First Quantum Minerals Ltd. · TSX:FM

First Quantum Minerals — Investor Presentation (January 2012)

23 slides from First Quantum Minerals's investor presentation, January 2012

1. Slide 1: A Rapidly Growing Metals & Mining Company

   A Rapidly Growing Metals & Mining Company www.first-quantum.com TSX: FM LSE: FQM LuSE: FQMZ January 2012 1

2. Slide 2: Cautionary Note Concerning Forward-Looking Statements

   Cautionary Note Concerning Forward-Looking Statements Some of the statements contained in the following material are forward looking statements and not statement of facts. Such statements are based on the current beliefs of management, as well as assumptions based on management information currently

3. Slide 3: First Quantum - A Compelling Investment

   First Quantum - A Compelling Investment A mid-tier and growing mining and metals company currently producing LME grade "A" copper cathode, copper in concentrate, nickel and gold. A Compelling Investment: — Solid track record • Operational - developed five mines, within nine years, on schedule and wi

4. Slide 4: Strong Operating Base & Development Pipeline

   Strong Operating Base & Development Pipeline  Operations  Projects  Exploration – Kansanshi, Zambia — Ravensthorpe, Australia — Haquira, Peru – Guelb Moghrein, Mauritania — Kevitsa, Finland — Sentinel, Zambia — Enterprise, Zambia  Other Investment — Mopani (16.9%), Zambia 4

5. Slide 5: Asset and Project Update

   /\ Asset and Project Update & MINERALS LTD.

6. Slide 6: Existing Assets – Focus on Development / Expansion

   Existing Assets – Focus on Development / Expansion Kansanshi Guelb Moghrein  First production in 2005  First production in 2006  2010 production of 231 kt copper / 110 koz gold  2010 production of 37 kt copper / 82 koz of gold  Multi-phase expansion plans in progress:  Optimizing recent expans

7. Slide 7: Projects

   Projects Ravensthorpe Kevitsa  Continuous operation in 2012  Over 90% complete  First production October 4 2011  Continuous operation planned for mid 2012  Re-constructed plants consistently achieving  Target operations: design throughputs  10 ktpa nickel @ ~$6.70 / lb  Atmospheric Leach and

8. Slide 8: Projects

   Projects Sentinel – Copper Zambian Copper Smelter  EIA and land use agreement obtained  Limited smelter capacity in Zambia currently  Enhanced benefits to First Quantum include:  Resource drilling complete; finalization of resource estimate underway  Production of sulphuric acid for use in Kans

9. Slide 9: Projects

   Projects Enterprise – Nickel Haquira  Focused drill program with eight rigs currently on  Acquired in December 2010 site  Large scale copper project located in southern Peru  140 holes for 49,750 metres completed to an  M&I resource of 3.7 Mt of copper equivalent and average depth of ~350m, ove

10. Slide 10: What We Have Delivered So Far

    What We Have Delivered So Far Copper Growth (1) Total Annualised Shareholder Return (2) 2000-2011 CAGR (%) January 2000 – December 2011 (%) Barrick 34% First Quantum 32% Inmet 24% Southern Copper 23% Southern Peru 22% First Quantum 22% Antofagasta 21% Xstrata 20% Norilsk 15% Teck 18% Vale 12% BHP Bi

11. Slide 11: What We Are Looking to Deliver: Copper Growth Remains Best in Class

    What We Are Looking to Deliver: Copper Growth Remains Best in Class 2016 Copper Producer Landscape Copper Growth (Mt) 6th Largest Global 13th Largest Global 2011 – 2016 CAGR (%) Copper Producer Copper Producer FQM 29.2% by 2016 Currently Vale S Copper Xstrata Glencore Rio Tinto Kazakhmys 1.0 Barrick

12. Slide 12: Long-Term Targets

    Long-Term Targets Copper Production Nickel Production ktpa ktpa 1,200 100 1,000 75 800 600 50 400 25 200 0 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Kansanshi Guelb Moghrein Kevitsa Sentinel Haquira Ravensthorp

