• Q1 production falls 4% due to lower output in Zambia

• Annual guidance increased with contribution from Cobre Panamá

• Additional volumes come as global copper supply faces constraints

First Quantum Minerals produced 96,469 tons of copper in the first quarter of 2026, down 4% from the previous quarter, mainly due to lower output in Zambia. The Canadian company disclosed the figures in its quarterly report published on April 28. Despite the decline, it raised its full-year production guidance to between 405,000 and 475,000 tons, up from a previous range of 375,000 to 435,000 tons, driven by expected volumes from the Cobre Panamá mine.

In Zambia, the Kansanshi mine produced 45,345 tons in the first three months of the year, 2,310 tons less than in the fourth quarter of 2025. The company attributed the drop to lower ore grades and recovery rates but maintained its annual guidance at 175,000 to 205,000 tons. At the Sentinel mine, production reached 45,252 tons, down 2,983 tons quarter over quarter, also due to weaker grades and recoveries. Annual targets there remain unchanged at 190,000 to 220,000 tons.

In Mauritania, the Guelb Moghrein mine produced 2,910 tons in the first quarter. The company raised its full-year target to 7,000 tons after delaying the full transition of the operation to gold production until 2027. However, this contribution remains limited in the overall revision of group targets, as the main shift comes from Panama.

Cobre Panamá, which had been shut since late 2023 following a political and legal dispute over its mining contract, was not included in the company’s initial 2026 outlook. On April 7, Panamanian authorities allowed First Quantum to process and export stockpiled ore at the site. The stockpile is estimated at 38 million tons, containing about 70,000 tons of recoverable copper, of which 30,000 to 40,000 tons could be produced in 2026.

These additional volumes come at a time of tightening global copper supply. In Chile, the world’s largest producer, the halt of Chinese sulfuric acid shipments in March has raised concerns over part of the production based on leaching processes, which depend on that input. In the Democratic Republic of Congo, the start-up of the Kamoa-Kakula smelter provides an alternative source of sulfuric acid, but volumes remain insufficient to meet the country’s full demand.

Emiliano Tossou