View settings100% · M+I+I · Resources excl. reserves · Native commodities

Reporting assumptions

These choices persist and are added to shared URLs.

Ownership basis

Show the full project inventory before ownership adjustment.

Display scale

Display contained quantities in millions of ounces or tonnes.

Resource treatment

Normalise Resources to exclude Reserves: where a project is flagged inclusive, net Reserves out of Resources so the figure is additional Resources beyond Reserves. Unknown-convention rows are shown as stated.

Resource total

Total Resource includes Inferred (JORC convention). Totals are re-derived from category rows wherever the document discloses them.

Recovery basis

Show the issuer's headline recoverable figure as reported. Lithium-brine reserves already have the brine-processing recovery factor applied; everything else is shown as stated.

Commodity view

Primary view: each commodity in its own contained unit (oz / t).

Enterprise

Zambia · Producing · 100.0% ownedUnverified

Current R&R by category

Whole-project rollup at the latest vintage per category: printed project-level rows are preferred, and mining areas are summed (tonnes-weighted grade) only where the issuer prints no project-level row. Per-area and per-source detail in the Current R&R table below.

Category	Tonnes (Mt)	Grade (% Ni)	Contained (Mt Ni)	As at
Measured	4.80 Mt	1.68%	0.08 Mt Ni	31 Dec 2025
Indicated	25.60 Mt	0.89%	0.23 Mt Ni	31 Dec 2025
M&I = Measured + Indicated (overlaps both)	30.40 Mt	1.01%	0.31 Mt Ni	31 Dec 2025
Inferred	9.20 Mt	0.72%	0.07 Mt Ni	31 Dec 2025
Total Resources	12.50 Mt	0.83%	0.10 Mt Ni	31 Dec 2025
Proved	5.00 Mt	1.54%	0.08 Mt Ni	31 Dec 2025
Probable	22.10 Mt	0.87%	0.19 Mt Ni	31 Dec 2025
Total Reserves	27.10 Mt	1.00%	0.27 Mt Ni	31 Dec 2025

M&I is the issuer's printed Measured + Indicated subtotal — it overlaps the Measured and Indicated rows and is never added alongside them; the Total rows and every rollup already exclude it.

Sub-category rows are as disclosed (no Reserves-treatment netting); the Total rows honour the Resources treatment and Inferred-policy toggles, so components may not sum to the Total.

Dotted tonnes/grade are derived under the active Resources treatment: tonnes are netted of (or grossed by) the reserve tonnage alongside contained, and grade is re-derived as netted contained ÷ netted tonnes — not the published figures.

Cut-off grade

0.1500 % Ni · 7.5000 % Ni

Price assumption

US$7.50/t

JORC code year

—

Peer benchmark — producing Ni projects (17 with resources)Resource size P26Resource grade P21View on grade-tonnage chart →

Percentile of this project's current total Resource among covered peers (P100 = largest / highest grade). Basis and Inferred toggles apply.

Data quality

Latest source: First Quantum Minerals Annual Information Form 2026 (R&R as at 31 Dec 2025: Kansanshi, Sentinel, Cobre Panama et al.) · 31 Dec 2025
Reporting code: unknown
Convention: inclusive
Currency assumption: US$

Current R&R

Resources

Area	Category	Tonnes (Mt)	Ni		As at	Source	Provenance
Area	Category	Tonnes (Mt)	Grade (% Ni)	Contained (Mt Ni)	As at	Source	Provenance
Total	Measured	4.80 Mt	1.68%	0.08 Mt Ni	31 Dec 2025	109Unverified Evidence record Enterprise Measured · Ni · as at 2025-12-31 Reported figure Area Whole project Basis 100% Ore tonnes (t) 4800000.0000 Grade 1.6800 Contained (t Ni) 80640.0000 Classification Resource Source trail First Quantum Minerals Annual Information Form 2026 (R&R as at 31 Dec 2025: Kansanshi, Sentinel, Cobre Panama et al.) 109 Published 2026-02-28 Verification Approved; not independently verified · Model extracted QA WARN: document contains mine-plan/LOM-inventory table vocabulary ('mining inventory') — such tables print production-target inventory, NOT a Mineral Resource estimate, and their rows look clean at store time (t23 TGM class). Map each row to its source table before approval and reject rows sourced from the mine-plan/inventory table. Copies a pre-filled issue record so you can send it through your normal channel.

