Expiry of Change of Control Offer

FIRST QUANTUM MINERALS ANNOUNCES THE EXPIRY OF THE CHANGE OF CONTROL OFFER FOR INMET MINING CORPORATION'S 8.75% SENIOR NOTES DUE 2020 AND 7.50% SENIOR NOTES DUE 2021

First Quantum Minerals Ltd. ("First Quantum" or the "Company", TSX Symbol "FM", LSE Symbol "FQM"), today announced the expiry of the previously announced offer by its wholly-owned subsidiary FQM (Akubra) Inc. (formerly Inmet Mining Corporation) ("Inmet") to purchase (the "Change of Control Offer") Inmet's 8.75% Senior Notes due 2020 (Regulation S Notes: CUSIP C4694Q AA0, ISIN USC4694QAA07, Rule 144A Notes: CUSIP 457983 AC8, ISIN US457983AC82) and 7.50% Senior Notes due 2021 (together, the "Notes") (Regulation S Notes: CUSIP C4694Q AB8, ISIN USC4694QAB89, Rule 144A Notes: CUSIP 457983 AE4, ISIN US457983AE49) upon the terms and conditions set forth in the Change of Control Offer dated April 19, 2013, at a price in cash equal to 101% of the aggregate principal amount of the Notes, plus accrued and unpaid interest up to, but not including, the date of purchase. The Change of Control Offer was made pursuant to the Change of Control provisions of the indentures dated May 18, 2012 and December 18, 2012, respectively, each as amended or supplemented (the "Indentures") pursuant to which the Notes were issued.

The Change of Control Offer was made in connection with the acquisition of Inmet Mining Corporation by a wholly-owned subsidiary of First Quantum, FQM (Akubra) Inc., (the "Acquisition") which occurred on March 21, 2013 and constituted a Change of Control as defined in the Indentures. In connection with the Acquisition, FQM (Akubra) Inc. amalgamated with Inmet Mining Corporation on April 23, 2013. The amalgamated company, FQM (Akubra), Inc., succeeded to all of the obligations of Inmet Mining Corporation, including obligations under the Indentures and the Notes.

The Change of Control Offer expired at 5.00 p.m., Eastern Daylight Time, on May 20, 2013.

According to information provided by Citibank, N.A., the depositary, Notes having a principle amount of approximately US $10 million were validly tendered to the Change of Control Offer.

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 web site 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]