Glencore : 2026 First Quarter Production Report

Published: 2026-04-30 02:19:32 ET GLEN.L

Published on 04/30/2026 at 02:19 am EDT

NEWS RELEASE

Baar, 30 April 2026

Glencore Chief Executive Officer, Gary Nagle:

"Building on our operational delivery over the past two years, first quarter production was largely in line with our expectations, accounting for operational conditions and the Lady Loretta (zinc) and Mount Isa copper mines in Australia reaching their planned economic end of lives during 2025. Accordingly, full year 2026 production guidance remains unchanged from that presented at our Capital Markets Day in December 2025.

"While the Middle East conflict has created numerous dislocations, particularly around the supply of crude, refined products and sulphuric acid, our energy marketing business has supported the supply of fuels to our assets. In addition, our significant metallurgical asset footprint, across copper, zinc and nickel, puts Glencore in a net-long global sulphuric acid position. Although the impact of the conflict on our industrial business was limited in the first quarter, recent and emerging impacts are now manifesting, primarily as an increase in input costs, most notably diesel and acid consumption, and the generally weaker USD.

"Critically, basis the current stronger commodity prices (e.g. year-to-date copper +c.5%, zinc +c.7% and energy coal

+c.22%), we expect these cost impacts to be more than offset, which would result in margin expansion. In addition, extrapolating our Q1 Marketing performance, would see this segment's full-year EBIT performance comfortably exceeding the top end of our long-term Adjusted EBIT guidance range of $2.3-3.5bn p.a."

Q1 2026

Q1 2025

Change %

Copper

199.6

167.9

Cobalt

5.8

9.5

(39)

Zinc

176.9

213.6

(17)

Lead

41.2

49.9

(17)

Nickel

17.2

18.8

(9)

Gold

koz

145

(53)

Silver

koz

4,869

4,230

Chrome ore

830

807

Steelmaking coal

6.5

8.3

(22)

Energy coal

22.9

23.4

(2)

Controlled industrial assets and joint ventures only. Production is on a 100% basis, except as stated later in this report.

Own sourced copper production of 199,600 tonnes was 31,700 tonnes (19%) above Q1 2025, primarily due to improved grades at African copper (27,400 tonnes) and higher throughput and grades at Antamina (13,500 tonnes), partly offset by cessation of copper mining at Mount Isa in 2025 (8,900 tonnes).

Own sourced cobalt production of 5,800 tonnes was 3,700 tonnes (39%) lower than Q1 2025, mainly due to the introduction of the DRC's export quota system in late 2025, as a result of which our DRC assets are now prioritising copper production as existing finished cobalt inventories are sufficient to fully deliver into near-term quota levels.

Own sourced overall zinc production of 176,900 tonnes was 36,700 tonnes (17%) lower than Q1 2025, mainly reflecting Lady Loretta end of mine life in late 2025 (22,300 tonnes) and a lower contribution from Kazzinc (13,800 tonnes) due to sequencing of own sourced feedstock.

Own sourced nickel production of 17,200 tonnes was 1,600 tonnes (9%) lower than Q1 2025, primarily due to the 2025 furnace disruption at Sudbury, with its corresponding impact on matte shipment lead times to Norway.

Attributable chrome ore production of 830,000 tonnes was broadly in line with Q1 2025.

Steelmaking coal production of 6.5 million tonnes was 1.8 million tonnes lower than Q1 2025, primarily due to pit sequencing at EVR, wet weather in Queensland and a planned longwall move at Oaky Creek.

Energy coal production of 22.9 million tonnes was broadly in line with Q1 2025, with higher Australian production offsetting the Cerrejón production cuts actioned from Q2 2025.

Production guidance is unchanged from previous guidance.

Actual

Previous guidance

Current guidance

2026 weighting

2025

2026

Copper

851.6

810-870

48%

52%

Zinc

969.4

700-740

50%

Nickel

71.9

70-80

50%

Steelmaking coal

32.5

30-34

44%

56%

Energy coal

98.0

95-100

46%

54%

1 On an annualised basis, <2% of EVR's production is non-steelmaking quality coal, ordinarily sold into energy coal markets. Given the de minimis size, these volumes are not disaggregated from Canadian steelmaking coal volumes.

The weighting of production guidance toward H2 reflects a stronger expected second-half volume profile as follows:

For copper, Collahuasi is the main contributor as primary ore and desalinated water availability is projected to improve as the year progresses;

Steelmaking coal production is weighted toward H2, reflecting pit sequencing in Canada, with higher yields expected in H2, and the planned H1 longwall move at Oaky Creek in Australia; and

Energy coal is similarly weighted to H2, due to a planned longwall move at Ulan in H1 and expected lower strip ratios at Bulga and Cerrejón in H2.

