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Research Alert: CFRA Maintains Buy Opinion On Shares Of First Quantum Minerals
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Research Alert: CFRA Maintains Buy Opinion On Shares Of First Quantum Minerals
Nov 2, 2025 10:31 AM

01:00 PM EST, 11/02/2025 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We increase our 12-month target by CAD3 to CAD34, on an EV/EBITDA of 8.5x our 2026 EBITDA estimate, below FM's three-year average forward EV/EBITDA of 10.0x and below peer average of 9.5x. We trim our 2025 EPS estimate by USD0.08 to USD0.04, while maintaining our 2026 EPS forecast at USD0.88. Q3 copper production increased 15% Q/Q to 104,626 tonnes, driven by strong performance at Sentinel and successful Kansanshi S3 expansion ramp-up. The transformational S3 project achieved first concentrate production in August, contributing 6,136 tonnes in Q3 alone and positioning Kansanshi to exceed 200,000 tonnes annually. FM significantly strengthened its balance sheet through two milestone transactions: a USD1B non-debt gold stream with Royal Gold and comprehensive debt refinancing extending nearest maturity to 2029. Net debt decreased USD702M to USD4.8B, while liquidity improved USD1.6B to USD2.3B, providing substantial financial flexibility independent of Panama resolution timing.

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