The earnings call presented a mix of positive and negative developments. The company made significant progress on key projects and financial resilience, but faced production challenges and uncertainties in Panama. The overall sentiment is balanced.

Company Guidance

During the Q2 2025 results conference call for First Quantum Minerals, significant guidance was provided regarding various operational and financial metrics. Key priorities for the year included resolving issues in Panama, managing the balance sheet and liquidity, ensuring safe operational performance, and completing the Kansanshi S3 expansion project. The Kansanshi S3 project remains on budget and schedule, with first ore fed into the comminution circuit, and cash spending is expected to decline post-peak capital expenditure. Despite lower copper production at Zambian operations, the company anticipates stronger output in the second half of 2025, maintaining its guidance of 160,000 to 190,000 tonnes of copper and 100,000 to 110,000 ounces of gold. New gold hedges were initiated to strengthen liquidity, with approximately 78,000 ounces of gold hedged at average floor and cap strikes of $3,000 and $4,000 per ounce, respectively. The company also explored initiatives like a minority stake sale in Zambia, while identifying a promising near-surface gold zone at Kansanshi for future exploration. Additionally, the preservation and safe management program at Cobre Panama was approved, facilitating concentrate shipments and power plant reactivation. Financially, the quarter saw a 3% revenue increase, a 6% EBITDA growth, and an improvement in net debt by $334 million, reducing it to $5.5 billion, with liquidity strong at $1.7 billion.

Progress on Key Priorities

Meaningful progress in resolving issues in Panama, proactive balance sheet management, and the S3 expansion project at Kansanshi remains on budget and on schedule.

Kansanshi S3 Expansion Project

First ore fed into the comminution circuit, and the project remains on budget and on schedule. Expected to see reduced cash spending as peak capital expenditure has passed.

Gold Hedging and New Exploration Opportunity

Initiation of new gold hedges to strengthen liquidity and identification of a promising new exploration opportunity in a near-surface gold zone at Kansanshi.

Environmental Stewardship at Cobre Panama

Approval received for the preservation and safe management program, with successful and incident-free shipping of concentrates.

Financial Resilience and Liquidity Strengthening

Revenue grew by 3% quarter-over-quarter, a $41 million improvement in net earnings, and proactive steps to strengthen liquidity with a $500 million copper prepayment and gold hedging.

First Quantum Minerals (TSE:FM) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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TSE:FM Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 28, 2025	2025 (Q3)	0.10 / -	0.194	―	―	―
Jul 23, 2025	2025 (Q2)	-0.05 / 0.03	-0.028	200.00% (+0.06)
Apr 23, 2025	2025 (Q1)	-0.07 / 0.00	-0.278	―
Feb 11, 2025	2024 (Q4)	0.05 / 0.06	-0.513	110.81% (+0.57)
Oct 22, 2024	2024 (Q3)	<0.01 / 0.19	0.722	-73.08% (-0.53)
Jul 23, 2024	2024 (Q2)	-0.03 / -0.03	0.167	-116.67% (-0.19)
Apr 23, 2024	2024 (Q1)	-0.17 / -0.28	0.153	-281.82% (-0.43)
Feb 20, 2024	2023 (Q4)	-0.21 / -0.51	0.305	-268.18% (-0.82)
Oct 24, 2023	2023 (Q3)	0.38 / 0.72	0.194	271.43% (+0.53)
Jul 25, 2023	2023 (Q2)	0.25 / 0.17	0.68	-75.51% (-0.51)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

TSE:FM Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 23, 2025	C$24.34	C$23.94	-1.64%
Apr 23, 2025	C$18.23	C$19.09	+4.72%
Feb 11, 2025	C$18.83	C$18.91	+0.42%
Oct 22, 2024	C$18.37	C$18.61	+1.31%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

FAQ

When does First Quantum Minerals Ltd (TSE:FM) report earnings?

First Quantum Minerals Ltd (TSE:FM) is schdueled to report earning on Oct 28, 2025, After Close (Confirmed).

What is First Quantum Minerals Ltd (TSE:FM) earnings time?

First Quantum Minerals Ltd (TSE:FM) earnings time is at Oct 28, 2025, After Close (Confirmed).

Where can I see when companies are reporting earnings?

You can see which companies are reporting today on our designated earnings calendar.

What companies are reporting earnings today?

You can see a list of the companies which are reporting today on TipRanks earnings calendar.

What is TSE:FM EPS forecast?

TSE:FM EPS forecast for the fiscal quarter 2025 (Q3) is 0.1.

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