First Quantum Minerals copper output up 15% on Kansanshi expansion

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.)