Corporate Presentation_June 21, 2013

The New Leader in Global Copper

June, 2013

2

Cautionary Note Regarding Forward-Looking Statement

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

3

Strong Q1 2013 Results Despite Lower Year-Over-Year Metal Prices

• Copper production 20% higher

• Nickel production of 11,072 tonnes; record quarterly production from Ravensthorpe

• Gold production 32% higher

• Copper production cash costs lower by 4%

• Gross profit 15% higher

US$ millions Q1 2013 Q1 2012 Change

Revenues 901.2 728.7 24%

Comparative earnings – per share $0.32 $0.25 28%

Cash flow after working capital changes 416.4 138.5 201%

Cash 1,857.6 1,026.6 81%

4

A Significant Step Forward in Our Growth & Diversification Strategy

Africa 71%

Europe 10%

Australia 19%

Europe 8%

Americas 92%

Africa 36%

Europe 9%

Americas 45%

Australia 10%

1 Mtpa1 300 Ktpa1 1.3 Mtpa

1 2018E Copper production. Source: BrookHunt

5

Geographically Diversified Portfolio of High-Quality Operations & Projects

6

High-Quality, Stable Operations

7


Kansanshi Cu-Au mine, Zambia

• Located near Solwezi in the north

western Province of Zambia

• First production in 2005

• Open pit mining

• Flexible ore treatment to allow for

variation in ore type :

– sulphide circuit; oxide circuit; gold

facility

• Near mine resource definition and

exploration programs

• Workforce = ~1,700

8


Kansanshi Cu-Au mine, Zambia

Multi-phase production expansion

project underway

– 2012 – 2015

60% increase in overall

production capacity

– 2012 – 2014

130% increase in oxide

production capacity

– 2014 - 2015

90% increase in sulphide

production capacity

Expansion

Project Capacity Completion

Estimate

Cost

Production

Impact

(US$M)

Oxide 7.2 mtpa Complete 31 Copper: 10,000 - 15,000 tpa

Oxide 14.5 mtpa 2013 - 2014 200 Copper: 60,000 - 75,000 tpa

Smelter 1.2 mtpa 2014 650 Smelter Acid – 1.0 Mtpa @

$40-$50/tonne

Sulphide 25 mtpa 2015 565 Copper: 60,000 - 70,000 tpa

9


Guelb Moghrein Cu-Au mine, Mauritania

• 100% ownership

• Located 250 kilometres northeast of

the nation’s capital, Nouakchott

• As at December 31, 2012, the

estimated minelife was ~nine years

(including stockpiles) based on current

operations

• First production in 2006

• Workforce = ~1,470

10


Guelb Moghrein Cu-Au mine, Mauritania

• Stronger, more sustained performance

over the past 12 months

• Focused on improving plant availability

• Evaluating potential to recover

magnetite as a by-product

• Deposit considered to be an IOCG type

deposit - structure and mineralogy has

common features with other IOCG

deposits elsewhere in the world

11


Ravensthorpe Ni mine, Australia

• Acquired as a decommissioned plant

in 2010

• First production within 20 months

of purchase

• Estimated mine life of 32 years

• Commercial production declared

Dec 28 2011

• Workforce = ~405

• Q1 ‘12 performance

– 9,023 tonnes of contained nickel

– C1 cash cost of US$5.36/payable lb.

12


Kevitsa Ni-Cu-PGE mine, Finland

• Built, commissioned and started

commercial operations within 36

months of board approval


• Commercial production declared

August 2012

• Workforce = ~290

• Further potential

– Process optimization

– Approval to increase throughput to a

maximum of 10Mtpa from 5.5Mtpa

13


Las Cruces Cu mine, Spain

• Acquired in March 2013

• Estimated mine life of 9 years with

potential for an additional 10 to 15

years

• Average grade of 5.4% copper

• Workforce = 250 direct employees;

650 contractors

• Annual production capacity – 72,000

tonnes of copper cathode

• Q1 ‘13 cash cost of US$1.00/lb.

14


Çayeli Cu-Zn mine, Turkey


• Estimated mine life of 6 years with

potential for an additional 3 years

• Average grade of 3.1% copper and

3.6% zinc

• Workforce = 493 employees

• Q1 C1 cash cost of US$0.93/lb. copper

• 2013 Estimates:

– 28,000 – 31,000 tonnes of copper

– 36,000 – 40,000 tonnes of zinc

15


Pyhäsalmi Cu-Zn mine, Finland


• One of the most efficient underground

mines in the world


• Average grade of 1.1% copper and 1.9% zinc

• Workforce = 261 employees

• Q1 C1 cash cost of (US$0.55)/lb. copper

• 2013 Estimates:

– 12,000 – 13,000 tonnes of copper

– 20,000 – 23,000 tonnes of zinc

16

Outlook for 2013

Production Copper

(000’s tonnes)

Nickel (000’s contained tonnes)

Gold (000’s ounces)

Zinc (000’s tonnes)

Group 384 - 416 40 - 45 193 - 213 41 - 48

Kansanshi 250 - 270 - 126 - 140 -

Guelb Moghrein 37 - 41 - 56 - 61 -

Ravensthorpe - 31 - 35 - -

Kevitsa 15 - 16 9 - 10 11 - 12 -

Çayeli1 21 - 24 - - 27 - 31

Las Cruces1 53 - 56 - - -

Pyhäsalmi1 8 - 9 - - 14 - 17

Unit cash cost Copper (US$/lb.)

