FIRST QUANTUM MINERALS REPORTS FIRST QUARTER 2025 RESULTS (In United States dollars, except where noted otherwise)
NEWS RELEASE
25-13
April 23, 2025
www.first-quantum.com
FIRST QUANTUM MINERALS REPORTS FIRST QUARTER 2025 RESULTS
(In United States dollars, except where noted otherwise)
Toronto, Ontario (April 23, 2025) - First Quantum Minerals Ltd. (“First Quantum” or the "Company ”) (TSX: FM)
today reports results for the three months ended March 31, 2025 (“Q1 2025” or the "first quarter") of net loss
attributable to shareholders of the Company of $23 million ($0.03 loss per share) and adjusted earnings1 of $2 million
($0.00 adjusted earnings per share2).
“Kansanshi and Sentinel held up well in the first quarter and we remain on track for meaningful production growth
over the remainder of the year, driven by the S3 Expansion project at Kansanshi. I ’m please d to report that
construction is progressing steadily and remains on schedule. In Panama, following the suspension of arbitration,
we reaffirm our commitment to constructive engagement with the government and people of Panama to reach a
resolution for the Cobre Panamá mine,” said Tristan Pascall, Chief Executive Officer of First Quantum. “ Amid rising
concerns about global growth due to uncertainty around trade and tariff policy, we continue with initiatives to
strengthen our balance sheet and enhance our fi nancial flexibility. Our copper hedges provide important protection
and our gold production provides as a natural hedge during this period of volatility. We further enhanced our near -
term liquidity position by $750 million through the recent notes offering and, following quarter-end, entering into an
additional prepayment agreement. These initiatives represent meaningful progress in strengthening our financial
flexibility and we remain focused on further initiatives to support the balance sheet. ”
Q1 2025 SUMMARY
In Q1 2025, First Quantum reported gross profit of $331 million, EBITDA1 of $377 million, net loss attributable to
shareholders of $0.03 per share, and adjusted earnings per share 2 of $0.00. Relative to the fourth quarter of 2024
(“Q4 2024”), first quarter financial results were weaker due to lower sales volumes for copper, gold and nickel. Total
copper production for the first quarter was 99,703 tonnes, an 11% decrease from Q4 2024. Copper C1 cash cost 3
was $1.95 per lb in the first quarter, an increase of 16% over the previous quarter.
Along with the financial and operating results for the first quarter, the following are also detailed in this news release:
• Cobre Panamá Update: Following engagement with the Government of Panama’ s ("GOP") legal counsel, the
Company has agreed to discontinue the International Chamber of Commerce (“ICC”) arbitration proceedings and
to suspend the Canada- Panama Free Trade Agreement (“FTA”) arbitration. The Company is awaiting official
communication regarding next steps with respect to the power plant and copper concentrate at site.
• Kansanshi S3 Expansion Update: Construction remains on schedule for mid-2025 completion with production
expected in the second half of 2025. During the quarter, the project achieved 83% construction completion and
has handed 20% of systems over to commissioning.
1 EBITDA and adjusted earnings (loss) are non-GAAP financial measures. These measures 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 Adjusted earnings (loss) 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”.
3 C1 cash cost (C1) is a non-GAAP ratio, which does not have a standardized meanin g prescribed by IFRS and might not be comparable to similar financial measures disclosed
by other issuers. See “Regulatory Disclosures”
First Quantum Minerals Ltd. 25-13
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• Zambia Power Update: First Quantum has maintained and extended supplementary power arrangements with
regional third-party energy traders. As the Kansanshi S3 Expansion ramps up in the second half of 2025, the
Company anticipates sourcing up to 60% of its electricity from imports.
• Board Update: As part of Board renewal program, Peter Buzzi and Ambassador Brian Nic hols have been
nominated to be appointed as Directors at the 2025 Annual General Meeting ("AGM") on May 8, 2025. Andrew
Adams and Joanne Warner will retire at the conclusion of the AGM. As previously announced, Robert Harding
will retire at the conclusion of the 2025 AGM and Kevin McArthur will succeed as Chair.