Total

M&I = Measured + Indicated (overlaps both)

30.40 Mt

1.01%

0.31 Mt Ni

31 Dec 2025

109Unverified

notes (6)

Source: First Quantum Minerals Annual Information Form 2026 (R&R as at 31 Dec 2025: Kansanshi, Sentinel, Cobre Panama et al.) · published 28 Feb 2026

Ref: 109

Unknown code — Reporting code not yet captured for this row.
Cutoff 0.15 % Ni — Cut-off grade assumption from the source statement.
inc — Stated Resources are inclusive of Reserves. Set Resources: Excl. Reserves to net them out.

QA notes:

QA WARN: document contains mine-plan/LOM-inventory table vocabulary ('mining inventory') — such tables print production-target inventory, NOT a Mineral Resource estimate, and their rows look clean at store time (t23 TGM class). Map each row to its source table before approval and reject rows sourced from the mine-plan/inventory table. QA WARN: cross-category subtotal — this whole-project total_resource row equals the measured+indicated category value while inferred rows exist (an M&I/P&P-style total excluding inferred — t24 LUN / t25 GMIN-IMG class). Reject the subtotal; the full-set total (or leaves) carries the estimate. This is the SYSTEMIC M&I-as-total class (t71: 22+ rejects across two agents) — only a Measured+Indicated+Inferred total is total_resource; P&P → total_reserve is always valid.
QA reject: re-presentation of an approved estimate: combined Measured-and-Indicated line stored as total_resource (Exhibit B Enterprise 'Total Meas. plus Ind.' 30.4 Mt @ 1.01% Ni) — figures match print; re-key to category m_and_i after the migration (do not approve as a M+I+Inferred total)
m_and_i re-key post-migration-0030: print-verified combined M&I, category was the only defect

Non-primary sulphide

M&I = Measured + Indicated (overlaps both)

1.60 Mt

0.48%

0.01 Mt Ni

31 Dec 2025

109Unverified

notes (6)

Source: First Quantum Minerals Annual Information Form 2026 (R&R as at 31 Dec 2025: Kansanshi, Sentinel, Cobre Panama et al.) · published 28 Feb 2026

Ref: 109

Unknown code — Reporting code not yet captured for this row.
Cutoff 0.15 % Ni — Cut-off grade assumption from the source statement.
inc — Stated Resources are inclusive of Reserves. Set Resources: Excl. Reserves to net them out.

QA notes:

QA INFO: document prints mine-plan/LOM-inventory vocabulary ('mining inventory') but this row's figures anchor outside those sections — verify the source table; no inventory sourcing is implied. QA WARN: cross-category subtotal — this total_resource row on area 'Non-primary sulphide' equals the sum of the same area's indicated leaves — a per-deposit M&I/P&P-style total (t24 LUN/LUG NI 43-101 class). Policy keeps category leaves + the whole-project Total; adjudicate per the per-property-totals precedent before approval.
QA reject: re-presentation of an approved estimate: combined measured-and-indicated row stored as total_resource - printed line is 'Subtotal Meas. plus Ind. 1.6 / 0.48' under Enterprise Non-primary sulphide; re-key to m_and_i in the post-migration sweep (figures verified against print)
m_and_i re-key post-migration-0030: print-verified combined M&I, category was the only defect

Primary sulphide

Measured

4.80 Mt

1.69%

0.08 Mt Ni

31 Dec 2025

109Unverified

notes (4)

Source: First Quantum Minerals Annual Information Form 2026 (R&R as at 31 Dec 2025: Kansanshi, Sentinel, Cobre Panama et al.) · published 28 Feb 2026

Ref: 109

Unknown code — Reporting code not yet captured for this row.
Cutoff 0.15 % Ni — Cut-off grade assumption from the source statement.
inc — Stated Resources are inclusive of Reserves. Set Resources: Excl. Reserves to net them out.