13. Slide 13: Long-term Copper Dynamics

    Long-term Copper Dynamics 15

14. Slide 14: Surpluses Overestimated & Deficits Underestimated

    Surpluses Overestimated & Deficits Underestimated Brook Hunt Supply / Demand – Forecast vs. Actual Supply / Demand Surplus (Deficit) (ktpa) Copper Demand (ktpa) 1,500 19,000 1,137 960 1,000 737 648 18,000 500 424 295 236 0 78 0 17,000 (77) (134) (135) (293) (334) (500) (422) 16,000 (1,000) (1,080) (

15. Slide 15: Copper Grades Have Declined Significantly

    Copper Grades Have Declined Significantly Grades of Global Copper Mined % Cu 1.60 1.40 Lack of sizeable, high quality production coming on-stream… 1.20 Initial production of Grasberg 1.00 and Escondida 0.80 0.60 1980 1985 1990 1995 2000 2005 2010 2015 2020 2025 Source: Brook Hunt. Broker Research 15

16. Slide 16: Emerging Markets – Substantial Growth Ahead

    Emerging Markets – Substantial Growth Ahead GDP per Capita US$ 35,000 USA 30,000 25,000 UK 20,000 15,000 10,000 Brazil 5,000 China Russia 0 1835 1855 1875 1895 1915 1935 1955 1975 1995 Source: Maddison 16

17. Slide 17: Projected Impact on the Copper Market

    Projected Impact on the Copper Market Key Points Intensity of Refined Copper Consumption (1) Multiple of India, Brazil, China kg Cu per capita 7.1x  Should China, India and Brazil all 25 Average Intensity of Use (x) grow in line with population Aggregate Copper Use 6.1x 21.50 forecasts and reach co

18. Slide 18: Copper Price Estimates Over Time

    Copper Price Estimates Over Time 4.50 Copper Price (US$ / lb Cu) 2009 4.00 2011 3.50 2010 3.00 Actual 2008 2.50 2011 2.00 2007 Long Term 2010 LT 2009 LT 1.50 2008 LT 2004 2006 2007 LT 1.00 2002 2003 2005 2006 LT 2001 2002 LT 2004 LT 2000 2001 LT 2003 LT 2005z LT 0.50 2000 LT 0.00 Long Term Price Est

19. Slide 19: Projects Less Sensitive to Copper Prices

    Projects Less Sensitive to Copper Prices Top 25 Copper Projects Capex Intensity (US$ / t) Minimum Required Copper Price to Generate 15% IRR (US$ / tonne Cu) Cobre Panama (Inmet) $ 21,622 Caracoles (Antofagasta) $ 20,421 Caserones (JX Nippon) $ 20,045 Sierra Gorda (Quadra FNX) $ 19,895 El Moro (GoldC

20. Slide 20: Agreement to Dispose of DRC Assets

    Agreement to Dispose of DRC Assets • Agreement with ENRC to dispose of all residual claims and assets • Total consideration of $1.25B – consisting of: – $750M payable on closing – $500M three-year promissory note with a 3% interest coupon • Condition of closing – FQM, ENRC and DRC government will se

21. Slide 21: A Rapidly Growing Mining & Metals Company

    A Rapidly Growing Mining & Metals Company • Unique core technical strength behind the strong track record of value creation • Existing operations provide a solid platform to support growth • Strong financial position and cash flow • ~$5 billion investment in growth over 2012 – 2016 to significantly

22. Slide 22: A Rapidly Growing Metals & Mining Company

    A Rapidly Growing Metals & Mining Company www.first-quantum.com TSX: FM LSE: FQM LuSE: FQMZ January 2012 1

23. Slide 23: Corporate Profile

    Corporate Profile Stock exchange listings & symbols – (S&P/TSX 60 Index) TSX: FM LSE: FQM LuSE: FQMZ Shares issued and outstanding 476.3 million Fully diluted 476.3 million 52-week share price range C$29.60 – C$12.60 Recent share price – January 17, 2012 C$23.91 Market capitalization – $ millions C$

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