FIRST QUANTUM

MINERALS
MAY 2018

ANNUAL GENERAL MEETING 5/4/2018 1

CAUTIONARY NOTE REGARDING
FORWARD-LOOKING STATEMENTS

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

ANNUAL GENERAL MEETING

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SIGNIFICANTLY IMPROVED MARKET FOR COPPER

• Strong Chinese demand

• Tightening Chinese import restrictions on copper scrap
• Growing interest in copper’s uptake in electric vehicles

Copper Price Performance - $/lb

3.50

3.00

2.50

2.00

1.50

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STRONG FUNDAMENTALS SUPPORT CONTINUED
HEALTHY CONDITIONS

• Supply deficits expected as reserves get depleted

• Demand expected to expand from:
• strong investment in the power distribution grid
• ongoing growth of electric vehicles and
• continued economic growth in Asia

Copper Balance Surplus/(Deficit) - 000's tonnes

610

304
178 219
147 165
73 37

(47) (17)
(113) (77)
(142) (121)
(270)
2011 2012 2013 2014 2015 2016 2017 2018F 2019F 2020F 2021F 2022F 2023F 2024F 2025F

ANNUAL GENERAL MEETING

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FIRST QUANTUM IS WELL POSITIONED WITH
HIGH-QUALITY DIVERSIFIED ASSETS

Sentinel, Zambia

Enterprise, Zambia Las Cruces, Spain

Pyhäsalmi, Finland
7 MINES
Cobre Panama,
Panama
Çayeli, Turkey 1 SMELTER
Guelb Moghrein, Mauritania 4 PROJECTS
9 COUNTRIES
Haquira, Peru

Kansanshi, Zambia Ravensthorpe,

Taca Taca, Argentina
Kansanshi Smelter Australia

Operating mines Development and exploration projects Care and maintenance

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SOLID Q1 2018 RESULTS

Two most recent additions to operations – Sentinel and the

Kansanshi smelter - contributing to profitability and cash
generation
+47%
Revenues - $ millions
$885 BENEFITTING
FROM
CONTINUED
$602 CAPITAL
INVESTMENT

Q1 '15 Q2 '15 Q3 '15 Q4 '15 Q1 '16 Q2 '16 Q3 '16 Q4 '16 Q1 '17 Q2 '17 Q3 '17 Q4 '17 Q1 '18

ANNUAL GENERAL MEETING

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MOST RECENT ADDITIONS TO OPERATIONS
SENTINEL
Copper Production - 000’s tonnes

+43%
50
SENTINEL
35 PERFORMING WELL

Q4 '16 Q1 '17 Q2 '17 Q3 '17 Q4 '17 Q1 '18

ANNUAL GENERAL MEETING

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MOST RECENT ADDITIONS TO OPERATIONS
KANSANSHI SMELTER
Concentrate Treated - 000’s tonnes

+38%
351
CONTINUES TO
255 EXCEED
EXPECTATIONS

Q3 '15 Q4 '15 Q1 '16 Q2 '16 Q3 '16 Q4 '16 Q1 '17 Q2 '17 Q3 '17 Q4 '17 Q1 '18

ANNUAL GENERAL MEETING

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GROWTH TO CONTINUE
WITH THE START-UP OF COBRE PANAMA

ANNUAL GENERAL MEETING 5/4/2018 9

 COBRE PANAMA: ON TRACK

• Phased commissioning in 2018

• Overall project ~70% complete
• Power station at 89%
• Process plant and minesite at 58%
• Development activity at peak with a workforce PERSPECTIVE
of 11,000
PLANNING
COMMITMENT

OVER 10 MILLION HOURS WORKED WITHOUT A LOST-TIME INJURY

ANNUAL GENERAL MEETING

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COBRE PANAMA:
A THOROUGH & DELIBERATE PRE-COMMISSIONING

• Duplicating the same principles employed at our

Kansanshi smelter:
• An extended quality assurance process
• Embedding highly-skilled technical personnel
from our vendors on site
• Along with our specialized operational team who LEADERSHIP
will lead the ramp-up process
QUALITY
EXPERTISE

ANNUAL GENERAL MEETING

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COBRE PANAMA: GETTING BIGGER

