First Quantum Minerals stock: Q3 profit rises as guidance narrows

Published on 11/10/2026 at 22:33 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

First Quantum Minerals reported stronger third-quarter earnings and revenue on October 28. First Quantum Minerals stock remains focused on output guidance.

Key operating and financial developments

Third-quarter sales revenue increased from the previous quarter, while adjusted earnings returned to a profit.
Copper production rose quarter over quarter as Cobre Panama's stockpile processing program advanced.
Management narrowed 2026 copper and gold guidance but raised its nickel production outlook.

First Quantum Minerals, CA3359341052, Illustration mit AI erstellt.

First Quantum Minerals reported stronger financial and operating results for the third quarter on October 28, 2026, according to the company's Q3 results release. The company said sales revenue reached USD 2.086 billion, while net earnings attributable to shareholders were USD 207 million. Adjusted earnings per share were USD 0.29, compared with an adjusted loss of USD 0.13 in the second quarter.

First Quantum Minerals stock traded at 21.53 euros on Lang & Schwarz at 22:29 CET on Tuesday, November 10, 2026.

Production improves as guidance narrows

Total copper production rose to 108,959 tonnes in the third quarter from 100,487 tonnes in the preceding quarter. The company attributed the increase mainly to the stockpile processing program at Cobre Panama and higher production at Kansanshi.

Cobre Panama processed 6.6 million tonnes of ore and produced 13,229 tonnes of copper during the quarter. First Quantum said the stockpile program has sufficient material to continue through mid-2027, while the company remains ready to engage with Panama's government over a possible framework for the mine's future.

Management narrowed its 2026 copper production guidance to 405,000 to 435,000 tonnes from 405,000 to 475,000 tonnes, citing lower grades at Sentinel and Kansanshi. Gold guidance was reduced to 150,000 to 170,000 ounces, while nickel guidance increased to 40,000 to 45,000 tonnes.

Cash flow and debt remain in focus

Operating cash flow reached USD 600 million in the quarter. Net debt fell by USD 98 million to USD 5.309 billion at September 30, 2026, and the company reported total liquidity of USD 2.13 billion.

The updated outlook also includes higher copper cost expectations. Full-year copper C1 cash cost guidance was changed to USD 2.50 to USD 2.65 per pound, while total capital expenditure guidance was narrowed to USD 1.15 billion to USD 1.25 billion.

For investors, the operating improvement is balanced by lower expected copper and gold volumes and by the unresolved political and regulatory path for Cobre Panama. The next focus points are the fourth-quarter production performance, the Panama decision process and progress at the company's growth projects.

Developments in the S&P/TSX Composite provide the broader market context for Canadian-listed mining shares.

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