Fixed Income Investors
Credit Rating
This page was last updated on February 10, 2026
First Quantum has solicited credit ratings by Fitch Ratings and S&P Global Ratings. The following table shows the most recent credit rating updates:
| Rating Agency | Date | Senior Unsecured Outlook Rating | Long-term Issuer Default Rating | Outlook | Ratings Announcement |
|---|---|---|---|---|---|
| Fitch Ratings | 24-Aug-25 | B | B | Outlook Stable | Read announcement |
| S&P Global Ratings | 10-Feb-26 | B | B | Outlook Positive | Read announcement |
Debt Management
First Quantum uses a variety of debt instruments for its financing requirements. These include bonds, Revolving Credit Facilities, term loans and trade finance.
Bond Portfolio
(First Quantum Minerals Ltd. is the Issuer of all bonds)
| Issue Description | Maturity Date | Currency | Original Amount | Outstanding as at December 31, 2025 | Coupon Type | Coupon Rate % | CUSIP | ISIN |
|---|---|---|---|---|---|---|---|---|
| 2029 Second Lien Note | 01-Mar-29 | USD | 1,600m | 1,350m | Fixed | 9.375 | C3535CAQ1 (Reg S) 335934AV7 (Rule 144A) | USC3535CAQ18 (Reg S) US335934AV79 (Rule 144A) |
| 2031 Senior Note | 01-Jun-31 | USD | 1,300m | 1,300m | Fixed | 8.625 | C3535CAP3 (Reg S) 335934AU9 (Rule 144A) | USC3535CAP35 (Reg S) US335934AU96 (Rule 144A) |
| 2033 Senior Note | 01-Mar-33 | USD | 1,000m | 1,000m | Fixed | 8.000 | C3535C AR9 (Reg S) 335934 AW5 (Rule 144A) | USC3535CAR90 (Reg S) US335934AW52 (Rule 144A) |
| 2034 Senior Note | 15-Feb-2034 | USD | 1,000m | 1,000m | Fixed | 7.250 | C3535CAS7 (Reg S) 335934AX3 (Rule 144A) | USC3535CAS73 (Reg S) US335934AX36 (Rule 144A) |
| 4,650m |
Debt maturity profile at December 31, 2025
Other Committed Financing as at December 31, 2025
| Name | Borrower | Type | Repayment | Committed Amount ($m) | Maturity | Rate | Covenant | Links |
|---|---|---|---|---|---|---|---|---|
| Secured Term Loan | First Quantum Minerals Limited | Term Loan | Amended and extended in Q1 2024. Semi annual scheduled repayments recommence June 2025. Final repayment on maturity | 539 | Apr-27 | Margin plus SOFR | Leverage and liquidity covenants tested on a quarterly basis | Go to Link |
| Secured Revolving Credit Facility | First Quantum Minerals Limited | Revolving Credit Facility | Due at maturity | 1,300 | Apr-27 | Margin plus SOFR | Leverage and liquidity covenants tested on a quarterly basis | Go to Link |
| Unsecured FQM Trident Facility | FQM Trident Limited | Term Loan | Amended repayment schedule with amortization beginning in March 2026 and a maturity of September 2028 | 425 | Sep-28 | Margin plus SOFR | Similar covenant requirements as Corporate Facility |
Other Uncommitted Financing as at December 31, 2025
| Name | Description |
|---|---|
| Trade Finance Agreements | The Company’s metal marketing division has six uncommitted borrowing facilities totalling $615 million. The facilities are used to finance purchases and the term hedging of copper, gold and other metals, undertaken by the metal marketing division. Interest on the facilities is calculated at the bank’s benchmark rate plus a margin. The loans are collateralized by physical inventories. |
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