Slide 1: An Opportunity to Create a New Leader in Global Copper
Filed by First Quantum Minerals Limited pursuant to Rule 425 under the Securities Act of 1933 Subject Company: Inmet Mining Corporation Commission file number: N/A FIRST QUANTUM MINERALS LTD. Global Diversified An Opportunity to Create a A Combination of First Quantum and Inmet of First Quantum New
Slide 2: Cautionary Statement
FIRST facts, limited Often, _estimates_, _could_, assumptions achieve assurance expressed operational retail Zambia, procurement uncertainties materially performances, may date Quantum qualification F-80 documents become www.sec.gov. London, accordance Petroleum's jurisdictions. mineral resource ana
Slide 3: Unique Value Proposition for Inmet Shareholders
FIRST QUANTUM MINERALS LTD. Unique Value Proposition for Inmet Shareholders
Slide 4: Highly Attractive Offer for Inmet Shareholders
FIRST approximately C$0.01, consideration 23 Other of offer early Inmet_s November and January customary QUANTUM orcircular nshares A2013) of 2012, C$5.1 mix approximately conditions will outstanding of (1) excluding MINERALS billion1 be C$36.00 Calculated mailed forl(on net Each in C$2.5 atotransac
Slide 5: Unique Opportunity for Inmet Shareholders
FIRST to Opportunity underlying before Inmet: increase the C$72 QUANTUM most copper equity to / share leverage recent value exposure 80 MINERALS friendly 70 of First 65% C$28 and Quantum_s approach 35% participate / LTD. share 33%Unique on to operational 60the Inmet in50 significant basis Value Net
Slide 6: Attractive Premium Following Friendly Approach
FIRST Value1 Announcement last Inmet Quantum_s Management trading Management QUANTUM 70 60 day second 650Approach before 40 friendly 30 (4) MINERALS First 30-day C$55.31 2 Approach Quantum_s approach VWAP asLTD. of to 9Spot 3 Attractive November of initial Inmet Approach Share friendly Management Pr
Slide 7: Three Benefits of a Strategic Opportunity
FIRST translating shareholders project group, QUANTUM development to theldevelopment Further into MINERALS inglobal aahigher new pipeline diversification, frontier trading LTD. l Creates l multiple Confident A Strategic creating opportunity 7 that Opportunity aFirst truly forQuantum global First for
Slide 8: A Highly Strategic Proposal
FIRST QUANTUM MINERALS LTD. [Graphic Appears Here] A Highly Strategic Proposal
Slide 9: Compelling Value Proposal: Creating a New Global Copper Leader
FIRSTmarket portfolio strong respected QUANTUM of experienced world following class MINERALS operational development [Graphic Appears LTD. team projects Compelling DELIVERY Here] l Proven l Low Value A track New cost, Creating Global record stable operating of Leader Proposal delivering inlassets Co
Slide 10: Unmatched Portfolio of World Class Assets
FIRST Cruces, kt lLTM (100%) Au Production: metals production Cu Production: lLTM Zn company QUANTUM Guelb Spain Production: achieved 120.2 Cu(100%) Moghrein, 57.7 Production: with kozMINERALS on koz a40.8 Unmatched Sentinel portfolio December Inferred Mauritania kt12.8 Kansanshi Ravensthorpe, of kt
Slide 11: Globally Diversified Across Established Mining Jurisdictions
FIRST 16% 49% QUANTUM Europe Africa MINERALS 65% 67%LTD. Europe Globally 29% 1Diversified Mtpa1 300Across Ktpa1 1.3 Established Mtpa Source: & NewBroker Mining Research Jurisdictions (grossAustralia asset value Australia by geography) 6% Americas (1) 2018E 8% Americas Copper production. 9% 16% Ameri
Slide 12: Focused Copper Growth with a Clear Path to Production
FIRSTRio Production, Inmet QUANTUM Tinto Mt 1.8 Glencore 1.5 MINERALS 1.5Quantum 1.3 1.2 LTD. 1.0 Southern 0.9 Focused 0.8 0.8 Freeport—BHP on 0.6Copper 0.5 0.5[Graphic 0.5 First 0.4Anglo 0.4 Appears McMoRan TeckHere] FirstXstrata Leading Source:Codelco BrookHunt CopperBilliton Growth 0.3 Quantum In
Slide 13: Leading Growth Profile
