[PPT] - FIRST QUANTUM MINERALS ANNUAL GENERAL MEETING ANNUAL GENERAL PowerPoint Presentation

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ANNUAL GENERAL MEETING 5/2/2018 1

FIRST QUANTUM MINERALS

ANNUAL GENERAL MEETING

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ANNUAL GENERAL MEETING 5/2/2018 2 ANNUAL GENERAL MEETING MAY 3 , 2018 2

PHILIP PASCALL

CHAIRMAN AND CEO

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ANNUAL GENERAL MEETING 5/2/2018 3 ANNUAL GENERAL MEETING MAY 3, 2018 3

NOMINEES FOR ELECTION TO THE BOARD INTEGRITY

ACCOUNTABILITY

DEDICATION

Philip Pascall Clive Newall Robert Harding Andrew B. Adams Paul Brunner Kathleen Hogenson Peter St. George Simon Scott

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ANNUAL GENERAL MEETING 5/2/2018 4 ANNUAL GENERAL MEETING MAY 3 , 2018 4

PHILIP PASCALL

CHAIRMAN AND CEO

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ANNUAL GENERAL MEETING 5/2/2018 5 ANNUAL GENERAL MEETING MAY 3 , 2018 5

CLIVE NEWALL

PRESIDENT AND DIRECTOR

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ANNUAL GENERAL MEETING 5/2/2018 6 ANNUAL GENERAL MEETING MAY 3 , 2018 6

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

SIGNIFICANTLY IMPROVED MARKET FOR COPPER

1.50 2.00 2.50 3.00 3.50

Copper Price Performance - $/lb

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ANNUAL GENERAL MEETING 5/2/2018 7 ANNUAL GENERAL MEETING MAY 3, 2018 7

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

147 610 178 165 73 219 (47) (142) (113) (17) 37 (121) (270) (77) 304

2011 2012 2013 2014 2015 2016 2017 2018F 2019F 2020F 2021F 2022F 2023F 2024F 2025F

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

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ANNUAL GENERAL MEETING 5/2/2018 8 ANNUAL GENERAL MEETING MAY 3, 2018 8

FIRST QUANTUM IS WELL POSITIONED WITH HIGH-QUALITY DIVERSIFIED ASSETS 7 MINES 1 SMELTER 4 PROJECTS 9 COUNTRIES

Operating mines Development and exploration projects Care and maintenance

Kansanshi, Zambia Kansanshi Smelter Haquira, Peru Cobre Panama, Panama Enterprise, Zambia Sentinel, Zambia Taca Taca, Argentina Las Cruces, Spain Pyhäsalmi, Finland Çayeli, Turkey Guelb Moghrein, Mauritania Ravensthorpe, Australia

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ANNUAL GENERAL MEETING 5/2/2018 9 ANNUAL GENERAL MEETING MAY 3, 2018 9

Two most recent additions to operations – Sentinel and the Kansanshi smelter - contributing to profitability and cash generation

SOLID Q1 2018 RESULTS

+47%

BENEFITTING FROM CONTINUED CAPITAL INVESTMENT

Revenues - $ millions $602 $885

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

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ANNUAL GENERAL MEETING 5/2/2018 10 ANNUAL GENERAL MEETING MAY 3, 2018 10

MOST RECENT ADDITIONS TO OPERATIONS

SENTINEL

PERFORMING WELL

35 50 Q4 '16 Q1 '17 Q2 '17 Q3 '17 Q4 '17 Q1 '18

+43%

Copper Production - 000’s tonnes

SENTINEL

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ANNUAL GENERAL MEETING 5/2/2018 11 ANNUAL GENERAL MEETING MAY 3, 2018 11

MOST RECENT ADDITIONS TO OPERATIONS CONTINUES TO

EXCEED

EXPECTATIONS

Concentrate Treated - 000’s tonnes

KANSANSHI SMELTER

255

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

+38%

351

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ANNUAL GENERAL MEETING 5/2/2018 12

