HispanicBusiness

Development projects remain on track

--  Expansions to the oxide and sulphide circuits at Kansanshi continue    according to plan. The oxide expansion to 14.5 million tonnes per annum    ("Mtpa") continued in the quarter, as well as design work on the    sulphide treatment facility to 25 Mtpa.--  The Kansanshi smelter project remains on schedule for construction    completion in mid-2014 followed by commissioning and ramp up.--  Construction of the Sentinel project is on schedule, as is the    engineering design and geotechnical investigation at the Enterprise    project.--  Following the successful acquisition of Inmet, specific current    construction activities continue at Cobre Panama while the Company    undertakes a detailed review of the project.

--------------------------------------------------------------------------                                          Nickel                             Copper       (000's         Gold         Zinc                             (000's    contained       (000's       (000's                             tonnes)      tonnes)      ounces)      tonnes)--------------------------------------------------------------------------Group                     384 - 416      40 - 45    193 - 213      41 - 48--------------------------------------------------------------------------Kansanshi                 250 - 270            -    126 - 140            ---------------------------------------------------------------------------Guelb Moghrein              37 - 41            -      56 - 61            ---------------------------------------------------------------------------Ravensthorpe                      -      31 - 35            -            ---------------------------------------------------------------------------Kevitsa                     15 - 16       9 - 10      11 - 12            ---------------------------------------------------------------------------Cayeli(1)                   21 - 24            -            -      27 - 31--------------------------------------------------------------------------Las Cruces(1)               53 - 56            -            -            ---------------------------------------------------------------------------Pyhasalmi(1)                  8 - 9            -            -      14 - 17--------------------------------------------------------------------------(1) The production guidance shown above for Cayeli, Las Cruces and Pyhasalmirepresents guidance from acquisition date of March 22, 2013 until the end ofthe year. Pro-forma full year guidance for copper production remains at28,000 to 31,000 for Cayeli, 69,000 to 72,000 tonnes at Las Cruces and12,000 to 13,000 tonnes at Pyhasalmi. Pro-forma full year guidance for zincproduction remains at 36,000 to 40,000 tonnes for Cayeli and 20,000 to23,000 tonnes at Pyhasalmi.--  Guidance for combined average copper production cash cost for Kansanshi,    Guelb and Kevitsa remains unchanged at $1.50 to $1.60 per lb of copper.    Incorporating acquired operations of Cayeli, Las Cruces and Pyhasalmi    for the nine months following acquisition reduces guidance on Group    average copper production cash cost for 2013 to approximately $1.40 to    $1.50 per lb of copper.--  Expected average nickel production cash cost per lb remains at $5.50 to    $6.00.--  Expected total capital expenditure for pre-acquisition First Quantum    sites and development projects remains at approximately $2.0 billion.    Forecast capital expenditure for Cobre Panama is under review and    revised guidance will be given in due course. Capital expenditure at    acquired operations is expected to be between $70.0 million to $85.0    million for the full year compared to previous guidance of $85.0    million.--  Fair value adjustments to the value of property, plant and equipment is    expected to increase depreciation going forward, as well as a shorter    term impact of fair value adjustments on inventory which is expected to    impact Q2 2013.