By Tyndae Muchiya
First Quantum Minerals Ltd (FQM) has reported its financial results for the first quarter of 2026, reporting a net loss attributable to shareholders of $196 million ($0.24 loss per share) for the first quarter of 2026, as the company faced lower copper production, higher costs, and global market headwinds.
For the period ended March 31, 2026, FQM posted an adjusted loss of $147 million ($0.18 adjusted loss per share), while total copper production stood at 96,469 tonnes, a 4% decline from the previous quarter. The decrease was primarily due to lower output at Sentinel and Kansanshi mines, reflecting mine plan grades.
Copper C1 cash costs rose by $0.30 quarter-over-quarter to $2.51 per pound, driven by reduced output and a stronger Zambian Kwacha impacting employee costs. Copper sales volumes were 90,049 tonnes, trailing production by approximately 6,420 tonnes due to sales timing and inventory replenishment at Kansanshi following strong sales in Q4 2025.
Meanwhie, FQM recorded gross profit of $278 million and EBITDA of $326 million for the quarter. However, the EBITDA figure included $144 million in losses under the company’s sales hedge program. Excluding this impact, EBITDA would have been $470 million.
The company noted that no derivative contracts are outstanding beyond June 2026. First Quantum CEO Tristan Pascall described the start of 2026 as challenging, citing heightened global uncertainty linked to the Middle East conflict and its effect on supply chains.
He highlighted FQM’s ongoing investments in innovation, electrification, and structural efficiency improvements, noting that increases in fuel prices are expected to impact costs in the second quarter. Pascall also emphasized the strategic value of the company’s smelter, which reduces reliance on external sulphuric acid supplies amid tight global markets. “2026 has begun against a backdrop of heightened global uncertainty, driven by the conflict in the Middle East and its impact on key supply chains.
In response, we have been actively diversifying our fuel sourcing and procuring additional fuel supplies. Our long‑standing investments in innovation and electrification, including trolley-assist, continue to structurally reduce fuel intensity and our sites are advancing additional initiatives to further improve efficiency. We expect the increases in fuel prices to impact our cost base in the second quarter.” “The current environment also underscores the strategic value of our smelter, which means we are not reliant on external sulphuric acid supply at a time when global sulphur availability is tight.
The situation in the Middle East further reinforces the accelerating global shift towards electrification, a structural trend that is expected to support copper demand and pricing over time. Operationally, we remain on track in Zambia, with production in line with mine plans and stronger performance expected in the second half of the year as we access higher grades,” said Tristan Pascall, Chief Executive Officer of First Quantum.” “In Panama, we received formal approval to proceed with the removal and processing of stockpiled ore, an important step in the responsible environmental management of Cobre Panamá. We are progressing steadily towards restarting processing activities, including the hiring of approximately 1,000 new positions, which attracted more than 60,000 applicants. We expect copper to be produced late in the second quarter. We remain committed to constructive engagement with the Government of Panama for a mutually beneficial resolution for the mine.”