QA notes:

QA WARN: document contains mine-plan/LOM-inventory table vocabulary ('mining inventory') — such tables print production-target inventory, NOT a Mineral Resource estimate, and their rows look clean at store time (t23 TGM class). Map each row to its source table before approval and reject rows sourced from the mine-plan/inventory table. QA WARN: tonnes/contained equal the SUM of 2 sibling row(s) of the same classification/category/commodity (Non-primary sulphide, Enterprise) — likely a printed multi-deposit rollup/subtotal. Policy keeps leaf rows and printed whole-project Totals only; reject mid-level rollups (double-count).

Primary sulphide

M&I = Measured + Indicated (overlaps both)

28.80 Mt

1.04%

0.30 Mt Ni

31 Dec 2025

109Unverified

notes (6)

Source: First Quantum Minerals Annual Information Form 2026 (R&R as at 31 Dec 2025: Kansanshi, Sentinel, Cobre Panama et al.) · published 28 Feb 2026

Ref: 109

Unknown code — Reporting code not yet captured for this row.
Cutoff 0.15 % Ni — Cut-off grade assumption from the source statement.
inc — Stated Resources are inclusive of Reserves. Set Resources: Excl. Reserves to net them out.

QA notes:

QA WARN: document contains mine-plan/LOM-inventory table vocabulary ('mining inventory') — such tables print production-target inventory, NOT a Mineral Resource estimate, and their rows look clean at store time (t23 TGM class). Map each row to its source table before approval and reject rows sourced from the mine-plan/inventory table. QA WARN: cross-category subtotal — this total_resource row on area 'Primary sulphide' equals the sum of the same area's measured+indicated leaves — a per-deposit M&I/P&P-style total (t24 LUN/LUG NI 43-101 class). Policy keeps category leaves + the whole-project Total; adjudicate per the per-property-totals precedent before approval.
QA reject: re-presentation of an approved estimate: combined measured-and-indicated row stored as total_resource - printed line is 'Subtotal Meas. plus Ind. 28.8 / 1.04' under Enterprise Primary sulphide; re-key to m_and_i in the post-migration sweep (figures verified against print)
m_and_i re-key post-migration-0030: print-verified combined M&I, category was the only defect

