# First Quantum Minerals Reports Third Quarter 2025 Results Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/first-quantum-minerals-reports-third-quarter-2025-results--b20900ee-2ad6-4cde-9f67-53256f1c4abd Original source: https://money.tmx.com/en/quote/FM/news/6673763746526262/first-quantum-minerals-reports-third-quarter-2025-results Publisher: tmx Original announcement: 2025-10-28T21:11:52.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: First Quantum Minerals Ltd. - Ticker: FM - Exchange: TSX - Region: Unavailable - Primary commodity: Copper - Secondary commodities: Gold, Nickel, Zinc, Silver - Document categories: Production, Resource update - Extracted: 2026-09-17 23:05:04 UTC Narrative sentiment: 0.30 · Bullish ## Minestarters Atlas summary First Quantum Minerals reported a net loss of $48 million for Q3 2025, alongside updated 2025 guidance. The company narrowed its copper production guidance to 390,000 – 410,000 tonnes and reduced total capital expenditure guidance to $1,150 – $1,250 million. Operationally, the Kansanshi S3 Expansion project was successfully commissioned, and an updated NI 43-101 Technical Report for Çayeli extended its mine life to 2036 with updated resources and reserves. Reasoning: First Quantum Minerals reported Q3 2025 results, including updated 2025 guidance for production, costs, and capital expenditures. Key highlights include the successful commissioning of the Kansanshi S3 Expansion, a reduction in overall capital expenditure guidance, and a positive resource and reserve update for the Çayeli project extending its mine life. While some cost guidance increased and a net loss was reported, operational improvements and project advancements are positive. - Positive factor: Updated 2025 production guidance for copper, gold, and nickel shows overall stability or slight increases in the mid-points, particularly for copper and gold. - Positive factor: Nickel C1 cash cost guidance has been lowered, indicating improved cost efficiency. - Positive factor: Total capital expenditure guidance has been reduced, suggesting better capital management or project phasing. - Positive factor: Successful commissioning and ramp-up of the Kansanshi S3 Expansion project, contributing to copper production. - Positive factor: Updated NI 43-101 Technical Report for Çayeli shows an updated Indicated Mineral Resource and Probable Mineral Reserve, extending mine life to 2036. - Negative factor: Copper C1 cash cost guidance has narrowed to a slightly higher range, indicating some cost pressures. - Negative factor: Guelb Moghrein gold production guidance has been lowered. - Negative factor: Sentinel copper production guidance has been slightly lowered. - Negative factor: Net loss attributable to shareholders reported for Q3 2025. Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 45 ## Classification and evidence No classification tags are available. ## Extracted facts Stored fact records: 6. Some facts used in scoring do not have a stored record. ## Resource Estimates (6) ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/first-quantum-minerals-reports-third-quarter-2025-results--b20900ee-2ad6-4cde-9f67-53256f1c4abd#fact-resource-facts-39) Çayeli · copper #### Identity - Project: Çayeli - Commodity: copper - Region: türkiye - Reported Region: Türkiye - Ticker: FM #### Resource scope - Estimate type: resource - Effective date: 2025-04-30T00:00:00.000Z - Reporting standards: ni\_43\_101 - Resource group id: resource:f8bd84b6bd074723426c #### Resource Data - Category: indicated - Tonnes: 9330000 - Grade: 1.46 - Grade Unit: % #### Prior Estimate - Resource Date: 2025-04-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-10-28T00:00:00.000Z Reasoning: Updated Indicated Mineral Resource for Çayeli, including a new deposit, providing a solid base for future studies. - Positive factor: Updated resource estimate with a maiden resource for a new deposit. - Positive factor: Good copper grade for an indicated resource. Evidence · text > The updated and combined Indicated Mineral Resource, as at April 30, 2025, is 9.33 million tonnes \(“Mt”\) at average grades of 1.46% Cu #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/first-quantum-minerals-reports-third-quarter-2025-results--b20900ee-2ad6-4cde-9f67-53256f1c4abd#fact-resource-facts-40) Çayeli · zinc #### Identity - Project: Çayeli - Commodity: zinc - Region: türkiye - Reported Region: Türkiye - Ticker: FM #### Resource scope - Estimate type: resource - Effective date: 2025-04-30T00:00:00.000Z - Reporting standards: ni\_43\_101 - Resource group id: