First Quantum Minerals Ltd. (“First Quantum” or the “Company”) (TSX: FM) today reports results for the three and nine months ended September 30, 2026 (“Q3 2026” or the “third quarter”).
“We are pleased with the significant improvement in our financial performance this quarter, supported by higher production and full exposure to stronger copper prices, which clearly demonstrates the underlying earnings potential of our business. We delivered another quarter of production growth, supported by continued strong performance from S3 at Kansanshi and the processing of stockpiles at Cobre Panamá, where the recommissioning progressed successfully, with all three trains brought online sequentially during the quarter,” said Tristan Pascall, Chief Executive Officer of First Quantum. “In Panama, we are encouraged by the recommendation made by the Interministerial Commission and remain ready to engage constructively with the Government of Panama to achieve a fair and durable resolution that serves the best interests of the country and its people, as well as our stakeholders.”
Q3 2026 HIGHLIGHTS
- Financial results for the third quarter include gross profit of $678 million (Q2 2026: $297 million), EBITDA[1] of $844 million (Q2 2026: $400 million), net earnings attributable to shareholders of $0.25 per share (Q2 2026: $0.16), and an adjusted earnings per share1 of $0.29 (Q2 2026: $(0.13)). Relative to the second quarter of 2026, third quarter results benefitted from higher sales volumes, improved realized metals prices1, lower fuel costs and the absence of derivative contracts following the completion of the hedging program on June 30, 2026.
- Total copper production was 108,959 tonnes (Q2 2026: 100,487 tonnes) at C1 cash costs1 of $2.59 per lb (Q2 2026: $2.54). Copper sales totalled 109,841 tonnes. During the quarter, 47,095 ounces of gold (Q2 2026: 32,029 ounces) and 9,831 tonnes of nickel (Q2 2026: 11,246 tonnes) were produced.
- Copper production guidance has been narrowed from a range of 405,000 – 475,000 tonnes to 405,000 – 435,000 tonnes to reflect lower grades experienced to date at Sentinel and Kansanshi while guidance for Cobre Panamá has been maintained. Gold production guidance has been narrowed from a range of 150,000 – 175,000 ounces to 150,000 – 170,000 ounces. Nickel production guidance has increased from a range of 30,000 – 40,000 tonnes to 40,000 – 45,000 tonnes.
- Previously provided sensitivity of $0.25 per lb has been incorporated into updated copper C1 cash cost[10] guidance of $2.50 – $2.65 per lb to reflect elevated fuel prices and the strong Zambian kwacha to date, which are expected to continue in the fourth quarter. Guidance for total capital expenditure has been narrowed based on spend to date and the latest expected timing of capital expenditures.
- In Panama, the Interministerial Commission delivered its final report, recommending an assessment of the feasibility of a new agreement that could address outstanding arbitrations and provide for a potential restart of Cobre Panamá to support an orderly, self-financed closure, recognizing that closure and rehabilitation will be a long-term undertaking extending over decades. The President is reviewing the report and will communicate a decision directly to the country.
- The authorized stockpile processing program (“Processing Program”) at Cobre Panamá advanced materially during the quarter. Following the initial start-up of Train 3, Train 2 commenced operations in July. Train 1 progressed through refurbishment, testing, and commissioning, which was completed without major issues. There are sufficient stockpiles to support the Processing Program until mid-2027.
- With respect to the environmental findings from the Comprehensive Audit, environmental actions were incorporated into the compliance tracking process at Cobre Panamá, supported by improved evidence management, traceability, and georeferencing.
Q3 2026 OPERATIONAL HIGHLIGHTS
- Total copper production for the third quarter was 108,959 tonnes, an 8% increase from Q2 2026 mainly attributable to the Processing Program at Cobre Panamá and higher production from Kansanshi.
- C1 copper cash cost1 was $0.05 higher quarter-over-quarter at $2.59 per lb due to the inclusion of higher cost production from Cobre Panamá. Excluding Cobre Panamá, copper C1 cash cost1 was $0.08 lower quarter-over-quarter at $2.40 per lb due to higher acid by-product credits and lower fuel costs. During the quarter, Kansanshi sold surplus acid, supported by strong regional demand and favourable sulphuric acid pricing.
- Copper sales volumes totalled 109,841 tonnes, approximately 882 tonnes higher than production as volumes produced at Cobre Panamá in Q2 2026 were sold in the third quarter.
- For more details, see Operations Review on page 8.
Q3 2026 FINANCIAL HIGHLIGHTS
- Sales revenues of $2,086 million in Q3 2026 were 38% higher than the previous quarter on higher sales volumes and strong realized metal prices1. Revenues included $33 million from surplus acid sales.
- Gross profit for the third quarter of $678 million was $381 million higher than Q2 2026 and EBITDA[2] of $844 million for the same period was $444 million higher.
- Cash flow from operating activities of $600 million ($0.72 per share[3]) for the quarter increased $470 million from Q2 2026 due to higher net earnings attributable to shareholders of $207 million.
- Net debt[4] decreased by $98 million during the quarter to $5,309 million at September 30, 2026, primarily attributable to debt repayment of $171 million.
- Total liquidity of $2.13 billion as at September 30, 2026, comprised of $781 million in cash and $1.35 billion of undrawn availability under the revolving credit facility.
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