"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 $1 billion non-debt gold stream arrangement with Royal Gold. In addition, we undertook a series of bond transactions to extend our debt profile, with our earliest bond maturity now occurring in 2029. Operationally, production continued to improve quarter-over-quarter and we remain on track with our production guidance for the year. We have successfully delivered the Kansanshi S3 Expansion project, which produced first concentrate in August. This marks First Quantum's ninth major self-built project in the last two decades that has allowed the Company to grow into the leading global copper producer that it is today," said Tristan Pascall, Chief Executive Officer of First Quantum. "In Panama, the remaining concentrate shipments were completed safely and without incident during the quarter. The Government of Panama is advancing the environmental study. We continue our work on Preservation and Safe Management of Cobre Panamá and expect to restart the power plant in the fourth quarter. Our focus remains on reaching a constructive resolution for the mine that serves the best interests of our stakeholders, the government, and the people of Panama."
Q3 2025 SUMMARY
In Q3 2025, First Quantum reported gross profit of $360 million, EBITDA1 of $435 million, net loss attributable to shareholders of $0.06 per share, and adjusted loss per share1 of $0.02. Relative to the second quarter of 2025 ("Q2 2025"), while third quarter financial results benefitted from improved production at Kansanshi and Sentinel, stronger realized metal prices2, and concentrate sales from Cobre Panamá, financial results were impacted by lower sales at Kansanshi related to the replenishment of inventories.
Along with third quarter results, the Company has updated 2025 guidance:
Copper production guidance has narrowed from 380,000, 440,000 tonnes to 390,000, 410,000 tonnes,
Gold production guidance has narrowed from 135,000, 155,000 tonnes to 140,000, 150,000 ounces,
Nickel production guidance has narrowed from 15,000, 25,000 tonnes to 18,000, 23,000 tonnes,
Copper C1 cash cost3 has narrowed from $1.85, $2.10 per lb to $1.95, $2.10 per lb,
Nickel C1 cash cost3 has been lowered from $5.00, $6.50 per lb to $4.75, $5.50 per lb, and
Total capital expenditure guidance has been reduced from a range of $1,300, $1,450 million to $1,150, $1,250 million, based on spend to date and the latest expected timing of capital expenditures.
Q3 2025 OPERATIONAL HIGHLIGHTS
Total copper production for the third quarter was 104,626 tonnes, a 15% increase from Q2 2025 as a result of higher production from Sentinel and Kansanshi. Copper C1 cash cost4 was $0.05 per lb lower quarter-over-quarter at $1.95 per lb, reflecting higher copper production volumes. Copper sales volumes totalled 118,825 tonnes, approximately 14,199 tonnes higher than production due to the shipment of 24,306 tonnes of copper from Cobre Panamá during the quarter with the approval of the Preservation and Safe Management ("P&SM") plan by the Government of Panama ("GOP"). Copper sales volumes at Kansanshi were lower than production as anode inventory levels were replenished following the planned 40-day smelter shutdown in the second quarter, which returned to operation in early July.
Kansanshi reported copper production of 46,881 tonnes in Q3 2025, an increase of 6,778 tonnes from the previous quarter due to an increase in mill throughput as the Kansanshi S3 Expansion project was commissioned and produced first concentrate in August. The accelerated ramp-up of S3, circuit stabilization and recoveries surpassed budgeted expectations and had a positive impact on production, contributing 6,136 tonnes of copper during the quarter. Copper C1 cash cost4 of $1.34 per lb was $0.13 lower quarter-over-quarter as a result of higher production. Copper production guidance for 2025 has narrowed to 175,000, 185,000 tonnes, while gold production guidance has increased to 110,000, 115,000 ounces. Copper and gold production in the fourth quarter are expected to exceed third quarter levels, driven by a faster than anticipated ramp up of the Kansanshi S3 Expansion throughput and recoveries, resulting in stable circuit performance ahead of schedule.
