<div id="readability-page-1"><p>01:00 PM EST, 11/02/2025 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:</p><p>We increase our 12-month target by CAD3 to CAD34, on an EV/EBITDA of 8.5x our 2026 EBITDA estimate, below FM's three-year average forward EV/EBITDA of 10.0x and below peer average of 9.5x. We trim our 2025 EPS estimate by USD0.08 to USD0.04, while maintaining our 2026 EPS forecast at USD0.88. Q3 copper production increased 15% Q/Q to 104,626 tonnes, driven by strong performance at Sentinel and successful Kansanshi S3 expansion ramp-up. The transformational S3 project achieved first concentrate production in August, contributing 6,136 tonnes in Q3 alone and positioning Kansanshi to exceed 200,000 tonnes annually. FM significantly strengthened its balance sheet through two milestone transactions: a USD1B non-debt gold stream with Royal Gold and comprehensive debt refinancing extending nearest maturity to 2029. Net debt decreased USD702M to USD4.8B, while liquidity improved USD1.6B to USD2.3B, providing substantial financial flexibility independent of Panama resolution timing.</p> <p>MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.</p></div>

第一量子礦業

<p>CFRA 對第一量子礦業維持買入評級，將 12 個月目標價上調至 34 加元。他們將 2025 年的每股收益預期下調至 0.04 美元，但保持 2026 年的預測為 0.88 美元。第三季度銅產量增長 15%，達到 104,626 噸，得益於 Kansanshi S3 擴建。公司通過 10 億美元的黃金流和債務再融資改善了資產負債表，淨債務減少至 48 億美元，流動性增加至 23 億美元，增強了財務靈活性</p>

研究警報：CFRA 維持對第一量子礦業股份的買入評級