(In United States dollars, except where noted otherwise)

On May 1^st,First Quantum Minerals Ltd. ("First Quantum" or "the Company") announced comparative net earnings(1) for the three months ended March 31, 2014 of $126.8 million or $0.22 per share inclusive of $26.7 million or $0.05 per share of unfavorable, recurring acquisition-related adjustments.

FIRST QUARTER 2014 HIGHLIGHTS(2)

—— Increased production across all product lines:

- Copper up 43% to 113,118 tonnes

- Nickel up 7% to 11,838 tonnes

- Gold up 8% to 60,164 ounces

- Platinum and palladium up 22% to 15,342 ounces

——Lowered cash cost of production:

- Copper down 9% to $1.38 per pound

- Nickel down 18% to $4.37 per pound

——Significantly higher sales volumes

- Copper up 15% to 102,786 tonnes despite a decrease at Kansanshi as localsmelter constraints persisted

- Nickel up 28% to 14,097 tonnes

CEO'S COMMENTS

"This is a strong start to the year and builds on the momentum of 2013. All of our operations performed well from continued sound management of the factors under our control and benefits from the investments in process improvements. What has been achieved at Ravensthorpe and Kansanshi should not be underestimated. With a focus on keeping a good maintenance schedule and vigilance on sustainable cost and process improvements, Ravensthorpe has consistently delivered good performance from the start of operations in 2012. The mine's margin improvement year-over-year is the result of these efforts. With the nickel price improving, we expect Ravensthorpe to become an even more substantial contributor to First Quantum's profitability. At Kansanshi, the mine recorded one of its highest quarterly production numbers even though the seasonal rains were the most severe in its operating history. It is disappointing that the extent of what has been accomplished is somewhat obscured by the ongoing lack of in-country smelting capacity. However, we will continue to favor copper cathode production in order to draw down the copper concentrate inventory and release that working capital over the course of the year," noted Philip Pascall, First Quantum's CEO and Chairman.

"Good progress was made at each of our projects under development. The addition of a night construction shift at the Phase 1 copper smelter has made a difference and much of the schedule slippage incurred last year will likely be reversed. All areas in the development of Sentinel are tracking according to plan for the start of commissioning in Q3 2014 and within the original $1.9 billion capital estimate. This bodes very well for the Cobre Panama project which is being designed with the same concepts as Sentinel albeit on a larger scale.

"The completion of the major elements in the reorganization of our financing and capital structure within 12 months of the acquisition of Inmet is a significant accomplishment. While the new structure is more appropriate, cost efficient and provides the Company with the financial resources to complete its major development programs, we believe it is prudent to continue to look at opportunities to provide additional flexibility," Mr. Pascall concluded.

• [Editor:Juan]