Q1 2026 First Quantum Minerals Ltd Earnings Call Transcript
Key Points
- First Quantum Minerals Ltd (FQVLF) reported strong performance above design capacity at the new Kansanshi S3 sulfide processing circuit.
- The company has implemented proactive fuel sourcing strategies, including securing alternative supply routes and building contingency inventories.
- Enterprise achieved record quarterly production of 12,000 tonnes of Nickel, a 41% increase from the previous quarter.
- First Quantum Minerals Ltd (FQVLF) successfully issued a $1.5 billion 10-year unsecured bond, reflecting strong market confidence.
- The Taca Taca project in Argentina is progressing well, with a 43-101 technical report confirming the scale and quality of the asset.
- Global macroeconomic uncertainty, particularly due to Middle East tensions, is impacting cost structures, especially fuel prices.
- Copper production declined 4% quarter-over-quarter due to lower grades at Sentinel and Kansanshi.
- Revenue was down 5% primarily due to lower copper and gold sales volumes, leading to a 30% reduction in EBITDA.
- Copper C1 cash costs rose 14% due to lower Zambia production and higher labor costs.
- The ongoing situation in the Middle East poses a risk to cost guidance due to potential increases in fuel prices.
Thank you for standing by. My name is Carly and I will be your conference operator today. At this time, I would like to welcome everyone to the First Quantum Minerals Q1 2026 results conference call. (Operator Instructions). I would now like to turn the call over to Bonita To, Director, Investor Relations and Capital Markets.
Thank you, operator, and thank you, everyone, for joining us today to discuss our first quarter results. During the call, we will be making forward-looking statements, and as such, I encourage you to read the cautionary notes that accompany this presentation, our MD&A and the related news release. As a reminder, the presentation is available on our website and that all dollar references are in US dollars, unless otherwise noted.
On today's call are Tristan Pascall, our Chief Executive Officer; Ryan MacWilliam, our Chief Financial Officer, and Rudi Badenhorst, our Chief Operating Officer. And with that, I will turn the call over to Tristan for opening remarks.
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