FIRST QUANTUM MINERALS ANNOUNCES PRICING AND UPSIZING OF $1.3 BILLION SENIOR NOTES OFFERING (In United States dollars, except where noted otherwise)

NEWS RELEASE

23-20

May 17, 2023

www.first-quantum.com

FIRST QUANTUM MINERALS ANNOUNCES PRICING AND UPSIZING

OF $1.3 BILLION SENIOR NOTES OFFERING

(In United States dollars, except where noted otherwise)

Toronto, Ontario (May 17, 2023) - First Quantum Minerals Ltd. (“First Quantum” or “the Company”) (TSX: FM) today

announced that it has successfully completed the pricing of its offering (the “Offering”) of $1, 300 million aggregate

principal amount of 8.625% Senior Notes due 2031 (the “Notes”). The original offering amount of the Notes of $1,000

million has been increased to $1,300 million. The issue price of the Notes is 100.000%.

Interest on the Notes will accrue from the issue date at a rate of 8.625% per annum and will be payable semi -

annually. Settlement is expected to take place on or about May 30, 2023, subject to customary conditions precedent

for similar transactions. The Notes will be senior unsecured obligations of the Company and will be guaranteed by

certain of the Company's subsidiaries.

The Company intends to apply the gross proceeds from the sale of the Notes towards (i) the repayment of $ 970

million aggregate principal amount under the Company’s existing revolving credit facility, (ii) the redemption of $300

million aggregate principal amount of the Company’s outstanding Senior Notes due 2025 and (iii) a portion of the

fees and expenses associated with the Offering.

The information in this announcement does not constitute an offer of securities for sale in the United States or any

other jurisdiction. Securities may not be offered or sold in the United States unless they are registered or are exempt

from the registration of the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”). The Notes will not

be registered under the U.S. Securities Act, or the securities laws of any state of the U.S. or other jurisdictions and

the Notes will not be offered or sold within the U.S. or to, or for the account or benefit of, U.S. Persons (as defined

in Regulation S of the U.S. Securities Act), except pursuant to an exemption from, or in a transaction not subject to,

the registration requirements of the U.S. Securities Act and the applicable laws of other jurisdictions. The Company

does not intend to conduct a public offering in the United States or any other jurisdiction. It ma y be unlawful to

distribute this announcement in certain jurisdictions.

The information in this announcement does not constitute an offer, or a solicitation of an offer, of securities for sale

in the United States, Canada, the EEA, the UK, Switzerland, Pan ama, Hong Kong, Japan, Singapore, or any other

jurisdiction in which such an offer, solicitation or sale is not permitted.

In member states of the EEA (“Member States”) or the UK, this announcement and any offer of securities if made

subsequently is direct ed only at persons who are "qualified investors" (any such person a “Qualified Investor”) as

defined in Regulation (EU) 2017/1129 (as amended and superseded) (the “Prospectus Regulation”). Any person in

the EEA or the UK who acquires securities in any offer of securities (an "investor") or to whom any offer of securities

is made will be deemed to have represented and agreed that it is a Qualified Investor. Any investor will also be

deemed to have represented and agreed that any securities acquired by it in the offer have not been acquired on

behalf of persons in the EEA or the UK other than Qualified Investors or persons in the UK and other Member States

for whom the investor has authority to make decisions on a wholly discretionary basis, nor have the securities been

acquired with a view to their offer or resale in the EEA or the UK to persons where this would result in a requirement

for publication by the Company of a prospectus pursuant to the

Prospectus Regulation. The Company and others will rely upon the truth and accuracy of the foregoing

representations and agreements. This announcement constitutes a public disclosure of inside information by the

Company under Regulation (EU) 596/2014 (16 April 2014). References to Regulations or Directives incl ude, in

relation to the UK, those Regulations or Directives as they form part of UK domestic law by virtue of the European

Union (Withdrawal) Act 2018 or have been implemented in UK domestic law, as appropriate.

This communication is only directed at (i) persons having professional experience in matters relating to investments

falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as

amended, (the “Order”), or (ii) high net worth entities falling within Article 49(2)(a) to (d) of the Order, or (iii) persons

First Quantum Minerals Ltd. 23-20

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to whom it would otherwise be lawful to distribute to or direct at, all such persons together being referred to as

“relevant persons”. The Notes are only available to, and any invitation, offer or agreement to subscribe, purchase or

otherwise acquire such securities will be engaged in only with relevant persons. Any person who is not a relevant

person should not act or rely on this communication or any of its contents.

This announcement is not, and und er no circumstances is to be construed as, a prospectus, an advertisement or a

public offering of the securities referred to herein in Canada. No securities commission or similar regulatory authority

in Canada has reviewed or in any way passed upon this an nouncement or the merits of the securities referred to

herein, and any representation to the contrary is an offence.

First Quantum's address is set out below. For further information, please contact First Quantum at one of the

numbers listed at the end of this news release.

Suite 2600, Three Bentall Centre

595 Burrard Street, P.O. Box 49314

Vancouver, British Columbia

V7X 1L3

Tel: +1 416 361 6400

Toll Free: +1 888 688 6577

For further information, visit our website at www.first-quantum.com or contact:

Bonita To, Director, Investor Relations

E-Mail: [email protected]

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

Certain information contained in this news release constitutes "forward-looking statements" within the meaning of the Private Securities Litigation

Reform Act of 1995 and forward -looking information under applicable Canadian securities legislation. Such fo rward-looking statements or

information involve known and unknown risks, uncertainties and other factors which may cause the actual results, financial condition, performance

or achievements of the Company to be materially different from any future results, financial condition, performance or achievements expressed

or implied by such forward-looking statements or information. Such factors may include, among others, those factors disclosed in the Company's

documents filed from time to time with the Alberta, B ritish Columbia, Saskatchewan, Manitoba, New Brunswick, Nova Scotia, Prince Edward

Island, Newfoundland and Ontario Securities Commissions, the Autorité des marchés financiers in Quebec, the United States Sec urities and

Exchange Commission and the London Stock Exchange.

PROHIBITION OF SALES TO EEA OR UK RETAIL INVESTORS

The Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise m ade available to

any retail investor in the EEA or the UK. For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined

in point (11) of Article 4(1) of Directive 2014/65/EU ("MiFID II") or (ii) a customer within the meaning of Directive 2016/97/EU, where that customer

would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II or (iii) not a Qualified Invest or. Consequently, no key

information document required by Regulation (EU) No 1286/2014 (the "PRIIPs Regulation") for offering or selling the Notes or otherwise making

them available to retail investors in the EEA or the UK has been prepared and therefore offering or selling the Notes or othe rwise making them

available to any retail investor in the EEA or the UK may be unlawful under the PRIIPS Regulation.