Growth

A SOLID BASE

A POSITION OF STRENGTH

A ROBUST PROJECT PIPELINE

www.first-quantum.com

June 2011

TSX: FM LSE: FQM

1

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

2

A Growing Diversified Metals and Mining Company

Profile: • A mid-tier and growing mining and metals

company currently producing LME grade "A" copper cathode, copper in concentrate and gold

Investment Highlights:

— Core strength of discovering, developing and operating mines efficiently and cost-effectively

— A significant copper producer set to more than triple its production by 2015

— An emerging nickel producer

— Expanding into high-potential, low-risk mining jurisdictions

— Strong financial position

Copper Production Objectives000’s tonnes

-

300

600

900

1,200

04 05 06 07 08 09 10 12F13F14F15F

Actual Provisional

3

$46

$237

$564

$772

$637 $678

$900

$114

$445

$1,095

$1,539

$1,740 $1,864

$2,378

$28

$155

$399

$520

$300

$419

$557

A Solid Track Record

Revenue($ millions)

Operating Cash Flow

($ millions)

Earnings*

($ millions)

*Before impairments and other adjustments 4

A Strong Operating Base

Unit Cash Margin(US$/lb copper)

$-

$375

$750

$1,125

$1,500

Cash & Equivalents(US$ millions)

Debt to Capitalization Ratio

$-

$0.80

$1.60

$2.40

$3.20

0.00

0.40

0.80

1.20

1.60

5

A Leader in Delivering Value to Shareholders

$-

$20.00

$40.00

$60.00

$80.00

$100.00

$120.00

$140.00

$160.00

Jan-00 Sep-00 May-01 Jan-02 Sep-02 May-03 Jan-04 Sep-04 May-05 Jan-06 Sep-06 May-07 Jan-08 Sep-08 May-09 Jan-10 Sep-10 May-11

Return = 3596%

Total Return = 3770%

Since trading on the TSX, First Quantum’s annualized return is over 37%

TSX (from January 11, 2000 to May 17, 2011)

6

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

7

Platform

A SOLID

8

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

9

Operations – Kansanshi Copper/Gold Mine

Expanding Production Capacity:

• Phase 1 underway –expansion to oxide circuit

• A major program of resource development and exploration drilling underway

• Results will provide design details for next expansion phases

• Current aim to reach annual production of ~400,000 tonnes by 2015

10

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

11

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

12

Growth

A ROBUST PROJECT PIPELINE

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Growth and Diversification

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

• 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

14

Projects – Ravensthorpe Nickel Project

• Located in Western Australia

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

• Processing plant using proven technology

15

Projects – Ravensthorpe Nickel Project

• On schedule for

commissioning in 2nd half 2011

• Average annual production

of nickel metal:

– 39,000 tonnes for the first

five years

– 28,000 tonnes over the

life of mine

• Expected mine life >30 years

16

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

• Capital cost estimate of $400 million

• Estimated mine life >20 years

• Assumptions:

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

• 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 kilometresfrom the Kansanshi mine

• Acquired in January 2010

• Trident project comprises:

– Sentinel copper deposit

– Enterprise target

– Intrepid target

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Projects – The Sentinel Deposit

• Significant drill program underway with 16 drills onsite

• Excellent continuity of mineralization

• Mining and processing conditions appear relatively straightforward

• Large-scale mining licences granted

• Extensive CSR program already underway

• Initial design and construction could start in 2011 with commercial production in early 2014

20

Projects – The Sentinel Deposit – Drill Pattern

February 2011

21

Projects – The Sentinel Deposit

• Internal evaluation assumptions:

– Resource in the range of at least 700 million tonnes at a headgrade in the range of 0.65% to 0.80% copper

– Annual throughput rate of 40 million tonnes

– Annual production of an initial 150,000 tonnes of copper rising up to 300,000 tonnes

– Capital cost in the range of $1B, including the necessary infrastructure

– recoveries in the range of 90% to 95%

– unit cash cost of production approximate to Kansanshi

• Initial design and construction could start in 2011 with commercial production in early 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– Would eliminate 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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A Significant & Growing Copper Producer

Copper Production Profile000’s tonnes

Base Provisional

2010A 8.29 -

2012F 8.33 -

2013F 11.41 -

2014F 15.89 2.56

2015F 18.45 11.53

Assumptions:

1) Sentinel starts commissioning in 2012

2) Haquira starts commissioning in 20143) Further expansion phases at Kansanshi start commissioning in 2014

Copper Production ProfileLbs per common share

-

300

600

900

1,200

04 05 06 07 08 09 10 12F13F14F15F

Actual Provisional

25

An Emerging Nickel Producer

Nickel Production Profile000’s tonnes

Base

2012F 1.17

2013F 1.25

2014F 1.50

Nickel Production ProfileLbs per common share

-

15

30

45

60

75

2012F 2013F 2014F

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Lowering Political Risk Profile

• The Doing Business project provides objective measures of business regulations and their enforcement across 183 economies and selected cities at the subnational and regional level

Source: World Bank Survey – Doing Business 2011

Country Ease of Doing Business

Australia 10

Finland 13

Peru 36

Zambia 76

Mauritania 165

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A Rapidly Growing Mining & Metals Company

• Unique technical strength

• Existing operations provide a solid platform to support growth

• Strong financial position and cash flow

• 2011 milestones in execution of growth strategy:– Emergence as a nickel producer– Establishing a presence in Peru

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

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Growth

A SOLID BASE

A POSITION OF STRENGTH

A ROBUST PROJECT PIPELINE

www.first-quantum.com

June 2011

TSX: FM LSE: FQM

29

Corporate Profile

Average daily trading volume - shares

Market capitalization – $ millions

Recent share price – May 19, 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)

621,000

C$11.6 billion

C$134.50

C$0.80

C$148.00-C$48.20

NA=45%; Eur=45%; other=10%

95.1 million

86.2 million

TSX: FM LSE: FQM

30

Financial Summary

Three Months ended March 31, 2011

Investing activities

Financing activities

Cash flow before working capital movements

Cash flow per share before working capital movements

Basic earnings per share

Cash and equivalents – as at March 31, 2011

Net earnings

Cost of sales

Total revenues

$(185.0)M

$(52.8)M

$216.7M

$2.53

$2.41

$1,486.4M

$206.7M

$244.1M

$705.2M

Average shares outstanding for the period 85.8M

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