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First Quantum Minerals
First Quantum Minerals (FM) investor relations material
First Quantum Minerals Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary11 Feb, 2026
Executive summary
Achieved 2025 production targets, strengthened balance sheet, and enhanced financial flexibility through a $1B streaming deal and a $2.2B credit facility, the largest US corporate investment in Zambia to date.
Kansanshi S3 Expansion declared commercial production in December 2025, ramping up successfully and contributing to higher throughput.
Cobre Panamá received government approval for processing stockpiled ore, expected to create over 1,000 jobs and generate royalties for Panama.
Sale of Las Cruces completed, simplifying the portfolio and saving $30M annually, with up to $190M expected from the transaction.
Net earnings attributable to shareholders were $25 million in Q4 2025, a $73 million improvement from Q3.
Financial highlights
Q4 2025 revenue reached $1.5B, up 10% quarter-over-quarter, with EBITDA at $464M, a 7% increase, driven by higher realized copper and gold prices.
Copper C1 cash cost was $2.21/lb in Q4 2025, up from $1.95/lb in Q3, reflecting lower production and higher power costs.
Net debt increased by $441M to $5.2B, mainly from higher working capital and margin deposits.
Cash flows from operating activities were negative $36M in Q4 2025, impacted by working capital movements.
Gross realized copper price was $4.89/lb, up 12% quarter-over-quarter.
Outlook and guidance
2026 copper production guidance: Kansanshi 175,000–205,000t, Sentinel 190,000–220,000t, Enterprise 30,000–40,000t, total copper 375,000–435,000t (excluding Cobre Panamá).
2026 gold production guidance: Kansanshi 110,000–120,000oz, Guelb Moghrein 65,000–80,000oz; nickel: 30,000–40,000t.
2026 copper C1 cash cost guidance: $1.95–$2.20/lb; AISC: $3.25–$3.55/lb.
CapEx for 2025 was $240M below guidance, with 2026 guidance at $1.0–$1.15B.
Guidance assumes Cobre Panamá remains in preservation and safe management phase.
Cobre Panamá ore processing: full restart path
New debt facility: leverage covenant implications
Zambian regulations: impact on operating costs?
Cobre Panama stockpile processing: unit cost?
Net debt to EBITDA target for greenfield projects?
Sentinel Ball Mill 2: long-term solution timing?
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Next First Quantum Minerals earnings date
Q1 202623 Apr, 2026
First Quantum Minerals
Next First Quantum Minerals earnings date
Q1 202623 Apr, 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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