First Quantum Minerals Reports First Quarter 2026 Results

About this update from First Quantum Minerals Ltd.

(In United States ("US") dollars, except where noted otherwise) TORONTO, April 28, 2026 (GLOBE NEWSWIRE) -- First Quantum Minerals Ltd. (“First Quantum” or the "Company”) (TSX: FM) today reports results for the three months ended March 31, 2026 (“Q1 2026” or the "first quarter") of a net loss attributable to shareholders of the Company of $196 million ($0.24 loss per share) and an adjusted loss1 of $147 million ($0.18 adjusted loss per share2) for the first quarter. “2026 has begun against a backdrop of heightened global uncertainty, driven by the conflict in the Middle East and its impact on key supply chains. In response, we have been actively diversifying our fuel sourcing and procuring additional fuel supplies. Our long‑standing investments in innovation and electrification, including trolley-assist, continue to structurally reduce fuel intensity and our sites are advancing additional initiatives to further improve efficiency. We expect the increases in fuel prices to impact our cost base in the second quarter. The current environment also underscores the strategic value of our smelter, which means we are not reliant on external sulphuric acid supply at a time when global sulphur availability is tight. The situation in the Middle East further reinforces the accelerating global shift towards electrification, a structural trend that is expected to support copper demand and pricing over time. Operationally, we remain on track in Zambia, with production in line with mine plans and stronger performance expected in the second half of the year as we access higher grades,” said Tristan Pascall, Chief Executive Officer of First Quantum. “In Panama, we received formal approval to proceed with the removal and processing of stockpiled ore, an important step in the responsible environmental management of Cobre Panamá. We are progressing steadily towards restarting processing activities, including the hiring of approximately 1,000 new positions, which attracted more than 60,000 applicants. We expect copper to be produced late in the second quarter. We remain committed to constructive engagement with the Government of Panama for a mutually beneficial resolution for the mine.” Q1 2026 SUMMARY In Q1 2026, First Quantum reported gross profit of $278 million, EBITDA1 of $326 million, a net loss attributable to shareholders of $0.24 per share, and an adjusted loss p...

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