• Hedging program: During the quarter, the Company continued to enter into derivative contracts. Approximately
half of planned production and sales in 2025 and approximately 40% of planned production and sales for the first
half of 2026 are protected from spot copper price movements.
• Copper Prepayment Transaction: On April 23, 2025, on the basis of the previously -agreed commercial terms,
the Company has supplemented the sale of copper to Jiangxi Copper Company in return for an additional $500
million prepayment.
Q1 2025 OPERATIONAL HIGHLIGHTS
Total copper production for the first quarter was 99,703 tonnes, an 11% decrease from Q4 2024 mainly as a result
of lower production at Sentinel. Kansanshi and Sentinel encountered the seasonal impacts from the rains in Zambia,
however, dewatering and pumping solutions all coped adequately. Copper C1 cash cost 1 was $0.27 per lb higher
quarter-over-quarter at $1.95 per lb, reflecting lower copper production volumes and higher Zambian employee and
maintenance costs, which were partially offset by strong gold by -product credits. Copper sales volumes totalled
101,960 tonnes, approximately 2,257 tonnes higher than production.
• Kansanshi reported copper production of 46,544 tonnes in Q1 2025, a decrease of 1,595 tonnes from the
previous quarter due to lower feed grades as the swap of the mixed and sulphide mills that allowed for higher
grades in the fourth quarter returned to normal at the end of last year. Gold production continued to be strong
at 29,868 ounces in the first quarter. Copper C1 cash cost 1 of $1.34 per lb was $0.13 higher quarter -over-
quarter as a result lower production along with higher smelter costs. Production guidance for 2025 remains
unchanged at 160,000 to 190,000 tonnes of copper and 100,000 to 110,000 ounces of gold. A six -week
maintenance shutdown of the Kansanshi smelter is planned in the second quarter of 2025. Copper and gold
production in 2025 includes production associated with the Kansanshi S3 Expansion, with first production
expected in the second half of 2025. The majority of the initial feed for S3 will be sourced from low -grade
stockpiles.
• Sentinel reported copper production of 46,361 tonnes in Q1 2025, 10,199 tonnes lower than the previous
quarter due to lower throughput and the mining of lower grades from Stage 3. Copper C1 cash cost1 of $2.55
per lb was $0.44 higher than the preceding quarter as a result of lower production volumes. The Company
has also begun a maintenance program to address early indicators of fatigue in the Sentinel mills, a
development consistent with mills of similar age and design from the same manufacturer. The program will
be conducted with the original equipment manufacturer and specialist engineering consultants in a manner
that minimizes production disruptions. 2025 copper production guidance remains unchanged at 200,000 to
230,000 tonnes. A 4-day full maintenance shutdown of the Sentinel plant is planned in the second quarter
of 2025, followed by tailings thickener upgrades in the second half of 2025. The focus at Sentinel will continue
to be on increasing mill throughput with various ongoing initiatives to optimize blast fragmentation,
1 C1 cash cost (C1) is a non-GAAP ratio, 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”
First Quantum Minerals Ltd. 25-13
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maintaining full stockpiles, improving milling rates, increasing tailings thickener throughput rates and flotation
recovery. Grades are expected to be lower than 2024, but expected to be relatively higher in the second half
of 2025 as mining progresses to the bottom of the Stage 1 pit for sump development ahead of the wet
season. Stage 3 will supply a majority of the ore with lower volumes from Stage 1 and Stage 2 compared to
prior years. As mining progresses deeper in Stage 3 over 2025 and 2026, the impacts of weathering are
expected to reduce and the material feed to the plant is expected to more closely resemble current feed
from Stage 1 and 2.
