TORONTO, Oct. 17, 2019 - First Quantum Minerals Ltd. (“First Quantum” or “the Company”) (TSX:FM) acknowledges the announcement by Pangaea Investment Management (“PIM”) regarding its beneficial ownership of shares in the company. PIM is an associate of Jiangxi Copper Company Limited (“Jiangxi Copper”), which is a substantial non-controlling shareholder of and lender to PIM.

As previously announced the company has in recent months been in discussions with Jiangxi Copper regarding a possible investment in the Zambian assets of the Company. There can be no certainty that any transaction will proceed.

The Company will update the market, if warranted.

On Behalf of the Board of Directors of First Quantum Minerals Ltd.
G. Clive Newall
President

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

North American contact: Lisa Doddridge, Director, Investor Relations
Tel: (416) 361-6400 Toll-free: 1 (888) 688-6577

United Kingdom contact: Clive Newall, President
Tel: +44 7802 721663
E-Mail: info@fqml.com