Reserves

Area	Category	Tonnes (Mt)	Ni		As at	Source	Provenance
Area	Category	Tonnes (Mt)	Grade (% Ni)	Contained (Mt Ni)	As at	Source	Provenance
Total	Proved	5.00 Mt	1.54%	0.08 Mt Ni	31 Dec 2025	109Unverified Evidence record Enterprise Proved · Ni · as at 2025-12-31 Reported figure Area Whole project Basis 100% Ore tonnes (t) 5000000.0000 Grade 1.5400 Contained (t Ni) 77000.0000 Classification Reserve Source trail First Quantum Minerals Annual Information Form 2026 (R&R as at 31 Dec 2025: Kansanshi, Sentinel, Cobre Panama et al.) 109 Published 2026-02-28 Verification Approved; not independently verified · Model extracted QA WARN: document prints recovered-metal vocabulary ('life of mine production') — if the reserve table's metal column is 'Ounces Recovered' the stored contained figure is post-recovery, not an in-situ contained metal (t24 AGLD class; recoverable-basis machinery not built). Verify the column heading; reject recovered-basis rows. QA INFO: document prints mine-plan/LOM-inventory vocabulary ('mining inventory') but this row's figures anchor outside those sections — verify the source table; no inventory sourcing is implied. Copies a pre-filled issue record so you can send it through your normal channel.	notes (4) Source: First Quantum Minerals Annual Information Form 2026 (R&R as at 31 Dec 2025: Kansanshi, Sentinel, Cobre Panama et al.) · published 28 Feb 2026 Ref: 109 Unknown code — Reporting code not yet captured for this row. Cutoff 7.50 % Ni — Cut-off grade assumption from the source statement. @ US$ 7.5/t — Metal price assumption used to derive this estimate. QA notes: QA WARN: document prints recovered-metal vocabulary ('life of mine production') — if the reserve table's metal column is 'Ounces Recovered' the stored contained figure is post-recovery, not an in-situ contained metal (t24 AGLD class; recoverable-basis machinery not built). Verify the column heading; reject recovered-basis rows. QA INFO: document prints mine-plan/LOM-inventory vocabulary ('mining inventory') but this row's figures anchor outside those sections — verify the source table; no inventory sourcing is implied.
Total	Probable	22.10 Mt	0.87%	0.19 Mt Ni	31 Dec 2025	109Unverified Evidence record Enterprise Probable · Ni · as at 2025-12-31 Reported figure Area Whole project Basis 100% Ore tonnes (t) 22100000.0000 Grade 0.8700 Contained (t Ni) 192270.0000 Classification Reserve Source trail First Quantum Minerals Annual Information Form 2026 (R&R as at 31 Dec 2025: Kansanshi, Sentinel, Cobre Panama et al.) 109 Published 2026-02-28 Verification Approved; not independently verified · Model extracted QA WARN: document prints recovered-metal vocabulary ('life of mine production') — if the reserve table's metal column is 'Ounces Recovered' the stored contained figure is post-recovery, not an in-situ contained metal (t24 AGLD class; recoverable-basis machinery not built). Verify the column heading; reject recovered-basis rows. QA WARN: document contains mine-plan/LOM-inventory table vocabulary ('mining inventory') — such tables print production-target inventory, NOT a Mineral Resource estimate, and their rows look clean at store time (t23 TGM class). Map each row to its source table before approval and reject rows sourced from the mine-plan/inventory table. Copies a pre-filled issue record so you can send it through your normal channel.	notes (4)
Total	Total Reserves	27.10 Mt	1.00%	0.27 Mt Ni	31 Dec 2025	109Unverified Evidence record Enterprise Total Reserve · Ni · as at 2025-12-31 Reported figure Area Whole project Basis 100% Ore tonnes (t) 27100000.0000 Grade 1.0000 Contained (t Ni) 271000.0000 Classification Reserve Source trail First Quantum Minerals Annual Information Form 2026 (R&R as at 31 Dec 2025: Kansanshi, Sentinel, Cobre Panama et al.) 109 Published 2026-02-28 Verification Approved; not independently verified · Model extracted QA WARN: document prints recovered-metal vocabulary ('life of mine production') — if the reserve table's metal column is 'Ounces Recovered' the stored contained figure is post-recovery, not an in-situ contained metal (t24 AGLD class; recoverable-basis machinery not built). Verify the column heading; reject recovered-basis rows. QA WARN: document contains mine-plan/LOM-inventory table vocabulary ('mining inventory') — such tables print production-target inventory, NOT a Mineral Resource estimate, and their rows look clean at store time (t23 TGM class). Map each row to its source table before approval and reject rows sourced from the mine-plan/inventory table. Copies a pre-filled issue record so you can send it through your normal channel.	notes (4)
