TORONTO, ON — February 10, 2026 — Leads & Copy — First Quantum Minerals Ltd. (TSX: FM) has released its financial results for the three months and year ended December 31, 2025, reporting net earnings attributable to shareholders of $25 million ($0.03 earnings per share) and adjusted earnings of $5 million ($0.01 adjusted earnings per share) for the fourth quarter.
According to Tristan Pascall, Chief Executive Officer of First Quantum, 2025 began with clear priorities, and strong progress was made against these objectives throughout the year. The balance sheet was managed proactively by extending debt maturities and reducing the cost of capital. The company completed a $1 billion streaming transaction that further strengthened the balance sheet and enhanced financial flexibility. Pascall also noted satisfaction with the successful delivery of the Kansanshi S3 Expansion, which declared commercial production in December 2025 and continues to ramp up well.
Pascall added that 2026 has begun on strong footing and that he remains confident in the outlook for the Company with copper prices reaching record highs amid supply challenges and the metal’s increasing strategic importance. At Cobre Panamá, President José Raúl Mulino announced that the Government of Panama 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 over 1,000 direct jobs and will bring benefits to Panama through royalties on a national resource that belongs to the country. The processing of stockpiled ore is not a reopening of the mine and the President’s call for transparency and engagement has been echoed. First Quantum remains committed to dialogue to achieve an amicable and durable resolution at Cobre Panamá for the country and the Panamanian people.
Q4 2025 Summary
First Quantum reported a gross profit of $416 million, EBITDA of $464 million, net earnings attributable to shareholders of $0.03 per share, and adjusted earnings per share of $0.01 for Q4 2025. The financial results benefitted from stronger realized copper and gold prices compared to the third quarter of 2025.
Operational Updates
A new $2.2 billion Term Loan and Revolving Credit Facility has been signed, replacing the existing $1.84 billion facility maturing in April 2027. The refinancing defers near-term debt maturities and extends the Revolving Credit Facility to February 2029.
Total copper production for the fourth quarter was 100,374 tonnes, a 4% decrease from Q3 2025. The Copper C1 cash cost was $2.21 per lb, $0.26 per lb higher quarter-over-quarter. Copper sales volumes totaled 108,118 tonnes, approximately 7,744 tonnes higher than production.
Kansanshi
Copper production at Kansanshi was 47,655 tonnes in Q4 2025, an increase of 774 tonnes from the previous quarter due to the ramp-up of S3. S3 declared commercial production on December 1, 2025. Copper C1 cash cost was $1.63 per lb, $0.29 higher quarter-over-quarter due to higher power costs. Copper production for 2026 is guided at 175,000 – 205,000 tonnes, while gold production guidance is 110,000 – 120,000 ounces. S3 is expected to contribute over 84,000 tonnes of copper in 2026.
Sentinel
Sentinel reported copper production of 48,235 tonnes in Q4 2025, 3,101 tonnes lower than the previous quarter due to lower throughput and grades. Copper C1 cash cost was $2.84 per lb, $0.31 higher than the preceding quarter. Production guidance for 2026 is 190,000 – 220,000 tonnes of copper.
Enterprise
Enterprise achieved record quarterly production in the fourth quarter of 2025, producing 8,750 tonnes of nickel, a 52% increase over the previous quarter. Nickel C1 cash cost was $3.12 per lb, $1.05 lower than the previous quarter. Production guidance for 2026 is expected to be in the range of 30,000 – 40,000 contained tonnes of nickel at a nickel unit cost guidance of $3.25 – 4.25 per lb.
Cobre Panamá
Detailed inspections of the mobile fleet continued in Q4 2025. Preservation and Safe Management (P&SM) costs averaged approximately $15 million per month during the fourth quarter. In January 2026, President José Raúl Mulino announced that the GOP will authorize the removal, processing, and export of stockpiled ore.
It is currently anticipated that processing of stockpiled ore could commence about three months after receiving official regulatory notice to proceed and would require approximately one year to process the stockpiled ore. Approximately 70,000 tonnes of copper could be produced from the stockpiled ore.
Estimated costs at Cobre Panamá will continue to be approximately $15 – $17 million per month, but is expected to increase upon formal approval to process the stockpiled ore. Operating costs associated with the processing of stockpiled ore are expected to be approximately $12.00 – $12.50 per tonne milled.
New Syndicated Bank Facility
On February 10, 2026, First Quantum signed a new $2.2 billion Term Loan and Revolving Credit Facility, replacing the existing $1.84 billion facility. The Facility has an initial maturity of February 2029 with an extension option of one year. BNP Paribas and ING acted as Coordinating Bookrunners.
Hedging Program
The Company did not enter into new derivative contracts under its hedging program during the quarter.
As of February 10, 2026, First Quantum had zero cost copper collar contracts outstanding for 82,517 tonnes and zero cost gold contracts outstanding for 38,276 ounces.
Sale of Cobre Las Cruces
On December 23, 2025, First Quantum announced that its wholly-owned subsidiary, Cobre Las Cruces S.A.U., entered into a binding agreement to sell the Las Cruces mine in Spain to Global Panduro, S.L.U. for consideration up to $190 million plus a contingent earn-out. The sale is expected to close in the first half of 2026.
Guidance
Production, C1 cash cost and capital expenditure guidance for 2026 to 2028 remain unchanged from the News Release dated January 15, 2026.
Interest expense on debt for the full year 2026 is expected to be approximately $550 – $575 million.
The adjusted effective tax rate for 2026, excluding Cobre Panamá and interest expense, is expected to be approximately 30% – 35%.
The full year 2026 depreciation expense excluding Cobre Panamá is expected to be between $700 – $750 million.
Production Guidance
Copper: 375,000 – 435,000 tonnes (2026), 410,000 – 470,000 tonnes (2027), 430,000 – 490,000 tonnes (2028)
Gold: 175,000 – 200,000 ounces (2026), 185,000 – 205,000 ounces (2027), 190,000 – 210,000 ounces (2028)
Nickel: 30,000 – 40,000 tonnes (2026), 30,000 – 40,000 tonnes (2027), 20,000 – 30,000 tonnes (2028)
The complete Consolidated Financial Statements and Management’s Discussion and Analysis for the three months and year-ended December 31, 2025 are available at First Quantum Minerals’ website and at Sedar+.
The Company’s 2025 Annual Information Form has been filed on Sedar+ and will also be available on the Company’s website.
Source: First Quantum Minerals Ltd.