GROWTH TO CONTINUE

WITH THE START-UP OF COBRE PANAMA

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ANNUAL GENERAL MEETING 5/2/2018 13 ANNUAL GENERAL MEETING MAY 3, 2018 13

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
f 11,000

COBRE PANAMA: ON TRACK PERSPECTIVE

PLANNING

COMMITMENT

OVER 10 MILLION HOURS WORKED WITHOUT A LOST-TIME INJURY

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ANNUAL GENERAL MEETING 5/2/2018 14 ANNUAL GENERAL MEETING MAY 3, 2018 14

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

will lead the ramp-up process

COBRE PANAMA: A THOROUGH & DELIBERATE PRE-COMMISSIONING

LEADERSHIP

QUALITY

EXPERTISE

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ANNUAL GENERAL MEETING 5/2/2018 15 ANNUAL GENERAL MEETING MAY 3, 2018 15

Increasing capacity by 15%:
Adding an eighth mill
Associated capex of $250 million
Capital intensity decreases to $18,000 per

installed tonne

Installation slated to begin second half of 2018
85 million tonnes per year capacity targeted

by 2020

COBRE PANAMA: GETTING BIGGER EXPANDING

COBRE PANAMA’S

CAPACITY BY

15%

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ANNUAL GENERAL MEETING 5/2/2018 16 ANNUAL GENERAL MEETING MAY 3, 2018 16

COBRE PANAMA: GETTING BIGGER

2018

Power plants
perational
First throughput

in the mills

2019

Existing mills ramped up
8th mill completion
Production of at least 150kt

2020

Expected ramp-up completed
Production 270kt to 300kt

2021

Expected first full year of

ramped-up production

Production 330kt to 350kt

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ANNUAL GENERAL MEETING 5/2/2018 17

EARLY-STAGE

DEVELOPMENT PROJECTS

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ANNUAL GENERAL MEETING 5/2/2018 18 ANNUAL GENERAL MEETING MAY 3, 2018 18

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 environmental attributes completed

A project description for the environmental impact study

is in an advanced stage of preparation

Ongoing communication with communities and relevant

authorities

Proving water supply

TACA TACA PROJECT: ARGENTINA

GEOGRAPHICALLY

DIVERSIFIED

PORTFOLIO

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ANNUAL GENERAL MEETING 5/2/2018 19 ANNUAL GENERAL MEETING MAY 3, 2018 19

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

communities

HAQUIRA PROJECT: PERU

DEVELOP

DISCOVER

COMMUNITY

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ANNUAL GENERAL MEETING 5/2/2018 20 ANNUAL GENERAL MEETING MAY 3, 2018 20

1.74 1.54 1.46 1.32 1.04 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

UNRIVALLED GROWTH IN COPPER PRODUCTION

Copper Production - million tonnes

Notes:

1 Excludes the 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

0.75 0.91

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ANNUAL GENERAL MEETING 5/2/2018 21 ANNUAL GENERAL MEETING MAY 3, 2018 21

EXECUTED A PROACTIVE CASH MANAGEMENT PROGRAM

STRENGTHENED THE BALANCE SHEET & IMPROVED LIQUIDITY Liq iquid idity

March 31, 2018

Undrawn credit facilities Net unrestricted cash

$2. $2.5b

Liq iquid idity

December 31, 2016

Undrawn credit facilities Net unrestricted cash

$1. $1.3b

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ANNUAL GENERAL MEETING 5/2/2018 22 ANNUAL GENERAL MEETING MAY 3, 2018 22

A UNIQUELY POSITIONED GLOBAL COPPER PRODUCER

High-quality, cash generating mines
Strong balance sheet with good liquidity
Imminent new production
A quality project portfolio

CONSTRAINED

COPPER WORLD

I N A N I N C R E A S I N G LY

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ANNUAL GENERAL MEETING 5/2/2018 23 ANNUAL GENERAL MEETING MAY 3 , 2018 23

PHILIP PASCALL

CHAIRMAN AND CEO