Copper miner First Quantum beats Q3 profit estimates on higher production, prices; output guidance narrowed

First Quantum Minerals

28/10/2026 21:10

Overview
Canada copper and nickel miner's Q3 revenue rose, beating analyst expectations
Adjusted EPS for Q3 beat analyst expectations, driven by higher production and metal prices
Company narrowed copper and gold production guidance, raised nickel guidance for 2026

Outlook
First Quantum narrows 2026 copper production guidance to 405,000–435,000 tonnes, down from 405,000–475,000 tonnes
Company raises 2026 nickel production guidance to 40,000–45,000 tonnes, up from 30,000–40,000 tonnes
2026 copper C1 cash cost guidance increased to $2.50–$2.65/lb due to higher fuel prices, strong Zambian kwacha

Result Drivers
HIGHER PRODUCTION - Co said Q3 copper production rose 8% from Q2, mainly due to processing stockpiles at Cobre Panamá and strong performance at Kansanshi
STRONGER METAL PRICES - Co said improved realized copper prices contributed to higher financial results in Q3
SULPHURIC ACID SALES - Surplus acid sales at Kansanshi generated $33 mln in revenue, supporting lower copper cash costs

Company press release: ID:nGNXbHqMsc

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Revenue
Beat
$2.09 bln
$1.84 bln (8 Analysts)
Q3 Adjusted EPS
Beat
$0.29
$0.20 (12 Analysts)
Q3 EPS
 
$0.25
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 17 "strong buy" or "buy", 5 "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$50.00, about 38.7% above its October 27 closing price of C$36.06
The stock recently traded at 17 times the next 12-month earnings vs. a P/E of 24 three months ago

Reuters Recommended Reads
Oct 28 - Canada's Amerigo Resources Q3 net income surges on higher copper prices
Oct 27 - Freeport-McMoRan Q3 revenue rises on higher copper prices
Oct 26 - Canada's Capstone Copper announces $3 billion investment plan in Chile

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(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.)