Glencore (GLEN) Status update summary

Production performance

• Q3 own-sourced production rose QoQ in copper 2%, nickel 1%, steelmaking coal 14% and energy coal 8%; ferrochrome increased 29%.

• YTD copper production was 598.6kt, up 3% YoY; adjusted for the Mount Isa closure and Kidd disposal, production was 12% higher.

• YTD cobalt production fell 52% to 13.7kt, reflecting DRC export quotas and a continued focus on copper; cobalt in mixed ore is increasingly retained in solution.

• YTD zinc production declined 23% to 547.2kt; excluding Lady Loretta and Kidd, production was 13% lower, mainly due to planned lower Antamina zinc grades.

• YTD steelmaking coal was down 13% to 21.5mt, mainly on lower EVR plant throughput and yields; energy coal was broadly flat at 73.9mt.

Operations and restarts

• Boshoek restarted in September and Wonderkop in October, following Lion earlier in 2026; ferrochrome production reached 235kt YTD, down 46% YoY, with Q3 up 29% QoQ to 125kt.

• Q3 Collahuasi copper output was affected by lower ore grades and weather-related impacts; no material effect on operations or guidance from the desalination project permit review is expected.

• EVR production increased 16% QoQ to 5.8mt as yields modestly improved and plant operating hours rose after scheduled major maintenance.

Guidance and outlook

• FY2026 production guidance is unchanged: zinc and energy coal are expected toward the upper end of ranges; copper and steelmaking coal toward the lower end; nickel around the middle.

• Copper guidance implies a Q4 uptick, primarily from higher expected grades and recoveries at Collahuasi; steelmaking coal guidance also implies a Q4 increase from pit sequencing and improved plant performance.

• FY2026 Marketing Adjusted EBIT is expected to exceed $5bn.