First Quantum Minerals Announces Exercise of Over-Allotment Option by Underwriters

TORONTO, ONTARIO--(Marketwired - May 25, 2015) - Not For Distribution To U.S. Newswire Services Or For Dissemination In The United States.

First Quantum Minerals Ltd. ("First Quantum" or the "Company")(TSX:FM)(LSE:FQM) today announced that the underwriting syndicate of its recently-announced overnight-marketed public offering of common shares (the "Offering") led by RBC Capital Markets and Goldman Sachs Canada Inc., and including Barclays, BNP PARIBAS, Deutsche Bank Securities, Jefferies International Limited and Nomura, has exercised in full their over-allotment option to purchase an additional 11,538,450 common shares of First Quantum at a price of Cdn$16.25 per common share. The gross proceeds from the offering, including the sale of the additional over-allotment shares, will be approximately Cdn$1.44 billion. First Quantum's common shares outstanding are expected to increase to approximately 689.0 million.

The Offering, including the sale of the over-allotment shares, is scheduled to close on or about June 4, 2015 and is subject to certain customary conditions and regulatory approvals, including the approval of the Toronto Stock Exchange. A copy of the preliminary prospectus may be obtained from RBC Capital Markets, Attention: Distribution Centre, 277 Front St. W., 5th Floor, Toronto, Ontario M5V 2X4 (tel: [phone]) (email: [e-mail]) or from Goldman Sachs Canada Inc., C/O Goldman, Sachs & Co. Attention: Prospectus Department, 200 West Street, New York, NY 10282 (tel: [phone]) (email: [e-mail]). A copy may also be obtained by visiting SEDAR at http://www.sedar.com.

This news release is not an offer of securities for sale in the United States. The securities described above have not been and will not be registered under the U.S. Securities Act of 1933, and may not be offered or sold in the United States absent registration under the U.S. Securities Act of 1933, or an applicable exemption from the registration requirements thereof.

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

G. Clive Newall, President

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The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.