A quota system applies to DRC cobalt exports until at least the end of 2027. Cobalt produced at KCC and Mutanda in excess of the allocated quotas is stored in-country and will be sold as circumstances allow. In this context, cobalt contained in mixed ore may be held in solution and not reported as production, rather than processed into cobalt in hydroxides to minimise nearby processing costs. KCC and Mutanda have sufficient cobalt inventories on hand to utilise their cobalt quotas over the near term.

Given the time required to implement export processes under the cobalt quota system, the DRC government extended the validity of producers' 2025 cobalt quotas to April 2026. In Q1 2026, Glencore exported the greater part of its 2025 quota, with the balance exported in April 2026. Similarly, unused Q1 2026 quotas are valid for use until 30 June 2026.

With the export and quota systems and processes now established, Glencore expects cobalt exports to normalise over the year, in line with its remaining 2026 quotas. Glencore's expected cobalt export quotas are set out below.

Cobalt, kt

2026 (including

2025 carryover)

2027

KCC

16.1

13.3

Mutanda

6.7

5.5

Glencore allocation

22.8

18.8

For further information please contact:

Investors

Martin Fewings

t: +41 41 709 2880

m: +41 79 737 5642

[email protected]

Media

Charles Watenphul

t: +41 41 709 2462

m: +41 79 904 3320

[email protected]

https://www.glencore.com

Glencore LEI: 2138002658CPO9NBH955

‌Please refer to the end of this document for disclaimers including on forward-looking statements.‌

Notes for Editors

Glencore is one of the world's largest global diversified natural resource companies and a major producer and marketer of more than 60 commodities. Through a network of assets, customers and suppliers that spans the globe, we produce, process, recycle, source, market and distribute the commodities that advance everyday life.

With over 140,000 employees and contractors and a strong footprint in over 30 countries in both established and emerging regions for natural resources, our marketing and industrial activities are supported by a global network of offices.

Glencore's customers are principally industrial consumers, such as those in the automotive, steel, power generation, battery manufacturing and oil sectors. We also provide financing, logistics and other services to producers and consumers of commodities.

Q1 2026

Q1 2025

Change %

African Copper (KCC, Mutanda)

Copper metal

67.9

40.5

Cobalt2

5.1

8.8

(42)

Collahuasi3

Copper in concentrates

38.8

35.3

Silver in concentrates

koz

444

522

(15)

Gold in concentrates

koz

(100)

Antamina4

Copper in concentrates

46.3

32.8

Zinc in concentrates

22.2

28.5

(22)

Silver in concentrates

koz

1,553

1,060

South America (Antapaccay, Lomas Bayas)

Copper metal

16.0

15.9

Copper in concentrates

21.8

22.1

(1)

Gold in concentrates and in doré

koz

Silver in concentrates and in doré

koz

190

139

Total Copper department

Copper

190.8

146.6

Cobalt

5.1

8.8

(42)

Zinc

22.2

28.5

(22)

Gold

koz

(14)

Silver

koz

2,187

1,721

Q1 2026

Q1 2025

Change %

Kazzinc

Zinc metal

20.2

32.8

(38)

Zinc in concentrates

13.7

14.9

(8)

Lead metal

7.4

10.8

(31)

Lead in concentrates

0.1

5.8

(98)

Copper metal5

2.9

4.2

(31)

Gold

koz

135

(56)

Silver

koz

829

873

(5)

Silver in concentrates

koz

168

(95)

Australia (Mount Isa, Townsville, McArthur River)

Zinc in concentrates

108.9

132.7

(18)

Copper metal

8.9

(100)

Lead in concentrates

33.7

33.3

Silver

koz

(100)

Silver in concentrates

koz

1,578

1,214

North America (Kidd)

Zinc in concentrates

11.9

4.7

153

Copper in concentrates

3.4

4.9

(31)

Silver in concentrates

koz

254

194

Total Zinc department

Zinc

154.7

185.1

(16)

Lead

41.2

49.9

(17)

Copper

6.3

18.0

(65)

Gold

koz

135

(56)

Silver

koz

2,670

2,492

Q1 2026

Q1 2025

Change %

Integrated Nickel Operations (INO) (Sudbury, Raglan, Nikkelverk)

Nickel metal

9.3

10.4

(11)

Copper metal

2.3

3.0

(23)

Copper in concentrates

0.2

0.3

(33)

Cobalt metal

0.2

0.1

100

Gold

koz

(33)

