Growth

A SOLID TRACK RECORD

A STRONG OPERATING AND FINANCIAL BASE

TRIPLING PRODUCTION CAPACITY

www.first-quantum.com

September 2011

TSX: FM LSE: FQM LuSE: FQM

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Some of the statements contained in the following material are forwardlooking statements and not statement of facts. Such statements are based onthe current beliefs of management, as well as assumptions based onmanagement information currently available. Forward-looking statements aresubject to various risks, uncertainties and other factors that could causeactual results to differ materially from expected results. Readers must rely ontheir own evaluation of these uncertainties.

Note: all dollar amounts in US dollars unless otherwise indicated

Cautionary Note Concerning Forward-Looking Statements

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First Quantum - A Compelling Investment

First Quantum:— A mid-tier and growing mining and metals

company currently producing LME grade "A" copper cathode, copper in concentrate 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 ~37% since 2000

— A significant and growing copper producer • Set to more than triple production in 2015

— An emerging nickel producer• Set to become a significant nickel producer

in 2012

— Solid financial position• Net cash of $1.1 billion @ June 30 2011

— An industry with strong fundamentals• Forecast demand exceeds supply

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67.08%

93.00%

188.41%

221.23%

223.05%

280.84%

296.81%

368.18%

495.37%

546.60%

629.14%

1493.10%

1670.09%

2042.75%

2388.65%

2527.49%

3695.28%

ENRC

Eramet

Kazakhmys

Anglo American

Xstrata

Hudbay

Vedanta

Rio Tinto

Lundin

Freeport

Teck

BHP Billiton

Vale

Inmet

Antofagasta

Southern Peru

Norilsk

First Quantum

6.96%

Total Shareholder ReturnJanuary 2000 to August 2011

$46

$237

$564

$772

$637 $678

$900

$28

$155

$399

$520

$300

$419

$557

A Solid Track Record of Results

Revenue($ millions)

Operating Cash Flow

($ millions)

Earnings*

($ millions)

*Before impairments and other adjustments 4

$114

$445

$1,095

$1,539

$1,740 $1,864

$2,378

CAGR = 66%CAGR = 65% CAGR = 64%

Strong Operating Base & Development Pipeline

Operations– Kansanshi, Zambia

– Guelb Moghrein, Mauritania

Projects— Ravensthorpe, Australia

— Kevitsa, Finland

— Sentinel, Zambia

— Haquira, Peru

Exploration— Enterprise, Zambia

— Fishtie, Zambia

Other Investment— Mopani (16.9%), Zambia

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Platform

A SOLID

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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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Operations – Kansanshi Copper/Gold Mine

Multi-phase expansion:

• Oxide circuit- Phase 1 to 7.2 Mtpa expected

by Q1 2012

- Phase 2 to 12Mtpa expectedat 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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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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Operations – Guelb Moghrein Copper/Gold Mine

• Optimizing recent expansion

• Increased throughput and enhanced recoveries will allow annual copper production to rise to ~50,000 tonnes

• Ongoing exploration at and nearby focused on identifying additional feedstock to extend the life of the operation

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Growth

A ROBUST PROJECT PIPELINE

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A Significant and Growing Copper ProducerAn Emerging Nickel Producer

• Copper production objective:– Triple production in 2015 to ~1.1M

tonnes

– Expected to be world’s 5th largest producer

• Nickel production objective:– Beginning in 2011 and increasing to

55,000 tonnes in 2014

• Investment in growth projects:– ~ $2 billion projected over the 2011 –

2015 timeframe – excluding assumptions on the Haquira deposit and the building of a copper smelter in Zambia

-

300

600

900

1,200

04 05 06 07 08 09 10 12F13F14F15F

Actual Provisional

Copper Production Profile000’s tonnes

-

15

30

45

60

75

2012F 2013F 2014F

Nickel Production Profile000’s tonnes

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Projects – Ravensthorpe Nickel Project

• Located in Western Australia

• Open pit using conventional drill and blast, load and haul system

• Processing plant using proven technology

• Purchased in February 2010 for US$340 million

• Estimated capital for modification of ~US$200 million

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Projects – Ravensthorpe Nickel Project

• On schedule for commissioning in 2nd half 2011

• Average annual production of nickel metal:

– 39,000 tonnes for the firstfive years

– 28,000 tonnes over the life of mine

• C1 cost estimate:

– $5.00/lb nickel

– $3.00/lb without realization

• Assumptions: nickel = $6.75/lb; cobalt = $12.00/lb

• Expected mine life >30 years

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Projects – Kevitsa Nickel/Copper Project

• Located in northern Finland

• Open pit mine– estimated measured and indicated

resources of 240 million tonnes grading 0.30% nickel; 0.28 nickel sulphide; 0.41% copper; using a nickel cut-off grade of 0.1%

• Conventional processing to produce two concentrates:– nickel-cobalt-PGE-concentrate grading ~

12% nickel

– copper-PGE-gold concentrate grading ~ 28% copper

• Designed for 5 million tonnes per annum with built-in expansion capabilities

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Projects – Kevitsa Nickel/Copper Project

• At initial capacity average annual production– 10,000 tonnes of nickel

– 20,000 tonnes of copper

• LOM C1 cost estimate of $2.50/lb nickel, net of by product credits

• Assumptions:

– nickel = $6.75/lb; copper = $2.00/lb; Euro/US = 1.35

• Capital cost estimate of $400 million

• Estimated mine life >20 years

• Ongoing drill program returning further positive results

• Production targeted for mid 2012

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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 target– Intrepid target

• Land use licenses obtained

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Projects – The Sentinel Deposit

• EIA and land use agreement approved and obtained

• Resource drilling complete; finalization of resource estimate expected in late 2011

• Excellent continuity of mineralization

• Mining and processing conditions appear relatively straightforward

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Projects – The Sentinel Deposit

• Proceeding with design of a project to initially produce 150,000 tonnes of copper in concentrate annually

• Rising up to 300,000 tonnes of copper in concentrate

• Production target could increase once resource estimate finalized

• Initial design has commenced; long-lead items ordered

• Commercial production expected in 2014

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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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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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Copper

Industry

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Surpluses Overestimated & Deficits Underestimated

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Source: Brook Hunt

• Market often underestimates future demand and overestimates future supply

• Leads to increased price volatility

Copper Grades Have Declined Significantly

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Source: Brook Hunt & Broker Research

• Copper grades have declined significantly over the past 15 years

• This trend is set to continue

Emerging Markets - Substantial Growth Ahead

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Source: Maddison

• 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

Projected Impact on the Copper Market

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Source: International Copper Study Group

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

• ~$2 billion investment in growth over 2011 – 2015 to significantly increase copper production

• Growth program expected to position First Quantum as the world’s 5th

largest copper producer and a significant nickel producer

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Growth

A SOLID BASE

A POSITION OF STRENGTH

A ROBUST PROJECT PIPELINE

www.first-quantum.com

September 201128

TSX: FM LSE: FQM LuSE: FQM

Corporate Profile

Average daily trading volume - shares

Market capitalization – $ millions

Recent share price – September 2, 2011

Dividend paid in regards to year 2010 – per share

52-week share price range

Geographic breakdown of institutional shareholders

Fully diluted

Shares issued and outstanding

Stock exchange listings & symbols – (S&P/TSX 60 Index)

2.5 million

C$11.0 billion

C$22.71

C$0.80

C$29.43 – C$12.28

UK=33%; US=23%;Canada=18%; other=10%

476.3 million

476.3 million

TSX: FM LSE: FQM LuSE: FQM

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