Core Insights - First Quantum Minerals Ltd. reported a net loss of $48 million for Q3 2025, with an adjusted loss of $16 million, reflecting challenges despite operational improvements [1][3][33] - The company made significant progress in strengthening its balance sheet, including a $1 billion non-debt gold stream arrangement with Royal Gold and extending its debt maturity profile to 2029 [2][22][23] - Operationally, copper production increased by 15% quarter-over-quarter to 104,626 tonnes, driven by higher output from the Kansanshi and Sentinel mines [4][30] Financial Performance - Q3 2025 gross profit was $360 million, with EBITDA of $435 million, benefiting from improved production and higher realized metal prices [3][26] - Cash flows from operating activities reached $1,195 million, significantly higher than Q2 2025, primarily due to the gold streaming agreement [26][33] - Net debt decreased by $702 million to $4,751 million, attributed to the gold stream agreement and EBITDA contributions [26][33] Production and Operational Highlights - Total copper production for Q3 2025 was 104,626 tonnes, with Kansanshi producing 46,881 tonnes and Sentinel producing 51,336 tonnes [4][30] - Copper C1 cash cost decreased to $1.95 per lb, reflecting higher production volumes [4][34] - The company successfully completed the Kansanshi S3 Expansion project, contributing 6,136 tonnes of copper during the quarter [4][44] Updated Guidance - Copper production guidance for 2025 has been narrowed to 390,000 – 410,000 tonnes, while gold production guidance has been updated to 140,000 – 150,000 ounces [5][8] - Nickel production guidance has been adjusted to 18,000 – 23,000 tonnes, with total capital expenditure guidance reduced to $1,150 – $1,250 million [10][15] Cobre Panamá Update - The company completed remaining concentrate shipments from Cobre Panamá during the quarter, with the power plant expected to restart in Q4 2025 [2][40] - The Preservation and Safe Management plan was approved, allowing for the export of copper concentrate and the import of fuel [39][40] Environmental, Social, and Governance (ESG) Initiatives - The company has engaged in community initiatives, benefiting over 3,500 children and 5,000 community members through education, health, and infrastructure programs [43] - The THINK! Safety Program at Çayeli achieved over three years without a lost-time injury, reflecting a strong safety culture [52]

Financial Highlights - The company achieved record quarterly net income, free cash flow, and adjusted EBITDA [6] - The company repaid the remaining revolver balance, reducing the net leverage ratio to 04x [7] - Initial share repurchases were completed under a $75 million program [8] - Revenue increased by 117% year-over-year to $4807 million [26] - Adjusted EBITDA margin was 51%, a 27% increase year-over-year [26] - Free cash flow reached $1461 million [26] Production and Operations - Rochester crushed ore tons increased 24% versus the prior quarter [8] - Full-year production and CAS guidance were reaffirmed [8] - Rochester's expansion is expected to result in >70% production increases and >20% lower expected costs [16] - The company's combined operations reflect a more balanced, US-centric portfolio, with revenue mix of ~67% gold and ~33% silver [12, 13] Exploration and Investment - The company is sustaining a higher level of exploration investment, with significant investments at Palmarejo, Las Chispas, and Silvertip [21, 22] - Total exploration investment is projected to be between $77 million and $93 million [23]