ANC20-Proceedings-Presentations-Full

Clontarf Snapshot 2020











Participants 9,000





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RAVENSTHORPE



NICKEL OPERATIONS




REBOOT: THE FUTURE

FIRST QUANTUM MINERALS


CAUTIONARY NOTE REGARDING



FORWARD-LOOKING STATEMENT







• Some of the statements contained in the following presentation are forward-looking statements and not

statement of facts. Such statements are based on the current beliefs of management, as well as

assumptions based on management information currently available.



• Forward-looking statements are subject to various risks, uncertainties and other factors that could cause
actual results to differ materially from expected results.



• Readers & listeners must rely on their own evaluation of these uncertainties. Note: all dollar amounts in

US dollars unless otherwise indicated.




















2 RNO REBOOT – THE FUTURE | OCTOBER 2020

FIRST QUANTUM MINERALS


PRESENTATION OVERVIEW










HISTORY




CARE & MAINTENANCE, RESTART



DEVELOPMENT PLANS




LOOKING FORWARD


























3 RNO REBOOT – THE FUTURE | OCTOBER 2020

HISTORY




RAVENSTHORPE NICKEL OPERATIONS

FIRST QUANTUM MINERALS


TIMELINE











2000 2002 2006 2009 2011 2019
Formation of Trial mining at Halleys First ore mined from All operations were Commencement of FQM finalising restart
Ravensthorpe Nickel stockpiled 111kt of the Halleys deposit suspended on the back commercial production plans. In parallel: work
Operations, a JV laterite ore and 25kt of of the global financial (38kt Ni) ongoing on
between Comet and waste; crisis Shoemaker-Levy
QNI (Billiton's Nickel expansion
division)
Feasibility study
commenced












2001 2004 2007 2010 2011 - 2017 October 2017 2020
Comet sold its 50% to Commencement of Completion of the FQM acquired RNO as Successful operation of Placed on care and Restart & ramp up
BHP Billiton development of the construction of the a decommissioned RNO, producing over 180kt maintenance due to to full production
Ravensthorpe operation processing plant operation of nickel during this period persistently low nickel
prices
Commencement of the Commencement of site
production of nickel in MHP design and recruitment












5 RNO REBOOT – THE FUTURE | OCTOBER 2020

CARE & MAINTENANCE, RESTART




RAVENSTHORPE NICKEL OPERATIONS

FIRST QUANTUM MINERALS


CARE & MAINTENANCE, RESTART










FQM has successfully restarted Ravensthorpe with

first production of MHP achieved in April 2020



• Recruitment

– Recruitment focused on the local region

(Esperance to Albany and surrounding areas)
on DIDO basis has been successful

– Natural changeover of General Managers

– COVID-19 - Limited impact on the restart

– Use of housing stock at Hopetoun

(170 Approx.) has been a drawcard















7 RNO REBOOT – THE FUTURE | OCTOBER 2020

FIRST QUANTUM MINERALS


CARE & MAINTENANCE, RESTART










• MACA appointed as mining contractor for 5 years to December 2024.


• Major upgrade work during C&M phase includes:


– ROM bin upgrades

– Leach tanks upgrades & relines: PL1, PL2, AL Tank 8 and IJP Tank 17 Roof

– PAL HP flash vessels relined

– Studies on ore Beneficiation


























8 RNO REBOOT – THE FUTURE | OCTOBER 2020

DEVELOPMENT PLANS




RAVENSTHORPE NICKEL OPERATIONS

FIRST QUANTUM MINERALS


DEVELOPMENT PLANS










Expansion of mining operations into
Shoemaker-Levy – 25 year life – US$80m.




• Construction of Crushing Plant and
Overland Conveyor.


• Target Commissioning Q1 2021.


• Tailings Management – blending with

rejects, backfilling exhausted pits.


• Trialling of Surface Mining.


• Continual cost management initiatives

to ensure longevity.











