Wrap Text
Third Quarter 2026 Production Report
GLENCORE PLC
(Incorporated in Jersey under the Companies (Jersey) Law 1991)
(Registration number 107710)
JSE Share Code: GLN
LSE Share Code: GLEN
ISIN: JE00B4T3BW64
NEWS RELEASE
Baar, 29 October 2026
Third Quarter 2026 Production Report
Glencore Chief Executive Officer, Gary Nagle:
“We are pleased to report a strong third quarter production performance, where our key assets largely performed in line with
expectations and previously communicated guidance. After adjusting for disposals and closures (Mount Isa copper and Kidd),
YTD copper production was 12% higher than the comparable 2025 period. Quarter on quarter, own sourced production volumes
were higher in copper and nickel and notably higher in steelmaking coal and energy coal.
"We have also continued the progressive restart of our ferrochrome smelting operations, with Boshoek restarting in September
and Wonderkop in October, following Lion earlier in the year. As a result, attributable ferrochrome production increased 29%
quarter on quarter.
"Full year 2026 production guidance for our key commodities has been maintained, with zinc and energy coal expected
towards the upper end of their respective ranges, copper and steelmaking coal towards the lower end and nickel around the
middle.
“As communicated in our recent (October 2nd) Marketing guidance methodology update, we expect 2026 full-year Marketing
Adjusted EBIT to exceed $5bn.”
Production from own sources – Total1
Q3 Q2 YTD YTD
2026 2026 Change % 2026 2025 Change %
Copper kt 201.6 197.4 2 598.6 583.5 3
Cobalt kt 3.5 4.4 (20) 13.7 28.5 (52)
Zinc kt 181.6 188.7 (4) 547.2 709.4 (23)
Lead kt 38.9 42.6 (9) 122.7 132.7 (8)
Nickel kt 18.8 18.6 1 54.6 52.4 4
Gold koz 94 100 (6) 262 448 (42)
Silver koz 3,992 4,437 (10) 13,298 14,818 (10)
Chrome ore kt 906 817 11 2,553 2,754 (7)
Steelmaking coal mt 8.0 7.0 14 21.5 24.7 (13)
Energy coal mt 26.5 24.5 8 73.9 73.5 1
1 Controlled industrial assets and joint ventures only. Production is on a 100% basis, except as stated later in this report.
YTD production highlights
• Own sourced copper production of 598,600 tonnes was 15,100 tonnes (3%) above the comparable 2025 period, driven by increased
mining rates and improved grades at African Copper (56,700 tonnes) and higher grades at Antamina (32,300 tonnes), more than
offsetting the planned closure of the Mount Isa copper mine in Q3 2025 and disposal of the Kidd mine on 1 June 2026 (together,
49,700 tonnes) and lower production at Antapaccay (16,700 tonnes) and Collahuasi (7,200 tonnes). Adjusting for Mount Isa and
Kidd, own sourced production was 12% higher.
• Own sourced cobalt production of 13,700 tonnes was 14,800 tonnes (52%) below the comparable 2025 period, reflecting the
ongoing DRC cobalt export quota regime and a continued focus on copper production. Consequently, cobalt contained in mixed
ore is increasingly being retained in solution rather than processed into saleable hydroxide, with value expected to be realised as
export regulations evolve.
• Own sourced zinc production of 547,200 tonnes was 162,200 tonnes (23%) lower than the comparable 2025 period, primarily
reflecting Lady Loretta having reached the end of its mine life in late 2025 (73,700 tonnes), lower zinc grades at Antamina (69,400
tonnes) in line with planned higher copper/lower zinc mine sequencing, and disposal of the Kidd mine on 1 June 2026 (6,500
tonnes). Adjusting for Lady Loretta and Kidd, own sourced production was 13% lower, mainly reflecting the planned lower
Antamina zinc grades.
• Own sourced nickel production of 54,600 tonnes was 4% above the comparable 2025 period.
• Attributable chrome ore production of 2,553,000 tonnes was 201,000 tonnes (7%) lower than the comparable 2025 period,
reflecting varied operating conditions over the period.
Glencore Third Quarter 2026 Production Report 1
HIGHLIGHTS
continued
• Steelmaking coal production of 21.5 million tonnes was 3.2 million tonnes (13%) below the comparable 2025 period, primarily
reflecting lower plant throughput and yields at EVR.
• Energy coal production of 73.9 million tonnes was broadly in line with the comparable 2025 period.
2026 production guidance
Production guidance is unchanged from previous guidance.
