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First Quantum Minerals Ltd. is a Canadian international mining and metals company listed on the Toronto Stock Exchange under the symbol FM. Q1 2026 revenue was $1.404 billion, compared with $1.190 billion in Q1 2025 and $1.475 billion in Q4 2025. The key review question is whether First Quantum can translate this operating and financial setup into durable cash generation while managing the status of Cobre Panama and preservation and safe management, approvals for stockpile processing, Panama government engagement and legal proceedings, Ravensthorpe care and maintenance, mine permitting.
The Q1 2026 MD&A says guidance was updated primarily to reflect Cobre Panama stockpile ore processing. Copper production guidance increased to 405 thousand to 475 thousand tonnes, and copper C1 cash cost guidance increased to $2.15 to $2.40 per pound, primarily to reflect the cost of processing low-grade stockpiled ore at Cobre Panama. The Q1 transcript says updated guidance includes 30 thousand to 40 thousand tonnes of copper production from Cobre Panama, with facilities expected to be run at approximately one-third of nameplate capacity during stockpile processing. Management also increased full-year 2026 capital expenditure guidance for $75 million to $100 million of project-specific capital associated with Cobre Panama stockpile processing, plus expected operating costs of about $100 million and working capital of about $50 million for pre-commissioning ahead of stockpile processing. Earnings sensitivity remains tied to copper and gold prices, Zambian production, fuel prices, Zambian kwacha strength, hedge settlements through Q2, Cobre Panama execution, and capital discipline.
First Quantum Minerals Ltd. is a copper-focused miner with core operating exposure to Zambia through Kansanshi, Sentinel and Enterprise, a major suspended asset at Cobre Panama, and longer-dated development options including Taca Taca and La Granja. The AIF describes material operating projects and projects under preservation and safe management or care and maintenance at Kansanshi, Sentinel, Enterprise, Cobre Panama and Ravensthorpe, plus development and exploration projects including Taca Taca, La Granja and Haquira. The Q1 2026 MD&A shows a business with meaningful copper and nickel production but elevated leverage and cost sensitivity: copper production of 96 thousand tonnes, copper sales of 90 thousand tonnes, nickel production of 12 thousand tonnes at Enterprise, EBITDA of $326 million, net loss attributable to shareholders of $196 million, cash flow from operating activities of $420 million, and net debt of $5.284 billion at March 31, 2026. The thesis to review is whether First Quantum can stabilize costs and leverage while realizing value from Kansanshi S3, Enterprise nickel, Cobre Panama stockpile processing, and the copper project pipeline.
Street
baseMarket-Implied
baseMost Likely
baseConfidence
MediumAs of 2026-06-06, the current price of 40.02 compares with a low/mean/high consensus range of 33.30, 45.41, and 52.81 across 22 analysts. That setup points to a base street case because the current quote sits close enough to the mean target anchor that execution, not only the target range, must carry the case.
The market-implied case is base because the current quote leaves room against the consensus range while still embedding the operating and risk issues described in the report.
Current Price
$40.02
Expected Value
$44.23
Implied Move
+10.5%
Current vs low/median/mean/high target prices
First Quantum is exposed to operating risks typical of large-scale copper, nickel and gold mining, plus issuer-specific risks from mine suspensions, project execution and multi-jurisdiction operations. The AIF states that tailings storage and waste rock facilities present significant environmental, safety and operational risks, and that a failure could cause environmental damage, extended business interruption, third-party harm, regulatory penalties and remediation costs. Production and cost performance depend on ore grades, recoveries, mine sequencing, power, fuel, sulphuric acid, tires, labour, transport, logistics and other inputs. The Q1 2026 MD&A highlights fuel supply uncertainty, higher fuel prices, Zambian kwacha pressure on costs, lower Zambian production, Kansanshi grade and recovery impacts, and Cobre Panama remaining in Preservation and Safe Management with production halted. Development projects add execution risk because feasibility estimates depend on geology, metallurgy, capital costs, recovery rates, permitting, construction, commissioning and financing. Mineral reserve and resource estimates may require revision as actual production, costs, prices, recoveries, pit designs or fiscal terms change. Cybersecurity, employee fraud, internal controls, health and safety, labour disruption, community opposition, contractor performance and key personnel retention are additional operating risks supported by the AIF and ESG report.
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Options positioning visual unavailable for this report.
First Quantum's financial risk is tied to commodity prices, debt, liquidity, covenant compliance, hedging, tax and working-capital recovery. The AIF states that profitability is directly sensitive to copper prices and, to a lesser extent, nickel, gold, silver, zinc and energy-sector commodities, while the company cannot control market prices except where it uses forward sales or hedges. Cost inflation or shortages in key inputs such as electricity, fuel, tires, equipment, skilled labour and logistics can reduce productivity and margins. The annual report says the company manages liquidity through cash, cash equivalents and committed credit facilities, but a covenant breach under financing agreements could make borrowings immediately due and payable. At December 31, 2025, First Quantum had committed undrawn senior debt facilities and net unrestricted cash, and at March 31, 2026 the Q1 MD&A reported net debt of $5.284 billion, total debt of $6.015 billion, $731 million of net unrestricted cash and $1.350 billion of committed undrawn senior debt facilities. Financial risks also include Zambian VAT recovery timing, foreign exchange exposure, interest-rate exposure on floating debt, derivative liabilities, credit risk from customers and counterparties, restoration provisions, asset impairments and the uncertain recoverability of Cobre Panama under multiple operating and arbitration scenarios.
First Quantum Minerals Ltd. develops, operates and acquires mining projects and sells metals produced from those assets. The business is centered on exploration, mine engineering and construction, mine development, open-pit and underground mining, mineral processing, smelting, stockpile processing, care-and-maintenance activities and project development. Revenue is generated from sales of copper, gold, nickel and other metals, including copper concentrate, copper anode, copper cathode, nickel concentrate, gold and magnetite, and from related by-product and streaming arrangements. The company consolidates its operating mines and manages growth through brownfield expansion, mine-life extensions, processing improvements and greenfield development projects.
First Quantum Minerals Ltd. is a Canadian international mining and metals company listed on the Toronto Stock Exchange under the symbol FM. The company is engaged primarily in exploration, mine development and the production of copper, gold and nickel. Its operating mines are located in Zambia, Turkiye and Mauritania; Cobre Panama is in Preservation and Safe Management with production halted, and Ravensthorpe is in care and maintenance. First Quantum also owns or advances development and exploration projects including Taca Taca in Argentina and La Granja and Haquira in Peru.
First Quantum's cost structure is driven by mining, processing, smelting, labour, contractors, maintenance, supplies, power, fuel, explosives, royalties, treatment and refining charges, freight, depreciation, capitalized stripping, sustaining and project capital, exploration, general and administrative expense, finance costs, taxes, care-and-maintenance costs and environmental management. The 2025 AIF shows estimated 2026 Kansanshi operating costs of $1.15 billion, including labour, contractors and maintenance, supplies, power and fuel, other costs and capitalized stripping. It also shows estimated 2026 Sentinel operating costs of $960 million. In Q1 2026, the financial statements reported sales revenues of $1.404 billion, cost of sales of $1.126 billion, exploration expense of $7 million, general and administrative expense of $45 million, finance costs of $199 million and tax expense of $171 million.
Barriers to entry in copper mining are high because new supply requires mineral discovery or acquisition, secure title, permits, capital, water and power infrastructure, processing expertise, community support, long construction timelines and sustained access to skilled labour and equipment. First Quantum's AIF describes extensive exploration, geotechnical, water, environmental, power, tailings and permitting work at Taca Taca and La Granja before those projects can advance. Substitution risk exists but is limited by copper's physical properties. First Quantum's AIF states that other materials compete with copper in some uses, but substitution is modest because copper's characteristics are difficult to duplicate. The USGS copper summary identifies aluminum as a substitute in radiators, cooling and refrigeration tube, electrical equipment and power cable; optical fiber in telecommunications; plastics in drain pipe, plumbing fixtures and water pipe; and titanium or steel in heat exchangers.
First Quantum's main competitive advantages are operating scale in Zambia, technical execution in complex mines and processing plants, integrated copper processing capabilities, and a long pipeline of copper projects. The annual report describes the company's in-house technical, engineering, construction and operational skills as central to its ability to develop and operate complex mines and processing plants. Kansanshi includes an adjacent smelter and the S3 Expansion, a 25 million tonne per year sulphide circuit that reached commercial production in late 2025, while Sentinel operates a 62 million tonne per year sulphide flotation circuit and Enterprise shares processing infrastructure with Sentinel. The company also has experience in sediment-hosted copper exploration in the African Copperbelt, which the AIF states is an area where few global mining groups have comparable expertise. These strengths do not remove commodity exposure, but they support project delivery, processing optionality and reserve replacement efforts.
Capital structure composition and liquidity ratios
First Quantum ended March 31, 2026 with total assets of $25.014 billion, down from $25.238 billion at year-end 2025. Cash and cash equivalents were $770 million, while total liabilities were $13.618 billion and total equity was $11.396 billion. Debt was the largest financing item at $6.015 billion, including $324 million current and $5.691 billion non-current. Current liabilities declined to $2.105 billion from $2.752 billion, helped by refinancing activity and debt maturity management. The balance sheet remains asset-heavy, with $19.799 billion of property, plant and equipment, and also carries large deferred revenue, restoration, joint venture and tax-related balances tied to the operating portfolio.
The quarter combined a sizable asset base with positive operating cash generation but continued leverage. Net debt increased by $92 million to $5.284 billion, mainly from $266 million of capital expenditures, $168 million of interest paid and $134 million of taxes paid, partly offset by $326 million of EBITDA and favorable working-capital movements of $260 million. Available liquidity included $731 million of net unrestricted cash and $1.350 billion of committed undrawn senior debt facilities. Management reported compliance with existing financial covenants at March 31, 2026. The balance sheet therefore had liquidity headroom, but cash generation was still being absorbed by capital spending, financing costs and tax payments.
