First Quantum Adjusted Earnings Reach $0.29 Per Share as Copper Production Rises 8%
Key Facts
First Quantum Minerals reported adjusted earnings of $0.29 per share in the third quarter of 2026, beating the Zacks Consensus estimate of $0.17 per share. Quarterly revenue rose 38% from the previous quarter to $2.086 billion, while net profit attributable to shareholders was $207 million, compared with a loss of $48 million in the same period of 2025. Chief Executive Tristan Pascall said the improved financial performance "was underpinned by increased production and the full benefit of higher copper prices." The results show improvement on both a quarterly and annual basis, alongside higher copper production and realized prices. The company's shares, traded under the ticker FQVLF, closed at $25.69 on October 27.
Earnings before interest, taxes, depreciation and amortization were $844 million for the quarter, gross profit was $678 million, and cash flow from operating activities reached $600 million. On sales, revenue increased from $1.346 billion in the third quarter of 2025 to $2.086 billion in the third quarter of 2026. The average London Metal Exchange cash copper price rose to $6.40 per pound, from $4.44 a year earlier. The company's net realized copper price also climbed to $6.36 per pound, compared with $4.30 in the corresponding period. Pascall linked the financial performance to higher production and prices, citing continued production growth at Kansanshi and the processing of stockpiles at Cobre Panamá.
Copper production totaled 108,959 tonnes in the third quarter, up 8% from the second quarter. The company attributed the increase mainly to the stockpile processing program at Cobre Panamá and production growth at Kansanshi, where the S3 area continued to perform strongly. Copper sales totaled 109,841 tonnes, about 882 tonnes more than production during the quarter. The company said the difference reflected sales of copper produced at Cobre Panamá in the second quarter. The three processing trains at Cobre Panamá operated sequentially during the quarter, while the company said available ore stockpiles were sufficient to continue the program through mid-2027. The program makes stockpiles part of current production sources, while its duration remains tied to the availability of stored ore.
Despite improved production and revenue, First Quantum narrowed its 2026 copper production guidance to 405,000–435,000 tonnes, from 405,000–475,000 tonnes. The company said the lower top end reflected declining ore grades at the Sentinel and Kansanshi mines. The annual guidance adjustment comes alongside the quarterly increase in production, highlighting the effect of differing mine conditions on the annual estimate. On the balance sheet, net debt fell by $98 million during the quarter to $5.309 billion on September 30, 2026. Total liquidity stood at $2.13 billion on that date.
On Cobre Panamá, Panama's presidency said the final report on the mine site does not make a decision about its future, and that the decision rests exclusively with the president. The presidency added that the president would study the document and announce his decision personally. This comes as the company continues its stockpile processing program, which it said is supported by available ore through mid-2027. EL7 published a report on July 29 about the company's second-quarter loss despite revenue growth, putting the third-quarter results in the context of a shift from the loss recorded a year earlier to the profit reported for shareholders. First Quantum said a call to discuss its third-quarter results will be held on October 29, 2026, at 9:00 a.m. Eastern Time.