The flip side is we're seeing a stronger kwacha in Zambia as they make continued progress with reforming their economy . The question now sub20 kwacha to the dollar that has impacts on our labor costs and slightly higher contract and through the maintenance costs period .

Rachel Smith: That has impacts on our labor costs and slightly higher contract and maintenance costs through the period. We've also been cautious and fairly conservative in our electricity cost guidance where we assume through most of the guidance period that we'll continue to buy power from external sources. If we see stronger rainfalls in Zambia and we move more back to the ZESCO contractors a portion, that will be another cost tailwind through the period relative to what we have in our guidance. That's very helpful. Thank you. Good luck, guys. Your next question comes from Cody Hayden with Deutsche Bank. Cody, your line is open. Hello? Can you hear me? Can you hear me? Yes. Please go ahead. Great. Thank you. And apologies for that. Two questions from me, if I may.

Ryan MacWilliam: That has impacts on our labor costs and slightly higher contract and maintenance costs through the period. We've also been cautious and fairly conservative in our electricity cost guidance where we assume through most of the guidance period that we'll continue to buy power from external sources. If we see stronger rainfalls in Zambia and we move more back to the ZESCO contractors a portion, that will be another cost tailwind through the period relative to what we have in our guidance.

Speaker #1: We've also been cautious and fairly conservative in our electricity class guidance, where we assumed for most of the guidance period that we will continue to buy power from external sources.

Speaker #1: And if we see stronger rainfalls in Zambia and we move more back to the Zesco contract as a portion , that will be another cost tailwind through the period relative to what we have in our guidance .

Christopher LaFemina: That's very helpful. Thank you. Good luck, guys.

Operator: Your next question comes from Cody Hayden with Deutsche Bank. Cody, your line is open.

Speaker #7: That's very helpful . Thank you . Good luck guys .

Speaker #3: Your next question comes from Cody Hayden with Deutsche Bank. Cody, your line is open.

Cody Hayden: Hello? Can you hear me? Can you hear me?

Operator: Yes. Please go ahead.

Speaker #8: Hello . Can you hear me ? Can you hear me ?

Cody Hayden: Great. Thank you. And apologies for that. Two questions from me, if I may.

Speaker #3: Yes , please go ahead .

Speaker #8: Great . Thank you and apologies for that . Two questions for me , if I may . First , considering greenfield projects and specifically takataka , you kind of alluded to it earlier , but does Cobre and Panama need running before consider any major new investments here ?

Rachel Smith: First, considering greenfield projects and specifically Taca Taca, you kind of alluded to it earlier, but does Cobre Panamá need to be up and running before you consider any major new investments here or say at any other greenfield projects? And then second, given the ongoing activity in the sector, are you seeing any interest in your assets at the project partnership level, say beyond the JV with Royal? Thank you. Hi, Cody. Thanks for those questions. Yeah. Look, so our progress on Taca Taca this year will be on its own on the project's own merits. And what I mean by that is we will pursue the RIGI application. Well, first, as I referenced, we'll be releasing the Taca Taca 43-101 technical report very shortly this month, we expect. And then that builds a pathway towards RIGI application.

Cody Hayden: First, considering greenfield projects and specifically Taca Taca, you kind of alluded to it earlier, but does Cobre Panamá need to be up and running before you consider any major new investments here or say at any other greenfield projects? And then second, given the ongoing activity in the sector, are you seeing any interest in your assets at the project partnership level, say beyond the JV with Royal? Thank you.

Speaker #8: Or at any other greenfield projects ? And then second , given the ongoing activity in the sector , are you seeing any interest in your assets at the project partnership level , say , beyond the JV with Rio ?

Tristan Pascall: Hi, Cody. Thanks for those questions. Yeah. Look, so our progress on Taca Taca this year will be on its own on the project's own merits. And what I mean by that is we will pursue the RIGI application. Well, first, as I referenced, we'll be releasing the Taca Taca 43-101 technical report very shortly this month, we expect. And then that builds a pathway towards RIGI application.

Speaker #8: Thank you .

Speaker #6: Hi , Cody , thanks for those questions . Yeah . Look , so our progress on Takataka this year will be on its own on the project's own merits .

Speaker #6: And what I mean by that is , you know , we will pursue the rigor application . Well , first , as I reference will be releasing the takataka the 43 101 technical report very shortly .

Speaker #6: This month . We expect . And then that builds a pathway towards rigor application . And in the meantime and around that timetable , we'd like to see the Esia and the water permitting , come through .

Rachel Smith: And in the meantime and around that timetable, we'd like to see the ESIA and the water permitting come through. And really, that builds an underlying pathway for exploring financing options. I think Cobre Panamá is important to that, but we do need to make progress on those on their own standing. The balance sheet and our financial capacity is also important to that. But again, the more that we're able to progress the project on the own merits, the market does appear strong in terms of supporting that, and we'd like to progress it and see where that gets to. RIGI is a timetable, and we're anticipating that timetable as well.

Tristan Pascall: And in the meantime and around that timetable, we'd like to see the ESIA and the water permitting come through. And really, that builds an underlying pathway for exploring financing options. I think Cobre Panamá is important to that, but we do need to make progress on those on their own standing. The balance sheet and our financial capacity is also important to that. But again, the more that we're able to progress the project on the own merits, the market does appear strong in terms of supporting that, and we'd like to progress it and see where that gets to. RIGI is a timetable, and we're anticipating that timetable as well.

Speaker #6: And really that builds an underlying pathway for a financing to explore financing options . I think Cobre Panama is important to that . need to But we do make those on The Standing .

Speaker #6: their own . balance sheet and our financial capacity is also important to that . But again , the more that we're able to progress the project on the own merits , you know , the market does appear strong in terms of supporting that .

Speaker #6: And we'd like to progress it and see where that gets to . You know , Rigi is a timetable and we we're anticipating that timetable as well .

Rachel Smith: But balancing all of that through, we have a clear plan, and it revolves around our execution capability in terms of developing a strong plan and something that meets the expectations of Argentina and, again, also reflecting the stronger investment climate in Argentina. In terms of interest around our projects, look, we wouldn't speculate on that too much other than to say I think that buy versus build is a strong challenge. And pipeline where you have options to be able to develop copper projects in the very near future and the capacity to do that with the execution capability that is, for example, available at First Quantum is hard to find. We're taking a team that built Sentinel, that built Cobre Panamá, that has just completed S3. They're currently looking at the maintenance and the preservation of Cobre Panamá.

Tristan Pascall: But balancing all of that through, we have a clear plan, and it revolves around our execution capability in terms of developing a strong plan and something that meets the expectations of Argentina and, again, also reflecting the stronger investment climate in Argentina. In terms of interest around our projects, look, we wouldn't speculate on that too much other than to say I think that buy versus build is a strong challenge. And pipeline where you have options to be able to develop copper projects in the very near future and the capacity to do that with the execution capability that is, for example, available at First Quantum is hard to find. We're taking a team that built Sentinel, that built Cobre Panamá, that has just completed S3. They're currently looking at the maintenance and the preservation of Cobre Panamá.