Operating, investing, and financing cash flow by period
Operating cash flow was $420 million in Q1 2026, up from $143 million in Q1 2025, primarily because working capital moved favorably even though operating profit was lower and taxes paid increased. Investing cash outflow was $208 million, mostly capital expenditures of $266 million, offset in part by a $50 million advance payment related to the Cayeli sale. Financing cash outflow was $111 million, including $168 million of interest paid. The cash flow statement also reflects a refinancing quarter, with proceeds from 2036 senior notes and a new term loan used to redeem 2029 notes and repay existing facility amounts.
| Peer Set | EPS Growth | Company Name | Revenue Growth |
|---|---|---|---|
| LUN | 128.2% | Lundin Mining Corporation | 26.0% |
| HBM | 91.9% | Hudbay Minerals Inc. | 27.3% |
| CS | Capstone Copper Corp. | 22.3% | |
| PAAS | 131.6% |
| All numbers in thousands (USD) | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 |
|---|---|---|---|---|---|
•Total Revenue | 5,451,000 | 5,237,000 | 4,802,000 | 6,456,000 | 7,626,000 |
| All numbers in thousands (USD) | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 |
|---|---|---|---|---|
•Total Assets | 25,238,000 | 24,107,000 | 23,758,000 | 25,080,000 |
•Current Assets |
| All numbers in thousands (USD) | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 |
|---|---|---|---|---|---|
•Operating Cash Flow | 2,359,000 | 2,082,000 | 1,651,000 | 1,427,000 | 2,332,000 |
| Value | Shares | Holder Type | Shareholder | Date Reported | Percentage Out |
|---|---|---|---|---|---|
| 1,992,034,163 | 50,114,067 | mutual_fund | EuroPacific Growth Fund-EUPAC Fund | Mar 2026 | 6.05% |
| 1,277,442,490 | 32,136,918 | mutual_fund | New World Fund Inc | Mar 2026 | 3.88% |
| 982,852,537 | 24,725,850 | mutual_fund | CAPITAL WORLD GROWTH & INCOME FUND |
First Quantum reports environmental factors across climate, energy, emissions, water, waste, environmental incidents, biodiversity, tailings and closure. The 2025 ESG Report says the company targets a 50% reduction in absolute Scope 1 and Scope 2 GHG emissions and a 50% reduction in copper production CO2e intensity by 2035, using 2020 as the base year and excluding new projects. 2025 Scope 1 and Scope 2 emissions were 2,149 kilotonnes CO2e, down from 2,429 kilotonnes in 2024, while Scope 3 emissions were 1,925 kilotonnes CO2e. Group energy consumption was 16,033 TJ, with 79% of group electricity consumption from hydro power and 81% of purchased electricity consumption from renewable sources. Environmental efficiency initiatives include trolley-assist haulage, in-pit crushing and conveying, autonomous drilling, rail-run conveying, fuel optimization and blast optimization; the report says more than 29 million litres of diesel were saved in 2025 and identifies 130,662 tonnes CO2e of estimated annual savings from selected mining efficiencies compared with conventional practices. Water stewardship metrics include 73% water reuse, 1.8 cubic metres of water per tonne of ore milled, and an 8% improvement in water intensity versus 2024; Kansanshi began recycling supernatant water from the tailings dam, recovering about 3 million cubic metres in the first two months and averaging about 75,000 cubic metres per day. Waste controls prioritize reduction, reuse and recycling, with 58% of non-mining hazardous and non-hazardous waste reused or recycled. Environmental management systems are implemented across operations and aligned with ISO 14001:2015; in 2025 the company reported no significant environmental incidents, with one notice of violation at Cobre Panama and one at Cayeli, neither described as causing negative environmental impact.
First Quantum’s ESG risks and opportunities are concentrated in mining safety, tailings, climate transition and physical risk, water, biodiversity, waste, environmental incidents, Cobre Panama preservation, community relations, human rights, Indigenous engagement, resettlement, supplier responsibility, workforce capability, ethics, cybersecurity and responsible technology use. The 2025 ESG Report identifies material sustainability topics including climate and greenhouse gas emissions, health and safety, human rights, environmental management, corporate governance, inclusion and diversity, biodiversity, resettlement, water stewardship, labour practices, compliance and ethics, waste management, mine closure and rehabilitation, tailings management, air emissions, supply chain management, and community relations and social performance. Climate risks include extreme weather, water stress, chronic climate patterns, regulatory change, market shifts and stakeholder expectations; these are embedded in the company-wide risk process. Cobre Panama remains a major ESG management area after production was halted in November 2023 and the site entered Preservation and Safe Management; 2025 activities included environmental safeguards, water treatment and monitoring, tailings facility monitoring, independent audits, preservation of critical infrastructure, workforce retention across environmental protection and maintenance disciplines, and community investment during the preservation phase. Tailings are a core governance and safety risk: the company expects all tailings storage facilities to align with the Global Industry Standard on Tailings Management by the end of 2030, with Board oversight, Group technical leadership, Engineers of Record, independent review, defined operational accountability, monitoring, inspections, water-balance controls and emergency preparedness. Opportunities include copper and nickel supply for electrification and renewable energy systems, energy-efficiency and emissions-reduction technologies, renewable power sourcing, water-reuse projects, local supplier development, skills training, community health programs, progressive rehabilitation and responsible closure planning.
Potential catalysts requiring analyst review include execution of Cobre Panama stockpile processing after Resolution 27, first ore through the Cobre Panama processing facilities in Q3 2026, further Panama environmental audit reports and government engagement, delivery against revised 2026 copper production and C1 cash cost guidance, sustained performance at Kansanshi S3, continued Enterprise nickel production, closing and proceeds from the Cayeli sale, the end of sales hedges after Q2 2026, Taca Taca RIGI application and funding work, and progress on La Granja studies. These are source-backed items to monitor, not automated triggers.
1Y cumulative return vs XIC
The source packet provides inputs for analyst review but does not by itself establish market mispricing. Items requiring analyst review include the company's long-term copper exposure, Kansanshi S3 performance above design capacity, record quarterly nickel production at Enterprise, formal approval to process Cobre Panama stockpiled ore, revised 2026 copper production guidance of 405 thousand to 475 thousand tonnes, and debt maturity simplification through the new bank facility and $1.5 billion senior unsecured notes due 2036. Analyst review should weigh those inputs against Q1 2026 EBITDA decline, the $196 million shareholder net loss, $5.284 billion of net debt, hedge losses, higher C1 cash costs, fuel and Zambian kwacha pressure, and continuing uncertainty around the full Cobre Panama resolution.
The primary risks are those disclosed in the AIF, annual report, Q1 MD&A, presentation, transcript, and commodity context. First Quantum identifies risks from the status of Cobre Panama and preservation and safe management, approvals for stockpile processing, Panama government engagement and legal proceedings, Ravensthorpe care and maintenance, mine permitting, capital expenditure and operating costs, Zambian VAT recoveries, liquidity and leverage, working-capital rationalization, copper, nickel, gold and other metal prices, fuel prices, Zambian kwacha exchange rates, hedging, mineral reserve and resource estimates, project development at Kansanshi S3, Taca Taca and La Granja, power and water availability, environmental and climate matters, community engagement, information security, and operating in emerging markets. The thesis is also exposed to higher C1 costs, debt-service burden, project delays, and weaker copper fundamentals.
Recent developments are concentrated in Q1 2026 operating updates, financing actions, and Cobre Panama progress. The Q1 2026 MD&A reports copper production and sales of 96 thousand tonnes and 90 thousand tonnes, copper C1 cash costs of $2.51 per pound and copper AISC of $3.96 per pound excluding Cobre Panama, gold production of 34 thousand ounces, and record quarterly nickel production of 12 thousand tonnes at Enterprise. EBITDA was $326 million, including $144 million of losses realized under the sales hedge program, and net loss attributable to shareholders was $196 million. Operating cash flow was $420 million, net debt increased to $5.284 billion, and the company signed a new $2.2 billion term loan and revolving credit facility and issued $1.5 billion of 6.375% senior notes due 2036 while redeeming the 9.375% 2029 senior notes. Management also reported formal approval on April 7, 2026 under Resolution 27 to proceed with removal and processing of Cobre Panama stockpiled ore, and announced the sale of Cayeli with $340 million of cash proceeds, including a $50 million advance received in Q1.
The source packet does not support an automated portfolio action. Any action requires analyst review of First Quantum's source-backed copper production, cost guidance, Cobre Panama status, leverage, refinancing actions, hedge exposure, project pipeline, and jurisdictional risk disclosures. The review should also incorporate current market data and portfolio constraints outside this source-only packet before any action is set.
The source packet supplies valuation work inputs but does not establish a standalone valuation outcome; that requires analyst review. Relevant source-backed inputs include Q1 2026 copper production of 96 thousand tonnes, copper sales of 90 thousand tonnes, nickel production of 12 thousand tonnes, copper C1 cash costs of $2.51 per pound and copper AISC of $3.96 per pound excluding Cobre Panama, EBITDA of $326 million, operating cash flow of $420 million, cash and cash equivalents and bank overdrafts of $731 million, and net debt of $5.284 billion. Additional inputs include revised 2026 copper production guidance of 405 thousand to 475 thousand tonnes, C1 cash cost guidance of $2.15 to $2.40 per pound, Cobre Panama stockpile processing economics, debt refinancing terms, the Cayeli sale proceeds, and development options at Taca Taca and La Granja. Analyst review should normalize hedge losses, Cobre Panama preservation and processing costs, leverage, working capital, capital expenditures, and commodity-price assumptions before deriving any valuation view.
The overall case is base because First Quantum Minerals must convert its global copper mining portfolio into durable evidence around copper production, balance-sheet repair, mine execution, and asset optionality. The report context is constructive enough to keep the scenario live, but copper prices, leverage, jurisdictional outcomes, and operating interruptions keep the range from being a one-way read.
Confidence is medium because the prepared report sections are source-backed and the street-target inputs are current, but scenario outcomes still depend on copper prices, leverage, jurisdictional outcomes, and operating interruptions.
Bear Case
In the bear case, First Quantum Minerals remains tied to its global copper mining portfolio, but investors put more weight on copper prices, leverage, jurisdictional outcomes, and operating interruptions than on the consensus range. The stock can lag even with source-backed report coverage in place if cash generation, project delivery, or operating momentum falls short of what the current report context implies.
What Must Go Right: To avoid the bear case, First Quantum Minerals needs to preserve liquidity, keep operating and capital plans within the boundaries described in the report, and show that copper production, balance-sheet repair, mine execution, and asset optionality are progressing without adding balance-sheet strain.