Actual Previous Current
FY Guidance Guidance Expected
2025 2026 2026 outcome 2026
Copper kt 851.6 810-870 810-870 1
Lower end
Zinc kt 969.4 700-740 700-740 1
Higher end
Nickel kt 71.9 70-80 70-80 Middle
Steelmaking coal mt 32.5 30-32 30-32 2
Lower end
Energy coal mt 98.0 96-101 96-101 Higher end
1 Notwithstanding completion of the Kidd mine sale on 1 June 2026, our original 2026 copper and zinc guidance ranges, provided in December 2025,
were not adjusted. Reflecting the c.20kt of zinc and c.11kt of copper that Kidd would otherwise have expected to contribute over June–December
2026, implies a strong like-for-like outcome for zinc (still expecting towards upper end of its range), while contributing to the expected copper
outcome towards the lower end of its range.
2 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.
Other guidance comments
• Copper production guidance implies an uptick in Q4 2026, primarily reflecting higher expected grades and recoveries at
Collahuasi.
• Steelmaking coal production guidance implies an uptick in Q4 2026, primarily reflecting pit sequencing and a stronger expected
performance following recent plant upgrades in Australia and the completion of planned plant maintenance in Canada.
For further information please contact:
Investors
Martin Fewings t: +41 41 709 2880 m: +41 79 737 5642 martin.fewings@glencore.com
m: +61 428 657 415
Australian investors australia.investors@glencore.com.au
Media
Charles Watenphul t: +41 41 709 2462 m: +41 79 904 3320 charles.watenphul@glencore.com
Francis De Rosa t: +61 2 8247 6352 m: +61 417 074 751 francis.de.rosa@glencore.com
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.
Glencore Third Quarter 2026 Production Report 2
METALS AND MINERALS
PRODUCTION DATA
Production from own sources – Copper assets1
YTD YTD
2026 2025 Change %
African Copper (KCC, Mutanda)
Copper metal kt 210.6 153.9 37
Cobalt2 kt 11.6 26.5 (56)
Collahuasi3
Copper in concentrates kt 123.5 130.7 (6)
Silver in concentrates koz 1,305 1,721 (24)
Gold in concentrates koz – 6 (100)
Antamina4
Copper in concentrates kt 122.3 90.0 36
Zinc in concentrates kt 52.0 121.4 (57)
Silver in concentrates koz 4,052 4,372 (7)
South America (Antapaccay, Lomas Bayas)
Copper metal kt 48.4 45.9 5
Copper in concentrates kt 69.0 88.2 (22)
Gold in concentrates and in doré koz 19 25 (24)
Silver in concentrates and in doré koz 605 618 (2)
Total Copper department
Copper kt 573.8 508.7 13
Cobalt kt 11.6 26.5 (56)
Zinc kt 52.0 121.4 (57)
Gold koz 19 31 (39)
Silver koz 5,962 6,711 (11)
Production from own sources – Zinc assets1
YTD YTD
2026 2025 Change %
Kazzinc
Zinc metal kt 68.9 90.5 (24)
Zinc in concentrates kt 73.5 59.8 23
Lead metal kt 22.8 20.7 10
Lead in concentrates kt 0.4 7.8 (95)
Copper metal5 kt 10.7 11.1 (4)
Gold koz 237 408 (42)
Silver koz 2,354 2,474 (5)
Silver in concentrates koz 19 241 (92)
Australia (Mount Isa, McArthur River)
Zinc in concentrates kt 332.6 411.0 (19)
Copper metal kt – 41.2 (100)
Lead in concentrates kt 99.5 104.2 (5)
Silver koz – 286 (100)
Silver in concentrates koz 4,405 3,934 12
North America (Kidd)
Zinc in concentrates kt 20.2 26.7 (24)
Copper in concentrates kt 5.7 14.2 (60)
Silver in concentrates koz 505 1,113 (55)
Total Zinc department
Zinc kt 495.2 588.0 (16)
Lead kt 122.7 132.7 (8)
Copper kt 16.4 66.5 (75)
Gold koz 237 408 (42)
Silver koz 7,283 8,048 (10)
Glencore Third Quarter 2026 Production Report 3
METALS AND MINERALS
continued
Production from own sources – Nickel assets1
YTD YTD
2026 2025 Change %
Integrated Nickel Operations (INO) (Sudbury, Raglan, Nikkelverk)
Nickel metal kt 30.0 27.5 9
Copper metal kt 8.0 7.0 14
Copper in concentrates kt 0.4 1.3 (69)
Cobalt metal kt 0.5 0.2 150
Gold koz 6 9 (33)
Silver koz 53 59 (10)
Platinum koz 12 17 (29)
Palladium koz 58 66 (12)
Rhodium koz 2 2 –
Murrin Murrin
Nickel metal kt 24.6 24.9 (1)
Cobalt metal kt 1.6 1.8 (11)
Total Nickel department
Nickel kt 54.6 52.4 4
Copper kt 8.4 8.3 1
Cobalt kt 2.1 2.0 5
Gold koz 6 9 (33)
Silver koz 53 59 (10)
Platinum koz 12 17 (29)
Palladium koz 58 66 (12)
Rhodium koz 2 2 –
Production from own sources – Ferroalloys assets1
YTD YTD
2026 2025 Change %
Chrome ore6 kt 2,553 2,754 (7)
Ferrochrome6 kt 235 436 (46)
Vanadium pentoxide kt 6.3 6.0 5
Total production – Custom metallurgical assets1
YTD YTD
2026 2025 Change %
Copper (Altonorte, Pasar, Horne, CCR)
Copper metal kt 217.8 236.7 (8)
Copper anode kt 318.8 322.2 (1)
Zinc (Portovesme, Asturiana, Nordenham, Northfleet, CEZ Refinery)
Zinc metal kt 671.6 679.5 (1)
Lead metal kt 136.2 142.5 (4)
1 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.
