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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
First Quantum Minerals
First Quantum Minerals (FM) investor relations material
First Quantum Minerals Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary29 Oct, 2026
Executive summary
Q3 copper production rose 8% QoQ to 108,959 tonnes; revenue increased 37% to $2.086 billion and EBITDA rose 111% to $844 million on stronger realized prices and sales volumes.
Adjusted earnings were $244 million, or $0.29/share, versus an adjusted loss of $106 million, or $0.13/share, in Q2; the hedge book ended after June 30.
Cobre Panamá advanced stockpile processing and recommissioned all three trains; Panama’s Interministerial Commission recommended negotiations for a framework that could enable restart and self-funded progressive closure.
Financial highlights
Q3 revenue was $2.086 billion, gross profit $678 million, EBITDA $844 million and net earnings attributable to shareholders $207 million.
Adjusted earnings were $244 million, or $0.29/share; Q2 adjusted losses were $106 million, or $0.13/share.
Operating cash flow was $600 million, up $470 million QoQ; net debt fell $98 million to $5.309 billion at September 30.
Copper sales were 109,841 tonnes; gold production was 47,095 oz and nickel production was 9,831 tonnes.
Surplus acid sales generated $33 million of Q3 revenue; 70,000 tonnes were sold, with Zambia acid prices rising from $180/tonne in Q1 to $460/tonne in Q3.
Outlook and guidance
FY26 copper guidance narrowed to 405,000–435,000 tonnes and gold to 150,000–170,000 oz; nickel guidance rose to 40,000–45,000 tonnes.
FY26 copper C1 cost guidance is $2.50–$2.65/lb and AISC $4.10–$4.25/lb; total capital expenditure guidance is $1.15–$1.25 billion.
Kansanshi guidance is 175,000–185,000 tonnes of copper and 95,000–105,000 oz of gold; Sentinel guidance is 190,000–200,000 tonnes of copper and Enterprise guidance is 40,000–45,000 tonnes of nickel.
Cobre Panamá stockpile guidance is 30,000–40,000 tonnes of copper and 10,000–15,000 oz of gold in 2026; available stockpiles could support processing until mid-2027.
Cobre Panamá ramp-up to ~80% is expected within 6–9 months after approval; Taca Taca ESIA approval is expected within several months, with a RIGI application planned shortly.
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Latest events from First Quantum Minerals
- Cobre Panamá’s shutdown drove Q4 losses, debt pressure and liquidity measures.FM
Q4 2023 - Copper-focused growth, disciplined finances, and strong ESG drive future expansion.FMConference presentation
- Q2 2026 copper output and earnings rose, but cost risks from fuel and FX persist.FMQ2 2026
- Copper demand growth, project expansion, and strong ESG drive future-focused strategy.FMConference presentation
- All resolutions passed, with strong financials and major project progress highlighted.FMAGM 2026
- Net loss of $196M in Q1 2026; guidance raised for copper output, costs, and capex.FMQ1 2026
- Q4 2025 delivered higher profits, Kansanshi S3 ramp-up, and improved liquidity amid rising costs.FMQ4 2025
- Copper output and EBITDA rose, liquidity improved, and Kansanshi S3 ramped up in Q3 2025.FMQ3 2025
- Q2 copper output rose 2%, EBITDA surged, and Cobre Panamá remains offline.FMQ2 2024
Next First Quantum Minerals earnings date
Q4 202610 Feb, 2027
First Quantum Minerals
Next First Quantum Minerals earnings date
Q4 202610 Feb, 2027
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Frequently asked questions
First Quantum Minerals Ltd is a mining and metals company involved in the exploration, development, and operation of mineral properties. The company produces copper, nickel, gold, and other base metals from a portfolio of mines and development projects located globally. It also engages in smelting and refining activities to support its mining operations. The company is headquartered in Toronto, Canada, and its shares are listed on the TSX.