Sentinel reported copper production of 51,336 tonnes in Q3 2025, 8,228 tonnes higher than the previous quarter. Mill throughput averaged over 5 million tonnes per month, representing a 14% increase from Q2 2025 levels, benefitting from improved ore fragmentation, reliability and performance of the primary crushers and performance of the crushed ore mill feed stockpile. Copper C1 cash cost1 of $2.53 per lb was $0.24 lower than the preceding quarter as a result of higher production volumes. During the quarter, the Company continued to advance its maintenance program to address the fatigue in the Ball Mill 2 flange bolts. Building on the progress made in the previous quarter, work is ongoing in collaboration with the original equipment manufacturer ("OEM") and specialist engineering consultants to address the high levels of ongoing routine maintenance otherwise required to counter the fatigue situation. The development of a long-term corrective procedure remains a key focus to ensure sustained mill performance and reliability. The relocation of In-Pit Crusher 2 has been completed and is expected to be commissioned in the fourth quarter of 2025. The innovative low-energy consumption rail run conveyor, which was showcased on the Company's Zambia tour in September, will require some modification as performance testing continues towards final commissioning of the asset. Production guidance for 2025 has been updated to 190,000, 200,000 tonnes of copper to reflect performance to date. Grades are expected to be relatively higher in the fourth quarter of 2025 as mining progresses to the bottom of the Stage 1 pit for sump development ahead of the wet season and the transition to higher primary sulphide ore volumes reporting from Stage 3.
In the third quarter of 2025, Enterprise produced 5,767 tonnes of nickel, a 44% increase over the previous quarter due to higher throughput and supported by 19% higher recoveries quarter-over-quarter. Grades continued to be impacted by a higher proportion of transitional ore from the Stage 3 area. Nickel C1 cash cost1 of $4.17 per lb is $1.66 lower than the previous quarter due to higher production volumes. Production guidance for 2025 was narrowed to 18,000, 23,000 contained tonnes of nickel while nickel unit cost guidance has been reduced to reflect year-to-date operational performance.
At Cobre Panamá, maintenance refurbishment of subsystems in the flotation area and conveyor belts began last quarter and continues as part of the overall fixed plant preservation plan. Special attention has been given to valve inspections and maintenance throughout the plant, along with a more thorough examination of the stockpile feeders, which were found to be in fair condition. Detailed inspections with OEM specialists began last quarter to assess the condition of the mobile fleet after 18 months of long-term preservation storage. Inspections of ultra-class haul trucks and production drills are approaching completion and rope shovels are scheduled for review in the upcoming quarter. Findings are being used to refine the preservation strategy to ensure asset safety and integrity. P&SM costs during the third quarter averaged approximately $15 million per month and included services related to the copper concentrate shipments. P&SM costs are expected to increase to approximately $15 million to $17 million per month with the restart of the power plant in the fourth quarter of 2025, although the incremental costs are anticipated to be partially offset by the potential sale of excess power to support the national grid. Royalty payments associated with the copper concentrate sales are paid in arrears and expected to be made during the fourth quarter of 2025.
2025 GUIDANCE
Guidance provided below is based on a number of assumptions and estimates as of September 30, 2025, including, among other things, assumptions about metal prices and anticipated costs and expenditures. Guidance involves estimates of known and unknown risks, uncertainties and other factors, which may cause the actual results to be materially different.
Guidance has been updated for copper, gold and nickel production to reflect year-to-date performance and outlook for the remainder of the year.
Copper production guidance has narrowed from 380,000, 440,000 tonnes to 390,000, 410,000 tonnes. Strong performance from Kansanshi has resulted in guidance being narrowed to the upper end of the original guidance range while guidance for Guelb Moghrein and Çayeli has increased. Guidance for Sentinel has been updated to reflect the performance to date.
Gold production guidance has been narrowed towards the upper end of the range to reflect higher grades experienced to date at Kansanshi.
Copper unit cost guidance has narrowed for both C15 and AISC2 to reflect performance to date, coupled with strong by-product credits and lower fuel costs, offset by higher employee costs and increased Zambian electricity costs. The assumptions underlying this guidance include a gold price of $3,800 per ounce, an average Brent crude oil price of $75 per barrel, a Zambian kwacha to US dollar exchange rate of 26, and royalties based on consensus copper prices.
Nickel unit cost guidance for Enterprise nickel has been reduced to reflect year-to-date operational performance.
Guidance for total capital expenditure has been reduced from a range of $1,300, $1,450 million to $1,150, $1,250 million, based on spending to date and the latest expected timing of capital expenditures.
Capital expenditure for the three and nine months ended September 30, 2025 was $280 million and $833 million, respectively. Year-to-date expenditure on the Kansanshi S3 Expansion project was approximately $233 million, with a total of $1,080 million spent since the start of the project and approximately a further $32 million committed. The project is expected to finish under the original budget of $1,250 million. Ongoing project capital works on Tailings Storage Facility 2 ("TSF2") are expected to complete in the second quarter of 2026.