2 Cobalt contained in concentrates and hydroxides.
3 The Group’s pro-rata share of Collahuasi production (44%).
4 The Group’s pro-rata share of Antamina production (33.75%).
5 Copper metal includes copper contained in copper concentrates and blister.
6 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.
Glencore Third Quarter 2026 Production Report 4
METALS AND MINERALS
continued
OPERATING HIGHLIGHTS
Copper assets
Own sourced copper production of 598,600 tonnes was 15,100 tonnes (3%) above the comparable 2025 period, driven by increased
mining rates and improved grades at African Copper (56,700 tonnes) and higher grades at Antamina (32,300 tonnes), more than
offsetting the planned closure of the Mount Isa copper mine in Q3 2025 and disposal of the Kidd mine on 1 June 2026 (together,
49,700 tonnes) and lower production at Antapaccay (16,700 tonnes) and Collahuasi (7,200 tonnes). Adjusting for Mount Isa and Kidd,
own sourced production was 12% higher.
African Copper
Own sourced copper production of 210,600 tonnes was 56,700 tonnes (37%) higher than the comparable 2025 period, mainly
reflecting increased mining rates and improved grades.
Own sourced cobalt production of 11,600 tonnes was 14,900 tonnes (56%) lower than the comparable 2025 period, reflecting the
ongoing DRC cobalt export quota regime and a continued focus on copper production. Consequently, cobalt contained in mixed
ore is increasingly being retained in solution rather than processed into saleable hydroxide, minimising near-term processing costs,
with value expected to be realised as export regulations evolve. Cobalt retained in solution is not recognised as production. DRC
cobalt export quotas remain in place until at least the end of 2027, with KCC and Mutanda holding sufficient stocks to satisfy near-
term quota allocations.
Collahuasi
Attributable copper production of 123,500 tonnes was 7,200 tonnes (6%) lower than the comparable 2025 period, reflecting lower
grade ores and some weather-related impacts (strong winds, power outages and heavy snowfall) in Q3 2026.
As disclosed in May 2026, a limited re-examination of aspects of the historical permitting of Collahuasi’s desalination project is being
conducted by the authorities. Collahuasi continues to engage constructively with the relevant authorities and no material impact on
operations or production guidance is currently expected, supported by access to existing alternative water sources.
Antamina
Attributable copper production of 122,300 tonnes was 32,300 tonnes (36%) higher than the comparable 2025 period, and attributable
zinc production of 52,000 tonnes was 69,400 tonnes (57%) lower, in each case mainly reflecting planned mine sequencing of higher
copper/lower zinc ore grades.
South America
Copper production of 117,400 tonnes was 16,700 tonnes (12%) lower than the comparable 2025 period, reflecting lower production at
Antapaccay, primarily due to expected lower head grades, recoveries and milling throughput at the plant.
Zinc assets
Own sourced zinc production of 547,200 tonnes was 162,200 tonnes (23%) lower than the comparable 2025 period, primarily
reflecting Lady Loretta having reached the end of its mine life in late 2025 (73,700 tonnes), lower zinc grades at Antamina (69,400
tonnes) in line with planned higher copper/lower zinc mine sequencing, and disposal of the Kidd mine on 1 June 2026 (6,500
tonnes). Adjusting for Lady Loretta and Kidd, own sourced production was 13% lower, mainly reflecting the planned lower Antamina
zinc grades.
Kazzinc
Own sourced zinc production of 142,400 tonnes was 7,900 tonnes (5%) lower than the comparable 2025 period, primarily due to
limited availability of high-quality third-party concentrates for blending, which reduced the rate at which the smelters could process
own sourced material.
Own sourced lead production of 23,200 tonnes was 5,300 tonnes (19%) lower than the comparable 2025 period, for the same reason
as zinc.
Own sourced gold production of 237,000 ounces was 171,000 ounces (42%) lower than the comparable 2025 period, primarily
reflecting lower head grades at the Altyntau-Kokshetau (ATK) gold mine as it transitions into its next development phase. The
previously reported refurbishment of the ATK processing mill has been completed, with normal operations resumed.
