FIRST QUANTUM MINERALS REPORTS THIRD QUARTER 2025 RESULTS (In United States dollars, except where noted otherwise)
NEWS RELEASE
25-31
October 28, 2025
www.first-quantum.com
FIRST QUANTUM MINERALS REPORTS THIRD QUARTER 2025 RESULTS
(In United States dollars, except where noted otherwise)
Toronto, Ontario (October 28, 2025) - First Quantum Minerals Ltd. (“First Quantum” or the "Company”) (TSX:
FM) today reports results for the three and nine months ended September 30, 2025 (“Q3 2025” or the "third
quarter") of net loss attributable to shareholders of the Company of $48 million ($0.06 loss per share) and adjusted
loss1 of $16 million ($0.02 adjusted loss per share2) for the third quarter.
“During the quarter, we made meaningful progress on our priorities for 2025. We continued to proactively
strengthen our balance sheet and manage our liquidity with the agreement of a $1 billion non-debt gold stream
arrangement with Royal Gold. In addition, we undertook a series of bond transactions to extend our debt profile,
with our earliest bond maturity now occurring in 2029. Operationally, production continued to improve quarter-over-
quarter and we remain on track with our production guidance for the year. 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 the last two decades that has allowed the Company to grow into the leading global copper
producer that it is today,” said Tristan Pascall, Chief Executive Officer of First Quantum. “In Panama, the remaining
concentrate shipments were completed safely and without incident during the quarter. The Government of Panama
is advancing the environmental study. We continue our work on Preservation and Safe Management of Cobre
Panamá and expect to restart the power plant in the fourth quarter. Our focus remains on reaching a constructive
resolution for the mine that serves the best interests of our stakeholders, the government, and the people of
Panama.”
Q3 2025 SUMMARY
In Q3 2025, First Quantum reported gross profit of $360 million, EBITDA 1 of $435 million, net loss attributable to
shareholders of $0.06 per share, and adjusted loss per share 1 of $0.02. Relative to the second quarter of 2025
(“Q2 2025”), while third quarter financial results benefitted from improved production at Kansanshi and Sentinel,
stronger realized metal prices 2, and concentrate sales from Cobre Panamá, financial results were impacted by
lower sales at Kansanshi related to the replenishment of inventories.
Along with third quarter results, the Company has updated 2025 guidance:.
• Copper production guidance has narrowed from 380,000 – 440,000 tonnes to 390,000 – 410,000 tonnes,
• Gold production guidance has narrowed from 135,000 – 155,000 tonnes to 140,000 – 150,000 ounces,
• Nickel production guidance has narrowed from 15,000 – 25,000 tonnes to 18,000 – 23,000 tonnes,
• Copper C1 cash cost 3 has narrowed from $1.85 – $2.10 per lb to $1.95 – $2.10 per lb,
• Nickel C1 cash cost 3 has been lowered from $5.00 – $6.50 per lb to $4.75 – $5.50 per lb, and
• Total capital expenditure guidance has been reduced from a range of $1,300 – $1,450 million to $1,150 –
$1,250 million, based on spend to date and the latest expected timing of capital expenditures.
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 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 Copper C1 cash cost (copper C1), and copper all-in sustaining costs (copper 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”.
Q3 2025 OPERATIONAL HIGHLIGHTS
Total copper production for the third quarter was 104,626 tonnes, a 15% increase from Q2 2025 as a result of
higher production from Sentinel and Kansanshi. Copper C1 cash cost 1 was $0.05 per lb lower quarter-over-quarter
at $1.95 per lb, reflecting higher copper production volumes. Copper sales volumes totalled 118,825 tonnes,
approximately 14,199 tonnes higher than production due to the shipment of 24,306 tonnes of copper from Cobre
Panamá during the quarter with the approval of the Preservation and Safe Management ("P&SM") plan by the
Government of Panama ("GOP"). Copper sales volumes at Kansanshi were lower than production as anode
inventory levels were replenished following the planned 40-day smelter shutdown in the second quarter, which
returned to operation in early July.
