Toronto, May 25, 2026, 13:05 EDT
- First Quantum was at C$39.58, up 7.77%, as of 12:37 p.m. EDT. The stock earlier hit C$39.74.
- Copper on the London Metal Exchange for three-month delivery added 0.9% to $13,624.32 a ton. Traders pointed to support from a softer dollar and cheaper oil, according to .
- Canada’s main index set a new record, pushed up by mining stocks.
First Quantum Minerals Ltd. shares moved higher on Monday in Toronto as copper prices improved and traders looked at the company’s options for the closed Cobre Panama mine.
Copper prices climbed, helped by a weaker dollar as oil slipped on fresh hopes for a U.S.-Iran peace deal. The metal is key for wiring and power grids. Cheaper dollar-priced commodities sparked more buying from overseas. That set up further gains for Canadian miners, who have already helped take the S&P/TSX Composite to new highs.
TMX made the change during live trading in Toronto. The 2026 TMX calendar shows Canadian markets close on Victoria Day, May 18, and points to May 25 under U.S. holidays, which includes special settlement instructions.
First Quantum shares in Toronto gained 7.77% to C$39.58 as of 12:37 p.m. EDT. The stock started the day at C$37.54 and touched a high of C$39.74. Still, shares stayed under the 52-week peak of C$45.17.
The rally extended beyond First Quantum. Capstone Copper jumped 7.1% and Ivanhoe Mines added 4.48% in Toronto. The gains showed copper was in demand across the board, not just for First Quantum.
First Quantum is moving on a catalyst of its own. Panama gave the company the go-ahead in April to take out, process, and export the ore sitting at the Cobre Panama site, which is among the world’s biggest open-pit copper mines. The company figures there’s roughly 70,000 tons of recoverable copper in the stockpile. Both First Quantum and Panama said this does not count as restarting the mine.
Investors are watching that distinction closely. Cobre Panama has been shut since 2023, following protests tied to environmental and fiscal issues. Reuters said Goldman Sachs analysts see the stockpile move and an outside environmental audit as possible steps for wider talks on the mine’s future.
First Quantum said last month it would start shipping copper from stockpiles before the end of the second quarter and was in the process of hiring about 1,000 people for the effort. CEO Tristan Pascall said the company is still aiming for a “mutually beneficial resolution for the mine.” First Quantum Minerals
First Quantum Minerals pushed up its 2026 copper production outlook to 405,000-475,000 tonnes, up from 375,000-435,000 tonnes, citing the Cobre Panama stockpile plan. It also upped C1 cash-cost guidance to $2.15-$2.40 per pound. C1 covers direct mining and processing costs for copper.
Costs are the sticking point. First Quantum turned in a first-quarter net loss to shareholders of $196 million, or 24 cents a share. Earnings before interest, taxes, depreciation and amortization took a $144 million hit from sales-hedge losses—losses from contracts meant to lock in prices.
BMO’s Matt Murphy flagged that cost issues could cloud the short-term picture, despite volume trends holding up. “Cost concerns may weigh on the near-term outlook, but the volume outlook remains positive,” Murphy told Mining.com. MINING.COM
Copper’s bounce has limits. Panama’s move allows shipping from stockpiles only, not full mining, and rising fuel and currency costs could tack on $0.25 per lb if they stick. If copper drops, investors may focus on losses, hedges and lingering Cobre Panama political risks.
