Jiangxi Copper Company Limited (00358) announced that its wholly-owned subsidiary, Jiangxi Copper (Hong Kong) Investment Limited, through its Hong Kong-based wholly-owned subsidiary Jiangxi Copper Risk Exploration Management Co., Ltd. (Jiangxi Copper Risk Exploration), signed an Investment Option Contract with FQM Kazakhstan Limited (First Quantum Kazakhstan), a wholly-owned subsidiary of First Quantum Minerals Ltd., on January 14, 2026, Beijing time.
The two parties will collaborate on exploration projects through technical synergy and joint investment, establishing an investment option for Jiangxi Copper Risk Exploration concerning its interest in the Lakeside Minerals Limited (Lakeside) project with First Quantum Kazakhstan.
Jiangxi Copper Risk Exploration had previously signed an agreement with Lakeside on December 17, 2025, Beijing time, proposing an initial investment of USD 6.5 million to acquire a 14.9% equity stake in Lakeside along with related creditor rights.
Lakeside holds 14 mining rights in the northern region of Lake Balkhash, Kazakhstan.
Following the agreement's signing, Jiangxi Copper Risk Exploration will first acquire the interest, then establish a wholly-owned subsidiary in the Astana International Financial Centre (AIFC) in Kazakhstan, ultimately transferring the interest to this subsidiary.
Concurrently, Jiangxi Copper Risk Exploration signed the Investment Option Contract with First Quantum Kazakhstan on January 14, 2026, Beijing time.
Relevant details of the agreement are as follows: First Quantum's global exploration team will provide technical supervision for the Lakeside project's exploration work.
Within three years from the date Jiangxi Copper Risk Exploration becomes a shareholder of Lakeside, First Quantum Kazakhstan holds an investment option for 51% of the equity in Jiangxi Copper Risk Exploration's AIFC wholly-owned subsidiary.
Jiangxi Copper Risk Exploration is a wholly-owned subsidiary of Jiangxi Copper (Hong Kong) Investment Limited, incorporated in Hong Kong in 2018, with a business scope covering financial activities; it serves as a platform company for the Group's strategic overseas risk exploration and investment.
First Quantum is a global mining company listed on the Toronto Stock Exchange in Canada, primarily producing copper, gold, and nickel, with assets mainly located in Zambia, Panama, Argentina, Peru, and other countries.
The Company, through its wholly-owned subsidiary PIM Cupric Holdings Limited, holds 154 million shares of First Quantum, representing 18.47% of First Quantum's issued shares.
First Quantum Kazakhstan is a wholly-owned subsidiary of First Quantum, incorporated in the UK in 2023; it acts as a holding platform, directly holding a 99% stake in First Quantum Exploration Kazakhstan Limited Liability Partnership, the latter being a local company established by First Quantum in Almaty, Kazakhstan, which operates exploration business within Kazakhstan.
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