• Kansanshi reported copper production of 46,881 tonnes in Q3 2025, an increase of 6,778 tonnes from the
previous quarter due to an increase in mill throughput as the Kansanshi S3 Expansion project was
commissioned and produced first concentrate in August. The accelerated ramp-up of S3, circuit
stabilization and recoveries surpassed budgeted expectations and had a positive impact on production,
contributing 6,136 tonnes of copper during the quarter. Copper C1 cash cost 4 of $ 1.34 per lb was $ 0.13
lower quarter-over-quarter as a result of higher production. Copper production guidance for 2025 has
narrowed to 175,000 – 185,000 tonnes, while gold production guidance has increased to 110,000 –
115,000 ounces. Copper and gold production in the fourth quarter are expected to exceed third quarter
levels, driven by a faster than anticipated ramp up of the Kansanshi S3 Expansion throughput and
recoveries, resulting in stable circuit performance ahead of schedule.
• Sentinel reported copper production of 51,336 tonnes in Q3 2025, 8,228 tonnes higher than the previous
quarter. Mill throughput averaged over 5 million tonnes per month, representing a 14% increase from Q2
2025 levels, benefitting from improved ore fragmentation, reliability and performance of the primary
crushers and performance of the crushed ore mill feed stockpile. Copper C1 cash cost1 of $2.53 per lb was
$0.24 lower than the preceding quarter as a result of higher production volumes. During the quarter, the
Company continued to advance its maintenance program to address the fatigue in the Ball Mill 2 flange
bolts. Building on the progress made in the previous quarter, work is ongoing in collaboration with the
original equipment manufacturer ("OEM") and specialist engineering consultants to address the high levels
of ongoing routine maintenance otherwise required to counter the fatigue situation. The development of a
long-term corrective procedure remains a key focus to ensure sustained mill performance and reliability.
The relocation of In-Pit Crusher 2 has been completed and is expected to be commissioned in the fourth
quarter of 2025. The innovative low-energy consumption rail run conveyor, which was showcased on the
Company's Zambia tour in September, will require some modification as performance testing continues
towards final commissioning of the asset. Production guidance for 2025 has been updated to 190,000 –
200,000 tonnes of copper to reflect performance to date. Grades are expected to be relatively higher in the
fourth quarter of 2025 as mining progresses to the bottom of the Stage 1 pit for sump development ahead
of the wet season and the transition to higher primary sulphide ore volumes reporting from Stage 3.
• In the third quarter of 2025, Enterprise produced 5,767 tonnes of nickel, a 44% increase over the previous
quarter due to higher throughput and supported by 19% higher recoveries quarter-over-quarter. Grades
continued to be impacted by a higher proportion of transitional ore from the Stage 3 area. Nickel C1 cash
cost1 of $4.17 per lb is $1.66 lower than the previous quarter due to higher production volumes. Production
guidance for 2025 was narrowed to 18,000 – 23,000 contained tonnes of nickel while n ickel unit cost
guidance has been reduced to reflect year-to-date operational performance.
• At Cobre Panam á, maintenance refurbishment of subsystems in the flotation area and conveyor belts
began last quarter and continues as part of the overall fixed plant preservation plan. Special attention has
been given to valve inspections and maintenance throughout the plant, along with a more thorough
examination of the stockpile feeders, which were found to be in fair condition. Detailed inspections with
OEM specialists began last quarter to assess the condition of the mobile fleet after 18 months of long-term
preservation storage. Inspections of ultra-class haul trucks and production drills are approaching
completion and rope shovels are scheduled for review in the upcoming quarter. Findings are being used to
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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”
refine the preservation strategy to ensure asset safety and integrity. P&SM costs during the third quarter
averaged approximately $15 million per month and included services related to the copper concentrate
shipments. P&SM costs are expected to increase to approximately $15 million to $17 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. Royalty
payments associated with the copper concentrate sales are paid in arrears and expected to be made
during the fourth quarter of 2025.
2025 GUIDANCE
Guidance provided below is based on a number of assumptions and estimates as of September 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.
Guidance has been updated for copper, gold and nickel production to reflect year-to-date performance and outlook
for the remainder of the year.
