First Quantum minerals announces creation of a new global leader in copper

85.5% OF INMET SHARES TENDERED

First Quantum Minerals Ltd. (“First Quantum” or the “Company”, TSX Symbol “FM”, LSE Symbol “FQM”) and its wholly-owned subsidiary FQM (Akubra) Inc. (together, the “Offeror”) today announced that, as at 11:59 p.m. (Eastern Daylight Time) on March 21, 2013, a total of 60,120,405 common shares of Inmet Mining Corporation (“Inmet”, TSX Symbol “IMN”), representing 85.5% of the outstanding Inmet shares (on a fully diluted basis), had been validly tendered to the Offeror’s offer (the “Offer”) to acquire all of the outstanding shares of Inmet. The Offeror has taken up and accepted for payment all such shares and will pay for such shares on or before March 27, 2013.

Inmet shareholders who elected: (a) the cash and share alternative will receive $36.00 in cash and 1.6484 common shares of First Quantum per Inmet share; (b) the share alternative will receive 3.2967 common shares of First Quantum per Inmet share; and (c) the cash alternative will receive $40.60 in cash and 1.4376 common shares of First Quantum, subject in each case to adjustment for fractional shares and to confirmation of the number of Inmet shares validly tendered pursuant to Notices of Guaranteed Delivery.

The Offer has also been extended and will now be open for acceptance until 5:00 p.m. (Eastern Daylight Time) on April 1, 2013 in order to allow Inmet shareholders an additional opportunity to tender to the Offer. If the Offeror is successful in acquiring 90% of the Inmet shares (on a fully diluted basis) under the Offer, the Offeror intends to acquire the balance of the Inmet shares by way of Compulsory Acquisition, as more fully described in the Offer circular. If the Offeror does not acquire 90% of the Inmet shares (on a fully diluted basis) under the Offer, the Offeror will be implementing a Subsequent Acquisition Transaction to acquire the balance of the Inmet shares, as more fully described in the Offer circular. Inmet shareholders are urged to tender their Inmet shares, to the extent they have not already done so, prior to the expiry of the Offer at 5:00 p.m. (Eastern Daylight Time) on April 1, 2013 in order to receive payment for their shares sooner rather than later.

The combination of the First Quantum and Inmet assets has created one of the world’s leading copper producers with a geographically diversified portfolio of high-quality operations and development projects in eight countries across four continents.

With pro forma revenues in 2013 forecast to be in excess of US$3.5 billion and a strategic plan to produce more than 1.3 million tonnes per annum of copper by 2018, the Company is poised to become the largest, widely-held pure-play copper producer and one of the top five copper producers in the world.

The Company will be one of the fastest growing copper companies with a projected compound annual growth in copper production of more than 20% for at least the next decade. It is also positioned to benefit from a strengthened financing profile, greater liquidity, the ability to generate substantial free cash flow and the flexibility to use debt and equity capital markets at a lower long-term cost.

First Quantum’s immediate focus now is to integrate the operations and people of the two companies in order to maximize the best elements of both to create an enlarged and unified Company with a much stronger corporate and financial profile.

First Quantum recognizes the success that Inmet has had in developing a social license to operate at Cobre Panama and in operating well-managed and efficient mines at Las Cruces in Spain, Çayeli in Turkey and Pyhäsalmi in Finland.

Las Cruces, Çayeli and Pyhäsalmi are valuable additions to First Quantum’s operating asset base.

At Cobre Panama, the Company will build upon what has already been achieved by bringing First Quantum’s technical expertise and proven ability to deliver projects efficiently. The combination of the two project development teams and the Company’s enhanced financial capability will substantially de-risk Cobre Panama and drive further value creation.

In the short term, First Quantum will conduct a detailed review of Cobre Panama to determine the appropriate next steps in how the project can be completed as efficiently as possible. An update on the outcome of this review will be provided in due course.

Philip Pascall, First Quantum’s Chairman and Chief Executive Officer, commented:

“We are delighted to have successfully completed the Offer and are grateful for the overwhelming support that Inmet shareholders have shown for our vision of a new global leader in copper. This transaction is a substantial advancement in our long-stated objective of geographical diversification.

We are now focused on turning the vision into reality by putting together the great strengths of both companies – their high-quality mining assets and their equally high-quality human resources – to create a new global leader in copper with a far broader and more geographically diversified and dynamic portfolio of operating and development assets than either company on a standalone basis.

The combined group now has the management team and financial capacity to ensure that our strategic target of 1.3 million tonnes of copper production per annum within the next five years is achieved. We look forward to working with all stakeholders in what is undoubtedly an exciting future.”