MS-First Quantum Minerals Ltd US$1bn gold stream announced-20250805

Gold stream announced: First Quantum has entered into a gold streamingagreement with Royal Gold and will receive a $1.0 billion upfront cash payment onAugust 6, 2025 in exchange for gold deliveries from the Kansanshi Mine. Theagreement enables First Quantum to maintain exposure to the majority of theasset's gold production. Royal Gold expects deliveries to average ~35-40koz peryear over the next 10 years. Proceeds will be used towards the payment of capitalexpenditure, general working capital requirements and bank loan repayment whilethe company continues to assess bond refinancing opportunities. The stream isunsecured and has guarantees from the company and subsidiaries in the Kansanshiownership chain.

Gold deliveries with stepdown terms: The transaction provides FM the ability toincrease gold exposure over time, depending on financial performance, withprovisions for higher ongoing production payments and acceleration options uponachieving certain leverage thresholds. The stepdown terms are as follows:

• 75oz gold per million pounds of recovered copper produced until 425koz aredelivered

• 55oz gold per million pounds of recovered copper produced until anadditional 225koz of gold are delivered

• 45oz gold per million pounds of recovered copper produced thereafter.