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First Quantum Minerals Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary29 Oct, 2025
Executive summary
Q3 2025 copper production rose 15% from Q2, reaching 104,626 tonnes, driven by higher output at Kansanshi and Sentinel, with Kansanshi S3 Expansion ramping up ahead of schedule and first concentrate produced in August.
EBITDA increased 9% quarter-over-quarter to $435 million, while net loss attributable to shareholders was $48 million, down $66 million from Q2.
Major balance sheet actions included a $1 billion gold streaming agreement and a $1 billion senior unsecured bond, significantly enhancing liquidity and extending debt maturities to 2029.
Preservation and safe management program at Cobre Panama advanced, with power plant pre-commissioning underway and environmental audit initiated.
Sustainability initiatives included healthcare infrastructure in Zambia, entrepreneurship programs in Panama, and a solar park in Finland.
Financial highlights
Q3 2025 revenue was $1.35 billion, up 10% from Q2, driven by higher copper sales and improved prices.
Gross profit reached $360 million and EBITDA was $435 million; adjusted loss per share was $0.02.
Net debt decreased by $702 million to $4.75 billion, mainly due to gold stream proceeds and EBITDA generation.
Liquidity improved to $2.3 billion, including $960 million cash and $1.3 billion undrawn revolver.
Cash flows from operating activities totaled $1.2 billion, boosted by the gold streaming agreement.
Outlook and guidance
2025 copper production guidance narrowed to 390,000–410,000 tonnes; Kansanshi at 175,000–185,000 tonnes; Sentinel at 190,000–200,000 tonnes; Enterprise nickel at 18,000–23,000 tonnes.
Gold production guidance increased to 140,000–150,000 ounces.
Full-year C1 cash cost guidance narrowed to $1.95–$2.10/lb; nickel C1 cost guidance lowered to $4.75–$5.50/lb.
2025 CapEx guidance reduced to $1.15–$1.25 billion.
Effective tax rate for 2025 expected at 30–35%; full-year depreciation (excluding Cobre Panamá) forecasted at $675–$725 million.
Cobre Panamá resolution and cost trajectory?
Kansanshi S3 ramp-up and gold zone upside?
Sustaining balance sheet strength post-2029?
Cobre Panamá: critical next steps for resolution?
Kansanshi S3: impact on costs and production profile.
Capital allocation priorities with improved liquidity.
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Next First Quantum Minerals earnings date
Q4 202511 Feb, 2026
First Quantum Minerals
Next First Quantum Minerals earnings date
Q4 202511 Feb, 2026
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Frequently asked questions
First Quantum Minerals Ltd is a mining and metals company involved in the exploration, development, and operation of mineral properties. The company produces copper, nickel, gold, and other base metals from a portfolio of mines and development projects located globally. It also engages in smelting and refining activities to support its mining operations. The company is headquartered in Toronto, Canada, and its shares are listed on the TSX.
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