Copper production guidance has narrowed from 380,000 – 440,000 tonnes to 390,000 – 410,000 tonnes. Strong
performance from Kansanshi has resulted in guidance being narrowed to the upper end of the original guidance
range while guidance for Guelb Moghrein and Çayeli has increased. Guidance for Sentinel has been updated to
reflect the performance to date.
Gold production guidance has been narrowed towards the upper end of the range to reflect higher grades
experienced to date at Kansanshi.
Copper unit cost guidance has narrowed for both C1 2 and AISC 2 to reflect performance to date, coupled with
strong by-product credits and lower fuel costs, offset by higher employee costs and increased Zambian electricity
costs. The assumptions underlying this guidance include a gold price of $3,800 per ounce, an average Brent crude
oil price of $75 per barrel, a Zambian kwacha to US dollar exchange rate of 26, and royalties based on consensus
copper prices.
Nickel unit cost guidance for Enterprise nickel has been reduced to reflect year-to-date operational performance.
Guidance for total capital expenditure has been reduced from a range of $1,300 – $1,450 million to $1,150 –
$1,250 million, based on spending to date and the latest expected timing of capital expenditures.
Capital expenditure for the three and nine months ended September 30, 2025 was $280 million and $833 million,
respectively. Year-to-date expenditure on the Kansanshi S3 Expansion project was approximately $233 million,
with a total of $1,080 million spent since the start of the project and approximately a further $32 million committed.
The project is expected to finish under the original budget of $1,250 million. Ongoing project capital works on
Tailings Storage Facility 2 ("TSF2") are expected to complete in the second quarter of 2026.
Interest expense on debt for the full year 2025 is expected to be approximately $550 million to $575 million,
reflecting the financing activities that have taken place throughout the year, and excludes interest accrued on
related party loans to Cobre Panamá and Ravensthorpe, finance cost accreted on deferred revenue, capitalized
interest expense and accretion on asset retirement obligation.
Cash outflow on interest paid is expected to be approximately $450 million to $475 million for the full year 2025.
This excludes interest paid on related party loans to Cobre Panamá and Ravensthorpe as well as capitalized
interest paid.
Capitalized interest is expected to be approximately $75 million for the full year 2025.
The effective tax rate is expected to be approximately 30% to 35% for the full year 2025.
The full year 2025 depreciation expense excluding Cobre Panamá is expected to be between $675 million to $725
million. While under P&SM, depreciation at Cobre Panamá is expected to be $80 million to $100 million on an
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2 Copper C1 cash cost (copper C1), and copper all-in sustaining costs (copper 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”.
annualized basis, which includes approximately $40 million of depreciation associated with the sale of copper
concentrate from the shed.
PRODUCTION GUIDANCE
000’s 2025 Previous
Guidance
2025 Updated
Guidance
Copper (tonnes) 380 – 440 390 – 410
Gold (ounces) 135 – 155 140 – 150
Nickel (contained tonnes) 15 – 25 18 – 23
PRODUCTION GUIDANCE BY OPERATION1
Copper production guidance (000’s tonnes) 2025 Previous
Guidance
2025 Updated
Guidance
Kansanshi 160 – 190 175 – 185
Trident – Sentinel 200 – 230 190 – 200
Other sites 20 25
Gold production guidance (000’s ounces)
Kansanshi 100 – 110 110 – 115
Guelb Moghrein 35 – 45 30 – 35
Nickel production guidance (000’s contained tonnes)
Trident – Enterprise 15 – 25 18 – 23
1 Production is stated on a 100% basis as the Company consolidates all operations.
CASH COST1 AND ALL-IN SUSTAINING COST1
Total Copper 2025 Previous
Guidance
2025 Updated
Guidance
C1 (per lb)1 $1.85 – $2.10 $1.95 – $2.10
AISC (per lb)1 $3.05 – $3.35 $3.10 – $3.25
Total Nickel 2025 Previous
Guidance
2025 Updated
Guidance
C1 (per lb)1 $5.00 – $6.50 $4.75 – $5.50
AISC (per lb)1 $7.50 – $9.25 $6.50 – $7.50
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 Previous
Guidance
2025 Guidance
Project capital1 590 – 650 640 – 675
Sustaining capital1 450 – 500 335 – 375
Capitalized stripping1 260 – 300 175 – 200
Total capital expenditure 1,300 – 1,450 1,150 – 1,250
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”.
