FIRST QUANTUM MINERALS REPORTS SECOND QUARTER 2025 RESULTS (In United States dollars, except where noted otherwise)
NEWS RELEASE
25-19
July 23, 2025
www.first-quantum.com
FIRST QUANTUM MINERALS REPORTS SECOND QUARTER 2025 RESULTS
(In United States dollars, except where noted otherwise)
Toronto, Ontario ( July 23, 2025 ) - First Quantum M inerals Ltd. (“First Quantum” or the "Company”) (TSX: FM)
today reports results for the three and six months ended June 30, 2025 (“Q2 2025” or the "second quarter") of net
earnings attributable to shareholders of the Company of $18 million ( $0.02 earnings per share) and adjusted
earnings1 of $17 million ($0.02 adjusted earnings per share2).
“The second quarter marked several important milestones for First Quantum. At Cobre Panamá, we received
formal government approval for the Preservation and Safe Management plan and started shipping copper
concentrate that has been on site since 2023. At the S3 Expansion project at Kansanshi, we are in the final stages
of commissioning and the project remains on budget and on schedule for first production in the second half of
2025. Additionally, I am also pleased that test work on a newly identified gold zone at Kansanshi is yielding
promising results. We are accelerating further work, including additional test work and a pilot plant. 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,” said Tristan Pascall, Chief Executive Officer of First Quantum. “To support our
near-term liquidity, we initiated gold hedges during the quarter, capitalizing on the strong prevailing market prices
for a portion of our gold output. This initiative is another step in our continuing efforts to enhance our financial
flexibility.”
Q2 2025 SUMMARY
In Q2 2025, First Quantum reported gross profit of $351 million, EBITDA1 of $400 million, net earnings attributable
to shareholders of $0.02 per share, and adjusted earnings per share2 of $0.02. Relative to the first quarter of 2025
(“Q1 2025”), second quarter financial results were stronger due to higher gold sales volumes and higher realized
copper and gold prices2. The second quarter benefitted from a concentrate shipment from Cobre Panamá in June.
Along with second quarter results, the following are also detailed in this news release:
• Cobre Panamá Update: The Government of Panama (“GOP”) approved the Preservation and Safe
Management ("P&SM") plan which permits the export of copper concentrate and restart of the power plant at
Cobre Panamá.
• Kansanshi S3 Expansion Update: The S3 Expansion project reached the final stages of commissioning,
ahead of schedule. The project remains on budget and on schedule for first production in the second half of
2025. The Company has now passed the peak of capital expenditure, with cash spending expected to decline
as the project advances towards completion.
• New Near-Surface Gold Zone Opportunity at Kansanshi: The Company continued the exploration program
to evaluate near-surface gold zone occurrences in the South East Dome area and intends to work towards
defining the resource. Preliminary results have generated encouraging results to date. The Company is
accelerating additional test work and initiated work on a pilot plant.
• Hedging Program: During the quarter, the Company continued to enter into additional unmargined zero cost
collars and initiated new unmargined zero cost gold collars.
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”.
Q2 2025 OPERATIONAL HIGHLIGHTS
Total copper production for the second quarter was 91,069 tonnes, a 9% decrease from Q1 2025 mainly as a result
of lower production at Kansanshi. Copper C1 cash cost 1 was $0.05 per lb higher quarter-over-quarter at $2.00 per
lb, reflecting lower copper production volumes. Copper sales volumes totalled 101,173 tonnes, approximately
10,104 tonnes higher than production due to the shipment of 8,248 tonnes of copper from Cobre Panamá in June
following the approval of the P&SM plan by the GOP.
• Kansanshi reported copper production of 40,103 tonnes in Q2 2025, a decrease of 6,441 tonnes from the
previous quarter due to lower feed grades despite an increase in mill throughput. Sulphide grade for the
quarter was lower, mainly as a result of the reclassification of sulphide ore to mixed ore in the Main 15
cutback and at the same time a portion of the volume mined was downgraded from high grade to low
grade. However, the milled tonnage in the S2 sulphide circuit increased by approximately 3,300 tonnes per
day when compared to Q1 2025 based on continuous improvement of the ore fragmentation during
blasting. As expected, the planned 40-day smelter shutdown, which commenced at the beginning of June,
reduced acid availability and limited ore feed flexibility. As a result, mixed ore was fed through the oxide
circuit for the entire month of June. The smelter returned to operation in early July. Gold production
continued to be strong at 27,764 ounces in the second quarter driven by the upgrade of two existing
gravity concentrators and the installation of a new gravity concentrator, which was commissioned late in
the first quarter of 2025. Copper C1 cash cost 1 of $1.47 per lb was $ 0.13 higher quarter-over-quarter as a
result of lower production. Production guidance for 2025 remains unchanged at 160,000 to 190,000 tonnes
of copper and 100,000 to 110,000 ounces of gold. 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. Guidance for gold
production does not include potential production from the newly identified near-surface gold zone
occurrences in the South East Dome area.