Interest expense on debt for the full year 2025 is expected to be approximately $550 million to $575 million, reflecting the financing activities that have taken place throughout the year, and excludes interest accrued on related party loans to Cobre Panamá and Ravensthorpe, finance cost accreted on deferred revenue, capitalized interest expense and accretion on asset retirement obligation.
Cash outflow on interest paid is expected to be approximately $450 million to $475 million for the full year 2025. This excludes interest paid on related party loans to Cobre Panamá and Ravensthorpe as well as capitalized interest paid.
Capitalized interest is expected to be approximately $75 million for the full year 2025.
The effective tax rate is expected to be approximately 30% to 35% for the full year 2025.
The full year 2025 depreciation expense excluding Cobre Panamá is expected to be between $675 million to $725 million. While under P&SM, depreciation at Cobre Panamá is expected to be $80 million to $100 million on an annualized basis, which includes approximately $40 million of depreciation associated with the sale of copper concentrate from the shed.
PRODUCTION GUIDANCE
000's
2025 Previous Guidance
2025 Updated Guidance
Copper (tonnes)
380, 440
390, 410
Gold (ounces)
135, 155
140, 150
Nickel (contained tonnes)
15, 25
18, 23
PRODUCTION GUIDANCE BY OPERATION1
Copper production guidance (000's tonnes)
2025 Previous Guidance
2025 Updated Guidance
Kansanshi
160, 190
175, 185
Trident, Sentinel
200, 230
190, 200
Other sites
20
25
Gold production guidance (000's ounces)
Kansanshi
100, 110
110, 115
Guelb Moghrein
35, 45
30, 35
Nickel production guidance (000's contained tonnes)
Trident, Enterprise
15, 25
18, 23
1 Production is stated on a 100% basis as the Company consolidates all operations.
CASH COST1 AND ALL-IN SUSTAINING COST1
Total Copper
2025 Previous Guidance
2025 Updated Guidance
C1 (per lb)1
$1.85, $2.10
$1.95, $2.10
AISC (per lb)1
$3.05, $3.35
$3.10, $3.25
Total Nickel
2025 Previous Guidance
2025 Updated Guidance
C1 (per lb)1
$5.00, $6.50
$4.75, $5.50
AISC (per lb)1
$7.50, $9.25
$6.50, $7.50
1 C1 cash cost (C1), and all-in sustaining cost (AISC) are non-GAAP ratios which do not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. See "Regulatory Disclosures".
PURCHASE AND DEPOSITS ON PROPERTY, PLANT & EQUIPMENT
2025 Previous Guidance
2025 Guidance
Project capital1
590, 650
640, 675
Sustaining capital1
450, 500
335, 375
Capitalized stripping1
260, 300
175, 200
Total capital expenditure
1,300, 1,450
1,150, 1,250
1 Capitalized stripping, sustaining capital and project capital are non-GAAP financial measures which do not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. See "Regulatory Disclosures".
FINANCIAL HIGHLIGHTS
Financial results continue to be impacted by the suspension of Cobre Panamá.
Gross profit for the third quarter of $360 million was $9 million higher than Q2 2025, while EBITDA6 of $435 million for the same period was $35 million higher, benefitting from higher copper sales volumes from the sale of 24,306 tonnes of copper in concentrate from Cobre Panamá and higher realized copper, gold and nickel prices2.
Cash flows from operating activities of $1,195 million ($1.44 per share7) for the quarter were $415 million higher than Q2 2025 primarily due to the receipt of $1,000 million under the gold streaming agreement with Royal Gold.
Net debt8 decreased by $702 million during the quarter to $4,751 million with total debt at $5,711 million as at September 30, 2025. The decrease in net debt2 is attributable to the receipt of $1,000 million under the gold stream agreement and EBITDA1 contributions of $435 million, offset by capital expenditures of $280 million, interest paid of $166 million, inclusive of $25 million of capitalized interest, and $136 million of working capital outflows.
___________1 EBITDA is a non-GAAP financial measure which does not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. See "Regulatory Disclosures".
