COMPLETION OF EXCHANGE OFFER AND CONSENT

FIRST QUANTUM MINERALS ANNOUNCES COMPLETION OF EXCHANGE OFFER AND CONSENT SOLICITATION

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

First Quantum Minerals Ltd. ("First Quantum" or the "Company", TSX Symbol "FM", LSE Symbol "FQM") announced today the final results for its 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"). Based on information provided to the Company by Citibank, N.A., London Branch, the exchange agent, as of 11:59 p.m., New York City time, on February 24, 2014 (the "Expiration Time"), holders of approximately $1,459,288,000, or 97.9% of the aggregate principal amount outstanding, of Existing 2020 Notes and $498,998,000, or 99.8% of the aggregate principal amount outstanding, of Existing 2021 Notes had validly tendered their Existing Notes in the Exchange Offer. The Company has issued an additional $5,551,000 aggregate principal amount of new 6.75% Senior Notes due 2020 (the "New 2020 Notes") and $5,551,000 aggregate principal amount of new 7.00% Senior Notes due 2021 (the "New 2021 Notes" and together with the New 2020 Notes, the "New Notes") to eligible holders of Existing Notes who validly tendered their Existing Notes in the Exchange Offer after the early tender time in the Exchange Offer but prior to the Expiration Time.

This news release is for informational purposes only and 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 Solicitation. The complete terms and conditions of the Exchange Offer and Solicitation are described in the Exchange Offer and Consent Solicitation Memorandum dated January 27, 2014 and supplemented on February 3, 2014 (the "Exchange Offer Memorandum").

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 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.

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.

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]