"We began 2025 with clear priorities and made strong progress against these objectives throughout the year. We proactively managed our balance sheet by extending debt maturities and reducing our cost of capital, and we completed a $1 billion streaming transaction that further strengthened our balance sheet and enhanced our financial flexibility. Our hedging program fulfilled its intended role as risk mitigation during the construction of the Kansanshi S3 Expansion ("S3") and is now planned to reduce, allowing us to regain full exposure to spot copper prices by the second half of the year. I am particularly pleased with the successful delivery of S3, which declared commercial production in December 2025 and continues to ramp up well. These achievements were only possible with the commitment and hard work of our entire team at First Quantum, for which I am deeply grateful," said Tristan Pascall, Chief Executive Officer of First Quantum. "2026 has begun on strong footing and I remain confident in the outlook for the Company with copper prices reaching record highs amid supply challenges and the metal's increasing strategic importance. At Cobre Panamá, President José Raúl Mulino announced that the Government of Panama ("GOP") will approve the removal and processing of stockpiled ore. This marks a positive step forward for ongoing responsible environmental stewardship of the mine in regards to water and tailings management. This will involve the immediate creation of over 1,000 direct jobs and will bring benefits to Panama through royalties on a national resource that belongs to the country. The processing of stockpiled ore is not a reopening of the mine and we echo the President's call for transparency and engagement. We remain committed to dialogue to achieve an amicable and durable resolution at Cobre Panamá for the country and the Panamanian people."
Q4 2025 SUMMARY
In Q4 2025, First Quantum reported gross profit of $416 million, EBITDA1 of $464 million, net earnings attributable to shareholders of $0.03 per share, and adjusted earnings per share2 of $0.01. Relative to the third quarter of 2025 ("Q3 2025"), fourth quarter financial results benefitted from stronger realized copper and gold prices2.
Along with fourth quarter results, the Company provides the following updates:
The Company has signed a new $2.2 billion Term Loan and Revolving Credit Facility (the "Facility"). This new Facility replaces the existing $1.84 billion Term Loan and Revolving Credit Facility due to mature in April 2027. The refinancing defers near-term, material debt maturities and extends the Revolving Credit Facility through to February 2029, providing additional liquidity headroom and financial flexibility. This refinancing continues management's practice of proactively addressing debt maturities and further demonstrates the Company's access to a diverse range of funding sources.
___________________
1 EBITDA and adjusted earnings (loss) are non-GAAP financial measures. These measures do not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. See "Regulatory Disclosures".2 Realized metal prices and adjusted earnings (loss) per share are non-GAAP ratios, which do not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. See "Regulatory Disclosures".
Q4 2025 OPERATIONAL HIGHLIGHTS
Total copper production for the fourth quarter was 100,374 tonnes, a 4% decrease from Q3 2025 as a result of lower production mainly from Sentinel and Guelb Moghrein. Copper C1 cash cost3 was $0.26 per lb higher quarter-over-quarter at $2.21 per lb, reflecting lower copper production volumes and higher power costs in Zambia. Copper sales volumes totalled 108,118 tonnes, approximately 7,744 tonnes higher than production.
Kansanshi reported copper production of 47,655 tonnes in Q4 2025, an increase of 774 tonnes from the previous quarter due to the successful ramp up of S3, which resulted in higher overall milled throughput. Kansanshi achieved its record monthly milled tonnes in October 2025. Following a successful commissioning period with all production key performance indicators exceeding forecasted targets, S3 declared commercial production on December 1, 2025. The stability of the S3 concentrator improved significantly over the quarter with an improvement in uptime following enhancements on the conveyor routes of the crushing and milling circuit. Capital works on Tailings Storage Facility 2 ("TSF2") are well advanced and remain on schedule for completion in the second quarter of 2026. Copper C1 cash cost1 of $1.63 per lb was $0.29 higher quarter-over-quarter due to higher power costs. Copper production for 2026 is guided at 175,000, 205,000 tonnes, while gold production guidance is 110,000, 120,000 ounces. S3 is expected to contribute over 84,000 tonnes of copper in 2026, with feed sourced evenly from low-grade stockpiles and fresh higher-grade ore from the South East Dome deposit.