FIRST QUANTUM Southern Antofagasta Copper (0.5)% 6.4% Codelco MINERALS Teck Resources (3.4)% LTD. Source: 5.6% Leading BrookHunt KGHM Growth 5.5% 13 Profile Vale 2012E 5.4% Glencore _ 2018E Xstrata Cu Production 5.4% Rio Growth Tinto CAGR 5.1% Freeport-McMoRan First Quantum 26.2% 4.4% First Norilsk
Slide 14: First Quantum's Approach to Cobre Panama
FIRST QUANTUM MINERALS LTD. First Quantum_s Approach to Cobre Panama
Slide 15: What First Quantum Brings: Value Creation Opportunity
FIRST investment and profile construction lQUANTUM Industry in newtrack leading projects MINERALS record total through based shareholder LTD. the on in-house cycle Opportunity return Proven knowledge l Strong for track Substantial balance record and experience with sheet Value commissioning [Graphic
Slide 16: Track Record of Value-Added M&A
FIRST develop lsuccessfully by M&A (Haquira); Acquired previous nQUANTUM Acquired a new now from owner developed project worth BHP Kiwara l History MINERALS for over inthe Zambia $340 (Sentinel Kansanshi $1.0 of million value-added billion1 for LTD. and 35mine inEnterprise); Track years (1) 2010 in
Slide 17: Track Record of Creating Value
FIRST — Information, Kansanshi QUANTUMBroker Guelb Research MINERALS Moghrein(1) Kevitsa1 Acquisition LTD. Track Trident of Record Ravensthorpe Scandinavian of Creating Minerals Haquira3 Significant (2) 2001 Acquisition Value 2004 119% 2008of(Sentinel 4.0 Kiwara 3.8 3.5 plc / Enterprise)2 3.0 (3)864
Slide 18: First Quantum's Approach to Projects
FIRST QUANTUM expediting, existing Quantum1 designs, Traditional logistics, duplication, MINERALS shipping Projectstandardisationl In-house § Self LTD. perform Third First Quantum_s construction party Maximize Source: commonality Approach §Company Own tools to Projects Information ofand equipment eq
Slide 19: Unique Project Development Capability
FIRST10,000 Bambas approach (Xstrata) 5,000 QUANTUM (Xstrata) Buenavista Oyu15,000 Tolgoi Tampakan MINERALS DC 20,000 (Ivanhoe) (Southern 25,000 (Xstrata) to LTD. project Copper) 30,000 Toromocho Unique development Source: Sentinel Project (Chinalco) Company (First Development LosQuantum) Bronces Po
Slide 20: Delivering Projects on Time and on Budget
FIRST Kansanshi 2004 28,755 date: 2012 93,352 August November QUANTUM tonnes February ounces 18, of11, 2012 copper 2004 of MINERALS Production gold üüPeak Peak First Ravensthorpe Production production Commercial LTD. ü Or Over First February 130,000 toDelivers Quantum Early date: 36,969 tonnes 2005
Slide 21: An Opportunity to Create a Global Leader in Copper
FIRST QUANTUM MINERALS LTD. An Opportunity to Create a Global Leader in Copper
Slide 22: Combined First Quantum and Inmet Would Create a New Industry Leader
FIRST Expected and Inmet_s unique cost C$26 geographic ofper capital QUANTUM and underlying share) toproven bewith one diversification netapproach of enhanced equity cash MINERALS theon world_s value, Inmet_s tocredit with project excluding LTD. leading profile production balance development First c
Slide 23: A Track Record of Delivering Value: Total Shareholder Return
FIRST 31% currency period Antofagasta (period QUANTUM basis since (2)29% Based listing) MINERALS Inmet on 23 7-Oct-2002 27% LTD. BHP 18% First _ 23-Nov-2012 Teck Quantum 15%_Freeport period A Track (period 13% Record Rio since ofTinto Delivering listing) 10%(3) Xstrata2 Value BasedTotal 8% on 10-Feb
Slide 24: A Track Record of Delivering Value: Copper Production
FIRST First 2011 discontinued Quantum Global QUANTUM Southern operations Glencore MINERALS Copper (2) 3 10% Source: (1%) 300 LTD. Mined Broker FirstFirst Quantum Copper research Quantum Production 24% (3)_December CAGR A Track CAGR Antofagasta Record 2007 of _1%2 ofLTM Delivering 6% 0 Kazakhmys Sept
Slide 25: Potential Benefits and Premium for Inmet Shareholders
FIRST 65% VWAP shares would Opportunity substantial (or C$26 premium lbe create QUANTUM and Potential per comprised annual closing of share) one tocombined Inmet's of for free share net the MINERALS of additional cash high cash world_s underlying price company flow quality onas benefits Inmet_s lead