The New Leader in Global Copper

April 2013

TSX: FM; LSE: FQM

Global Diversified

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Disclaimer

Certain statements and information contained in this presentation, including all statements that are not historical facts, contain forward-looking statements and forward-looking information within the meaning of

applicable securities laws. Such forward-looking statements or information include but are not limited to statements or information with respect to the anticipated commencement, completion and terms of the

proposed offer and the anticipated strategic and operational benefits of the offer. Often, but not always, forward-looking statements or information can be identified by the use of words such as “plans”,

“expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “projects”, “antic ipates” or “does not anticipate” or “believes” or variations of such words and phrases or

statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.

With respect to forward-looking statements and information contained in this presentation, First Quantum has made numerous assumptions including among other things, assumptions about the price of

copper, gold, cobalt, nickel, PGE, and sulphuric acid, anticipated costs and expenditures, and First Quantum's ability to achieve its goals. Although management of First Quantum believes that the

assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that a forward-looking statement or information herein will prove to be

accurate. Forward-looking statements and information by their nature involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or

industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. These risks, uncertainties and other

factors include, but are not limited to, uncertainties surrounding the ability to realize operational synergies following completion of the offer, reliance on Inmet’s publicly available information which may not fully

identify all risks related to its performance, success in integrating the retail distribution systems, and the integration of supply chain management processes, future production volumes and costs, costs for

inputs such as oil, power and sulphur, political stability in Zambia, Peru, Mauritania, Finland, Turkey, Spain, Panama and Australia, adverse weather conditions in any of the foregoing countries, labor

disruptions, mechanical failures, water supply, procurement and delivery of parts and supplies to the operations and the production of off-spec material.

See First Quantum’s annual information form for additional information on risks, uncertainties and other factors relating to the forward-looking statements and information. Although we have attempted to

identify factors that would cause actual actions, events or results to differ materially from those disclosed in the forward-looking statements or information, there may be other factors, many of which are

beyond the control of First Quantum, that might cause actual results, performances, achievements or events not to be anticipated, estimated or intended. Accordingly, readers should not place undue reliance

on forward-looking statements or information.

While First Quantum may elect to update the forward-looking statements at any time, First Quantum does not undertake to update them at any particular time or in response to any particular event, other than

as may be required by applicable securities laws. Investors and others should not assume that any forward-looking statement contained in this presentation represents management's estimate as of any date

other than the date of this presentation.

Neither First Quantum nor any of its directors or officers has verified the accuracy or completeness of information or statements contained herein which are made by or derived from third-party sources

(including any projections or estimates made by third-party research analysts). Such third-party sources may have failed to identify events or facts which may have occurred or which may affect the

significance or accuracy of any such information or statements. First Quantum has no means of verifying the accuracy or completeness of such information or statements made by or derived from third-party

sources or whether there has been any failure by such sources to identify events that may have occurred or may affect the significance or accuracy of any information or statements.

This presentation does not constitute an offer to buy or an invitation to sell, or the solicitation of an offer to buy or invitation to sell, any securities of First Quantum or Inmet. Such an offer may only be made

pursuant to the offer and takeover bid circular First Quantum has filed with the Canadian securities regulators and pursuant to registration or qualification under the securities laws of any other such jurisdiction.

In accordance with applicable Canadian securities regulatory requirements, all mineral reserve and mineral resource estimates disclosed herein have been prepared in accordance with Canadian National

Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"), classified in accordance with Canadian Institute of Mining Metallurgy and Petroleum's "CIM Standards on Mineral Resources

and Reserves Definitions and Guidelines" (the "CIM Guidelines"). The terms "mineral resources", "measured mineral resources", "indicated mineral resources" and "inferred mineral resources" are recognized

by Canadian securities regulatory authorities, however, they may not be recognized by the securities regulatory authorities of other jurisdictions. Pursuant to the CIM Guidelines, mineral resources have a

higher degree of uncertainty than mineral reserves as to their existence as well as their economic and legal feasibility. Inferred mineral resources, when compared with measured or indicated mineral

resources, have the least certainty as to their existence, and it cannot be assumed that all or any part of an inferred mineral resource will be upgraded to an indicated or measured mineral resource as a result

of continued exploration. Pursuant to NI 43-101, inferred mineral resources may not form the basis of any economic analysis, including any feasibility study. Accordingly, readers are cautioned not to assume

that all or any part of a mineral resource exists, will ever be converted into a mineral reserve, or is or will ever be economically or legally mineable or recovered.

