$FM.TO

TSX Closer: The Index Posts a Fresh Record Close; Morningstar On Best- and Worst-Performing Canada Stocks

The resources-heavy Toronto Stock Exchange closed at a fresh record high on Tuesday, boosted by higher commodity prices and confidence the equity market fundamentals in place for most of the last two months will continue.The S&P/TSX Composite Index closed up 434.57 points, or 1.25%, to 35,169.46, with most sectors higher. The prior record close of 34,830 was set on May 25.The index was led higher by Base Metals, up 4%, followed by the Battery Metals Index, up 2.7%, and then Energy, up 2.4%. In contrast, Health Care was down 1.2% and Telecom down near 0.75%.According to FactSet the TSX was, going in to today, up 10.91% from its 2026 closing low of 31,317.41 hit Friday, March 20, and year to date up 3,022.13 points or 9.53%.Morningstar Canada published a note entitled 'Best- and Worst-Performing Canadian Stocks' in which it notes The Morningstar Canada Large-Mid Cap Index rose 2.35% in May, amid a rally in the communication-services sector. The index tracks the top 90% of the Canadian investable universe by market cap, and each month, Morningstar screens it for the best- and worst-performing companies.Among the best performing stocks of May 2026, Morningstar cited Capstone Copper (CS.TO), HudBay Minerals (HBM.TO), First Quantum Minerals (FM.TO), Air Canada (AC.TO) and Lundin Mining (LUN.TO).Among the worst performing stocks of May 2026, it cited Stantec (STN.TO), GFL Environmental (GFL.TO), Element Fleet Management (EFN.TO), Energy Fuels (EFR.TO) and WSP Global (WSP.TO).Of commodities, gold was higher late afternoon Tuesday, but fell back from early highs as the dollar rose. Gold for July delivery was last seen up US$11.30 to US$4,517.60 per ounce, after earlier touching $4,571.30.Also, West Texas Intermediate crude oil closed higher, rising off session lows following reports Iran is considering a new U.S. peace deal to end the war, a day after prices surged after the two sides appeared to be on the brink of resuming hostilities. WTI crude oil for July delivery closed up $1.60 to settle at US$93.76 per barrel, after earlier touching US$90.12. August Brent oil was up US$1.01 to US$95.99.

RBC Keeps First Quantum's Outperform Rating, C$45 Price Target

RBC Capital Markets on Monday maintained First Quantum Minerals' (FM.TO) outperform with a speculative risk rating while its C$45 price target remained unchanged.RBC expects a positive reaction in First Quantum's shares following the release of an updated technical report on its La Granja joint venture with Rio Tinto in Peru.The report outlined 4.8 billion tonnes of measured and indicated resources grading 0.48% copper for 23 million tonnes of copper. The project also contains inferred resources of 5.2 billion tonnes at 0.40% copper for 20 million tonnes of copper.La Granja ranks as the world's second-largest greenfield copper resource, and RBC sees La Granja as a future development option for First Quantum and likely slots in behind the company's Taca Taca project in Argentina.Meanwhile, National Bank of Canada reiterated First Quantum's outperform target and $47 price target.The bank is encouraged by the large-scale/long-term potential of La Granja, which First Quantum believes has the potential to become a Tier 1, multi-generational copper mine.National Bank conservatively valued First Quantum's interest in La Granja via an in situ resource credit of US$800 million.First Quantum traded at $35.15 per share at last look Tuesday on the Toronto Stock Exchange.Price: $35.47, Change: $+0.57, Percent Change: +1.63%

First Quantum Filing Technical Report With an Updated Mineral Resource Estimate for the La Granja Project