Silver

koz

(29)

Platinum

koz

(50)

Palladium

koz

(5)

Rhodium

koz

Murrin Murrin

Nickel metal

7.9

8.4

(6)

Cobalt metal

0.5

0.6

(17)

Total Nickel department

Nickel

17.2

18.8

(9)

Copper

2.5

3.3

(24)

Cobalt

0.7

Gold

koz

(33)

Silver

koz

(29)

Platinum

koz

(50)

Palladium

koz

(5)

Rhodium

koz

Q1 2026

Q1 2025

Change %

Chrome ore6

830

807

Ferrochrome6

277

(95)

Vanadium Pentoxide

2.3

2.2

Q1 2026

Q1 2025

Change %

Copper (Altonorte, Pasar, Horne, CCR)

Copper metal

68.2

79.2

(14)

Copper anode

113.3

128.9

(12)

Zinc (Portovesme, Asturiana, Nordenham, Northfleet, CEZ Refinery)

Zinc metal

225.8

227.7

(1)

Lead metal

53.6

47.3

Controlled industrial assets and joint ventures only. Production is on a 100% basis, except for joint ventures, where the Group's attributable share of production is included.

Cobalt contained in concentrates and hydroxides.

The Group's pro-rata share of Collahuasi production (44%).

The Group's pro-rata share of Antamina production (33.75%).

Copper metal includes copper contained in copper concentrates and blister.

The Group's attributable 79.5% share of the Glencore-Merafe Chrome Venture. Chrome ore production includes a portion of chrome units converted by Glencore into ferrochrome.

‌African Copper

Own sourced copper production of 67,900 tonnes was 27,400 tonnes (68%) higher than Q1 2025, mainly reflecting improved grades at both operations.

Own sourced cobalt production of 5,100 tonnes was 3,700 tonnes (42%) lower than Q1 2025, reflecting prioritisation of copper production over cobalt.

‌Collahuasi

Attributable copper production of 38,800 tonnes was 3,500 tonnes (10%) higher than Q1 2025, reflecting higher milling volumes.

The reverse osmosis line at Collahuasi's desalination plant project is nearing completion, with commissioning expected by the end of Q2 2026.

‌Antamina

Attributable copper production of 46,300 tonnes was 13,500 tonnes (41%) higher than Q1 2025, and attributable zinc production of 22,200 tonnes was 6,300 tonnes (22%) lower, in each case reflecting mine sequencing of higher copper/lower zinc ore grades.

‌South America

Copper production of 37,800 tonnes was broadly in line with Q1 2025.

‌Kazzinc

Own sourced zinc production of 33,900 tonnes was 13,800 tonnes (29%) lower than Q1 2025, in large part reflecting limited availability of high-quality third-party concentrates for blending, which in turn restricted the smelters' rate of processing own sourced material.

Own sourced lead production of 7,500 tonnes was 9,100 tonnes (55%) lower than Q1 2025, for the same reasons as zinc.

Own sourced gold production of 60,000 ounces was 75,000 ounces (56%) lower than Q1 2025, reflecting lower head grades at the Altyntau-Kokshetau (ATK) gold mine, as it enters a new phase, in combination with ATK rebuilding one of its two mills during the period.

‌Australia

Zinc production of 108,900 tonnes was 23,800 tonnes (18%) lower than Q1 2025, following the Lady Loretta mine reaching the end of its mine life (22,300 tonnes) in late 2025.

Lead production of 33,700 tonnes was broadly in line with Q1 2025.

‌Mount Isa copper operations ceased mining in July 2025, with copper smelting and refining now fully relying on third-party feedstocks.

‌North America

Zinc production of 11,900 tonnes was 7,200 tonnes (153%) higher than Q1 2025, reflecting higher ore milled tonnes, grades and recoveries.

‌Integrated Nickel Operations (INO)

Own sourced nickel production of 9,300 tonnes was 1,100 tonnes (11%) lower than Q1 2025, reflecting the earlier furnace disruption at the Sudbury smelter in 2025, which impacted matte shipment lead times to Norway.

‌Murrin Murrin

Own sourced nickel production of 7,900 tonnes was 500 tonnes (6%) lower than Q1 2025, due to preparation ahead of a planned refinery shutdown in Q2 2026.

Attributable chrome ore production of 830,000 tonnes was broadly in line with Q1 2025.

Chrome smelting operations remained on care and maintenance for most of Q1 2026, with a phased restart of operations underway at the Lion smelter. Accordingly, attributable ferrochrome production of 13,000 tonnes was 264,000 tonnes (95%) lower than Q1 2025.

