First Quantum Minerals (TSX: FM) widened its Q1 2026 loss as hedge losses, lower sales volumes, and a stronger Zambian kwacha offset higher realized copper prices, even as the miner raised 2026 copper guidance after Panama approved processing of Cobre Panamá stockpiled ore.
The company reported a net loss attributable to shareholders of $196.0 million, or $0.24 per share, for the three months ended March 31, 2026, compared with a $23.0 million loss, or $0.03 per share, in Q1 2025.
Revenue rose to $1.40 billion from $1.19 billion a year earlier, but gross profit fell down to $278.0 million from $331.0 million a year earlier.
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EBITDA was $326.0 million, down from $377.0 million a year earlier. The company said EBITDA included $144.0 million of realized losses under its sales hedge program. Excluding those hedge losses, EBITDA would have been $470.0 million.
Adjusted loss was $147.0 million, or $0.18 per share, compared with adjusted earnings of $2.0 million a year earlier.
Cash flow from operating activities was $420.0 million compared with $143.0 million a year earlier.
Realized copper pricing improved, but hedging capped the benefit. Average LME copper cash price rose to $5.83 per pound from $4.24 per pound a year earlier. Realized copper price was $5.16 per pound, up from $4.26 per pound a year earlier.
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On production, total copper production was 96,469 tonnes, down 3.2% from 99,703 tonnes a year earlier while copper sales were 90,049 tonnes, down from 101,960 tonnes a year earlier.
Price rally also pushed costs upwards. Copper C1 cash cost rose to $2.51 per pound from $1.95 per pound a year earlier while copper AISC rose to $4.05 per pound from $2.90 per pound.
Despite the results, First Quantum raised 2026 copper production guidance to 405,000 to 475,000 tonnes from 375,000 to 435,000 tonnes, mainly reflecting 30,000 to 40,000 tonnes expected from Cobre Panamá stockpiled ore. Gold guidance was lowered to 150,000 to 175,000 ounces from 175,000 to 200,000 ounces, while nickel guidance stayed unchanged at 30,000 to 40,000 tonnes.
Copper C1 cash cost guidance increased to $2.15 to $2.40 per pound from $1.95 to $2.20 per pound, while copper AISC guidance increased to $3.50 to $3.80 per pound from $3.25 to $3.55 per pound.
First Quantum last traded at $34.29 on the TSX.
Information for this briefing was found via the sources and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