• Sentinel reported copper production of 43,108 tonnes in Q2 2025, 3,253 tonnes lower than the previous
quarter due to the mining of lower grades from Stage 3. Total t hroughput improved quarter-over-quarter
despite a 4-day planned shutdown as the downtime related to the Train 2 Ball mill flange bolt fatigue
issues, identified during the first quarter, were addressed in close collaboration with the original equipment
manufacturer and specialist engineering consultants and the Company is in the process of finalizing a
corrective procedure on the affected Ball mill. Copper C1 cash cost1 of $2.77 per lb was $0.22 higher than
the preceding quarter as a result of the lower production volumes. During the second quarter of 2025,
Sentinel began installation of an innovative low-energy consumption conveyor technology utilizing rail carts
in replacement of traditional idlers. The rail run conveyor ("RRC") system is expected to commence with
commissioning in late 2025. The RRC is expected to draw potentially 50-70% less power than traditional
conveying. 2025 copper production guidance remains unchanged at 200,000 to 230,000 tonnes. The focus
at Sentinel will continue to be on increasing total throughput with various ongoing initiatives. Grades for the
year 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 of ore to be derived 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 will reduce and the material feed to the plant is expected to more closely resemble current feed
from Stage 1 and 2.
• In the second quarter of 2025, Enterprise produced 4,018 tonnes of nickel, a 14% decrease over the
previous quarter due to lower throughput and grades. Grades continued to be 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 cost 1 of $5.83 per lb is $1.05 higher
than the previous quarter due to lower production volumes and higher mining contractor costs. 2025
production guidance remains unchanged at 15,000 to 25,000 contained tonnes of nickel. The focus for
2025 continues to be on maximizing ore supply and comminution efficiency to increase throughput and
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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”
reduce operating cost per unit. In response to the challenging economic conditions for the nickel market,
the mining strategy for the year has been revised to minimize waste stripping while maintaining nickel
production within guidance. Another key focus area will be improving plant performance in dealing with the
complex nickel ore types.
COBRE PANAMÁ UPDATE
Production at Cobre Panamá has been halted since November 2023. On May 30, 2025, the GOP, through the
Ministry of Commerce and Industries, approved and formally instructed the execution of the P&SM plan. This
allows for the integral P&SM activities and the associated environmental measures at site, which will be funded
through the copper concentrate that has been approved by the GOP for export.
• The first vessel was successfully loaded and 8,248 tonnes of copper in concentrate was exported in June
2025. The second and third shipments were successfully dispatched in July and the final shipment is
expected to be dispatched shortly thereafter. The loading process proceeded slowly due to the extra
mobile equipment handling requirements necessitated by the condition of the concentrate stockpile, which
had compacted and formed a hard crust during the prolonged storage on site . Following a safe and
methodical process, the concentrate was loaded and exported safely without incident. The export process
included oversight from government representatives, as well as independent citizen observers from nearby
communities, in order to enhance transparency and communication with stakeholders.
• The proceeds from the export of the copper concentrate are being used to support critical preservation
activities, including the salaries of Panamanian employees, payments to local Panamanian suppliers, and
continued environmental stewardship.
• The execution of the P&SM plan also provides for the import of fuel and restart of Cobre Panamá’s
thermoelectric power plant. The Company has commenced pre-commissioning inspections of the power
plant and the mobilization of specialists to site. The power plant is currently anticipated to restart in the
fourth quarter of 2025, following completion of re-commissioning activities.