• In the first quarter of 2025, Enterprise produced 4,649 tonnes of nickel, a 25% increase over the previous
quarter due to higher throughput, partially offset by lower grades. Throughput was higher as result of a ramp
up in ore supply to the plant. Additional smaller capacity articulated dump trucks were sourced and dedicated
to the softer areas of the pit where the bigger truc ks struggled to mine, especially in the wet season due
challenging underfoot conditions. Grades were impacted by a change in the mining sequence and
deployment of permanent ramps to widen the footprint, resulting in a higher proportion of transitional ore
from the South Wall area. Nickel C1 cash cost1 of $4.78 per lb is $0.16 higher than the previous quarter due
to higher freight costs. 2025 production guidance remains at 15,000 to 25,000 contained tonnes of nickel. A
4-day full maintenance shutdown of the Enterprise plant is planned in the second quarter of 2025. The focus
for 2025 will remain on ore quality and grade control through ongoing reverse circulation drilling. Key
initiatives put in place include reverting to mining 5 meter ore benches while maintaining 10 meter waste
benches. This, coupled with better grade control and monitoring, is expected to minimize ore dilution and
improve recovery.
• Production at Cobre Panamá has been halted since November 2023. Costs in the first quarter were
approximately $13 million per month, which included labour, maintenance spares, contractors ’ services,
electricity, and other general expenses, including the public engagement programs to enhance transparency
and provide accessible information about Cobre Panamá. Pres ervation and Safe Management costs
("P&SM") are expected to be in line with current rates until formal approval is received for the export of
copper concentrate and restart of the power plant.
FINANCIAL HIGHLIGHTS
Financial results continue to be impacted by the suspension of Cobre Panamá. First quarter financial results, relative
to the fourth quarter of last year, were impacted by lower sales volumes.
• Gross profit for the first quarter of $331 million was $74 million lower than Q4 2024, while EBITDA 1 of $377
million for the same period was $78 million lower.
• Cash flows from operating activities of $143 million ($0.17 per share2) for the quarter were $440 million lower
than Q4 2024, attributable to lower EBITDA 1, movements in working capital arising from increased
receivables, and higher taxes paid.
• Net debt3 increased by $257 million during the quarter to $5,787 mill ion, with total debt at $6,530 million as
at March 31, 2025. The increase in net debt3 is attributable to planned capital expenditure, mostly related to
the Kansanshi S3 project.
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”.
2 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”.
3 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”.
First Quantum Minerals Ltd. 25-13
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HEDGING PROGRAM
During the quarter, the Company continued to enter into derivative contracts, in the form of unmargined zero cost
copper collars, as protection from downside price movements, financed by selling price upside beyond certain levels
on a matched portion of production. Approximately half of planned production and sales in 2025, and approximately
40% of planned production and sales for the first half of 2026 are protected from spot copper price movements.
The Company recognized a $3 million gain on the copper sales hedge program in Q1 2025.
As at April 23, 2025, the Company had zero cost copper collar contracts outstanding for 272,775 tonnes at weighted
average prices of $4.14 per lb to $4.75 per lb with maturities to June 2026. Of these, there were 188,775 tonnes with
maturities to the end of 2025 with weighted average prices of $4.14 per lb to $4.83 per lb.
COPPER PREPAYMENT TRANSACTION
On April 23, 2025, on the basis of the previously -agreed commercial terms, the Company has supplemented the
sale of copper to Jiangxi Copper Company in return for an additional $500 million prepayment. This arrangement
provides for the delivery of an addit ional 50,000 tonnes of Zambian copper anode per annum payable at market
prices over the three year period. The $500 million prepaid amount will reduce in line with deliveries over the second
and third years of the supplemental prepayment agreement.
OFFERING OF 2033 SENIOR NOTES
An offering of $1,000 million 8.000% senior notes due 2033 was completed on March 5, 2025. Gross proceeds from
the notes offering, together with cash on the balance sheet, was used to repay $250 million of its revolving credit
facility to fund the concurrent partial tender offer of the 6.875% senior notes due 2027 and to pay transaction fees,
costs and expenses.
PARTIAL REDEMPTION OF 2027 SENIOR NOTES
On February 19, 2025, the Company announced the commencement of a tender offer to purchase for cash up to
$750 million aggregate principal amount outstanding of its 6.875% senior notes due 2027. On March 5, 2025, the
Company announced the early results of the tender offer for the maximum aggregate principal amount of $750
million. Settlement of the tender took place on March 6, 2025 at a redemption price of 101.200% of the principal
amount.
