First Quantum’s New Taca Taca Study Confirms Flagship Copper Project’s Scale and Economics

First Quantum Minerals ( (TSE:FM) ) has issued an announcement.

First Quantum Minerals has filed a new NI 43-101 technical report for its 100%-owned Taca Taca copper-gold-molybdenum project in Argentina’s Salta Province, positioning it as the company’s next major development asset. The study outlines an open-pit operation starting at 40 million tonnes per year of processing capacity, ramping up to 60 million tonnes from year five, using large-scale SAG mill trains similar to those at Sentinel, Cobre Panamá and Kansanshi.

The report highlights robust project economics, with an after-tax NPV at 8% of $5.9 billion and an IRR of 19.3% based on higher assumed copper and gold prices, underpinned by a 35-year mine life and a 13% increase in proven and probable reserves versus the 2021 study. Average annual production is forecast at 291,000 tonnes of copper and 133,000 ounces of gold in the first decade at low C1 cash costs, while the project shows strong leverage to copper prices and relatively low capital intensity per tonne of copper equivalent capacity.

Management emphasized Taca Taca’s strategic importance and Argentina’s improving investment climate, citing recent economic reforms and the project’s strong environmental and community credentials. The mine is expected to prioritize renewable power, biodiversity management and sustainable water use, as First Quantum continues de-risking through environmental and social impact assessment work, regulatory applications and financing evaluations that will influence its eventual development decision and capital allocation priorities.

The most recent analyst rating on (TSE:FM) stock is a Hold with a C$37.00 price target. To see the full list of analyst forecasts on First Quantum Minerals stock, see the TSE:FM Stock Forecast page.

Spark’s Take on TSE:FM Stock

According to Spark, TipRanks’ AI Analyst, TSE:FM is a Neutral.

The score is primarily driven by mixed financial performance (strong operating cash flow and improving leverage but weak, inconsistent profitability and lower 2025 free cash flow). Technical signals are currently negative, while the earnings call offered a meaningful offset via improved liquidity and constructive production/capex guidance; valuation remains pressured by negative earnings and no stated dividend.

To see Spark’s full report on TSE:FM stock, click here.

More about First Quantum Minerals

First Quantum Minerals is a Canada-based global mining company focused on the exploration, development and operation of large-scale copper projects, with additional production of gold and molybdenum. The company targets long-life, low-cost assets in emerging and established mining jurisdictions, leveraging in-house expertise in mine planning and project development to expand its portfolio of major copper mines.

Average Trading Volume: 2,359,508

Technical Sentiment Signal: Buy

Current Market Cap: C$29.64B

See more insights into FM stock on TipRanks’ Stock Analysis page.