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First Quantum Minerals (FM) investor relations material
First Quantum Minerals Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary29 Oct, 2025
Executive summary
Q3 2025 copper production rose 15% from Q2, reaching 105,000 tonnes, driven by Kansanshi S3 Expansion and higher output at key sites.
EBITDA increased 9% quarter-over-quarter to $435 million, with net loss attributable to shareholders at $48 million and adjusted loss per share of $0.02.
Liquidity improved to $2.3 billion, supported by a $1 billion gold streaming agreement and bond issuance, extending nearest debt maturity to 2029.
Kansanshi S3 Expansion reached substantial completion, delivering first concentrate in August and ramping up ahead of expectations.
Preservation and safe management program at Cobre Panama advanced, with power plant pre-commissioning underway and ongoing environmental audit.
Financial highlights
Q3 2025 revenue was $1.346 billion, up 10% from Q2, with gross profit at $360 million and EBITDA at $435 million.
Adjusted loss per share was $0.02, mainly due to lower sales at Kansanshi.
Gross realized copper price increased 2% to $4.38/lb; copper C1 cash cost improved 3% to $1.95/lb.
Net debt decreased by $702 million to $4.75 billion, primarily from gold stream proceeds and EBITDA generation.
Cash flows from operating activities were $1,195 million in Q3 2025.
Outlook and guidance
2025 copper production guidance narrowed to 390,000–410,000 tonnes; Kansanshi: 175,000–185,000 tonnes; Sentinel: 190,000–200,000 tonnes.
Gold production guidance increased to 110,000–115,000 ounces; nickel guidance narrowed to 18,000–23,000 tonnes.
Full-year C1 cash cost guidance narrowed to $1.95–$2.10/lb for copper; nickel C1 cost guidance reduced to $4.75–$5.50/lb.
2025 CapEx guidance lowered to $1,150–$1,250 million.
Effective tax rate for 2025 expected at 30–35%; full-year depreciation (excluding Cobre Panamá) forecasted at $675–$725 million.
Cobre Panamá resolution and cost trajectory?
Kansanshi S3 ramp-up and gold zone upside?
Sustaining balance sheet strength post-2029?
Cobre Panamá: critical next steps for resolution?
Kansanshi S3: impact on costs and production profile.
Capital allocation priorities with improved liquidity.
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Next First Quantum Minerals earnings date
Q4 202511 Feb, 2026
Next First Quantum Minerals earnings date
Q4 202511 Feb, 2026
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Frequently asked questions
First Quantum Minerals Ltd is a mining and metals company involved in the exploration, development, and operation of mineral properties. The company produces copper, nickel, gold, and other base metals from a portfolio of mines and development projects located globally. It also engages in smelting and refining activities to support its mining operations. The company is headquartered in Toronto, Canada, and its shares are listed on the TSX.
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