Global Diversified

www.first-quantum.com

April 2011

TSX: FM LSE: FQM

Cautionary Note Concerning Forward-Looking Statements

Some of the statements contained in the following material are forwardlooking statements and not statement of facts. Such statements arebased on the current beliefs of management, as well as assumptionsbased on management information currently available. Forward-lookingstatements are subject to various risks, uncertainties and other factorsthat could cause actual results to differ materially from expectedresults. Readers must rely on their own evaluation of theseuncertainties.

Note: all dollar amounts in US dollars unless otherwise indicated

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A Growing Diversified Metals and Mining Company

Profile: A mid-tier mining and metals company

currently producing LME grade "A"

copper cathode, copper in concentrate,

gold and sulphuric acid

Core strength: Discovering, developing and operating

mines efficiently and cost-effectively

Investment Highlights:

A significant copper producer with

considerable new production growth in

the near and medium term

An emerging nickel producer

Expanding into high-potential, low-risk

mining jurisdictions

Strong financial position and capacity

to fund growth initiatives

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-

200

400

600

800

1,000

04 05 06 07 08 09 10 12F13F14F15F

Actual Further potential

Copper Production Objectives000’s tonnes

A Solid Track Record

4

Revenue

($ millions)

$46

$237

$564

$772

$637 $678

$900

Operating Cash Flow

($ millions)

Earnings*

($ millions)

$114

$445

$1,095

$1,539

$1,740 $1,864

$2,378

$28

$155

$399

$520

$300

$419

$557

*Before impairments and other adjustments

A Strong Operating Base

Unit Cash Margin(US$/lb copper)

5

$-

$350

$700

$1,050

$1,400

Cash & Equivalents(US$ millions)

Debt to Capitalization Ratio

$-

$0.70

$1.40

$2.10

$2.80

0.00

0.40

0.80

1.20

1.60

Strong Operating Base & Development Pipeline

Operations— Kansanshi, Zambia

— Guelb Moghrein, Mauritania

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Projects— Ravensthorpe, Australia

— Kevitsa, Finland

— Sentinel, Zambia

— Haquira, Peru

Exploration— Enterprise, Zambia

— Fishtie, Zambia

Other Investment— Mopani (16.9%), Zambia

ADVANCING GROWTH & DIVERSIFICATION STRATEGY7

Growth and Diversification

Copper production objective:

— 46% growth to 470,000 tonnes in 2015 –excluding potential from Sentinel and Haquira which could add a further 500,000 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

-

15

30

45

60

2011F 2012F 2013F 2014F

Nickel Production Objectives000’s tonnes

8

-

200

400

600

800

1,000

04 05 06 07 08 09 10 12F13F14F15F

Actual Further potential

Copper Production Objectives000’s tonnes

Expanding the Kansanshi Mine (80%), Zambia

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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Expanding the Kansanshi Mine (80%), Zambia

Stepped up exploration program

Primary focus on the Southeast Dome prospect

Updated reserves & resources estimate by end of 2011

Will provide design details for Phase 2 expansion

60% expansion to the production capacity over the 2011 – 2015 timeframe

Phase 1 underway – 20% expansion to oxide circuit; added flexibility - 2011

Phase 2 in 2012 – new concentrator with throughput capacity of 25M tonnes per year - 2014

Production objective of 400,000 tonnes of copper per year in 2015

Capex estimate of $390M

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Optimizing Guelb Moghrein (100%), Mauritania

Located near Akjoujt, Mauritania

Copper-gold operation

Production began in 2006

2010 production

36,969 tonnes of copper

81,766 ounces of gold

Estimated 8-year remainingmine life; ongoing exploration

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Optimizing Guelb Moghrein (100%), Mauritania

Optimizing recent expansion

— Throughput capacity expansion to 3.8 million tonnes per year

Combination of increased production and enhanced recoveries will allow annual copper production to rise to approximately 50,000 tonnes

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

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Ravensthorpe Nickel Project (100%), Australia