GOLD STREAMING AGREEMENT
The Company, through a wholly-owned subsidiary incorporated in Canada, entered into a gold streaming agreement with RGLD Gold AG, a wholly owned subsidiary of Royal Gold, Inc. in August 2025. The Company received a $1,000 million upfront cash payment in exchange for gold deliveries referenced to copper production from the Kansanshi mine. The transaction provides long-term, unsecured, non-debt capital which significantly enhances liquidity. The Company maintains full exposure to the copper production and the majority of the gold production at Kansanshi while retaining full exposure to the recently identified near-surface gold zone occurrences. For more information on the transaction, please refer to the August 5, 2025 news release "First Quantum Announces $1.0 Billion Gold Stream" on the Company's website.
SENIOR NOTES TRANSACTIONS
During the quarter, the Company executed a series of Senior Notes transactions that successfully extended its debt maturity profile to 2029.
On August 6, 2025, the Company announced the tender offer to purchase for cash any and all of the Company's outstanding 6.875% Senior Notes due 2027.
On August 6, 2025, the Company announced the tender offer to purchase for up to $250 million aggregate principal amount outstanding of its 9.375% Senior Notes due 2029.
An offering of $1,000 million 7.250% Senior Notes due 2034 was completed on August 20, 2025. Gross proceeds from the notes offering, together with cash on the balance sheet, was used to fund the tender offer for the existing 6.875% Senior Notes due 2027 and to redeem any Senior Notes due 2027 not accepted for purchase in the tender offer, to fund the tender offer for a portion of the existing 9.375% senior secured second lien notes due 2029 and pay related fees, costs and expenses.
HEDGING PROGRAM
As at October 28, 2025, the Company had zero cost copper collar contracts outstanding for 171,300 tonnes at weighted average prices of $4.12 per lb to $4.72 per lb with maturities to June 2026. Of these, there were 72,825 tonnes with maturities to the end of 2025 with weighted average prices of $4.11 per lb to $4.85 per lb. Approximately 70% of remaining planned production and sales in 2025, and approximately 50% of planned production and sales for the first half of 2026 are protected from spot copper price movements. The increase in hedged proportion of the remaining 2025 production is largely as a result of narrowed production guidance. In addition, as at October 28, 2025, the Company had zero cost gold collar contracts outstanding for 63,768 ounces at weighted average prices of $2,954 per oz to $4,215 per oz with maturities to June 2026.
___________
1 Cash flows from operating activities per share, and realized metal prices are non-GAAP ratios which do not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. See "Regulatory Disclosures".2 Net debt is a supplementary financial measure which does not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. See "Regulatory Disclosures".
REALIZED METAL PRICES1
QUARTERLY
Q3 2025
Q2 2025
Q3 2024
Average LME copper cash price (per lb)
$
4.44
$
4.32
$
4.18
Realized copper price1 (per lb)
$
4.38
$
4.30
$
4.24
Treatment/refining charges ("TC/RC") (per lb)
$
(0.04
)
$
(0.04
)
$
(0.06
)
Freight charges (per lb)
$
(0.04
)
$
(0.01
)
$
(0.03
)
Net realized copper price1 (per lb)
$
4.30
$
4.25
$
4.15
Average LBMA cash price (per oz)
$
3,455
$
3,281
$
2,474
Net realized gold price1,2 (per oz)
$
3,358
$
3,166
$
2,383
Average LME nickel cash price (per lb)
$
6.81
$
6.88
$
7.37
Net realized nickel price1 (per lb)
$
6.86
$
6.11
$
7.35
1 Realized metal prices are a non-GAAP ratio, do not have standardized meanings under IFRS and might not be comparable to similar financial measures disclosed by other issuers. See "Regulatory Disclosures" for further information. 2 Excludes gold revenues recognized under the precious metal stream arrangement.
