First Quantum Minerals is a rapidly growing mining and metals company that produces copper, nickel, and gold. It has a strong track record of operational success, having developed five mines within nine years on schedule and within budget. The company is increasing its annual copper production capacity to over 1 million tonnes through expansion projects at existing mines and new projects. First Quantum also has an emerging nickel business and a strong financial position with $0.8 billion in cash. It has a solid operating base and development pipeline to continue growing production.

1. A Rapidly Growing
Metals & Mining
Company
www.first-quantum.com TSX: FM LSE: FQM LuSE: FQMZ
December 2011
1

2. 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 available. Forward-looking statements are
subject to various risks, uncertainties and other factors that could cause
actual results to differ materially from expected results. Readers must rely on
their own evaluation of these uncertainties.
Note: all dollar amounts in US dollars unless otherwise indicated
2

3. 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 within
budget
• Return to shareholders - delivered an annualized return of ~46% since 2000
— A significant and growing copper producer
• Increasing annual production capacity to over 1 million tonnes
— An emerging nickel producer
• Developing a large-scale nickel business
— Solid financial position
• Cash of $0.8 billion @ Sept 30 2011
— An industry with strong fundamentals
• Forecast demand exceeds supply
3

4. 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. Asset and
Project
Update

6. 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 expansion
 Mine pit development to optimize long term grades
 Oxide circuit - Phase 1 to 7.2 Mtpa by Q1 2012
 Phase 2 to 12 Mtpa by end 2012
 Potential addition of Sulphide circuit – incremental 16 Mtpa
 On-going program of resource development and exploration
Enhanced throughput and recoveries to
increase copper production to ~45 kt
Targeting annual production of
~400 kt by end of 2014
6

7. Projects
Ravensthorpe Kevitsa
 Commissioning as planned for continuous  Over 90% complete
operation before end 2011  Expected to begin pre-commissioning in
 First production 4 October 2011 December 2011 towards continuous
 Re-constructed plants consistently achieving operation in mid 2012
design throughputs  Target operations:
 Atmospheric Leach and Pressure Acid Leach  10 ktpa nickel @ ~$6.70 / lb
plants successfully brought on line  20 ktpa copper @ ~$1.10 / lb
 Target operations:  Seeking to increase the annual throughput
 39 ktpa for the first five years; 28 ktpa over capacity by 50% to 7.5 Mtpa
the life of mine; C1 cost of ~$7.00 per lb (1)  On-going drill program continues to deliver
encouraging results
Construction 90% complete,
Successful commissioning achieved, with 2012 operation plan on schedule
continuous operation on track for full production
in 2012 7
(1) At current sulphur prices

8. Projects
Sentinel – Copper Enterprise – Nickel
 EIA and land use agreement obtained  Focused drill program with eight rigs currently on site
 Resource drilling complete; finalization of  140 holes for 49,750 metres completed to an average
resource estimate expected in late 2011 depth of ~350m, over an area of ~2.2 kms x 1 km
 Expected to produce 240 ktpa copper concentrate  NI-43-101 compliant resource anticipated in 2012
initially, rising up to 300 ktpa  Targeting concentrator facility of 40 – 70 ktpa of
 Construction works planned to start in 2012 Ni capacity
 Targeting commercial production in 2014
World-class deposit with huge potential targeting 2014 production
8

9. Projects
Haquira Zambian Copper Smelter
 Acquired in December 2010  Limited smelter capacity in Zambia currently
 Large scale copper project located in southern  Enhanced benefits to First Quantum include:
Peru  Production of sulphuric acid for use in
 M&I resource of 3.7 Mt of copper Kansanshi’s oxide circuit
equivalent and an inferred resource of  Allows more mined ore to be treated as oxide
2.4 Mt of copper equivalent with higher recoveries
 Current projects focused on:  Leverages existing infrastructure
 Community relations and land access  Available workforce in nearby community
 Expanding infill and condemnation drill  Reduce dependence on limited 3rd party
program and environmental matters capacity
 Improved treatment costs
Large-scale copper product in well-established
9
mining region, project design commencing 2012