Australia
Zinc production of 332,600 tonnes was 78,400 tonnes (19%) lower than the comparable 2025 period, mainly reflecting the closure of
Lady Loretta mine in late 2025 as it reached the end of its mine life (73,700 tonnes).
Lead production of 99,500 tonnes was broadly in line with the comparable 2025 period.
Following the planned closure of the Mount Isa copper mine in July 2025, copper smelting and refining operations now rely entirely
on third-party feedstocks.
North America
Zinc production of 20,200 tonnes was 6,500 tonnes (24%) lower than the comparable 2025 period, reflecting disposal of the Kidd
mine on 1 June 2026.
Nickel assets
Own sourced nickel production of 54,600 tonnes was 4% above the comparable 2025 period.
Glencore Third Quarter 2026 Production Report 5
METALS AND MINERALS
continued
Integrated Nickel Operations (INO)
Own sourced nickel production of 30,000 tonnes was 2,500 tonnes (9%) higher than the comparable 2025 period, reflecting the low
base in Q3 2025, when shipments from the Sudbury smelter to Norway were reduced following the June 2025 furnace disruption.
Q3 2026 production of 10,300 tonnes was in line with Q2 2026.
Murrin Murrin
Own sourced nickel production of 24,600 tonnes was broadly in line with the comparable 2025 period.
Ferroalloys assets
Attributable chrome ore production of 2,553,000 tonnes was 201,000 tonnes (7%) lower than the comparable 2025 period, reflecting
varied operating conditions. Production improved sequentially, with Q3 2026 being 11% above Q2 2026.
Chrome smelting remained largely on care and maintenance during 2026, with a phased restart commencing at the Lion smelter in
March 2026. Accordingly, attributable ferrochrome production of 235,000 tonnes was 201,000 tonnes (46%) lower than the
comparable 2025 period. Q3 2026 production of 125,000 tonnes was 28,000 tonnes (29%) above Q2 2026 as the restart progressed.
Following the conclusion of new electricity pricing agreements with Eskom in June 2026, restarts of the Boshoek and Wonderkop
smelters commenced in September and October respectively, with ramp-up expected to continue through Q4 2026.
Custom metallurgical assets
Copper cathode production of 217,800 tonnes was 18,900 tonnes (8%) lower than the comparable 2025 period, primarily reflecting
lower copper grades and furnace downtime.
Excluding 38,300 tonnes of production from Pasar (sold in 2025), copper anode production increased by 34,900 tonnes (12%) to
318,800 tonnes, primarily reflecting recovery from the Altonorte outage in the prior period.
Zinc metal production of 671,600 tonnes was broadly in line with the comparable 2025 period.
Lead metal production of 136,200 tonnes was broadly in line with the comparable 2025 period.
Glencore Third Quarter 2026 Production Report 6
ENERGY AND STEELMAKING COAL
Coal assets1
YTD YTD
2026 2025 Change %
Canadian steelmaking coal mt 16.1 19.4 (17)
Australian steelmaking coal mt 5.4 5.3 2
Steelmaking coal mt 21.5 24.7 (13)
Australian semi-soft coal mt 2.8 2.4 17
Australian thermal coal (export) mt 40.9 40.4 1
Australian thermal coal (domestic) mt 4.4 5.5 (20)
South African thermal coal (export) mt 9.9 9.2 8
South African thermal coal (domestic) mt 3.2 3.1 3
Cerrejón thermal coal mt 12.7 12.9 (2)
Energy coal mt 73.9 73.5 1
Total Coal department mt 95.4 98.2 (3)
Oil assets (non-operated)
YTD YTD
2026 2025 Change %
Glencore entitlement interest basis kboe 2,326 2,389 (3)
1 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.
OPERATING HIGHLIGHTS
Coal assets
Steelmaking coal production of 21.5 million tonnes was 3.2 million tonnes (13%) below the comparable 2025 period, primarily
reflecting lower plant throughput and yields at EVR.
Energy coal production of 73.9 million tonnes was broadly in line with the comparable 2025 period.
Canadian steelmaking
EVR production of 16.1 million tonnes was 3.3 million tonnes (17%) lower than the comparable 2025 period, primarily reflecting pit
sequencing, including the development of new mining areas with lower plant throughput and yields, as well as geotechnical and
weather-related challenges during the period. Sequential quarterly production increased by 0.8 million tonnes (16%) as yields
modestly improved and plant operating hours were higher following the completion of scheduled major maintenance.
Australian steelmaking
Production of 5.4 million tonnes was broadly in line with the comparable 2025 period.
Australian thermal and semi-soft
Production of 48.1 million tonnes was broadly in line with the comparable 2025 period. Sequential quarterly production increased by
1.7 million tonnes (11%), supported by a longwall move at Ulan West with the restart and ramp-up occurring during the quarter.
South African thermal
Production of 13.1 million tonnes was 0.8 million tonnes (7%) above the comparable 2025 period, primarily reflecting increased
output to align with improved third-party rail capacity.