What Must Go Wrong: The bear case develops if copper prices, leverage, jurisdictional outcomes, and operating interruptions weaken confidence, if cost or capital needs absorb the financial flexibility shown in the report, or if investors decide the target range was too dependent on favorable market conditions.
Base Case
In the base case, First Quantum Minerals executes broadly in line with the prepared report context. The business continues to show credible support from its global copper mining portfolio, while the market waits for clearer evidence that copper production, balance-sheet repair, mine execution, and asset optionality can compound through the cycle.
What Must Go Right: The base case requires steady operating delivery, disciplined capital allocation, and risk control. Management needs to keep the balance sheet usable, protect margins or cash conversion, and make the report thesis more visible through measurable progress.
What Must Go Wrong: The base case weakens if execution becomes uneven, if external market conditions overpower company-specific progress, or if the risk section begins to matter more than the investment-summary thesis.
Bull Case
In the bull case, First Quantum Minerals converts the strengths identified in the report into clearer market evidence. Investors give more credit to copper production, balance-sheet repair, mine execution, and asset optionality, and the current quote moves closer to the stronger part of the consensus range without needing a new unsupported valuation claim.
What Must Go Right: The bull case requires sustained execution, clean capital allocation, and proof that the company can turn its global copper mining portfolio into durable earnings, cash flow, or asset-value progress. The more management reduces uncertainty around copper prices, leverage, jurisdictional outcomes, and operating interruptions, the easier it becomes for the target range to matter.
What Must Go Wrong: The bull case fails if the positive setup depends mainly on external markets rather than company delivery, if costs or capital intensity rise, or if the report risks limit how much credit investors are willing to assign.
First Quantum operates in a competitive and cyclical global mining industry where prices, input costs and capital availability can move quickly. The AIF says the mining industry is competitive across property acquisition, exploration, development, construction, capital funding and hiring experienced mining professionals, and that competitors may have greater financial resources and longer operating histories. Higher copper, nickel or gold prices can increase exploration and construction activity, raising demand for contractors, equipment and skilled labour and creating project delays or cost escalation. Commodity context from the USGS Mineral Commodity Summaries shows copper prices reached record levels in 2025 amid uncertainty around tariffs, while U.S. copper production was affected by concentrator shutdowns and lower ore grades at multiple mines; the nickel summary describes mine care-and-maintenance actions in Australia tied to low prices and a global production increase led by Indonesia. These sources support risks from global supply changes, critical-mineral policy, tariffs, resource nationalism, declining ore grades, processing bottlenecks, customer demand shifts, and competition for long-life copper assets. First Quantum's exposure is amplified because copper is its primary product and because development options in Argentina and Peru require continued permitting, technical work, community support and capital availability before they can offset depletion elsewhere.
First Quantum's operations and projects are subject to extensive legal, regulatory, environmental, social, safety, tax and permitting requirements. The AIF identifies requirements related to exploration, development, production, exports, taxation, royalties, labour standards, environmental protection, remediation, reclamation, climate change, waste management, emissions, mine safety, occupational health and safety, hazardous substances and local content. It also describes political and regulatory risks in jurisdictions including Zambia, Panama, Australia and Argentina, including nationalization, expropriation, nullification of concessions, changes in fiscal regimes, foreign exchange controls, restrictions on repatriation, inconsistent enforcement and challenges to legal or contractual rights. Cobre Panama is the clearest current example: Law 406 was ruled unconstitutional, operations and production were suspended, the mine remains in P&SM, and the company has suspended or discontinued arbitration steps while awaiting a durable resolution with the Government of Panama. The annual report and Q1 MD&A describe P&SM approvals, stockpiled ore processing approvals, royalty payments and continuing environmental audit activity. The ESG report also supports regulatory exposure through board oversight of sustainability risk, environmental management systems, tailings governance, community engagement, health and safety systems, tax transparency, supply-chain expectations and climate reporting. Litigation, regulatory investigations, anti-bribery compliance, tax assessments, environmental incidents and permitting delays could materially affect operations, reputation, cash flow and asset values.
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The source-backed investment risk profile for First Quantum depends on whether operating mines can generate enough cash while Cobre Panama remains unresolved, debt remains elevated and growth projects still require technical, environmental, permitting and capital milestones. The company has operating mines in Zambia, Turkey and Mauritania, with Cobre Panama in P&SM, Ravensthorpe in care and maintenance, Taca Taca advancing in Argentina, and La Granja and Haquira being explored in Peru. This profile could deteriorate if Cobre Panama remains halted or is permanently closed, if stockpiled ore processing is delayed, if the Panama environmental audit or government process leads to adverse terms, or if related asset carrying values become impaired. The risk is also sensitive to copper prices, Zambian operating performance, power and fuel availability, exchange rates, VAT recovery, debt refinancing, covenant headroom and hedging settlements. Reserve and resource estimates, project economics, mine-life plans and restoration provisions could change with grades, recoveries, costs, metal prices, regulatory requirements or tax regimes. A simultaneous stress across commodity prices, operating costs, Panama, Zambia, liquidity and permitting would have a larger effect than any single risk factor because the business is capital intensive and relies on long-life mines, development optionality and uninterrupted access to government approvals, infrastructure, communities and financing markets.
First Quantum sells mined and processed metals through sales, offtake, streaming and provisional-pricing arrangements. Kansanshi sales arise from copper anode and cathode produced on site; cathode production is sold under two offtake agreements, while anodes are sold under a single offtake agreement and excess anode production is sold on a parcel basis. Trident sales include copper from Sentinel and nickel from Enterprise. The company's metal sales may be priced provisionally, with final pricing typically determined after title transfer, and the company uses derivative contracts to offset exposure on provisionally priced contracts. Cobre Panama previously sold copper concentrate and is authorized under the P&SM plan to process and commercialize stockpiled ore, subject to applicable royalty obligations.
First Quantum's operating and development exposure spans multiple mining jurisdictions. Its material operating projects and projects under P&SM or care and maintenance include Kansanshi, Sentinel and Enterprise in Zambia, Cobre Panama in Panama and Ravensthorpe in Australia. Non-material projects include Guelb Moghrein in Mauritania, Cayeli in Turkiye, Pyhasalmi in Finland and Cobre Las Cruces in Spain, which was held for sale in the 2025 AIF. Development and exploration exposure includes Taca Taca in Argentina and Haquira and La Granja in Peru. The company also maintains corporate and administrative offices in Toronto, London, Perth and Johannesburg.
Key operating levers include copper, gold and nickel production volumes, ore grades, recoveries, throughput, strip ratios, stockpile feed, mill availability, smelter capacity, concentrate quality, power availability, fuel supply and pricing, Zambian kwacha movements, royalties, by-product credits, realized metal prices, hedge settlements, treatment and refining charges, freight, working capital, capital expenditure, permitting, environmental compliance, care-and-maintenance costs, tailings and water management, and progress on development projects. In Q1 2026, copper production was 96,000 tonnes, copper sales were 90,000 tonnes, Enterprise nickel production reached 12,340 tonnes, and consolidated sales revenues were $1.404 billion. The Q1 MD&A identifies lower grades, higher employee costs, stronger Zambian kwacha, fuel prices, royalties and deferred stripping as important cost and performance factors.
First Quantum produces and markets copper, nickel, gold and other mineral products. Its copper products include copper concentrate, blister, copper anode from the Kansanshi smelter and copper cathode. The company also produces nickel concentrate from Enterprise, gold from Kansanshi and Guelb Moghrein, zinc from Cayeli, magnetite from Guelb Moghrein, sulphuric acid from the Kansanshi smelter, and other products including silver, cobalt, acid and pyrite. Kansanshi operates oxide, mixed and sulphide processing circuits, an S3 sulphide concentrator and a copper smelter. Sentinel operates copper crushing, milling and flotation circuits, while Enterprise operates a nickel processing circuit integrated with the Trident infrastructure.
First Quantum operates in a regulated mining, environmental, tax, securities and commodity-market environment. Its mines require mining licenses, surface rights, environmental and social impact approvals, water rights, tailings governance, discharge permits, workplace safety systems and compliance with local mining, tax and environmental laws. In Zambia, Kansanshi and Trident are subject to Zambian mining licenses, ZEMA environmental approvals, mineral royalty tax, corporate income tax, VAT recovery arrangements, local content rules and currency requirements. In Panama, Cobre Panama is subject to P&SM requirements, environmental audit activity, royalty obligations, legal and regulatory proceedings and government approvals for processing stockpiled ore. The company also reports under IFRS, NI 43-101 mineral disclosure standards and public-company securities requirements.
Revenue drivers include sales volumes, realized copper, gold and nickel prices, production grades and recoveries, throughput, product mix, copper anode, cathode and concentrate sales, nickel sales from Enterprise, gold and by-product credits, magnetite sales, hedging effects, treatment and refining charges, freight charges, provisional pricing adjustments, stockpile processing and streaming arrangements. In Q1 2026, First Quantum reported sales revenues of $1.404 billion, up 18% from Q1 2025, driven by higher realized prices partly offset by lower copper and gold sales volumes. Q1 2026 copper sales revenues were $1.104 billion, gold sales revenues were $149 million and nickel sales revenues were $137 million. Kansanshi generated Q1 2026 sales revenues of $731 million and Trident generated $704 million.
The copper mining industry is highly competitive across asset acquisition, exploration, development, construction services, mining talent, capital access and product logistics. First Quantum identifies competition from other mining companies for properties that produce or could produce metals, for experienced mining professionals, and for exploration resources, and notes that many competitors have greater financial resources or longer operating histories. Product competition is largely commodity-based: copper prices are set in global markets rather than by individual producers, and smelter, off-taker, rail, truck, port and maritime capacity can affect the ability to move and monetize production. First Quantum's competitive set includes diversified global miners, specialist copper producers, state-linked mining companies and developers of large porphyry or sediment-hosted copper deposits in the African Copperbelt and Andean belts.
First Quantum operates in the global mining and metals industry, with copper as its primary product and nickel, gold, zinc, silver, cobalt, acid and pyrite as additional products. The company describes its principal activities as mineral exploration, mine engineering and construction, development, and mining operations. Its material operating or preservation assets include Kansanshi, Sentinel and Enterprise in Zambia, Cobre Panama in Panama, and Ravensthorpe in Australia, with Taca Taca in Argentina as a material development project and La Granja and Haquira in Peru as copper exploration or development projects. The industry supplies copper concentrate, anode, cathode and related metals into smelting, refining, manufacturing and infrastructure value chains. Copper use is broad, including electrical and electronic products, building construction, transportation equipment, industrial machinery and consumer products.