Sentinel reported copper production of 48,235 tonnes in Q4 2025, 3,101 tonnes lower than the previous quarter due to lower throughput and grades. Ongoing maintenance on Ball Mill 2 related to managing the fatigue in the flange bolts impacted throughput while grades were impacted by lower-grade material from Stage 3. Copper C1 cash cost1 of $2.84 per lb was $0.31 higher than the preceding quarter as a result of lower production volumes and higher power and maintenance costs. Production guidance for 2026 is 190,000, 220,000 tonnes of copper. The focus at Sentinel in 2026 will continue to be on increasing total throughput with various ongoing initiatives to optimize blast fragmentation, maintain consistency of the stockpiled ore volumes, and improve milling rates and flotation recovery. In 2026, grades are expected to be slightly higher than 2025, reflecting the mining of previously sterilized ore from Stage 1 and Stage 2 following crusher relocations. Stage 3 will continue to supply the majority of the ore, with Stage 4 expected to contribute ore from the second half of 2026. As mining progresses to deeper levels in Stage 3, the quality of the ore is expected to continue to improve as weathering impacts reduce. In addition, In-Pit Crusher 4 is scheduled to be decommissioned during the first quarter to facilitate its relocation. Commissioning of the crusher in its new location is planned for the fourth quarter of 2026, supporting continued mining optimization and enhancing long-term flexibility at Sentinel. In collaboration with the original equipment manufacturer ("OEM") and specialist engineering consultants, a long-term management strategy has been established to address the fatigue in the Ball Mill 2 flange bolts, with the recommendation to continue managing the fatigue through 2026. Full remedial work will be scheduled for 2027 when parts become available and will be scheduled during planned downtimes to mitigate the impact to production. Planning is underway, which will include the replacement of a segment of the third can and the discharge end with a new OEM design. This approach is expected to ensure continued mill performance and reliability in the interim, while delivering a permanent engineered solution through the planned upgrade. A review of Ball Mill 1 is also underway.
In the fourth quarter of 2025, Enterprise achieved record quarterly production, producing 8,750 tonnes of nickel, a 52% increase over the previous quarter due to higher grades and recoveries. During the quarter, mining was focused on higher grade areas from lower elevations of the pit in the Stage 3 area. Nickel C1 cash cost1 of $3.12 per lb is $1.05 lower than the previous quarter due to higher production volumes. Production guidance for 2026 is expected to be in the range of 30,000, 40,000 contained tonnes of nickel at a nickel unit cost guidance of $3.25, 4.25 per lb. The focus at Enterprise remains on maximizing ore supply and improving comminution efficiency to increase throughput and reduce unit operating costs. The mining strategy will focus on maintaining an optimum level of stockpiled ore at the run-of-mine pad to support blending and consistent ore supply. The grade control drilling program will continue to support metallurgical studies aimed at managing grade dilution and improving recovery rates. Plant optimization efforts will continue, with key focus on MgO, mill rate and nickel load management strategies.
At Cobre Panamá, detailed inspections of the mobile fleet with OEM specialists continued in the fourth quarter, with reviews of ultra class haul trucks, production drills, and rope shovels completed during the quarter. The findings are being incorporated to refine and optimize preservation strategies, ensuring ongoing asset safety and integrity. Preservation and Safe Management ("P&SM") costs during the fourth quarter averaged approximately $15 million per month. In January 2026, President José Raúl Mulino announced that the GOP will authorize the removal, processing and export of stockpiled ore. The Company awaits formal approvals to undertake these activities, which will be carried out in coordination with the GOP and in strict compliance with the P&SM plan. The processing of stockpiled ore does not constitute a mine reopening. On a preliminary basis, it is currently anticipated that processing of stockpiled ore could commence about three months after receiving official regulatory notice to proceed and would require approximately one year to process the stockpiled ore. Approximately 70,000 tonnes of copper could be produced from the stockpiled ore. Estimated costs at Cobre Panamá will continue to be approximately $15, $17 million per month, but is expected to increase upon formal approval to process the stockpiled ore. Cash outflows related to the processing of stockpiled ore, largely non‑recurring, are expected to include plant and equipment recommissioning, warehouse inventory replenishment, and sustaining capital, with costs currently estimated at approximately $90, $100 million for commissioning, $40, $50 million for inventory, and $100, $130 million in sustaining capital. Operating costs associated with the processing of stockpiled ore are expected to be approximately $12.00 , $12.50 per tonne milled, with unit costs expected to be higher during initial operations.
___________________
1 C1 cash cost (C1) is a non-GAAP ratio, which does not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. See "Regulatory Disclosures"
FINANCIAL HIGHLIGHTS
Financial results continue to be impacted by the suspension of Cobre Panamá.
Gross profit for the fourth quarter of $416 million was $56 million higher than Q3 2025, while EBITDA1 of $464 million for the same period was $29 million higher, benefitting from higher realized copper and gold prices2.
Cash outflows from operating activities of $36 million ($0.04 per share2) for the quarter is attributable to adverse movements in working capital as a result of the timing of shipments and the impact of copper price movements on derivative instruments related to provisionally priced sales contracts.
