1. The New Leader in Global Copper
April 2013
Global Diversified
TSX: FM; LSE: FQM

2. 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”, “anticipates” 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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3. 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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4. A Premier Base Metals Company
Seven producing mines and six world class projects across eight countries and five continents
Unmatched Portfolio of World Solid Platform of Diversified,
Class Development Projects Stable Operations
Kansanshi Expansion and Las Cruces, Spain Cu
Cu Au
Smelter, Zambia
Kevitsa, Finland Ni Cu
Sentinel, Zambia Cu
Pyhäsalmi, Finland Cu Zn
Enterprise, Zambia Ni
Çayeli, Turkey Cu Zn
Cu Au
Cobre Panama, Panama Guelb Moghrein,
Ag Mo Cu Au
Mauritania
Ravensthorpe, Australia Ni Co
Haquira, Peru Cu
Kansanshi, Zambia Cu Au
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5. High Quality Operations
Asset Location Ownership (1) 2012 Production 2012 Cash Cost Mine Life Reserves & Resources (Contained)
Reserves 5,782 kt Cu, 3.3 Moz Au
261 kt Cu
Kansanshi Zambia 80% US$1.49 / lb Cu 2037 M&I Resources 6,252 kt Cu, 3.3 Moz Au
136 koz Au
Inferred 2,593 kt Cu, 1.3 Moz Au
Reserves 768 kt Cu
Las Cruces Spain 100% 68 kt Cu US$1.16 / lb Cu 2022 M&I Resources 768 kt Cu
Inferred 424 kt Cu
Reserves 306 kt Cu, 0.7 Moz Au
38 kt Cu
Guelb Moghrein Mauritania 100% US$1.48 / lb Cu 2019 M&I Resources 369 kt Cu, 0.8 Moz Au
61 koz Au
Inferred 73 kt Cu, 0.2 Moz Au
Reserves 216 kt Cu, 258 kt Zn
31 kt Cu
Çayeli Turkey 100% US$0.88 / lb Cu 2019+ M&I Resources 421 kt Cu, 414 kt Zn
41 kt Zn
Inferred 21 kt Cu, 52 kt Zn
Reserves 91 kt Cu, 157 kt Zn
13 kt Cu
Pyhäsalmi Finland 100% US$(0.68) / lb Cu 2018 M&I Resources 142 kt Cu, 198 kt Zn
26 kt Zn
Reserves (2) 1,357 kt Ni
Ravensthorpe Australia 100% 33 kt Ni US$5.97 / lb Ni 2049 M&I Resources 1,642 kt Ni
Inferred 605 kt Ni
Reserves 486 kt Ni, 643 kt Cu
8 kt Cu US$5.47 / lb Ni
Kevitsa Finland 100% 2033 M&I Resources 712 kt Ni, 973 kt Cu
4 kt Ni US$1.28 / lb 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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6. Unmatched Portfolio of Development Projects
Expansion Projects
Target
Asset Location Ownership Completion
Production
Kansanshi Expansion 80%
Zambia 400 kt Cu Mid – 2014
and Copper Smelter (100% smelter)
Greenfield Projects
Target
Asset Location Ownership (1) Completion Reserves & Resources (Contained)
Production
Reserves 3,870 kt Cu
Sentinel Zambia 100% 270-300 kt Cu 2014 M&I Resources 5,238 kt Cu
Inferred 697 kt Cu
Reserves 363 kt Ni
Enterprise Zambia 100% 38-60 kt Ni 2014 M&I Resources 431 kt Ni
Inferred 50 kt Ni
Reserves 11,813 kt Cu, 192 kt Mo, 7.3 Moz Au, 131.0 Moz Ag
Cobre Panama Panama 80% 266 kt Cu 2016 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
M&I Resources 3,418 kt Cu, 0.6 Moz Au
Haquira Peru 100% N/A N/A 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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7. A World Class Growth Profile
Proven Track Record of Developing & Operating Mines Unmatched Project Pipeline
ktpa Cu production ktpa Ni production
Well-positioned to deliver Cobre Haquira
1,200 industry-leading growth Panama 90
Enterprise
80
Sentinel
70
Kansanshi
Expansion
800 Successfully Commissioned 6 mines and Smelter 60
in 12 Years Across 5 Countries
Kevitsa (1) 50
2012
40
Ravensthorpe
400 Frontier 2011 30
2007
Guelb Moghrein
20
2006
Kansanshi
Bwana Lonshi
2004
2001 10
-- 0
2001
2001 2002
2002 2003
2003 2004
2004 2005
2005 2006
2006 2007 2008
2007 2008 200920092010 2010
2011 2011
2012 2012
2013 2013
2014 2014
2015 2015
2016 2016
2017 2017
2018+
Mufulira & Nkana Bwana / Lonshi Frontier Kansanshi Guelb Moghrein Kevitsa
Sentinel Cayeli Las Cruces Pyhasalmi Cobre Panama Nickel
(1) Nickel and copper mine
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8. Freeport-McMoRan
1.8
Glencore Xstrata
1.5
Codelco
1.5
2018E Copper Production, Mt
First Quantum 1.3
Source: BrookHunt
BHP Billiton
1.2
Leading Copper Growth
Southern Copper
0.9
Rio Tinto
0.8
Anglo American
0.8
KGHM
0.6
Kazakhmys
0.5
Teck Resources
0.5
Vale
0.5
Antofagasta
0.4
Norilsk
0.4
First Quantum 2012
0.3
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9. Cobre Panama – A Tier-One Project
 Cobre Panama is the world’s largest copper project currently under construction Major Copper Development Projects (Contained Cu Mt)
– Over 50 Blbs of contained copper, and 13 Moz of contained gold resources
0 10 20 30
– Commercial production is expected to commence in 2016, with an
estimated mine life of over 40 years
Cobre Panama
– Average life-of-mine production of 266 ktpa of copper, with significant gold, (First Quantum)
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 Ministro Hales
(Codelco)
– Current estimated a total capital cost of US$6.2 Bn
Copper Production Profile (kt) Las Bambas
Construction
(Xstrata)
Stage Assets
400
Sierra Gorda
(KGHM)
300
Toromocho
(Chinalco)
200
Konkola North
100
(Vale)
Feasibility
Stage Assets
--
Tampakan
2015 2019 2023 2027 2031 2035 2039 2043 2047 2051 2055
(Xstrata)
M&I Resources Inferred Resources
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10. Building Cobre Panama Using the First Quantum Project
Philosophy
Our Project Development Philosophy Outcomes
• A finished project must perform to
expectations
– Set ambitious targets for schedule, cost • Industry leading performance
and performance
– Lowest capital intensity achieved
– Adhere to time schedule
– Adhere to capital cost budget
Traditional Project First Quantum Project Model
Engineering &
Design
Owner
EPCM Engineer
By FQM
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11. Sentinel – On-Schedule and On-Budget
Key Project Developments
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 Mill area, 31 March 2013
 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
Rougher flotation, 31 March 2013
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12. 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
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