Cerrejón
Production of 12.7 million tonnes was broadly in line with the comparable 2025 period. The voluntary production curtailment
implemented in Q2 2025 remains in place.
Oil assets
Exploration and production (non-operated)
Entitlement interest oil production of 2.3 million barrels of oil equivalent was 3% lower than the comparable 2025 period, primarily
reflecting natural field decline, partly offset by a reallocation of entitlement interest among the partners in Block I (Equatorial
Guinea) with effect from 31 October 2025.
Glencore Third Quarter 2026 Production Report 7
SELECTED AVERAGE COMMODITY
PRICES
MARKET CONDITIONS
Selected average commodity prices
Spot Spot Average Average Change in
30 Sep 2026 31 Dec 2025 YTD 2026 YTD 2025 average %
S&P GSCI Industrial Metals Index 613 552 601 457 32
S&P GSCI Energy Index 341 205 296 230 29
LME (cash) copper price ($/t) 14,453 12,453 13,433 9,564 40
LME (cash) zinc price ($/t) 3,915 3,082 3,512 2,770 27
LME (cash) lead price ($/t) 1,837 1,968 1,912 1,961 (2)
LME (cash) nickel price ($/t) 15,738 16,501 17,314 15,253 14
LME (cash) aluminium price ($/t) 3,159 2,968 3,326 2,567 30
Gold price ($/oz) 4,157 4,319 4,543 3,207 42
Silver price ($/oz) 60 72 73 35 109
Fastmarkets cobalt standard grade, Rotterdam ($/lb) (low-end) 23 24 25 14 79
Fastmarkets SA UG2 concentrates index basis 42% (CIF China) ($/t) 267 263 293 263 11
Ferro-chrome 50% Cr import, CIF main Chinese ports, contained Cr (¢/lb) 95 99 102 96 6
Coal API4 (FOB South Africa) ($/t) 121 86 108 91 19
Coal Newcastle (6,000 kcal/kg) ($/t) 147 108 131 106 24
Coal HCC (Aus premium hard coking coal Platts FOB Aus) ($/t) 272 218 241 184 31
Dutch TTF Natural Gas 1-Month Forward ($/MWh) 82 33 58 43 35
Oil price – Brent ($/bbl) 104 61 89 70 27
Glencore Third Quarter 2026 Production Report 8
PRODUCTION BY QUARTER – Q3 2025
TO Q3 2026
Metals and minerals
PRODUCTION FROM OWN SOURCES – TOTAL1
Change Change
Q3 Q4 Q1 Q2 Q3 YTD YTD YTD 26 vs Q3 26 vs
2025 2025 2026 2026 2026 2026 2025 YTD 25 Q2 26
% %
Copper kt 239.6 268.1 199.6 197.4 201.6 598.6 583.5 3 2
Cobalt kt 9.6 7.6 5.8 4.4 3.5 13.7 28.5 (52) (20)
Zinc kt 244.2 260.0 176.9 188.7 181.6 547.2 709.4 (23) (4)
Lead kt 41.8 46.2 41.2 42.6 38.9 122.7 132.7 (8) (9)
Nickel kt 15.8 19.5 17.2 18.6 18.8 54.6 52.4 4 1
Gold koz 147 156 68 100 94 262 448 (42) (6)
Silver koz 5,721 5,607 4,869 4,437 3,992 13,298 14,818 (10) (10)
Chrome ore kt 1,037 859 830 817 906 2,553 2,754 (7) 11
Ferrochrome kt 3 – 13 97 125 235 436 (46) 29
Steelmaking coal mt 9.0 7.8 6.5 7.0 8.0 21.5 24.7 (13) 14
Energy coal mt 25.2 24.5 22.9 24.5 26.5 73.9 73.5 1 8
Oil (entitlement interest basis) kboe 647 606 739 877 710 2,326 2,389 (3) (19)
PRODUCTION FROM OWN SOURCES – COPPER ASSETS1
Change Change
Q3 Q4 Q1 Q2 Q3 YTD YTD YTD 26 vs Q3 26 vs
2025 2025 2026 2026 2026 2026 2025 YTD 25 Q2 26
% %
African Copper (KCC, Mutanda)
KCC Copper metal kt 54.7 70.8 51.9 54.5 52.5 158.9 117.9 35 (4)
Cobalt2 kt 5.8 5.2 5.1 3.6 2.9 11.6 17.7 (34) (19)
Mutanda Copper metal kt 15.8 23.1 16.0 16.0 19.7 51.7 36.0 44 23
Cobalt2 kt 3.0 1.8 – – – – 8.8 (100) n.m.
