Growth

A SOLID TRACK RECORD

A STRONG OPERATING AND FINANCIAL BASE

TRIPLING PRODUCTION CAPACITY

www.first-quantum.com

November 2011

TSX: FM LSE: FQM LuSE: FQM

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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

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 ~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

• Net cash of $1.1 billion @ June 30 2011

— An industry with strong fundamentals • Forecast demand exceeds supply

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36.11%

92.27%

193.46%

247.48%

255.45%

276.56%

289.82%

377.67%

403.26%

593.72%

688.66%

1420.21%

1839.59%

1990.86%

2187.63%

2197.09%

4611.50%

Eramet

Kazakhmys

Anglo American

Xstrata

Lundin

Rio Tinto

Vedanta

Hudbay

Freeport

Teck

BHP Billiton

Vale

Norilsk

Antofagasta

Inmet

Southern Peru

First Quantum

Total Shareholder Return January 2000 to November 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

— Enterprise, Zambia

Exploration — Haquira, Peru

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 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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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 ~45,000 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 Producer An Emerging Nickel Producer

• Copper production objective: – Increase annual production capacity to

over 1 million tonnes

– Expected to be world’s 5th largest producer

• Nickel production objective: – Production capacity of 49,000 tpy in

2012 rising to over 100,000 tpy in 2015

– Among world’s 10 largest producers

• Investment in growth projects: – ~ $5 billion projected over the 2012 –

2016 timeframe

-

225

450

675

900

04 06 08 10 12F 14F 16F

Actual Forecast

Copper Production Profile 000’s tonnes

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-

25

50

75

100

12F 13F 14F 15F 16F

Forecast

Nickel Production Profile 000’s tonnes

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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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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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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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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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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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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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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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

• ~$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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Growth

A SOLID BASE

A POSITION OF STRENGTH

A ROBUST PROJECT PIPELINE

www.first-quantum.com

November 2011 28

TSX: FM LSE: FQM LuSE: FQM

Corporate Profile

Average daily trading volume - shares

Market capitalization – $ millions

Recent share price – November 4, 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)

3.2 million

C$11.0 billion

C$22.81

C$0.80

C$29.60 – C$12.60

US=36%; UK=26%; Canada=23%; other=15%

476.3 million

476.3 million

TSX: FM LSE: FQM LuSE: FQM

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