AMENDED TECHNICAL REPORT FOR COBRE PANAMA

FIRST QUANTUM MINERALS FILES AMENDED NI 43-101 TECHNICAL REPORT FOR

ITS COBRE PANAMA PROJECT

First Quantum Minerals Ltd. ("First Quantum" or the "Company", TSX Symbol "FM", LSE Symbol "FQM") reports that it has today filed on SEDAR an amended National Instrument 43-101 ("NI 43-101") Technical Report for its Cobre Panama project.

The amendments are to correct inconsistencies in the Cobre Panama NI 43-101 Technical Report dated June 30, 2015 filed on SEDAR on July 16, 2015 regarding the capital cost of the project which implied that the pre-acquisition and pre-mining costs of the project were in addition to the total estimated capital cost of $6.4 billion.

Since that is not the case, the following changes were made in the amended Technical Report to remove the inconsistencies:

1. Page 21

a. 1-11 Capital and operating cost estimates - sentence re-worded to remove inconsistency.

b. Table 1- 5 Development capital cost provisions - 3rd column amended to show capital incurred post-acquisition costs to 30/12/2014.

2. Page 196

a. 21.1.1 Project development capital - clarifying sentence added.

b. Table 21-1 Development capital cost provisions - 3rd column amended to show capital incurred post-acquisition costs to 30/12/2014. 

3. Page 206

a. 22.3 - Cashflow model - clarifying sentence added.

4. Page 207

a. Table 22-1 Mineral Reserves undiscounted cashflow model summary - 3rd and 4th columns for Operating Costs have been amended to remove reference to mining expenditures prior to 2017.

5. Page 208

a. Table 22-2 Undiscounted cashflow model sensitivity analysis - amended with corrected cash flow.

On Behalf of the Board of Directors 12g3-2b-82-4461

of First Quantum Minerals Ltd. Listed in Standard and Poor's

G. Clive Newall

President

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

North American contact: Sharon Loung, Director, Investor RelationsTel: (647) 346-3934 Fax: (604) 688-3818 Toll Free: 1 (888) 688-6577 E-Mail: [email protected] United Kingdom contact: Clive Newall, PresidentTel: +44 140 327 3484 Fax: +44 140 327 3494 E-Mail: [email protected]