First Quantum Minerals Ltd. · TSX:FM

First Quantum Minerals — Indaba 2003

32 slides from First Quantum Minerals's conference presentation, Feb 18, 2003

1. Slide 1: Building an international low cost mining company – Indaba 2003

   Building an international low cost mining company Indaba 2003 February 18-20

2. Slide 2: Presentation Outline

   Presentation Presentation Outline Outline Overview of First Quantum Minerals Ltd. Zambia & The Democratic Republic of the Congo Bwana Mkubwa SX/EW Facility / Lonshi Copper Mine Kansanshi Copper Deposit Exploration Summary 2

3. Slide 3: History of Growth

   History History Of Of Growth Growth Established in 1996 Copper production commenced in 1998 at Bwana Mkubwa Lonshi discovered in 2000 Kansanshi deposit acquired in 2001 Bwana Mkubwa expansion completed in 2002 Kansanshi production to begin in late 2004 3

4. Slide 4: Corporate Structure

   Corporate Corporate Structure Structure Operating Assets Investments 100% 100% 80% 16.9% 17.4% COMISA BwanaMkubwa MkubwaMining Mining KansanshiMines Mines MopaniCopper CopperMines Mines AnvilMining MiningNL NL COMISA Bwana Kansanshi Mopani Anvil 100% 100% 100% 100% 100% Lonshi Bwana Kansanshi Nkana

5. Slide 5: Strategic Aims

   Strategic Strategic Aims Aims To build a mid-tier international mining company Operate low cost mines Leverage advantage in the Copperbelt region Exploit and develop our focused and cost effective exploration capability Find deposits and use unique management expertise to build new mines for less ca

6. Slide 6: Zambia & The Copperbelt

   Zambia Zambia & & The The Copperbelt Copperbelt 6

7. Slide 7: Zambia & The DRC

   Zambia Zambia & & The The DRC DRC Zambia Stable democratic Government Promotion of foreign investment & privatization Sound mining code & attractive fiscal policy Democratic Republic of Congo Progress with similar changes New mining code Attracting new foreign investment 7

8. Slide 8: Bwana Mkubwa \ Lonshi

   Bwana Mkubwa \ Lonshi 8

9. Slide 9: Location Map

   Location Map ZAMBIA MUFULIRA a i \ . Co = aa & FIRST QUANTUM MINERALS LTD ZAMBIA Copperbelt Infrastructure and Mining Operations DEMOCRATIC REPUBLIC oF Conco INSHI R

10. Slide 10: Bwana Mkubwa / Lonshi Highlights

    Bwana Bwana Mkubwa Mkubwa // Lonshi Lonshi Highlights Lonshi resource – 7.3 million tonnes @ 4.91% copper (358,000 tonnes) Expansion from 10,000 tonnes to 30,000 tonnes of copper per year Commissioning underway Cash costs estimated at $0.30/ lb, net of acid credits Sulphuric acid production expanded

11. Slide 11: Lonshi Mine

    Lonshi Lonshi Mine Mine Stockpile 706,171 T @ 5.1% ASCu or 36,000T Cu ASCu = acid soluble copper 11

12. Slide 12: Lonshi Mine

    Lonshi Lonshi Mine Mine 12

13. Slide 13: Bwana Mkubwa - Production

    Bwana Bwana Mkubwa Mkubwa -- Production Production Copper Production Cash Cost 40 0.80 Copper production (thousand tonnes) 0.70 30 0.60 Cash Cost ($/lb) 0.50 20 0.40 0.30 10 0.20 0.10 0 0.00 1998 1999 2000 2001 2002e 2003e 2004e 13

14. Slide 14: Kansanshi Deposit

    Kansanshi Deposit 14

15. Slide 15: Location Map

    KANSANSHI Solwezi MUFULIRA SQ _ Open Pit Mine(s) $@ Underground Mine(s) Concentrator “HE Refinery or Tailings Leach Plant O Smetter A Acid Plant 2 Railway 7 River = Road yer International Border @& _ Towns and Cities BWANA MKUBWA FIRST QUANTUM MINERALS LTD. ZAMBIA Copperbelt Infrastructure and Minin

16. Slide 16: Kansanshi Project

    Kansanshi Kansanshi Project Project Contained Metal Value Per Tonne Ore In Major Copper Projects Sossego $27.43 (CVRD) Salobo $26.38 (CVRD) Kansanshi $26.28 (First Quantum) Esperanza $21.52 (Antofagasta) Spence $20.94 (BHP Billiton) Boyongan $20.93 (Philex/Anglo American) El Pachon $18.63 (Noranda)

