First Quantum Minerals Announces Receipt of Investment Canada Act Approval

First Quantum Mineral

First Quantum Minerals Ltd. (“First Quantum” or the “Company”) (TSX:FM)(LSE:FQM) today announced that it has received approval under the Investment Canada Actfrom the Minister of Industry and Minister of State for its offer ( the “Offer’) to acquire all of the outstanding shares of Inmet Mining Corporation (“Inmet”, TSX Symbol “IMN”). In granting the approval the Minister concluded that “your investment is likely to be of net benefit to Canada”.

Commenting upon the approval, Mr. Philip Pascall, CEO and Chairman of First Quantum, said:

Approval under the Investment Canada Act was a condition of our Offer, and we are pleased this condition has now been satisfied.”

The Offer is open for acceptance until 11.59 pm (Eastern Daylight Time) on March 11, 2013, unless extended or withdrawn.

Advisors and Information Agent

First Quantum has engaged Jefferies International, Goldman, Sachs & Co., and RBC Capital Markets to act as its financial advisors in connection with the Offer. Fasken Martineau DuMoulin LLP is acting as legal counsel to First Quantum in connection with the Offer.

Georgeson Shareholder Communications Canada, Inc. has been retained as information agent for the Offer. Shareholders may contact Georgeson at:

Toll Free (North America): 1-866-656-4120

Outside North America Call Collect: 1-781-575-2421

Email: [email protected]