Copper cathode production of 68,200 tonnes was 11,000 tonnes (14%) lower than Q1 2025, mainly reflecting furnace downtime.

Copper anode production of 113,300 tonnes was 15,600 tonnes (12%) lower than Q1 2025, primarily reflecting the absence of production from Pasar following its placement on care and maintenance in February 2025 (38,300 tonnes), offset by stronger production from Altonorte (21,700 tonnes). Pasar was sold in September 2025.

Zinc metal production of 225,800 tonnes was in line with Q1 2025.

Lead metal production of 53,600 tonnes was 6,300 tonnes (13%) higher than Q1 2025, due to improved throughput at the Northfleet refinery.

Q1 2026

Q1 2025

Change %

Canadian steelmaking coal

5.3

6.6

(20)

Australian steelmaking coal

1.2

1.7

(29)

Steelmaking coal

6.5

8.3

(22)

Australian semi-soft coal

0.7

Australian thermal coal (export)

12.4

11.4

Australian thermal coal (domestic)

1.7

2.1

(19)

South African thermal coal (export)

3.0

3.1

(3)

South African thermal coal (domestic)

1.1

Cerrejón thermal coal

4.0

5.0

(20)

Energy coal

22.9

23.4

(2)

Total Coal department

29.4

31.7

(7)

Q1 2026

Q1 2025

Change %

Glencore entitlement interest basis

Equatorial Guinea

kboe

703

841

(16)

Cameroon

kbbl

(14)

Total Oil department

kboe

739

883

(16)

Controlled industrial assets and joint ventures only. Production is on a 100% basis, except for joint ventures, where the Group's attributable share of production is included.

Energy coal production of 22.9 million tonnes was broadly in line with Q1 2025, with higher Australian production offsetting the Cerrejón production cuts actioned from Q2 2025.

‌Canadian steelmaking

EVR production of 5.3 million tonnes was 1.3 million tonnes (20%) lower than Q1 2025, primarily due to pit sequencing and resulting yield outcomes.

‌Australian steelmaking

Production of 1.2 million tonnes was 0.5 million tonnes (29%) lower than Q1 2025, reflecting wet weather impacts in Queensland and a planned longwall move at Oaky Creek.

‌Australian thermal and semi-soft

Production of 14.8 million tonnes was 0.6 million tonnes (4%) higher than Q1 2025, primarily reflecting lower strip ratios at Rolleston, Bulga and Collinsville.

‌South African thermal

Production of 4.1 million tonnes was broadly in line with Q1 2025.

‌Cerrejón

Production of 4.0 million tonnes was 1.0 million tonnes (20%) lower than Q1 2025, following a production cut which commenced in Q2 last year.

Exploration and production (non-operated)

Entitlement interest oil production of 0.7 million barrels of oil equivalent was 16% lower than Q1 2025, mainly reflecting natural field decline, however quarterly sequential production was up 22% following downstream plant repairs completed in H2 2025.

Q1 2026

Q1 2025

Change %

S&P GSCI Industrial Metals Index

578

458

S&P GSCI Energy Index

255

245

LME (cash) copper price ($/t)

12,824

9,347

LME (cash) zinc price ($/t)

3,237

2,835

LME (cash) lead price ($/t)

1,929

1,969

(2)

LME (cash) nickel price ($/t)

17,338

15,578

LME (cash) aluminium price ($/t)

3,198

2,626

Gold price ($/oz)

4,873

2,862

Silver price ($/oz)

163

Fastmarkets cobalt standard grade, Rotterdam ($/lb) (low-end)

127

Fastmarkets SA UG2 concentrates index basis 42% (CIF China) ($/t)

293

231

Iron ore (Platts 62% CFR North China) price ($/DMT)

103

Coal API4 (FOB South Africa) ($/t)

Coal Newcastle (6,000 kcal/kg) ($/t)

119

105

Coal HCC (Aus premium hard coking coal Platts FOB Aus) ($/t)

235

185

Dutch TTF Natural Gas 1-Month Forward ($/MWh)

(4)

Oil price - Brent ($/bbl)

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Change Q1 26 vs

Q1 25

Change Q1 26 vs

Q4 25

Copper

167.9

176.0

239.6

268.1

199.6

(26)

Cobalt

9.5

9.4

9.6

7.6

5.8

(39)

(24)

Zinc

213.6

251.6

244.2

260.0

176.9

(17)

(32)

Lead

49.9

41.0

41.8

46.2

41.2

(17)

(11)

Nickel

18.8

17.8

15.8

19.5

17.2

(9)

(12)

Gold

koz

145

156

147

156

(53)

(56)

Silver

koz

4,230

4,867

5,721

5,607

4,869

(13)

Chrome ore

807

910

1,037

859

830

(3)

Ferrochrome

277

156

(95)

n.m.

