First Quantum Releases 2025 Preliminary Production and 2026–2028 Guidance

Published: Jan 16, 2026 20:52

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First Quantum Minerals Ltd. announced its preliminary 2025 production results alongside production, cost and capital expenditure guidance for 2026–2028. The company produced approximately 396 kt of copper in 2025, within revised guidance, supported by the achievement of commercial production at the Kansanshi S3 expansion late in the year, while gold output reached 152 koz, exceeding the top end of guidance. Nickel production at Enterprise also surpassed expectations. Looking ahead, First Quantum slightly lowered copper and gold guidance for 2026–2027, mainly reflecting higher maintenance requirements and lower grades at Sentinel and Kansanshi, while nickel guidance remains unchanged. Unit copper costs and AISC are expected to be higher than previously guided, and 2026 capital expenditure has been revised upward due to deferred spending from 2025. The company also noted progress at Cobre Panamá, following the Panamanian government’s decision to allow the processing of stockpiled ore.

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