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

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Miss -$0.02 $0.07

Adjusted (13

EPS Analysts

)

Q3 EPS -$0.06

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 ( FQVLF ) 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:

For questions concerning the data in this report, contact [email protected]. For any other questions or feedback, contact .

(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.)