First Quantum Minerals just dropped its Q3 2026 report and the headline is simple. Profit is back in focus while the share price is still catching its breath. The stock closed at CA$34.46 on 29 October after a choppy month that left it down about 24% over 30 days, even as this quarter showed US$2,086m of revenue and US$207m of net income from ongoing operations.
This is a miner long sold on a big copper growth story. Today’s print instead spotlights the biggest pressure point, a stretched balance sheet where net debt of US$5.3b still looms large over the recovery narrative.
Like the copper exposure at First Quantum Minerals but worried about that US$5.3b net debt load? Check out the list of solid balance sheet and fundamentals stocks (6 results) for ideas that pair resource upside with sturdier finances.
Q3 2026 Earnings Summary
- Revenue (Q3 2026 vs Q3 2025): US$2,086m vs. US$1,346m (up roughly 55%)
- Net Income from Ongoing Operations (Q3 2026 vs Q3 2025): US$207m vs. a loss of US$48m (returned to profit)
- Basic EPS (Q3 2026 vs Q3 2025): US$0.25 vs. a loss of US$0.06 per share (swung back into positive territory)
- Copper Production (Q3 2026 vs Q2 2026): ~109,000 tonnes vs. 94,287 tonnes (about 15% higher quarter on quarter)
Stockpile processing is back, but the Panama deal still isn’t. Ask Charlie what Cobre Panama means for First Quantum now.
First Quantum bullish copper ramp meets mixed execution
The optimistic story hangs on higher volumes from Kansanshi S3 and steadier plants in Zambia.
"The ramp up at the Kansanshi S3 expansion, which produced first concentrate in August and is already contributing copper volumes, supports higher throughput and has scope to improve unit costs and EBITDA as the plant runs closer to nameplate capacity."
Q3 output of about 109,000 tonnes of copper and EBITDA of US$844m show First Quantum Minerals is turning that ramp into real earnings power. C1 cash costs outside Panama at US$2.40/lb, helped by acid credits, point to early traction on the unit cost ambition, although group C1 guidance of US$2.50 to US$2.65/lb signals the efficiency story is still incomplete.
Debt load and Panama timeline keep bear case alive
The cautionary view leans on balance sheet strain and the risk that a key copper asset sits idle for longer than investors would like.
"Uncertain timing and outcome of a potential new agreement for Cobre Panamá, along with the 4 to 6 month environmental audit and the 6 to 9 month estimate to restart full operations, could leave a large, capital intensive asset idle for longer than expected."
Cobre Panamá is processing roughly 38 Mt of stockpiled ore and shipped two vessels in Q3, so the mine is contributing again, yet only in a constrained restart to closure framework. Net debt stands at US$5.3b with leverage at 2.6x. That small quarterly reduction of US$98m shows progress, but also how slow deleveraging could be if copper prices soften or Panama cash flows stay limited.
One Narrative has put a figure on that disagreement. → See the Narrative with its higher Fair Value, assumptions and all.
Hunt For Quiet Mispricings Now
First Quantum Minerals just reminded investors how quickly sentiment can shift around a single quarter. The real opportunity is finding stocks that could be undervalued before the market revisits their fundamentals.
- Company 1 - 50% below our estimate - accelerates higher grade ore feed and advances permits to convert a deep project pipeline into longer lived production.
- Company 2 - 45% below our estimate - expands into prime shopping districts while tightening markdowns as a faster omnichannel model lifts full price sell through.
- Company 3 - 35% below our estimate - uses recent acquisitions and shared delivery centers to win longer duration infrastructure and water programs with stickier fee revenue.
Three companies from the same screener. Open every one of the 4 undervalued companies on it →
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