Highlights 

  • Q3 copper output rose 15% quarter-over-quarter to 104,626 tonnes. 
  • A USD 1B gold stream agreement with Royal Gold provided non-debt funding. 
  • Kansanshi S3 Expansion achieved first concentration, exceeding production ramp-up expectations. 

First Quantum Minerals Ltd. (TSX:FM) reported a net loss attributable to shareholders of USD 48M, for Q3 2025. The adjusted loss was USD 16M. Gross profit stood at USD 360M, and EBITDA totaled USD 435M. 

The quarter’s results reflected higher copper and nickel production, stronger realized metal prices, and concentrated sales from Cobre Panamá, partially offset by lower sales volumes at Kansanshi following inventory replenishment. 

Operational Results 

Total copper production in Q3 2025 reached 104,626 tonnes, up 15% from the previous quarter, driven by improved performance at Sentinel and Kansanshi. Copper C1 cash cost averaged USD 1.95 per lb, down USD 0.05 from Q2 2025. Copper sales totaled 118,825 tonnes—about 14,199 tonnes above production—supported by 24,306 tonnes of copper shipped from Cobre Panamá. 

Kansanshi produced 46,881 tonnes of copper, an increase of 6,778 tonnes from Q2 2025. The Kansanshi S3 Expansion, which delivered its first concentrate in August, contributed 6,136 tonnes during the quarter. Copper C1 cash cost declined to USD 1.34 per lb. Updated guidance for 2025 now projects copper production of 175,000–185,000 tonnes and gold output of 110,000–115,000 ounces. 

Sentinel produced 51,336 tonnes of copper, 8,228 tonnes higher than the prior quarter, benefiting from enhanced ore fragmentation and mill performance. Copper C1 cash cost decreased to USD 2.53 per lb. Annual copper production guidance was revised to 190,000–200,000 tonnes. 

Enterprise delivered 5,767 tonnes of nickel, marking a 44% increase from Q2, with C1 cash cost reduced to USD 4.17 per lb. Annual nickel production guidance was narrowed to 18,000–23,000 tonnes. 

Project and Guidance Updates 

At Cobre Panamá, preservation activities continued across key plant systems, including flotation and conveyor refurbishments. The power plant restart is expected in Q4 2025, with monthly Preservation and Safe Management costs estimated at USD 15–17M. 

Revised 2025 guidance includes: 

  • Copper production: 390,000–410,000 tonnes 
  • Gold production: 140,000–150,000 ounces 
  • Nickel production: 18,000–23,000 tonnes 
  • Total capital expenditure: USD 1.15–1.25B (previously USD 1.3–1.45B) 

Liquidity and Financing 

During the third quarter, First Quantum executed several financial transactions aimed at improving liquidity. The company finalized a USD 1B gold streaming arrangement with Royal Gold, providing long-term, unsecured, non-debt capital. Additionally, a series of Senior Notes transactions extended the earliest bond maturity to 2029. 

In August 2025, First Quantum completed a USD 1B offering of 7.25% Senior Notes due 2034. Proceeds were applied toward the repurchase and redemption of existing 2027 notes and partial repurchase of 2029 notes. 

As of October 28, 2025, the company maintained zero-cost copper collar contracts for 171,300 tonnes, safeguarding around 70% of the remaining 2025 output and 50% of first-half 2026 production from price volatility. 

Chief Executive Officer Tristan Pascall stated, “During the quarter, we made meaningful progress on our priorities for 2025. We continued to proactively strengthen our balance sheet and manage our liquidity with the agreement of a USD 1 billion non-debt gold stream arrangement with Royal Gold.”