First Quantum Minerals (FM) Q3 2026 earnings summary

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.