First Quantum Minerals Ltd "London dinner: encouraging" (Buy) Allsop

Research evidence excerpt

First Quantum Minerals Ltd "London dinner: encouraging" (Buy) Allsop

Global Research

30 June 2026ab

First Quantum Minerals Ltd Equities

CanadaLondon dinner: encouraging

Mining

12-month rating Buy

London dinner: robust governance - feedback from Panama still encouraging

Last night, FM hosted its annual dinner for sell-side/investors in London with senior 12m price target C$55.00

management and the Board. The CEO provided a few introductory comments (key

topics below). We remain positive on the stock - we still see progress in Panama as

Price (29 Jun 2026) C$37.13

encouraging (with integral audit published in mid-June) and we believe the valuation is

compelling (copper growth stock trading at 4.5x EV/EBITDA). In our opinion, the dinner RIC: FM.TO BBG: FM CN

also highlights how robust FM's governance structure is (given quality, engagement &

Trading data and key metrics

transparency of Board) which is important going into the negotiations with the Panama

52-wk range C$46.13-22.18

government. The CEO discussed:

Market cap. C$30.9b/US$21.7b

Panama: the reaction to publishing of the integral audit has been encouraging Shares o/s 832m (COM)

with no meaningful protests or negative feedback on social media to date. FM is Free float 80%

still waiting to start discussions with the Panama government and is working hard Avg. daily volume ('000) 3,360

on PR to help explain the benefit of Cobre Panama (CP) to the country Avg. daily value (m) C$127.8

(employment, etc). The government has set up a Technical Group to evaluate CP

Common s/h equity (12/26E) US$11.4b

including the Minister of Commerce & Industries as well as the Minister of

P/BV (12/26E) 1.9x

Environment who will meet regularly and conduct a thorough review of the audit.

Net debt to EBITDA (12/26E) 2.5x