# First Quantum Minerals Reports Second Quarter 2026 Results Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/first-quantum-minerals-reports-second-quarter-2026-results--801b5098-06f1-4e5e-8c1d-f6899fad4419 Original source: https://money.tmx.com/en/quote/FM/news/8807069523902444/first-quantum-minerals-reports-second-quarter-2026-results Publisher: tmx Original announcement: 2026-07-28T21:01:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: First Quantum Minerals Ltd. - Ticker: FM - Exchange: TSX - Region: Zambia, Mauritania, Panama, Peru, Argentina - Primary commodity: Copper - Secondary commodities: Gold, Nickel, Silver - Document categories: Production, Resource update - Extracted: 2026-09-17 22:41:09 UTC Narrative sentiment: 0.20 · Bullish ## Minestarters Atlas summary First Quantum Minerals reported Q2 2026 results with total copper production of 100,487 tonnes, a 4% increase from Q1 2026, and maintained its full-year production and cost guidance. The company successfully commissioned one of three processing circuits at Cobre Panamá, achieving first concentrate production from stockpiled ore earlier than expected. Additionally, an updated NI 43-101 Mineral Resource estimate for the La Granja project was filed, reporting 4.831 billion tonnes of Measured and Indicated Resources at 0.48% copper. Reasoning: First Quantum Minerals reported Q2 2026 results showing increased copper production and maintained its full-year guidance. Key updates include the early restart of concentrate production at Cobre Panamá from stockpiled ore and a substantial updated Mineral Resource estimate for the La Granja project, alongside ongoing operational performance at other sites. - Positive factor: Steady operations and improved production outlook for H2 2026. - Positive factor: Successful commissioning and early concentrate production at Cobre Panamá from stockpiled ore. - Positive factor: S3 circuit at Kansanshi continued to deliver throughput above design capacity. - Positive factor: Significant updated Mineral Resource estimate for the La Granja project. - Negative factor: Potential impact to C1 copper cash costs due to higher fuel prices and Zambian kwacha rates. - Negative factor: Cobre Panamá audit identified partial compliances and non-compliances related to reforestation programs. - Negative factor: Cobre Panamá production is currently from stockpiled ore, not full mining operations. Facts used in scoring: 38 ## Classification and evidence **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The source explicitly discloses a revised resource estimate Evidence · text > updated Mineral Resource ## Extracted facts Stored fact records: 3. Some facts used in scoring do not have a stored record. ## Resource Estimates (3) ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/first-quantum-minerals-reports-second-quarter-2026-results--801b5098-06f1-4e5e-8c1d-f6899fad4419#fact-resource-facts-31) La Granja · copper #### Identity - Project: La Granja - Commodity: copper - Region: peru - Reported Region: Peru - Ticker: FM #### Resource scope - Estimate type: resource - Effective date: 2026-05-11T00:00:00.000Z - Reporting standards: ni\_43\_101 - Resource group id: resource:f64b5d82c0bc9ec17a1a #### Resource Data - Category: indicated - Tonnes: 4831000000 - Grade: 0.48 - Grade Unit: % - Contained Metal: 23 - Contained Unit: mt #### Prior Estimate - Resource Date: 2026-05-11 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-28T00:00:00.000Z Reasoning: An updated NI 43-101 Technical Report for La Granja was filed, reporting a substantial Measured and Indicated Resource of 4.831 billion tonnes at 0.48% copper, positioning it as a world-class greenfield copper project. - Positive factor: Significant updated Mineral Resource estimate for a large-scale project. - Positive factor: Project ranks as the second-largest greenfield copper resource in the world. - Positive factor: Potential to become a Tier 1, multi-generational copper mine. Evidence · text > 4.831 billion tonnes of Measured and Indicated Resources at 0.48% copper, comprising 23.0 million tonnes of contained copper #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The resource is reported as 'Measured and Indicated Resources', which is extracted as the lower confidence category 'Indicated'. Evidence · text > Measured and Indicated Resources **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The resource estimate was filed as an 'updated 43-101 Technical Report'. Evidence · text > updated 43-101 Technical Report **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/first-quantum-minerals-reports-second-quarter-2026-results--801b5098-06f1-4e5e-8c1d-f6899fad4419#fact-resource-facts-32) La Granja · silver #### Identity - Project: La Granja - Commodity: silver - Region: peru - Reported Region: Peru - Ticker: FM #### Resource scope - Estimate type: resource - Effective date: 2026-05-11T00:00:00.000Z - Reporting standards: ni\_43\_101 - Resource group id: resource:f64b5d82c0bc9ec17a1a #### Resource Data - Category: indicated - Tonnes: 4831000000 - Contained Metal: 600 - Contained Unit: moz #### Prior Estimate - Resource Date: 2026-05-11 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-28T00:00:00.000Z Reasoning: The updated resource for La Granja includes a substantial contained silver component of 600 million ounces. - Positive factor: Significant contained silver reported as part of the updated resource. Evidence · text > 600 million ounces of silver #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The resource is reported as 'Measured and Indicated Resources', which is extracted as the lower confidence category 'Indicated'. Evidence · text > Measured and Indicated Resources **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The resource estimate was filed as an 'updated 43-101 Technical Report'. Evidence · text > updated 43-101 Technical Report **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/first-quantum-minerals-reports-second-quarter-2026-results--801b5098-06f1-4e5e-8c1d-f6899fad4419#fact-resource-facts-33) La Granja · gold #### Identity - Project: La Granja - Commodity: gold - Region: peru - Reported Region: Peru - Ticker: FM #### Resource scope - Estimate type: resource - Effective date: 2026-05-11T00:00:00.000Z - Reporting standards: ni\_43\_101 - Resource group id: resource:f64b5d82c0bc9ec17a1a #### Resource Data - Category: indicated - Tonnes: 4831000000 - Contained Metal: 6.7 - Contained Unit: moz #### Prior Estimate - Resource Date: 2026-05-11 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-28T00:00:00.000Z Reasoning: The updated resource for La Granja includes a substantial contained gold component of 6.7 million ounces. - Positive factor: Significant contained gold reported as part of the updated resource. Evidence · text > 6.7 million ounces of gold #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The resource is reported as 'Measured and Indicated Resources', which is extracted as the lower confidence category 'Indicated'. Evidence · text > Measured and Indicated Resources **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The resource estimate was filed as an 'updated 43-101 Technical Report'. Evidence · text > updated 43-101 Technical Report **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.