Authorization

First Quantum Adopts Shareholder Rights Plan and Advance Notice Policy

TORONTO, Jan. 06, 2020 (GLOBE NEWSWIRE) -- First Quantum Minerals Ltd. (a??FQMa?? or the a??Companya??) (TSX: FM) has adopted a shareholder rights plan (the a??Rights Plana??) with Computershare Investor Services Inc. as rights agent effective as of January 6, 2020 (the a??Effective Datea??).A  The Company has also adopted an advance notice policy (the a??Policya??) effective as of the Effective Date.A 
Rights Plan The Rights Plan has been adopted with a view to ensure, to the extent possible, that all shareholders of the Company are treated fairly in connection with any takeover bid for the Company.Pursuant to the Rights Plan, one right (the a??Righta??) attaches to each issued and outstanding common share of FQM. Subject to the terms of the Rights Plan, the Rights become exercisable in the event that any person, (together with any affiliates, associates and persons acting in concert, as applicable (the a??Related Partiesa??) becomes a beneficial holder of 20% or more of FQMa??s outstanding common shares without complying with the "Permitted Bid" provisions pursuant to the Rights Plan. In such circumstances holders of the Rights (other than the acquiring person and its Related Parties) will be permitted to exercise their Rights and purchase additional common shares of the Company at a substantial discount to the then market price of the Companya??s shares.While the Rights Plan is effective immediately, it is subject to ratification by the Companya??s shareholders within six months of its adoption. FQM will be seeking shareholder ratification of the Rights Plan at its upcoming annual general and special meeting of shareholders in the spring of 2020. A summary of the principal terms of the Rights Plan will be included in the management information circular which will be sent to all FQM shareholders in connection with the upcoming annual general and special meeting of shareholders and a complete copy of the Rights Plan will be available under the Companya??s profile on SEDAR at www.sedar.com. If the Rights Plan is not approved by the shareholders within six months of the Effective Date it, together with the outstanding Rights, will terminate and cease to be effective.
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