First Quantum Minerals: 2Q 2025 marked several important milestones

TORONTO – First Quantum Minerals reports results for the three and six months ended June 30, 2025 (“Q2 2025” or the “second quarter”) of net earnings of $18 million and adjusted earnings of $17 million.

“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, EBITDA of $400 million, net earnings. 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 prices. The second quarter benefitted from a concentrate shipment from Cobre Panamá in June.

Along with second quarter results, the following are also detailed in the 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.