BMO Capital Markets on Thursday maintained its outperform rating on the shares of First Quantum Minerals (FM.TO) and its C$23.00 price target following the miner's first-quarter results.

"FM Q1 earnings were in line with BMO while cash burn was slightly higher than expected due to working capital movements. Overall production results were decent as Kansanshi beat our expectations while Sentinel missed. S3 is poised to ramp-up in H2/25. FM added more hedges and a $500M copper prepay. After discontinuing arbitration proceedings with Panama, FM is awaiting next steps from the Government of Panama, which has publicly communicated that it is studying options to restart the mine. The restart terms are the major market focus," analyst Matthew Murphy wrote.

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)

Price: 18.23, Change: +1.57, Percent Change: +9.42