Net debt3 increased by $441 million during the quarter to $5,192 million with total debt at $5,836 million as at December 31, 2025. Net debt2 increased due to to working capital outflows of $298 million and capital expenditures of $301 million.
___________________
1 EBITDA is a non-GAAP financial measure which does not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. See "Regulatory Disclosures".2 Cash flows from operating activities per share, and realized metal prices are non-GAAP ratios which do not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. See "Regulatory Disclosures".3 Net debt is a supplementary financial measure which does not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. See "Regulatory Disclosures".
NEW SYNDICATED BANK FACILITY
On February 10, 2026, the Company has signed a new $2.2 billion Term Loan and Revolving Credit Facility. This new Facility replaces the existing $1.84 billion Term Loan and Revolving Credit Facility due to mature in April 2027. The new $2.2 billion Facility comprises a $0.7 billion Term Loan Facility, a $1.5 billion Revolving Credit Facility and an uncommitted option for a $0.5 billion accordion facility. The Facility has an initial maturity of February 2029 with an extension option of one year exercisable by the Company subject to lender consent and the satisfaction of certain criteria. The Facility is syndicated to a group of long-standing, and several new banks, following a highly oversubscribed process. The Facility will be used to fully prepay and cancel amounts outstanding under the existing facility and for general corporate purposes. The availability of the Facility is subject to the completion of customary conditions precedent. BNP Paribas and ING acted as Coordinating Bookrunners.
The refinancing defers near-term, material debt maturities and extends the Revolving Credit Facility through to February 2029, providing additional liquidity headroom and financial flexibility. The Facility increases the net leverage4 covenant to 4.75x Net Debt/EBITDA until September 30, 2026 (compared to 4.25x and 3.75x during 2026 in the existing facility), reducing over the course of 2027 to a level of 3.50x for the quarter ending September 30, 2027 and until the maturity of the facility. This refinancing continues management's practice of proactively addressing debt maturities and further demonstrates the Company's access to a diverse range of funding sources. The Facility includes a mechanism, subject to certain conditions, allowing some further flexibility and a lower interest margin following a restart of operations at the Cobre Panamá mine.
HEDGING PROGRAM
During the quarter, the Company did not enter into new derivative contracts under its hedging program.
As at February 10, 2026, the Company had zero cost copper collar contracts outstanding for 82,517 tonnes at weighted average prices of $4.13 per lb to $4.62 per lb with maturities to June 2026. Approximately 20% of planned production and sales for the remainder of full year 2026, and approximately 50% of the remainder for the first half of 2026, are hedged from spot copper price movements. In addition, as at February 10, 2026, the Company had zero cost gold contracts outstanding for 38,276 ounces at weighted average prices of $2,970 per oz to $4,266 per oz with maturities to June 2026.
REALIZED METAL PRICES1
QUARTERLY
Q4 2025
Q3 2025
Q4 2024
Average LME copper cash price (per lb)
$5.03
$4.44
$4.17
Realized copper price1 (per lb)
$4.89
$4.38
$4.17
Treatment/refining charges ("TC/RC") (per lb)
($0.04
)
($0.04
)
($0.04
)
Freight charges (per lb)
($0.03
)
($0.04
)
($0.05
)
Net realized copper price1 (per lb)
$4.82
$4.30
$4.08
Average LBMA cash price (per oz)
$4,141
$3,455
$2,664
Net realized gold price1,2 (per oz)
$4,007
$3,358
$2,545
Average LME nickel cash price (per lb)
$6.75
$6.81
$7.27
Net realized nickel price1 (per lb)
$6.42
$6.86
$6.74
1 Realized metal prices are a non-GAAP ratio, do not have standardized meanings under IFRS and might not be comparable to similar financial measures disclosed by other issuers. See "Regulatory Disclosures" for further information. 2 Excludes gold revenues recognized under the precious metal stream arrangement.
___________________4 Net leverage is the ratio of Total Debt (less Cash or Cash Equivalent Investments) on the last day of the relevant period, to EBITDA in respect of the relevant period, in each case as defined in the facility agreement.
