FIRST QUANTUM MINERALS REPORTS THIRD QUARTER 2019 RESULTS (In United States dollars, except where noted otherwise)

NEWS RELEASE

19-22

October 28, 2019

www.first-quantum.com

FIRST QUANTUM MINERALS REPORTS THIRD QUARTER 2019 RESULTS

(In United States dollars, except where noted otherwise)

TORONTO, Ontario (October 28 , 2019) - First Quantum Minerals Ltd. (“First Quantum” or “the Company”) (TSX:FM)

today reported comparative earnings1 of $ 32 million or $0.05 per share 1, net loss1 attributable to shareholders of the

Company of $73 million or $0.11 per share after now deducting depreciation and interest charges for Cobre Panama since

commercial production and cash flows from operating activities of $ 151 million or $0.22 per share1, for the three months

ended September 30, 2019.

Commercial production declared at Cobre Panama as of September 1, 2019.

“Achieving this important milestone within a mere seven months of first ore through the mills is truly gratifying,” noted

Tristan Pascall, General Manager, Cobre Panama.

“From the ve ry beginning in 2013, we sought to build a world -class, state-of-the-art operation that all our stakeholders

would be proud of. Through the dedication, focus and hard work of our multi -disciplinary teams, amid at times tough

circumstances for our industry, I believe we have delivered an operation that exceeds our initial vision.”

“Cobre Panama is a long-life, high-quality operation that is very quickly becoming a cornerstone asset of First Quantum with

the added benefit of further geographic diversity.”

 Operational Highlights:

- Total copper production 2 of 192,510 tonnes, a 27% increase from the third quarter of 2018, including 56,221

tonnes of copper production from Cobre Panama of which 19,438 tonnes were deemed commercial.

- Total gold production of 70,120 ounces, an increase of 56% f rom the third quarter of 2018, including 21,484

ounces of gold production from Cobre Panama of which 7,914 ounces were deemed commercial.

- Third quarter unit cost of copper production3: All-in sustaining cost (“AISC”) = $1.86 per pound; Cash cost (“C1”)

= $1.36 per pound; Total cost (“C3”) = $ 2.20 per pound including Cobre Panama C1 costs of $1.34 per pound

and AISC of $1.56 since commercial production was declared on September 1, 2019.

- Safety performance improved in the quarter with the 12-month rolling Lost Time Injury Frequency rate declining

to 0.04 per 200,000 hours worked, down from 0.05 in the second quarter of 2019 and 0.06 in the first quarter of

2019.

 Financial Highlights

- Sales revenues rose $9 million to $987 million compared to the third quarter of 2018. The increase was driven

by an 8% increase in commercial copper sales volumes offset by a lower realized copper price.

- Sales revenues resulted from 161,402 tonnes of copper and 55,632 ounces of gold sold4 in the period.

First Quantum Minerals Q3 2019 Financial and Operating Results 19-22

Page 2 of 5

- Net loss attributable to shareholders of the Company 1 of $ 73 million or $ 0.11 per share and comparative

earnings1 of $32 million or $0.05 per share.

- Generated $151 million of cash flows from operating activities or $0.22 per share 3 during the quarter.

- Ended the quarter with $ 406 million of net unrestricted cash and cash equivalents, $ 470 million of committed

undrawn facilities and was in full compliance with all financial covenants. The Company expects to remain in full

compliance throughout the next 12 months.

 Cobre Panama Progress

- Production ramp-up continued ahead of expectation allowing for commercial production to be declared one

month ahead of expectation.

- The fourth and final in-pit primary crusher and three mill trains comprising seven operating mills, including the

third and final SAG mill, are all now operational.

- Daily process plant throughput during the ramp -up has regularly averaged or exceeded 200,000 tonnes per

day, with a peak of 220,000 tonnes per day achieved.

- First gold pour occurred in the gold plant.

- Tailings management facility cyclone sand plant is operational and placement of first trial sand pads ha s

commenced. Tailings are now being deposited in all areas of the facility.

