Canada's First Quantum posts surprise Q1 loss per share

First Quantum Minerals

28/04/2026 22:14

Overview

Canada copper and nickel miner posted Q1 adjusted loss per share, missing analyst expectations

Q1 copper production fell 4% from prior quarter due to lower grades at Sentinel and Kansanshi

Company raised 2026 copper production guidance but increased cost outlook amid higher fuel prices

Outlook

First Quantum raises 2026 copper production guidance to 405,000–475,000 tonnes

Company increases 2026 copper C1 cash cost guidance to $2.15–$2.40 per lb

Higher fuel prices expected to impact unit costs in second qtr due to supply disruptions

Result Drivers

LOWER GRADES - Co said lower copper production at Sentinel and Kansanshi was due to lower ore grades in line with mine plans

HIGHER COSTS - Co said stronger Zambian Kwacha and increased fuel prices raised operating costs

HEDGE LOSSES - Co said realized losses under its sales hedge program reduced EBITDA

Company press release: ID:nGNX94p8Q8

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Adjusted EPS
Miss
-$0.18
$0.07 (15 Analysts)
Q1 EPS
-$0.24
Q1 Net Income
-$196 mln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 14 "strong buy" or "buy", 9 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the specialty mining & metals peer group is "buy"

Wall Street's median 12-month price target for First Quantum Minerals Ltd is C$44.60, about 24.2% above its April 27 closing price of C$35.92

The stock recently traded at 22 times the next 12-month earnings vs. a P/E of 29 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)