First Quantum Announces Heightened Quarantine Measures at Cobre Panama

NEWS RELEASE

20-11

April 7, 2020

www.first-quantum.com

FIRST QUANTUM ANNOUNCES HEIGHTENED QUARANTINE MEASURES AT COBRE PANAMA

Toronto, Ontario (April 7, 2020) - First Quantum Minerals Ltd. (“FQM” or the “Company”) (TSX: FM) announces

that it is in receipt of Resolution No. 11622 dated April 6, 2020 issued by the Director General of Health of the Ministry

of Health of the Republic of Panama (“MINSA”) ordering the tempo rary suspension of labour activities at its

Panamanian subsidiary Minera Panama, S.A., as a sanitary control measure due to COVID-19.

The Company has decided to place the Cobre Panama operation onto care and maintenance until MINSA are satisfied

that the quarantine conditions are appropriate.

“We have been working very closely with MINSA throughout the current COVID -19 pandemic,” said Gordon White,

General Manager of the Cobre Panama operations. “We respect and support the Government’s efforts to reduce the

impact of the pandemic in Panama and we will cooperate fully with MINSA.”

The heightened quarantine conditions require that mining and processing operations be halted. It is expected that

the port and power plant will continue operations in order to supply essential electrical power into the Panama

national grid, and to sustain the care and maintenance activities.

Cobre Panama is evaluating the reduction of all operating costs on the site for the expected duration of increased

quarantine, including access to emergency labour code concessions for suspension of contracts. Temporary care and

maintenance is expected to cost approximately $4 -6M per week assuming suspension of labour contracts and hard

turn down of other variable and fixed costs. The Company will provide revised guidance for Cobre Panama production

in 2020 in due course.

Cobre Panama will continue to support its employees, their families and the wider community during this challenging

period. “So far we have donated 60 containerized health clinic module s to the Ministry of Health for use as health

posts and community quarantine facilities, both in the region and nationally, to assist the protection of those most

vulnerable in our communities. The mine is also donating much needed medical supplies such as ventilators to the

Ministry of Health. We have also responded to the Government’s request to support families in need with food and

supplies,” added Mr. White.

The Company will continue to provide updates as necessary.

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

UK contact: Clive Newall, President

Tel: +44 7802 721663

E-Mail: [email protected]