First Quantum Minerals Ltd. Q2 2025 Earnings Recap

First Quantum Minerals reported a lower copper production of 91,000 tonnes in Q2 2025, primarily due to challenges at Kansanshi, but remains on track to meet its annual guidance and has made progress on strategic initiatives, including the Cobre Panama preservation plan.

Key Takeaways

• Copper production decreased by 9% quarter-over-quarter, impacted by lower grades and a planned 40-day smelter shutdown.
• The government of Panama approved the preservation and safe management program for Cobre Panama, with operational implementation now underway.
• The Kansanshi S3 expansion project remains on budget and on schedule, with first ore fed into the comminution circuit.
• Initiatives to enhance liquidity were taken, including new gold hedges to capitalize on high market prices.
• A 10-year agreement for solar power supply was established to strengthen power security for Zambian operations.