First Quantum has a solid track record of operational and financial success, having developed five mines on schedule and within budget over the past nine years. It is tripling its copper production capacity to over 1 million tonnes annually by expanding existing mines and developing new projects. First Quantum is also emerging as a major nickel producer, with plans to increase nickel production capacity from 49,000 tonnes in 2012 to over 100,000 tonnes by 2015. It has invested billions in growth projects through 2016 to achieve these objectives.

1. A SOLID TRACK RECORD
A STRONG OPERATING AND FINANCIAL BASE
TRIPLING PRODUCTION CAPACITY
Growth
www.first-quantum.com TSX: FM LSE: FQM LuSE: FQM
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November 2011

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
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3. First Quantum - A Compelling Investment
First Quantum: Total Shareholder Return
— A mid-tier and growing mining and metals January 2000 to November 2011
company currently producing LME grade "A" 4611.50%
copper cathode, copper in concentrate and First Quantum
gold. Southern Peru 2197.09%
Inmet 2187.63%
A Compelling Investment: Antofagasta 1990.86%
— Solid track record Norilsk 1839.59%
• Operational - developed five mines, within Vale 1420.21%
nine years, on schedule and within budget BHP Billiton 688.66%
• Return to shareholders - delivered an Teck 593.72%
annualized return of ~46% since 2000 Freeport 403.26%
Hudbay 377.67%
— A significant and growing copper producer 289.82%
• Increasing annual production capacity to Vedanta
over 1 million tonnes Rio Tinto 276.56%
Lundin 255.45%
— An emerging nickel producer
• Developing a large-scale nickel business Xstrata 247.48%
Anglo American 193.46%
— Solid financial position 92.27%
• Net cash of $1.1 billion @ June 30 2011 Kazakhmys
Eramet 36.11%
— An industry with strong fundamentals
• Forecast demand exceeds supply
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4. A Solid Track Record of Results
Revenue Earnings* Operating Cash Flow
($ millions) CAGR = 65%
CAGR = 66% ($ millions) ($ millions) CAGR = 64%
$557 $900
$2,378 $520
$772
$1,864 $419 $678
$1,740 $399 $637
$1,539 $564
$300
$1,095
$155 $237
$445
$114 $28 $46
*Before impairments and other adjustments 4

