Q2 2026 First Quantum Minerals Ltd Earnings Call Transcript

Jul 29, 2026 / 01:00 PM GMT

Release Date Price: €23.28 (-2.00%)

Transcript

Key Points

Positve

First Quantum Minerals Ltd (FQVLF) reported a 4% quarter-over-quarter increase in total copper production, reaching over 100,000 tons in the second quarter.
The company successfully recommissioned Train 3 at Cobra Panama ahead of schedule, producing first concentrate in June.
Revenue increased by 8% to $1.5 billion, driven by higher copper prices and increased sales.
EBITDA rose by 23% to $400 million, supported by stronger revenue despite higher fuel and contractor costs.
The company has a strong liquidity position with about $2 billion, including $771 million in cash and $1.25 billion of undrawn revolver capacity.

Negative

Copper sales were approximately 7,000 tons below production due to timing differences between sales and production.
C1 cash costs increased by $0.03, impacted by elevated production costs from stockpile processing at Cobra Panama.
Diesel prices averaged $1.59 per liter in the quarter, significantly higher than the $0.91 per liter in Q1, affecting costs.
The company faces potential $0.25 upside risk to cost guidance if current fuel, Quacha, and gold prices persist.
There are ongoing uncertainties regarding the timing and outcome of the audit review and government decisions related to Cobra Panama.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

FM.TO - First Quantum Minerals Ltd
Q2 2026 First Quantum Minerals Ltd Earnings Call
Jul 29, 2026 / 01:00PM GMT

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Presentation
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Unidentified_1 [1]
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Good morning and welcome everyone to the first Quantum Minerals Second Quarter 2026 Results Conference Call.

Today's conference is being recorded.

All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question during this time, simply press the star key followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again.

At this time, I'd like to turn the conference over to Benito, Director, Investor Relations and Capital Markets. Please go ahead.

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