Total Copper metal kt 70.5 93.9 67.9 70.5 72.2 210.6 153.9 37 2
Total Cobalt2 kt 8.8 7.0 5.1 3.6 2.9 11.6 26.5 (56) (19)
Collahuasi3 Copper in concentrates kt 47.4 47.0 38.8 42.6 42.1 123.5 130.7 (6) (1)
Silver in concentrates koz 618 560 444 414 447 1,305 1,721 (24) 8
Gold in concentrates koz 4 – – – – – 6 (100) n.m.
Antamina4 Copper in concentrates kt 34.5 40.1 46.3 36.9 39.1 122.3 90.0 36 6
Zinc in concentrates kt 42.4 31.2 22.2 17.6 12.2 52.0 121.4 (57) (31)
Silver in concentrates koz 1,762 1,602 1,553 1,164 1,335 4,052 4,372 (7) 15
South America (Antapaccay, Lomas Bayas)
Antapaccay Copper in concentrates kt 40.5 42.5 21.8 22.8 24.4 69.0 88.2 (22) 7
Copper metal kt 1.9 3.3 2.1 1.3 1.0 4.4 1.9 132 (23)
Gold in concentrates koz 13 19 6 9 4 19 25 (24) (56)
Silver in concentrates koz 336 408 190 198 217 605 618 (2) 10
Lomas Bayas Copper metal kt 14.0 16.1 13.9 13.6 16.5 44.0 44.0 – 21
Total Copper metal kt 15.9 19.4 16.0 14.9 17.5 48.4 45.9 5 17
Total Copper in concentrates kt 40.5 42.5 21.8 22.8 24.4 69.0 88.2 (22) 7
Total Gold in concentrates
and in doré koz 13 19 6 9 4 19 25 (24) (56)
Total Silver in concentrates
and in doré koz 336 408 190 198 217 605 618 (2) 10
Total Copper department
Copper kt 208.8 242.9 190.8 187.7 195.3 573.8 508.7 13 4
Cobalt kt 8.8 7.0 5.1 3.6 2.9 11.6 26.5 (56) (19)
Zinc kt 42.4 31.2 22.2 17.6 12.2 52.0 121.4 (57) (31)
Gold koz 17 19 6 9 4 19 31 (39) (56)
Silver koz 2,716 2,570 2,187 1,776 1,999 5,962 6,711 (11) 13
Glencore Third Quarter 2026 Production Report 9
PRODUCTION BY QUARTER – Q3 2025 TO Q3 2026
continued
Metals and minerals
PRODUCTION FROM OWN SOURCES – ZINC ASSETS1
Change Change
Q3 Q4 Q1 Q2 Q3 YTD YTD YTD 26 vs Q3 26 vs
2025 2025 2026 2026 2026 2026 2025 YTD 25 Q2 26
% %
Kazzinc
Zinc metal kt 28.7 34.5 20.2 23.2 25.5 68.9 90.5 (24) 10
Zinc in concentrates kt 22.6 27.7 13.7 30.5 29.3 73.5 59.8 23 (4)
Lead metal kt 4.9 7.4 7.4 8.5 6.9 22.8 20.7 10 (19)
Lead in concentrates kt 0.3 – 0.1 – 0.3 0.4 7.8 (95) n.m.
Copper metal5 kt 3.4 5.7 2.9 4.5 3.3 10.7 11.1 (4) (27)
Gold koz 127 135 60 89 88 237 408 (42) (1)
Silver koz 827 942 829 837 688 2,354 2,474 (5) (18)
Silver in concentrates koz 13 – 9 – 10 19 241 (92) n.m.
Kazzinc – total smelter production including third-party feed
Zinc metal kt 63.3 66.4 48.8 58.6 55.2 162.6 185.4 (12) (6)
Lead metal kt 17.8 19.7 21.7 21.1 17.8 60.6 57.0 6 (16)
Copper metal kt 14.4 16.4 10.0 14.5 10.7 35.2 38.0 (7) (26)
Gold koz 233 227 124 187 158 469 720 (35) (16)
Silver koz 2,187 2,491 2,037 2,155 1,785 5,977 7,387 (19) (17)
Australia (Mount Isa, McArthur River)
Mount Isa Zinc in concentrates kt 68.0 78.7 46.0 39.1 45.9 131.0 209.5 (37) 17
Copper metal kt 20.8 12.9 – – – – 41.2 (100) n.m.
Lead in concentrates kt 23.0 24.6 19.8 20.3 19.9 60.0 66.1 (9) (2)
Silver koz 151 55 – – – – 286 (100) n.m.
Silver in concentrates koz 926 966 999 1,031 894 2,924 2,439 20 (13)
Mount Isa, Townsville – total production including third-party feed
Copper metal kt 59.4 48.5 11.7 9.4 36.3 57.4 158.3 (64) 286
Gold koz 92 79 41 9 42 92 231 (60) 367
Silver koz 654 512 221 63 345 629 1,674 (62) 448
McArthur River Zinc in concentrates kt 71.0 73.1 62.9 70.0 68.7 201.6 201.5 – (2)
Lead in concentrates kt 13.6 14.2 13.9 13.8 11.8 39.5 38.1 4 (14)
Silver in concentrates koz 625 586 579 524 378 1,481 1,495 (1) (28)
Total Zinc in concentrates kt 139.0 151.8 108.9 109.1 114.6 332.6 411.0 (19) 5
Total Copper kt 20.8 12.9 – – – – 41.2 (100) n.m.
