First Quantum Minerals Reports Fourth Quarter 2025 Results
First Quantum Bridges Panama Gap with S3 Expansion Success and Aggressive Debt Management
The most recent news release (February 10, 2026) details Fourth Quarter 2025 financial and operational results. Key highlights include the declaration of commercial production at the Kansanshi S3 Expansion (S3) as of December 1, 2025. Q4 revenues reached $1.475 billion with adjusted earnings of $5 million ($0.01 EPS). Operationally, the company produced 100,374 tonnes of copper in the quarter.
Significantly, the company announced a new $2.2 billion Term Loan and Revolving Credit Facility to prepay and cancel existing facilities, further extending its debt maturity profile. The company also signed a binding agreement to sell the Las Cruces mine in Spain for up to $190 million, focusing on core assets. Guidance for 2026-2028 projects copper production increasing to a range of 375,000 to 435,000 tonnes for 2026.
The S3 expansion reaching commercial production is a critical milestone that partially mitigates the cash flow void left by the idle Cobre Panamá mine. S3 is expected to return Kansanshi to a 200,000-tonne-per-annum copper producer. The delivery of this project on schedule and under budget validates management's in-house project development capabilities.
The $2.2 billion refinancing and the $1 billion gold stream with Royal Gold (completed Q3 2025) have materially de-risked the balance sheet. By extending the nearest bond maturities to 2029, First Quantum has removed the immediate threat of a liquidity crunch. However, the company remains highly levered with $5.19 billion in net debt, leaving it sensitive to copper price volatility.
In Panama, the authorization to process 38 million tonnes of stockpiled ore is a small but positive step. While not a full reopening, it provides 700 jobs and generates royalties, fostering a more constructive relationship with the Panamanian government while offsetting preservation and safe management (P&SM) costs, which averaged $16 million per month in late 2025.
First Quantum is a major global copper producer with core operations in Zambia and a massive, currently idle asset in Panama.