First Quantum earns $0.29 per share and raises copper production 8% in third quarter
Key Facts
First Quantum Minerals reported results on October 28 for the third quarter ended September 30, 2026, posting adjusted earnings of $0.29 per share, compared with an adjusted loss of $0.13 in the second quarter. Earnings attributable to shareholders were $0.25 per share, compared with $0.16 in the previous period. The company’s open official results did not provide a comparison with analyst estimates. Copper production rose 8% from the second quarter to 108,959 tonnes, while sales revenue increased 38% to $2.086 billion. Chief Executive Tristan Pascall said financial performance benefited from “higher production and full realization of higher copper prices.”
Gross profit rose to $678 million in the third quarter from $297 million in the second quarter, while EBITDA increased to $844 million from $400 million. Year on year, the company swung from a net loss attributable to shareholders of $48 million in the third quarter of 2025 to earnings of $207 million in the same period of 2026. Sales revenue increased from $1.346 billion a year earlier to $2.086 billion. Third-quarter revenue included $33 million from sales of surplus acid. The company attributed the quarter-on-quarter improvement to higher sales volumes, better realized metal prices and lower fuel costs, as well as the absence of derivative contracts after its hedging program ended on June 30, 2026.
The average spot copper price on the London Metal Exchange was $6.40 per pound in the third quarter, compared with $6.05 per pound in the second quarter, and the company’s realized price rose to $6.37 per pound from $5.34. Pascall attributed production growth to S3 performance at Kansanshi and the processing of stockpiles at Cobre Panamá. The company restarted the mine’s three processing plants in sequence during the quarter. Quarterly copper production increased with the stockpile processing program at Cobre Panamá and higher output at Kansanshi. In contrast, copper C1 costs were $2.59 per pound, up $0.05 from the previous quarter, reflecting the inclusion of higher-cost Cobre Panamá production; costs excluding the mine were $2.40 per pound.
Operating activities generated cash flow of $600 million in the third quarter. Total liquidity was $2.13 billion on September 30, including $781 million in cash and $1.35 billion in undrawn credit facilities. The company narrowed its 2026 copper production guidance to 405,000–435,000 tonnes, from a previous range of 405,000 to 475,000 tonnes. It attributed the forecast revision to lower grades recorded at Sentinel and Kansanshi. In a separate move, it raised 2026 nickel guidance to 40,000–45,000 tonnes from 30,000–40,000 tonnes, citing strong grades and recovery rates year to date at Enterprise.
At Cobre Panamá, the Joint Ministerial Committee recommended a feasibility study for a new agreement that could allow the mine to restart, facilitating an orderly, self-funded closure. The company said the president is reviewing the report with the cabinet and his legal advisers, and will announce his decision directly to the country. The on-site mineral stockpiles are estimated at about 38 million tonnes, containing approximately 70,000 tonnes of recoverable copper. According to the company, the stockpiles are sufficient to support the processing program through mid-2027. The company estimates the spending required for the program at about $200 million, while cash outflows related to these costs totaled about $80 million through the third quarter of 2026.
First Quantum is scheduled to discuss the results on a conference call on October 29, 2026, at 9 a.m. Eastern Time. HGUSD copper closed at 6.6867 on October 28. The third-quarter results bring profitability, production and new guidance into one picture, while the Panamanian government’s decision remains a factor in Cobre Panamá’s future. The company ties the continuation of the stockpile processing program to the availability of on-site ore through mid-2027. The revisions to the two metals’ forecasts differ: the 2026 copper range narrowed because of lower grades at two mines, while the nickel range increased on the strength of Enterprise’s performance.