P&SM costs during the second quarter averaged approximately $15 million per month. These expenses are
principally related to labour, maintenance, contractors’ services, electricity costs, and other general operating
expenses. For the month of June, costs included services for the shipment of the first concentrate vessel and some
expenses related to pre-commissioning activities for the power station start-up. The Company continues to actively
manage maintenance expenditures and will adjust workforce levels and activity-related costs in response to
evolving conditions on the ground in Panama. With the recommissioning of the power plant, the Company
anticipates increasing its workforce by approximately 100 people. P&SM costs are expected to increase to
approximately $17 million to $18 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.
The Company continues with the comprehensive public outreach program across the country to enhance
transparency and provide accessible information about Cobre Panamá.
KANSANSHI S3 EXPANSION
The Kansanshi S3 Expansion project reached the final stages of commissioning with first ore fed through the
expansion operations ahead of schedule. The project remains on budget and on schedule for first production in the
second half of 2025. The Company has now passed the peak of capital expenditure with cash spending expected
to decline as the project advances towards completion.
During the second quarter of 2025, commissioning of the dry plant and mills progressed well. First ore was fed to
the primary crusher onto the crushed ore stockpile during the quarter and subsequently through the semi-
autogenous grinding ("SAG") mill and the rougher flotation circuit in July, ahead of schedule. Water runs in the wet
plant continued, including filling the rougher flotation cells, tails thickeners and the raw water clarifier. Construction
work continues with a focus on completing non-process infrastructure and readying the site for ongoing operations.
The project achieved 91% construction completion and 50% of systems have been handed over to commissioning.
Configuration of the plant control system is at 92% completion with a focus on site live sequence and functionality
testing. Operational readiness is 93% complete with all employment requirements fulfilled. The transition from a
First Quantum Minerals Ltd. 25-19
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readiness team to the operational team has begun and operators and maintenance personnel have commenced
controlled plant runs.
KANSANSHI EXPLORATION UPDATE
At Kansanshi, the Company continued the program to evaluate the new near-surface gold zone occurrences in the
South East Dome area. Recent work has identified the presence of near-surface gold mineralization with a
thickness ranging from one to nine meters, with a northwest strike length of 7.5 kilometres, which directly overlies
and extends outwards of the primary copper-gold deposit. Deportment studies suggest that the gold is generally
very fine grained, but with some associated coarser particles having a typical gold mineralization ‘nugget effect’
which needs to be considered during sampling, analysis and ultimately for grade estimation purposes. The style of
mineralization requires a larger than typical sample together with careful sample collection and analytical methods
that address both the nugget effect as well as risks to detecting the fine gold component. The exploration test work
is ongoing with the intent to work towards defining the resource for the near-surface gold zone occurrences.
Preliminary results from bulk samples processed in the existing Kansanshi gold facilities and a small-scale bulk
testing plant have generated encouraging results to date, enabling the rapid deployment of interim bulk sampling
facilities on site. The Company is accelerating additional test work, including in-situ sampling and analysis on large
diameter diamond drilled core samples, as well as additional bulk sampling. In addition, a high resolution airborne
electromagnetic survey has been completed to assist in delineating the position, extents and quality of the near-
surface gold zone occurrences. The Company has initiated work on a pilot plant with an estimated completion later
this year, which is intended to support processing of the gravity gold mineralization.
Work related to the newly defined near-surface gold zone occurrences and the potential gold production is
independent of the existing Kansanshi copper and gold operations and the S3 Expansion project. The new near-
surface gold zone occurrences are not currently included within the Company’s Mineral Resources and Reserves,
the Kansanshi mine plan or guidance.
FINANCIAL HIGHLIGHTS
Financial results continue to be impacted by the suspension of Cobre Panamá. Second quarter financial results,
relative to the first quarter, benefitted from strong gold sales volumes and realized copper and gold prices2.
• Gross profit for the second quarter of $351 million was $20 million higher than Q1 2025, while EBITDA1 of
$400 million for the same period was $23 million higher.
• Cash flows from operating activities of $780 million ($0.94 per share 2) for the quarter were $637 million
higher than Q1 2025 due to the timing of receipt of the $500 million copper prepayment received in April
2025 as well as the 8,248 tonnes of copper in concentrate sold from Cobre Panamá in June.
• Net debt3 decreased by $334 million during the quarter to $5,453 million with total debt at $6,190 million as
at June 30, 2025 . The decrease in net debt 2 is attributable to the receipt of $500 million under the
prepayment agreement and EBITDA 1 contributions of $ 400 million offset by capital expenditures of $ 310
million.
