The Globe and Mail reports in its Friday, April 10, edition that TD Cowen analyst Craig Hutchison believes the first quarter of 2026 will "mark the highest quarterly copper and gold prices on record, which should support solid earnings, despite what is expected to be the softest production quarter for the year." The Globe's David Leeder writes that Mr. Hutchison made "modest" metal price forecast revisions for the year while increasing his cost assumptions to reflect energy prices, "which should start to impact earnings in Q2." Mr. Hutchison continues to rank First Quantum Minerals "hold." He boosted his share target by a loonie to $43. Analysts on average target the shares at $42.71. Mr. Hutchison says in a note: "Middle East conflict will drive higher input costs, but these costs are very manageable, with strong gold price offsets. Since the start of the war in the Middle East, oil prices increased 60 per cent, with extreme volatility driven by the resolution uncertainty. We expect higher energy costs to have modest impacts in Q1, with cost pressures building in Q2." The Globe reported on Sept. 30 and Feb. 13 that Mr. Hutchison had reiterated his "hold" call for First Quantum. It was then worth $31.56 and $35.69.