Cobr obre Panama P Proj oject ct Upd pdate January 28, 28, 20 2014 TSX: FM; LSE: FQM
Cau Cautionary N Note R Regardi ding F Forward-Lookin ing S Stat ateme ment Some So me of the he st stat ateme ments contain ained in in the he followin wing mat material ial are re forwar ard lookin ing st stateme ments and nd not st stat ateme ment of fa facts. Such ch statements are re base ased on the he cu curren ent beli liefs fs of man manag ageme ment, as as well ll as as assu assumpt ptio ions base ased on ma manag ageme ment informat matio ion curre rrently ly availa lable le. Forwar ard-lookin ing st stateme ments are re subject ect to to var ario ious risk isks, s, uncertain aintie ies and nd othe her fac actors that at co could cau ause se act ctual re result lts to to dif differ materi rially lly fro rom expected re results. Readers rs must st re rely ly on the heir own evaluat atio ion of the hese uncertain aintie ies. Note: all dollar amounts in US dollars unless otherwise indicated 2
COBRE P RE PANAMA P PROJECT - EARLY O Y OPERATIO TIONS A AREA 3
COBRE P RE PANAMA P PROJECT – EA EARL RLY L LAYDOWN A ARE REAS I IN PRE REPARATION 4
COBRE P RE PANAMA P PROJECT – LARGE E EARTH THMO MOVIN ING E EQUIP IPME MENT T ASSEMB MBLY A Y AREA 5
COBRE P RE PANAMA P PROJECT – PROCES ESS P PLANT S SITE E EART RTHW HWORKS 6
COBRE P RE PANAMA P PROJECT – MILL P MILL PAD E EARTHWORKS 7
COBRE P RE PANAMA P PROJECT – PROCE CESS SS P PLANT S STOCK CKPI PILE P PAD 8
COBRE P RE PANAMA P PROJECT – POWER S ER STATION A AREA EA 9
COBRE P RE PANAMA P PROJECT – BREA EAKW KWATER A ER AND M MATERI RIAL O OFFLOADING FACILIT ILITY 10 10
COBRE P RE PANAMA P PROJECT – OPERATIN TING P PARAME METE TERS Years 1 – 10 About 70 Mtpa Average Grade (years 1 – 10) 0.5 % Cu Years +10 ± 100 Mtpa (3 rd train to offset lower grade) Average Grade (+ year 10) 0.37 % Cu Recovery ± 92 % Average life of mine Cu Production 320 KT Cu per annum Concentrate Grade 26% LOM (current Proved/Probable)* 34 Years * Measured and Indicated Resources estimate of 3,271 million tonnes, inclusive of Reserves and on a 100% basis as reported and filed in May, 2010 by Inmet. First Quantum is in the process of validating these estimates and expects to have this complete by mid-2014. 11 11
COBRE P RE PANAMA P PROJECT – PROC OCESS P PLAN ANT L LOOK OOKING N NOR ORTH 12 12
COBRE P RE PANAMA P PROJECT – PROC OCESS P PLAN ANT L LOOK OOKING S SOU OUTH 13 13
COBRE P RE PANAMA P PROJECT – OVERALL C LL COST T STATU TUS INME MET FIRST Q QUANTUM UM Origin inal al Co Committed at at Incurre red a at Committed Co at at Incurre red at Revised E d Estimat ate Ma Major A r Are reas Budget get Marc rch 2 h 2013 Marc rch h 2013 13 November 2 r 2013 November 2 r 2013 (US$M) M) (US$M) M) (US$M) M) (US$M) M) (US$M) M) (US$M) M) Mine, Port & Infrastructure 3,447 3,124 480 3,034 1,190 867 Power Plant 646 664 209 664 388 276 Owners Costs 518 183 162 567 - 223 Process Plant 1,158 116 62 1,739 - 99 Contingency 413 - - 421 - - TOTAL PR PROJECT CT 6,181 81 4,087 87 91 913 6,425 25 1,578 1, 78 1, 1,46 465 5 14 14
COBRE P RE PANAMA P PROJECT – KEY T TARGET ET D DATES ES KEY A ACTIV IVIT ITY DAT ATE Coast road available for use Q1 – 2014 230 KV overland power line complete Q4 – 2015 Power station construction complete (300MW) Q1 – 2017 Tailings management facility complete Q2 – 2017 Process plant construction complete Q3 – 2017 Process commissioning & first concentrate production Q4 – 2017 15 15
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