- Commissioning of the emulsion f acility commenced and is expected to be operational in the fourth quarter

which should have a positive impact on the drill and blast costs in the mine.

- Approximately 83% of the operational workforce is now in place, of which more than 85% are Panamanian.

 Zambia – Changes to the Tax Regime

- On September 27, 2019 , the Government of the Republic of Zambia announced, as part of the 2020 National

Budget, that the previously announced sales tax will no longer be implemented . Instead, the current value -

added tax regime will be adjusted.

OPERATING HIGHLIGHTS

Three months ended

September 30

Nine months ended

September 30

(U.S. dollars where applicable) 2019 2018 2019 2018

COPPER

- Total production2 (tonnes)

192,510

151,241 497,878 447,549

Commercial production (tonnes) 155,727 151,241 430,174 447,549

Pre-commercial production (tonnes) 36,783 - 67,704 -

- Total sales4 volume (tonnes) 203,827 149,877 483,422 440,301

Commercial sales (tonnes) 161,402 149,877 434,455 440,301

Pre-commercial sales (tonnes) 42,425 - 48,967 -

- Cost of production3:

o AISC (per lb)

$1.86

$1.80 $1.80 $1.76

o C1 (per lb) $1.36 $1.31 $1.34 $1.29

o C3 (per lb) $2.20 $2.11 $2.19 $2.13

- Realized price (per lb) $2.62 $2.84 $2.73 $2.85

First Quantum Minerals Q3 2019 Financial and Operating Results 19-22

Page 3 of 5

GOLD

- Total production (ounces) 70,120 44,979 179,124 137,375

Commercial production (ounces) 56,550 44,979 155,004 137,375

Pre-commercial production (ounces) 13,570 - 24,120 -

- Total sales volume (ounces) 71,664 42,864 175,376 139,851

Commercial sales (ounces) 55,632 42,864 156,717 139,851

Pre-commercial sales (ounces) 16,032 - 18,659 -

FINANCIAL HIGHLIGHTS5

Three months ended

September 30

Nine months ended

September 30

(U.S. dollars millions, except where noted otherwise)

2019

2018

2019

2018

Sales revenues

Gross profit

Net earnings (loss) attributable to shareholders of the Company1

Basic and diluted earnings per share

Comparative EBITDA1

Comparative earnings 1

Comparative earnings per share1

Cash flow from operating activities

987

150

(73)

($0.11)

354

32

$0.05

151

978

246

61

$0.09

427

128

$0.19

439

2,783

531

58

$0.08

1,098

214

$0.31

489

2,912

698

243

$0.35

1,256

305

$0.44

1,642

Cash flow from operating activities per share1 $0.22 $0.64 $0.71 $2.39

1 Net earnings attributable to shareholders of the Company has been adjusted to exclude items which are not reflective of under lying performance to

arrive at comparative earnings. Comparative earnings, comparative earnings per share, comparative EBITDA and c ash flows per share are not measures

recognized under IFRS and do not have a standardized meaning prescribed by IFRS. The Company has disclosed these measures to assist with the

understanding of results and to provide further financial information about th e results to investors. Refer to the “Regulatory Disclosures” section in the

MD&A for the three and nine months ended September 30, 2019 for further information.

2 Production is presented on a copper contained basis and is presented prior to processing thr ough the Kansanshi smelter. Production includes 56,221

tonnes and 87,142 tonnes of production from Cobre Panama for the three and nine months ended September 30, 2019.

3AISC, C1 and C3 costs per pound are not recognized under IFRS. Refer to the “Regulatory Disclosures” section in the MD&A for the three and nine months

ended September 30, 2019 for further information. C1, C3 and AISC costs exclude third-party concentrate purchased at Kansanshi.

4Copper sales exclude the sale of copper anode produced from third -party concentrate purchased at Kansanshi. Sales of copper anode attributable to

third-party concentrate purchases were 1,182 tonnes for the nine months ended September 30, 2019(1,465 tonnes for the nine months ended September

30, 2018) There were no sales of copper anode attributable to third-party concentrate purchases for the three months to September 30, 2019(1,465 tonnes

for the three months ended September 30, 2018)

5Pre-commercial production operating results attributable to Cobre Panama are capitalized and excluded from earnings.

