First Quantum Minerals Announces Early Settlement in Exchange Offer and Consent Solicitation

VANCOUVER, BRITISH COLUMBIA–(Marketwired – Feb. 12, 2014) –

THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND IS NOT AN OFFER TO PURCHASE OR A SOLICITATION OF AN OFFER TO SELL ANY SECURITIES

First Quantum Minerals Ltd. (“First Quantum” or the “Company”) (TSX:FM)(LSE:FQM) announced today, in connection with the previously announced exchange offer (the “Exchange Offer”) and consent solicitation (the “Solicitation”) with respect to the 8.75% Senior Notes due 2020 (the “Existing 2020 Notes”) and 7.50% Senior Notes due 2021 (the “Existing 2021 Notes” and together with the Existing 2020 Notes, the “Existing Notes”) issued by Inmet Mining Corporation (now FQM (Akubra) Inc.) (“Akubra”), that it has issued $1,114,947,000 aggregate principal amount of new 6.75% Senior Notes due 2020 and $1,114,947,000 aggregate principal amount of new 7.00% Senior Notes due 2021 to eligible holders of Existing Notes who validly tendered their Existing Notes in the Exchange Offer prior to 11:59 p.m. New York City time on February 7, 2014.

In addition, following receipt of consents from holders of at least a majority in aggregate principal amount outstanding of both the Existing 2020 Notes and Existing 2021 Notes, Akubra has executed supplemental indentures to give effect to the proposed amendments (the “Proposed Amendments”) to the indentures governing the Existing Notes (the “Indentures”). The Proposed Amendments are customary exit consents to amend the terms of the Indentures to, among other things, remove substantially all of the negative covenants and certain events of default.

The Exchange Offer and Solicitation will expire at 11:59 p.m. New York City time on February 24, 2014, unless extended or terminated. Valid tenders of the Existing Notes must be made at any time before the Exchange Offer expires.

Eligible holders of Existing Notes who desire to tender their Existing Notes must consent to the proposed amendments and may not tender their Existing Notes without delivering their consents. If an eligible holder tenders Existing Notes pursuant to the Exchange Offer, such holder will be deemed to consent, with respect to the principal amount of such tendered Existing Notes, to the amendments to the corresponding indenture for such Existing Notes.

The Exchange Offer and Solicitation are subject to the satisfaction of certain conditions, set forth in the Exchange Offer and Consent Solicitation Memorandum dated January 27, 2014 and supplemented on February 3, 2014 (the “Exchange Offer Memorandum”), which may be obtained from the information agent, D.F. King & Co., Inc., at +1 (212) 269-5550 (toll) or (800) 769-7666 (toll free). Beneficial holders of Notes must fill out an eligibility letter that may be obtained from D.F. King & Co., Inc. or on the following website: http://www.dfking.com/FQM. Additional information concerning the Exchange Offer and Solicitation may be obtained by contacting the information agent.

This press release is for informational purposes only, and the Exchange Offer is being made only pursuant to the terms of the Exchange Offer Memorandum. The Exchange Offer is not being made to, and consents are not being solicited from, holders of Existing Notes in any jurisdiction in which it is unlawful to make such Exchange Offer or conduct such Solicitation or grant such consent. None of the Company, Akubra, the guarantors of the Existing Notes or the New Notes, the information agent, the exchange agent, the trustees under the Indentures or the trustee under the New Notes makes any recommendation as to whether or not holders of Existing Notes should participate in the Exchange Offer and Solicitation. Each holder of Existing Notes must make its own decision as to whether or not to participate.

This news release is not, and under no circumstances is to be construed as, an offer to sell, or a solicitation of an offer to buy, any securities. No securities commission or similar regulatory authority in Canada has reviewed or in any way passed upon this announcement or the merits of the securities referred to herein, and any representation to the contrary is an offense.