Copper demand is tied to global industrial activity, construction, electrical equipment, transport and power infrastructure, making the industry cyclical and sensitive to changes in economic conditions. First Quantum's AIF states that copper demand has been supported by electric vehicles, data center construction, artificial intelligence-related power infrastructure, renewable power and broader electrification, while its 2025 annual report notes resilient copper prices despite geopolitical uncertainty because demand from electrification, renewable energy and infrastructure investment remained intact and supply was constrained by operating challenges at large mines. The USGS copper summary estimates 2025 world mine production at about 23 million metric tons and global copper reserves at about 980 million metric tons. Cyclicality remains material because copper, nickel, gold and energy prices can move widely with supply and demand, interest rates, exchange rates, geopolitics, logistics, producer activity and regional economic conditions.
Mining is heavily regulated and structurally exposed to permitting, environmental, tax, community, labour, political, legal and closure risks. First Quantum operates across Zambia, Panama, Mauritania, Argentina, Peru, Australia and other jurisdictions, and its AIF highlights risks from emerging markets, local courts, title, joint arrangements, taxation, royalties, operating permits, environmental approvals, health and safety, tailings, water, biodiversity, acid rock drainage, climate change and reclamation obligations. Cobre Panama illustrates regulatory and legal risk: the mine has been in Preservation and Safe Management since November 2023 after Panama's Supreme Court declared Law 406 unconstitutional, and stockpile processing requires government approvals and compliance with the approved P&SM plan. The company also faces structural operating risks from volatile metal and energy prices, reserve and resource estimation, water and power availability, logistics, unionized labour, community actions, social unrest, project financing, construction execution and the need to replace depleted mineral reserves through exploration or development.
First Quantum has limited direct pricing power because copper, nickel and gold are priced through global markets and benchmark exchanges. Its AIF states that copper trades on exchanges including the LME, COMEX, NYMEX and SHFE, and that the price of copper is primarily determined by global supply and demand. The company therefore frames competitive position around cost control, operational reliability, financial capacity through price cycles, and management of ore grade, location, power, fuel, tires, labour, transport, steel and other consumables. The Q1 2026 investor presentation and transcript show these cost dynamics in practice, with copper C1 cash cost guidance affected by lower production, Zambian kwacha strength, fuel and freight exposure, royalties, employee costs and Cobre Panama stockpile processing. Offsetting cost factors include by-product credits from gold, self-sufficiency in sulphuric acid at Kansanshi, electric shovels, trolley assist, in-pit or near-pit crushing, rail-run conveying and fuel optimization initiatives.
Supplier and customer dynamics are shaped by capital equipment, energy, consumables, transport and downstream processing capacity. First Quantum identifies electricity, fuel, tires, steel, explosives, transport, labour and contractor availability as major cost drivers, and notes that rail, truck and maritime services, port capacity, weather, demurrage and logistics can affect product movement. Zambia power is especially important: the company sources supplementary power for Kansanshi and Trident because drought and hydroelectric constraints reduced national power availability, and the transcript describes fuel continuity planning that includes alternative supply routes, contingency inventories and site-level fuel savings. On the customer side, First Quantum sells copper in concentrate, blister, anode and cathode forms and depends on smelters, refiners and off-takers for production and distribution. Sentinel concentrate is treated at the Kansanshi smelter, and Taca Taca copper and molybdenum concentrates are expected to be dispatched to off-site smelters if developed.
Normalized cash conversion and accrual quality metrics
Cash Conversion
-2.14x
Risk
Accrual Intensity
-43.9%
Good
Earnings Margin
-14.0%
Risk
OCF Margin
29.9%
Good
Cash Conversion
-2.14x
Accrual Intensity
-43.9%
Earnings Margin
-14.0%
OCF Margin
29.9%
Revenue
$1.4M
Net Income
-$196K
Operating CF
$420K
Reported earnings quality was affected by several items that management separated from adjusted results. The quarter included a $90 million loss on debt redemption, a $31 million credit for expected phasing of Zambian VAT, a $35 million foreign-exchange gain, $60 million of care and maintenance costs, and a $23 million share of loss in KPMC. Hedge losses also reduced reported revenue, with copper sales revenue including a $129 million loss and gold sales revenue including a $15 million loss. Tax expense was $171 million despite a pre-tax loss, because no tax credits were recognized for hedge losses, debt-redemption losses and a significant portion of interest expense.
Insufficient structured data
Earnings history visual unavailable for this report.
Management updated 2026 guidance to include stockpiled ore processing at Cobre Panama and the Cayeli sale. Copper production guidance increased to 405,000 to 475,000 tonnes, while gold guidance moved to 150,000 to 175,000 ounces and nickel guidance remained 30,000 to 40,000 tonnes. Total copper C1 cost guidance moved to $2.15 to $2.40 per pound, and AISC guidance moved to $3.50 to $3.80 per pound. Total capital expenditure guidance increased to $1.075 billion to $1.250 billion. Interest expense on debt and cash interest paid for 2026 were each guided to $500 million to $525 million after first-quarter financing actions.
Q1 2026 revenue was $1.404 billion, compared with $1.190 billion in Q1 2025 and $1.475 billion in Q4 2025. Gross profit was $278 million, below $331 million in Q1 2025 and $416 million in Q4 2025. EBITDA was $326 million, compared with $377 million in Q1 2025 and $464 million in Q4 2025. Net loss attributable to shareholders was $196 million, compared with a $23 million loss in Q1 2025 and earnings of $25 million in Q4 2025. The quarterly pattern shows stronger commodity revenues in 2026, but profitability was pressured by hedge losses, higher cash costs, royalty expense, depreciation, tax expense and financing costs.
Revenue (USD) and profitability margins (% of revenue)
Sales revenue rose to $1.404 billion in Q1 2026 from $1.190 billion in Q1 2025, driven by higher realized prices and stronger nickel sales, partly offset by lower copper and gold sales volumes. Gross profit fell to $278 million from $331 million, as higher net realized prices were offset by hedge losses, lower sales volumes and mix, lower by-product contribution, higher cash costs, higher royalties, depreciation and foreign-exchange effects on operating costs. Operating profit was $157 million, down from $215 million. After $176 million of net finance expense, a $90 million debt-redemption loss, tax expense of $171 million and other items, net loss attributable to shareholders was $196 million, or $0.24 per share.
Key Q1 2026 metrics point to a higher-price but higher-cost quarter. Realized copper price was $5.16 per pound and net realized copper price was $5.11 per pound, while copper C1 cash cost was $2.51 per pound and copper AISC was $4.05 per pound. EBITDA was $326 million and adjusted loss was $147 million, or $0.18 per share. Operating cash flow per share was $0.50. Net debt was $5.284 billion, compared with $5.192 billion at December 31, 2025. Total copper production was 96,469 tonnes, total copper sales were 90,049 tonnes, gold sales were 35,250 ounces, and nickel sales were 9,955 tonnes.
Several first-quarter items should not be extrapolated mechanically. The debt refinancing created a $90 million loss on redemption of the 2029 senior notes while extending the maturity profile through the new 2036 notes and refreshed bank facility. Hedge settlements materially affected revenue, with $144 million of total sales hedge losses and remaining collar exposure only through June 2026. The $31 million Zambian VAT phasing credit and the $35 million foreign-exchange gain were period-specific accounting items. Cobre Panama care and maintenance costs, stockpile processing preparations and the pending Cayeli sale also mean operating, cash-flow and segment trends may differ from a steady-state quarter.
