First Quantum remains in a precarious position with Cobre Panama on care & maintenance and outcome dependent on government negotiations and elections. Zambia operations grow but cannot offset the cash flow gap left by Panama. Debt reduction has been forced through asset sales and equity placement. Even a favorable Panama outcome may include reduced economic terms versus the original contract.
Thesis reviewed May 29, 2026
First Quantum Minerals Ltd. is headquartered in Canada, which is currently showing moderate signals.
🇨🇦Canada68NEUTRALView Canada risk detail →⛏Mining6WATCH| Ticker | Company | Score | Gap | Signal Δ | Action |
|---|---|---|---|---|---|
| RIO | Rio Tinto plc | 15 | +10% | ↓51% | EARLY |
| AG | First Majestic Silver Corp. | 15 | +13% | ↓51% | EARLY |
| SAND | Sandstorm Gold Royalties Ltd. | 15 | +10% | ↓51% | EARLY |
| GOLD | Barrick Gold Corporation | 15 | +11% | ↓51% | EARLY |
| NEM | Newmont Corporation | 15 | +10% | ↓51% | EARLY |
| CX | CEMEX S.A.B. de C.V. | 15 | +5% | ↓51% | NEUTRAL |
| FM | First Quantum Minerals Ltd. | 15 | -7% | ↓51% | AVOID |
Investors who hold FM may also have indirect exposure through these country funds.
Panama government and First Quantum begin formal negotiations
First Quantum completes $1.5B refinancing on tightened covenants
Estimates · Yahoo Finance · Not audited figures