Total Lead in concentrates kt 36.6 38.8 33.7 34.1 31.7 99.5 104.2 (5) (7)
Total Silver koz 151 55 – – – – 286 (100) n.m.
Total Silver in concentrates koz 1,551 1,552 1,578 1,555 1,272 4,405 3,934 12 (18)
North America
Kidd Zinc in concentrates kt 11.5 14.8 11.9 8.3 – 20.2 26.7 (24) (100)
Copper in concentrates kt 4.4 3.5 3.4 2.3 – 5.7 14.2 (60) (100)
Silver in concentrates koz 449 464 254 251 – 505 1,113 (55) (100)
Total Zinc department
Zinc kt 201.8 228.8 154.7 171.1 169.4 495.2 588.0 (16) (1)
Lead kt 41.8 46.2 41.2 42.6 38.9 122.7 132.7 (8) (9)
Copper kt 28.6 22.1 6.3 6.8 3.3 16.4 66.5 (75) (51)
Gold koz 127 135 60 89 88 237 408 (42) (1)
Silver koz 2,991 3,013 2,670 2,643 1,970 7,283 8,048 (10) (25)
Glencore Third Quarter 2026 Production Report 10
PRODUCTION BY QUARTER – Q3 2025 TO Q3 2026
continued
Metals and minerals
PRODUCTION FROM OWN SOURCES – NICKEL ASSETS1
Change Change
Q3 Q4 Q1 Q2 Q3 YTD YTD YTD 26 vs Q3 26 vs
2025 2025 2026 2026 2026 2026 2025 YTD 25 Q2 26
% %
Integrated Nickel Operations (Sudbury, Raglan, Nikkelverk)
Nickel metal kt 5.5 12.3 9.3 10.4 10.3 30.0 27.5 9 (1)
Copper metal kt 1.7 2.4 2.3 2.9 2.8 8.0 7.0 14 (3)
Copper in concentrates kt 0.5 0.7 0.2 – 0.2 0.4 1.3 (69) n.m.
Cobalt metal kt – 0.2 0.2 0.1 0.2 0.5 0.2 150 100
Gold koz 3 2 2 2 2 6 9 (33) –
Silver koz 14 24 12 18 23 53 59 (10) 28
Platinum koz 5 5 3 4 5 12 17 (29) 25
Palladium koz 22 25 20 17 21 58 66 (12) 24
Rhodium koz 1 1 1 1 – 2 2 – (100)
Integrated Nickel Operations – total production including third party feed
Nickel metal kt 25.2 26.3 24.2 24.4 25.4 74.0 75.2 (2) 4
Nickel in concentrates kt – 0.1 – – – – – n.m. n.m.
Copper metal kt 4.0 4.8 4.6 5.0 4.5 14.1 13.9 1 (10)
Copper in concentrates kt 1.0 1.9 0.5 0.1 0.2 0.8 2.3 (65) 100
Cobalt metal kt 0.7 0.8 0.6 0.6 0.7 1.9 2.2 (14) 17
Gold koz 5 8 5 7 5 17 17 – (29)
Silver koz 37 78 35 50 62 147 145 1 24
Platinum koz 12 18 16 15 17 48 37 30 13
Palladium koz 50 64 50 44 54 148 150 (1) 23
Rhodium koz 1 1 1 1 1 3 3 – –
Murrin Murrin
Total Nickel metal kt 10.3 7.2 7.9 8.2 8.5 24.6 24.9 (1) 4
Total Cobalt metal kt 0.8 0.4 0.5 0.7 0.4 1.6 1.8 (11) (43)
Murrin Murrin – total production including third-party feed
Total Nickel metal kt 10.8 7.6 8.1 8.3 8.7 25.1 26.9 (7) 5
Total Cobalt metal kt 0.8 0.4 0.6 0.6 0.5 1.7 1.9 (11) (17)
Total Nickel department
Nickel kt 15.8 19.5 17.2 18.6 18.8 54.6 52.4 4 1
Copper kt 2.2 3.1 2.5 2.9 3.0 8.4 8.3 1 3
Cobalt kt 0.8 0.6 0.7 0.8 0.6 2.1 2.0 5 (25)
Gold koz 3 2 2 2 2 6 9 (33) –
Silver koz 14 24 12 18 23 53 59 (10) 28
Platinum koz 5 5 3 4 5 12 17 (29) 25
Palladium koz 22 25 20 17 21 58 66 (12) 24
Rhodium koz 1 1 1 1 – 2 2 – (100)
Glencore Third Quarter 2026 Production Report 11
PRODUCTION BY QUARTER – Q3 2025 TO Q3 2026
continued
Metals and minerals
PRODUCTION FROM OWN SOURCES – FERROALLOYS ASSETS1
Change Change
Q3 Q4 Q1 Q2 Q3 YTD YTD YTD 26 vs Q3 26 vs
2025 2025 2026 2026 2026 2026 2025 YTD 25 Q2 26
% %
Chrome ore6 kt 1,037 859 830 817 906 2,553 2,754 (7) 11
Ferrochrome6 kt 3 - 13 97 125 235 436 (46) 29
Vanadium pentoxide kt 2.5 2.1 2.3 1.8 2.2 6.3 6.0 5 22
TOTAL PRODUCTION – CUSTOM METALLURGICAL ASSETS1
Change Change
Q3 Q4 Q1 Q2 Q3 YTD YTD YTD 26 vs Q3 26 vs
2025 2025 2026 2026 2026 2026 2025 YTD 25 Q2 26
% %
Copper (Altonorte, Pasar, Horne, CCR)
Copper metal kt 78.9 80.0 68.2 75.8 73.8 217.8 236.7 (8) (3)