CONSOLIDATED OPERATING HIGHLIGHTS
QUARTERLY
Q4 2025
Q3 2025
Q4 2024
Copper production (tonnes)1,7
100,374
104,626
111,602
Kansanshi
47,655
46,881
48,139
Sentinel
48,235
51,336
56,560
Other Sites2
4,484
6,409
6,903
Copper sales (tonnes)3
108,118
118,825
111,613
Cobre Panamá
(227
)
24,306
–
Kansanshi3
56,282
38,170
49,141
Sentinel
47,120
48,410
55,117
Other Sites2
4,943
7,939
7,355
Gold production (ounces)
37,377
36,463
38,784
Kansanshi
30,637
27,854
29,787
Guelb Moghrein
5,904
7,832
8,428
Other sites4
836
777
569
Gold sales (ounces)5
42,119
43,658
40,762
Cobre Panamá
101
11,071
–
Kansanshi
35,302
24,313
31,747
Guelb Moghrein
6,042
7,575
8,658
Other sites4
674
699
357
Nickel production (contained tonnes)
8,750
5,767
3,720
Nickel sales (contained tonnes)
8,877
2,917
5,578
Cash cost of copper production (C1) (per lb)3,6
$2.21
$1.95
$1.68
C1 (per lb) excluding Cobre Panamá3,6
$2.21
$1.95
$1.68
Total cost of copper production (C3) (per lb)3,6
$3.44
$3.22
$2.72
Copper all-in sustaining cost (AISC) (per lb)3,6
$3.45
$3.07
$2.58
AISC (per lb) excluding Cobre Panamá3,6
$3.37
$3.00
$2.50
1 Production is presented on a contained basis, and is presented prior to processing through the Kansanshi smelter.2 Other sites (copper) includes Guelb Moghrein and Çayeli.3 Sales exclude the sale of copper anode produced from third-party concentrate purchased at Kansanshi. Sales of copper anode attributable to third-party concentrate purchases were 2,446 tonnes in Q4 2025 (5,994 tonnes in Q4 2024).4 Other sites (gold) includes Çayeli and Pyhäsalmi.5 Excludes refinery-backed gold credits purchased and delivered under the precious metal streaming arrangement (see "Precious Metal Stream Arrangement").6 Copper all-in sustaining cost (copper AISC), copper C1 cash cost (copper C1), and total cost of copper (copper C3) are non-GAAP ratios, which do not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. See "Regulatory Disclosures".7 Kansanshi S3 Expansion project declared commercial production on December 1, 2025.
CONSOLIDATED FINANCIAL HIGHLIGHTS
QUARTERLY
Q4 2025
Q3 2025
Q4 2024
Sales revenues
1,475
1,346
1,256
Gross profit
416
360
405
Net earnings (loss) attributable to shareholders of the Company
25
(48
)
99
Basic net earnings (loss) per share
$0.03
($0.06
)
$0.12
Diluted net earnings (loss) per share
$0.03
($0.06
)
$0.12
Cash flows from operating activities
(36
)
1,195
583
Net debt1
5,192
4,751
5,530
EBITDA1,2
464
435
455
Adjusted earnings (loss)1
5
(16
)
31
Adjusted earnings (loss) per share3
$0.01
$(0.02
)
$0.04
Cash cost of copper production excluding Cobre Panamá (C1) (per lb)3,4
$2.21
$1.95
$1.68
Total cost of copper production excluding Cobre Panamá (C3) (per lb)3,4
$3.37
$3.17
$2.83
Copper all-in sustaining cost excluding Cobre Panamá (AISC) (per lb)3,4
$3.37
$3.00
$2.50
Cash cost of copper production (C1) (per lb)3,4
$2.21
$1.95
$1.68
Total cost of copper production (C3) (per lb)3,4
$3.44
$3.22
$2.72
Copper all-in sustaining cost (AISC) (per lb)3,4
$3.45
$3.07
$2.58
Realized copper price (per lb)3
$4.89
$4.38
$4.17
Net earnings (loss) attributable to shareholders of the Company
25
(48
)
99
Adjustments attributable to shareholders of the Company:
Adjustment for expected phasing of Zambian value-added tax ("VAT")
(35
)
(8
)
(35
)
Modification and redemption of liabilities
(126
)
25
(100
)
Total adjustments to EBITDA1 excluding depreciation2
(35
)
16
(58
)
Tax adjustments
48
–
(12
)
Minority interest adjustments
128
(1
)
140
Adjusted earnings (loss)1
5
(16
)
31
1 EBITDA and adjusted earnings (loss) are non-GAAP financial measures, and net debt is a supplementary financial measure. These measures do not have a standardized meaning under IFRS and might not be comparable to similar financial measures disclosed by other issuers. Adjusted earnings (loss) have been adjusted to exclude items from the corresponding IFRS measure, net earnings (loss) attributable to shareholders of the Company, which are not considered by management to be reflective of underlying performance. The Company has disclosed these measures to assist with the understanding of results and to provide further financial information about the results to investors and may not be comparable to similar financial measures disclosed by other issuers. The use of adjusted earnings (loss) and EBITDA represents the Company's adjusted earnings (loss) metrics. See "Regulatory Disclosures". 2 Adjustments to EBITDA in 2025 relate principally to impairment reversal in respect of assets at Ravensthorpe (2024 - impairment expense and a credit relating to changes of restoration provision.3 Adjusted earnings (loss) per share, realized metal prices, copper all-in sustaining cost (copper AISC), copper C1 cash cost (copper C1) and total cost of copper (copper C3) are non-GAAP ratios, which do not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. See "Regulatory Disclosures".4 Excludes the sale of copper anode produced from third-party concentrate purchased at Kansanshi. Sales of copper anode attributable to third-party concentrate purchases were 2,446tonnes for the three months and year-ended December 31, 2025 (5,994 tonnes for the three months and year-ended December 31, 2024).
