First Quantum Minerals Ltd: Cobre Panama - Reassuring Audit Report

Research evidence excerpt

First Quantum Minerals Ltd: Cobre Panama - Reassuring Audit Report

Update

June 19, 2026 09:45 PM GMT

Morgan Stanley & Co. International plc+MFirst Quantum Minerals Ltd | North America Ioannis Masvoulas, CFA

Equity Analyst

Cobre Panama - Reassuring Ioannis.Masvoulas@morganstanley.comMorgan Stanley & Co. LLC +44 20 7425-0427

Carlos De Alba

Equity AnalystAudit Report Carlos.De.Alba@morganstanley.com +1 212 761-4927

Morgan Stanley & Co. International plc+

Key Takeaways Alain Gabriel, CFA

The environmental audit report appears reassuring for Cobre Panamá/MPSA with Alain.Gabriel@MorganStanley.com +44 20 7425-8959

an overall score of 87.73%, though below the optimal threshold of >90%. Ferdinand Huber

Research Associate

A remediation plan should address key findings (reforestation, contractor labour Ferdinand.Huber@morganstanley.com +44 20 7677-2702

controls, tailings/contact-water), with manageable capex implications, we believe. Adahna Ekoku

The government plans to make a decision on the mine's future "based on data, Adahna.Ekoku@morganstanley.com +44 20 7425-0578

evidence and technical rigor," according to the Commerce and Industry Minister,

First Quantum Minerals Ltd (FM.TO, FM CT)

as reported by Reuters, 19 June.

Metals & Mining | Canada

The audit outcome sets the foundation for an eventual mining restart deal, in our Stock Rating Overweight

view. Overweight. Industry View In-Line

Price target C$46.30

Shr price, close (Jun 18, 2026) C$43.31

Audit conclusion: SGS has delivered the final comprehensive audit report for Cobre 52-Week Range C$46.36-21.02

Mkt cap, curr (mn) US$25,558

Panama. The audit’s scope was comprehensive: legal, labour, tax, environmental, Net debt (12/26e) (mn)* US$6,037

technical/operational, current risks and future environmental liabilities.