HEDGING PROGRAM
During the quarter, the Company continued to enter into derivative contracts, in the form of unmargined zero cost
copper collars, and initiated new unmargined zero cost gold collars, as protection from downside price movements
in each metal, financed by selling price upside beyond certain levels on a matched portion of production.
As at July 23, 2025 , the Company had zero cost copper collar contracts outstanding for 228,800 tonnes at
weighted average prices of $4.14 per lb to $4.71 per lb with maturities to June 2026. Of these, there were 136,325
tonnes with maturities to the end of 2025 with weighted average prices of $4.14 per lb to $4.80 per lb.
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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”.
Approximately 60% 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. In addition, as at July 23, 2025, the
Company had zero cost gold collar contracts outstanding for 78,318 ounces at weighted average prices of $2,941
per oz to $4,168 per oz with maturities to June 2026.
CONSOLIDATED FINANCIAL HIGHLIGHTS
QUARTERLY
Q2 2025 Q1 2025 Q2 2024
Sales revenues 1,226 1,190 1,231
Gross profit 351 331 333
Net earnings (loss) attributable to shareholders of
the Company 18 (23) (46)
Basic net earnings (loss) per share $0.02 ($0.03) ($0.06)
Diluted net earnings (loss) per share $0.02 ($0.03) ($0.06)
Cash flows from operating activities 780 143 397
Net debt1 5,453 5,787 5,437
EBITDA1,2 400 377 336
Adjusted earnings (loss)1 17 2 (13)
Adjusted earnings (loss) per share3 $0.02 $0.00 ($0.02)
Cash cost of copper production excluding Cobre
Panamá (C1) (per lb)3,4 $2.00 $1.95 $1.73
Total cost of copper production excluding Cobre
Panamá (C3) (per lb)3,4 $3.05 $3.02 $2.83
Copper all-in sustaining cost excluding Cobre
Panamá (AISC) (per lb)3,4 $3.18 $2.82 $2.71
Cash cost of copper production (C1) (per lb)3,4 $2.00 $1.95 $1.73
Total cost of copper production (C3) (per lb)3,4 $3.11 $3.06 $2.87
Copper all-in sustaining cost (AISC) (per lb)3,4 $3.28 $2.90 $2.82
Realized copper price (per lb)3 $4.30 $4.26 $4.39
Net earnings (loss) attributable to shareholders of
the Company 18 (23) (46)
Adjustments attributable to shareholders of the
Company:
Adjustment for expected phasing of Zambian
value-added tax (“VAT”) (19) (12) (27)
Modification and redemption of liabilities – 12 –
Total adjustments to EBITDA1 excluding
depreciation2 8 3 71
Tax adjustments 12 22 6
Minority interest adjustments (2) – (17)
Adjusted earnings (loss)1 17 2 (13)
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 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 and the tax effect on unrealized movements in the fair value of
derivatives designated as hedging instruments (2024 - relate to an impairment expense of $71 million, a foreign exchange revaluations gain of $14m and a restructuring
expense of $12 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
2,211 tonnes and 8,609 tonnes for the three and six months ended June 30, 2025 (12,100 tonnes and 17,890 tonnes for the three and six months ended June 30, 2024).