This announcement is not an offer to purchase, a solicitation of an offer to purchase or a solicitation of consents with respect to any securities. This announcement does not describe all the material terms of the Exchange Offer and Consent Solicitation and no decision should be made by any holder of Existing Notes on the basis of this announcement. The complete terms and conditions of the Exchange Offer and Consent Solicitation are described in the Exchange Offer Memorandum. This announcement must be read in conjunction with the Exchange Offer Memorandum, which contains important information which should be read carefully before any decision is made with respect to the Exchange Offer and Consent Solicitation. If any holder of Existing Notes is in any doubt as to the contents of this announcement or the Exchange Offer Memorandum or the action it should take, it is recommended to seek its own financial and legal advice, including in respect of any tax consequences, immediately from its stockbroker, bank manager, solicitor, accountant or other independent financial, tax or legal adviser. Any individual or company whose Existing Notes are held on its behalf by a broker, dealer, bank, custodian, trust company or other nominee must contact such entity if it wishes to deliver a consent in respect of such Existing Notes pursuant to the Exchange Offer and Consent Solicitation.

Offer and Distribution Restrictions

None of this announcement, the Exchange Offer Memorandum or any related documents constitute an invitation to participate in the Exchange Offer and Consent Solicitation in any jurisdiction in which, or to any person to or from whom, it is unlawful to make such invitation or for there to be such participation under applicable securities laws. Persons into whose possession either this announcement or the Exchange Offer Memorandum comes are required by each of the Company, Akubra, the guarantors of the Existing Notes and the New Notes, the information agent and the exchange agent to inform themselves about, and to observe, any such restrictions.

Holders of Existing Notes with questions regarding the transaction procedures should contact the information agent for further information. All other questions concerning the Exchange Offer and Consent Solicitation should be directed to the dealer managers.

Each holder of Existing Notes participating in the Exchange Offer and Consent Solicitation will be deemed to give certain representations in respect of the other jurisdictions referred to above and generally as set out in the Exchange Offer Memorandum. Any consent in respect of Existing Notes delivered pursuant to the Exchange Offer and Consent Solicitation from a holder of Existing Notes that is unable to make these representations will not be accepted. Each of the Company, Akubra, the information agent and the exchange agent reserve the right, in their absolute discretion, to investigate, in relation to any consent in respect of Existing Notes delivered pursuant to the Exchange Offer and Consent Solicitation, whether any such representation given by a holder of Existing Notes is correct and, if such investigation is undertaken and as a result the Company or Akubra determines (for any reason) that such representation is not correct, such consent shall not be accepted.

About First Quantum

First Quantum is a leading international mining company with a global portfolio of copper and nickel assets located in Africa, Australia, South America and Europe. The Company is listed on the Toronto and London Stock Exchanges.

Forward-Looking Information

Certain statements and information in this press release, including all statements that are not historical facts, contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Such forward-looking statements or information include but are not limited to statements or information with respect to the anticipated completion of the Exchange Offer and Consent Solicitation. Often, but not always, forward-looking statements or information can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “projects”, “anticipates” or “does not anticipate” or “believes” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.

With respect to forward-looking statements and information contained in this press release, First Quantum has made numerous assumptions. Although management of First Quantum believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that any forward-looking statement or information herein will prove to be accurate. Forward-looking statements and information by their nature involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. These risks, uncertainties and other factors include, but are not limited to, uncertainties surrounding the Company’s capital and financing structure following completion of the Exchange Offer and Consent Solicitation.

See First Quantum’s annual information form for additional information on risks, uncertainties and other factors relating to the forward-looking statements and information. Although the Company has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in the forward-looking statements or information, there may be other factors, many of which are beyond its control, which might cause actual results, performances, achievements or events to differ from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information.

While First Quantum may elect to update the forward-looking statements or information at any time, the Company does not undertake to update them at any particular time or in response to any particular event, other than as may be required by applicable securities laws. Investors and others should not assume that any forward-looking statement or information in this press release represent management’s estimate as of any date other than the date of this press release.

For further information visit our web site at www.first-quantum.com.