Our RecordSpeaks For Itself

September 2012

TSX: FM; LSE: FQM

Some of the statements contained in the following materialare forward looking statements and not statement of facts.Such statements are based on the current beliefs ofmanagement, as well as assumptions based on managementinformation currently available. Forward-looking statementsare subject to various risks, uncertainties and other factorsthat could cause actual results to differ materially fromexpected results. Readers must rely on their own evaluation ofthese uncertainties.

Note: all dollar amounts in US dollars unless otherwise indicated

Cautionary Note ConcerningForward-Looking Statements

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First Quantum Today

• A significant copper producer– 2012E : 270k – 290k tonnes

• A new and growing nickel producer– 2012E : 36k– 40k tonnes

• On the cusp of transformational growth– Copper : tripling production capacity

– Nickel : increasing annual production capacity to 125ktonnes

• Delivering growth at costs well below industrynorms

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First Quantum Today

4

Jun 30, 2012

$ millions

Cash $857

Total Debt $40

Undrawn and available financing $1,250

Note receivable 2015 $500

Strong Financial Position

What We have Delivered

Best-in-class Copper Growth2000 – 2011

Leading Shareholder Returns2000 – 2011

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ENRCKazakhmys

Anglo AmericanVedanta

XstrataRio Tinto

LundinHudbay

FreeportEramet

TeckBHP Billiton

ValeNorilsk

AntofagastaSouthern Peru

InmetFirst Quantum 32%

Rio Tinto

Kazakhmys

KGHM

Norilsk

Codelco

BHPB

Anglo American

Antofagasta

Freeport

Glencore

Teck

First Quantum

Southern Copper

Barrick

21%

Looking Forward: Our Production Targets

6

0

300

600

9000

4

05

06

07

08

09

10

11

F

12

F

13

F

14

F

15

F

16

F

Base Projects

Copper Production000’s tonnes

0

25

50

75

100

125

11F 12F 13F 14F 15F 16F

Base Projects Optional

Nickel Production000’s tonnes

A New & Growing Nickel Producer

Ravensthorpe mine, Australia• Acquired as a decommissioned plant

• First production within 20 months of purchase

• Commercial production declared Dec 28 2011

• Production– Q4’11 : 5,666 tonnes– Q1’12 : 6,617 tonnes– Q2’12 : 8,053 tonnes

• C1 cash cost 1H’ 12 : $5.70/payable lb of nickel

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A New & Growing Nickel Producer

Kevitsa project, Finland

• Nickel-copper-PGE project

• Commissioning underway; 1st concentrateproduced on May 26 ‘12

• Initial ore feed of 5.5 mt/yr ; intention to expand by~50% in 2013

• Target operations:– 10 ktpa nickel @ ~$6.70 - $7.00 /lb– 20 ktpa copper @ ~$1.45 - $1.60 /lb

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A New & Growing Nickel Producer

Enterprise target, Zambia• Located 12 km northwest of Sentinel

• High grade sulphide nickel

• Open pit potential

• Resource definition programnearing completion

• Preliminary metallurgical test work results show goodrecoveries of nickel sulphides generating a high gradenickel concentrate

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Tripling Copper Production Capacity

Sentinel project, Zambia

• Located ~ 140 km northwest of Solwezi, northernZambia

• M&I resource of 1,027 Mt at 0.51% Cu grade,containing 5.2 Mt Cu

• Estimates:

– 2.2:1 LOM strip ratio

– >15 years mine life

– $1.7B capex

– Annual production upto 300,000 tonnes

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Tripling Copper Production Capacity

Sentinel project, Zambia• Commercial terms for electric power agreed in

principle

• Board approval granted

• Full-scale development started within originaltimeframe

• Detailed design progressing; commitments for long-lead items in place

• Construction completion targeted for late 2014

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Tripling Copper Production Capacity

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Copper smelter, Zambia

• Processing capacity of 1.2 Mtpa

—71% Sentinel

—100% Kansanshi

—Average copper grade 26%

• Blister copper production 300,000 tpa; acidproduction 1.0 Mtpa

• Estimates:− Capital cost of US$650M− Operating cost US$69/tonne of concentrate− Commissioning from mid 2014

Economic Benefits of the Copper Smelter

Total Annual Savings * US$340 MM – US$510 MM• Transport

Kansanshi * 100% of concentrate to smelterSentinel * 71% of concentrate to smelter and remainder

for exportCost savings per annum * Concentrate @ US$220 /t: US$130 MM –

US$200 MM• Export Levy on Concentrate

Current * 10% of export valueBlister Production * 230,000 - 310,000 tpaCost savings per annum * Cu @ US$7,000 /t: US$160 MM – US$220 MM

• Acid SupplyCurrent Consumption * 1,200 tpd @ US$200 / t: US$90 MM / yearIncrease with AP5 * +900 tpd @ US$200 / t: US$150 MM /year

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Tripling Copper Production Capacity

Haquira project, Peru

• Large scale copper project located in southern Peru

M&I resource of 3.7 Mt of copper equivalent and aninferred resource of 2.4 Mt of copper equivalent

• Current focus:

Community relations and land access; expanding drillprogram and environmental matters

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Building a Portfolio of Early-Stage Projects

• 19.99% ownership stake in Zincore Metals Inc.– Mineral exploration company focused mainly on zinc and related

base metal opportunities in the Americas, namely Peru, Mexicoand Canada

– Delores copper porphyry project located ~ 40 km from Haquira

• 19.2% ownership stake in Empire Mining Company– Bursa Licenses cover the Demirtepe skarn and Karapinar

porphyry projects in Western Turkey

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A Significant Copper Producer

Kansanshi mine, Zambia• Located near Solwezi in the north western Province of

Zambia

• First production in 2005

• Open pit mining

• Flexible ore treatment to allow for variation in ore type– sulphide circuit; oxide circuit; gold facility

• Near mine resource definition and exploration programs

• Workforce of ~1,800

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A Significant Copper Producer

Kansanshi mine, Zambia

• Multi-phase production expansion project underway– 2012 – 2015

60% increase in overallproduction capacity

– 2012 – 2014130% increase in oxideproduction capacity

– 2014 - 201590% increase in sulphideproduction capacity

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Expansion Project Capacity Completion

EstimateCost Production Impact

($M)

AcidPlant 5 1000t/day 2012 18

Oxide 7.2 mtpa 2012 31 Copper: 10,000 - 15,000 tpa

Oxide 12 mtpa 2013 - 2014 200 Copper: 60,000 - 75,000 tpa

Smelter 1.2 mtpa 2014 635 Smelter Acid – 1.0 Mtpa @

$40-$50/tonne

Sulphide14 - 16

mtpa 2015 400 Copper: 60,000 - 70,000 tpa

A Significant Copper Producer

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Guelb Moghrein mine, Mauritania• 100% ownership

• Located 250 kilometres northeast of thenation’s capital, Nouakchott

• As at December 31, 2011, the estimatedminelife was ~10 years (including stockpiles)

• First production in 2006

• Workforce of ~1,200

A Significant Copper Producer

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Guelb Moghrein mine, Mauritania

• Record quarterly throughput in Q1’12

• Continuous improvement– Augmenting mining operations with the addition

of larger equipment

– Optimizing flotation performance with improvedauto control and reagent changes

Within the Top 10 Largest Producers by 2016

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Projected 2016 Copper Producer Landscape

Capital Intensity – US$/Tonne

- 5,000 10,000 15,000 20,000 25,000

Kansanshi ExpansionSentinelKonkola

Buena VistaGaleno

AntapaccayAntamina

Rio BlancoQuellavecoCanariaco

Quebrada BlancaMinistro Mina Hales

Cerro VerdeLos Bronces

SaloboLas Bambas

Oyu TolgoiToromochoTampakan

TelegraphioEl Moro

Sierra GordaCaserones

CaraclesCobre Panama

$5,000$6,000

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• Define and plan, set contracting strategy early• Identify risks• Copy existing designs, duplication, standardization• Maximize commonality of equipment• Maximize in-house work:

− Project management− Technical involvement− Procurement, expediting, logistics, shipping− Self perform construction− Own tools and equipment− FQM construction supervision

• Efficient construction labour from Indonesiaand Philippines

Owner

By Others

Traditional Project

ByOthers

ByFQM

First Quantum Project

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How We Do Projects

What Our Shareholders Own

• A substantial copper producer;within the world’s top ten by 2016

• An emerging nickel producer;within the world’s top ten by 2016

• A strong financial position

• Production in an industry withstrong fundamentals

The ability and proventrack record to addvalue through efficientdelivery of growth atcosts below industrynorms

Our RecordSpeaks For Itself

TSX: FM; LSE: FQM