First Quantum Minerals (FM) Q2 2025 earnings summary

Executive summary

• Q2 2025 copper production was 91,069 tonnes, down 9% from Q1 2025 due to lower grades in Zambia.

• Revenue rose 3% quarter-over-quarter to $1.2 billion, driven by higher realized copper and gold prices and increased gold and nickel sales volumes.

• EBITDA increased 6% sequentially to $400 million, with net earnings of $18 million, a $41 million improvement.

• Government of Panama approved the Preservation and Safe Management (P&SM) Plan for Cobre Panamá, enabling concentrate exports and power plant restart preparations.

• Kansanshi S3 Expansion is in final commissioning, on budget and schedule for first production in H2 2025; new near-surface gold zone identified.

Financial highlights

• Q2 2025 sales revenue was $1,226 million, gross profit $351 million, and EBITDA $400 million.

• Net debt decreased by $334 million to $5,453 million, supported by copper prepayment and strong EBITDA.

• Liquidity at June 30, 2025, was $1.7 billion, including $737 million cash and $930 million undrawn revolver.

• Adjusted earnings per share were $0.02, compared to $0.00 in Q1 2025 and $(0.02) in Q2 2024.

• Cash flows from operating activities were $780 million, up $637 million sequentially, aided by a $500 million copper prepayment.

Outlook and guidance

• 2025 production guidance remains unchanged: copper 380,000–440,000 tonnes, gold 135,000–155,000 ounces, nickel 15,000–25,000 tonnes.

• Kansanshi S3 Expansion and Sentinel initiatives expected to support stronger H2 2025 performance; first production at S3 in H2 2025.

• Capital expenditure is expected to decline as S3 Expansion nears completion; 2025 capex guidance is $1.3–$1.45 billion.

• Copper and gold hedging programs protect a significant portion of planned production through 2026.

• Cobre Panamá power plant restart expected in Q4 2025; P&SM costs to rise to $17–$18 million/month.