| Pan American Silver Corp. |
| 49.3% |
| TECK-B | 128.8% | Teck Resources Limited | 72.2% |
| AGI | 1144.7% | Alamos Gold Inc. | 79.2% |
| NTR | 1250.0% | Nutrien Ltd. | 19.0% |
| K | 133.9% | Kinross Gold Corporation | 60.8% |
| LUG | 79.4% | Lundin Gold Inc. | 59.2% |
| FNV | 123.1% | Franco-Nevada Corporation | 77.7% |
| Subject (FM) | 18.0% |
| ROA | ROE | Peer Set | Net Margin | Company Name | Gross Margin | Operating Margin |
|---|---|---|---|---|---|---|
| 8.4% | 22.2% | LUN | 33.6% | Lundin Mining Corporation | 52.4% | 43.5% |
| 6.9% | 19.5% | HBM | 27.7% | Hudbay Minerals Inc. | 55.3% | 40.0% |
| 7.5% | 12.5% | CS | 17.1% | Capstone Copper Corp. | 46.9% | 34.3% |
| 10.6% | 20.8% | PAAS | 31.6% | Pan American Silver Corp. | 55.7% | 48.1% |
| 5.9% | TECK-B | 14.9% | Teck Resources Limited | 30.9% | 39.8% | |
| 12.0% | 25.9% | AGI | 51.2% | Alamos Gold Inc. | 70.2% | 52.4% |
| 4.2% | 9.8% | NTR | 8.9% | Nutrien Ltd. | 32.3% | 6.5% |
| 20.3% | 35.5% | K | 36.0% | Kinross Gold Corporation | 68.7% | 55.1% |
| 46.5% | 68.5% | LUG | 45.7% | Lundin Gold Inc. | 77.8% | 68.9% |
| 13.0% | 19.0% | FNV | 65.7% | Franco-Nevada Corporation | 91.8% | 79.3% |
| 2.3% | -2.1% | -3.7% | Subject (FM) | 25.8% | 10.0% |
| P/B | P/E | P/S | Peer Set | EV/EBITDA | EV/Revenue | Market Cap | Forward P/E | Company Name | Enterprise Value |
|---|---|---|---|---|---|---|---|---|---|
| 3.53 | 20.28 | 7.76 | LUN | 18.89x | 8.27x | $33.3bn | 21.11 | Lundin Mining Corporation | $35.5bn |
| 2.98 | 15.77 | 6.10 | HBM | 13.57x | 6.41x | $14.5bn | 12.33 | Hudbay Minerals Inc. | $15.2bn |
| 2.27 | 18.84 | 4.41 | CS | 13.95x | 5.05x | $10.9bn | 12.15 | Capstone Copper Corp. | $12.5bn |
| 3.33 | 17.31 | 8.01 | PAAS | 16.35x | 7.96x | $32.0bn | 10.09 | Pan American Silver Corp. | $31.8bn |
| 1.75 | 23.85 | 3.55 | TECK-B | 9.75x | 4.01x | $44.0bn | 21.73 | Teck Resources Limited | $49.8bn |
| 3.65 | 15.88 | 11.17 | AGI | 16.91x | 11.04x | $23.1bn | 11.99 | Alamos Gold Inc. | $22.9bn |
| 1.34 | 14.27 | 1.73 | NTR | 10.65x | 2.22x | $46.5bn | 12.99 | Nutrien Ltd. | $59.6bn |
| 3.86 | 12.46 | 6.07 | K | 9.60x | 5.98x | $48.3bn | 8.29 | Kinross Gold Corporation | $47.6bn |
| 11.42 | 16.90 | 10.70 | LUG | 14.55x | 10.37x | $21.3bn | 12.52 | Lundin Gold Inc. | $20.7bn |
| 5.85 | 32.28 | 29.28 | FNV | 32.16x | 29.58x | $61.1bn | 22.87 | Franco-Nevada Corporation | $61.8bn |
| 2.12 | 5.95 | 24.16x | 7.34x | $32.4bn | 13.57 | Subject (FM) | $40.0bn |
| 5,329,000 |
| 5,091,000 |
| 4,697,000 |
| 6,301,000 |
| 7,426,000 |
Cost of Revenue | 4,046,000 | 3,779,000 | 3,452,000 | 5,164,000 | 5,426,000 |
Gross Profit | 1,405,000 | 1,458,000 | 1,350,000 | 1,292,000 | 2,200,000 |
•Operating Expense | 366,000 | 366,000 | 319,000 | 144,000 | 350,000 |
•Selling General and Administrative | 174,000 | 166,000 | 148,000 | 142,000 | 136,000 |
•General & Administrative Expense | 174,000 | 166,000 | 148,000 | 142,000 | 136,000 |
Other G and A | 174,000 | 166,000 | 148,000 | 142,000 | 136,000 |
Other Taxes | -93,000 | -74,000 | -89,000 | -49,000 | 190,000 |
Other Operating Expenses | 52,000 | 49,000 | 7,000 | 51,000 | 24,000 |
Operating Income | 1,039,000 | 1,092,000 | 1,031,000 | 1,148,000 | 1,850,000 |
•Net Non Operating Interest Income Expense | -662,000 | -650,000 | -687,000 | -596,000 | -567,000 |
Interest Income Non Operating | 97,000 | 96,000 | 90,000 | 106,000 | 80,000 |
Interest Expense Non Operating | 613,000 | 611,000 | 680,000 | 641,000 | 584,000 |
Total Other Finance Cost | 146,000 | 135,000 | 97,000 | 61,000 | 63,000 |
•Other Income Expense | -51,000 | 14,000 | -64,000 | -1,038,000 | 186,000 |
Gain on Sale of Security | 57,000 | 21,000 | 4,000 | -67,000 | 184,000 |
Earnings from Equity Interest | -94,000 | -93,000 | -85,000 | -18,000 | 44,000 |
•Special Income Charges | -56,000 | 22,000 | -89,000 | -949,000 | 0 |
Restructuring & Mergers Acquisition | 2,000 | 1,000 | 14,000 | 49,000 | 0 |
Impairment of Capital Assets | -- | -- | -- | 46,000 | 0 |
Write Off | 4,000 | -23,000 | 75,000 | 900,000 | 0 |
Other Non Operating Income Expenses | 42,000 | 64,000 | 106,000 | -4,000 | -42,000 |
Pretax Income | 326,000 | 456,000 | 280,000 | -486,000 | 1,469,000 |
Tax Provision | 568,000 | 521,000 | 388,000 | 757,000 | 320,000 |
•Net Income Common Stockholders | -201,000 | -28,000 | 2,000 | -954,000 | 1,034,000 |
•Net Income | -201,000 | -28,000 | 2,000 | -954,000 | 1,034,000 |
•Net Income Including Non-Controlling Interests | -242,000 | -65,000 | -108,000 | -1,243,000 | 1,149,000 |
Net Income Continuous Operations | -242,000 | -65,000 | -108,000 | -1,243,000 | 1,149,000 |
Minority Interests | 41,000 | 37,000 | 110,000 | 289,000 | -115,000 |
Diluted NI Available to Com Stockholders | -201,000 | -28,000 | 2,000 | -954,000 | 1,034,000 |
Basic EPS | -0.24 | -0.03 | 0.00 | -1.38 | 1.50 |
Diluted EPS | -0.24 | -0.03 | 0.00 | -1.38 | 1.49 |
Basic Average Shares | 832,232 | 832,252 | 812,222 | 690,876 | 690,516 |
Diluted Average Shares | 832,232 | 832,252 | 812,222 | 690,876 | 692,987 |
Total Operating Income as Reported | 908,000 | 966,000 | 810,000 | 78,000 | 2,241,000 |
Total Expenses | 4,412,000 | 4,145,000 | 3,771,000 | 5,308,000 | 5,776,000 |
Net Income from Continuing & Discontinued Operation | -201,000 | -28,000 | 2,000 | -954,000 | 1,034,000 |
Normalized Income | -201,600 | -64,550 | 74,250 | -344,400 | 890,480 |
Interest Income | 97,000 | 96,000 | 90,000 | 106,000 | 80,000 |
Interest Expense | 613,000 | 611,000 | 680,000 | 641,000 | 584,000 |
Net Interest Income | -662,000 | -650,000 | -687,000 | -596,000 | -567,000 |
EBIT | 939,000 | 1,067,000 | 960,000 | 155,000 | 2,053,000 |
EBITDA | 1,698,000 | 1,785,000 | 1,593,000 | 1,276,000 | 3,283,000 |
Reconciled Cost of Revenue | 4,046,000 | 3,779,000 | 3,452,000 | 5,164,000 | 5,426,000 |
Reconciled Depreciation | 759,000 | 718,000 | 633,000 | 1,121,000 | 1,230,000 |
Net Income from Continuing Operation Net Minority Interest | -201,000 | -28,000 | 2,000 | -954,000 | 1,034,000 |
Total Unusual Items Excluding Goodwill | 1,000 | 43,000 | -85,000 | -1,016,000 | 184,000 |
Total Unusual Items | 1,000 | 43,000 | -85,000 | -1,016,000 | 184,000 |
Normalized EBITDA | 1,697,000 | 1,742,000 | 1,678,000 | 2,292,000 | 3,099,000 |
Tax Rate for Calcs | 0 | 0 | 0 | 0 | 0 |
Tax Effect of Unusual Items | 400 | 6,450 | -12,750 | -406,400 | 40,480 |
| All numbers in thousands (USD) | TTM | Mar 2026 | Dec 2025 | Jun 2025 | Mar 2025 | Dec 2024 |
|---|---|---|---|---|---|---|
•Total Revenue | 5,451,000 | 1,404,000 | 1,475,000 | 1,226,000 | 1,190,000 | 1,256,000 |
Operating Revenue | 5,329,000 | 1,390,000 | 1,444,000 | 1,191,000 | 1,152,000 | 1,151,000 |
Cost of Revenue | 4,046,000 | 1,126,000 | 1,059,000 | 875,000 | 859,000 | 851,000 |
Gross Profit | 1,405,000 | 278,000 | 416,000 | 351,000 | 331,000 | 405,000 |
•Operating Expense | 366,000 | 88,000 | 79,000 | 96,000 | 88,000 | 31,000 |
Operation & Maintenance | 233,000 | 60,000 | 58,000 | 57,000 | 52,000 | 52,000 |
•Selling General and Administrative | 174,000 | 45,000 | 44,000 | 45,000 | 37,000 | 36,000 |
•General & Administrative Expense | 174,000 | 45,000 | 44,000 | 45,000 | 37,000 | 36,000 |
Other G and A | 174,000 | 45,000 | 44,000 | 45,000 | 37,000 | 36,000 |
Other Taxes | -93,000 | -31,000 | -35,000 | -19,000 | -12,000 | -35,000 |
Other Operating Expenses | 52,000 | 14,000 | 12,000 | 13,000 | 11,000 | -22,000 |
Operating Income | 1,039,000 | 190,000 | 337,000 | 255,000 | 243,000 | 374,000 |
•Net Non Operating Interest Income Expense | -662,000 | -170,000 | -159,000 | -163,000 | -158,000 | -164,000 |
Interest Income Non Operating | 97,000 | 23,000 | 26,000 | 23,000 | 22,000 | 22,000 |
Interest Expense Non Operating | 613,000 | 156,000 | 145,000 | 154,000 | 154,000 | 161,000 |
Total Other Finance Cost | 146,000 | 37,000 | 40,000 | 32,000 | 26,000 | 25,000 |
•Other Income Expense | -51,000 | -98,000 | 126,000 | -22,000 | -33,000 | 98,000 |
Gain on Sale of Security | 57,000 | 35,000 | 14,000 | 17,000 | -1,000 | 13,000 |
