First Quantum Minerals (FM1N) Q3 2026 Earnings Report

The call was broadly positive, supported by record copper prices, a 37% increase in revenue, EBITDA of $844 million, higher quarterly copper production, progress at Cobre Panama, balance sheet improvement and increased nickel and Guelb Moghrein gold guidance. However, the company also reported lower or revised production guidance in several areas, higher cost guidance from fuel and currency pressures, operational delays at Kansanshi and ongoing legal, commercial and timing uncertainty surrounding a full Cobre Panama restart. Overall, the positive financial and operational developments significantly outweighed the stated challenges.

For 2026, copper production guidance has been narrowed to between 175,000 and 185,000 tonnes, gold production guidance has been lowered to between 95,000 and 105,000 ounces, Sentinel production guidance has been updated to between 190,000 and 200,000 tonnes of copper, Cobre Panama stockpile processing is expected to produce 30,000 to 40,000 tonnes of copper and 10,000 to 15,000 ounces of gold, Enterprise production guidance has increased to between 40,000 and 45,000 tonnes of contained nickel, Guelb Moghrein copper production guidance is approximately 7,000 tonnes and gold production guidance has increased to 45,000 to 50,000 ounces, copper C1 cost guidance is $2.50 to $2.65 per pound, all-in sustaining cost guidance is $4.10 to $4.25 per pound, Enterprise nickel cost guidance is $3 to $3.25 per pound, and total capital expenditure guidance is $1.15 billion to $1.25 billion; acid sales are assumed at around 45,000 tonnes through the balance, with acid prices above $200 supporting continued sales and potentially about a 1,000-tonne impact per quarter on copper production, Cobre Panama is expected to ramp up to 80% or so in 6 to 9 months and ultimately move toward 100 million tonnes per year, and the company is targeting the region of 1x net debt to EBITDA before project sanction.