Note: all dollar amounts in US dollars unless otherwise indicated; C$ indicates Canadian dollars

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Creating the New Leader in Global Copper

First Quantum is one of the world’s leading copper producers, with a geographically diversified portfolio of high-quality

operations and projects

Uniquely positioned to deliver Cobre Panama more effectively by leveraging our global project development expertise

– Maximize our in-house project development capability with prudent use of consultants and third party contractors

– Robust liquidity and balance sheet strength, to support development of future large scale mining projects with

cost efficiency and discipline

– Long standing commitment to operational, social and environmental excellence

The acquisition brings together the best talents of each company to create significant shareholder value

First Quantum presents an opportunity for investors to maintain / gain exposure to multiple transformational re-rating

events over the next five years with a base asset portfolio of high quality low cost assets in both emerging and

developed countries

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A Premier Base Metals Company

Unmatched Portfolio of World

Class Development Projects

Solid Platform of Diversified,

Stable Operations

Las Cruces, Spain Cu

Kevitsa, Finland Ni Cu

Pyhäsalmi, Finland Cu Zn

Çayeli, Turkey Cu Zn

Guelb Moghrein,

Mauritania Cu Au

Ravensthorpe, Australia Ni Co

Kansanshi, Zambia Cu Au

Cobre Panama, Panama Cu Au

Ag Mo

Kansanshi Expansion and

Smelter, Zambia Cu Au

Haquira, Peru Cu

Enterprise, Zambia Ni

Seven producing mines and six world class projects across eight countries and five continents

Sentinel, Zambia Cu

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High Quality Operations

Asset Location Ownership (1) 2012 Production 2012 Cash Cost Mine Life Reserves & Resources (Contained)

Kansanshi Zambia 80% 261 kt Cu

136 koz Au US$1.49 / lb Cu 2037

Reserves 5,782 kt Cu, 3.3 Moz Au

M&I Resources 6,252 kt Cu, 3.3 Moz Au

Inferred 2,593 kt Cu, 1.3 Moz Au

Las Cruces Spain 100% 68 kt Cu US$1.16 / lb Cu 2022

Reserves 768 kt Cu

M&I Resources 768 kt Cu

Inferred 424 kt Cu

Guelb Moghrein Mauritania 100% 38 kt Cu

61 koz Au US$1.48 / lb Cu 2019

Reserves 306 kt Cu, 0.7 Moz Au

M&I Resources 369 kt Cu, 0.8 Moz Au

Inferred 73 kt Cu, 0.2 Moz Au

Çayeli Turkey 100% 31 kt Cu

41 kt Zn US$0.88 / lb Cu 2019+

Reserves 216 kt Cu, 258 kt Zn

M&I Resources 421 kt Cu, 414 kt Zn

Inferred 21 kt Cu, 52 kt Zn

Pyhäsalmi Finland 100% 13 kt Cu

26 kt Zn US$(0.68) / lb Cu 2018

Reserves 91 kt Cu, 157 kt Zn

M&I Resources 142 kt Cu, 198 kt Zn

Ravensthorpe Australia 100% 33 kt Ni US$5.97 / lb Ni 2049

Reserves (2) 1,357 kt Ni

M&I Resources 1,642 kt Ni

Inferred 605 kt Ni

Kevitsa Finland 100% 8 kt Cu

4 kt Ni

US$5.47 / lb Ni

US$1.28 / lb Cu 2033

Reserves 486 kt Ni, 643 kt Cu

M&I Resources 712 kt Ni, 973 kt Cu

Inferred 101 kt Ni, 125 kt Cu

(1) Ownership of Inmet’s assets shown pro-forma for acquisition of 100% of Inmet

(2) Measured and indicated recoverable resources

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Unmatched Portfolio of Development Projects

Expansion Projects

Asset Location Ownership Target

Production Completion

Kansanshi Expansion

and Copper Smelter Zambia

80%

(100% smelter) 400 kt Cu Mid – 2014

Greenfield Projects

Asset Location Ownership (1) Target

Production Completion Reserves & Resources (Contained)

Sentinel Zambia 100% 270-300 kt Cu 2014

Reserves 3,870 kt Cu

M&I Resources 5,238 kt Cu

Inferred 697 kt Cu

Enterprise Zambia 100% 38-60 kt Ni 2014

Reserves 363 kt Ni

M&I Resources 431 kt Ni

Inferred 50 kt Ni

Cobre Panama Panama 80% 266 kt Cu 2016

Reserves 11,813 kt Cu, 192 kt Mo, 7.3 Moz Au, 131.0 Moz Ag

M&I Resources 14,820 kt Cu, 239 kt Mo, 9.0 Moz Au, 170.0 Moz Ag

Inferred 8,318 kt Cu, 125 kt Mo, 3.5 Moz Au, 92.0 Moz Ag

Haquira Peru 100% N/A N/A

M&I Resources 3,418 kt Cu, 0.6 Moz Au

Inferred 2,030 kt Cu, 0.3 Moz Au

(1) Ownership of Inmet’s assets shown pro-forma for acquisition of 100% of Inmet

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0

10

20

30

40

50

60

70

80

90

--

400

800

1,200

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Mufulira & Nkana Bwana / Lonshi Frontier Kansanshi Guelb Moghrein Kevitsa

Sentinel Cayeli Las Cruces Pyhasalmi Cobre Panama Nickel

A World Class Growth Profile

Bwana Lonshi

2001

Kansanshi

2004

Guelb Moghrein

2006

Frontier

2007

Ravensthorpe

2011

Kevitsa (1)

2012

Kansanshi

Expansion

and Smelter

Sentinel

Cobre

Panama Haquira

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018+

Proven Track Record of Developing & Operating Mines Unmatched Project Pipeline

Successfully Commissioned 6 mines

in 12 Years Across 5 Countries

ktpa Cu production

Well-positioned to deliver

industry-leading growth

Enterprise

ktpa Ni production

(1) Nickel and copper mine

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Leading Copper Growth

Source: BrookHunt

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1.5 1.5

1.3 1.2

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2018E Copper Production, Mt

9

0 10 20 30

Tampakan(Xstrata)

Konkola North(Vale)

Toromocho(Chinalco)

Sierra Gorda(KGHM)

Las Bambas(Xstrata)

Ministro Hales(Codelco)

Cobre Panama(First Quantum)

M&I Resources Inferred Resources

Cobre Panama – A Tier-One Project

Cobre Panama is the world’s largest copper project currently under construction

– Over 50 Blbs of contained copper, and 13 Moz of contained gold resources

– Commercial production is expected to commence in 2016, with an

estimated mine life of over 40 years

– Average life-of-mine production of 266 ktpa of copper, with significant gold,

silver and molybdenum by-products

We are currently assessing potential cost savings and design specification

changes to the existing engineering study completed by in 2012

– Current estimated a total capital cost of US$6.2 Bn

Copper Production Profile (kt)

--

100

200

300

400

2015 2019 2023 2027 2031 2035 2039 2043 2047 2051 2055

Feasibility

Stage Assets

Construction

Stage Assets

Major Copper Development Projects (Contained Cu Mt)

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By FQM

Engineering &

Design

Building Cobre Panama Using the First Quantum Project

Philosophy

• A finished project must perform to

expectations

– Set ambitious targets for schedule, cost

and performance

– Adhere to time schedule

– Adhere to capital cost budget

• Industry leading performance

– Lowest capital intensity achieved

Our Project Development Philosophy Outcomes

Traditional Project First Quantum Project Model

EPCM Engineer

Owner

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Sentinel – On-Schedule and On-Budget

Total project progress to date is ~27% on a cumulative basis

Construction

57% concrete poured (total of 41,920 m3)

– Continued works on pipe rack, surge area, e-buildings and

concentrate area concrete

Mill assemblies and installations well underway

Continued steel works: Pipe rack, mill building. thickener tanks, floor

gore and side walls

4 environmental containment areas on site completed

Commenced excavation for the Mine Service Administration building

Assembled Mill 110 Ton Gantry Crane segments

Labour

Current workforce : 2,062 people

3,000,000 man-hours without a lost time incident as of 31 March

2013

Mill area, 31 March 2013

Rougher flotation, 31 March 2013

Key Project Developments

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The New Global Copper Leader

The New Go-To Copper Producer

Attractive Diverse Geographic Exposure

A Long-Standing Commitment to Social and Environmental Excellence

Creating Value with Our Project Development Expertise

An Exciting Future Ahead