(In United States dollars, except where noted otherwise)

TORONTO, April 23, 2025 (GLOBE NEWSWIRE) -- First Quantum Minerals Ltd. (“First Quantum” or the "Company”) (TSX: FM) today reports results for the three months ended March 31, 2025 (“Q1 2025” or the "first quarter") of net loss attributable to shareholders of the Company of $23 million ($0.03 loss per share) and adjusted earnings1 of $2 million ($0.00 adjusted earnings per share2).

“Kansanshi and Sentinel held up well in the first quarter and we remain on track for meaningful production growth over the remainder of the year, driven by the S3 Expansion project at Kansanshi. I’m pleased to report that construction is progressing steadily and remains on schedule. In Panama, following the suspension of arbitration, we reaffirm our commitment to constructive engagement with the government and people of Panama to reach a resolution for the Cobre Panamá mine,” said Tristan Pascall, Chief Executive Officer of First Quantum. “Amid rising concerns about global growth due to uncertainty around trade and tariff policy, we continue with initiatives to strengthen our balance sheet and enhance our financial flexibility. Our copper hedges provide important protection and our gold production provides as a natural hedge during this period of volatility. We further enhanced our near-term liquidity position by $750 million through the recent notes offering and, following quarter-end, entering into an additional prepayment agreement. These initiatives represent meaningful progress in strengthening our financial flexibility and we remain focused on further initiatives to support the balance sheet.”

Q1 2025 SUMMARY

In Q1 2025, First Quantum reported gross profit of $331 million, EBITDA1 of $377 million, net loss attributable to shareholders of $0.03 per share, and adjusted earnings per share2 of $0.00. Relative to the fourth quarter of 2024 (“Q4 2024”), first quarter financial results were weaker due to lower sales volumes for copper, gold and nickel. Total copper production for the first quarter was 99,703 tonnes, an 11% decrease from Q4 2024. Copper C1 cash cost3 was $1.95 per lb in the first quarter, an increase of 16% over the previous quarter.

Along with the financial and operating results for the first quarter, the following are also detailed in this news release:

Cobre Panamá Update: Following engagement with the Government of Panama’s ("GOP") legal counsel, the Company has agreed to discontinue the International Chamber of Commerce (“ICC”) arbitration proceedings and to suspend the Canada-Panama Free Trade Agreement (“FTA”) arbitration. The Company is awaiting official communication regarding next steps with respect to the power plant and copper concentrate at site.
Kansanshi S3 Expansion Update: Construction remains on schedule for mid-2025 completion with production expected in the second half of 2025. During the quarter, the project achieved 83% construction completion and has handed 20% of systems over to commissioning.
Zambia Power Update: First Quantum has maintained and extended supplementary power arrangements with regional third-party energy traders. As the Kansanshi S3 Expansion ramps up in the second half of 2025, the Company anticipates sourcing up to 60% of its electricity from imports.
Board Update: As part of Board renewal program, Peter Buzzi and Ambassador Brian Nichols have been nominated to be appointed as Directors at the 2025 Annual General Meeting ("AGM") on May 8, 2025. Andrew Adams and Joanne Warner will retire at the conclusion of the AGM. As previously announced, Robert Harding will retire at the conclusion of the 2025 AGM and Kevin McArthur will succeed as Chair.
Hedging program: During the quarter, the Company continued to enter into derivative contracts. Approximately half of planned production and sales in 2025 and approximately 40% of planned production and sales for the first half of 2026 are protected from spot copper price movements.
Copper Prepayment Transaction: On April 23, 2025, on the basis of the previously-agreed commercial terms, the Company has supplemented the sale of copper to Jiangxi Copper Company in return for an additional $500 million prepayment.
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1 EBITDA and adjusted earnings (loss) are non-GAAP financial measures. These measures do not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. See “Regulatory Disclosures”.
2 Adjusted earnings (loss) per share, and realized metal prices are non-GAAP ratios which do not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. See “Regulatory Disclosures”.
3 C1 cash cost (C1) is a non-GAAP ratio, which does not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. See “Regulatory Disclosures”

Q1 2025 OPERATIONAL HIGHLIGHTS

Total copper production for the first quarter was 99,703 tonnes, an 11% decrease from Q4 2024 mainly as a result of lower production at Sentinel. Kansanshi and Sentinel encountered the seasonal impacts from the rains in Zambia, however, dewatering and pumping solutions all coped adequately. Copper C1 cash cost1 was $0.27 per lb higher quarter-over-quarter at $1.95 per lb, reflecting lower copper production volumes and higher Zambian employee and maintenance costs, which were partially offset by strong gold by-product credits. Copper sales volumes totalled 101,960 tonnes, approximately 2,257 tonnes higher than production.