Copper anode kt 117.5 112.5 113.3 96.9 108.6 318.8 322.2 (1) 12
Zinc (Portovesme, Asturiana, Nordenham, Northfleet, CEZ Refinery)
Zinc metal kt 216.2 230.7 225.8 220.9 224.9 671.6 679.5 (1) 2
Lead metal kt 48.9 56.2 53.6 40.7 41.9 136.2 142.5 (4) 3
1 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.
2 Cobalt contained in concentrates and hydroxides.
3 The Group’s pro-rata share of Collahuasi production (44%).
4 The Group’s pro-rata share of Antamina production (33.75%).
5 Copper metal includes copper contained in copper concentrates and blister.
6 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.
Glencore Third Quarter 2026 Production Report 12
PRODUCTION BY QUARTER – Q3 2025 TO Q3 2026
continued
Energy and steelmaking coal
PRODUCTION FROM OWN SOURCES – COAL ASSETS1
Change Change
Q3 Q4 Q1 Q2 Q3 YTD YTD YTD 26 vs Q3 26 vs
2025 2025 2026 2026 2026 2026 2025 YTD 25 Q2 26
% %
Canadian steelmaking coal mt 6.7 5.8 5.3 5.0 5.8 16.1 19.4 (17) 16
Australian steelmaking coal mt 2.3 2.0 1.2 2.0 2.2 5.4 5.3 2 10
Steelmaking coal mt 9.0 7.8 6.5 7.0 8.0 21.5 24.7 (13) 14
Australian semi-soft coal mt 0.8 1.1 0.7 1.1 1.0 2.8 2.4 17 (9)
Australian thermal coal (export) mt 14.7 13.6 12.4 13.4 15.1 40.9 40.4 1 13
Australian thermal coal (domestic) mt 1.7 1.6 1.7 1.3 1.4 4.4 5.5 (20) 8
South African thermal coal (export) mt 2.9 3.4 3.0 3.3 3.6 9.9 9.2 8 9
South African thermal coal (domestic) mt 1.1 0.9 1.1 1.1 1.0 3.2 3.1 3 (9)
Cerrejón thermal coal mt 4.0 3.9 4.0 4.3 4.4 12.7 12.9 (2) 2
Energy coal mt 25.2 24.5 22.9 24.5 26.5 73.9 73.5 1 8
Total Coal department mt 34.2 32.3 29.4 31.5 34.5 95.4 98.2 (3) 10
OIL ASSETS (NON-OPERATED)
Change Change
Q3 Q4 Q1 Q2 Q3 YTD YTD YTD 26 vs Q3 26 vs
2025 2025 2026 2026 2026 2026 2025 YTD 25 Q2 26
% %
Glencore entitlement interest basis kboe 647 606 739 877 710 2,326 2,389 (3) (19)
Gross basis kboe 3,413 3,224 4,005 3,981 3,454 11,440 13,078 (13) (13)
1 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.
Glencore Third Quarter 2026 Production Report 13
Important notice
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.
Cautionary statement regarding forward-looking information
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 and any related goals, such as those in connection with our no net loss
methodology, where applicable; 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 architecture and other internal requirements, 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
Glencore Third Quarter 2026 Production Report 14
and the inherent uncertainty in possible policy, market and technological developments in the future. Readers should also be
mindful that certain information contained within this document is summary in nature and that the application of different internal
methodologies and requirements across the Group may vary.
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.
Sources
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.
Information preparation
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.
Other information
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.
Sponsor
Absa Corporate and Investment Bank, a division of Absa Bank Limited
Glencore Third Quarter 2026 Production Report 15
Date: 29/10/2026 09:00:00
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