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The Cobre Panama mine is located in Colon province, 120 km west of Panama City. Credit: First Quantum Minerals Ltd.
Overview
First Quantum reports Q3 adjusted EPS miss, with a net loss of $48 million.
Company’s Kansanshi S3 Expansion boosts copper production by 15% from Q2 2025.
First Quantum secures $1 billion gold stream deal with Royal Gold to enhance liquidity.
Outlook
First Quantum narrows 2025 copper production guidance to 390,000 – 410,000 tonnes.
Company reduces 2025 capital expenditure guidance to $1.15 – $1.25 billion.
First Quantum lowers 2025 nickel C1 cash cost guidance to $4.75 – $5.50 per lb.
Result drivers
Kansanshi S3 expansion – Contributed to a 15% increase in copper production from Q2 2025 due to increased mill throughput and circuit stabilization.
Gold stream deal – Secured $1 billion gold stream arrangement with Royal Gold to enhance liquidity.
Key details
Analyst coverage
The current average analyst rating on the shares is “buy” and the breakdown of recommendations is 14 “strong buy” or “buy”, 9 “hold” and no “sell” or “strong sell”.
The average consensus recommendation for the specialty mining & metals peer group is “buy”.
Wall Street’s median 12-month price target for First Quantum Minerals is C$34.50, about 11.7% above its October 27 closing price of C$30.48.
The stock recently traded at 33 times the next 12-month earnings vs. a P/E of 59 three months ago.
Link to press release
(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)