Speaker #6: But balancing all of that through, we have a clear plan, and it revolves around our execution capability in terms of developing a strong plan.

Speaker #6: And something that meets the expectations of Argentina . And again , well , and also reflecting the stronger investment climate in in Argentina in terms of interest around the project , around our projects .

Speaker #6: Look , we wouldn't speculate on that too much other than to say think I that , you know , buy versus build is is a strong challenge .

Speaker #6: And , you know , pipeline where you have options to be able to develop Cobra copper projects in the very near future . And the capacity to do that with the execution capability , that is example , , for available at first , quantum is hard to find .

Speaker #6: You know , we're taking a team that built Sentinel , that built Cobra Panama , that has just completed S3 . They're currently looking at , you know , the maintenance and the preservation of of of Cobra Panama and all of that lends itself to a capacity to look at something like Takataka or indeed Lagras in the long term .

Rachel Smith: And all of that lends itself to a capacity to look at something like Taca Taca or indeed La Granja in the long term. And that's just not readily available out there in terms of their execution capability. Your next question comes from Myles Allsop with UBS. Yeah. Just a few quick questions. Maybe just a bit of clarity on that last Taca Taca question. What's the best case for FID if we're going to put Cobre Panamá aside, but in terms of getting RIGI through and then the environmental and water permits, is best case kind of early 2027, or is it going to take longer? That's the first question. Thanks, Myles. Look, our main focus is derisking. But Ryan, do you want to comment further on that? Sure. Hi, Myles.

Tristan Pascall: And all of that lends itself to a capacity to look at something like Taca Taca or indeed La Granja in the long term. And that's just not readily available out there in terms of their execution capability.

Speaker #6: And that's just not readily available out there in terms of the execution capability .

Operator: Your next question comes from Myles Allsop with UBS.

Speaker #3: Your next question comes from Miles Allsop with UBS.

Myles Allsop: Yeah. Just a few quick questions. Maybe just a bit of clarity on that last Taca Taca question. What's the best case for FID if we're going to put Cobre Panamá aside, but in terms of getting RIGI through and then the environmental and water permits, is best case kind of early 2027, or is it going to take longer? That's the first question.

Speaker #9: Yeah , just a few quick questions . Maybe just a bit of clarity on that last Takataka question . What's the best case case for FID ?

Speaker #9: we kind of Cobra put If Panama aside . But you know in terms of getting really through and then the environmental and water permits in best case , kind of early 2027 , or is it going to take longer .

Tristan Pascall: Thanks, Myles. Look, our main focus is derisking. But Ryan, do you want to comment further on that?

Speaker #9: That's the first question .

Speaker #6: Miles . Thanks . Look , our main focus is de-risking . But Ryan , do you want to comment further on that ?

Ryan MacWilliam: Sure. Hi, Myles.

Rachel Smith: I mean, to be clear, before Cobre Panamá was placed on PNSM, our priority focus as a company was on debt reduction. Nothing has changed in that regard. So we continue to be focused on debt reduction. It's pleasing that despite Cobre Panamá being on PNSM over the last two years, we've actually made progress in debt reduction. But that continues to be the focus. As Tristan said, it's pleasing to have a variety of growth options within the portfolio, but those need to come into due course as we focus on deleveraging the balance sheet. Clearly, strong commodity prices help in that respect. Clearly, if Cobre Panamá comes back online, that would help. But we're not yet at the point where we're talking to specific timing milestones for approving Taca Taca because we first need to work through that deleveraging pathway that's ahead of us. Okay.

Ryan MacWilliam: I mean, to be clear, before Cobre Panamá was placed on PNSM, our priority focus as a company was on debt reduction. Nothing has changed in that regard. So we continue to be focused on debt reduction. It's pleasing that despite Cobre Panamá being on PNSM over the last two years, we've actually made progress in debt reduction. But that continues to be the focus. As Tristan said, it's pleasing to have a variety of growth options within the portfolio, but those need to come into due course as we focus on deleveraging the balance sheet. Clearly, strong commodity prices help in that respect. Clearly, if Cobre Panamá comes back online, that would help. But we're not yet at the point where we're talking to specific timing milestones for approving Taca Taca because we first need to work through that deleveraging pathway that's ahead of us.

Speaker #1: Sure . Hi , Miles . I mean , to be clear , before Cobre Panama was placed on NZME , our priority focus as a company on debt reduction was on debt reduction .

Speaker #1: Nothing has changed in that regard . So we continue to be focused on debt reduction . pleasing It's that despite Covid , Panama being on Nasme over the last two years , we've actually made progress in debt reduction .

Speaker #1: But that continues to be the focus. As Tristan said, it’s pleasing to have a variety of growth options within the portfolio. But those need to come in due course, as we focus on deleveraging.

Speaker #1: The balance sheet . Clearly strong commodity prices helped in that respect . Clearly , if Covid Panama comes back online , that would help .

Speaker #1: But we're not yet at the point where we're talking about timing specific milestones for approving Takataka, because we first need to work through that deleveraging pathway.

Myles Allsop: Okay.

Speaker #1: That's ahead of us .

Rachel Smith: And the second question, maybe just related to that as well, Ryan, in terms of the balance sheet, I mean, where do you want to get to? Is it investment-grade kind of metrics? Is there a net debt target? Do you kind of think, "Job done. Let's kind of pivot the focus"? I don't think Myles will ever going to be complacent on the balance sheet, and I don't think he'll ever be job done. What we've talked to is being responsible and prudent in managing the balance sheet. A big part of that is looking to work with others on our project. A good example of that was the partnership at La Granja, which was referenced in the previous question. So when we do get to these future project holds, we don't put all of that on our balance sheet.

Myles Allsop: And the second question, maybe just related to that as well, Ryan, in terms of the balance sheet, I mean, where do you want to get to? Is it investment-grade kind of metrics? Is there a net debt target? Do you kind of think, "Job done. Let's kind of pivot the focus"?

Speaker #9: Okay . And the second question , maybe just related to that as well . In terms of the balance sheet , I mean , where do you want to get to ?

Speaker #9: Is it investment grade kind of metrics? Is there a net debt target? Are you, kind of, thinking job done? Let's, kind of, pivot the focus.

Ryan MacWilliam: I don't think Myles will ever going to be complacent on the balance sheet, and I don't think he'll ever be job done. What we've talked to is being responsible and prudent in managing the balance sheet. A big part of that is looking to work with others on our project. A good example of that was the partnership at La Granja, which was referenced in the previous question. So when we do get to these future project holds, we don't put all of that on our balance sheet.

Speaker #1: I don't think we're ever going to be complacent on the balance sheet . And I don't think he'll ever be job done . But we've talked to is being responsible and prudent in managing the balance sheet .

Speaker #1: A big part of that is looking to work with others on our project. A good example of that was the partnership at La Granja, which was referenced in the previous question.

Speaker #1: So when we do get to these future project , we don't put all of that on our balance sheet . We finished last year at 3.3 times net debt to EBITDA we've generally , and talked about you want to be around around the or below the one times net debt to EBITDA .

