Copper Mining & Concentrate

Jiangxi Copper has signed a new three-year supply and services agreement with JCC Group covering copper products, other metals, auxiliary materials and a wide range of industrial support services. The agreement adds another operational reference point for investors watching how sentiment shifts around future cash flows and risk, with the stock trading at HK$33.22 after a 30 day share price return down 15.43% and a year to date share price return down 23.95%, even though the 3 year total shareholder return is up about 3.3x. On valuation, Jiangxi Copper trades on a P/E of 8.4x, below the Hong Kong Metals and Mining industry average P/E of 10.1x and a peer average of 10.9x, and below an estimated fair P/E of 9.1x, with profit growth of 54.1% over the past year and 10.9% per year across five years. A Simply Wall St discounted cash flow model compares the HK$33.22 share price with an estimated future cash flow value of HK$62.35, framing the stock as materially undervalued. Risks remain if copper or gold demand weakens, or if project and service costs rise faster than the company can pass them on.

DPM Metals Inc. reported third-quarter 2026 production of 97,000 gold-equivalent ounces and said it was on track for the high end of its full-year production guidance, with the Vareš mine ramp-up running ahead of plan and expected to exceed its 2026 output target. The company also decided to begin developing twin declines into the Wedge Zone at Chelopech by year-end, a move it says points to additional near-term production potential and a longer mine life. The company's narrative projects $1.4 billion in revenue and $837.1 million in earnings by 2029, yielding a CA$67.78 fair value, a 25% upside to its current price. The most pessimistic analysts expected revenue to fall to about US$1.0 billion and earnings to about US$572.7 million. Investors are still watching how higher costs or permitting delays could affect the outlook.

Marimaca Copper Corp. has promoted Peter Garner-Winship to Chief Financial Officer, effective immediately. Garner-Winship joined Marimaca in March 2026 as Vice President, Finance, after spending 17 years with Anglo American in senior corporate finance, strategic planning and capital allocation roles, and he also served as Financial Controller for the US$5.5 billion Quellaveco copper project in Peru. José Antonio Merino will continue as Managing Director (Chile), focusing on advancement of the Marimaca Oxide Deposit and the company's regional development and permitting strategy. CEO Hayden Locke said Garner-Winship's Quellaveco experience will help develop Marimaca's own financial controls and systems as the company prepares to progress the MOD through construction into production. Marimaca is a TSX and ASX-listed copper company whose flagship asset is the Marimaca Oxide Deposit Project in Chile's Antofagasta region.

Freeport-McMoRan reported third-quarter production in line with expectations in early October 2026, confirmed copper sales guidance around 750 million pounds, and flagged lower gold sales near 100,000 ounces due to deferrals from its Indonesian operations. The company deferred roughly 60,000 ounces of refined gold sales into the fourth quarter, a timing shift that can materially move reported quarterly performance without changing underlying production. The update keeps near-term focus on execution at Grasberg and the Indonesian smelters as the key catalyst and most immediate risk. Freeport also affirmed its dividend at US$0.15 per share, split between a base and variable component, as it funds large brownfield projects including Bagdad and the Indonesian smelter build out. The company's narrative projects $39.0 billion in revenue and $5.2 billion in earnings by 2029, while the most pessimistic analysts modeled only about US$35.2 billion of revenue and US$3.5 billion of earnings by that year.

Jiangxi Copper announced on the evening of September 30 that the company signed three daily related-party transaction agreements with its controlling shareholder, Jiangxi Copper Corporation, effective from January 1, 2027 to December 31, 2029, replacing the original contracts expiring on December 31, 2026. Under the Comprehensive Supply and Services Contract I, the company's caps for purchasing materials and receiving services from Jiangxi Copper Corporation from 2027 to 2029 are 17.174 billion yuan, 17.378 billion yuan, and 17.509 billion yuan respectively, totaling more than 52 billion yuan over the three years, a notable increase from previous estimates. The company said this is mainly based on market conditions and future business development needs, compounded by the upward trend in copper prices and significant rises in precious metals such as gold and silver. Under the Comprehensive Supply and Services Contract II, the company's estimated caps for selling products and providing services to Jiangxi Copper Corporation over the same period are 5.571 billion yuan, 6.699 billion yuan, and 6.934 billion yuan respectively, with the adjustment mainly due to expected increases in Jiangxi Copper Corporation's purchases of cathode copper. Regarding leasing, the company plans to rent approximately 50.42 million square meters of land and buildings from Jiangxi Copper Corporation, with annual rent of 195 million yuan, payable quarterly. The above proposals have been reviewed and approved at the twentieth meeting of the company's tenth board of directors, with connected directors abstaining from voting, but they still need to be submitted to the shareholders' meeting for approval. Jiangxi Copper Corporation holds a total of 45.72 percent of Jiangxi Copper's shares. As of the end of 2025, its audited total assets were approximately 2.86 trillion yuan, with 2025 operating revenue of approximately 5.79 trillion yuan and net profit of approximately 79.751 billion yuan.

Entrée Resources Ltd. said it is responding to questions raised by a Mongolian Member of Parliament in a plenary session held on October 2, 2026, following the company's update on efforts to transfer the Shivee Tolgoi and Javkhlant mining licenses to its joint venture partner Oyu Tolgoi LLC. The company said Entrée LLC, with support from Oyu Tolgoi LLC and their respective legal and tax advisors, has calculated the values of the licenses, remitted the applicable transfer tax to the Mongolian tax authority, and submitted a request for the authority to review and confirm those valuation calculations, along with supporting documentation and receipts evidencing the remittance. To date, the Mongolian tax authority has not confirmed Entrée LLC's valuation calculations, and has advised the company that it considers the submitted documents and materials incomplete, making it impossible for the authority to issue tax payment certificates. Entrée said it continues to advance the transfer process under applicable laws of Mongolia while discussions continue with the Government Working Group and Oyu Tolgoi project stakeholders regarding State participation in the area of the licenses. The company noted the licenses must be transferred to Oyu Tolgoi LLC for Lift 1 underground development and extraction activities on the Shivee Tolgoi mining license to proceed.

