05:32 PM EDT, 10/28/2025 (MT Newswires) -- First Quantum (FM.TO) after trade Tuesday reported a surprise loss for the third quarter as revenues came in lower than expected, and while it remains "on track" with its production guidance for the year, focus remains on reaching a constructive resolution for the Cobre Panama mine.

The company reported an adjusted loss per share, excluding one-time items of US$0.02 compared to a profit of US$0.14 in the year earlier period. FactSet had forecast a gain of US$0.07.

Sales revenues rose to US$1,346 million from US$1,279 million, while FactSet had forecast sales of US$1,415.2 million.

"During the quarter, we made meaningful progress on our priorities for 2025. We continued to proactively strengthen our balance sheet and manage our liquidity with the agreement of a $1 billion non-debt gold stream arrangement with Royal Gold. In addition, we undertook a series of bond transactions to extend our debt profile, with our earliest bond maturity now occurring in 2029," said Tristan Pascall, Chief Executive Officer.

"Operationally," he added, "production continued to improve quarter-over-quarter and we remain on track with our production guidance for the year. We have successfully delivered the Kansanshi S3 Expansion project, which produced first concentrate in August. This marks First Quantum's ninth major self-built project in the last two decades that has allowed the company to grow into the leading global copper producer that it is today,

"In Panama, the remaining concentrate shipments were completed safely and without incident during the quarter. The Government of Panama is advancing the environmental study. We continue our work on Preservation and Safe Management of Cobre Panama and expect to restart the power plant in the fourth quarter. Our focus remains on reaching a constructive resolution for the mine that serves the best interests of our stakeholders, the government, and the people of Panama."

First Quantum shares closed up $0.65, or 2.1%, to $31.13 on the Toronto Stock Exchange.