Earnings from Equity Interest | -94,000 | -23,000 | -24,000 | -35,000 | -22,000 | -9,000 |
•Special Income Charges | -56,000 | -90,000 | 60,000 | 0 | -12,000 | 8,000 |
Restructuring & Mergers Acquisition | 2,000 | -- | 0 | 0 | 0 | 0 |
Write Off | 4,000 | -- | -23,000 | 0 | 0 | 2,000 |
Other Special Charges | -- | 90,000 | -- | -- | 12,000 | -- |
Other Non Operating Income Expenses | 42,000 | -20,000 | 76,000 | -4,000 | 2,000 | 86,000 |
Pretax Income | 326,000 | -78,000 | 304,000 | 70,000 | 52,000 | 308,000 |
Tax Provision | 568,000 | 171,000 | 199,000 | 90,000 | 124,000 | 118,000 |
•Net Income Common Stockholders | -201,000 | -196,000 | 25,000 | 18,000 | -23,000 | 99,000 |
•Net Income | -201,000 | -196,000 | 25,000 | 18,000 | -23,000 | 99,000 |
•Net Income Including Non-Controlling Interests | -242,000 | -249,000 | 105,000 | -20,000 | -72,000 | 190,000 |
Net Income Continuous Operations | -242,000 | -249,000 | 105,000 | -20,000 | -72,000 | 190,000 |
Minority Interests | 41,000 | 53,000 | -80,000 | 38,000 | 49,000 | -91,000 |
Diluted NI Available to Com Stockholders | -201,000 | -196,000 | 25,000 | 18,000 | -23,000 | 99,000 |
Basic EPS | -0.24 | -0.24 | 0.03 | 0.02 | -0.03 | -- |
Diluted EPS | -0.24 | -0.24 | 0.03 | 0.02 | -0.03 | -- |
Basic Average Shares | 832,232 | 832,123 | 833,333.33 | 832,115 | 832,203 | -- |
Diluted Average Shares | 832,232 | 832,123 | 833,333.33 | 834,206 | 832,203 | -- |
Total Operating Income as Reported | 908,000 | 157,000 | 308,000 | 220,000 | 215,000 | 344,000 |
Total Expenses | 4,412,000 | 1,214,000 | 1,138,000 | 971,000 | 947,000 | 882,000 |
Interest Income | 97,000 | 23,000 | 26,000 | 23,000 | 22,000 | 22,000 |
Interest Expense | 613,000 | 156,000 | 145,000 | 154,000 | 154,000 | 161,000 |
Net Interest Income | -662,000 | -170,000 | -159,000 | -163,000 | -158,000 | -164,000 |
Net Income from Continuing & Discontinued Operation | -201,000 | -196,000 | 25,000 | 18,000 | -23,000 | 99,000 |
Normalized Income | -201,600 | -163,000 | -37,900 | 3,550 | -11,950 | 86,045.45 |
EBIT | 939,000 | 78,000 | 449,000 | 224,000 | 206,000 | 469,000 |
EBITDA | 1,698,000 | 278,000 | 640,000 | 396,000 | 365,000 | 638,000 |
Reconciled Cost of Revenue | 4,046,000 | 1,126,000 | 1,059,000 | 875,000 | 859,000 | 851,000 |
Reconciled Depreciation | 759,000 | 200,000 | 191,000 | 172,000 | 159,000 | 169,000 |
Net Income from Continuing Operation Net Minority Interest | -201,000 | -196,000 | 25,000 | 18,000 | -23,000 | 99,000 |
Total Unusual Items Excluding Goodwill | 1,000 | -55,000 | 74,000 | 17,000 | -13,000 | 21,000 |
Total Unusual Items | 1,000 | -55,000 | 74,000 | 17,000 | -13,000 | 21,000 |
Normalized EBITDA | 1,697,000 | 333,000 | 566,000 | 379,000 | 378,000 | 617,000 |
Tax Rate for Calcs | 0 | 0 | 0 | 0 | 0 | 0 |
Tax Effect of Unusual Items | 400 | -22,000 | 11,100 | 2,550 | -1,950 | 8,045.45 |
| 3,906,000 |
| 3,217,000 |
| 3,459,000 |
| 4,169,000 |
•Cash, Cash Equivalents & Short Term Investments | 716,000 | 843,000 | 1,157,000 | 1,688,000 |
Cash And Cash Equivalents | 716,000 | 843,000 | 1,157,000 | 1,688,000 |
•Receivables | 1,471,000 | 509,000 | 586,000 | 890,000 |
Accounts receivable | 713,000 | 209,000 | 272,000 | 491,000 |
Taxes Receivable | 498,000 | 240,000 | 153,000 | 135,000 |
Other Receivables | 260,000 | 60,000 | 161,000 | 264,000 |
•Inventory | 1,537,000 | 1,554,000 | 1,593,000 | 1,458,000 |
Raw Materials | 1,187,000 | 1,119,000 | 1,146,000 | 1,121,000 |
Work in Process | 40,000 | 25,000 | 37,000 | 48,000 |
Finished Goods | 310,000 | 410,000 | 410,000 | 289,000 |
Other Current Assets | 182,000 | 311,000 | 123,000 | 133,000 |
•Total non-current assets | 21,332,000 | 20,890,000 | 20,299,000 | 20,911,000 |
•Net PPE | 19,772,000 | 19,193,000 | 18,583,000 | 19,053,000 |
•Gross PPE | 29,975,000 | 30,387,000 | 29,188,000 | 28,819,000 |
Machinery Furniture Equipment | 16,716,000 | 16,693,000 | 16,421,000 | 16,463,000 |
Construction in Progress | 1,223,000 | 1,872,000 | 1,465,000 | 1,356,000 |
Accumulated Depreciation | -10,203,000 | -11,194,000 | -10,605,000 | -9,766,000 |
•Goodwill And Other Intangible Assets | 237,000 | 237,000 | 237,000 | 237,000 |
Goodwill | 237,000 | 237,000 | 237,000 | 237,000 |
•Investments And Advances | 467,000 | 560,000 | 645,000 | 663,000 |
•Long Term Equity Investment | 467,000 | 560,000 | 645,000 | 663,000 |
Investments in Joint Venturesat Cost | 467,000 | 560,000 | 645,000 | 663,000 |
Non Current Accounts Receivable | 415,000 | 515,000 | 521,000 | 519,000 |
•Non Current Deferred Assets | 6,000 | 50,000 | 50,000 | 163,000 |
Non Current Deferred Taxes Assets | 6,000 | 50,000 | 50,000 | 163,000 |
Other Non Current Assets | 435,000 | 335,000 | 263,000 | 276,000 |
•Total Liabilities Net Minority Interest | 13,702,000 | 12,205,000 | 12,980,000 | 12,843,000 |
•Current Liabilities | 2,752,000 | 1,545,000 | 2,007,000 | 1,738,000 |
•Payables And Accrued Expenses | 791,000 | 698,000 | 858,000 | 824,000 |
•Payables | 791,000 | 698,000 | 858,000 | 824,000 |
Accounts Payable | 590,000 | 554,000 | 831,000 | 771,000 |
Total Tax Payable | 201,000 | 144,000 | 27,000 | 53,000 |
•Current Debt And Capital Lease Obligation | 858,000 | 529,000 | 967,000 | 575,000 |
•Current Debt | 858,000 | 529,000 | 967,000 | 575,000 |
Line of Credit | 72,000 | 31,000 | 198,000 | 0 |
Other Current Borrowings | 786,000 | 498,000 | 769,000 | 575,000 |
Other Current Liabilities | 1,103,000 | 318,000 | 182,000 | 339,000 |
•Total Non Current Liabilities Net Minority Interest | 10,950,000 | 10,660,000 | 10,973,000 | 11,105,000 |
•Long Term Debt And Capital Lease Obligation | 5,050,000 | 5,844,000 | 6,610,000 | 6,805,000 |
Long Term Debt | 5,050,000 | 5,844,000 | 6,610,000 | 6,805,000 |
•Non Current Deferred Liabilities | 3,802,000 | 2,771,000 | 2,294,000 | 2,194,000 |
Non Current Deferred Taxes Liabilities | 1,030,000 | 1,007,000 | 874,000 | 857,000 |
Non Current Deferred Revenue | 2,772,000 | 1,764,000 | 1,420,000 | 1,337,000 |
Other Non Current Liabilities | 2,098,000 | 2,045,000 | 2,069,000 | 2,106,000 |
•Total Equity Gross Minority Interest | 11,536,000 | 11,902,000 | 10,778,000 | 12,237,000 |
•Stockholders' Equity | 11,165,000 | 11,469,000 | 10,247,000 | 10,901,000 |
•Capital Stock | 6,550,000 | 6,549,000 | 5,411,000 | 5,492,000 |
Common Stock | 6,550,000 | 6,549,000 | 5,411,000 | 5,492,000 |
Retained Earnings | 4,882,000 | 4,885,000 | 4,895,000 | 5,468,000 |
•Gains Losses Not Affecting Retained Earnings | -267,000 | 35,000 | -59,000 | -59,000 |
Other Equity Adjustments | -267,000 | 35,000 | -59,000 | -59,000 |
Minority Interest | 371,000 | 433,000 | 531,000 | 1,336,000 |
Total Capitalization | 16,215,000 | 17,313,000 | 16,857,000 | 17,706,000 |
Common Stock Equity | 11,165,000 | 11,469,000 | 10,247,000 | 10,901,000 |
Net Tangible Assets | 10,928,000 | 11,232,000 | 10,010,000 | 10,664,000 |
Working Capital | 1,154,000 | 1,672,000 | 1,452,000 | 2,431,000 |
Invested Capital | 17,073,000 | 17,842,000 | 17,824,000 | 18,281,000 |
Tangible Book Value | 10,928,000 | 11,232,000 | 10,010,000 | 10,664,000 |
Total Debt | 5,908,000 | 6,373,000 | 7,577,000 | 7,380,000 |
Net Debt | 5,192,000 | 5,530,000 | 6,420,000 | 5,692,000 |
Share Issued | 834,206.14 | 834,206.14 | 693,599.17 | 698,762.04 |
Ordinary Shares Number | 828,186.14 | 828,045.14 | 686,786.17 | 692,505.04 |
Treasury Shares Number | 6,020 | 6,161 | 6,813 | 6,257 |
| All numbers in thousands (USD) | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 |
|---|---|---|---|---|---|
•Total Assets | 25,014,000 | 25,238,000 | -- | 24,278,000 | 24,180,000 |
•Current Assets | 3,706,000 | 3,906,000 | -- | 3,147,000 | 3,203,000 |
•Cash, Cash Equivalents & Short Term Investments | 770,000 | 716,000 | -- | 747,000 | 751,000 |
Cash And Cash Equivalents | 770,000 | 716,000 | -- | 747,000 | 751,000 |
•Receivables | 1,020,000 | 1,471,000 | -- | 695,000 | 721,000 |
Accounts receivable | 370,000 | 713,000 | -- | 247,000 | 305,000 |
Taxes Receivable | 576,000 | 498,000 | -- | 357,000 | 287,000 |
