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Research Alert: First Quantum Minerals Posts Mixed Q1 Results, Beat On Sales, Missed Eps

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-- CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:

FM reported mixed Q1 2026 results with revenue of $1.404B beating consensus by 6% despite declining 4.8% Q/Q, while adjusted loss per share of $0.18 missed by $0.23 due to 16.7% volume decline. Higher copper realizations of $5.16/lb were offset by production headwinds and elevated costs from fuel disruptions, driving C1 costs up $0.30 Q/Q to $2.51/lb. The significant Cobre Panama stockpile processing authorization represents a constructive catalyst, unlocking ~70,000 tonnes of recoverable copper and signaling pragmatic engagement that could accelerate full mine restart negotiations. Updated 2026 guidance reflects Cobre Panama inclusion, increasing copper production to 405,000-475,000 tonnes while widening C1 costs to $2.15-$2.40/lb. We believe the 40,000-tonne production increase effectively monetizes stranded inventory at minimal incremental cost, positioning FM to generate approximately $100M+ in incremental EBITDA at current copper prices once processing commences in late Q2.

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