FINANCIAL HIGHLIGHTS
Financial results continue to be impacted by the suspension of Cobre Panamá.
• Gross profit for the third quarter of $360 million was $9 million higher than Q2 2025, while EBITDA 1 of
$435 million for the same period was $35 million higher, benefitting from higher copper sales volumes from
the sale of 24,306 tonnes of copper in concentrate from Cobre Panamá and higher realized copper, gold
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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”.
and nickel prices2.
• Cash flows from operating activities of $1,195 million ($1.44 per share 1) for the quarter were $415 million
higher than Q2 2025 primarily due to the receipt of $1,000 million under the gold streaming agreement with
Royal Gold.
• Net debt 2 decreased by $702 million during the quarter to $4,751 million with total debt at $5,711 million as
at September 30, 2025. The decrease in net debt 2 is attributable to the receipt of $1,000 million under the
gold stream agreement and EBITDA 1 contributions of $435 million, offset by capital expenditures of $280
million, interest paid of $166 million, inclusive of $25 million of capitalized interest, and $136 million of
working capital outflows.
GOLD STREAMING AGREEMENT
The Company, through a wholly-owned subsidiary incorporated in Canada, entered into a gold streaming
agreement with RGLD Gold AG, a wholly owned subsidiary of Royal Gold, Inc. in August 2025. The Company
received a $1,000 million upfront cash payment in exchange for gold deliveries referenced to copper production
from the Kansanshi mine. The transaction provides long-term, unsecured, non-debt capital which significantly
enhances liquidity. The Company maintains full exposure to the copper production and the majority of the gold
production at Kansanshi while retaining full exposure to the recently identified near-surface gold zone occurrences.
For more information on the transaction, please refer to the August 5, 2025 news release "First Quantum
Announces $1.0 Billion Gold Stream" on the Company's website.
SENIOR NOTES TRANSACTIONS
During the quarter, the Company executed a series of Senior Notes transactions that successfully extended its
debt maturity profile to 2029.
• On August 6, 2025, the Company announced the tender offer to purchase for cash any and all of the
Company’s outstanding 6.875% Senior Notes due 2027.
• On August 6, 2025, the Company announced the tender offer to purchase for up to $250 million aggregate
principal amount outstanding of its 9.375% Senior Notes due 2029.
• An offering of $1,000 million 7.250% Senior Notes due 2034 was completed on August 20, 2025. Gross
proceeds from the notes offering, together with cash on the balance sheet, was used to fund the tender
offer for the existing 6.875% Senior Notes due 2027 and to redeem any Senior Notes due 2027 not
accepted for purchase in the tender offer, to fund the tender offer for a portion of the existing 9.375%
senior secured second lien notes due 2029 and pay related fees, costs and expenses.
HEDGING PROGRAM
As at October 28, 2025, the Company had zero cost copper collar contracts outstanding for 171,300 tonnes at
weighted average prices of $4.12 per lb to $4.72 per lb with maturities to June 2026. Of these, there were 72,825
tonnes with maturities to the end of 2025 with weighted average prices of $4.11 per lb to $4.85 per lb.
Approximately 70% of remaining planned production and sales in 2025, and approximately 50% of planned
production and sales for the first half of 2026 are protected from spot copper price movements. The increase in
hedged proportion of the remaining 2025 production is largely as a result of narrowed production guidance. In
addition, as at October 28, 2025, the Company had zero cost gold collar contracts outstanding for 63,768 ounces
at weighted average prices of $2,954 per oz to $4,215 per oz with maturities to June 2026.
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1 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”.
2 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”.
