First Quantum Minerals Ltd. announced that pursuant to Section 3.8 of the indenture, dated as of March 22, 2017 among First Quantum Minerals Ltd. as the issuer (Company), certain of its subsidiaries as guarantors, Citibank, N.A., London Branch, as trustee, paying agent and transfer agent (the "Paying Agent") and Citigroup Global Markets Europe AG (formerly Citigroup Global Markets Deutschland AG), as registrar, pursuant to which the Notes were issued, notice is hereby given that, subject to the Financing Condition, the Company has elected to, and will, redeem an aggregate principal amount of $300,000,000 of the outstanding Notes on May 31, 2023 (the "Redemption Date") as permitted under Section 3.8(c) of the Indenture and paragraph 6(c) of the Notes. The portion of the outstanding Notes to be redeemed will be redeemed on a lottery drawing basis at a redemption price (the "Redemption Price") of 100.000% of the principal amount thereof, plus accrued and unpaid interest of $3,750,000.00. The Redemption Price will be paid to holders of record selected by lot and notified by DTC to such holders in accordance with DTC's rules and procedures.

The Company's obligation to pay the Redemption Price on the Redemption Date is conditioned upon the consummation of the Company's offering of senior notes being made pursuant to a preliminary offering memorandum dated May 17, 2023 (as amended, the "Offering Memorandum"), the proceeds of which will be sufficient to fund the Redemption Price and Additional Amounts, if any, on the Redemption Date and the other transactions contemplated in the Offering Memorandum, on terms and conditions reasonably satisfactory to the Company (the "Financing Condition"). Accordingly, none of the Notes shall be deemed due and payable on the Redemption Date unless and until the Financing Condition is satisfied or waived by the Company. The Company will inform holders of Notes by release at least one business day prior to the Redemption Date as to whether the Financing Condition will be satisfied or waived.

If the Financing Condition is not satisfied or waived, any Notes previously surrendered to the Paying Agent shall be returned to the holders thereof. The Notes called for redemption must be surrendered to the Paying Agent to collect the Redemption Price. Unless the Company defaults in paying the Redemption Price, interest and Additional Amounts, if any, on the Notes called for redemption cease to accrue on and after the Redemption Date.

To collect the Redemption Price, the Notes must be surrendered for redemption at the office of the Paying Agent shown below, at any time on or prior to the Redemption Date.