First Quantum Minerals Ltd. Q3 2026 Earnings Recap

First Quantum shares fell 9.2% after the results, with investors likely focused on lower 2026 copper and gold guidance and continued low grades at Kansanshi as Southeast Dome stripping runs behind plan. The company also expects acid sales to keep weighing on copper production into 2027.

Key Takeaways

• Third-quarter copper production was approximately 109,000 tonnes, up 8% from the second quarter; sales were 110,000 tonnes, partly supported by Cobre Panama volumes carried over from the prior quarter.
• 2026 copper production guidance was narrowed to 175,000–185,000 tonnes, and gold guidance was lowered to 95,000–105,000 ounces.
• At Kansanshi, copper production rose by 2,000 tonnes quarter over quarter to approximately 46,000 tonnes. But delayed Southeast Dome stripping is expected to keep grades lower into next year, while acid sales are also expected to affect copper output into 2027.
• Sentinel produced approximately 49,000 tonnes of copper, down about 1,000 tonnes quarter over quarter, as lower grades more than offset improved throughput.
• In Panama, the Interministerial Commission recommended negotiating a framework that could support a restart and a progressive, mine-funded closure process; the company said it is ready to engage, but the report leaves mechanisms and specifics to negotiations.