First Quantum Minerals Q3 2019 Financial and Operating Results 19-22

Page 4 of 5

CONFERENCE CALL & WEBCAST

Conference call and webcast details are as follows:

Date: October 29, 2019

Time: 9:00 am (EDT); 1:00 pm (GMT); 6:00 am (PDT)

Webcast: www.first-quantum.com

Dial in: North America (toll free): (877) 291-4570

North America and international: (647) 788-4919

Replay: Available from noon (EDT) on October 29, 2019 until 11:59 pm (EST) on November 20, 2019

North America (toll free): (800) 585-8367

North America and international: (416) 621-4642

Passcode: 7902779

COMPLETE FINANCIAL STATEMENTS AND MANAGEMENT’S DISCUSSION AND ANALYSIS

The complete consolidated financial statements and Management’s Discussion and Analysis for the three and nine ended

September 30, 2019 are available at www.first-quantum.com and should be read in conjunction with this news release.

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) 361-3752 Toll free: 1 (888) 688-6577

United Kingdom contact: Clive Newall, President

Tel: +44 7802 721663

E-Mail: [email protected]

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

Certain statements and information herein, including all statements that are not historical facts, contain forward -looking statements and forward -

looking information within the meaning of applicable securities laws. The forward-looking statements include estimates, forecasts and statements as to

the Company’s expectations of production and sales volumes, and expected timing of completion of project development at Enter prise and post

completion of construction activit y at Cobre Panama and are subject to the impact of ore grades on future production, the potential of production

disruptions (including at Cobre Las Cruces as a result of the land slippage in January 2019), capital expenditure and mine production costs, the outcome

of mine permitting, other required permitting, the outcome of legal proceedings which involve the Company, information with r espect to the future

price of copper, gold, silver, nickel, zinc, pyrite, cobalt, iron and sulphuric acid, estimated mineral reserves and mineral resources, First Quantum’s

exploration and development program, estimated future expenses, exploration and development capital requirements, the Company’s hedging policy,

and goals and strategies. Often, but not always, forward -looking statements or information can be identified by the use of words such as “plans”,

“expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “ does not anticipate” or

“believes” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “ will” be

taken, occur or be achieved.

With respect to forward-looking statements and information contained herein, the Company has made numerous assumptions including among other

things, assumptions about continuing production at all operating facilities, the price of copper, gold, nickel, zinc, pyrite, cobalt, iron and sulphuric acid,

anticipated costs and expenditures and the abilit y to achieve the Company’s goals. Forward -looking statements and information by their nature are

based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or

achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-

looking statements or information. These factors include, but are not limited to, future production volumes and costs, the temporary or permanent

closure of uneconomic operations, costs for inputs such as oil, power and sulphur, political stability in Zambia, Peru, Mauritania, Finland, Spain, Turkey,

Panama, Argentina and Australia, adverse weather conditions in Zambia, Finland, Spain, Turkey, Mauritania and Panama, labour disruptions, potential

First Quantum Minerals Q3 2019 Financial and Operating Results 19-22

Page 5 of 5

social and environmental challenges, power supply, mechanical failures, water supply, procurement and delivery of parts and supplies to the operations,

and the production of off-spec material.

See the Company’s Annual Information Form for additional information on risks, uncertainties and other factors relating to th e forward -looking

statements and information. Although the Company has attempted to identify factors that would cause actu al actions, events or results to differ

materially from those disclosed in the forward-looking statements or information, there may be other factors that cause actual results, performances,

achievements or events not to be anticipated, estimated or intende d. Also, many of these factors are beyond First Quantum’s control. Accordingly,

readers should not place undue reliance on forward -looking statements or information. The Company undertakes no obligation to reissue or update

forward-looking statements or information as a result of new information or events after the date hereof except as may be required by law. All forward-

looking statements and information made herein are qualified by this cautionary statement.