First Quantum profit surges on copper output while Intact takes catastrophe loss hit

First Quantum's Panama mine ran at 94% capacity in Q2, up from 71% a year earlier, and that difference showed up as C$847 million in net earnings, nearly triple the prior-year quarter.

The miner shipped 182,000 tonnes of copper in the three months ended June, its highest quarterly output since 2019. Management credited stable power supply and fewer equipment failures at Cobre Panama, the asset that generates roughly 80% of group revenue. Realized copper prices held near US$4.40 per pound through the quarter, 11% above Q2 2025 levels.

Why the jump matters beyond one quarter

First Quantum carries C$9.2 billion in long-term debt. The margin improvement, operating cash flow rose to C$1.1 billion from C$620 million, gives the company room to meet a C$950 million debt maturity due in March 2027 without additional equity dilution. The board reinstated a quarterly dividend of C$0.02 per share, the first payout since suspending dividends in early 2024.

Intact's catastrophe bill climbs again

Intact Financial reported net operating income of C$612 million, down 19% year-over-year, after booking C$438 million in catastrophe losses. Severe hailstorms in Alberta and flooding in Ontario accounted for C$310 million of that total. The insurer's combined ratio, claims and expenses as a percentage of premiums, hit 96.1%, above the 93% target management considers sustainable.

Intact raised premiums by an average of 8.4% across personal lines in Q2, the third consecutive quarter of mid-to-high single-digit increases. The company now prices catastrophe exposure into base rates rather than treating severe weather as one-off events, a shift CEO Charles Brindamour described as permanent.

The divergence is structural. First Quantum benefits from a commodity climbing on electrification demand. Intact pays out more every year as weather volatility becomes the norm, not the exception.