REALIZED METAL PRICES1
QUARTERLY
Q3 2025 Q2 2025 Q3 2024
Average LME copper cash price (per lb) $4.44 $4.32 $4.18
Realized copper price1 (per lb) $4.38 $4.30 $4.24
Treatment/refining charges (“TC/RC”) (per lb) ($0.04) ($0.04) ($0.06)
Freight charges (per lb) ($0.04) ($0.01) ($0.03)
Net realized copper price1 (per lb) $4.30 $4.25 $4.15
Average LBMA cash price (per oz) $3,455 $3,281 $2,474
Net realized gold price1,2 (per oz) $3,358 $3,166 $2,383
Average LME nickel cash price (per lb) $6.81 $6.88 $7.37
Net realized nickel price1 (per lb) $6.86 $6.11 $7.35
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
Q3 2025 Q2 2025 Q3 2024
Copper production (tonnes)1 104,626 91,069 116,088
Kansanshi 46,881 40,103 49,810
Sentinel 51,336 43,108 58,412
Other Sites2 6,409 7,858 7,866
Copper sales (tonnes)3 118,825 101,173 112,094
Kansanshi3 38,170 43,291 49,131
Sentinel 48,410 43,241 53,662
Other Sites2 7,939 6,393 9,301
Gold production (ounces) 36,463 37,419 41,006
Kansanshi 27,854 27,764 31,659
Guelb Moghrein 7,832 8,887 8,621
Other sites4 777 768 726
Gold sales (ounces)5 43,658 46,687 43,371
Kansanshi 24,313 31,584 34,186
Guelb Moghrein 7,575 11,121 8,382
Other sites4 699 223 803
Nickel production (contained tonnes) 5,767 4,018 4,827
Nickel sales (contained tonnes) 2,917 6,383 4,598
Cash cost of copper production (C1) (per lb)3,6 $1.95 $2.00 $1.57
C1 (per lb) excluding Cobre Panamá3,6 $1.95 $2.00 $1.57
Total cost of copper production (C3) (per lb)3,6 $3.22 $3.11 $2.59
Copper all-in sustaining cost (AISC) (per lb)3,6 $3.07 $3.28 $2.42
AISC (per lb) excluding Cobre Panamá3,6 $3.00 $3.18 $2.35
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 1,844 tonnes and 8,609 tonnes for the for the three and nine months ended September 30, 2025 (7,537 tonnes and 25,427 tonnes for the for the three and nine months
ended September 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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CONSOLIDATED FINANCIAL HIGHLIGHTS
QUARTERLY
Q3 2025 Q2 2025 Q3 2024
Sales revenues 1,346 1,226 1,279
Gross profit 360 351 456
Net earnings (loss) attributable to shareholders of
the Company (48) 18 108
Basic net earnings (loss) per share ($0.06) $0.02 $0.13
Diluted net earnings (loss) per share ($0.06) $0.02 $0.13
Cash flows from operating activities 1,195 780 260
Net debt1 4,751 5,453 5,591
EBITDA1,2 435 400 520
Adjusted earnings (loss)1 (16) 17 119
Adjusted earnings (loss) per share3 ($0.02) $0.02 $0.14
Cash cost of copper production excluding Cobre
Panamá (C1) (per lb)3,4 $1.95 $2.00 $1.57
Total cost of copper production excluding Cobre
Panamá (C3) (per lb)3,4 $3.17 $3.05 $2.83
Copper all-in sustaining cost excluding Cobre
Panamá (AISC) (per lb)3,4 $3.00 $3.18 $2.35
Cash cost of copper production (C1) (per lb)3,4 $1.95 $2.00 $1.57
Total cost of copper production (C3) (per lb)3,4 $3.22 $3.11 $2.59
Copper all-in sustaining cost (AISC) (per lb)3,4 $3.07 $3.28 $2.42
Realized copper price (per lb)3 $4.38 $4.30 $4.24
Net earnings (loss) attributable to shareholders of
the Company (48) 18 108
Adjustments attributable to shareholders of the
Company:
Adjustment for expected phasing of Zambian
value-added tax (“VAT”) (8) (19) (17)
Modification and redemption of liabilities 25 – –
Total adjustments to EBITDA1 excluding
depreciation2 16 8 32
Tax adjustments – 12 –
Minority interest adjustments (1) (2) (4)
Adjusted earnings (loss)1 (16) 17 119
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
1,844 tonnes and 8,609 tonnes for the three and nine months ended September 30, 2025 (7,537 tonnes and 25,427 tonnes for the three and nine months ended September
30, 2024).