10. We Have Bought Well and Continue to Execute
US$ Bn
4.5
281% Acquisitions – Generating Significant Value
4.2
4.0
3.5
3.0
808%
2.5 2.4
2.0
287%
99% 165%
1.5 1.3
1.1 1.2 121% 1.2
1.0 0.9
0.6
1.1 0.4 0.4
0.5 0.3 0.3
0.4 0.1
0.3 0.2 0.3
0.0
Kansanshi Guelb Moghrein Kevitsa(2) Trident Ravensthorpe Haquira(4)
2001 2004 2008 (Sentinel / Enterprise)(3) 2010 2010
2010
(1)
Purchase Price Capex Analyst Consensus
(1) Includes estimates by Haywood, TD, CIBC, RBC, BMO, Cormark and Paradigm
(2) Acquisition of Scandinavian Minerals
(3) Acquisition of Kiwara plc
(4) Acquisition of Antares Minerals 10

11. What We Have Delivered So Far
Copper Growth (1) Total Annualised Shareholder Return (2)
2000-2011 CAGR (%) January 2000 – November 2011 (%)
Barrick 34% First Quantum 38%
Southern Copper 31%
Southern Copper 23%
Inmet 30%
First Quantum 22%
Vale 28%
Xstrata 20%
Antofagasta 28%
Teck 18% BHP Billiton 18%
Freeport 12% Teck 15%
Vedanta 15%
Glencore 10%
Lundin 14%
Antofagasta 7%
Freeport 14%
Anglo American 4%
Norilsk 13%
BHPB 3% Xstrata 13%
Norilsk 1% Rio Tinto 12%
HudBay 10%
Codelco 1%
Kazakhmys 9%
KGHM 0%
Anglo American 9%
Kazakhmys (1)%
Eramet SA 6%
Rio Tinto (4)% ENRC 2%
(1) Source: Brook Hunt. Inclusive of corporate acquisitions.
(2) Source: CapIQ. 11

12. 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
Vedanta
KGHM
BHPB
Norilsk
Codelco
0.3
Anglo
Freeport
Antofagasta
Teck
12
Source: Brook Hunt. First Quantum estimates based on management projections.

13. 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 Ravensthorpe Enterprise
13

14. Long-term
Copper
Dynamics
15

15. 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)
(1,500) 15,000
2003 2004 2005 2006 2007 2008 2009 2010
3-Year Prior Estimate Actual Copper Demand
Source: Brook Hunt and USGS
15

16. 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
16

17. 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
17

18. 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 copper use 20 per Capita: 18.50
per capita equivalent to, say, the 3.0 kg per capita 4.5x
EU-27 country group by 2020, the 15 13.7
increased annual copper demand 2.3x
would be approximately 10 2.1x
10
Mtpa, equivalent to: 6.30 7.00
5.50
– ca. 60% of current annual 5
1.80
global copper demand 0.55
0
– Nine new Escondidas being India Brazil China EU 27 Japan Germany Korea Taiwan
brought on line
Source: International Copper Study Group
Illustrative Scenarios New Annual No. of New No. of New
Assuming Increased Intensity of Cu Consumption for China, India and Brazil Cu demand Escondidas (2) First
Quantum’s
(3)
 If China, India and Brazil reach the copper
intensity of EU27 countries by 2020, this equates
to...
 If China, India and Brazil reach the copper
intensity of Japan by 2020, this equates to...
 If China, India and Brazil reach the copper
intensity of Germany by 2020, this equates to...
(1) Defined as copper consumed by semis fabricators or “first users” of refined copper (ingot makers, master alloy plants, wire rod plants, brass mills, alloy
wire mills, foundries and foil mills)
(2) Based on Escondida 2010 production of 1.09 Mt
18
(3) Based on FM 2010 production of 323 kt