• Increasing capacity by 15%:

• Adding an eighth mill
• Associated capex of $250 million
• Capital intensity decreases to $18,000 per
installed tonne EXPANDING
• Installation slated to begin second half of 2018 COBRE PANAMA’S
• 85 million tonnes per year capacity targeted CAPACITY BY
by 2020
15%

ANNUAL GENERAL MEETING

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COBRE PANAMA: GETTING BIGGER

2020
• Expected ramp-up completed
• Production 270kt to 300kt

2018
• Power plants
operational
• First throughput
in the mills

2019 2021
• Existing mills ramped up • Expected first full year of
• 8th mill completion ramped-up production
• Production of at least 150kt • Production 330kt to 350kt

ANNUAL GENERAL MEETING

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EARLY-STAGE
DEVELOPMENT PROJECTS

ANNUAL GENERAL MEETING 5/4/2018 14

TACA TACA PROJECT: ARGENTINA

• Acquired in August 2014

• Located in the Puna region of Salta Province
• An outstanding copper deposit
• Conducting environmental impact assessment studies;
collection of baseline data for fauna, flora and other GEOGRAPHICALLY
environmental attributes completed DIVERSIFIED
• A project description for the environmental impact study
is in an advanced stage of preparation PORTFOLIO
• Ongoing communication with communities and relevant
authorities
• Proving water supply

ANNUAL GENERAL MEETING

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HAQUIRA PROJECT: PERU

• Acquired in December 2010

• Located in Apurimac Department of southern Peru
• An outstanding copper deposit
• One of the world’s major undeveloped copper deposits
• Re-activated our relocation program with the DEVELOP
communities
DISCOVER
COMMUNITY

ANNUAL GENERAL MEETING

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UNRIVALLED GROWTH IN COPPER PRODUCTION
Copper Production - million tonnes

1.74
1.54
1.46
1.32

1.04
0.91
0.75 0.66
0.58 0.57
0.51 0.47 0.44 0.41
0.31 0.28 0.27
First Quantum 2020F

First Quantum 2019F

First Quantum 2017A

First Quantum 2012A

Notes: 1 Excludesthe sold Kevitsa mine
2 First
Quantum 2019F assumes 595kt production for operating assets, 2020F assumes 610kt for operating assets
3 2020F Cobre Panama projected production shown with the higher of 270-300kt range

ANNUAL GENERAL MEETING

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EXECUTED A PROACTIVE CASH MANAGEMENT PROGRAM

STRENGTHENED THE BALANCE SHEET

& IMPROVED LIQUIDITY

Liquidity Liquidity
March 31, 2018
December 31, 2016

$1.3b $2.5b

Undrawn credit facilities Undrawn credit facilities

Net unrestricted cash Net unrestricted cash

ANNUAL GENERAL MEETING

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A UNIQUELY POSITIONED GLOBAL COPPER PRODUCER

• High-quality, cash generating mines

• Strong balance sheet with good liquidity
• Imminent new production
• A quality project portfolio

I N A N I N C R E A S I N G LY
CONSTRAINED
COPPER WORLD

ANNUAL GENERAL MEETING TSX: FM 5/4/2018 MAY 2018

19 19
MAKING A POSITIVE IMPACT

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20 20
PROGRAMS ALIGNED TO UNITED NATIONS
SUSTAINABLE DEVELOPMENT GOALS

OUR
GOALS

ANNUAL GENERAL MEETING

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VILLAGE BANKING

STEADY
GROWTH
HIGH
DEMAND

ANNUAL GENERAL MEETING

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TACKLING GENDER-BASED VIOLENCE &
CHILD MARRIAGE

EMPOWERING
COMMUNITY

MENTORS

ANNUAL GENERAL MEETING

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SCHOOLING AND TRAINING

ANNUAL GENERAL MEETING

TSX: FM MAY 2018 5/4/2018 24 24
NATURE CONSERVATION

ANNUAL GENERAL MEETING

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NATURE CONSERVATION

ANNUAL GENERAL MEETING

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FIRST QUANTUM
MINERALS
MAY 2018

ANNUAL GENERAL MEETING 5/4/2018 27