05:19 PM EST, 01/15/2025 (MT Newswires) -- First Quantum Minerals ( FQVLF ) . (FM.TO) after trade Wednesday released preliminary production data for the fourth quarter and 2024 and guidance for 2025 to 2027, even as the future of its operations in Panama remains uncertain as the government there implements a strict environmental audit on its Cobre Panama project.

Among highlights on Q4 and 2024 production, First Quantum said it achieved annual copper production of 431,000 tonnes in 2024, topping its guidance range of 400,000 to 420,000 tonnes. It noted Kansanshi achieved its highest copper and gold production since 2021 and 2022, respectively, predominately driven by higher grades. Sentinel's increased copper production reflected higher grades and throughput, with the highest average grades since 2017. Copper production in the fourth quarter was 112,000 tonnes, 14,000 tonnes above the year-prior quarter (excluding Cobre Panama) but 4,000 tones below last year's third quarter..

The company said 2025 and 2026 copper production guidance, excluding Cobre Panama, has been slightly lowered to reflect a conservative ramp-up of S3 at Kansanshi and a rescheduling of mining at Sentinel to de-risk future ore supply. Guidance for gold production has increased due to the "continued discipline" in the mining of high-veined areas that contain higher gold grades at Kansanshi. Nickel production guidance for Enterprise represents the ramp-up of operations as the orebody becomes more accessible.

First Quantum added cash costs and all-in sustaining cost ranges are marginally above previous guidance driven by higher contractor and employee costs and imported power costs. 2025 capital expenditure guidance has increased to reflect approximately US$100 million of expenditures carried over from 2024 along with higher cost pressures, such as power costs and labor rates. The S3 Expansion project remains on budget.

"It is encouraging to see our Zambian operations delivering strong results in 2024, supported by our focus on operational excellence across copper, gold, and nickel production. The S3 Expansion remains on track for completion in mid-2025, representing an inflection point that will enhance the Company's financial resilience and support sustainable growth," said Tristan Pascall, Chief Executive Officer, in a statement.

He added: "As we move into 2025, our priorities are centered on building balance sheet strength and advancing key initiatives. These include managing Zambian power challenges to ensure reliable energy for our operations, maintaining a disciplined approach to hedging, assessing the potential benefits of a minority stake sale in Zambia, and working constructively with the Government of Panama on responsible stewardship and progress toward a resolution for the Cobre Panama mine."

First Quantum shares closed up $0.13 to $19.47 on the Toronto Stock Exchange.