REALIZED METAL PRICES1
QUARTERLY
Q1 2025 Q4 2024 Q1 2024
Average LME copper cash price (per lb) $4.24 $4.17 $3.83
Realized copper price1 (per lb) $4.26 $4.17 $3.78
Treatment/refining charges (“TC/RC”) (per lb) ($0.03) ($0.04) ($0.10)
Freight charges (per lb) ($0.03) ($0.05) ($0.07)
Net realized copper price1 (per lb) $4.20 $4.08 $3.61
Average LBMA cash price (per oz) $2,859 $2,664 $2,070
Net realized gold price1,2 (per oz) $2,833 $2,545 $1,930
Average LME nickel cash price (per lb) $7.06 $7.27 $7.52
Net realized nickel price1 (per lb) $7.04 $6.74 $7.40
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.
First Quantum Minerals Ltd. 25-13
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CONSOLIDATED FINANCIAL HIGHLIGHTS
QUARTERLY
Q1 2025 Q4 2024 Q1 2024
Sales revenues 1,190 1,256 1,036
Gross profit 331 405 156
Net earnings (loss) attributable to shareholders of
the Company (23) 99 (159)
Basic net earnings (loss) per share ($0.03) $0.12 ($0.21)
Diluted net earnings (loss) per share ($0.03) $0.12 ($0.21)
Cash flows from operating activities 143 583 411
Net debt1 5,787 5,530 5,277
EBITDA1,2 377 455 180
Adjusted earnings (loss)1 2 31 (154)
Adjusted earnings (loss) per share3 $0.00 $0.04 ($0.20)
Cash cost of copper production excluding Cobre
Panamá (C1) (per lb)3,4 $1.95 $1.68 $2.01
Total cost of copper production excluding Cobre
Panamá (C3) (per lb)3,4 $3.02 $2.68 $2.97
Copper all-in sustaining cost excluding Cobre
Panamá (AISC) (per lb)3,4 $2.82 $2.50 $2.77
Cash cost of copper production (C1) (per lb)3,4 $1.95 $1.68 $2.02
Total cost of copper production (C3) (per lb)3,4 $3.06 $2.72 $3.04
Copper all-in sustaining cost (AISC) (per lb)3,4 $2.90 $2.58 $2.85
Realized copper price (per lb)3 $4.26 $4.17 $3.78
Net earnings (loss) attributable to shareholders of
the Company (23) 99 (159)
Adjustments attributable to shareholders of the
Company:
Adjustment for expected phasing of Zambian
value-added tax (“VAT”) (12) (35) (10)
Modification and redemption of liabilities 12 (100) 10
Other adjustments – (3) –
Total adjustments to EBITDA1 excluding
depreciation2 3 (58) 3
Tax adjustments 22 (12) 3
Minority interest adjustments – 140 (1)
Adjusted earnings (loss)1 2 31 (154)
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 othe r 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 informa tion about the results to investors
and may not be comparable to similar financial measures disclosed by other issuers. The use of adjusted earnings (loss) and EBITDA represents the Company’s adjusted
earnings (loss) metrics. See “Regulatory Disclosures”.
2 Adjustments to EBITDA in 2025 relate principally to the adjustment for expected phasing of Zambian VAT, the loss on redemptio n of debt, and the tax effect on unrealized
movements in the fair value of derivatives designated as hedging instruments (2024 - foreign exchange revaluations and an impairment expense of $10 million and a restructuring
expense of $6 million).
3 Adjusted earnings (loss) per share, realized metal prices, 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”.
4Excludes the sale of copper anode produced from third-party concentrate purchased at Kansanshi. Sales of copper anode attributable to third-party concentrate purchases were
6,398 tonnes for the three months ended March 31, 2025 (5,790 tonnes for the three months ended March 31, 2024).
