First Quantum: Zambian operations deliver strong performance in 2025
Toronto, Ontario – First Quantum Minerals has announced preliminary production for the three months (“Q4”) and year ended December 31, 2025, and guidance for production, capital expenditure and costs for the years 2026 to 2028.
“The Zambian operations continued to deliver strong operational performance in 2025. We accomplished another milestone for the Company, achieving commercial production of the Kansanshi S3 Expansion (“S3”) at the end of 2025, which represents the sixth time that First Quantum has delivered a large-scale SAG mill processing train. The project was completed under budget and continues to ramp up in line with expectations, benefiting from the in-house project development expertise that we have built over the past two decades at First Quantum. With S3 complete, First Quantum is positioned to deliver sustainable organic growth over the full three‑year guidance period,” said Tristan Pascall, Chief Executive Officer of First Quantum.
“At Cobre Panamá, President José Raúl Mulino has announced that the Government of Panama (“GOP”) will approve the removal and processing of stockpiled ore. This marks a positive step forward for ongoing responsible environmental stewardship of the mine in regards to water and tailings management. This will involve the immediate creation of 700 direct jobs and will bring benefits to Panama through royalties on a national resource that belongs to the country. The processing of stockpiles is not a reopening of the mine and we echo the President’s call for transparency and engagement. We remain committed to dialogue to achieve an amicable and durable resolution at Cobre Panamá for the country and the Panamanian people.”
2025 Production Highlights:
- First Quantum achieved annual copper production of 396 thousand tonnes (“kt”) in 2025, within the revised copper guidance range of 390 to 410kt. Kansanshi benefited from the completion of the S3 project, which contributed approximately 25kt of copper production in the year. Sentinel’s lower copper production compared to 2024 was driven by lower grades and maintenance performed earlier in the year.
- Annual gold production for 2025 of 152 thousand ounces (“koz”) was 13koz higher than 2024 and above the top end of the revised guidance range of 140 to 150koz.
- Enterprise annual nickel production of 23.2kt exceeded the top end of the revised guidance range of 18 to 23kt.
Three-Year Guidance (Future and prior year production guidance figures are presented excluding Cobre Panamá):
- 2026 and 2027 copper production guidance has been slightly lowered to reflect higher maintenance and revised ball mill availability rates at Sentinel as a result of fatigue failures that were identified in early 2025. Full remedial work will be scheduled for 2027 when parts become available and will be scheduled during planned downtimes to mitigate the impact to production. Kansanshi copper output for 2026 is expected to be marginally below previous guidance due to increased ore hardness.
- Guidance for gold production has been lowered in 2026 and 2027 due to lower grades at Kansanshi and the extension of copper production at Guelb Moghrein into the first quarter of 2026.
- Enterprise nickel production guidance is unchanged.
- Total copper C1 cash cost (“C1”) and AISC unit cost ranges are above previous guidance, mainly due to lower than previously forecast production and a change in methodology that will exclude by-product credits from Guelb Moghrein as the mine transitions to a gold-focused operation in Q2 2026.
- Capital expenditures in 2025 were lower than originally guided. 2026 capital expenditure guidance has increased from previous guidance, reflective of capital expenditures that were originally scheduled for 2025 that are now expected to be spent in 2026.
