Northwire Canada EditionMonday, July 13, 2026
Sign inSubscribe
Northwire
⌕
GLDN 0.055 +0.0% BRON 0.040 +0.0% BTO 5.43 −0.7% ESK 0.365 −2.7% AUMN 0.275 +0.0% GGX 0.040 +0.0% S 0.155 +29.2% NNX 0.035 +0.0% ABX 51.90 −0.6% TTS 2.40 −4.0% FCI 0.400 −9.1% GR 0.075 +0.0% AII 23.38 +12.4% TUNG 1.72 +1.8% LGO 1.01 −2.9% EMM 0.080 +0.0% GLDN 0.055 +0.0% BRON 0.040 +0.0% BTO 5.43 −0.7% ESK 0.365 −2.7% AUMN 0.275 +0.0% GGX 0.040 +0.0% S 0.155 +29.2% NNX 0.035 +0.0% ABX 51.90 −0.6% TTS 2.40 −4.0% FCI 0.400 −9.1% GR 0.075 +0.0% AII 23.38 +12.4% TUNG 1.72 +1.8% LGO 1.01 −2.9% EMM 0.080 +0.0%
Earnings Routine −

First Quantum Minerals Reports First Quarter 2026 Results

First Quantum Q1 Loss Masks Strategic Progress as Panama Processing Begins and Debt Refi Completes

By The Northwire Desk — AI Analysis Apr 28, 2026 · 17:01 FM · 34.29 First Quantum Minerals Ltd.
Executive Summary
  • Q1 2026 Financial Performance: The company reported a net loss of $196 million ($0.24 per share) for the first quarter, contrasting with a net profit in Q4 2025. Adjusted loss was $147 million ($0.18 per share).
  • Hedge Losses: A significant portion of the financial impact is attributed to realized losses from the sales hedge program totaling $144 million within EBITDA.
  • Production Guidance Update: Copper production guidance for 2026 was increased to 405,000–475,000 tonnes (previously 375,000–435,000). Gold guidance was decreased to 150,000–175,000 ounces.
  • Cost Guidance Increase: Copper C1 cash cost guidance increased to $2.15–$2.40 per lb (previously $1.95–$2.20). AISC guidance also rose to $3.50–$3.80 per lb.
  • Cobre Panamá Progress: Formal approval received to process and export stockpiled ore, with production expected late in Q2 2026. Estimated capital required is $250 million.
  • Divestments: Binding agreement signed for the sale of the Çayeli mine for $340 million cash (closing Q2 2026). Las Cruces mine sale pending ($190 million potential).
  • Debt Position: Net debt stands at $5,284 million. A $1.5 billion senior notes offering completed in February 2026 was used to redeem higher-interest debt due 2029.
Material Impact
  • Financial Miss vs. Operational Progress: The net loss of $196 million is a material negative deviation from the Q4 2025 profit, primarily driven by financial hedging losses ($144M) rather than operational failure. However, this confirms margin pressure due to cost inflation and currency impacts (stronger Zambian Kwacha).
  • Guidance Revision: The increase in copper production guidance is positive for volume but does not offset the negative impact of rising costs per pound. This suggests lower margins despite higher output.
  • Cobre Panamá Catalyst: The approval to process stockpiled ore was previously announced in January and February 2026 (NewsId 19943, 221995). Therefore, this news is not "genuinely new" but confirms execution timelines. It mitigates the existential risk of the Panama suspension but introduces near-term capital requirements ($250M).
  • Debt Management: The refinancing completed in February (NewsId 98248) remains a key positive structural change, reducing interest burden compared to the 9.375% notes redeemed. However, net debt remains high at $5.28 billion.
  • Asset Sales: The Çayeli sale ($340M) provides immediate liquidity and debt reduction, which is a material positive for balance sheet health but was announced in March (NewsId 82382).
FM · Price
Company Overview
  • Company: First Quantum Minerals Ltd. operates copper, nickel, and gold mines in Zambia, Türkiye, Mauritania, and Peru.
  • Flagship Project: Cobre Panamá (Panama) has been the primary focus since its suspension in November 2023. The current strategy pivots to processing stockpiled ore (~38 million tonnes) rather than reopening the mine immediately.
  • Other Assets: Kansanshi and Sentinel (Zambia) are core copper producers. Enterprise (Canada) is a nickel producer. Taca Taca (Argentina) is an undeveloped project with strong economics ($5.9B NPV).
Read the original news release →

More from First Quantum Minerals Ltd.

May 14, 2026 · 17:01

First Quantum Stabilizes Balance Sheet While Panama Cleanup Offers Temporary Revenue Boost

Production / Operations May 11, 2026 · 17:01

First Quantum’s La Granja resource filing confirms world-class copper deposit, but cash burn and cost pressures keep investors cautious.

Resource Estimate Apr 07, 2026 · 14:50

Panama approval to process 38 Mt stockpiled ore unlocks cash flow and jobs at Cobre Panamá

Production / Operations Mar 26, 2026 · 07:01

First Quantum Provides Notice of First Quarter 2026 Results

Earnings Mar 12, 2026 · 17:08

First Quantum to sell Cayeli mine for $340M (U.S.)

M&A / Property Mar 12, 2026 · 07:00

First Quantum trims the fat with $340M Turkish asset sale as focus shifts to Zambian ramp-up and Panamanian resolution.

M&A / Property