5. 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
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6. A SOLID
Platform
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7. Operations – Kansanshi Copper/Gold Mine
• Located near Solwezi, Zambia
• Copper-gold operation
• Production began in 2005
• 2010 production
— 231,124 tonnes of copper
— 109,629 ounces of gold
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8. Operations – Kansanshi Copper/Gold Mine
Multi-phase expansion:
• Oxide circuit
- Phase 1 to 7.2 Mtpa expected
by Q1 2012
- Phase 2 to 12 Mtpa expected
at end of 2012
• Sulphide circuit
- Addition of 16 Mtpa
planned to begin in 2012
• Current aim to reach annual
production of ~400,000 tonnes by
end of 2014
• A major program of resource
development and exploration
drilling underway
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9. Operations – Guelb Moghrein Copper/Gold Mine
• Located near Akjoujt, Mauritania
• Copper-gold operation
• Production began in 2006
• 2010 production
— 36,969 tonnes of copper
— 81,766 ounces of gold
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10. Operations – Guelb Moghrein Copper/Gold Mine
• Optimizing recent expansion
• Increased throughput and
enhanced recoveries will allow
annual copper production to rise to
~45,000 tonnes
• Ongoing exploration at and nearby
focused on identifying additional
feedstock to extend the life of the
operation
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11. A ROBUST PROJECT PIPELINE
Growth
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12. A Significant and Growing Copper Producer
An Emerging Nickel Producer
Copper Production Profile
• Copper production objective:
900
000’s tonnes
– Increase annual production capacity to 675
over 1 million tonnes 450
– Expected to be world’s 5th largest
225
producer
• Nickel production objective:
-
04 06 08 10 12F 14F 16F
Actual Forecast
– Production capacity of 49,000 tpy in Nickel Production Profile
100
2012 rising to over 100,000 tpy in 2015 000’s tonnes
– Among world’s 10 largest producers 75
• Investment in growth projects: 50
– ~ $5 billion projected over the 2012 – 25
2016 timeframe -
12F 13F 14F 15F 16F
Forecast
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13. Projects – Ravensthorpe Nickel Project
• Located in Western Australia
• Open pit mine using conventional
drill and blast, load and haul
system
• Processing plant using proven
technology
• Three nickel-laterite deposits
estimated to contain sufficient
reserves and resources to support
a mine life of more than 30 years
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14. Projects – Ravensthorpe Nickel Project
• Commissioning as planned
towards continuous operations
before the end of 2011
– First production achieved Oct 4, 2011
– Re-constructed plants consistently
achieving design throughputs
– Both Atmospheric Leach and
Pressure Acid Leach plants
successfully brought on line
• Production & cost estimates:
– 39,000 tpy for the first five years
– 28,000 tpy over the life of mine
– C1 cost of ~$7.00 per lb @ current
sulphur prices
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15. Projects – Kevitsa Nickel/Copper Project
• Located in northern Finland
• Open pit mine and conventional
processing to produce two
concentrates:
– nickel-cobalt-PGE-concentrate grading ~
12% nickel
– copper-PGE-gold concentrate grading ~
28% copper
• Initial throughput of 5 million tpy
with built-in expansion
capabilities
• At initial throughput, mine life of
over 30 years
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16. Projects – Kevitsa Nickel/Copper Project
• Over 90% complete
• Expected to begin pre-commissioning
in Dec 2011 towards continuous
operation in mid 2012
• Production & C1 cost estimates:
– 10,000 tpy nickel @~$6.70 per lb
– 20,000 tpy copper @ ~$1.10 per lb
• Seeking to increase the annual
throughput capacity by 50% to 7.5
million tpy
• Ongoing drill program continues to
deliver encouraging results
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17. Projects – The Trident Project
• Located in Northwestern
Province – ~150 kilometres
from the Kansanshi mine
• Acquired in January 2010 for
~$260 million
• Trident project comprises:
– Sentinel copper deposit
– Enterprise nickel target
• Land use licenses obtained
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18. Projects – The Sentinel Deposit
• EIA and land use agreement obtained
• Resource drilling complete;
finalization of resource estimate
expected in late 2011
• Project expected to initially produce
150,000 tpy copper in concentrate,
rising up to 300,000 tpy
• Orders placed for long lead items
• Initial construction works planned to
start in Q4 2011
• Targeting commercial production in
2014
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19. Projects – The Enterprise Nickel Target
• A focused drill program with eight rigs
currently on site
• 140 holes for 49,750 metres
completed to an average depth of
~350 metres, over an area of approx
2.2 kms x 1 km
• Strong, thick intercepts of 2% - 3% Ni
reported from the centre of the
target; peripheral holes generally
thinner reporting intercepts of 0.5% -
1% Ni
• Sentinel copper concentrator being
designed to incorporate a nickel
concentrator facility with a capacity of
between 40,000 - 70,000 tpy Ni
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20. Projects – New Copper Smelter
• Compelling economics
• Limited smelter capacity in Zambia currently
• Facility would be dedicated to production from Kansanshi and
Sentinel
• Benefits include:
– Production of sulphuric acid for use in Kansanshi’s oxide circuit
– Existing infrastructure
– Available workforce in nearby community
– Reduce dependence on 3rd party available capacity
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21. Projects – Haquira Copper Deposit
• Acquired in December 2010
• Large scale copper project
located in southern Peru
– M&I resource of 3.7 million tonnes
of copper equivalent and an
inferred resource of 2.4 million
tonnes of copper equivalent
• Current priorities:
– Expanding infill and
condemnation drill program
– Updated reserves and
resources estimate and the
environmental impact
assessment in mid-2012 when
detailed project design will
commence
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22. Copper
Industry
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23. Surpluses Overestimated & Deficits Underestimated
• Market often
underestimates
future demand and
overestimates future
supply
• Leads to increased
price volatility
Source: Brook Hunt
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24. Copper Grades Have Declined Significantly
• Copper grades have
declined significantly
over the past 15
years
• This trend is set to
continue
Source: Brook Hunt & Broker Research
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25. Emerging Markets - Substantial Growth Ahead
• Emerging economies
experiencing
significant growth
• Still a long way to go
for the vast majority
of the world’s
population
• Brazil and China only
at levels experienced
by the US and UK in
the 1920s
Source: Maddison
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26. Projected Impact on the Copper Market
Source: International Copper Study Group
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27. 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 5th
largest copper producer and a top ten nickel producer
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28. A SOLID BASE
A POSITION OF STRENGTH
A ROBUST PROJECT PIPELINE
Growth
www.first-quantum.com TSX: FM LSE: FQM LuSE: FQM
28
November 2011

29. Corporate Profile
Stock exchange listings & symbols – (S&P/TSX 60 Index) TSX: FM LSE: FQM LuSE: FQM
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%
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