Steelmaking coal

8.3

7.4

9.0

7.8

6.5

(22)

(17)

Energy coal

23.4

24.9

25.2

24.5

22.9

(2)

(7)

Oil (entitlement interest basis)

kboe

883

859

647

606

739

(16)

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Change Q1 26 vs

Q1 25

Change Q1 26 vs

Q4 25

African Copper (KCC, Mutanda)

KCC

Copper metal

30.2

33.0

54.7

70.8

51.9

(27)

Cobalt2

5.9

6.0

5.8

5.2

5.1

(14)

(2)

Mutanda

Copper metal

10.3

9.9

15.8

23.1

16.0

(31)

Cobalt2

2.9

3.0

1.8

(100)

Total Copper metal

40.5

42.9

70.5

93.9

67.9

(28)

Total Cobalt2

8.8

8.9

8.8

7.0

5.1

(42)

(27)

Collahuasi3

Copper in concentrates

35.3

48.0

47.4

47.0

38.8

(17)

Silver in concentrates

koz

522

581

618

560

444

(15)

(21)

Gold in concentrates

koz

(100)

n.m.

Antamina4

Copper in concentrates

32.8

22.7

34.5

40.1

46.3

Zinc in concentrates

28.5

50.5

42.4

31.2

22.2

(22)

(29)

Silver in concentrates

koz

1,060

1,550

1,762

1,602

1,553

(3)

South America (Antapaccay, Lomas Bayas)

Antapaccay

Copper in concentrates

22.1

25.6

40.5

42.5

21.8

(1)

(49)

Copper metal

1.9

3.3

2.1

n.m.

(36)

Gold in concentrates

koz

(68)

Silver in concentrates

koz

139

143

336

408

190

(53)

Lomas Bayas

Copper metal

15.9

14.1

14.0

16.1

13.9

(13)

(14)

Total Copper metal

15.9

14.1

15.9

19.4

16.0

(18)

Total Copper in concentrates

22.1

25.6

40.5

42.5

21.8

(1)

(49)

Total Gold in concentrates

and in doré

koz

(68)

Total Silver in concentrates

and in doré

koz

139

143

336

408

190

(53)

Total Copper department

Copper

146.6

153.3

208.8

242.9

190.8

(21)

Cobalt

8.8

8.9

8.8

7.0

5.1

(42)

(27)

Zinc

28.5

50.5

42.4

31.2

22.2

(22)

(29)

Gold

koz

(14)

(68)

Silver

koz

1,721

2,274

2,716

2,570

2,187

(15)

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Change Q1 26 vs

Q1 25

Change Q1 26 vs

Q4 25

Kazzinc

Zinc metal

32.8

29.0

28.7

34.5

20.2

(38)

(41)

Zinc in concentrates

14.9

22.3

22.6

27.7

13.7

(8)

(51)

Lead metal

10.8

5.0

4.9

7.4

(31)

Lead in concentrates

5.8

1.7

0.3

0.1

(98)

n.m.

Copper metal5

4.2

3.5

3.4

5.7

2.9

(31)

(49)

Gold

koz

135

146

127

135

(56)

Silver

koz

873

774

827

942

829

(5)

(12)

Silver in concentrates

koz

168

(95)

n.m.

Kazzinc - total smelter production including third party feed

Zinc metal

59.5

62.6

63.3

66.4

48.8

(18)

(27)

Lead metal

21.4

17.8

19.7

21.7

Copper metal

12.0

11.6

14.4

16.4

10.0

(17)

(39)

Gold

koz

221

266

233

227

124

(44)

(45)

Silver

koz

2,363

2,837

2,187

2,491

2,037

(14)

(18)

Australia (Mount Isa, McArthur River)

Mount Isa

Zinc in concentrates

69.0

72.5

68.0

78.7

46.0

(33)

(42)

Copper metal

8.9

11.5

20.8

12.9

(100)

Lead in concentrates

21.5

21.6

23.0

24.6

19.8

(8)

(20)

Silver

koz

151

(100)

Silver in concentrates

koz

762

751

926

966

999

Mount Isa, Townsville - total production including third party feed

Copper metal

37.9

61.0

59.4

48.5

11.7

(69)

(76)

Gold

koz

105

(48)

Silver

koz

258

762

654

512

221

(14)

(57)

McArthur River

Zinc in concentrates

63.7

66.8

71.0

73.1

62.9

(1)