resource:f8bd84b6bd074723426c #### Resource Data - Category: indicated - Tonnes: 9330000 - Grade: 2.54 - Grade Unit: % #### Prior Estimate - Resource Date: 2025-04-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-10-28T00:00:00.000Z Reasoning: Updated Indicated Mineral Resource for Çayeli, including a new deposit, providing a solid base for future studies. - Positive factor: Updated resource estimate with a maiden resource for a new deposit. - Positive factor: Good zinc grade for an indicated resource. Evidence · text > 9.33 million tonnes \(“Mt”\) at average grades of 1.46% Cu, 2.54% Zn #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/first-quantum-minerals-reports-third-quarter-2025-results--b20900ee-2ad6-4cde-9f67-53256f1c4abd#fact-resource-facts-41) Çayeli · silver #### Identity - Project: Çayeli - Commodity: silver - Region: türkiye - Reported Region: Türkiye - Ticker: FM #### Resource scope - Estimate type: resource - Effective date: 2025-04-30T00:00:00.000Z - Reporting standards: ni\_43\_101 - Resource group id: resource:f8bd84b6bd074723426c #### Resource Data - Category: indicated - Tonnes: 9330000 - Grade: 10.37 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2025-04-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-10-28T00:00:00.000Z Reasoning: Updated Indicated Mineral Resource for Çayeli, including a new deposit, providing a solid base for future studies. - Positive factor: Updated resource estimate with a maiden resource for a new deposit. Evidence · text > 9.33 million tonnes \(“Mt”\) at average grades of 1.46% Cu, 2.54% Zn and 10.37 ppm Ag. #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/first-quantum-minerals-reports-third-quarter-2025-results--b20900ee-2ad6-4cde-9f67-53256f1c4abd#fact-resource-facts-42) Çayeli · copper #### Identity - Project: Çayeli - Commodity: copper - Region: türkiye - Reported Region: Türkiye - Ticker: FM #### Resource scope - Estimate type: reserve - Effective date: 2025-04-30T00:00:00.000Z - Reporting standards: ni\_43\_101 - Resource group id: resource:93ae3949c31fc14b27f1 #### Resource Data - Category: probable - Tonnes: 7310000 - Grade: 1.51 - Grade Unit: % #### Prior Estimate - Resource Date: 2025-04-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-10-28T00:00:00.000Z Reasoning: Updated Probable Mineral Reserve for Çayeli, supporting an extended mine life. - Positive factor: Updated reserve estimate. - Positive factor: Good copper grade for a probable reserve. - Positive factor: Extends operating life to 2036. Evidence · text > the reported Probable Mineral Reserve is 7.31 Mt at average grades of 1.51% Cu #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/first-quantum-minerals-reports-third-quarter-2025-results--b20900ee-2ad6-4cde-9f67-53256f1c4abd#fact-resource-facts-43) Çayeli · zinc #### Identity - Project: Çayeli - Commodity: zinc - Region: türkiye - Reported Region: Türkiye - Ticker: FM #### Resource scope - Estimate type: reserve - Effective date: 2025-04-30T00:00:00.000Z - Reporting standards: ni\_43\_101 - Resource group id: resource:93ae3949c31fc14b27f1 #### Resource Data - Category: probable - Tonnes: 7310000 - Grade: 2.34 - Grade Unit: % #### Prior Estimate - Resource Date: 2025-04-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-10-28T00:00:00.000Z Reasoning: Updated Probable Mineral Reserve for Çayeli, supporting an extended mine life. - Positive factor: Updated reserve estimate. - Positive factor: Good zinc grade for a probable reserve. - Positive factor: Extends operating life to 2036. Evidence · text > 7.31 Mt at average grades of 1.51% Cu, 2.34% Zn #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/first-quantum-minerals-reports-third-quarter-2025-results--b20900ee-2ad6-4cde-9f67-53256f1c4abd#fact-resource-facts-44) Çayeli · silver #### Identity - Project: Çayeli - Commodity: silver - Region: türkiye - Reported Region: Türkiye - Ticker: FM #### Resource scope - Estimate type: reserve - Effective date: 2025-04-30T00:00:00.000Z - Reporting standards: ni\_43\_101 - Resource group id: resource:93ae3949c31fc14b27f1 #### Resource Data - Category: probable - Tonnes: 7310000 - Grade: 10.31 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2025-04-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-10-28T00:00:00.000Z Reasoning: Updated Probable Mineral Reserve for Çayeli, supporting an extended mine life. - Positive factor: Updated reserve estimate. - Positive factor: Extends operating life to 2036. Evidence · text > 7.31 Mt at average grades of 1.51% Cu, 2.34% Zn and 10.31 ppm Ag. #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.