Kevitsa Mine a Big Ni Cu PGE Mine in Central Finnish Lapland

Kevitsa Mine a Big Ni Cu PGE Mine in Central Finnish Lapland Krister Söderholm Kevitsa Mining/FirstQuantum MineralsLtd Ltd.

Cautionary Note Concerning Forward-Looking Statements Some of the statements contained in the following material are forward-looking statements and not statement of facts. Such statements are based on the current beliefs of management, as well as assumptions based on management information currently available. Forward-looking statements are subject to various risks, uncertainties and other factors that could cause actual results to differ materially from expected results. Readers must rely on their own evaluation of these uncertainties. Note: all dollar amounts in US dollars unless otherwise indicated

Ore potential Advanced projects Mid Central Lapland Greenstone belt = hot exploration ground Source: GTK

History The Kevitsa deposit was found by Tapani Mutanen/the Geological Survey of Finland (GTK) in 1987 In tender process by MTI the rights to the deposit to Outokumpu Mining OY, that holdrightsin in 1995 to 1998 Peter Walker and Scandinavian Gold Prospecting AB (later Scandinavian Minerals Ltd) claimed the area in 2000 Scandinavian Minerals Ltd founded a subsidiary, Kevitsa Mining Oy, in 2006 initiating the permit application process and the preliminary work to launch mining operations

2008 A Year of Growth and Diversification for FQM Corporate Developments Barents Sea Geographic and commodity diversification NORWAY Kevitsa Rovaniemi White Sea Acquired 100% of Scandinavian Minerals for approximately $280M main asset Kevitsa project (100%) located 142 kilometres north of Rovaniemi, the capital of Finnish Lapland SWEDEN Vaasa Gulf of Bothnia FINLAN D Helsinki ESTONIA RUSSIA Mauritania DRC Zambia

Kevitsa s scompetitive t e Advantages Large, undeveloped sulphide nickel deposit Suitable for low cost, open pit mining Ideal location Finland political and economic stability mining friendly clear security of title attractive tax & investment regime well developed infrastructure highly productive, skilled workforce An excellent fit with First Quantum

FQM Company Built on Discoveries and Acquisitions DISCOVERIES ACQUISITIONS Frontier Kansanshi Kolwezi Bwana-Lonshi Guelb Moghrein Kevitsa Fishtie Mopani Copper Mines

FQM Produced Impressive eresults Copper Production Earnings Operating Cash Flow 000 s tonnes $ millions $ millions 334 520 772 183 227 399 300 * 564 637 119 155 237 30 42 5 28 18 46 03 04 05 06 07 '08 03 04 05 06 07 '08 03 04 05 06 07 '08 * Before impairment charge 7

Kevitsa milestones and advance Pilot plant tests at GTK/Outokumpu in 2004 2009 Smelter grade concentrates in 2005 Bulk concentrate with good recoveries in 2006 Selective processing withimproved improved recoveries in 2007 2008 2008 All permits for mining granted by September, 2009. Compensation agreement with Reindeer Herder s Association in December, 2009. Good infrastructure further improved A new access road to the mine site Vajusuvanto bridge crossing Kitinen was open November 26, 2009 Infill drilling campaigns in 2008 2010

Kevitsa 2009 Resource Model Solids & 2008 Designed Pit 250m

KevitsaMineral Resource, September21 21, 2009 Resource class Tonnes (Mt) Ni % (tot) Ni % (S) Cu % Au ppm Pt ppm Pd ppm Measured 66.0 0.31 0.29 0.41 0.12 0.22 0.17 146 Co ppm Indicated 99.0 0.30 0.27 0.43 0.11 0.18 0.13 150 Subtotal t 165.0 0.30 0.28 0.42 0.11 0.20 0.15 148 Inferred 43.0 0.31 0.28 0.43 0.10 0.16 0.13 148 Resources are estimated down to 496m RL, corresponding depth of 730 meters below average surface Density 3.17, Cut off 0.1% Ni (total). The Mineral Reserves included in Mineral Resources By Galen White, CSA Global, and Markku Lappalainen, Kevitsa Mining Oy, both Qualified Persons for the purpose of National Instrument 43 101 "Standards of Disclosure for Mineral Projects" ("NI 43 101").

Kevitsa Deposit in red and Open Pit in 2009 N Underground mining later is not excluded R lt f i i fill Results from ongoing infill Drilling expected in mid 2010

Kevitsa Mineral Reserve, November 2009 Category Mt Ni % Ni % Au Pd Co (S) Cu % ppm Pt ppm ppm ppm Proven 52.1 0.296 0.272 0.406 0.13 0.23 0.18 144 Probable 55.4 0.296 0.273 0.431 0.12 0.21 0.16 150 Total 107.5 0.296 0.272 0.418 0.12 0.22 0.17 147 Waste 440.2 Pit Size 547.7 S/Ratio 41 4.1 Cut off 0.147% Ni (S) Mineral Reserve was compiled by Nick Journet Dumpsolver Pty Ltd who is a Mineral Reserve was compiled by Nick Journet, Dumpsolver Pty Ltd., who is a Qualified Person for the purpose of NI 43 101.

Kevitsa, Metal Balance at 5.0Mtpa Feed Cu Cons Ni Cons S Cons Final Tails Production tpa 5,000,000 58,968 89,420 67,951 4,783,661 Mass flow t/h 625 7.4 11.2 8.5 598 % 100 1.18 1.79 1.36 95.67 Cu Grade % 0418 0.418 28.00 351 3.51 062 0.62 0017 0.017 Recov % 100 79.0 15.0 2.0 4.0 Total Ni Grade % 0.296 0.58 11.52 1.31 0.07 Recov % 100 2.30 69.6 6.0 22.0 Sulph Ni Grade % 0272 0.272 061 0.61 12.0 100 1.00 0038 0.038 Recov % 100 2.66 78.9 5.0 13.4 S Grade % 1.70 29.69 29.9 30.0 0.43 Recov % 100 20.6 31.4 24.0 24.0 Pt Grade g/t 022 0.22 200 2.00 713 7.13 065 0.65 006 0.06 Recov % 100 10.7 58.0 4.0 27.3 Pd Grade g/t 0.16 1.57 3.85 0.71 0.07 Recov % 100 11.6 43.0 6.0 39.4 Au Grade g/t 012 0.12 2.54 101 1.01 044 0.44 007 0.07 Recov % 100 25.0 15.0 5.0 55.0 16,000 t Cu 10,000 t Ni

Kevitsa: Payable Metal Contribution 31 % 2 % 1 % 0 % 7 % NiS Cu 59 % Au Pt Pd Co

Mining Concession, Preliminary Lay out in 2009

Kevitsa access road today, constructed in cooperation with the Government Will be finalized, asphalt covered in 2010. Pay back to company in 2013 2014. Heading 2

Vajusuvanto bridge was officially opened November 26, 2009 Vajusuvanto bridge was officially opened November 26, 2009

The Vajusuvanto bridge crossing Kitinen River