CIBC Cuts First Quantum's Price Target to C$44 from C$46

CIBC Capital Markets maintained its neutral rating on the shares of First Quantum Minerals (FM.TO) while lowering its price target to C$44.00 from $46.00, reflecting the company's first-quarter results and 2026 outlook.Overall, CIBC's 2026 EBITDA estimate was cut to $2.57 billion from $3.48 billion, driven by additional costs, reduced gold production at the Guelb Moghrein mine in Mauritana, and slightly lower copper sales from the Cobre Panama mine.Largely offsetting this near-term impact was the increase to the company's net asset value per share estimate to $33.77 from $31.94, reflecting the decrease to the discount rate of Cobre Panama from 14% to 12% amid continued de-risking towards a potential restart with processing of broken ore inventory.CIBC increased the NAVPS multiple to 1.1x from 1.0x and the EV/EBITDA multiple to 10.0x from 9.0x, as it remains constructive on Cobre Panama moving towards a restart in the next 18 months..Price: $31.44, Change: $+0.40, Percent Change: +1.27%

Copper Prices Ease on Middle East Uncertainty and China Data, RBC notes; Also Noting Related Earnings Here In Canada

Copper prices eased slightly to US$5.90 per pound over the past week as the market continues to digest conflicting signals between Middle East tensions and upbeat factory data in China, RBC Capital Markets noted in a note dated May 4.RBC noted the International Copper Study Group estimated a supply surplus of 276,000 tonnes in February, compared to a surplus of 34,000 tonnes in the previous month. But Chinese inventories have declined since then on what appears to be stronger demand.On the M&A front, RBC also noted, mining dealmaking is "heating up", hitting $21.6 billion in the first quarter, the strongest start to the year since 2023, as capital flows toward assets that secure reliable supply of critical minerals in stable jurisdictions (citing mining.com)."With metals prices remaining elevated, we expect consolidation to continue in the sector," RBC said.Meanwhile, RBC noted earnings season is well underway, with FM, CS, and HBM having reported last week. The bank said cost pressures were in focus with both FM and CS flagging potential for cash cost increases of roughly 10% from higher fuel prices. IVN, LUN, and NEXA report earnings on Wednesday after markets close, it added.Price: $31.49, Change: $+0.45, Percent Change: +1.45%

First Quantum Keeps Outperform and C$47 Target at National Bank Which Says "Higher By-Product Credits & Surplus Acid Sales Provide Some Offset to Cost Inflation"

First Quantum Keeps Outperform and C$47 Target at National Bank Which Says "Higher By-Product Credits & Surplus Acid Sales Provide Some Offset to Cost Inflation"

RBC Maintains First Quantum's Outperform Rating, C$45 Price Target

RBC Capital Markets maintained its outperform, speculative risk, rating on the shares of First Quantum Minerals (FM.TO)' and its C$45.00 price target following the company's first-quarter results.RBC expects a modest negative reaction to the results, given a headline miss on EBITDA and adjusted earnings per share.The company reported a first-quarter EBITDA of US$326 million, below RBC's forecast of US$461 million and the consensus estimate of US$448 million.Adjusted loss of US$0.18 per share also missed RBC's EPS forecast of US$0.01 per share and the consensus estimate of US$0.06 per share.First Quantum's financial results were impacted by US$144 million of losses on hedges and from lower sales due to timing and inventory replenishment.Price: $33.64, Change: $-0.65, Percent Change: -1.90%

First Quantum Minerals Maintained at Buy at Stifel Canada Following Q1 Results; Price Target Kept at C$52.00

Stifel Canada on Wednesday maintained its buy rating on the shares of First Quantum Minerals (FM.TO) and its C$52.00 price target following the miner's first-quarter results."First Quantum reported Q1/26 adjusted EPS of ($0.18) vs. our $0.02 (consensus: $0.03) and EBITDA of $326Mln vs. our $316Mln. Q1/26 EPS was negatively impacted by higher interest ($0.06 impact) and income tax ($0.20 impact) while EBITDA includes hedge losses of $144Mln (EBITDA ex-hedge losses: $470Mln). Q1/26 copper production of 96.5Kt at C1 cash cost of $2.51/lb was stronger vs. our 84.2Kt at $2.69/lb. GOP Resolution No.27 (April 7, 2026) authorized removal, processing and export of Cobre Panama stockpiled ore with first copper expected in late Q2/26 and 30-40Kt of additional contained copper included in revised 2026 guidance to 405-475Kt (from 375-435Kt) as expected. The net impact incremental FY26 guidance reduces our implied EBITDA by $125Mln or -5%, including higher C1 cash costs to $2.15-2.40/lb (from $1.95-2.20/lb) due to supply chain and F/X risks, and lower gold production (-13% to 150-175Koz) reflecting timing of the gold transition at Guelb Moghrein," analyst Ralph Profiti wrote..(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