Rachel Smith: We finished last year at 3.3x net debt to EBITDA, and we've generally talked about you want to be around or below the 1x net debt to EBITDA before you start a next greenfield project hold. That being said, at Taca Taca at the moment, the work is really focused around derisking the project. We're focused around bolstering the balance sheet, and we'll make decisions in due course when that moment comes. But we're not there yet, and we don't expect to be there in the near term. Your next question comes from Marcio Farid with Goldman Sachs. Thank you. Morning, everyone. A couple of follow-ups on my side. Maybe first, on Panama, you obviously provided some details around cost and capex to start the dealing process, which is great.

Ryan MacWilliam: We finished last year at 3.3x net debt to EBITDA, and we've generally talked about you want to be around or below the 1x net debt to EBITDA before you start a next greenfield project hold. That being said, at Taca Taca at the moment, the work is really focused around derisking the project. We're focused around bolstering the balance sheet, and we'll make decisions in due course when that moment comes. But we're not there yet, and we don't expect to be there in the near term.

Speaker #1: Before you start a next greenfield project , fold . That being said , at Takataka , at the moment , the work is really focused around de-risking the project .

Speaker #1: We're focused around bolstering the balance sheet and will make decisions in due course . When that moment comes . But we're not , we're not we're not there yet and we don't expect to be there in the near term .

Operator: Your next question comes from Marcio Farid with Goldman Sachs.

Speaker #3: Your next question comes from Marcio Faried with Goldman Sachs

Marcio Farid: Thank you. Morning, everyone. A couple of follow-ups on my side. Maybe first, on Panama, you obviously provided some details around cost and capex to start the dealing process, which is great.

Speaker #1: Thank you . Good morning

Speaker #1: everyone . . follow Couple ups on my side . Maybe first on Panama . You obviously provided some details around cost and CapEx to start the bidding process , which which is great .

Rachel Smith: Just wondering if you have an early estimate in terms of total CapEx for a full restart as well, including on the mining side. And if you can comment on how the momentum has been for the units to restart at the power plants. Obviously, not as relevant, but just to try and understand the state of the preservation of equipment. And then maybe secondly, Las Cruces just got sold a few months back. Just wondering if you want to there's consideration to sell other minor operations as well and to focus on the core operations Zambia, Panama, and eventually Argentina and Peru as well. Thank you. Hi, Marcio. Thank you for that question. And we'll try and cover all of that.

Marcio Farid: Just wondering if you have an early estimate in terms of total CapEx for a full restart as well, including on the mining side. And if you can comment on how the momentum has been for the units to restart at the power plants. Obviously, not as relevant, but just to try and understand the state of the preservation of equipment. And then maybe secondly, Las Cruces just got sold a few months back. Just wondering if you want to there's consideration to sell other minor operations as well and to focus on the core operations Zambia, Panama, and eventually Argentina and Peru as well. Thank you.

Speaker #1: Just wondering if you have early estimates in terms of total CapEx for the full restart as well, including on the mining side, and if you can comment on how the momentum has been for the units to restart the power plant.

Speaker #1: Obviously not as relevant , just to try and understand the state of the preservation of of and then equipment secondly , you know , last cruise has just got sold a few months back , just wondering if you want to , you know , there's consideration to settle other minor operations as well and to focus on the , on the core operations .

Speaker #1: Zambia, and eventually Argentina as well. Thank you.

Tristan Pascall: Hi, Marcio. Thank you for that question. And we'll try and cover all of that.

Speaker #6: Hi , Marty . Thank you for that question . And we'll try and cover all of that . So firstly on cost to restart for the full you know possibility of of restarting Panama .

Rachel Smith: So, firstly, on cost to restart for the full possibility of restarting Panama, look, I think it's again, we're following a process in Panama that will be governed by the president and by the government of Panama. It requires transparency and engagement, and that is our focus. The stockpile restart, as we spoke about there, I think there's a good amount of disclosure there to paint that picture. But in terms of restart beyond that, it's really around working capital deployments, and it will depend on the condition in the plant. We've been doing a lot of work in that preservation-safe management to make sure that areas are in good condition. But we haven't been so we've certainly looked after the big major assets really well, the mills, the major elements, rope shovels, and so on.

Tristan Pascall: So, firstly, on cost to restart for the full possibility of restarting Panama, look, I think it's again, we're following a process in Panama that will be governed by the president and by the government of Panama. It requires transparency and engagement, and that is our focus. The stockpile restart, as we spoke about there, I think there's a good amount of disclosure there to paint that picture. But in terms of restart beyond that, it's really around working capital deployments, and it will depend on the condition in the plant. We've been doing a lot of work in that preservation-safe management to make sure that areas are in good condition. But we haven't been so we've certainly looked after the big major assets really well, the mills, the major elements, rope shovels, and so on.

Speaker #6: Look, I think, again, we're following a process in Panama that will be governed by the president and by the government of Panama.

Speaker #6: It it requires transparency and engagement . And that is our focus . The stockpile restarted as we spoke about there . I think there's a good amount of disclosure there to paint that picture .

Speaker #6: But in terms of restart beyond that, it's really around working capital deployment. And it will depend on the condition in the plant.

Speaker #6: We've been doing a lot of work in that preservation safe management to make sure that , you know , areas are in good condition , but , you know , we haven't been so certainly looked after the big major assets really well , the mills , you know , the major elements rope , shovels and so on .

Rachel Smith: But there will be work to do on small bore piping, on reticulation pumping, these kind of elements. And so getting to grips with that is the major area in the plant. And then working capital of getting suppliers in Panama reestablished credit terms around their employees, local Panamanians coming to work, and so on is where the major costs, and that's potentially sort of $300 to 500 million in that range. How much of that is borne out in the stockpiles versus a restart down the track will have to come to bear. In terms of the power plant and its restart, it's really been pretty neutral because of its selling power into the grid. But the fuel cost at the moment is at a higher level. And so generally, it comes out roughly neutral. We haven't seen any large major CapEx in that area.

Tristan Pascall: But there will be work to do on small bore piping, on reticulation pumping, these kind of elements. And so getting to grips with that is the major area in the plant. And then working capital of getting suppliers in Panama reestablished credit terms around their employees, local Panamanians coming to work, and so on is where the major costs, and that's potentially sort of $300 to 500 million in that range. How much of that is borne out in the stockpiles versus a restart down the track will have to come to bear. In terms of the power plant and its restart, it's really been pretty neutral because of its selling power into the grid. But the fuel cost at the moment is at a higher level. And so generally, it comes out roughly neutral. We haven't seen any large major CapEx in that area.

Speaker #6: But there will be work to do on small bore piping on , on reticulation know , these pumping . You kind of elements .

Speaker #6: And so getting to grips with that , you know , is the major area in the plant . And then working capital of , of getting suppliers in Panama reestablished credit terms around their employees , local Panamanians coming to work .

Speaker #6: And so on, is where the major costs are. And, you know, that's potentially sort of $300 to $500 million in that range.