First Quantum Minerals Ltd. 25-13
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CONSOLIDATED OPERATING HIGHLIGHTS
QUARTERLY
Q1 2025 Q4 2024 Q1 2024
Copper production (tonnes)1 99,703 111,602 100,605
Cobre Panamá – – –
Kansanshi 46,544 48,139 31,473
Sentinel 46,361 56,560 62,225
Other Sites2 6,798 6,903 6,907
Copper sales (tonnes)3 101,960 111,613 101,776
Kansanshi3 45,319 49,141 31,683
Sentinel 48,891 55,117 62,899
Other Sites2 7,750 7,355 7,194
Gold production (ounces) 40,254 38,784 26,984
Cobre Panamá – – –
Kansanshi 29,868 29,787 20,082
Guelb Moghrein 9,803 8,428 6,285
Other sites4 583 569 617
Gold sales (ounces)5 38,906 40,762 29,778
Kansanshi 31,100 31,747 20,523
Guelb Moghrein 6,591 8,658 9,015
Other sites4 1,215 357 240
Nickel production (contained tonnes) 4,649 3,720 7,771
Nickel sales (contained tonnes) 3,167 5,578 8,211
Cash cost of copper production (C1) (per lb)3,6 $1.95 $1.68 $2.02
C1 (per lb) excluding Cobre Panamá3,6 $1.95 $1.68 $2.01
Total cost of copper production (C3) (per lb)3,6 $3.06 $2.72 $3.04
Copper all-in sustaining cost (AISC) (per lb)3,6 $2.90 $2.58 $2.85
AISC (per lb) excluding Cobre Panamá3,6 $2.82 $2.50 $2.77
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 6,398 tonnes for the three months ended March 31, 2025 (5,790 tonnes for the three months ended March 31, 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 Arrang ement”).
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”.
COBRE PANAMÁ UPDATE
Cobre Panamá currently remains in a phase of P&SM with production halted. Approximately 1,300 workers remain
on site. Implementation of the P&SM program continues to await approval from the Panamanian authorities.
During press conferences held on March 13 and March 20, 2025, Panama’s President José Raúl Mulino stated that
he had authorized the importation of supplies required for the power station, the restart of Cobre Panamá’ s power
station, and the export of the copper concentrate stored at Punta Rincón. The Company is awaiting official
communication regarding next steps.
On March 31, 2025, following engagement with the GOP’s legal counsel, First Quantum agreed to suspend the FTA
arbitration. To effectuate the suspension, First Quantum filed a request for arbitration on April 2, 2025 with the
International Centre for Settlement of Investment Disputes (“ICSID”) and notified ICSID of the agreed-to suspension.
In addition, the Company agreed to discontinue the ICC arbitration proceedings.
The Company reiterates that arbitration is not the preferred outcome for the situation in Panama and it remains
committed to dialogue with the GOP and to being part of a solution for the country and the Panamanian people.
First Quantum Minerals Ltd. 25-13
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KANSANSHI S3 EXPANSION
The Kansanshi S3 Expansion remains on track for completion in mid- 2025 and first production is expected in the
second half of 2025.
During the first quarter of 2025, early commissioning works started in parallel with completion of construction. The
majority of the 33kV distribution network and substations were energized. In addition, water was introduced to the
site, including filling the raw water pond and process water tank. The SAG mill was lined and then turned using the
gearless mill drive as part of commissioning. Construction work continues with a focus on completing the remaining
piping and electrical scope.
At the end of the quarter, the project achieved 83% construction completion and 20% of the systems have been
handed over to commissioning. Configuration of the plant control system is at 84% and is focused on functionality of
the concentrate transfer, reagent and gravity gold circuits, and functional testing of the services areas. Operational
Readiness has reached 75% completion, with significant progress made in employment and training. Training
continues, utilizing control simulator scenarios, original equipment manufacturer training, and participation in
commissioning and tie-in field work.
At the Kansanshi smelter expansion, the Wet Gas Booster Fan, which transfers gas from the smelter to Acid Plant
5, was completed. All major structural and mechanical equipment for the oxygen plant, including the coldbox, has
been installed and commissioning has commenced. Final tie- ins for the high pressure oxygen compressor at the
high-pressure leach circuit are in progress and preparing for startup. All major steel and mechanical equipment have
been installed at Acid Plant 5 with interconnecting ducting in progress. Re-assembly of the pre-heater is in progress
and testing will be carried out in the next quarter.
During the quarter, approval was received from the Zambia Environmental Management Agency for expansion of
Tailings Storage Facility 2 (“ TSF2”) in order to receive higher volumes of tailings from the expanded Kansanshi
operations. Work on the expansion of TSF2 is well on track for delivery during the commissioning of S3.