CONSOLIDATED OPERATING HIGHLIGHTS
QUARTERLY
Q3 2025
Q2 2025
Q3 2024
Copper production (tonnes)1
104,626
91,069
116,088
Kansanshi
46,881
40,103
49,810
Sentinel
51,336
43,108
58,412
Other Sites2
6,409
7,858
7,866
Copper sales (tonnes)3
118,825
101,173
112,094
Kansanshi3
38,170
43,291
49,131
Sentinel
48,410
43,241
53,662
Other Sites2
7,939
6,393
9,301
Gold production (ounces)
36,463
37,419
41,006
Kansanshi
27,854
27,764
31,659
Guelb Moghrein
7,832
8,887
8,621
Other sites4
777
768
726
Gold sales (ounces)5
43,658
46,687
43,371
Kansanshi
24,313
31,584
34,186
Guelb Moghrein
7,575
11,121
8,382
Other sites4
699
223
803
Nickel production (contained tonnes)
5,767
4,018
4,827
Nickel sales (contained tonnes)
2,917
6,383
4,598
Cash cost of copper production (C1) (per lb)3,6
$
1.95
$
2.00
$
1.57
C1 (per lb) excluding Cobre Panamá3,6
$
1.95
$
2.00
$
1.57
Total cost of copper production (C3) (per lb)3,6
$
3.22
$
3.11
$
2.59
Copper all-in sustaining cost (AISC) (per lb)3,6
$
3.07
$
3.28
$
2.42
AISC (per lb) excluding Cobre Panamá3,6
$
3.00
$
3.18
$
2.35
1 Production is presented on a contained basis, and is presented prior to processing through the Kansanshi smelter.2 Other sites (copper) includes Guelb Moghrein and Çayeli.3 Sales exclude the sale of copper anode produced from third-party concentrate purchased at Kansanshi. Sales of copper anode attributable to third-party concentrate purchases were 1,844 tonnes and 8,609 tonnes for the for the three and nine months ended September 30, 2025 (7,537 tonnes and 25,427 tonnes for the for the three and nine months ended September 30, 2024).4 Other sites (gold) includes Çayeli and Pyhäsalmi.5 Excludes refinery-backed gold credits purchased and delivered under the precious metal streaming arrangement (see "Precious Metal Stream Arrangement").6 Copper all-in sustaining cost (copper AISC), copper C1 cash cost (copper C1), and total cost of copper (copper C3) are non-GAAP ratios, which do not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. See "Regulatory Disclosures".
CONSOLIDATED FINANCIAL HIGHLIGHTS
QUARTERLY
Q3 2025
Q2 2025
Q3 2024
Sales revenues
1,346
1,226
1,279
Gross profit
360
351
456
Net earnings (loss) attributable to shareholders of the Company
(48
)
18
108
Basic net earnings (loss) per share
$
(0.06
)
$
0.02
$
0.13
Diluted net earnings (loss) per share
$
(0.06
)
$
0.02
$
0.13
Cash flows from operating activities
1,195
780
260
Net debt1
4,751
5,453
5,591
EBITDA1,2
435
400
520
Adjusted earnings (loss)1
(16
)
17
119
Adjusted earnings (loss) per share3
$
(0.02
)
$
0.02
$
0.14
Cash cost of copper production excluding Cobre Panamá (C1) (per lb)3,4
$
1.95
$
2.00
$
1.57
Total cost of copper production excluding Cobre Panamá (C3) (per lb)3,4
$
3.17
$
3.05
$
2.83
Copper all-in sustaining cost excluding Cobre Panamá (AISC) (per lb)3,4
$
3.00
$
3.18
$
2.35
Cash cost of copper production (C1) (per lb)3,4
$
1.95
$
2.00
$
1.57
Total cost of copper production (C3) (per lb)3,4
$
3.22
$
3.11
$
2.59
Copper all-in sustaining cost (AISC) (per lb)3,4
$
3.07
$
3.28
$
2.42
Realized copper price (per lb)3
$
4.38
$
4.30
$
4.24
Net earnings (loss) attributable to shareholders of the Company
(48
)
18
108
Adjustments attributable to shareholders of the Company:
Adjustment for expected phasing of Zambian value-added tax ("VAT")
(8
)
(19
)
(17
)
Modification and redemption of liabilities
25
–
–
Total adjustments to EBITDA1 excluding depreciation2
16
8
32
Tax adjustments
–
12
–
Minority interest adjustments
(1
)
(2
)
(4
)
Adjusted earnings (loss)1
(16
)
17
119
1 EBITDA and adjusted earnings (loss) are non-GAAP financial measures, and net debt is a supplementary financial measure. These measures do not have a standardized meaning under IFRS and might not be comparable to similar financial measures disclosed by other issuers. Adjusted earnings (loss) have been adjusted to exclude items from the corresponding IFRS measure, net earnings (loss) attributable to shareholders of the Company, which are not considered by management to be reflective of underlying performance. The Company has disclosed these measures to assist with the understanding of results and to provide further financial information about the results to investors and may not ...
