EarningsQ2 2026 Earnings Report
MX:FM1N Q2 2026 EPS Results
Actual EPS-$2.39
Consensus EPS-$1.12
Beat/MissMissed by -$1.27
One Year Ago EPS$0.37
MX:FM1N Q2 2026 Revenue Results
Actual Revenue$27.20B
Expected Revenue$25.82B
Beat/MissBeat by +$1.38B
YoY Revenue Growth+24.11%
Earnings Announcement Details
QuarterQ2 2026
Date07/28/2026
TimeAfter Close
Conference CallTuesday, July 28, 2026
MX:FM1N Upcoming Earnings
First Quantum Minerals's next earnings date is estimated for October 28, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:FM1N Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a predominantly positive operational and financial picture: revenues and EBITDA rose, production increased modestly (total copper +4% QoQ), Cobre Panama achieved an earlier-than-expected recommissioning milestone and the audit was broadly favorable (87.73/100). The company closed value-accretive disposals, maintains ~ $2 billion liquidity, and now has full exposure to spot copper which supports potential strong free cash flow in H2. Offsetting these positives are material hedge losses, elevated fuel-driven cost pressures (with a cited ~$0.25/lb upside risk), regulatory uncertainty and conditional capital requirements at Cobre Panama, and a modest increase in net debt. On balance, the operational progress, strong commodity backdrop and financial discipline outweighed the challenges and near-term risks.Company Guidance
Revenue and EBITDA Growth
Revenue increased 8% year-over-year to $1.5 billion; adjusted EBITDA rose 23% to $400 million, driven by higher copper prices and increased sales.
Higher Copper Production and Strong Operations
Total copper production rose 4% quarter-over-quarter to just over 100,000 tonnes; copper sales were 93,300 tonnes (≈7,000 tonnes below production due to timing). Sentinel produced 50,000 tonnes (+5,000 t QoQ) and Kansanshi's S3 concentrator operated above design capacity and delivered its highest monthly throughput in May.
Cobre Panama: Successful Recommissioning and Early Production
Milling Train 3 at Cobre Panama was successfully recommissioned in May with first concentrate produced in June (earlier than Q3 target). During Q2, ~2.1 million tonnes of ore were processed producing ~3,200 tonnes of copper in concentrate. Site headcount is ~3,000 people and first concentrate shipment expected in August. The stockpile is estimated at ~38 million tonnes containing ~70,000 tonnes of recoverable copper (≈12 months of processing at current rates).
Large Resource Update at La Granja
Published technical report estimating ~23 million tonnes of copper, 600 million ounces of silver and 6.7 million ounces of gold — positioning La Granja as one of the largest greenfield copper resources globally; arsenic identified as manageable via segregation/blending and offtake arrangements.
Hedge Program Concluded — Full Spot Exposure
Strategic hedge book is fully settled (incurring Q2 hedge losses) and the company is now fully exposed to spot copper and gold prices, aligning with expected stronger production in H2 to support free cash flow generation.
Strong Balance Sheet Liquidity and Disposals
Closed disposals of Cobre Las Cruces and Trely delivering a $271 million gain on disposal; net liquidity ~ $2.0 billion (including $771 million cash and $1.25 billion undrawn revolver).
Sulfuric Acid Opportunistic Sales
Opportunistic surplus sulfuric acid sales (~36,000 tonnes) contributed roughly $12 million of revenue in Q2 and provided an estimated ~$0.05 per pound benefit to C1 costs; additional sales expected into Q3.
Community, Safety and Social Progress
Cobre Panama recruitment achieved >60% participation from local communities (≈17% female participation); educational programs added >500 students in the quarter (supporting >4,000 students overall), entrepreneurial program graduated ~700 in the quarter (≈1,000 total), and the company hosted the 26th International Mining Rescue Competition in Zambia.
Independent Audit Outcome for Cobre Panama
Comprehensive government audit published with an overall score of 87.73/100: 361 of 372 units fulfilled, no areas fundamentally absent; report concluded operation is professionally managed and technically sound with high regulatory compliance.
MX:FM1N Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed