First Quantum Minerals (TSX: FM) returned to profitability in Q4 2025 with $25 million in net earnings, reversing a $48 million loss in Q3 2025, but down from $99 million in Q4 2024 as costs and financing-related items weighed on the quarter.
Quarterly revenue rose to $1.48 billion, up 17% year-on-year from $1.26 billion in Q4 2024. Gross profit increased to $416 million, up 3% YoY from $405 million, alongside improved realized pricing.
Net realized copper pricing was $4.82 per pound versus $4.30 in Q3 2025 and $4.08 in Q4 2024. Net realized gold pricing meanwhile rose to $4,007 per ounce versus $3,358 and $2,545 last quarter and last year, respectively. Net realized nickel fell to $6.42 per pound from $6.86 last quarter and $6.74 last year.
EBITDA was $464 million versus $455 million in the comparable period last year, with Q4 benefitting from stronger realized copper and gold prices. Diluted EPS printed at $0.03 versus $0.06 loss per share last quarter and $0.12 earnings per share last year.
On an adjusted basis, earnings were $5 million, improving from an adjusted loss of $16 million in Q3 2025 but down from $31 million in Q4 2024, with adjusted EPS of $0.01 versus $(0.02) last quarter and $0.04 in Q4 2024. This was primarily due to a $126 million headwind from modification and redemption of liabilities versus a $25 million tailwind in Q3 2025, plus a $48 million tax adjustment and a $128 million minority interest adjustment in Q4 2025.
Operating cash flow swung to an outflow of $36 million, down from an inflow of $1.20 billion last quarter and below $583 million last year. Management attributed the Q4 outflow primarily to adverse working-capital movements tied to shipment timing and copper-price impacts on derivative instruments for provisionally priced sales contracts.
In Q4 2025, copper production was 100,374 tonnes, down from 104,626 tonnes in Q3 2025 and 111,602 tonnes in Q4 2024, reflecting lower production mainly at Sentinel and Guelb Moghrein.
Copper C1 cash cost rose to $2.21 per pound from $1.68 last year, while copper AISC increased to $3.45 drom $2.58.
Per mine, Kansanshi produced 47,655 tonnes of copper, up from 46,881 tonnes in Q3 2025 but down from 48,139 tonnes in Q4 2024, with the S3 Expansion declaring commercial production on December 1, 2025 after commissioning KPIs exceeded forecasts. Kansanshi C1 cash cost increased to $1.63 per pound from $1.34 in Q3 2025, reflecting higher power costs. Sentinel copper production was 48,235 tonnes versus 51,336 tonnes in Q3 2025 and 56,560 tonnes in Q4 2024, on lower throughput and grades, with C1 cash cost rising to $2.84 per pound from $2.53 in Q3 2025 due to power and maintenance costs.
Copper sales were 108,118 tonnes, below 118,825 tonnes in Q3 2025 and 111,613 tonnes in Q4 2024.
Gold production was 37,377 ounces versus 36,463 last quarter and 38,784 last year. Nickel production was 8,750 contained tonnes versus 5,767 and 3,720 in last quarter and last year, respectively.
Company-wide 2026 production guidance calls for 375,000–435,000 copper tonnes, 175,000–200,000 gold ounces, and 30,000–40,000 contained nickel tonnes. 2026 copper C1 is guided at $1.95–$2.20 per pound and copper AISC at $3.25–$3.55 per pound.
The firm reported that Cobre Panamá remained suspended, with preservation and safe management costs averaging about $15 million per month in Q4 2025. The company outlined potential stockpiled ore processing that could yield about 70,000 tonnes of copper, with estimated one-time cash outflows of $90 million–$100 million for commissioning, $40 million–$50 million for inventory, and $100 million–$130 million in sustaining capital, plus operating costs of about $12.00–$12.50 per tonne milled.
First Quantum last traded at $38.76 on the TSX.
Information for this briefing was found via the sources and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
