First Quantum Minerals Q1 Earnings Call Highlights

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Sat, May 2, 2026 astatine 5:07 PM CDT 11 min read

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Key Points

Operational and fiscal hit: Total copper accumulation fell to 96,000 tonnes (sales 90,000 tonnes) portion Kansanshi’s S3 circuit ran ~25% supra design and Enterprise delivered a grounds 12,000 tonnes of nickel; gross was down 5%, EBITDA fell ~30% and the institution reported an adjusted nonaccomplishment per stock of $0.18, prompting an updated C1 cash-cost guidance of $2.15–$2.40/lb.
Cobre Panamá stockpile restart approved: On April 7, 2026 First Quantum received support to process stockpiles, adding 30,000–40,000 tonnes of copper to 2026 guidance, with blimpish recommissioning astatine astir one‑third capableness and expected currency outflows of ~$250 million for pre‑commissioning implicit ~three months portion absorption expects processing to beryllium “roughly neutral connected a currency basis.”
Costs, hedges and balance‑sheet moves: Management flagged substance and a beardown Zambian kwacha arsenic cardinal outgo risks (consumes ~320m liters diesel annually and targets ~10% substance savings), reported a $144m Q1 hedge nonaccomplishment with imaginable Q2 mark‑to‑market losses, issued a $1.5bn 10‑year enslaved to simplify indebtedness and expects $340m from the merchantability of Çayeli arsenic nett indebtedness roseate to $5.3bn.
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First Quantum Minerals (TSE:FM) executives utilized the company’s first-quarter 2026 results telephone to outline operational advancement successful Zambia, higher costs tied to substance and currency movements, and the adjacent steps for restarting stockpile processing astatine Cobre Panamá pursuing authorities support received successful April.

Operational performance: Copper output dips portion Kansanshi S3 exceeds plan

Chief Operating Officer Rudi Badenhorst said full copper accumulation fell 4% quarter-over-quarter to 96,000 tonnes, driven by little accumulation astatine Sentinel and Kansanshi owed to grades that were “in enactment with the excavation plan.” Copper income were 90,000 tonnes, astir 6,000 tonnes beneath production, which Badenhorst attributed to shipment timing and inventory restocking astatine Kansanshi aft beardown fourth-quarter sales.

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At Kansanshi, copper accumulation was 45,000 tonnes, down astir 2,000 tonnes from the erstwhile 4th owed to little provender grades and recoveries. Badenhorst said this was partially offset by higher throughput enabled by the caller S3 sulfide circuit. He added that S3 throughput accrued steadily and milling rates stabilized astir 25% supra plan capacity, allowing accrued processing of semipermanent lower-grade stockpiles, which reduced wide provender people versus the anterior quarter. He said the people interaction is expected to lessen arsenic stripping increases astatine Southeast Dome, exposing caller ore for nonstop provender into S3.

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