Nickel (US$/lb.)

Group $1.40 - $1.50 $5.50 - $6.00

Capital

expenditure

Excluding

Cobre Panama

$2.0 billion

1 The production guidance shown above for Çayeli, Las Cruces and Pyhäsalmi

represents guidance from acquisition date of March 22, 2013 until the end of the year.

17

Our Project Pipeline

18


Copper Smelter, Zambia

• Processing capacity of 1.2 Mtpa

—71% Sentinel

—100% Kansanshi

—Average copper grade 26%

• Blister copper production 300,000 tpa; acid

production 1.0 Mtpa

• Estimates:

− Capital cost of US$650M

− Operating cost US$69/tonne of

concentrate

− Commissioning from mid 2014

• Estimated savings: US$340M - US$510M/year

19


Sentinel Cu project, Zambia

• Located ~ 140 km northwest of

Solwezi, northern Zambia

• M&I resource of 1,027 Mt at 0.51% Cu

grade, containing 5.2 Mt Cu

• Estimates:

– 2.2:1 LOM strip ratio

– >15 years mine life

– US$2.0 billion capex

– Annual production up to 300,000

tonnes

20


Cobre Panama Cu project, Panama

• Acquired March 2013

• Large open pit copper project

• Larger project than the Panama Canal

• Major aspect in our acquisition

decision

• Est. mine life of 40 years

• Est. average annual production of

260,000 tonnes copper

• Speeding up access to site

21


Haquira Cu project, Peru

• Focused on community &

environmental aspects

• Potential:

- 20 year mine life

– Avg 190k tonnes of

copper production

per year

One of the Few Mining Companies

Investing in Building Capacity

23

Metals & Mining Capital Expenditure Has Peaked

Source: Company information, CapIQ

Note: Includes Anglo American, BHP Billiton, Glencore Xstrata, Rio Tinto and Vale

(US$ MM)

--

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013E 2014E 2015E

Capital Expenditure by Major Mining Companies

24

IPO Proceeds

(US$ Bn)

Junior Miners Struggling to Access Capital Troubled Financing Landscape Has Created a Funding Gap for Junior Mining Companies

Source: Ernst & Young Metals and Mining Outlook 2013

40-50% reductions in new issues and follow-on

proceeds providing little support for Juniors from the

equity markets

--

50

100

150

200

250

300

--

5

10

15

20

25

2007 2008 2009 2010 2011 2012

Proceeds Volume

Volume

(Deals)

25

Bond Proceeds

(US$ Bn)

--

40

80

120

160

200

--

20

40

60

80

100

120

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Proceeds Volume

Syndicated Loan Volume (2000-2012)

(US$ Bn)

Focus on Capital Structure, Not Capital Spending


1

5

8

10

12

25

59

-- 20 40 60

Debtor in Possesion

Project Finance

Capital Expenditure

Acquisition Finance

Working Capital

Corporate Purposes

Refinancing

Volume

(Deals)


Two-tier market:

the largest

borrowing large;

the rest

borrowing little

or not at all

Over 50% of

proceeds “used

to restructure

existing lending”

Only a small

fraction of

proceeds are

used to fund

growth projects

26

First Quantum: Success Through Project Development

We spend a

disproportionally high

amount on growth

projects

This approach has

been a key driver

behind our success as

a company by

providing the basis for

our superior track

record of production

growth and

shareholder returns

Building on this track

record, we have

increased and

accelerated our

development projects

(ktpa)

--

10%

20%

30%

40%

50%

60%

70%

2005 2006 2007 2008 2009 2010 2011 2012 2013

First Quantum Copper Peers Majors

Source: CapIQ

--

200

400

600

800

1,000

1,200

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Source: CapIQ

Bwana Lonshi

2001

Kansanshi

2004

Guelb Moghrein

2006 Frontier

2007

Ravensthorpe

2011

Kevitsa

2012

Kansanshi

Expansion

and Smelter

Sentinel

Cobre

Panama Haquira

Enterprise

Capital Expenditure as a Percentage of Revenue (2005-2013)

Copper Production (Total)

27

(21%)

(15%)

(5%)

3%

5%

5%

7%

9%

11%

12%

13%

15%

16%

22%

23%

27%

33%

Glencore

ENRC

Kazakhmys

Norilsk

Eramet SA

Anglo American

HudBay

Rio Tinto

Freeport

Teck

Lundin

Vedanta

BHP Billiton

Vale

Antofagasta

Southern Copper

First Quantum

Total Annualized Shareholder Return

Source: CapIQ

January 2000 – March 2013

8

28

Leading Copper Growth

Source: BrookHunt

1.8

1.5 1.5

1.3 1.2

0.9 0.8

0.8

0.6

0.5 0.5 0.5 0.4 0.4 0.3

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2018E Copper Production, Mt

29

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

The New Leader in Global Copper

June, 2013

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Corporate Presentation_June 21, 2013

Investor Relations