First Quantum Minerals Reports Fourth Quarter 2025 Results

Core Insights - First Quantum Minerals Ltd. reported net earnings of $25 million ($0.03 per share) and adjusted earnings of $5 million ($0.01 per share) for Q4 2025, reflecting a recovery from a loss in the previous quarter [1][23]. Financial Highlights - The company achieved a gross profit of $416 million in Q4 2025, an increase of $56 million from Q3 2025, and EBITDA of $464 million, up by $29 million [3][15]. - Cash flows from operating activities were negative at $36 million due to adverse working capital movements [15]. - Net debt increased by $441 million to $5,192 million, with total debt at $5,836 million as of December 31, 2025 [15][23]. Operational Highlights - Total copper production for Q4 2025 was 100,374 tonnes, a 4% decrease from Q3 2025, primarily due to lower output from Sentinel and Guelb Moghrein [5][19]. - Kansanshi produced 47,655 tonnes of copper in Q4 2025, an increase from the previous quarter, while Sentinel's production was 48,235 tonnes, down from Q3 2025 [5][19]. - The company expects copper production in 2026 to be between 175,000 and 205,000 tonnes, with gold production guidance set at 110,000 to 120,000 ounces [7][49]. Debt and Financing - A new $2.2 billion Term Loan and Revolving Credit Facility was signed, replacing an existing $1.84 billion facility, extending maturity to February 2029 [12][13]. - The refinancing aims to provide additional liquidity and financial flexibility, deferring near-term debt maturities [12][13]. Cobre Panamá Update - The Government of Panama approved the removal and processing of stockpiled ore, which is expected to create over 1,000 direct jobs and generate royalties for the country [2][32]. - Processing of stockpiled ore is anticipated to produce approximately 70,000 tonnes of copper and will not constitute a reopening of the mine [32]. Production Costs - The C1 cash cost of copper production increased to $2.21 per lb in Q4 2025, reflecting higher power costs and lower production volumes [20][23]. - The total cost of copper production (C3) was reported at $3.44 per lb, with all-in sustaining costs (AISC) at $3.45 per lb [20][23]. Metal Prices - The realized copper price for Q4 2025 was $4.89 per lb, up from $4.38 in Q3 2025, while the net realized gold price was $4,007 per oz [17][23].