First Quantum Minerals delivered a strong operational performance in the third quarter of 2025, led by higher copper and nickel output and the successful commissioning of the Kansanshi S3 Expansion in Zambia.

Join our WhatsApp channel for more news updates on First Quantum Minerals

The company reported a net loss of $48 million (or $0.06 per share) and an adjusted loss of $16 million (or $0.02 per share), but maintained full-year production guidance amid improving trends across key assets.

The standout achievement for the quarter was the ramp-up of the Kansanshi S3 Expansion, which produced first concentrate in August and exceeded early expectations. This helped lift group copper output by 15% from the previous quarter to 104,626 tonnes, with stronger results also recorded at the Sentinel and Enterprise operations.

CEO Tristan Pascall said the results underscored the company’s focus on strengthening its balance sheet and delivering long-term projects. “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 two decades, positioning us as a leading global copper producer,” Pascall said.

Q3 2025 Highlights

• Total copper production: 104,626 tonnes, up 15% from Q2
• Nickel production: 5,767 tonnes, up 44% quarter-on-quarter
• EBITDA: $435 million
• Gross profit: $360 million
• Adjusted loss: $16 million, or $0.02 per share
• Net loss: $48 million, or $0.06 per share
• Copper C1 cash cost: $1.95 per lb, down $0.05 from Q2
• Capital expenditure: $280 million for Q3, $833 million year-to-date

Operational Performance

• Kansanshi Mine (Zambia):
  Copper production rose to 46,881 tonnes, boosted by the S3 Expansion, which added 6,136 tonnes during the quarter. Cash costs dropped to $1.34 per lb, reflecting improved throughput and recoveries. The company expects even stronger performance in Q4 as ramp-up continues.
• Sentinel Mine (Zambia):
  Output increased by 8,228 tonnes to 51,336 tonnes, thanks to improved mill throughput and crusher performance. Cash costs fell to $2.53 per lb, and the relocation of In-Pit Crusher 2 was completed ahead of commissioning in Q4.
• Enterprise Nickel Mine:
  Production surged to 5,767 tonnes, a 44% increase from Q2, while cash costs dropped sharply to $4.17 per lb due to better recoveries and higher throughput.
• Cobre Panamá:
  Concentrate shipments were completed safely under the government-approved Preservation and Safe Management (P&SM) plan. Maintenance and inspection work across the plant and mobile fleet continues, with power plant restart expected in Q4.

Financial and guidance update

Despite the quarterly loss, First Quantum strengthened its financial position through a $1 billion non-debt gold stream arrangement with Royal Gold and extended its debt maturities to 2029.

ALSO READ: FQM’s $1.25B Kansanshi expansion boosts Zambia’s economy

The company narrowed or improved its 2025 guidance:

• Copper production: 390,000 – 410,000 tonnes (previously 380,000 – 440,000)
• Gold production: 140,000 – 150,000 ounces (narrowed upwards)
• Nickel production: 18,000 – 23,000 tonnes
• Copper C1 cash cost: $1.95 – $2.10 per lb
• Nickel C1 cash cost: $4.75 – $5.50 per lb (lowered from $5.00 – $6.50)
• Capital expenditure: $1.15 – $1.25 billion (reduced from $1.3 – $1.45 billion)

The Kansanshi S3 project, with $1.08 billion spent to date, is on track to finish under its original $1.25 billion budget.

First Quantum expects stronger copper and gold output in the final quarter of 2025, led by Kansanshi’s accelerated ramp-up and improved grades at Sentinel. The company said they continues to work with the Government of Panama toward a constructive resolution for the Cobre Panamá operation.

“Our focus remains on reaching a solution that serves the best interests of our stakeholders, the government, and the people of Panama,” Pascall said.