First Quantum Minerals (FM) Q4 2025 earnings summary

Executive summary

• Achieved 2025 production targets for copper, gold, and nickel, with gold and nickel exceeding revised guidance; full year copper production was 395,772t, down 8% year-over-year due to lower grades and recoveries at Sentinel.

• Kansanshi S3 Expansion declared commercial production in December 2025, ramping up successfully and contributing to higher throughput.

• Strengthened balance sheet through $1B streaming deal, $1.35B bond offering, and a new $2.2B credit facility, extending maturities and improving liquidity.

• Cobre Panamá operated under preservation and safe management, with government approval for stockpile processing expected to create over 1,000 jobs and generate royalties.

• Sale of Las Cruces mine announced for up to $190M, simplifying the portfolio and reducing annual costs.

Financial highlights

• Q4 2025 revenue was $1.5B, up 10% quarter-over-quarter, driven by higher realized copper and gold prices.

• EBITDA for Q4 2025 was $464M, up 7% sequentially; net earnings improved by $73M to $25M.

• Copper C1 cash cost in Q4 2025 was $2.21/lb, up from Q3 due to lower production and higher input costs.

• Net debt increased by $441M to $5.2B, mainly from working capital outflows and capital expenditures.

• Cash flows from operating activities were negative $36M in Q4 2025.

Outlook and guidance

• 2026 copper production guidance: Kansanshi 175–205kt, Sentinel 190–220kt, Enterprise 30–40kt nickel, total copper 375–435kt (excluding Cobre Panamá).

• 2026 gold production guidance: Kansanshi 110–120koz, Guelb Moghrein 65–80koz; nickel: 30–40kt.

• 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 some spend shifting to 2026; 2026 CapEx guidance is $1.0–$1.15B.

• Guidance assumes Cobre Panamá remains in preservation and safe management phase.