Political and Jurisdictional Instability: The company operates in various regions including Panama, Zambia, and Mauritania, exposing it to risks from changes in government policies, regulations, taxation, and potential nationalization or adverse judicial decisions, as recently seen with Cobre Panama.

Commodity Price Volatility: First Quantum's revenue is highly dependent on the prices of copper and, to a lesser extent, nickel, which are subject to global supply and demand dynamics, economic cycles, and geopolitical events, leading to significant fluctuations in profitability.

High Debt Levels and Liquidity Risk: The company carries a substantial debt load, which requires significant interest payments and exposes it to refinancing risk, higher interest rates, and potential challenges in securing additional financing or maintaining sufficient liquidity, particularly after recent operational setbacks.