FQVLF(FQVLF)

$32.16—Stale · unknown old

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FQVLF(FQVLF)

OTC • Last print unknown ago

$32.16—Stale · unknown old

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FQVLF(FQVLF)

FQVLF

9/26/26

First Quantum Minerals (FQVLF)

Saturday

12:29 PM

ThesisFirst Quantum Minerals: the story is balanced — LME copper spot prices and forward curve - company is highly leveraged to copper with limited hedging

Revenue Outlook

Metric	FY2025	FY2026E	FY2027E
Revenue	$5.3B	$6.7B	$9.3B
Rev. Growth	+11.0%	+26.5%	+38.3%
EPS	$-0.03	$0.34	$1.96
EPS Growth	-1468%	+1102%	+471%
P/E (fwd)	—	93.8×	16.4×

★ Analysts see FY2027 revenue reaching $9.3B — +38.3% growth in a single year.

What Moves the Stock

01LME copper spot prices and forward curve - company is highly leveraged to copper with limited hedging
02Production guidance and actual quarterly volumes from Kansanshi and Sentinel mines in Zambia
03Cobre Panama dispute resolution - potential compensation, restart scenarios, or final write-off decisions
04Zambian fiscal policy and royalty rates - government has historically adjusted mining taxes during copper price cycles
05All-in sustaining cost (AISC) performance relative to $2.00-2.50/lb guidance range
06Capital allocation decisions - debt reduction versus growth capex at Enterprise nickel project or Zambian expansions
07Copper concentrate and cathode sales (~85-90% of revenue) from Zambian operations (Kansanshi, Sentinel) and other mines
08Gold and nickel by-product credits (~5-10% of revenue) primarily from Kansanshi and Ravensthorpe

FY2025 Snapshot

Revenue: $5.3B
Rev. Growth: +11.0%
Gross Margin: 26.8%
Op. Margin: 25.1%
Net Margin: -0.5%
Net Income: $-28M
NI Growth: -1525%
EPS: $-0.03
1Y Return: +55.2%

My Notes

value/cyclical - Attracts investors seeking leveraged exposure to copper price recovery and potential Cobre Panama resolution upside.
Rising interest rates negatively impact First Quantum through multiple channels: (1) higher financing costs on $5.5-6.0B net debt position…
Watch on earnings: LME copper 3-month futures price ($/lb) - primary revenue driver, Kansanshi and Sentinel quarterly production volumes (tonnes) and unit costs, Chinese copper imports and Shanghai Futures Exchange warehouse stocks - demand indicators.

One Sentence Summary:

First Quantum Minerals: the story is balanced — lme copper spot prices and forward curve - company is highly leveraged to copper with limited hedging.

Auto-composed from Stock Alarm intelligence, financial statements, and analyst estimates. Not investment advice.

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Metric

FY2025

FY2026E

FY2027E

P/E (fwd)

—

93.8×

16.4×

What Moves the Stock

01LME copper spot prices and forward curve - company is highly leveraged to copper with limited hedging

02Production guidance and actual quarterly volumes from Kansanshi and Sentinel mines in Zambia

03Cobre Panama dispute resolution - potential compensation, restart scenarios, or final write-off decisions

04Zambian fiscal policy and royalty rates - government has historically adjusted mining taxes during copper price cycles

05All-in sustaining cost (AISC) performance relative to $2.00-2.50/lb guidance range

06Capital allocation decisions - debt reduction versus growth capex at Enterprise nickel project or Zambian expansions

07Copper concentrate and cathode sales (~85-90% of revenue) from Zambian operations (Kansanshi, Sentinel) and other mines

08Gold and nickel by-product credits (~5-10% of revenue) primarily from Kansanshi and Ravensthorpe

My Notes

value/cyclical - Attracts investors seeking leveraged exposure to copper price recovery and potential Cobre Panama resolution upside.

Rising interest rates negatively impact First Quantum through multiple channels: (1) higher financing costs on $5.5-6.0B net debt position…

Watch on earnings: LME copper 3-month futures price ($/lb) - primary revenue driver, Kansanshi and Sentinel quarterly production volumes (tonnes) and unit costs, Chinese copper imports and Shanghai Futures Exchange warehouse stocks - demand indicators.

First Quantum Minerals (FQVLF)

Revenue Outlook

What Moves the Stock

FQVLF Chart

My Notes

One Sentence Summary:

Explore More

First Quantum Minerals (FQVLF)

Revenue Outlook

What Moves the Stock

FQVLF Chart

My Notes

One Sentence Summary: