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 producing first concentrate in August and ramping up ahead of schedule.

• EBITDA increased 9% quarter-over-quarter to $435 million, while net loss attributable to shareholders was $48 million, reflecting ongoing operational and market challenges.

• 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 Panamá advanced, with power plant pre-commissioning underway and concentrate shipments completed.

• Environmental audit at Cobre Panamá initiated by SGS Global, with full cooperation from the company.

Financial highlights

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

• Gross profit reached $360 million, and cash flows from operating activities totaled $1.2 billion.

• Adjusted loss per share was $(0.02); EBITDA was $435 million.

• 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.

• Realized copper price was $4.38/lb, gold $3,358/oz, and nickel $6.86/lb.

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.

• Copper C1 cash cost guidance revised to $1.95–$2.10/lb; nickel C1 cost guidance lowered to $4.75–$5.50/lb.

• Capital expenditure guidance for 2025 reduced to $1.15–$1.25 billion.

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

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