First Quantum reports US$196M net loss in the Q1, compared with US$23M loss last year

The open pit copper mine Cobre Panamá, run by Panamanian Mining company Minera Panamá, a subsidiary of Canada's First Quantum Minerals Ltd., stands in Donoso, Panama, Dec. 6, 2022. (AP Photo/Abraham Teran)

TORONTO — First Quantum Minerals Ltd. reported a net loss attributable to shareholders of US$196 million in the first quarter, compared with a net loss attributable to shareholders of US$23 million during the same period last year.

That amounted to a diluted net loss per share of 24 cents US compared to three cents US during the prior-year quarter.

The Toronto-based company, which keeps its books in U.S. dollars, says sales revenue amounted to US$1.4 billion during the first quarter, rising year over year from US$1.19 billion.

First Quantum CEO Tristan Pascall says 2026 has begun with a backdrop of heightened uncertainty and that the company’s investments in electrification continue to structurally reduce its fuel intensity.

The company says its total copper production guidance has increased from between 375,000 and 435,000 tonnes to between 405,000 and 475,000 tonnes, which includes copper production from processing stockpiled ore at the Cobre Panama mine.

Earlier this month, First Quantum announced the government of Panama had approved the removal, processing and export of stockpiled ore at the mine.

This report by The Canadian Press was first published April 28, 2026.

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The Canadian Press