Kansanshi reported copper production of 46,544 tonnes in Q1 2025, a decrease of 1,595 tonnes from the previous quarter due to lower feed grades as the swap of the mixed and sulphide mills that allowed for higher grades in the fourth quarter returned to normal at the end of last year. Gold production continued to be strong at 29,868 ounces in the first quarter. Copper C1 cash cost1 of $1.34 per lb was $0.13 higher quarter-over-quarter as a result lower production along with higher smelter costs. Production guidance for 2025 remains unchanged at 160,000 to 190,000 tonnes of copper and 100,000 to 110,000 ounces of gold. A six-week maintenance shutdown of the Kansanshi smelter is planned in the second quarter of 2025. Copper and gold production in 2025 includes production associated with the Kansanshi S3 Expansion, with first production expected in the second half of 2025. The majority of the initial feed for S3 will be sourced from low-grade stockpiles.
Sentinel reported copper production of 46,361 tonnes in Q1 2025, 10,199 tonnes lower than the previous quarter due to lower throughput and the mining of lower grades from Stage 3. Copper C1 cash cost1 of $2.55 per lb was $0.44 higher than the preceding quarter as a result of lower production volumes. The Company has also begun a maintenance program to address early indicators of fatigue in the Sentinel mills, a development consistent with mills of similar age and design from the same manufacturer. The program will be conducted with the original equipment manufacturer and specialist engineering consultants in a manner that minimizes production disruptions. 2025 copper production guidance remains unchanged at 200,000 to 230,000 tonnes. A 4-day full maintenance shutdown of the Sentinel plant is planned in the second quarter of 2025, followed by tailings thickener upgrades in the second half of 2025. The focus at Sentinel will continue to be on increasing mill throughput with various ongoing initiatives to optimize blast fragmentation, maintaining full stockpiles, improving milling rates, increasing tailings thickener throughput rates and flotation recovery. Grades are expected to be lower than 2024, but expected to be relatively higher in the second half of 2025 as mining progresses to the bottom of the Stage 1 pit for sump development ahead of the wet season. Stage 3 will supply a majority of the ore with lower volumes from Stage 1 and Stage 2 compared to prior years. As mining progresses deeper in Stage 3 over 2025 and 2026, the impacts of weathering are expected to reduce and the material feed to the plant is expected to more closely resemble current feed from Stage 1 and 2.
In the first quarter of 2025, Enterprise produced 4,649 tonnes of nickel, a 25% increase over the previous quarter due to higher throughput, partially offset by lower grades. Throughput was higher as result of a ramp up in ore supply to the plant. Additional smaller capacity articulated dump trucks were sourced and dedicated to the softer areas of the pit where the bigger trucks struggled to mine, especially in the wet season due challenging underfoot conditions. Grades were impacted by a change in the mining sequence and deployment of permanent ramps to widen the footprint, resulting in a higher proportion of transitional ore from the South Wall area. Nickel C1 cash cost1 of $4.78 per lb is $0.16 higher than the previous quarter due to higher freight costs. 2025 production guidance remains at 15,000 to 25,000 contained tonnes of nickel. A 4-day full maintenance shutdown of the Enterprise plant is planned in the second quarter of 2025. The focus for 2025 will remain on ore quality and grade control through ongoing reverse circulation drilling. Key initiatives put in place include reverting to mining 5 meter ore benches while maintaining 10 meter waste benches. This, coupled with better grade control and monitoring, is expected to minimize ore dilution and improve recovery.
Production at Cobre Panamá has been halted since November 2023. Costs in the first quarter were approximately $13 million per month, which included labour, maintenance spares, contractors’ services, electricity, and other general expenses, including the public engagement programs to enhance transparency and provide accessible information about Cobre Panamá. Preservation and Safe Management costs ("P&SM") are expected to be in line with current rates until formal approval is received for the export of copper concentrate and restart of the power plant.
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1 C1 cash cost (C1) is a non-GAAP ratio, which does not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. See “Regulatory Disclosures”

FINANCIAL HIGHLIGHTS

Financial results continue to be impacted by the suspension of Cobre Panamá. First quarter financial results, relative to the fourth quarter of last year, were impacted by lower sales volumes.

Gross profit for the first quarter of $331 million was $74 million lower than Q4 2024, while EBITDA1 of $377 million for the same period was $78 million lower.
Cash flows from operating activities of $143 million ($0.17 per share2) for the quarter were $440 million lower than Q4 2024, attributable to lower EBITDA1, movements in working capital arising from increased receivables, and higher taxes paid.
Net debt3 increased by $257 million during the quarter to $5,787 million, with total debt at $6,530 million as at March 31, 2025. The increase in net debt3 is attributable to planned capital expenditure, mostly related to the Kansanshi S3 project.
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1 EBITDA is a non-GAAP financial measure which does not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. See “Regulatory Disclosures”.
2 Cash flows from operating activities per share, and realized metal prices are non-GAAP ratios which do not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. See “Regulatory Disclosures”.
3 Net debt is a supplementary financial measure which does not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. See “Regulatory Disclosures”.

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