First Quantum Minerals (FM) Q3 2025 earnings summary

Executive summary

• Q3 2025 copper production rose 15% from Q2, reaching 104,626 tonnes, driven by higher output at Kansanshi and Sentinel, with Kansanshi S3 Expansion ramping up ahead of schedule and first concentrate produced in August.

• EBITDA increased 9% quarter-over-quarter to $435 million, while net loss attributable to shareholders was $48 million, down $66 million from Q2.

• Major balance sheet actions included a $1 billion gold streaming agreement and a $1 billion senior unsecured bond, significantly enhancing liquidity and extending debt maturities to 2029.

• Preservation and safe management program at Cobre Panama advanced, with power plant pre-commissioning underway and environmental audit initiated.

• Sustainability initiatives included healthcare infrastructure in Zambia, entrepreneurship programs in Panama, and a solar park in Finland.

Financial highlights

• Q3 2025 revenue was $1.35 billion, up 10% from Q2, driven by higher copper sales and improved prices.

• Gross profit reached $360 million and EBITDA was $435 million; adjusted loss per share was $0.02.

• Net debt decreased by $702 million to $4.75 billion, mainly due to gold stream proceeds and EBITDA generation.

• Liquidity improved to $2.3 billion, including $960 million cash and $1.3 billion undrawn revolver.

• Cash flows from operating activities totaled $1.2 billion, boosted by the gold streaming agreement.

Outlook and guidance

• 2025 copper production guidance narrowed to 390,000–410,000 tonnes; Kansanshi at 175,000–185,000 tonnes; Sentinel at 190,000–200,000 tonnes; Enterprise nickel at 18,000–23,000 tonnes.

• Gold production guidance increased to 140,000–150,000 ounces.

• Full-year C1 cash cost guidance narrowed to $1.95–$2.10/lb; nickel C1 cost guidance lowered to $4.75–$5.50/lb.

• 2025 CapEx guidance reduced to $1.15–$1.25 billion.

• Effective tax rate for 2025 expected at 30–35%; full-year depreciation (excluding Cobre Panamá) forecasted at $675–$725 million.