First Quantum Minerals Ltd. 25-19
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REALIZED METAL PRICES1
QUARTERLY
Q2 2025 Q1 2025 Q2 2024
Average LME copper cash price (per lb) $4.32 $4.24 $4.42
Realized copper price1 (per lb) $4.30 $4.26 $4.39
Treatment/refining charges (“TC/RC”) (per lb) ($0.04) ($0.03) ($0.06)
Freight charges (per lb) ($0.01) ($0.03) ($0.05)
Net realized copper price1 (per lb) $4.25 $4.20 $4.28
Average LBMA cash price (per oz) $3,281 $2,859 $2,338
Net realized gold price1,2 (per oz) $3,166 $2,833 $2,207
Average LME nickel cash price (per lb) $6.88 $7.06 $8.35
Net realized nickel price1 (per lb) $6.11 $7.04 $7.86
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
Q2 2025 Q1 2025 Q2 2024
Copper production (tonnes)1 91,069 99,703 102,709
Kansanshi 40,103 46,544 41,507
Sentinel 43,108 46,361 53,595
Other Sites2 7,858 6,798 7,607
Copper sales (tonnes)3 101,173 101,960 94,628
Kansanshi3 43,291 45,319 36,332
Sentinel 43,241 48,891 51,113
Other Sites2 6,393 7,750 7,183
Gold production (ounces) 37,419 40,254 32,266
Kansanshi 27,764 29,868 23,575
Guelb Moghrein 8,887 9,803 8,144
Other sites4 768 583 547
Gold sales (ounces)5 46,687 38,906 37,140
Kansanshi 31,584 31,100 28,860
Guelb Moghrein 11,121 6,591 7,572
Other sites4 223 1,215 708
Nickel production (contained tonnes) 4,018 4,649 7,400
Nickel sales (contained tonnes) 6,383 3,167 7,645
Cash cost of copper production (C1) (per lb)3,6 $2.00 $1.95 $1.73
C1 (per lb) excluding Cobre Panamá3,6 $2.00 $1.95 $1.73
Total cost of copper production (C3) (per lb)3,6 $3.11 $3.06 $2.87
Copper all-in sustaining cost (AISC) (per lb)3,6 $3.28 $2.90 $2.82
AISC (per lb) excluding Cobre Panamá3,6 $3.18 $2.82 $2.71
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 2,211 tonnes and 8,609 tonnes for the for the three and six months ended June 30, 2025 (12,100 tonnes and 17,890 tonnes for the for the three and six months ended
June 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”.
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2025 GUIDANCE
Guidance provided below is based on a number of assumptions and estimates as of June 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.
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.
CASH COST1 AND ALL-IN SUSTAINING COST1
Total Copper 2025
C1 (per lb)1 $1.85 – $2.10
AISC (per lb)1 $3.05 – $3.35
Total Nickel 2025
C1 (per lb)1 $5.00 – $6.50
AISC (per lb)1 $7.50 – $9.25
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
Project capital1 590 – 650
Sustaining capital1 450 – 500
Capitalized stripping1 260 – 300
Total capital expenditure 1,300 – 1,450
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”.
ENVIRONMENT, SOCIAL AND GOVERNANCE (“ESG”)
Health & Safety
Tragically, on June 21, 2025, an employee at the Trident operation in Zambia passed away following an incident
involving a dump truck at the Sentinel pit. The Company is working with the relevant local authorities in their
investigations and an internal investigation into the incident is underway. The health and safety of the Company’s
employees and contractors is a top priority and the Company is focused on the continuous strengthening and
improvement of the safety culture at all of its operations.
First Quantum Minerals Ltd. 25-19
Climate Strategy
In light of the current situation in Panama and drought conditions aggravated by El Niño in Zambia, the Company
revised its climate targets on May 15, 2025. The expected timeline for delivering the Company’s decarbonization
strategy has been impacted by the current phase of P&SM at Cobre Panamá following the suspension of
operations, alongside a temporary reduction in the availability of hydroelectric power in Zambia due to drought
conditions.
In response, First Quantum now targets a 50% reduction in absolute Scope 1 and 2 greenhouse gas emissions, as
w e l l a s t h e C O ₂ e i n t e n s i t y o f c o p p e r p r o d u c t i o n , b y 2 0 3 5 . P r o g r e s s t o w a r d t h i s t a r g e t w i l l d e p e n d s i g n i f i c a n t l y o n
increased clarity around the situation in Panama, where the power station at Cobre Panamá, when operational,
r e m a i n s t h e C o m p a n y ’ s l a r g e s t s i n g l e s o u r c e o f C O ₂ e e m i s s i o n s .
COMPLETE FINANCIAL STATEMENTS AND MANAGEMENT’S DISCUSSION AND ANALYSIS
The complete Consolidated Financial Statements and Management’s Discussion and Analysis for the three and six
months ended June 30, 2025 are available at www.first-quantum.com and at www.sedarplus.com and should be
read in conjunction with this news release.
CONFERENCE CALL DETAILS
The Company will host a conference call and webcast to discuss the results on Thursday, July 24, 2025 at 9:00 am
(ET).
Conference call and webcast details:
Toll-free North America: 1-800-715-9871
International: +1-646-307-1963
Conference ID 8111752
Webcast: Direct link or on our website
A replay of the webcast will be available on the First Quantum website.
For further information, visit our website at www.first-quantum.com or contact:
Bonita To, Director, Investor Relations
(416) 361-6400 Toll-free: 1 (888) 688-6577
E-Mail: [email protected]
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