Located in Western Australia

Three lateritic deposits

— Halleys, Hale-Bopp and Shoemaker-Levy

— Resource comprises 385Mt @ 0.62% Ni and the reserve comprises 235Mt @ 0.67% Ni

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

Processing plant using proven technology

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Ravensthorpe on Schedule for Commissioning

85% of nameplate capacity

Average annual production of nickel metal:

— 39,000 tonnes for the first five years; 28,000 tonnes over the life of mine

C1 cost estimate:

— $5.00/lb nickel

— $3.00/lb without realization

Expected mine life >30 years

Capital of approx. $190 million

Assumptions:

— nickel = $6.75/lb; cobalt = $12.00/lb

Production in 2H 2011

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Kevitsa Nickel-Copper Project (100%), Finland

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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Kevitsa on Schedule for Completion

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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

Trident Project (100%), Zambia

Located in Northwestern Province – approx.150 kilometres from Kansanshi mine

Acquired in January 2010

Trident project comprises five prospecting licences totaling 2,300 square kilometres that includes:

— Sentinel copper deposit

— Enterprise nickel target

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Trident Project - Sentinel Deposit, Zambia

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Significant drill program underway with 16 drills onsite

Excellent continuity of mineralization

Mining and processing conditions appear relatively straightforward

Mining licence application about to be filed

Extensive CSR program already underway

Sentinel Deposit Drill Pattern – February 2011

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Completed

>260 holes

for 90,000m

Sentinel’s Estimated Potential

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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 ~250,000 tonnes of copper

— 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

Potential New Copper Smelter, Zambia

Bulk of Kansanshi concentrate treated at smelters ~ 250 kilometers from mine site

Limited smelter capacity

Substantial production increase expected from Kansanshi mine and Sentinel deposit

Evaluation underway to determine the economics and options for building and operating a copper smelter close to Kansanshi

Completion and decision expected in 2H 2011

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Haquira Copper Deposit (100%), Peru

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:

— Expand infill and condemnation drill program

— Initiate the process to expand the exploration program

— Commence the EIA

— 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 and Growing Copper Producer

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Total Copper Production000’s tonnes

Assumptions:

1) Sentinel granted permits and board approval by mid 2011

2) Haquira in production in 2015

Base Further

potential

2010F 8.26 -

2012F 9.21 -

2013F 9.46 -

2014F 10.49 6.39

2015F 12.02 12.79

Copper ProductionLbs per common share

-

200

400

600

800

1,000

04 05 06 07 08 09 10 12F13F14F15F

Actual Further potential

An Emerging Nickel Producer

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2011F 0.38

2012F 1.28

2013F 1.33

2014F 1.41

Nickel ProductionLbs per common share

Total Nickel Production000’s tonnes

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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Goal: A Globally Diversified Mining Company

Technical strength at the core of growth strategy

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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Global Diversified

www.first-quantum.com

April 2011

TSX: FM LSE: FQM

Corporate Profile

Average daily trading volume - shares

Market capitalization – $ millions

Recent share price – March 28, 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$10.4 billion

C$120.60

C$0.80

C$138.25-C$48.20

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

95.1 million

86.2 million

TSX: FM LSE: FQM

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Financial Summary

Year ended December 31, 2010

Investing activities

Financing activities

Cash flow before working capital movements

Cash flow per share before working capital movements

Earnings per share, before impairment and acquisition costs

Cash and equivalents – as at December 31, 2010

Net earnings, before impairment and acquisition costs

Cost of sales

Total revenues

$(225.6)M

$(110.0)M

$899.8M

$11.21

$6.94

$1,344.9M

$557.4M

$1,050.7M

$2,378.2M

Average shares outstanding for the period 80.3M

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Operating Summary

Year ended December 31, 2010

Realized copper price – (per lb)

Total cost – (per lb)

Cash cost – (per lb)

Realized gold price – (per oz)

Copper in concentrate inventory – (tonnes)

Gold sold – (ozs)

Copper sold – (tonnes)

Copper produced – (tonnes)

$2.98

$1.47

$1.18

$1,033

36,753

188,368

311,560

323,017

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