First Quantum Minerals Ltd. Q3 2026 Earnings Recap

First Quantum’s shares fell 8.8% after the results, with investors likely focused on lower 2026 production guidance and the expectation that lower grades at Kansanshi will persist into next year. The outlook is tempered by slower-than-planned stripping at Southeast Dome and continued acid sales, which also affect copper production.

Key Takeaways

• Third-quarter copper production was approximately 109,000 tonnes, up 8% from the second quarter; sales were 110,000 tonnes, partly helped by volumes carried over from Cobre Panama.
• 2026 copper guidance was narrowed to 175,000–185,000 tonnes, while gold guidance was lowered to 95,000–105,000 ounces, reflecting performance to date.
• At Kansanshi, production rose to approximately 46,000 tonnes. S3 remained above design capacity, but delayed stripping at Southeast Dome is expected to keep grades lower into next year.
• Kansanshi sold 70,000 tonnes of surplus sulfuric acid in the quarter; the company expects the acid sales initiative to continue into 2027, affecting copper production.
• At Sentinel, production fell by about 1,000 tonnes quarter over quarter to approximately 49,000 tonnes as lower grades outweighed improved throughput; access to higher-grade areas was delayed by lower mining volumes during a shovel overhaul.