Speaker #6: How much of that is borne out in the stockpiles versus a restart down the track? We'll have to come to bear in terms of the power plant and its restart.

Speaker #6: It's really been pretty neutral because of the selling power into the grid. But, you know, the fuel costs at the moment are at a higher level.

Speaker #6: And so, generally, it comes out roughly neutral. We haven't seen any huge, large, major CapEx in that area. Our main focus was on the boiler and making sure that that was in good condition.

Rachel Smith: Our main focus was on the boiler and making sure that that was in good condition. It was nitrogen-filled. And there were some areas where we did some work on the soot blowers, erosion on the soot blowers that was present. But that wasn't major in terms of capital work. But that's the kind of level of work that went into it. I think by and large, the team's done a fantastic job of looking after that asset. And you see that in terms of the ramp-up that we've seen on unit two. And we're now switching over to unit one. It's already in hot commissioning, as we stated, and we're working through that unit. On Las Cruces and that sale, maybe, Ryan, if you take over from there on that question around asset sales and other operations. Sure. Hi, Marcio.

Tristan Pascall: Our main focus was on the boiler and making sure that that was in good condition. It was nitrogen-filled. And there were some areas where we did some work on the soot blowers, erosion on the soot blowers that was present. But that wasn't major in terms of capital work. But that's the kind of level of work that went into it. I think by and large, the team's done a fantastic job of looking after that asset. And you see that in terms of the ramp-up that we've seen on unit two. And we're now switching over to unit one. It's already in hot commissioning, as we stated, and we're working through that unit. On Las Cruces and that sale, maybe, Ryan, if you take over from there on that question around asset sales and other operations.

Speaker #6: It was nitrogen filled and there were some areas where we did some work on the soot blowers , erosion , on the soot blowers that had was present , but that wasn't major in terms of capital work .

Speaker #6: But that's the kind of level of work that went into it . I think by and large , the team has done a fantastic job of looking after that asset , and you see that in terms of the ramp up that we've two , and switching seen we're now unit one , it's already in hot commissioning as we we're stated , and working through that unit on Las Cruces .

Speaker #6: And that sale—maybe Ryan, if you take over from there on that question around asset sale, asset sales and other operations.

Ryan MacWilliam: Sure. Hi, Marcio.

Rachel Smith: Yeah, we're pleased to conclude the Las Cruces sale in Q4. Obviously, that had been in the mix for a long time. So to have that completed is pleasing. One, because it further simplifies our portfolio. Two, it removes the $30 million of care and maintenance costs per year that we were bearing. And three, it allows that project to be developed under a new owner for the benefit of the team there, for the benefit of Andalusia and Spain more broadly. Beyond that, we're not proactively looking to sell any of our other assets. But of course, when it comes to some of our smaller assets, we'll always assess what makes sense for shareholders. We're pleased that at Guelb, we see strong EBITDA driven by the gold price.

Ryan MacWilliam: Yeah, we're pleased to conclude the Las Cruces sale in Q4. Obviously, that had been in the mix for a long time. So to have that completed is pleasing. One, because it further simplifies our portfolio. Two, it removes the $30 million of care and maintenance costs per year that we were bearing. And three, it allows that project to be developed under a new owner for the benefit of the team there, for the benefit of Andalusia and Spain more broadly. Beyond that, we're not proactively looking to sell any of our other assets. But of course, when it comes to some of our smaller assets, we'll always assess what makes sense for shareholders. We're pleased that at Guelb, we see strong EBITDA driven by the gold price.

Speaker #10: Sure . Hi , Marcia . Yeah , we're pleased to conclude the Las Cruces sale in Q4 . Obviously , that had been in the mix for a long time .

Speaker #10: So to have that completed is pleasing . One , because it further simplifies our portfolio . Two , it removes the $30 million of care and maintenance costs per year that we were bearing .

Speaker #10: And three allows that project to be developed under a new owner for the benefit of their team, for the benefit of Andalusia and Spain more broadly.

Speaker #10: Beyond that , we're not proactively looking to sell any of our other assets , but of course , when it comes to some of our smaller assets , we'll always assess what makes sense for for shareholders .

Speaker #10: You know , we're pleased that at 12 , strong driven by the gold EBITDA price . we see And maybe question referencing a that Chris asked earlier , why is our cost guidance increased through the next couple of years ?

Rachel Smith: And maybe referencing a question that Chris asked earlier, why we see our cost guidance increase through the next couple of years, part of that is just because Guelb Moghrein is becoming purely a gold mine. We therefore don't get the byproduct credits as a byproduct. We just get them as additional revenue. So we don't see it in our C1 numbers, but we certainly see the benefit of Guelb Moghrein in our cash flows. And then lastly, on Çayeli, that's been one of the real success stories in First Quantum Minerals over the last 12 months in terms of the extension to the mine life. So we're pleased that both those assets are part of the portfolio. But as other people externally expressed interest, we'll always make an assessment as to what serves our shareholders best. Your next question comes from Lawson Winder with Bank of America. Thank you, operator.

Ryan MacWilliam: And maybe referencing a question that Chris asked earlier, why we see our cost guidance increase through the next couple of years, part of that is just because Guelb Moghrein is becoming purely a gold mine. We therefore don't get the byproduct credits as a byproduct. We just get them as additional revenue. So we don't see it in our C1 numbers, but we certainly see the benefit of Guelb Moghrein in our cash flows. And then lastly, on Çayeli, that's been one of the real success stories in First Quantum Minerals over the last 12 months in terms of the extension to the mine life. So we're pleased that both those assets are part of the portfolio. But as other people externally expressed interest, we'll always make an assessment as to what serves our shareholders best.

Speaker #10: Part of that is just because gold is becoming purely a gold mine . We therefore don't get the byproduct as a byproduct . We just get them in as additional revenue .

Speaker #10: So we don't see it in our C1 numbers . But we certainly see the benefit of 12 in our cash flows . And then lastly , on that's been one of the real success Chile , stories in First Quantum over the last 12 months .

Speaker #10: of the In terms extension to the mine life . So we're pleased that both those assets as part of the portfolio , but as other , you know , people externally expressed interest will always make an assessment as to what serves our shareholders best .

Operator: Your next question comes from Lawson Winder with Bank of America. Thank you, operator.

Speaker #3: Your next question comes from Lawson Winder with Bank of America.

Rachel Smith: And hello, Tristan, Rudi, and Ryan. On Taca Taca, you noted that there'll be a feasibility study update in Q1 of this year. So first of all, do we expect that will be filed in Q1, 2026? And then are there any changes to the scope of any aspects at all of the project that will be part of that updated TR? Hi, Lawson. Thanks for the question. Yeah. Look, Taca Taca remains a strong project on its own merits, and we're seeing that the investment climate in Argentina is really developing. The reason for the technical report now, and it will be we expect it later this month inside Q1, is part of the application for RIGI. And as you point out, they're painting a clear picture of the engineering study for what the project can look like.

Lawson Winder: And hello, Tristan, Rudi, and Ryan. On Taca Taca, you noted that there'll be a feasibility study update in Q1 of this year. So first of all, do we expect that will be filed in Q1, 2026? And then are there any changes to the scope of any aspects at all of the project that will be part of that updated TR?

Speaker #11: Thank you . Operator . And hello , Tristan , Rudy and Ryan on Takataka . You noted that there'll be a feasibility study update in Q1 of this year .

Speaker #11: So , first of all , do we expect that will be filed in Q1 2026 and then are there any changes to the scope of any aspects of at all of the project that will be part of that updated TR ?

Tristan Pascall: Hi, Lawson. Thanks for the question. Yeah. Look, Taca Taca remains a strong project on its own merits, and we're seeing that the investment climate in Argentina is really developing. The reason for the technical report now, and it will be we expect it later this month inside Q1, is part of the application for RIGI. And as you point out, they're painting a clear picture of the engineering study for what the project can look like.

Speaker #6: Hi, Lawson, thanks for the question. Yeah, we look at Taca Taca. Taca Taca remains a strong project on its own merits, and we're seeing that the investment climate in Argentina is really developing.

Speaker #6: You know , the the reason for the technical report now and it will be we expect it later this month inside Q1 is part of the application for Rigi .

Speaker #6: And as you as you point out , there , you know , painting a clear picture of the engineering study for what the project can look like .

Rachel Smith: Beyond that, in terms of scope and otherwise, I wouldn't want to steal from that report and the impact of that. But there isn't any major sort of change in scope or otherwise. It remains a robust project that extends on beyond 40 years and with inferred resources towards 70 years. It continues to be a project that will, in the first 10 years, deliver very strong copper production. And then after 10 years, there's a good reason for expansion at that point in time. So that is consistent with the previous technical report that put out. This is really an update that gives clarity around capital, around the development pathway, and paints pretty clearly what is an asset that is one of the strongest potential projects for copper in the world in a region now that's attracting a high level of interest in terms of investment. Fantastic.

Tristan Pascall: Beyond that, in terms of scope and otherwise, I wouldn't want to steal from that report and the impact of that. But there isn't any major sort of change in scope or otherwise. It remains a robust project that extends on beyond 40 years and with inferred resources towards 70 years. It continues to be a project that will, in the first 10 years, deliver very strong copper production. And then after 10 years, there's a good reason for expansion at that point in time. So that is consistent with the previous technical report that put out. This is really an update that gives clarity around capital, around the development pathway, and paints pretty clearly what is an asset that is one of the strongest potential projects for copper in the world in a region now that's attracting a high level of interest in terms of investment.

Speaker #6: Beyond that , in terms of scope and otherwise , I wouldn't want to steal from that report and that . But the impact of you know , there , you know , there's a there major isn't any sort of change in or scope otherwise .

Speaker #6: It remains a robust project that extends on beyond 40 years . And with inferred resources towards 70 years . It continues to be a project that will , in the first ten years , you know , deliver very strong copper production .

Speaker #6: And then after ten years , you know , the there's reason for a good reason for expansion at that point in time . So , you know , that is a consistent with the previous technical report that this is put out really an update that gives clarity .

Speaker #6: Around around the capital development pathway . And , you know , pretty paints clearly what is an asset . That is one of the strongest potential projects for copper in the world .

Speaker #6: In a region now that's attracting a high level of of , you know , interest in terms of investment .

Lawson Winder: Fantastic.

Rachel Smith: If I could ask one more question, it would just be on the Kansanshi stream that you guys signed in August. That's worked really well. It's done a lot to shore up the balance sheet. Now that your debt metrics have improved and are continuing to improve, how do you think about prioritizing the buyback of the 30% interest in that, particularly in light of the higher gold price? Thanks, Lawson. That's a great question. Ryan, do you want to take that one? Sure. I mean, we liked the stream from a financial perspective when we entered into it. But we also liked it from a structural perspective, the fact that it was equity rather than debt, the fact that the copper price we get paid will increase over time, and most importantly, that there was a buyback option we were able to embed into it.

Lawson Winder: If I could ask one more question, it would just be on the Kansanshi stream that you guys signed in August. That's worked really well. It's done a lot to shore up the balance sheet. Now that your debt metrics have improved and are continuing to improve, how do you think about prioritizing the buyback of the 30% interest in that, particularly in light of the higher gold price?

Speaker #11: Fantastic . If I could ask one more question , it would just the be on stream that you guys signed in August . And that's worked really well .

Speaker #11: done a lot It's to shore up the balance sheet . Now that your debt metrics have improved and and are continuing to improve , how do you think about prioritizing the buyback of the 30% interest in that , particularly in light of the higher gold price ?

Tristan Pascall: Thanks, Lawson. That's a great question. Ryan, do you want to take that one?

Speaker #6: Thanks , Lawson . That's a great question . Ryan . Do you want to take that one ?

Ryan MacWilliam: Sure. I mean, we liked the stream from a financial perspective when we entered into it. But we also liked it from a structural perspective, the fact that it was equity rather than debt, the fact that the copper price we get paid will increase over time, and most importantly, that there was a buyback option we were able to embed into it.

Speaker #10: Sure . We liked the the stream from a financial perspective when we entered into it , but we also liked from a structural perspective , the fact that it was equity rather than debt .

Speaker #10: The fact that the copper price we get paid will increase over time, and most importantly, that there was a buyback option.

Rachel Smith: So Lawson, we still have to make more progress on deleveraging. There are leverage thresholds that we have to meet in order to exercise that buyback option. We don't expect to meet those in 2026. But certainly, as we come into 2027, we hope to be in a position to exercise initially the 20% buyback and ultimately the second buyback, which is for an incremental 10%. Your next question comes from Anita Soni with CIBC. Hi. Good morning, Tristan and team. Thanks for taking my question. I just wanted to get a little bit more color on the question Marcio asked because I was going to ask that as well. So the restart cost for the entire project, I know you don't want to get ahead of yourself, but it sounded like you were saying around $300 to 500 million total.

Ryan MacWilliam: So Lawson, we still have to make more progress on deleveraging. There are leverage thresholds that we have to meet in order to exercise that buyback option. We don't expect to meet those in 2026. But certainly, as we come into 2027, we hope to be in a position to exercise initially the 20% buyback and ultimately the second buyback, which is for an incremental 10%.

Speaker #10: We were able to embed into it . So , Lawson , we still have to make more progress on deleveraging . There are leveraged thresholds that we have to meet in order to exercise that buyback option .

Speaker #10: We expect to don't meet those in certainly as 2026 . But we come into 2027 , we hope to be in a position to exercise .

Speaker #10: Initially , the 20% buyback and ultimately the second buyback , which is for an incremental 10% .

Operator: Your next question comes from Anita Soni with CIBC.

Speaker #3: Your next question comes from Anita Soni with CIBC.

Anita Soni: Hi. Good morning, Tristan and team. Thanks for taking my question. I just wanted to get a little bit more color on the question Marcio asked because I was going to ask that as well. So the restart cost for the entire project, I know you don't want to get ahead of yourself, but it sounded like you were saying around $300 to 500 million total.

