First Quantum Minerals Reports Second Quarter 2026 Results

First Quantum Minerals Ltd. (FM) reported second-quarter 2026 net earnings of $136 million, or $0.16 per share, alongside an adjusted loss of $106 million, or $0.13 per adjusted share. Total copper production increased 4% quarter-over-quarter to 100,487 tonnes, driven by higher output at the Sentinel and Kansanshi mines. Cobre Panamá contributed 3,216 tonnes from the processing of stockpiled ore.

Copper C1 cash costs excluding Cobre Panamá were $2.48 per pound, a decrease of $0.03 from the previous quarter, while costs including Panama stood at $2.54 per pound. The realized copper price was $5.34 per pound. EBITDA reached $400 million, though this was weighed by $164 million in hedge losses and a $51 million negative contribution from Cobre Panamá P&SM costs.

The company closed asset sales for Çayeli and Las Cruces, resulting in a $271 million gain and $212 million in net proceeds. Cash from operations fell to $130 million, and net debt rose by $123 million to $5,407 million. First Quantum reaffirmed its 2026 production, cost, and capital expenditure guidance, noting that potential fuel and foreign exchange impacts could affect C1 costs by $0.25 per pound.

First Quantum Minerals Ltd. (FM) reported a quarterly result that was mildly negative on balance. While production improved sequentially, the company posted a large adjusted loss and C1 costs exceeded the stated $2.15–$2.40/lb guidance range. Operating cash flow deteriorated sharply from $420M in Q1 to $130M. The net earnings headline was flattered by a one-time gain on asset sales.

The market had already priced in a slower recovery; the stock has drifted from $46 in early June to $38 pre-release, indicating low expectations. Reaffirmed guidance offers no positive surprise, and the cash flow weakness raises questions about deleveraging pace.

First Quantum Minerals Ltd. (FM) operates large-scale copper-nickel-gold mines, primarily the Kansanshi and Sentinel copper mines in Zambia, the Enterprise nickel mine in Zambia, Cobre Panamá, and Guelb Moghrein in Mauritania. At Cobre Panamá, the company is focused on preservation and safe management, with stockpile processing having started. The company also holds development projects at Taca Taca in Argentina and La Granja in Peru, where it holds a 55% stake and Rio Tinto holds 45%. First Quantum sold its Çeli mine in Türkiye and Las Cruces in Spain in 2026. The portfolio is copper-heavy with significant gold by-product credits. Jurisdictional risk is elevated in Panama and Zambia.