Non-primary Sulphide Ore	Proved	0.10 Mt	0.31%	0.31 kt Ni	31 Dec 2025	109Unverified Evidence record Enterprise Proved · Ni · as at 2025-12-31 Reported figure Area Non-primary Sulphide Ore Basis 100% Ore tonnes (t) 100000.0000 Grade 0.3100 Contained (t Ni) 310.0000 Classification Reserve Source trail First Quantum Minerals Annual Information Form 2026 (R&R as at 31 Dec 2025: Kansanshi, Sentinel, Cobre Panama et al.) 109 Published 2026-02-28 Verification Approved; not independently verified · Model extracted QA WARN: document prints recovered-metal vocabulary ('life of mine production') — if the reserve table's metal column is 'Ounces Recovered' the stored contained figure is post-recovery, not an in-situ contained metal (t24 AGLD class; recoverable-basis machinery not built). Verify the column heading; reject recovered-basis rows. QA WARN: document contains mine-plan/LOM-inventory table vocabulary ('mining inventory') — such tables print production-target inventory, NOT a Mineral Resource estimate, and their rows look clean at store time (t23 TGM class). Map each row to its source table before approval and reject rows sourced from the mine-plan/inventory table. Copies a pre-filled issue record so you can send it through your normal channel.	notes (4)
Non-primary Sulphide Ore	Probable	0.70 Mt	0.38%	2.66 kt Ni	31 Dec 2025	109Unverified Evidence record Enterprise Probable · Ni · as at 2025-12-31 Reported figure Area Non-primary Sulphide Ore Basis 100% Ore tonnes (t) 700000.0000 Grade 0.3800 Contained (t Ni) 2660.0000 Classification Reserve Source trail First Quantum Minerals Annual Information Form 2026 (R&R as at 31 Dec 2025: Kansanshi, Sentinel, Cobre Panama et al.) 109 Published 2026-02-28 Verification Approved; not independently verified · Model extracted QA WARN: document prints recovered-metal vocabulary ('life of mine production') — if the reserve table's metal column is 'Ounces Recovered' the stored contained figure is post-recovery, not an in-situ contained metal (t24 AGLD class; recoverable-basis machinery not built). Verify the column heading; reject recovered-basis rows. QA WARN: document contains mine-plan/LOM-inventory table vocabulary ('mining inventory') — such tables print production-target inventory, NOT a Mineral Resource estimate, and their rows look clean at store time (t23 TGM class). Map each row to its source table before approval and reject rows sourced from the mine-plan/inventory table. Copies a pre-filled issue record so you can send it through your normal channel.	notes (4)
Primary Sulphide Ore	Proved	5.00 Mt	1.55%	0.08 Mt Ni	31 Dec 2025	109Unverified Evidence record Enterprise Proved · Ni · as at 2025-12-31 Reported figure Area Primary Sulphide Ore Basis 100% Ore tonnes (t) 5000000.0000 Grade 1.5500 Contained (t Ni) 77500.0000 Classification Reserve Source trail First Quantum Minerals Annual Information Form 2026 (R&R as at 31 Dec 2025: Kansanshi, Sentinel, Cobre Panama et al.) 109 Published 2026-02-28 Verification Approved; not independently verified · Model extracted QA WARN: document prints recovered-metal vocabulary ('life of mine production') — if the reserve table's metal column is 'Ounces Recovered' the stored contained figure is post-recovery, not an in-situ contained metal (t24 AGLD class; recoverable-basis machinery not built). Verify the column heading; reject recovered-basis rows. QA INFO: document prints mine-plan/LOM-inventory vocabulary ('mining inventory') but this row's figures anchor outside those sections — verify the source table; no inventory sourcing is implied. Copies a pre-filled issue record so you can send it through your normal channel.	notes (4) Source: First Quantum Minerals Annual Information Form 2026 (R&R as at 31 Dec 2025: Kansanshi, Sentinel, Cobre Panama et al.)
Primary Sulphide Ore	Probable	21.40 Mt	0.89%	0.19 Mt Ni	31 Dec 2025	109Unverified Evidence record Enterprise Probable · Ni · as at 2025-12-31 Reported figure Area Primary Sulphide Ore Basis 100% Ore tonnes (t) 21400000.0000 Grade 0.8900 Contained (t Ni) 190460.0000 Classification Reserve Source trail First Quantum Minerals Annual Information Form 2026 (R&R as at 31 Dec 2025: Kansanshi, Sentinel, Cobre Panama et al.) 109 Published 2026-02-28 Verification Approved; not independently verified · Model extracted QA WARN: document prints recovered-metal vocabulary ('life of mine production') — if the reserve table's metal column is 'Ounces Recovered' the stored contained figure is post-recovery, not an in-situ contained metal (t24 AGLD class; recoverable-basis machinery not built). Verify the column heading; reject recovered-basis rows. QA WARN: document contains mine-plan/LOM-inventory table vocabulary ('mining inventory') — such tables print production-target inventory, NOT a Mineral Resource estimate, and their rows look clean at store time (t23 TGM class). Map each row to its source table before approval and reject rows sourced from the mine-plan/inventory table. Copies a pre-filled issue record so you can send it through your normal channel.	notes (4)