First Quantum Minerals reports net loss in Q1 2025 of $23 million

TORONTO – First Quantum Minerals reports results for the three months ended March 31, 2025 (“Q1 2025” or the “first quarter”) of net loss of the Company of $23 million and adjusted earnings of $2 million.

Kansanshi and Sentinel held up well in the first quarter and the company remains on track for meaningful production growth over the remainder of the year, driven by the S3 Expansion project at Kansanshi. Construction is progressing steadily and remains on schedule. In Panama, following the suspension of arbitration, First Quantum reaffirm its commitment to constructive engagement with the government and people of Panama to reach a resolution for the Cobre Panamá mine.

“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 financial 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,” said Tristan Pascall, Chief Executive Officer of First Quantum.

Q1 2025 SUMMARY

In Q1 2025, First Quantum reported gross profit of $331 million, EBITDA of $377 million, net loss, and adjusted earnings per share 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 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 brief updates:

• 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.
• 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.