First Quantum Minerals Ltd

Latest Results (13.11.2025):

In the third quarter of 2025, First Quantum Minerals Ltd reported results marked by a net loss attributable to shareholders of $48 million (or $0.06 per share) and an adjusted loss of $16 million ($0.02 per share). The report highlights strong operational performance at key assets such as Kansanshi and Sentinel, improvements in realized metal prices, and a series of strategic financial actions – including a $1 billion non-debt gold stream arrangement and bond transactions to extend debt maturities. The company also provided updated guidance for the remainder of 2025 in copper, gold, and nickel production, alongside refined cost and capital expenditure estimates.

Financial Performance

Q3 2025 financials showed a gross profit of $360 million and EBITDA of $435 million, with results benefiting from improved production and higher metal prices, although impacted by lower Kansanshi copper sales due to inventory replenishment.

Operational Highlights

Operational gains were seen across assets with a 15% increase in total copper production, notably at Kansanshi where the newly commissioned S3 Expansion contributed significantly, and at Sentinel with a 14% boost in mill throughput. Additionally, Enterprise recorded a 44% increase in nickel production, supporting stronger quarter-over-quarter recoveries.

Strategic Actions and Updated Guidance

The company strengthened its balance sheet through a $1 billion non-debt gold stream deal and extended its debt profile via bond transactions. Updated 2025 guidance now reflects narrower production ranges for copper (390,000–410,000 tonnes), gold (140,000–150,000 ounces), and nickel (18,000–23,000 tonnes), with reduced capital expenditure estimates and improved cost metrics for copper and nickel.