Speaker #12: morning , Hi . Good Tristan and team . Thanks for taking my question . I just wanted to get a little bit more color on the question you asked , because I was going to ask that as well .

Speaker #12: It's so the restart cost for the the for entire project . I know you don't want to get ahead of yourself , but it sounded like you were saying around 300 to $500 million total .

Rachel Smith: And would that include the 230 to 280 that you just announced, or would that be additional? Yeah, Anita, we don't want to get ahead of ourselves. It's important to follow the pathway outlined by government. And there is a headline on that in terms of the president announcing that beyond the environmental audit coming back in April, but we'll have to assess those next steps and the timing from there. And it will require engagement. It requires transparency. And with a broader population in Panama, that's our prime focus. But in terms of that capital and those indications, yes, the stockpile processing would net off against that. So the 300 to 500 would include the 250, 280, yeah. Okay. And then just a question on the $12 to 1,250 per ton in processing costs. Could you help frame that in dollars per pound?

Anita Soni: And would that include the 230 to 280 that you just announced, or would that be additional?

Speaker #12: that include the 230 to 280 that you just announced , or would that be additional ?

Tristan Pascall: Yeah, Anita, we don't want to get ahead of ourselves. It's important to follow the pathway outlined by government. And there is a headline on that in terms of the president announcing that beyond the environmental audit coming back in April, but we'll have to assess those next steps and the timing from there. And it will require engagement. It requires transparency. And with a broader population in Panama, that's our prime focus. But in terms of that capital and those indications, yes, the stockpile processing would net off against that. So the 300 to 500 would include the 250, 280, yeah.

Speaker #6: Yeah. I need to say we don't want to get ahead of ourselves. It's important to follow the pathway outlined by government.

Speaker #6: you And know , there is a that headline on in terms of the president announcing that , you know , beyond the the environmental audit coming back in April , but we'll have to assess those next steps .

Speaker #6: And the timing from there . And it will require engagement . It requires transparency . And , you know , with a broader population in Panama , and that's our prime focus .

Speaker #6: But in terms of that capital and those indications , yes , the stockpile processing would would net off against that . So the 300 to 500 would include the two 5280 .

Anita Soni: Okay. And then just a question on the $12 to 1,250 per ton in processing costs. Could you help frame that in dollars per pound?

Speaker #6: Yeah .

Speaker #12: Okay . And then just a question on the $12 to 1250 per ton in processing costs . Could you help frame that in dollars per pound .

Rachel Smith: Does that include your GNA and TC/RCs? And I understand there will be some non-cash component because this ore has already been mined. But I'm just looking for sort of the cash component of what it would be in dollars per pound. Ryan, do you have that to hand? I don't have that to hand. Sure. We expect it to be around $2.19 per pound from a unit cost perspective. And what we would expect is, at the moment, we're incurring around $15 to 17 million in PNSM costs at Cobre Panamá. Once we receive formal approval for the stockpiles, we would expect to produce around 70,000 tons of copper. And the sales from that would contribute towards the PNSM, now the environmental-related activities that are ongoing at site. And we would end the year broadly cash-neutral at Cobre Panamá.

Anita Soni: Does that include your GNA and TC/RCs? And I understand there will be some non-cash component because this ore has already been mined. But I'm just looking for sort of the cash component of what it would be in dollars per pound.

Speaker #12: Does that include, you know, your DNA and seeds? And I understand there will be some non-cash component because this has already been, or has mined.

Speaker #12: But I'm just thinking for the cash sort of component of what it would be in dollars per pound .

Tristan Pascall: Ryan, do you have that to hand? I don't have that to hand.

Speaker #6: Brian, do you have that to hand? I don't have that to hand.

Ryan MacWilliam: Sure. We expect it to be around $2.19 per pound from a unit cost perspective. And what we would expect is, at the moment, we're incurring around $15 to 17 million in PNSM costs at Cobre Panamá. Once we receive formal approval for the stockpiles, we would expect to produce around 70,000 tons of copper. And the sales from that would contribute towards the PNSM, now the environmental-related activities that are ongoing at site. And we would end the year broadly cash-neutral at Cobre Panamá.

Speaker #10: Sure . We expect it to be around $2.90 per pound from a cost unit cost perspective . And what we would expect is at the moment , we're incurring around 15 to $17 million in costs of Cobra Panama .

Speaker #10: Once we receive formal approval for the stockpiles , we would expect to produce around 70,000 tonnes of copper and the sales from that were contribute towards the .

Speaker #10: Now, environmental-related activities are ongoing on site. And we would end the year broadly cash neutral at Panama.

Rachel Smith: Your next question comes from Ian Rossouw with Barclays. Thank you. Just a follow-up on Cobre Panamá and around the operational readiness and some of the comments really made at the site visit last year. If you do get approvals to start treating the stockpiles, does that change the operational readiness for the eventual restart? Obviously, I understand these two are two separate processes, but can you actually switch between the processing trains and ultimately be able to restart the entire plant once that decision comes much quicker than previously expected? Yeah. Thanks, Ian. So our focus on the stockpile restart will be environmental. And that is removing that material that does have some acid rock drainage elements and pushing that through one circuit of the process plants at Cobre Panamá. So our focus is around that. We do have the opportunity to cycle through the trains.

Operator: Your next question comes from Ian Rossouw with Barclays.

Speaker #3: Your next question comes from Ian Russell with Barclays .

Ian Rossouw: Thank you. Just a follow-up on Cobre Panamá and around the operational readiness and some of the comments really made at the site visit last year. If you do get approvals to start treating the stockpiles, does that change the operational readiness for the eventual restart? Obviously, I understand these two are two separate processes, but can you actually switch between the processing trains and ultimately be able to restart the entire plant once that decision comes much quicker than previously expected?

Speaker #13: Thank you . Just a follow up on Panama and around the operational readiness the comments really made at the site visit last year .

Speaker #13: If you do get approvals to start treating the stockpiles , does that change the operational readiness for the eventual restart ? Obviously , I understand these two are set to separate processes , but can you actually test switch between the processing trains and ultimately be able to restart the entire plant once that decision comes much quicker than previously expected ?

Tristan Pascall: Yeah. Thanks, Ian. So our focus on the stockpile restart will be environmental. And that is removing that material that does have some acid rock drainage elements and pushing that through one circuit of the process plants at Cobre Panamá. So our focus is around that. We do have the opportunity to cycle through the trains.

Speaker #2: Yeah .

Speaker #6: Thanks, Ian. So our focus on the stockpile restart will be environmental. And that is, you know, removing that material that, you know, does have some acid rock drainage elements and pushing that through one circuit of the process plant at Cobre Panama.

Speaker #6: So our focus is around that. We do have the opportunity to cycle through the trains, and I think that's useful in terms of ensuring good preservation and safe management practices.

