On January 16, 2026, Scotiabank reaffirmed its “Sector Perform” rating for First Quantum Minerals, advising investors to hold their positions. In the same note, the bank increased its 12-month price target to C$42 from C$41, reflecting growing confidence in the company’s strategic execution and long-term cash flow generation despite recent share-price weakness.

First Quantum reported that its Kansanshi S3 Expansion—the company’s sixth large-scale SAG mill processing train—achieved commercial production during 2025 and was completed under its original capital budget. This milestone underscores the mining group’s project development expertise and is expected to add approximately 80,000 tonnes of annual copper equivalent output once at full ramp-up.

Over the past trading session, First Quantum’s stock declined by about 3.2%, a drop of $0.94 from the prior close, with intraday trading confined between $28.32 and $28.90. This pullback comes after a series of gains earlier in the quarter and coincides with broader commodity market fluctuations and profit-taking ahead of the company’s next operational update.

First Quantum carries a market capitalization of roughly $23.7 billion and saw average daily trading volume of 6,503 shares on the OTC exchange. The stock’s 52-week trading range spans from $10.18 to $30.06, illustrating its volatility. Investors will be watching updates on the Cobre Panamá mine expansion and the Taca Taca copper-gold project, both of which are key to the company’s medium-term growth profile.