19. 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
2004 LT
2000 2001
2000 LT2001 LT2002 LT
2003 LT 2005z LT
0.50
0.00
Long Term Price Estimate
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Source: Broker Research
19

20. 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 (GoldCorp) $ 18,551
Telegrapho (Antofagasta) $ 18,472
Tampakan (Xstrata) $ 18,400
Toromocho (Chinalco) $ 17,325
Oyu Tolgoi (Ivanhoe) $ 16,602
Las Bambas (Xstrata) $ 15,759
Salobo (Vale) $ 15,514
Los Bronces (Anglo Amer.) $ 15,474
Cerro Verde (Freeport) $ 15,470
Ministro Mina Hales (Codelco) $ 15,435
Quebrada Blanca (Teck) $ 15,000
Canariaco (Candente) $ 14,672
Quellaveco (Anglo Amer.) $ 14,667
Haquira (FQM) $ 14,290
Rio Blanco (Zijin) $ 13,611
Antamina (BHP) $ 11,550
Antapaccay (Xstrata) $ 10,794
Galeno (Minmetals) $ 10,696
Sentinel (FQM) $ 9,079
Buenavista DC (South. Cop) $ 8,061
Konkola Deep (Vedanta) $ 6,130
Cumulative Production (paid kt Cu)
Source: Brook Hunt, equity research estimates. 20

21. Value
Potential

22. Copper Assets Undervalued by the Market
Anglo American Sur – Value Implications
Anglo Sur US$ Bn Anglo American Sur Valuation (100% Basis)
US$ Bn
Transaction Value (49%) 5.39 25
Implied EV 22.00
22.00
Implied Multiples
20
EV / EBITDA 2011E (1) 15.9x
EV / Resources (2) (US$ / t) 1,187 +87%
EV / Production (2) (US$ / t) 88,307 premium
15 14.21
13.67
13.27
EV / Broker Consensus 1.87x Broker Consensus: 12.50
US$11.8 Bn
Implied EV
First Quantum
Premium (3)
EBITDA 2011E (1) 1.39 10 8.98
8.00
Implied EV based on
22.07 +164%
EV / EBITDA 2011E
Resources
Kt Cu Equivalent (2) 18,005
5
Implied EV based on
21.27 +155%
EV / Resources
Production
Kt Cu Equivalent (2) 346
Implied EV based on
30.53 +265% 0
EV / Production
BBVA Deutsche Bank Morgan Stanley Credit Suisse RBC Jefferies Implied by
Analyst NAV Consensus (4) 11.95 Transaction
Value
Implied EV based on
21.31 +155%
EV / Broker Consensus (5)
(1) Based on Broker Consensus
(2)
(3)
Cu Equivalent based on consensus LT Cu price of US$ 2.54/lb, Ni price of US$8.23/lb and Au price of 1,217.6/oz
Based on First Quantum EV of US$8.36 Bn as of 11 November 2011 22
(4) Includes estimates by Haywood, TD, CIBC, RBC, BMO, Cormark and Paradigm
(5) Adjusted for net cash of US$1.0 Bn (including US$325 MM of Investments)

23. A Rapidly Growing Mining & Metals Company
• Unique technical strength at the core of the strong track record of delivery
• 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 increase
copper and nickel production
• Growth program expected to position First Quantum as the world’s 6th
largest copper producer and a top ten nickel producer
23

24. A Rapidly Growing
Metals & Mining
Company
www.first-quantum.com TSX: FM LSE: FQM LuSE: FQMZ
December 2011
1

25. 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 – November 4, 2011 C$22.81
Market capitalization – $ millions C$11.0 billion
Average daily trading volume - shares 3.2 million
Dividend paid in regards to year 2010 – per share C$0.80
US=36%; UK=26%;
Geographic breakdown of institutional shareholders
Canada=23%; other=15%
25