Quantum(US:QMCO) Globenewswire·2026-01-15 22:01Core Viewpoint - First Quantum Minerals Ltd. announced preliminary production results for Q4 and the full year 2025, along with guidance for production, capital expenditures, and costs for 2026 to 2028, highlighting strong operational performance and updates on key projects like Cobre Panamá and Taca Taca [1][2]. Production Highlights - Annual copper production for 2025 was 396 thousand tonnes, within the revised guidance range of 390 to 410 thousand tonnes, but 35 thousand tonnes lower than 2024 [5][7]. - Gold production for 2025 reached 152 thousand ounces, exceeding the top end of the revised guidance range of 140 to 150 thousand ounces, and was 13 thousand ounces higher than 2024 [11]. - Nickel production for 2025 was 23.2 thousand tonnes, surpassing the revised guidance range of 18 to 23 thousand tonnes [12]. Project Updates - The Kansanshi S3 Expansion achieved commercial production at the end of 2025, contributing approximately 25 thousand tonnes of copper production for the year [2]. - At Cobre Panamá, the Government of Panama approved the removal and processing of stockpiled ore, which is expected to create 700 direct jobs and generate royalties for the country [2][34]. - An updated Technical Report for the Taca Taca project is expected in Q1 2026, with environmental and water permit applications anticipated to be approved in the first half of 2026 [6][38]. Future Guidance - Copper production guidance for 2026 and 2027 has been slightly lowered due to maintenance and ore hardness issues, with 2026 guidance set at 375 to 435 thousand tonnes [19][22]. - Gold production guidance for 2026 and 2027 has also been reduced due to lower grades at Kansanshi [21]. - Total capital expenditure guidance for 2026 is now projected to be between $1 billion and $1.15 billion, reflecting some expenditures moving from 2025 to 2026 [28]. Cost Projections - Total copper C1 cash cost guidance for 2026 is set at $1.95 to $2.20 per pound, with AISC guidance at $3.25 to $3.55 per pound [25]. - The increase in cost guidance is attributed to lower production forecasts and changes in methodology regarding by-product credits [25][26]. Environmental and Sustainability Initiatives - The company is investing approximately $600 million in sustainability-related projects over the next three years, aimed at improving cost structure and productivity [29]. - Ongoing initiatives include optimizing water quality management and enhancing tailings storage facilities to ensure responsible waste management [36].