10 RNO REBOOT – THE FUTURE | OCTOBER 2020

FIRST QUANTUM MINERALS


RAVENSTHORPE ORE BODIES










• Ravensthorpe has several nickel Laterite deposits
developed across some 17km over Archean

ultramafic rocks of the Ravensthorpe Greenstone

Belt, namely:

– Shoemaker-Levy North

– Shoemaker-Levy (in development)

– Nindibillup

– Halleys (mined out)

– Hale-Bopp (mining in progress)




















11 RNO REBOOT – THE FUTURE | OCTOBER 2020

FIRST QUANTUM MINERALS


SHOEMAKER-LEVY OVERLAND



CONVEYOR & CRUSHING STATION







• 9.5km Overland Conveyor to transport ore from
Shoemaker-Levy to the processing plant.


• The concept layout was completed internally with an
external engineering house working on detailed

engineering which is over 90% complete.

• Conveyor to provide significant savings to Ravensthorpe

compared with a conventional trucking operation.

– c. US$25m per annum for Trucking over Life of
Mine versus OLC capital
– Less impact to environment and highway


• Conveyor capacity allows for Limonite and Saprolite ore
to be transported on a single conveyor.











12 RNO REBOOT – THE FUTURE | OCTOBER 2020

FIRST QUANTUM MINERALS


SHOEMAKER-LEVY OVERLAND



CONVEYOR & CRUSHING STATION







• Run of Mine ore stockpiles for Limonite and
Saprolite at Shoemaker-Levy.


• Crushing to Scrubber feed size at Shoemaker-

Levy

to optimise conveyor belt loading.


• Crushing station design based on existing
crushing stations, including


– Primary Grizzly

– Primary Crusher

– Mineral Sizers













13 RNO REBOOT – THE FUTURE | OCTOBER 2020

FIRST QUANTUM MINERALS


SHOEMAKER-LEVY CRUSHING



STATION CONSTRUCTION


















































14 RNO REBOOT – THE FUTURE | OCTOBER 2020

FIRST QUANTUM MINERALS


SHOEMAKER-LEVY MINING



SEQUENCE AND PIT DESIGNS









• Pit designs and LOM mine plans have been completed for Shoemaker-Levy.


– Shoemaker-Levy will be mined in a series of phases over c. 20 years.

– Mining will commence from the southern end of the orebody and progress towards the northern end

over the LOM.

– Large open areas and thick deposits – potential for strip mining techniques.






• The proposed mining sequence is shown in the picture and table on following page.


















15 RNO REBOOT – THE FUTURE | OCTOBER 2020

FIRST QUANTUM MINERALS


SHOEMAKER-LEVY MINING



SEQUENCE AND PIT DESIGNS (CON.)










Pit Start Finish Volume (Mbcm)

SL01 2020 2023 18.7 6

SL02 2021 2024 22.8
5
SL03 2023 2027 27.0

SL04 2025 2031 29.5
4
SL05 2028 2035 27.5 7
8
SL06 2031 2036 16.1 3

SL07 2033 2038 18.2 2


SL08 2034 2038 29.4 1

Total 189.2










16 RNO REBOOT – THE FUTURE | OCTOBER 2020

FIRST QUANTUM MINERALS


SURFACE MINING TRIALS










• Earlier small scale trial in 2016 using the
Wirtgen 220SM 56t machine showed promise.


• Recent large scale trial using Wirtgen 2500SM

120t proved successful and will be evaluated

further for Shoemaker-Levy.































17 RNO REBOOT – THE FUTURE | OCTOBER 2020

FIRST QUANTUM MINERALS


TAILINGS










• Removing the moisture content of tailings to

allow it to be mixed with rejects and used to

backfill pits and build hill topographies as part of
mine closure commitments.


• Successfully undertaken elsewhere, but requires

testing and evaluation at RNO before

implementation.


• Requires capital investment but may be cost-
effective over the life of mine compared to TSF

raises or new facilities.
















18 RNO REBOOT – THE FUTURE | OCTOBER 2020

LOOKING FORWARD




RAVENSTHORPE NICKEL OPERATIONS

FIRST QUANTUM MINERALS


LOOKING AHEAD










• Continue Ramp Up to full production capacity through Q4.


• Guidance 2020 :15000-17000 tonnes nickel.



• Commence Mining of Shoemaker-Levy Q1 2021. Commence Processing of S-L ores Q2 2021.



• Tailings Management Development.





























20 RNO REBOOT – THE FUTURE | OCTOBER 2020

THANK YOU

Paydirt


Australian Nickel


Conference



6 October 2020





























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