Rachel Smith: I think that's useful in terms of ensuring good preservation and safe management practices. The common areas, obviously, are needed for one or for three trains. So that's the cleaner circuit, the columns, the concentrate areas, and so on are needed for it. And most importantly, the cyclone plant for the tailing facility. Again, the focus will be environmental. And the cyclone plant gives us the opportunity to produce the sands that are needed at the tailings dam in order to ensure that we can deal with erosion and so on that's built up over the last two years. So that's the focus. But having the plants in a condition that's able to run on one train solidly and cycle through the trains, I think, is overall good in terms of ensuring the ability of the plant to start up well in the event that we get to that.

Tristan Pascall: I think that's useful in terms of ensuring good preservation and safe management practices. The common areas, obviously, are needed for one or for three trains. So that's the cleaner circuit, the columns, the concentrate areas, and so on are needed for it. And most importantly, the cyclone plant for the tailing facility. Again, the focus will be environmental. And the cyclone plant gives us the opportunity to produce the sands that are needed at the tailings dam in order to ensure that we can deal with erosion and so on that's built up over the last two years. So that's the focus. But having the plants in a condition that's able to run on one train solidly and cycle through the trains, I think, is overall good in terms of ensuring the ability of the plant to start up well in the event that we get to that.

Speaker #6: The common areas obviously are needed for one or for three trains . So , you know , that's the the cleaner circuit , the columns , the concentrate areas .

Speaker #6: And so on are needed for it . And most importantly , the the cyclone plant for the tailings facility . Again , the focus will be environmental and the cyclone plant gives us the opportunity to produce the the sands that are needed at the tailings dam in order to ensure that we can deal with erosion and so on .

Speaker #6: That's built up over the last two years . So that's the focus . But , you know , having the plant in a condition that's able to run on one train solidly and cycle through the trains , I is , you know , overall good in terms of ensuring the ability of the plant to start up well in the event that we get to that .

Rachel Smith: Okay. Great. And then just to follow up on Taca Taca, I guess Ryan's comments around the balance sheet and, I guess, the priority to gear the balance sheet and your comments around buy versus build, Tristan, is ultimately the sort of options around funding when you get to that decision, will you look at the balance sheet and decide whether, I guess, you fund it alone or you consider a stake sale? Obviously, value will be one option to consider. But do you actually think of sort of Panama, I'm sorry, Argentina, as a sort of from a risk mitigation perspective, it would make sense to sell, or just trying to think how you would think about the funding options at that stage once you get to that? Yeah. Thanks, Ian.

Ian Rossouw: Okay. Great. And then just to follow up on Taca Taca, I guess Ryan's comments around the balance sheet and, I guess, the priority to gear the balance sheet and your comments around buy versus build, Tristan, is ultimately the sort of options around funding when you get to that decision, will you look at the balance sheet and decide whether, I guess, you fund it alone or you consider a stake sale? Obviously, value will be one option to consider. But do you actually think of sort of Panama, I'm sorry, Argentina, as a sort of from a risk mitigation perspective, it would make sense to sell, or just trying to think how you would think about the funding options at that stage once you get to that?

Speaker #13: Okay , great . And then just a follow up Tucker on Tucker , just Ryan's comments balance around the sheet . And I guess the priority to to gear the balance sheet and your comments around buy versus build just in is ultimately the sort of options around funding .

Speaker #13: When you get to that decision , when you look at the balance sheet and decide whether I guess a , you funded a loan or you consider a stake sale , obviously the value will be one option to consider , but do you actually think of sort of Panama ?

Speaker #13: I'm sorry , Argentina as a sort of from a risk mitigation perspective . It would make sense sell or to just trying to think how you would think about the funding options at that stage .

Tristan Pascall: Yeah. Thanks, Ian.

Speaker #13: Once you get to that .

Speaker #14: Yeah .

Rachel Smith: Look, again, the reason to be progressing the technical report is it's part of the RIGI process, and that's important. There's some deadlines around that, and we're conscious of those. It also underlines the opportunities when we come to looking at funding options. But again, our priority is on Cobre Panamá. We spelled that out very clearly in terms of what our focus is this year and on debt reduction before we would be ready getting the balance sheet into the right position. In terms of progressing the project on its own merits, so if I put those two elements aside and just look at the project, to progress it on its own merits is appropriate. That is, push forward, lodge the RIGI application, get the 43-101 out, which is the pathway for RIGI application, look at options around financing, what could be done.

Tristan Pascall: Look, again, the reason to be progressing the technical report is it's part of the RIGI process, and that's important. There's some deadlines around that, and we're conscious of those. It also underlines the opportunities when we come to looking at funding options. But again, our priority is on Cobre Panamá. We spelled that out very clearly in terms of what our focus is this year and on debt reduction before we would be ready getting the balance sheet into the right position. In terms of progressing the project on its own merits, so if I put those two elements aside and just look at the project, to progress it on its own merits is appropriate. That is, push forward, lodge the RIGI application, get the 43-101 out, which is the pathway for RIGI application, look at options around financing, what could be done.

Speaker #6: Thanks , Ian . Look , again , the reason to be progressing the technical report is it's part of the rigging process . And important .

Speaker #6: that's You know , there's some deadlines around that . And we're conscious of those . You know , it's also underlines the opportunities when we looking at come to funding options .

Speaker #6: But again, you know, our priority is on Cobre Panama. And we have spelled that out very clearly in terms of what our focus is this year.

Speaker #6: And on debt reduction, before we would be ready, you know, getting the balance sheet into the right position in terms of progressing the project on its own merits.

Speaker #6: So if I , if I put two elements aside and just look at the project and progress our it on on its own merits is appropriate , that is push forward , lodge the application , get the 43 101 out , which is the pathway rig for for application .

Speaker #6: Look at options around financing . What could be done . The market , you know , is looking at Argentina more and there's opportunity in that in terms of making progress on that .

Rachel Smith: The market is looking at Argentina more, and there's opportunity in that in terms of making progress on that. But again, we have a clear milestone there around the balance sheet and around Cobre Panamá that leads into that. In terms of broader opportunities in the business to make Argentina happen, we'll look through options of partnership. We've said that publicly before. But there's a number of tools in the toolkit in terms of looking at, and we've used those, for example, at Kansanshi on the gold stream. We've been deploying those tools. But really, this is about making sure that Taca Taca, on its own merits, begins to stand as a project, which we believe it is, which is really worth looking at and stands up very well compared to any of the other projects out there for copper development in the near future.

Tristan Pascall: The market is looking at Argentina more, and there's opportunity in that in terms of making progress on that. But again, we have a clear milestone there around the balance sheet and around Cobre Panamá that leads into that. In terms of broader opportunities in the business to make Argentina happen, we'll look through options of partnership. We've said that publicly before. But there's a number of tools in the toolkit in terms of looking at, and we've used those, for example, at Kansanshi on the gold stream. We've been deploying those tools. But really, this is about making sure that Taca Taca, on its own merits, begins to stand as a project, which we believe it is, which is really worth looking at and stands up very well compared to any of the other projects out there for copper development in the near future.

Speaker #6: But again you know we have a clear milestones there around the balance sheet and around Cobra Panama that leaned into that in terms of , you know , broader , you know , opportunities in the business to make Argentina happy happen , we'll you know , look through , you options with partnership .

