First Quantum Minerals Q3 adjusted EPS misses estimates

Overview

• First Quantum reports Q3 adjusted EPS miss, with a net loss of $48 mln

• Company's Kansanshi S3 Expansion boosts copper production by 15% from Q2 2025

• First Quantum secures $1 bln 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 $1,150 – $1,250 mln

• 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 bln 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 Ltd 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

Press Release: ID:nGNXc11HVN

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