First Quantum Minerals has recovered from a $23 million loss in the first quarter of 2025, reporting a net profit of $18 million in the second quarter, as improved gold sales, higher metal prices, and key project milestones lifted performance.

The company delivered adjusted earnings of $17 million, or $0.02 per share, while EBITDA rose to $400 million, up from $377 million in Q1. Operating cash flow surged to $780 million, supported by a $500 million copper prepayment agreement and the resumption of concentrate shipments from Cobre Panamá following government approval.

First Quantum mentioned that Kansanshi played a major role in this progress during the quarter. The S3 Expansion project advanced to 91% construction completion, with first ore fed through the new SAG mill and flotation circuit ahead of schedule. The expansion remains on budget and is set to deliver first production in the second half of 2025.

ALSO READ:
First Quantum reports Q1 loss, confident in Kansanshi expansion

Gold sales also performed exceptionally well, rising to 46,687 ounces, an increase from 38,906 ounces in the first quarter. Kansanshi led the charge with 27,764 ounces of gold produced, aided by enhancements to gravity concentrators. The overall gold production for the group amounted to 37,419 ounces.

Copper production declined to 91,069 tonnes in Q2, down 9% from the previous quarter, mainly due to lower grades and a planned 40-day smelter shutdown at Kansanshi. However, copper sales volumes remained strong at 101,173 tonnes, boosted by an 8,248-tonne shipment from Cobre Panamá.

Sentinel mine contributed 43,108 tonnes of copper, a dip from the previous quarter, but throughput improved despite planned maintenance. The site also began installing an innovative low-energy rail-run conveyor system and it is expected to significantly reduce power consumption when operational later this year.

Nickel output from the Enterprise operation decreased to 4,018 tonnes, down 14% quarter-on-quarter, as lower grades and changes to the mining sequence affected production. First Quantum said it has revised its strategy to maintain output while managing costs in a challenging nickel price environment.

ALSO READ:
Mining Elites 2025: Environmental Sustainability Winner: First Quantum Minerals

In Panama, operations at Cobre Panamá remained suspended, but the government-approved Preservation and Safe Management (P&SM) plan enabled the export of stored copper concentrate. Additional shipments are underway, and work has begun to restart the site’s power plant in the fourth quarter. Proceeds from these shipments are funding site preservation, local supplier payments, and Panamanian workforce salaries.

The company reaffirmed its 2025 production guidance: 380,000–440,000 tonnes of copper, 135,000–155,000 ounces of gold, and 15,000–25,000 tonnes of nickel. It also continues to accelerate exploration at Kansanshi’s South East Dome, where early test results from a near-surface gold zone have been encouraging.

“The second quarter marked several important milestones for First Quantum,” said CEO Tristan Pascall. “While copper production was lower during the quarter, we are confident on a stronger second half of the year and we remain on track to achieve our 2025 guidance.”