Other Receivables | 74,000 | 260,000 | -- | 91,000 | 129,000 |
•Inventory | 1,566,000 | 1,537,000 | -- | 1,575,000 | 1,587,000 |
Raw Materials | 1,157,000 | 1,187,000 | -- | 1,157,000 | 1,132,000 |
Work in Process | 49,000 | 40,000 | -- | 33,000 | 26,000 |
Finished Goods | 360,000 | 310,000 | -- | 385,000 | 429,000 |
Other Current Assets | 350,000 | 182,000 | -- | 130,000 | 144,000 |
•Total non-current assets | 21,308,000 | 21,332,000 | -- | 21,131,000 | 20,977,000 |
•Net PPE | 19,799,000 | 19,772,000 | -- | 19,473,000 | 19,302,000 |
•Gross PPE | 29,685,000 | 29,975,000 | -- | 30,947,000 | 30,650,000 |
Mineral Properties | 11,805,000 | 12,036,000 | -- | 11,919,000 | 11,868,000 |
Machinery Furniture Equipment | 16,555,000 | 16,716,000 | -- | 16,698,000 | 16,717,000 |
Construction in Progress | 1,325,000 | 1,223,000 | -- | 2,330,000 | 2,065,000 |
Accumulated Depreciation | -9,886,000 | -10,203,000 | -- | -11,474,000 | -11,348,000 |
•Goodwill And Other Intangible Assets | 237,000 | 237,000 | -- | 237,000 | 237,000 |
Goodwill | 237,000 | 237,000 | -- | 237,000 | 237,000 |
•Investments And Advances | 445,000 | 467,000 | -- | 503,000 | 538,000 |
•Long Term Equity Investment | 445,000 | 467,000 | -- | 503,000 | 538,000 |
Investments in Joint Venturesat Cost | 445,000 | 467,000 | -- | 503,000 | 538,000 |
Non Current Accounts Receivable | 365,000 | 415,000 | -- | 475,000 | 502,000 |
•Non Current Deferred Assets | 8,000 | 6,000 | -- | 60,000 | 45,000 |
Non Current Deferred Taxes Assets | 8,000 | 6,000 | -- | 60,000 | 45,000 |
Other Non Current Assets | 454,000 | 435,000 | -- | 383,000 | 353,000 |
•Total Liabilities Net Minority Interest | 13,618,000 | 13,702,000 | -- | 12,574,000 | 12,451,000 |
•Current Liabilities | 2,105,000 | 2,752,000 | -- | 1,572,000 | 1,715,000 |
•Payables And Accrued Expenses | 796,000 | 791,000 | -- | 626,000 | 706,000 |
•Payables | 796,000 | 791,000 | -- | 626,000 | 706,000 |
Accounts Payable | 576,000 | 590,000 | -- | 547,000 | 566,000 |
Total Tax Payable | 220,000 | 201,000 | -- | 79,000 | 140,000 |
•Current Debt And Capital Lease Obligation | 363,000 | 858,000 | -- | 534,000 | 650,000 |
•Current Debt | 363,000 | 858,000 | -- | 534,000 | 650,000 |
Line of Credit | 39,000 | 72,000 | -- | 10,000 | 8,000 |
Other Current Borrowings | 324,000 | 786,000 | -- | 524,000 | 642,000 |
Other Current Liabilities | 946,000 | 1,103,000 | -- | 412,000 | 359,000 |
•Total Non Current Liabilities Net Minority Interest | 11,513,000 | 10,950,000 | -- | 11,002,000 | 10,736,000 |
•Long Term Debt And Capital Lease Obligation | 5,691,000 | 5,050,000 | -- | 5,666,000 | 5,888,000 |
Long Term Debt | 5,691,000 | 5,050,000 | -- | 5,666,000 | 5,888,000 |
•Non Current Deferred Liabilities | 3,702,000 | 3,802,000 | -- | 3,168,000 | 2,738,000 |
Non Current Deferred Taxes Liabilities | 1,021,000 | 1,030,000 | -- | 1,073,000 | 1,023,000 |
Non Current Deferred Revenue | 2,681,000 | 2,772,000 | -- | 2,095,000 | 1,715,000 |
Other Non Current Liabilities | 2,120,000 | 2,098,000 | -- | 2,168,000 | 2,110,000 |
•Total Equity Gross Minority Interest | 11,396,000 | 11,536,000 | -- | 11,704,000 | 11,729,000 |
•Stockholders' Equity | 11,074,000 | 11,165,000 | -- | 11,404,000 | 11,341,000 |
•Capital Stock | 6,539,000 | 6,550,000 | -- | 6,561,000 | 6,553,000 |
Common Stock | 6,539,000 | 6,550,000 | -- | 6,561,000 | 6,553,000 |
Retained Earnings | 4,682,000 | 4,882,000 | -- | 4,926,000 | 4,858,000 |
•Gains Losses Not Affecting Retained Earnings | -147,000 | -267,000 | -- | -83,000 | -70,000 |
Other Equity Adjustments | -147,000 | -267,000 | -- | -83,000 | -70,000 |
Minority Interest | 322,000 | 371,000 | -- | 300,000 | 388,000 |
Total Capitalization | 16,765,000 | 16,215,000 | -- | 17,070,000 | 17,229,000 |
Common Stock Equity | 11,074,000 | 11,165,000 | -- | 11,404,000 | 11,341,000 |
Net Tangible Assets | 10,837,000 | 10,928,000 | -- | 11,167,000 | 11,104,000 |
Working Capital | 1,601,000 | 1,154,000 | -- | 1,575,000 | 1,488,000 |
Invested Capital | 17,128,000 | 17,073,000 | -- | 17,604,000 | 17,879,000 |
Tangible Book Value | 10,837,000 | 10,928,000 | -- | 11,167,000 | 11,104,000 |
Total Debt | 6,054,000 | 5,908,000 | -- | 6,200,000 | 6,538,000 |
Net Debt | 5,284,000 | 5,192,000 | -- | 5,453,000 | 5,787,000 |
Share Issued | 834,206.14 | 834,206.14 | -- | 834,206.14 | 834,206.14 |
Ordinary Shares Number | 828,186.14 | 828,186.14 | 828,045.14 | 828,045.14 | 828,045.14 |
Treasury Shares Number | 6,020 | 6,020 | 6,161 | 6,161 | 6,161 |
| 2,359,000 |
| 2,082,000 |
| 1,651,000 |
| 1,427,000 |
| 2,332,000 |
Net Income from Continuing Operations | -242,000 | -65,000 | -108,000 | -1,243,000 | 1,149,000 |
•Operating Gains Losses | 126,000 | 60,000 | 59,000 | 41,000 | -219,000 |
Net Foreign Currency Exchange Gain Loss | -46,000 | -33,000 | -26,000 | 23,000 | -175,000 |
Earnings Losses from Equity Investments | 94,000 | 93,000 | 85,000 | 18,000 | -44,000 |
•Depreciation Amortization Depletion | 759,000 | 718,000 | 633,000 | 1,121,000 | 1,230,000 |
•Depreciation & amortization | 759,000 | 718,000 | 633,000 | 1,121,000 | 1,230,000 |
Depreciation | 759,000 | 718,000 | 633,000 | 1,121,000 | 1,230,000 |
•Deferred Tax | 475,000 | 447,000 | 299,000 | 708,000 | 510,000 |
Deferred Income Tax | 475,000 | 447,000 | 299,000 | 708,000 | 510,000 |
Asset Impairment Charge | 4,000 | -23,000 | 75,000 | 900,000 | 0 |
Stock based compensation | 57,000 | 58,000 | 54,000 | 50,000 | 47,000 |
Other non-cash items | 1,726,000 | 1,750,000 | 997,000 | 367,000 | 379,000 |
•Change in working capital | -96,000 | -485,000 | -230,000 | 108,000 | -216,000 |
Change in Receivables | -96,000 | -477,000 | 50,000 | 277,000 | -111,000 |
Change in Inventory | -65,000 | -40,000 | -5,000 | -147,000 | -144,000 |
•Change in Payables And Accrued Expense | 65,000 | 32,000 | -275,000 | -22,000 | 39,000 |
Change in Payable | 65,000 | 32,000 | -275,000 | -22,000 | 39,000 |
Taxes Refund Paid | -423,000 | -378,000 | -128,000 | -625,000 | -548,000 |
•Investing Cash Flow | -1,151,000 | -1,201,000 | -1,294,000 | -1,380,000 | -1,170,000 |
•Cash Flow from Continuing Investing Activities | -1,151,000 | -1,201,000 | -1,294,000 | -1,380,000 | -1,170,000 |
•Net PPE Purchase And Sale | -1,157,000 | -1,134,000 | -1,286,000 | -1,300,000 | -1,167,000 |
Purchase of PPE | -1,157,000 | -1,134,000 | -1,286,000 | -1,300,000 | -1,167,000 |
•Net Business Purchase And Sale | -- | -- | 0 | -105,000 | 0 |
Purchase of Business | -- | -- | 0 | -105,000 | 0 |
Interest Received CFI | -35,000 | -57,000 | -19,000 | 25,000 | -3,000 |
Net Other Investing Changes | -- | -10,000 | 11,000 | -- | 21,000 |
•Financing Cash Flow | -1,205,000 | -1,047,000 | -501,000 | -776,000 | -1,331,000 |
•Cash Flow from Continuing Financing Activities | -1,205,000 | -1,047,000 | -501,000 | -776,000 | -1,331,000 |
•Net Issuance Payments of Debt | -376,000 | -566,000 | -1,065,000 | -17,000 | -547,000 |
•Net Long Term Debt Issuance | -376,000 | -566,000 | -1,065,000 | -17,000 | -636,000 |
Long Term Debt Issuance | 4,269,000 | 2,735,000 | 2,967,000 | 2,783,000 | 2,532,000 |
Long Term Debt Payments | -4,645,000 | -3,301,000 | -4,032,000 | -2,800,000 | -3,168,000 |
•Net Short Term Debt Issuance | -- | -- | -- | 24,000 | 89,000 |
Short Term Debt Issuance | -- | -- | -- | 24,000 | 89,000 |
•Net Common Stock Issuance | 0 | 0 | 1,103,000 | 0 | -- |
Common Stock Issuance | 0 | 0 | 1,103,000 | 0 | -- |
Cash Dividends Paid | 0 | 0 | 0 | -93,000 | -75,000 |
Interest Paid CFF | -482,000 | -436,000 | -519,000 | -527,000 | -448,000 |
Net Other Financing Charges | -347,000 | -45,000 | -20,000 | -139,000 | -261,000 |
•End Cash Position | 746,000 | 644,000 | 812,000 | 959,000 | 1,688,000 |
Changes in Cash | 3,000 | -166,000 | -144,000 | -729,000 | -169,000 |
Effect of Exchange Rate Changes | 2,000 | 1,000 | -3,000 | 0 | -2,000 |
Beginning Cash Position | 743,000 | 812,000 | 959,000 | 1,688,000 | 1,859,000 |
Other Cash Adjustment Outside Change in Cash | -17,000 | -3,000 | 0 | -- | -- |
