FIRST QUANTUM MINERALS (+) : CP restart nearing, greater value in Taca Taca - upgrade to Outperform

Research evidence excerpt

FIRST QUANTUM MINERALS (+) : CP restart nearing, greater value in Taca Taca - upgrade to Outperform

EQUITIES

METALS & MINING

 OUTPERFORM FROMNEUTRAL TARGET PRICE EPS 26e EPS 27eFIRST QUANTUM MINERALS PRICE* CAD37.2  TARGET PRICE CAD46 (UPSIDE 24%)  31%  -71%  -31%

CP restart nearing, greater value in Taca Taca – upgrade to

Outperform

With the environmental audit completing this month, we expect Cobre Panama to restart around15 MAY 2026

Securities Research Report year-end. This restart and deleveraging in 2027 should allow an investment into the next leg of the

Production time: 05:17* (London time)

company’s growth, Taca Taca. Equity underperformance of nearly 20% YTD vs a basket of peers

Research Analysts & Publishing Entities

creates an opportunity as the outlook is fundamentally improving for FQM. Upgrade to Outperform.

Alan Spence

BNP Paribas London Branch Equity underperformance creates an opportunity(+44) 203 430 8554

alan.spence@uk.bnpparibas.com Copper equities have performed well YTD but with a wide range amongst peers. FQM, through 12

May, has been left behind and is -2% YTD and trailed a simple average of >10 of its copper peers

Qiang Zeng

by nearly 20%. We struggle to justify this fundamentally and see it as an opportunity.BNP Paribas London Branch

(+44) 207 039 9441

qiang.zeng@uk.bnpparibas.com Daylighting value of Taca Taca

The February NI 43-101 technical report now envisages a larger two-stage approach to the Taca

Taca project, one of the 15 largest greenfield copper assets globally and with low capital intensity

(<USD 15k/t both phases). With the pathway to a Cobre Panama restart now clearer, and net

debt/EBITDA forecast to decline below <1x by YE27, we now formally model the Taca Taca project

based on the updated technical report.