(14)

Lead in concentrates

11.8

12.7

13.6

14.2

13.9

(2)

Silver in concentrates

koz

452

418

625

586

579

(1)

Total Zinc in concentrates

132.7

139.3

139.0

151.8

108.9

(18)

(28)

Total Copper

8.9

11.5

20.8

12.9

(100)

Total Lead in concentrates

33.3

34.3

36.6

38.8

33.7

(13)

Total Silver

koz

151

(100)

Total Silver in concentrates

koz

1,214

1,169

1,551

1,552

1,578

North America

Kidd

Zinc in concentrates

4.7

10.5

11.5

14.8

11.9

153

(20)

Copper in concentrates

4.9

4.4

3.5

3.4

(31)

(3)

Silver in concentrates

koz

194

470

449

464

254

(45)

Total Zinc department

Zinc

185.1

201.1

201.8

228.8

154.7

(16)

(32)

Lead

49.9

41.0

41.8

46.2

41.2

(17)

(11)

Copper

18.0

19.9

28.6

22.1

6.3

(65)

(71)

Gold

koz

135

146

127

135

(56)

Silver

koz

2,492

2,565

2,991

3,013

2,670

(11)

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Change Q1 26 vs

Q1 25

Change Q1 26 vs

Q4 25

Integrated Nickel Operations (Sudbury, Raglan, Nikkelverk)

Nickel metal

10.4

11.6

5.5

12.3

9.3

(11)

(24)

Copper metal

3.0

2.3

1.7

2.4

2.3

(23)

(4)

Copper in concentrates

0.3

0.5

0.7

0.2

(33)

(71)

Cobalt metal

0.1

0.2

100

Gold

koz

(33)

Silver

koz

(29)

(50)

Platinum

koz

(50)

(40)

Palladium

koz

(5)

(20)

Rhodium

koz

Integrated Nickel Operations - total production including third party feed

Nickel metal

25.1

24.9

25.2

26.3

24.2

(4)

(8)

Nickel in concentrates

0.1

n.m.

(100)

Copper metal

5.2

4.7

4.0

4.8

4.6

(12)

(4)

Copper in concentrates

0.5

0.8

1.0

1.9

0.5

(74)

Cobalt metal

0.7

0.8

0.7

0.8

0.6

(14)

(25)

Gold

koz

(17)

(38)

Silver

koz

(8)

(55)

Platinum

koz

(11)

Palladium

koz

(22)

Rhodium

koz

Murrin Murrin

Total Nickel metal

8.4

6.2

10.3

7.2

7.9

(6)

Total Cobalt metal

0.6

0.4

0.8

0.4

0.5

(17)

Murrin Murrin - total production including third party feed

Total Nickel metal

9.1

7.0

10.8

7.6

8.1

(11)

Total Cobalt metal

0.7

0.4

0.8

0.4

0.6

(14)

Total Nickel department

Nickel

18.8

17.8

15.8

19.5

17.2

(9)

(12)

Copper

3.3

2.8

2.2

3.1

2.5

(24)

(19)

Cobalt

0.7

0.5

0.8

0.6

0.7

Gold

koz

(33)

Silver

koz

(29)

(50)

Platinum

koz

(50)

(40)

Palladium

koz

(5)

(20)

Rhodium

koz

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Change Q1 26 vs

Q1 25

Change Q1 26 vs

Q4 25

Chrome ore6

807

910

1,037

859

830

(3)

Ferrochrome6

277

156

(95)

n.m.

Vanadium pentoxide

2.2

1.3

2.5

2.1

2.3

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Change Q1 26 vs

Q1 25

Change Q1 26 vs

Q4 25

Copper (Altonorte, Pasar, Horne, CCR)

Copper metal

79.2

78.6

78.9

80.0

68.2

(14)

(15)

Copper anode

128.9

75.8

117.5

112.5

113.3

(12)

Zinc (Portovesme, Asturiana, Nordenham, Northfleet, CEZ Refinery)

Zinc metal

227.7

235.6

216.2

230.7

225.8

(1)

(2)

Lead metal

47.3

46.3

48.9

56.2

53.6

(5)

Controlled industrial assets and joint ventures only. Production is on a 100% basis, except for joint ventures, where the Group's attributable share of production is included.

Cobalt contained in concentrates and hydroxides.

The Group's pro-rata share of Collahuasi production (44%).

The Group's pro-rata share of Antamina production (33.75%).

Copper metal includes copper contained in copper concentrates and blister.