ZAMBIA POWER UPDATE
The power situation in Zambia remained constrained in the first quarter of 2025 and the declaration of national
emergency remains in place. Steady rainfall during the rainy season has provided partial relief, but reservoir levels
at Lake Kariba remain below historical norms, prompting ZESCO to continue cautious load management, albeit less
severe than at the peak of the crisis.
In response to these challenges, First Quantum has maintained and extended supplementary power arrangements
with regional third- party energy traders, easing pressure on the Zambian power grid and supporting stable
operations. As the Kansanshi S3 Expansion ramps up in the second half of 2025, the Company anticipates sourcing
up to 60% of its electricity from imports, which is expected to be a mix of renewable and non- renewable sources.
The annualized impact of the Company ’s supplementary sourcing strategy on 2025 copper C1 cash cost 1 is
estimated to be approximately $0.07 per lb, which is included in the current guidance.
In the near term, First Quantum will continue purchasing from regional power traders to ensure reliable supply, while
advancing long- term renewable power offtake agreements with domestic independent power producers. This
approach will support the Company ’s operations as well as add new capacity to the Zambian grid, benefiting both
industrial and residential users. As a reflection of this focus, during the quarter, the Company advanced a 10 -year
offtake agreement with a power trader for a 100 MW solar installation schedul ed for commissioning later this year.
1 C1 cash cost (C1) is a non-GAAP ratio, 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”
First Quantum Minerals Ltd. 25-13
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Additionally, the previously announced planned solar and wind projects, representing a combined 430 MW of
capacity, remain on track for commissioning in late 2028.
This quarter, the Company commenced multi-year grid stabilization workstreams in collaboration with ZESCO. These
efforts aim to improve voltage stability and support the region ’s growing industrial power requirements, including
those of the Kansanshi S3 Expansion.
BOARD LEADERSHIP TRANSITION
After 12 years on the Board, including six years as Lead Independent Director and the last two years as Chair, Robert
Harding will retire at the conclusion of the 2025 AGM to be held on May 8, 2025. At that time, Kevin McArthur, a
Director since 2021, will succeed as Chair . Andrew Adams, a Director since 2005, and Joanne Warner, a Director
since 2019, will also retire at the conclusion of the 2025 AGM.
As part of the board renewal program, Mr. Peter Buzzi and Ambassador Brian Nichols have been nominated to be
appointed as D irectors. Mr. Peter Buzzi has served more than 35 years at RBC Capital Markets including as Co-
Head of RBC ’s Global Mergers and Acquisitions advisory group and a member of the firm ’s investment banking
senior leadership team for close to 25 years. Ambassador Brian Nichols previously served as the United States
Assistant Secretary of State for Western Hemisphere Affairs until his retirement in January 2025. Prior to this,
Ambassador Brian Nichols also served as Ambassador to Peru as well as the Ambassador to Zimbabwe. He has
over 35 years of experience in international relations, crisis management, and trade development across Latin
America, Africa, and Asia.
2025 GUIDANCE
Guidance provided below is based on a number of assumptions and estimates as of March 31, 2025, including
among other things, assumptions about metal prices and anticipated costs and expenditures. Guidance involves
estimates of known and unknown risks, unc ertainties and other factors, which may cause the actual results to be
materially different.
2025 guidance that was previously disclosed on January 15, 2025 remains unchanged.
PRODUCTION GUIDANCE
000’s 2025
Copper (tonnes) 380 – 440
Gold (ounces) 135 – 155
Nickel (contained tonnes) 15 – 25
PRODUCTION GUIDANCE BY OPERATION1
Copper production guidance (000’s tonnes) 2025
Kansanshi 160– 190
Trident - Sentinel 200 – 230
Other sites 20
Gold production guidance (000’s ounces)
Kansanshi 100 – 110
Guelb Moghrein 35 – 45
Nickel production guidance (000’s contained tonnes)
Trident - Enterprise 15 –25
1 Production is stated on a 100% basis as the Company consolidates all operations.