Speaker #6: been we've We've said that publicly before . But there's a number of tools in in the toolkit in terms of , you know , looking at and we've used those , for example , it kansanshi on on the Gold Stream , you know , we've , we've been deploying those tools , but really this is about making sure that taka taka on its own merits , it begins to stand as a project which we believe it is , which is really worth looking at .

Speaker #6: And stands up very well compared to, you know, any of the other projects out there for copper development in the near future?

Rachel Smith: Your final question comes from Dalton Baretto with Canaccord Genuity. Thanks. Good morning, guys. Thanks for squeezing me in. A couple of quick ones, if I may. Just first on Cobre Panamá. Tristan, your disclosure referenced support at 75% to 80% in the communities around the mine. Can you perhaps speak to sort of the broader country, particularly in Panama City, just what your metrics are showing you and maybe where some of the historical opposition is, soon trucks, the NGOs, those sorts of things? Thanks. Thanks, Dalton. Yeah. So that's been very much a focus of our activities in Panama. And broader support for the mine is around 50% to 55%. That's been steady at that level for some time now.

Operator: Your final question comes from Dalton Baretto with Canaccord Genuity.

Speaker #3: Your final question comes from Dalton Barreto with Canaccord Genuity .

Dalton Baretto: Thanks. Good morning, guys. Thanks for squeezing me in. A couple of quick ones, if I may. Just first on Cobre Panamá. Tristan, your disclosure referenced support at 75% to 80% in the communities around the mine. Can you perhaps speak to sort of the broader country, particularly in Panama City, just what your metrics are showing you and maybe where some of the historical opposition is, soon trucks, the NGOs, those sorts of things? Thanks.

Speaker #15: Thanks . Good morning guys . Thanks for squeezing me in a couple of quick ones , if I may , just first on Cobre Panama , Tristan , your disclosure referenced support at 75 to 80% in the communities around the mine .

Speaker #15: Can you perhaps speak to sort of the broader country , particularly in Panama City ? Just what the what your metrics are showing you and where some of the maybe historical opposition is suntracs the NGOs , those sorts of things .

Tristan Pascall: Thanks, Dalton. Yeah. So that's been very much a focus of our activities in Panama. And broader support for the mine is around 50% to 55%. That's been steady at that level for some time now.

Speaker #15: Thanks .

Speaker #6: Thanks , Dalton . Yeah . So , you that's a very much a focus of our our activities in Panama . And , you know , broader , you know , support for the mine is around 50 , 55% .

Speaker #6: That's been steady at that level for some time now . And we see that , you know , a key element of it is really around transparency and engagement as to what the process from here looks like .

Rachel Smith: We see that key elements of it are really around transparency and engagement as to what the process from here looks like and walking through clear pathways. What we are seeing is a huge amount of curiosity. So last year, there were some 241,000 engagements, one-to-one, between people at Panama, our employees, our advocates, our people that are speaking directly to the community. And in those, what we hear is a lot of curiosity about the mine, its place. We note, for example, discussion in Panama on the interconnector between Panama and Colombia. And that's a big power line and connection between really to connect all the way the grid from North America through Mexico and into Costa Rica and Panama for the first time to connect across Latin America to South America.

Tristan Pascall: We see that key elements of it are really around transparency and engagement as to what the process from here looks like and walking through clear pathways. What we are seeing is a huge amount of curiosity. So last year, there were some 241,000 engagements, one-to-one, between people at Panama, our employees, our advocates, our people that are speaking directly to the community. And in those, what we hear is a lot of curiosity about the mine, its place. We note, for example, discussion in Panama on the interconnector between Panama and Colombia. And that's a big power line and connection between really to connect all the way the grid from North America through Mexico and into Costa Rica and Panama for the first time to connect across Latin America to South America.

Speaker #6: And and walking through clear pathways , what we are seeing is a huge amount of curiosity . So last year there was some 241,000 engagements , 1 to 1 between , you know , people at Panama .

Speaker #6: Our , our employees , our advocates , our , you know , people that are speaking directly to the community and in those what we hear is , is , is a lot of curiosity about the mine .

Speaker #6: Its place . You know , we note , for example , discussion in Panama on the interconnector between Panama and Colombia . And that's a big power line .

Speaker #6: And connection between really to connect all the way the grid from North America through Mexico and into Costa Rica and Panama . For the first time to connect to , you know , across Latin America to South America , you know , that's a huge interconnector for the continent .

Rachel Smith: That's a huge interconnector for the continent and underlines the impact that electricity can provide in terms of uplifting communities and uplifting standards of living and provide the opportunity for things like data centers, modern technology, and opportunity employment to come through. But of course, interconnectors and electricity require copper. And it's that debate with society around responsibly and in an environmental and with a strong biodiversity program and community programs that's important now in terms of Panama. Again, we're at probably 50, 55% in the broader community. We'd like to see that lift up. And what we're seeing is a level of curiosity to understand the mine and understand how Panama can play into what is a global theme. There are no further questions at this time. I'll now turn the call back to Mr. Tristan Pascall for any closing remarks. Thanks, Carly.

Tristan Pascall: That's a huge interconnector for the continent and underlines the impact that electricity can provide in terms of uplifting communities and uplifting standards of living and provide the opportunity for things like data centers, modern technology, and opportunity employment to come through. But of course, interconnectors and electricity require copper. And it's that debate with society around responsibly and in an environmental and with a strong biodiversity program and community programs that's important now in terms of Panama. Again, we're at probably 50, 55% in the broader community. We'd like to see that lift up. And what we're seeing is a level of curiosity to understand the mine and understand how Panama can play into what is a global theme.

Speaker #6: And underlines the impact that electricity can provide in terms of uplifting communities and uplifting standards of living and provide the opportunity for things data technology and , modern like centers opportunity and employment to come through .

Speaker #6: But of course , interconnectors and electricity require copper , and it's that debate with society around responsibly and in an environmental and with strong biodiversity program and community programs , that's important .

Speaker #6: Now, in terms of Panama again, we're probably 50, 55% in the broader community. We'd like to see that lift up.

Speaker #6: And you know, what we're seeing is a level of curiosity to understand the mine and understand, you know, how Panama can play into what is a global theme.

Operator: There are no further questions at this time. I'll now turn the call back to Mr. Tristan Pascall for any closing remarks.

Speaker #3: There are no further questions at this time . I'll now turn the call back to Mr. Tristan Pascall for any closing remarks .

Tristan Pascall: Thanks, Carly.

Rachel Smith: And thank you, everybody, for joining the call. We're looking forward to a strong 2026. I hope you have a great day. Thank you. This concludes today's conference call. Thank you all for participating. You may now disconnect.

Tristan Pascall: And thank you, everybody, for joining the call. We're looking forward to a strong 2026. I hope you have a great day. Thank you.

Speaker #6: Thanks , Carly . And thank you , everybody , for joining the call . We're looking forward to a hope you have strong 2026 .

Operator: This concludes today's conference call. Thank you all for participating. You may now disconnect.

Speaker #6: I had a great day. Thank you.