First Quantum
Minerals Ltd. (“First
Quantum” or “the Company”) (TSX:FM)(LSE:FQM) today announced comparative net
earnings¹ 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.

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.

CONFERENCE CALL
& WEBCAST

The Company will host a
conference call and webcast to discuss the results on Friday,
May 2, 2014.

Conference call and webcast
details are as follows:

The conference call replay
will be available from 11:00 am (EDT) until 11:59 pm (EDT) on May
9, 2014.

COMPLETE FINANCIAL
STATEMENTS AND MANAGEMENT’S DISCUSSION AND ANALYSIS

The complete unaudited
condensed interim consolidated financial statements, and MD&A for the three
months ended March 31, 2014 are available at www.first-quantum.com and should be
read in conjunction with this news release.

BASIS OF
PRESENTATION

This news release and the
Company’s financial statements have been prepared in accordance with IFRS and
are presented in United
States dollars, except where noted. Changes in accounting policies have been
applied consistently to comparative periods unless otherwise noted.

On Behalf of the Board of
Directors of First Quantum
Minerals Ltd.

G. Clive
Newall, President

12g3-2b-82-4461

Listed in Standard and
Poor’s

For
further information visit our website at www.first-quantum.com.

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. These forward-looking statements are
principally included in the Development activities section and are also
disclosed in other sections of the document. The forward looking statements
include estimates, forecasts and statements as to the Company’s expectations of
production and sales volumes, expected timing of completion of project
development at Kansanshi, Sentinel, Enterprise and Cobre Panama, the impact of
ore grades on future production, the potential of production disruptions,
capital expenditure and mine production costs, the outcome of mine permitting,
the outcome of legal proceedings which involve the Company, information with
respect to the future price of copper, gold, cobalt, nickel, zinc, pyrite, PGE,
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 the
price of copper, gold, nickel, zinc, pyrite, PGE, cobalt and sulphuric acid,
anticipated costs and expenditures and the ability to achieve the Company’s
goals. Although management believes that the assumptions made and the
expectations represented by such statements or information are reasonable,
there can be no assurance that a forward-looking statement or information
herein will prove to be accurate. 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, costs for inputs such as oil,
power and sulphur, political stability in Zambia,
Peru, Mauritania,
Finland, Spain,
Turkey, Panama
and Australia,
adverse weather conditions in Zambia,
Finland, Spain,
Turkey and Mauritania,
labour disruptions, mechanical failures, water supply, procurement and delivery
of parts and supplies to the operations, the production of off-spec material.

See the Company’s Annual
Information Form for additional information on risks, uncertainties and other
factors relating to the forward-looking statements and information. Although
the Company has attempted to identify factors that would cause actual 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 intended. 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 undertake 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.

Contact Information:
North American contact: Sharon Loung
Director, Investor Relations
(647) 346-3934 or Toll Free: 1 (888) 688-6577
(604) 688-3818 (FAX)
[email protected]

United
Kingdom contact: Clive Newall
President
+44 140 327 3484
+44 140 327 3494 (FAX)
[email protected]
www.first-quantum.com