The Group's attributable 79.5% share of the Glencore-Merafe Chrome Venture. Chrome ore production includes a portion of chrome units converted by Glencore into ferrochrome.

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Change Q1 26 vs

Q1 25

Change Q1 26 vs

Q4 25

Canadian steelmaking coal

6.6

6.1

6.7

5.8

5.3

(20)

(9)

Australian steelmaking coal

1.7

1.3

2.3

2.0

1.2

(29)

(40)

Steelmaking coal

8.3

7.4

9.0

7.8

6.5

(22)

(17)

Australian semi-soft coal

0.7

0.9

0.8

1.1

0.7

(36)

Australian thermal coal (export)

11.4

14.3

14.7

13.6

12.4

(9)

Australian thermal coal (domestic)

2.1

1.7

1.6

1.7

(19)

South African thermal coal (export)

3.1

3.2

2.9

3.4

3.0

(3)

(12)

South African thermal coal (domestic)

1.1

0.9

1.1

0.9

1.1

Cerrejón thermal coal

5.0

3.9

4.0

3.9

4.0

(20)

Energy coal

23.4

24.9

25.2

24.5

22.9

(2)

(7)

Total Coal department

31.7

32.3

34.2

32.3

29.4

(7)

(9)

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Change Q1 26 vs

Q1 25

Change Q1 26 vs

Q4 25

Glencore entitlement interest basis

Equatorial Guinea

kboe

841

824

602

567

703

(16)

Cameroon

kbbl

(14)

(8)

Total Oil department

kboe

883

859

647

606

739

(16)

Gross basis

Equatorial Guinea

kboe

4,629

4,750

3,244

3,068

3,858

(17)

Cameroon

kbbl

151

135

169

156

147

(3)

(6)

Total Oil department

kboe

4,780

4,885

3,413

3,224

4,005

(16)

Controlled industrial assets and joint ventures only. Production is on a 100% basis, except for joint ventures, where the Group's attributable share of production is included.

This document does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for any securities. This document does not purport to contain all of the information you may wish to consider.

Certain descriptions in this document are oriented towards future events and therefore contain statements that are, or may be deemed to be, "forward-looking statements" which are prospective in nature. Such statements may include, without limitation, statements in respect of trends in commodity prices and currency exchange rates; demand for commodities; reserves and resources and production forecasts; expectations, plans, strategies and objectives of management; expectations regarding financial performance, results of operations and cash flows; climate scenarios; sustainability (including, without limitation, environmental, social and governance) performance-related goals, ambitions, targets, intentions and aspirations; approval of certain projects and consummation and impacts of certain transactions (including, without limitation, acquisitions, disposals or other corporate transactions); closures or divestments of certain assets, operations or facilities (including, without limitation, associated costs); capital costs and scheduling; operating costs and supply of materials and skilled employees; financings; permitting, anticipated project timelines, productive lives of mines and facilities; provisions and contingent liabilities; and tax, legal and regulatory developments.

These forward-looking statements may be identified by the use of forward-looking terminology, or the negative thereof including, without limitation, "outlook", "guidance", "trend", "plans", "expects", "continues", "assumes", "is subject to", "budget", "scheduled", "estimates", "aims", "forecasts", "risks", "intends", "positioned", "predicts", "projects", "anticipates", "believes", or variations of such words or comparable terminology and phrases or statements that certain actions, events or results "may", "could", "should", "shall", "would", "might" or "will" be taken, occur or be achieved. The information in this document provides an insight into how we currently intend to direct the management of our businesses and assets and to deploy our capital to help us implement our strategy. The matters disclosed in this document are a 'point in time' disclosure only. Forward-looking statements are not based on historical facts, but rather on current predictions, expectations, beliefs, opinions, plans, objectives, goals, intentions and projections about future events, results of operations, prospects, financial conditions and discussions of strategy, and reflect judgments, assumptions, estimates and other information available as at the date of this document or the date of the corresponding planning or scenario analysis process.

