Slide 1: Turning Vision Into Reality – Third Quarter 2014
TURNING VISION INTO REALITY Third Quarter 2014 Conference Call & Webcast October 31, 2014 TSX: FM; LSE: FQM
Slide 2: Cautionary Note Regarding Forward-Looking Statements
Cautionary Note Regarding Forward-Looking Statements Certain statements and information herein, including all statements that are not historical facts, contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. The forward looking statement
Slide 3: Phase 1 Smelter – Aerial View
Phase 1 Smelter – Aerial View 3
Slide 4: Phase 1 Smelter - Concentrate Receival, Blending, Storage, Reclaim
Phase 1 Smelter - Concentrate Receival, Blending, Storage, Reclaim 4
Slide 5: Phase 1 Smelter - Reagents Building and Oxygen Plant
Phase 1 Smelter - Reagents Building and Oxygen Plant 5
Slide 6: Phase 1 Smelter - Isasmelt Tower and Feed Conveyor
Phase 1 Smelter - Isasmelt Tower and Feed Conveyor 6
Slide 7: Phase 1 Smelter – Control Room
Phase 1 Smelter – Control Room 7
Slide 8: Phase 1 Smelter – Converter Aisle
Phase 1 Smelter – Converter Aisle 8
Slide 9: Phase 1 Smelter – Anode Casting Area
Phase 1 Smelter – Anode Casting Area 9
Slide 10: Phase 1 Smelter – Acid Plant
Phase 1 Smelter – Acid Plant 10
Slide 11: Sentinel – Aerial View
Sentinel — Aerial View & FIRST QUANTUM ni MINERALS LTD.
Slide 12: Sentinel – Aerial View
Sentinel — Aerial View = Si = Lig SR “mg = —— Minnis i ce | ——————-—— ; eT, & FIRST QUANTUM a MINERALS LTD.
Slide 13: Sentinel – Aerial View
Sentinel — Aerial View & FIRST QUANTUM MINERALS LTD. 13
Slide 14: Sentinel – Stockpile and Secondary Crushing
Sentinel – Stockpile and Secondary Crushing 14
Slide 15: Sentinel – A Major Milestone – 1st Ore Into Sentinel – October 30, 2014
Sentinel – A Major Milestone – 1st Ore Into Sentinel – October 30, 2014 15
Slide 16: Sentinel – A Major Milestone – 1st Ore Into Sentinel – October 30, 2014
Sentinel – A Major Milestone – 1st Ore Into Sentinel – October 30, 2014 16
Slide 17: Q3 2014 Highlights
Q3 2014 Highlights Production Q3 2014 vs Q3 2013 Sep YTD 2014 vs YTD 2013 Copper production for Q3 impacted by Copper ('000 tonnes) 102k - 13 k 322k + 25 k lower grades Nickel ('000 tonnes) 12k - 0.6 k 36k +2k Gold ('000 ounces) 51k - 14 k 172k - 13 k Copper C1 Cost 24% higher Nickel C1 Cost 8% lowe
Slide 18: Production
Production 120 114 115 113 322 Copper production 11% lower than Q3 2013, 8% higher YTD 108 297 110 102 100 • Kansanshi 11% lower from reduced sulphide ore processed '000 Tonnes 90 80 combined with lower oxide ore grades 70 60 • Lower grades at all other sites except Kevitsa, which achieved 50 record
Slide 19: Copper C1 Cost
Copper C1 Cost Increased overall copper C1 cost impacted by Kansanshi and Guelb Moghrein 1.80 1.80 Group copper $0.28/lb higher than Q3 1.59 1.60 1.60 2013 1.45 1.44 1.38 1.40 1.31 1.40 • Kansanshi higher due to increased leaching 1.23 costs from treating high-acid consuming oxide 1.16 1.20 1.20 mat
Slide 20: Nickel C1 Cost
Nickel C1 Cost 8% lower on lower TCRCs at Kevitsa & higher cobalt credit at Ravensthorpe 6.00 6.00 Group nickel $0.38/lb lower than Q3 2013 5.45 5.30 4.90 Ravensthorpe $0.06/lb lower vs Q3 2013 5.00 5.00 4.51 4.52 • Reduced freight costs and an increased 4.37 4.16 cobalt credit partially offset by m
Slide 21: Financial Overview
Financial Overview Gross Profit impacted by higher depreciation and costs, with comparative results slightly lower (1) Q3 2014 Q3 2013 Q2 2014 Gross profit 21% lower vs Q3 2013 $ million and 18% lower than Q2 2014 Revenue 885 885 945 • Revenue stable with lower Gross Profit 240 303 293 sales volumes
Slide 22: Gross Profit
Gross Profit Lower sales volumes combined with higher costs at Kansanshi and Las Cruces Lower copper and gold sales Nickel +$39m volumes at all operations except 400 Other +$3m Guelb Moghrein plus lower nickel sales at Ravensthorpe 42 345 Mainly higher 350 depreciation of previously capitalized defe
Slide 23: Quarterly Net Debt Movement
Quarterly Net Debt Movement Opening Net Debt at start of Quarter ($ million) (4,346) EBITDA 367 Working capital (29) Taxes paid (60) Capital expenditure (597) Net interest paid(1) (111) Dividends paid(2) (28) Acquisition of Lumina (190) Other (41) Net debt movement (689) Closing Net Debt at end of Q
Slide 24: 2014 Market Guidance
2014 Market Guidance Q3 Production guidance broadly unchanged Copper production(1) Nickel production Gold production 419 – 436k tonnes 45 – 48k contained tonnes 218 – 237k ounces Q2 guidance 418 – 444k tonnes Q2 guidance 221 – 242k ounces Zinc production Palladium Platinum 55 – 60k tonnes 22 – 24k o
Slide 25: Turning Vision Into Reality – Third Quarter 2014
TURNING VISION INTO REALITY Third Quarter 2014 Conference Call & Webcast October 31, 2014 TSX: FM; LSE: FQM