Capital Expenditure | -1,157,000 | -1,134,000 | -1,286,000 | -1,300,000 | -1,167,000 |
Issuance of Capital Stock | 0 | 0 | 1,103,000 | 0 | -- |
Issuance of Debt | 4,269,000 | 2,735,000 | 2,967,000 | 2,783,000 | 2,621,000 |
Repayment of Debt | -4,645,000 | -3,301,000 | -4,032,000 | -2,800,000 | -3,168,000 |
Free Cash Flow | 1,202,000 | 948,000 | 365,000 | 127,000 | 1,165,000 |
| All numbers in thousands (USD) | TTM | Mar 2026 | Dec 2025 | Jun 2025 | Mar 2025 | Dec 2024 |
|---|---|---|---|---|---|---|
•Operating Cash Flow | 2,359,000 | 420,000 | -36,000 | 780,000 | 143,000 | 583,000 |
•Cash Flow from Continuing Operating Activities | 2,359,000 | 420,000 | -36,000 | 780,000 | 143,000 | 583,000 |
Net Income from Continuing Operations | -242,000 | -249,000 | 105,000 | -20,000 | -72,000 | 190,000 |
•Operating Gains Losses | 126,000 | 105,000 | -36,000 | 9,000 | 39,000 | -23,000 |
Net Foreign Currency Exchange Gain Loss | -46,000 | -8,000 | -23,000 | -26,000 | 5,000 | -22,000 |
Earnings Losses from Equity Investments | 94,000 | 23,000 | 24,000 | 35,000 | 22,000 | 9,000 |
•Depreciation Amortization Depletion | 759,000 | 200,000 | 191,000 | 172,000 | 159,000 | 169,000 |
•Depreciation & amortization | 759,000 | 200,000 | 191,000 | 172,000 | 159,000 | 169,000 |
Depreciation | 759,000 | 200,000 | 191,000 | 172,000 | 159,000 | 169,000 |
•Deferred Tax | 475,000 | 140,000 | 164,000 | 71,000 | 112,000 | 83,000 |
Deferred Income Tax | 475,000 | 140,000 | 164,000 | 71,000 | 112,000 | 83,000 |
Asset Impairment Charge | 4,000 | -- | -23,000 | 0 | 0 | 2,000 |
Stock based compensation | 57,000 | 14,000 | 13,000 | 18,000 | 15,000 | 11,000 |
Other non-cash items | 1,726,000 | 84,000 | -26,000 | 567,000 | 108,000 | 31,000 |
•Change in working capital | -96,000 | 260,000 | -298,000 | 78,000 | -129,000 | 162,000 |
Change in Receivables | -96,000 | 276,000 | -317,000 | 89,000 | -105,000 | 104,000 |
Change in Inventory | -65,000 | -58,000 | 12,000 | 2,000 | -33,000 | -13,000 |
•Change in Payables And Accrued Expense | 65,000 | 42,000 | 7,000 | -13,000 | 9,000 | 71,000 |
Change in Payable | 65,000 | 42,000 | 7,000 | -13,000 | 9,000 | 71,000 |
Taxes Refund Paid | -423,000 | -134,000 | -126,000 | -115,000 | -89,000 | -42,000 |
•Investing Cash Flow | -1,151,000 | -208,000 | -307,000 | -335,000 | -258,000 | -335,000 |
•Cash Flow from Continuing Investing Activities | -1,151,000 | -208,000 | -307,000 | -335,000 | -258,000 | -335,000 |
•Net PPE Purchase And Sale | -1,157,000 | -266,000 | -301,000 | -310,000 | -243,000 | -324,000 |
Purchase of PPE | -1,157,000 | -266,000 | -301,000 | -310,000 | -243,000 | -324,000 |
•Net Business Purchase And Sale | -- | -- | -- | -- | -- | 0 |
Purchase of Business | -- | -- | -- | -- | -- | 0 |
Interest Received CFI | -35,000 | 7,000 | -9,000 | -17,000 | -15,000 | -13,000 |
Net Other Investing Changes | -- | 51,000 | 3,000 | -8,000 | -- | 2,000 |
•Financing Cash Flow | -1,205,000 | -111,000 | 29,000 | -453,000 | 47,000 | -127,000 |
•Cash Flow from Continuing Financing Activities | -1,205,000 | -111,000 | 29,000 | -453,000 | 47,000 | -127,000 |
•Net Issuance Payments of Debt | -376,000 | 287,000 | 169,000 | -239,000 | 97,000 | 41,000 |
•Net Long Term Debt Issuance | -376,000 | 287,000 | 169,000 | -239,000 | 97,000 | 41,000 |
Long Term Debt Issuance | 4,269,000 | 2,690,000 | 169,000 | 371,000 | 1,156,000 | 110,000 |
Long Term Debt Payments | -4,645,000 | -2,403,000 | 0 | -610,000 | -1,059,000 | -69,000 |
•Net Common Stock Issuance | 0 | -- | 0 | 0 | 0 | 0 |
Common Stock Issuance | 0 | -- | 0 | 0 | 0 | 0 |
Cash Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
Interest Paid CFF | -482,000 | -168,000 | -69,000 | -104,000 | -122,000 | -180,000 |
Net Other Financing Charges | -347,000 | -230,000 | -71,000 | -110,000 | 72,000 | 12,000 |
•End Cash Position | 746,000 | 731,000 | 644,000 | 737,000 | 743,000 | 812,000 |
Changes in Cash | 3,000 | 101,000 | -314,000 | -8,000 | -68,000 | 121,000 |
Effect of Exchange Rate Changes | 2,000 | 0 | 1,000 | 2,000 | -1,000 | -2,000 |
Beginning Cash Position | 743,000 | 644,000 | 960,000 | 743,000 | 812,000 | 693,000 |
Other Cash Adjustment Outside Change in Cash | -17,000 | -14,000 | -- | -- | 0 | -- |
Capital Expenditure | -1,157,000 | -266,000 | -301,000 | -310,000 | -243,000 | -324,000 |
Issuance of Capital Stock | 0 | -- | 0 | 0 | 0 | 0 |
Issuance of Debt | 4,269,000 | 2,690,000 | 169,000 | 371,000 | 1,156,000 | 110,000 |
Repayment of Debt | -4,645,000 | -2,403,000 | 0 | -610,000 | -1,059,000 | -69,000 |
Free Cash Flow | 1,202,000 | 154,000 | -337,000 | 470,000 | -100,000 | 259,000 |
| Mar 2026 |
| 2.99% |
| 723,542,617 | 18,202,330 | mutual_fund | NEW PERSPECTIVE FUND | Mar 2026 | 2.20% |
| 574,661,894 | 14,456,903 | mutual_fund | AMERICAN FUNDS INSURANCE SERIES-International Fund | Mar 2026 | 1.75% |
| 501,010,669 | 12,604,042 | mutual_fund | GLOBAL X FUNDS-Global X Copper Miners ETF | Apr 2026 | 1.52% |
| 437,250,000 | 11,000,000 | mutual_fund | AMERICAN FUNDS FUNDAMENTAL INVESTORS | Mar 2026 | 1.33% |
| 396,365,654 | 9,971,463 | mutual_fund | VANGUARD STAR FUNDS-Vanguard Total International Stock Index Fund | Jan 2026 | 1.20% |
| 265,481,425 | 6,678,778 | mutual_fund | Capital Group International Focus Equity ETF | Feb 2026 | 0.81% |
| 255,791,250 | 6,435,000 | mutual_fund | VANGUARD TAX-MANAGED FUNDS-Vanguard Developed Markets Index Fund | Dec 2025 | 0.78% |
| 2,231,803 | 56,146 | institutional | Confluence Investment Management LLC | Mar 2026 | 0.01% |
| 1,590,000 | 40,000 | institutional | DRW Securities, LLC | Mar 2026 | 0.00% |
| 486,699 | 12,244 | institutional | Yousif Capital Management, LLC | Mar 2026 | 0.00% |
| 13,554 | 341 | institutional | PNC Financial Services Group, Inc. | Mar 2026 | 0.00% |
| 6,042 | 152 | institutional | Pacer Advisors, Inc. | Mar 2026 | 0.00% |
| 1,510 | 38 | institutional | Hantz Financial Services, Inc. | Mar 2026 | 0.00% |
First Quantum reports governance through Board oversight, independent committees, enterprise risk management, ethics policies, ESG reporting and operational accountability. The 2025 ESG Report says the Board executes many responsibilities through committees whose members are exclusively non-executive and independent directors. The Safety, Environment and Social Performance Committee reviews adherence to sustainability-linked policies, risk management related to sustainability, environmental, health, safety and social performance, community and Indigenous engagement, tailings management, human rights, climate-related physical and market risks, and environmental and social disclosures. The Nominating and Governance Committee oversees corporate governance practices, Board refreshment, Board skills and diversity, and governance risk management. The Human Resources Committee oversees executive compensation, compensation-related risk, inclusion and diversity culture, and human-resources and talent risks. The Audit Committee oversees financial reporting and controls, whistleblowing, Code of Conduct compliance, IT and cyber security, AI applications, and the bi-annual risk management review and reporting process. The Board had 10 directors, eight independent directors, an independent Chair, three female directors, three directors from visible minorities and average tenure of four years. Governance controls also include annual Board effectiveness reviews, majority voting, conflict-of-interest registers, Board interlock guidelines, executive compensation metrics linked to safety and ESG, and a shareholder and stakeholder engagement program. Business ethics controls include a Code of Conduct applying to directors, officers, employees, contractors and suppliers; annual Code certification for employees with network access; a Supplier Code of Conduct covering legal compliance, conduct, human rights, labour practices, safety and environmental responsibility; an independent confidential whistleblowing platform; and Board-level information-security reporting.