COBRE PANAMÁ UPDATE
On May 30, 2025, the GOP approved and formally instructed the execution of the P&SM plan.
The P&SM approval authorized the export of 122,520 dry metric tonnes of copper concentrate. Following the first
shipment at the end of the second quarter, the remaining concentrate was exported during the third quarter of
2025. The proceeds from the concentrate sales will be used to fund P&SM activities, including local supply and
procurement in Panama and the ongoing environmental stewardship of the mine and its surroundings.
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The execution of the P&SM plan also provides for the import of fuel and the restart of Cobre Panamá’s power
plant. The Company has commenced pre-commissioning activities 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, with the first
150MW unit expected to be fired and synchronized with the grid in November. With the re-commissioning of the
power plant, approximately 100 new employment hires have been made.
In August, the Ministry of Environment ("MiAmbiente") issued the final Terms of Reference for an integral audit of
the Cobre Panamá mine. On October 10, MiAmbiente formally issued the order for SGS Panama Control Services
Inc. (“SGS”) to proceed with the integral audit. MiAmbiente and the Ministry of Commerce and Industries, together
with SGS, are coordinating the audit planning and implementation, which is expected to cover environmental,
social, legal, and fiscal compliance aspects.
In addition to the integral audit, the authorities have continued with the statutory 6-monthly audits of Cobre
Panama’s compliance with its commitments under the ESIA. The most recently published audit achieved 100%
compliance on environmental topics, with one overall non-conformance related to occupational health and safety
commitments. The 11th external audit field inspection component was completed in June 2025 and the final report
is scheduled for submission in the fourth quarter.
Engagement with local governments in nearby municipalities was further strengthened during the quarter.
Coordination efforts focused on aligning community initiatives in education, health, infrastructure, and
environmental programs to deliver tangible benefits for more than 3,500 children across over 40 schools and over
5,000 community members, while also reinforcing relationships and transparency in the implementation of the
P&SM plan. Public outreach efforts also continued nationwide, including informational sessions and online
engagement. Since 2024, more than 170,000 Panamanians have been reached directly through over 1,000 public
events, while over 325,000 Panamanians have participated in the Company’s virtual mine tour platform.
KANSANSHI S3 EXPANSION
The Kansanshi S3 Expansion project successfully transitioned from commissioning into early operation, with first
ore introduced in July and first concentrate produced in August. The project remains on schedule, with operational
ramp-up now in progress, and expected to finish under the original budget of $1,250 million. The plant is now
maintaining 24 hour operations with support from the commissioning team and vendor specialists. The Kansanshi
S3 Expansion contributed 6,136 tonnes of copper in the third quarter.
The project achieved 98% construction completion and 95% of systems have been handed over to commissioning/
operations. During the quarter, the full copper circuit was brought online in stages with a focus on tuning the circuit
and ramping up towards nameplate and steady state production. Final outstanding construction and
commissioning is in progress for the gravity gold circuit, non-process infrastructure and assisting with any changes
associated with the operational ramp up.
In addition, the smelter expansion works are complete whilst acid plant 5 is currently in the hot commissioning
stage. Ongoing project capital works on TSF2 are expected to complete in the second quarter of 2026. Mining
operations at the South East Dome pit have progressed, with approximately 240,000 tonnes of ore fed to the S3
plant year-to-date.
Zambian Power Supply
During the third quarter of 2025, Zambia’s national power supply remained stable, supported by improved
hydrology and ongoing regional imports, even as supply generation in the country remains below national
electricity demand levels. Although reservoir levels at Lake Kariba recovered during the first half of the year, the
force majeure declared in early 2024 remains in effect. The Company experienced no material load shedding
during the period, however, the Company anticipates maintaining supplementary sourcing and import
arrangements through to the first half of 2027 to support the continued recovery of Lake Kariba’s hydropower
capacity.
The annualized impact of the Company’s supplementary sourcing strategy on 2025 copper C1 cash cost 1 is
expected to rise modestly from the previously reported $0.07 per lb to approximately $0.11 per lb, reflecting
First Quantum Minerals Ltd. 25-31
Page 8 of 15
1 C1 cash cost (C1) is a non-GAAP ratio, and 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”