First Quantum Minerals (FM) Q4 2025 earnings summary

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.