By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to differ materially from any future events, results, performance, achievements or other outcomes expressed or implied by such forward-looking statements. Important factors that could impact these uncertainties include, without limitation, those disclosed in the risk management section of our latest Annual Report and/or Half-Year Report, which can each be found on our website. These risks and uncertainties may materially affect the timing and feasibility of particular developments. Other factors which may impact risks and uncertainties include, without limitation: the ability to produce and transport products profitably; demand for our products and commodity prices; development, efficacy and adoption of new or competing technologies; changing or divergent preferences and expectations of our stakeholders; events giving rise to adverse reputational impacts; changes to the assumptions regarding the recoverable value of our tangible and intangible assets; inadequate estimates of resources and reserves; changes in environmental scenarios and related regulations, including, without limitation, transition risks and the evolution and development of the global transition to a low carbon economy; recovery rates and other operational capabilities; timing, quantum and nature of certain acquisitions and divestments; delays, overruns or other unexpected developments in connection with significant projects; the ability to successfully manage the planning and execution of closure, reclamation and rehabilitation of industrial sites; health, safety, environmental or social performance incidents; labour shortages or workforce disruptions; natural catastrophes or adverse geological conditions, including, without limitation, the physical risks associated with climate change; effects of global pandemics and outbreaks of infectious disease; the outcome of litigation or enforcement or regulatory proceedings; the effect of foreign currency exchange rates on market prices and operating costs; actions by governmental authorities, such as changes in taxation or laws or regulations or changes in the decarbonisation policies and plans of other countries; breaches of Glencore's policy framework, applicable laws or regulations; the availability of sufficient credit and management of liquidity and counterparty risks; changes in economic and financial market conditions generally or in various countries or regions; political or geopolitical uncertainty; and wars, political or civil unrest, acts of terrorism, cyber attacks or sabotage.

Readers, including, without limitation, investors and prospective investors, should review and consider these risks and uncertainties (as well as the other risks identified in this document) when considering the information contained in this document. Readers should also note that the high degree of uncertainty around the nature, timing and magnitude of climate-related risks, and the uncertainty as to how the energy transition will evolve, makes it particularly difficult to determine all potential risks and opportunities and disclose these and any potential impacts with precision. Neither Glencore nor any of its affiliates, associates, employees, directors, officers or advisers, provides any representation, warranty, assurance or guarantee as to the accuracy, completeness or correctness, likelihood of achievement or reasonableness of any forward-looking information contained in this document or that the events, results, performance, achievements or other outcomes expressed or implied in any forward-looking statements in this document will actually occur. Glencore cautions readers against reliance on any forward-looking statements contained in this document, particularly in light of the long-term time horizon which this document discusses in certain instances and the inherent uncertainty in possible policy, market and technological developments in the future.

No statement in this document is intended as any kind of forecast (including, without limitation, a profit forecast or a profit estimate), guarantee or prediction of future events or performance and past performance cannot be relied on as a guide to future performance.

Except as required by applicable rules or laws or regulations, Glencore is not under any obligation, and Glencore and its affiliates expressly disclaim any intention, obligation or undertaking, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This document shall not, under any circumstances, create any implication that there has been no change in the business or affairs of Glencore since the date of this document or that the information contained herein is correct as at any time subsequent to its date.

Certain statistical and other information included in this document is sourced from publicly available third-party sources. This information has not been independently verified and presents the view of those third parties, and may not necessarily correspond to the views held by Glencore and Glencore expressly disclaims any responsibility for, or liability in respect of, and makes no representation or guarantee in relation to, such information (including, without limitation, as to its accuracy, completeness or whether it is current). Glencore cautions readers against reliance on any of the industry, market or other third-party data or information contained in this document.

In preparing this document, Glencore has made certain estimates and assumptions that may affect the information presented. Certain information is derived from management accounts, is unaudited and based on information Glencore has available to it at the time. Figures throughout this document are subject to rounding adjustments. The information presented is subject to change at any time without notice and we do not intend to update this information except as required.

This document contains alternative performance measures which reflect how Glencore's management assesses the performance of the Group, including results that exclude certain items included in our reported results. These alternative performance measures should be considered in addition to, and not as a substitute for, or as superior to, measures of financial performance or position reported in accordance with IFRS. Such measures may not be uniformly defined by all companies, including those in Glencore's industry. Accordingly, the alternative performance measures presented may not be comparable with similarly titled measures disclosed by other companies. Further information can be found in our reporting suite available at glencore.com/publications.

Subject to any terms implied by law which cannot be excluded, Glencore accepts no responsibility for any loss, damage, cost or expense (whether direct or indirect) incurred by any person as a result of any error, omission or misrepresentation in information in this document.

The companies in which Glencore plc directly and indirectly has an interest are separate and distinct legal entities. In this document, "Glencore", "Glencore group" and "Group" are used for convenience only where references are made to Glencore plc and its subsidiaries in general. These collective expressions are used for ease of reference only and do not imply any other relationship between the companies. Likewise, the words "we", "us" and "our" are also used to refer collectively to members of the Group or to those who work for them. These expressions are also used where no useful purpose is served by identifying the particular company or companies.

Glencore First Quarter 2026 Production Report

Disclaimer

Glencore plc published this content on April 30, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 30, 2026 at 06:18 UTC.