First Quantum Acknowledges Recent Announcement of Beneficial Ownership

NEWS RELEASE

19-20

October 17, 2019

www.first-quantum.com

FIRST QUANTUM ACKNOWLEDGES RECENT ANNOUNCEMENT OF BENEFICIAL

OWNERSHIP

TORONTO, Ontario (October 17, 2019) - First Quantum Minerals Ltd. (“First Quantum” or “the

Company”) (TSX:FM) acknowledges the announcement by Pang aea Investment Management

(“PIM”) regarding its beneficial ownership of shares in the company. PIM is an associate of Jiangxi

Copper Company Limited (“Jiangxi Copper”), which is a substantial non -controlling shareholder

of and lender to PIM.

As previously announced the company has in recent months been in discussions with Jiangxi

Copper regarding a possible investment in the Zambian assets of the Company. There can be no

certainty that any transaction will proceed.

The Company will update the market, if warranted.

On Behalf of the Board of Directors of First Quantum Minerals Ltd.

G. Clive Newall

President

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

North American contact: Lisa Doddridge, Director, Investor Relations

Tel: (416) 361-6400 Toll-free: 1 (888) 688-6577

United Kingdom contact: Clive Newall, President

Tel: +44 7802 721663

E-Mail: [email protected]