First Quantum Minerals Swings to a Loss in the First Quarter

First Quantum Minerals (FM.TO) reported a first-quarter loss despite higher revenue, as the company continues to face operational challenges linked to the Middle East conflict and its impact on supply chains.The company posted an adjusted loss, excluding most one-time items, of US$147 million, or US$0.18 per share, compared with an adjusted profit of US$5 million, or US$0.01, in the prior-year period. It missed FactSet analysts estimates of US$0.03 in earnings per share.Revenue for the three months ended March 31, rose 18% year over year to US$1.40 billion from US$1.19 billion a year earlier.. It exceeded FactSet estimates of US$1.36 billion.For 2026, the company raised its copper production guidance to 405,000-475,000 tonnes. Gold production guidance was lowered to 150,000-175,000 ounces from 175,000-200,000 ounces, reflecting a delay in the transition of Guelb Moghrein to a gold operation to 2027, partially offset by expected gold output from processing stockpiled ore at Cobre Panama."Our long standing investments in innovation and electrification, including trolley-assist, continue to structurally reduce fuel intensity and our sites are advancing additional initiatives to further improve efficiency. We expect the increases in fuel prices to impact our cost base in the second quarter," said chief executive Tristan Pascall. Quantum.The company said it expects to produce between 405,000 - 475,000 tonnes of copper this year, up from in January estimate of 375,000 - 435,000 tonnes, including 30,000 to 40,000 tonnes from Cobre Panama as it readies to resume processing stockpiled ores. It lowered its gold production guidance to 150,000 - 175,000 ounces from its prior 175,000 - 200,000 ounce estimate. Its nickel production guidance was unchanged.The company's shares closed down $1.63 at $34.29 on Toronto Stock Exchange.

Earnings Flash (FM.TO) First Quantum Minerals Posts Q1 Adjusted Loss US$0.18 per Share, vs. FactSet Est of $0.03

First Quantum Adjusted Loss of US$147 million ($0.18 Adjusted Loss Per Share) for Q1

Copper Equities Down 5.5% Week over Week, RBC Says

Copper equities fell 5.5% over the past week driven by a pullback in gold, a firming U.S. dollar, and a sharp oil rally, as markets digest the spillover effects of the war in Iran, RBC Capital Markets said Monday.Sulfuric acid availability remains in focus as China plans to halt acid exports in May to prioritize domestic fertilizer and battery production. Prices are reaching about $1,000 per tonne, threatening leaching operations that represent 20% of global copper output, while operations in the Democratic Republic of Congo rely primarily on Middle Eastern acid.Ivanhoe Mines (IVN.TO) stands out as a clear beneficiary of this acid supply squeeze, with the newly commissioned Kamoa-Kakula smelter producing 1,200 tonnes per day of acid that could generate over $400 million in annual byproduct revenues at spot prices.Capstone Copper (CS.TO) and Lundin Mining (LUN.TO) face potential cost headwinds from theirChilean leaching operations, although local supply chains and term contracts could provide insulation in the near term, RBC said.Price: $78.52, Change: $-3.72, Percent Change: -4.52%

First Quantum Upgraded To Neutral From Underweight at JP Morgan On Upside Risks To 2027 and 2028 Estimates If Early Restart In Panama Achieved, notes BNN TV