COBRE PANAMÁ UPDATE
On May 30, 2025, the GOP approved and formally instructed the execution of the P&SM plan.
In October 2025, the Ministry of Environment ("MiAmbiente") issued the order for SGS Panama Control Services Inc. ("SGS") to proceed with the integral audit. Under the coordination of MiAmbiente and the Ministry of Commerce and Industries, SGS commenced the process and, to date, documentary verification and field visit inspections have been completed as scheduled. The audit is expected to be concluded in April 2026.
In addition to the integral audit, the authorities have continued with the statutory bi-annual audits of Cobre Panamá's compliance with its commitments under the Environmental and Social Impact Assessment ("ESIA"). The most recently published audit achieved 100% compliance, with no findings related to the execution of the P&SM plan. The 12th external audit field phase was completed in November with the final report expected during the first quarter of 2026.
The execution of the P&SM plan also included the import of fuel and the restart of Cobre Panamá's power plant. In November, commissioning tests for Unit 2 of the power plant were completed and one supply shipment was received, allowing the conveying system to reach its nominal capacity. Unit 2 was then hot-commissioned and synchronized to the grid. It maintained stable operation and successfully increased output to its maximum capacity of 150 MW in December. The plant is operating at an average output of 120 MW based on the power requirements of the P&SM activities and the demands of the national power grid. The second supply shipment arrived in mid-January 2026. The commissioning of Unit 1 is ongoing and, to date, performance has been normal.
In the State of the Nation address on January 2, 2026, President José Raúl Mulino announced that the GOP will authorize the removal, processing and export of stockpiled ore at Cobre Panamá that was previously extracted before operations were suspended. Processing of the stockpiled ore will mitigate environmental and operational risks associated with its prolonged storage, such as acid rock drainage, and provide important feed material to the tailings management facility ("TMF"). The Company awaits formal approvals to undertake these activities, which will be carried out in coordination with the GOP and in strict compliance with the P&SM plan. The processing of stockpiled ore does not constitute a mine reopening and will not require any new extraction, drilling, blasting, or mine operational reactivation. Processing of the stockpiled ore is anticipated to result in more than 1,000 new direct jobs beyond the current staffing of 1,600 jobs. It is also expected to generate further contractor hires and broader indirect employment as well as economic benefits in local procurement, such as equipment supply, transportation, logistics, food services, and other sectors.
The Company further reinforced its engagement with local governments in surrounding municipalities. By the end of the fourth quarter of 2025, Cobre Panamá achieved over 12,000 in-person interactions across the mine's surrounding communities, double the number recorded in 2024, with positive perceptions toward mine reactivation reaching 80% among men and 75% among women. More than 220 community donations were delivered, which were primarily transportation services. Over 9,000 people benefited from social investments in aqueduct maintenance, solar panel installations, road repairs, agricultural support, school transportation, and productive workshops. The Company's support to local schools through providing high-quality nutrition, supported over 3,500 children in over 40 local schools during the year. Nationally, more than 700 entrepreneurs completed a development and training program supported by the Company.
KANSANSHI NEAR-SURFACE GOLD ZONE
During the fourth quarter, the Company continued the program to evaluate the new near-surface gold zone occurrences in the South East Dome area at Kansanshi. Test-work commenced at the end of 2025 to assist with the understanding of in-situ grade estimation and possible recoveries.
ZAMBIAN POWER SUPPLY
During the fourth quarter of 2025, Zambia's national power system continued to be constrained and the force majeure declared by ZESCO, the national electricity utility, in early 2024 remained in effect. Early rainy-season conditions were positive, with improving river inflows into the Kariba basin, although these have not yet translated into a material increase in hydropower availability.
To ensure operational continuity, the Company maintained its diversified power-sourcing strategy. During the fourth quarter of 2025, Zambia's emergency power framework shifted ...
