First Quantum Minerals (TSE:FM) Issues Quarterly Earnings Results

First Quantum Minerals (TSE:FM) posted its quarterly earnings data on Wednesday. The company reported C($0.25) earnings per share for the quarter, FiscalAI reports. The firm had revenue of C$1.95 billion for the quarter. First Quantum Minerals had a negative return on equity of 1.78% and a negative net margin of 3.69%.

Here are the key takeaways from First Quantum Minerals’ conference call:

• Kansanshi’s new S3 sulfide circuit is performing about 25% above design, boosting throughput and supporting on?site sulfuric acid self?sufficiency with a potential surplus by end of Q2.
• Management warned of material cost pressures—higher diesel/fuel risk, a stronger Zambian kwacha and hedge losses—which drove a 14% rise in C1 costs, a ~30% decline in EBITDA and an adjusted loss per share of $0.18.
• The government approved processing of Cobre Panamá stockpiles (Resolution No. 27) and guidance includes 30,000–40,000 t of copper, with about $250M of upfront cash (CapEx, OpEx, working capital) that the company says will be roughly cash?neutral over the stockpile period.
• Balance sheet actions strengthened liquidity and tenor — an upsized $1.5B, 10?year unsecured bond (2036) repaid part of the RCF and allowed repurchase of secured 2029 notes, and the planned sale of Çayeli will unlock ~$340M.
• Long?term growth pipeline advanced as Taca Taca received a 43?101 technical report confirming attractive economics (after?tax NPV $5.9B, IRR ~19%) and an agreement with the IFC to align to international performance standards.

First Quantum Minerals Stock Performance

TSE:FM opened at C$33.26 on Friday. The stock has a market cap of C$27.55 billion, a P/E ratio of -1,108.67, a price-to-earnings-growth ratio of -1.28 and a beta of 1.50. The company has a current ratio of 1.76, a quick ratio of 1.41 and a debt-to-equity ratio of 54.67. The stock’s 50-day moving average is C$35.42 and its 200-day moving average is C$34.83. First Quantum Minerals has a 1-year low of C$18.42 and a 1-year high of C$45.17.

Analyst Upgrades and Downgrades

FM has been the topic of several recent research reports. JPMorgan Chase & Co. upgraded First Quantum Minerals from an “underweight” rating to a “neutral” rating and increased their price objective for the stock from C$28.00 to C$37.00 in a research report on Friday, April 24th. Morgan Stanley lowered their target price on shares of First Quantum Minerals from C$40.00 to C$37.70 in a report on Thursday, April 9th. Canaccord Genuity Group lowered their target price on shares of First Quantum Minerals from C$48.00 to C$46.00 and set a “buy” rating on the stock in a report on Thursday. UBS Group raised shares of First Quantum Minerals from a “hold” rating to a “buy” rating and raised their target price for the stock from C$38.00 to C$50.00 in a report on Thursday, March 12th. Finally, Stifel Nicolaus raised their price target on First Quantum Minerals from C$47.00 to C$52.00 and gave the stock a “buy” rating in a research report on Wednesday, April 15th. Ten investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of C$42.63.

First Quantum Minerals Company Profile

First Quantum is engaged in the production of copper, nickel and gold, and related activities including exploration and development. The Company has operating mines located in Zambia, Türkiye and Mauritania. The Company’s Cobre Panamá mine was placed into a phase of Preservation and Safe Management in November 2023. The Company’s Ravensthorpe mine was placed into a care and maintenance process in May 2024. The Company is progressing the Taca Taca copper-gold-molybdenum project in Argentina and is exploring La Granja and the Haquira copper deposits in Peru.