FIRST QUANTUM MINERALS TO INCREASE ITS OWNERSHIP IN MINERA PANAMA S.A. TO 90% (In United States dollars, except where noted otherwise)

NEWS RELEASE

17-22

August 31, 2017

www.first-quantum.com

FIRST QUANTUM MINERALS TO INCREASE ITS OWNERSHIP IN

MINERA PANAMA S.A. TO 90%

(In United States dollars, except where noted otherwise)

First Quantum Minerals Ltd. (“First Quantum” or the “Company”, TSX Symbol “FM”) today announced that

it has signed an agreement with LS -Nikko Copper to acquire its 10% ownership interest and shareholder loans in

Minera Panama S.A. (“MPSA”) which holds the concession for the Cobre Panama project.

AGREEMENT DETAILS:

- The acquisition’s headline value is $635 million payable in six installments over a five-year period.

- The Company intends to finance the entire first instalment from proceeds of an additional precious metals

stream specifically linked to the acquired 10% interest , whilst maintaining optionality as to how future

installments are met.

- The Company will acquire LS -Nikko Copper’s 50% interest in Korea Panama Mining Corporation

(“KPMC”), a 50/50 joint venture company with Korea Resources Corporation (“KORES”), which holds a

20% interest in MPSA.

- Closing is conditional on the approval of the Board of Directors of KORES which is expected by the end of

September 2017.

CEO’S COMMENTS

Philip Pascall, Chairman and CEO, said “This acquisition underlines our confidence in this world class project and

the strong fundamentals for copper. The Cobre Panama project is now over 60% complete and progressing well

towards its commissioning next year, and on track to be one of the major, low -cost copper producers when in

operation. We are very pleas ed that this compelling opportunity became available and that we have been able to

reach agreement with LS- Nikko Copper on terms that match the development and commissioning timetable for

Cobre Panama.”

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: Sharon Loung, Director, Investor Relations

Tel: (647) 346-3934 Fax: (604) 688-3818 Toll Free: 1 (888) 688-6577 E-Mail: [email protected]

United Kingdom contact: Clive Newall, President

Tel: +44 140 327 3484 Fax: +44 140 327 3494 E-Mail: [email protected]