17. Slide 17: Kansanshi Project (GRD Minproc Study)

    Kansanshi Kansanshi Project Project (GRD (GRD Minproc Minproc Study) Study) Phase One Highlights (Years 1-16) M&I Resource of 3.5 million tonnes of Cu & 1.6 million ozs of Au (302 million tonnes grading 1.17% Cu & 0.17g/t Au) Annual production (avg): 102,000 tonnes Cu & 25,000 ozs Au Cash cost (avg)

18. Slide 18: Kansanshi Project (GRD Minproc Study)

    Kansanshi Kansanshi Project Project (GRD (GRD Minproc Minproc Study) Study) Production Statistics Phase 1 Phase 2* (Years 1-16) (Years 17-28) Strip Ratio 1.4 2.1 Waste Tonnes 199 Mt 389 Mt ROM Tonnes 143 Mt 188 Mt In Situ Cu Grade 1.43 % 0.88 % In Situ Au Grade 0.22 g/t 0.12 g/t Total Cathode Cu Pro

19. Slide 19: Kansanshi Project - Section

    Kansanshi Kansanshi Project Project -- Section Section 19

20. Slide 20: Kansanshi Project - Production

    Kansanshi Kansanshi Project Project -- Production Production Cathode Concentrate 140 Copper production (thousand tonnes) 130 120 110 100 90 80 70 60 50 40 30 20 10 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Year 20

21. Slide 21: Kansanshi Project (GRD Minproc Study)

    Kansanshi Kansanshi Project Project (GRD (GRD Minproc Minproc Study) Study) Project Economics – Phase One (Years 1-16) Net Present Value Calculation (before tax, 100% equity basis) Capital Cost (owner mining, excluding power line) $163 M Gold Price $330 oz DFS Sensitivity Analysis Copper Price (US$/

22. Slide 22: Kansanshi Project

    Kansanshi Kansanshi Project Project 22

23. Slide 23: Kansanshi Project Financing

    Kansanshi Kansanshi Project Project Project Financing $163 million capital cost estimate (owner mining, excluding power line) $120 million Standard Bank Group & West LB AG ($60 million commercial facility, $60 million export credit facility) European Investment Bank (sub-debt facility & power line)

24. Slide 24: Kansanshi Development Timeline – Phase One

    Kansanshi Kansanshi Project Project (GRD (GRD Minproc Minproc Study) Study) Development Timeline – Phase One (Years 1-16) 2003 2004 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1 Environmental Approval 2 Resolution of Fiscal and Commercial Issues 3 Financing Completed 4 Power Contract Finalised 5. Plant and Infrastructu

25. Slide 25: Exploration

    Exploration 25

26. Slide 26: Exploration

    Exploration rS KOLWEZ! sg * TENKEFUNGUNUME x ~, %, KAMBOVE sa, First Quantum Exploration Pro 4 EU RIE yy SEABHANDK Picross i 4 R c x LUISHIA {BBD Other First Quantum Exploration Property % ~~ Major Copper Deposit/Mine 7 LR] Mine Operated by Mopani Copper ANGOLA EUKUR| ® Mine Operated by First Quantu

27. Slide 27: Outlook

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28. Slide 28: Attributable Copper Production

    Attributable Attributable Copper Copper Production Production 148 (thousand tonnes) 126 121 113 86 91 61 46 33 30 11 41 23 10 30 35 35 35 35 10 10 10 2000(a) 2001(a) 2002(e) 2003(e) 2004(e) 2005(e) 2006(e) 2007(e) Bwana Mkubwa Kansanshi Mopani 28

29. Slide 29: Attributable Cash Cost Profile

    Attributable Attributable Cash Cash Cost Cost Profile Profile $0.64 (US $/lb) $0.42 $0.36 $0.36 $0.36 $0.32 $0.30 $0.25 2000(a) 2001(a) 2002(e) 2003(e) 2004(e) 2005(e) 2006(e) 2007(e) 29

30. Slide 30: Copper Producers (2005)

    Copper Production (million lbs) G Rio ru 0 500 1,000 1,500 2,000 2,500 p Ti Ph o M n to el ex ps ic Copper B Do o H P dge B ill So Fr ito ut e e n he po rn rt Pe Fa ru lc on MIM A nt brid of a g ge a Copper Producers N s to or an da W Source: RBC Capital Markets M Fi rs C tQ e T ua ck nt um Producer

31. Slide 31: Copper Producers – Cost Profile

    Copper Copper Producers Producers –– Cost Cost Profile Profile 31

32. Slide 32: Building an international low cost mining company – Indaba 2003

    Building an international low cost mining company Indaba 2003 February 18-20

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