First Quantum Minerals is a growing mining company that produces copper and gold. It has a solid base of existing mining operations in Zambia and Mauritania. The company has a robust pipeline of projects to significantly expand its copper production, including developing nickel mines in Australia and Finland. First Quantum also has exploration projects and is investing billions over the next few years to triple its copper output and become a major nickel producer. This growth from new projects and expansion will position the company for continued strength.

1. A SOLID BASE
A POSITION OF STRENGTH
A ROBUST PROJECT PIPELINE
Growth
www.first-quantum.com TSX: FM LSE: FQM
1
July 2011

2. Cautionary Note Concerning
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
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3. A Growing Diversified Metals and Mining Company
Profile: Copper Production Objectives
• A mid-tier and growing mining and metals 000’s tonnes
company currently producing LME grade "A"
copper cathode, copper in concentrate and 1,200
gold
Investment Highlights:
900
— Core strength of discovering,
developing and operating mines
efficiently and cost-effectively 600
— A significant copper producer set to
more than triple its production by 2015 300
— An emerging nickel producer
-
— Expanding into high-potential, low-risk
mining jurisdictions 04 05 06 07 08 09 10 12F13F14F15F
Actual Provisional
— Strong financial position
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4. Strong Operating Base & Development Pipeline
 Operations  Projects  Exploration
– Kansanshi, Zambia — Ravensthorpe, Australia — Enterprise, Zambia
– Guelb Moghrein, Mauritania — Kevitsa, Finland — Fishtie, Zambia
— Sentinel, Zambia
— Haquira, Peru
 Other Investment
— Mopani (16.9%), Zambia
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5. A Solid Track Record
Revenue Earnings* Operating Cash Flow
($ millions)
($ millions) ($ millions)
$2,378 $557 $900
$520
$772
$1,864 $419 $678
$1,740 $399 $637
$1,539 $564
$300
$1,095
$155 $237
$445
$114 $28 $46
*Before impairments and other adjustments 5

6. A Strong Operating Base
Unit Cash Margin Debt to Capitalization Ratio Cash & Equivalents
(US$/lb copper) (US$ millions)
$3.20 1.60 $1,500
$2.40 1.20 $1,125
$1.60 0.80 $750
$0.80 0.40 $375
$- 0.00 $-
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7. A Leader in Delivering Value to Shareholders
Since trading on the TSX, First Quantum’s annualized return is over 37%
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8. A SOLID
Platform
8

9. 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

10. 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
in 2015
10

11. 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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12. 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

13. A ROBUST PROJECT PIPELINE
Growth
13

14. Growth and Diversification
• Copper production objective: 1,200
Copper Production Profile
000’s tonnes
– Triple production in 2015 to ~1.1M tonnes
900
• Nickel production objective:
600
300
– Beginning in 2011 and increasing to
55,000 tonnes in 2014 -
04 05 06 07 08 09 10 12F13F14F15F
• Investment in growth projects: Actual Provisional
– ~ $2 billion projected over the 2011 – 75
Nickel Production Profile
000’s tonnes
2015 timeframe – excluding assumptions 60
on the Haquira deposit and the building of 45
a copper smelter in Zambia 30
15
-
2012F 2013F 2014F
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15. Projects – Ravensthorpe Nickel Project
• Located in Western Australia
• Open pit using conventional drill
and blast, load and haul system
• Processing plant using proven
technology
• Purchase in February 2010 for
US$340 million
• Estimated capital for
modification of US$190 million
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16. 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
• C1 cost estimate:
– $5.00/lb nickel
– $3.00/lb without realization
– assumptions: nickel = $6.75/lb;
cobalt = $12.00/lb
• Expected mine life >30 years
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17. 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
17

18. 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
• Assumptions:
– nickel = $6.75/lb; copper = $2.00/lb;
Euro/US = 1.35
• Capital cost estimate of $400 million
• Estimated mine life >20 years
• Ongoing drill program returning
further positive results
• Production targeted for mid 2012
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19. 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 target
– Intrepid target
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20. 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

21. Projects – The Sentinel Deposit – Drill Pattern
February 2011
21

22. 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
22

23. 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
23

24. 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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25. Copper
Market
25

26. Surpluses Overestimated & Deficits Underestimated
Source: Brook Hunt 26

27. Copper Grades Have Significantly Declined
Source: Brook Hunt & Broker Research 27

28. Emerging Markets - Substantial Growth Ahead
Source: Maddison 28

29. Projected Impact on the Copper Market
Source: International Copper Study Group
29

30. A Rapidly Growing Mining & Metals Company
• Well positioned in the industry
• 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 the foundations for the next significant growth phase
• ~$2 billion investment in growth over 2011 – 2015 to significantly increase
copper production
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31. A SOLID BASE
A POSITION OF STRENGTH
A ROBUST PROJECT PIPELINE
Growth
www.first-quantum.com TSX: FM LSE: FQM
31
July 2011

32. Corporate Profile
Stock exchange listings & symbols – (S&P/TSX 60 Index) TSX: FM LSE: FQM
Shares issued and outstanding 86.2 million
Fully diluted 95.1 million
52-week share price range C$148.00-C$48.20
Recent share price – July 26, 2011 C$139.00
Market capitalization – $ millions C$12.0 billion
Average daily trading volume - shares 621,000
Dividend paid in regards to year 2010 – per share C$0.80
UK=33%; US=23%;
Geographic breakdown of institutional shareholders
Canada=18%; other=10%
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33. Financial Summary
Three Months ended March 31, 2011
Total revenues $705.2M
Cost of sales $244.1M
Net earnings $206.7M
Basic earnings per share $2.41
Cash flow before working capital movements $216.7M
Financing activities $(52.8)M
Investing activities $(185.0)M
Cash flow per share before working capital movements $2.53
Cash and equivalents – as at March 31, 2011 $1,486.4M
Average shares outstanding for the period 85.8M
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