Phenom Resources Corp. announced that SSR Mining has exercised its right to acquire a 15% interest in the Dobbin Project for US$4,000,000, forming a Nevada joint venture company in which Copper One holds 85% and SSR Mining holds 15%. The joint venture structure includes pro rata funding obligations, dilution provisions, and potential net smelter return royalties, giving SSR Mining a new exploration-focused asset exposure with clearly defined governance and capital commitments. The Dobbin interest is small in the context of SSR Mining's overall portfolio and does not materially change the near-term focus on cost discipline and progress on Çöpler-related approvals. The deal arrives shortly after SSR Mining expanded its revolving credit facility to US$600,000,000, which underpins its ability to fund exploration, remediation, and project pipelines, including ongoing capital demands at Hod Maden and Buffalo Valley. SSR Mining's narrative projects $2.3 billion revenue and $791.0 million earnings by 2029, while some bullish analysts forecast revenue of about US$2.9 billion and earnings of about US$1.1 billion.

Trekor Metals has reaffirmed its 2026 output targets for the Gibraltar and Florence projects following a recent corporate rebrand. The copper producer's shares have risen 37.65% over 90 days and delivered a 122.69% total shareholder return over one year. Against a last close of CA$12.76, the most followed narrative pegs fair value at CA$14.13, implying the stock is 9.7% undervalued, while a separate valuation lens using a current price-to-sales ratio of 4.7x against a fair ratio of 4.3x and a peer average of 3.4x suggests the shares look expensive. The company points to a decline in capitalized stripping at Gibraltar and the winding down of Florence construction spending as drivers of improved free cash flow and potential deleveraging. Risks remain if project timelines slip or the two projects hit operational or regulatory setbacks.

Mineral Road Discovery Inc. announced that it continues to advance its 100%-owned Bergslagen Tungsten Project in Sweden, reporting excellent WO3%, Cu%, and CaF2% drill intercepts from a review of the previous operator's drilling around the historical Yxsjöberg Mine. Select discovery intercepts within the company's Conceptual Exploration Targets include KD-004 with 3.78m at 0.74% WO3, 0.38% Cu, and 11.11% CaF2 from 36.42m; KD-005 with 17.15m at 0.42% WO3, 0.23% Cu, and 6.66% CaF2 from 39.85m; KD-006 with 12.60m at 0.65% WO3, 0.21% Cu, and 8.35% CaF2 from 14.50m; and KD-007 with 10.50m at 0.79% WO3, 0.15% Cu, and 6.76% CaF2 from 25.50m. The company said the historical assays indicate a robust multi-commodity opportunity in tungsten, copper, and acid-grade fluorite, which is currently trading at industrial benchmarks of $500 to $630 per tonne, and that this approach, integrated with its proposed re-processing of the two tailings repositories at Bergslagen, aligns directly with European Critical Raw Material supply security mandates. Mineral Road outlined a three-stage program beginning with its Stage 1 tailings re-processing proposal, followed by a shallow hard-rock mining proposal as Stage 2 and longer-lead-time work on deeper hard-rock mineralisation as Stage 3, supported by a compiled database including approximately 15,000 metres of historical diamond core drilling. Executive Chair and Interim CEO Damien Reynolds said the company is establishing a conceptual exploration target of multi-million-tonnes of surface tailings as a potential cash-flow anchor, while the near-surface conceptual exploration targets are interpreted as the upper expression of a larger continuous system. The Yxsjöberg mine operated from the mid-1930s to 1989, yielding approximately 5.3 million tonnes of material at an average grade of 0.38% WO3 and 0.16% Copper, and supplied over 90% of Sweden's historical tungsten.

US Critical Metals Corp. announced the appointment of James Hocking, a director of the company, as Chief Executive Officer, effective today. Hocking succeeds Darren Collins, who is stepping down as CEO but will remain a director of the company. Hocking is a commercial and capital markets executive with over 20 years of experience in the resources sector, including 7 years with BHP Group where he led commercial initiatives supporting major mining and infrastructure operations. He said his focus will be on building long-term shareholder value, noting that copper was added to the U.S. critical minerals list in 2025 and that the company's Korn Kob Copper Project is an exploration-stage property in Arizona, alongside its lithium, uranium and cobalt exploration properties. USCM's assets consist of five discovery focused projects in the United States: the McDermitt East Lithium Project and Clayton Ridge Lithium Property in Nevada, the Long Canyon Uranium Property and Haynes Cobalt Property in Idaho, and the Korn Kob Copper Project in Arizona.

Coeur Mining outlined a record US$158 million exploration program for 2026, with US$24 million allocated to New Afton and US$18 million to Rainy River in Canada. The company reported past exploration results showing extended mineralization and higher-than-expected gold and copper intercepts at its New Afton K-Zone and East Picrite Trend, alongside growth-focused drilling across underground and near-surface targets at Rainy River. The record budget underscores how aggressively Coeur is pursuing potential resource growth and mine-life extension, sharpening the tension between funding aggressive drilling and managing cash flow. The step-up in exploration follows Coeur's move into shareholder returns with a new dividend and a large buyback authorization in early 2026, a balance the company is trying to strike between capital returns and a sizable spend on potential resource growth. Coeur's narrative projects US$5.1 billion in revenue and US$1.5 billion in earnings by 2029, yielding a US$23.95 fair value and 36% upside to its current price, while some of the lowest ranked analysts project about US$5.4 billion of revenue and US$1.9 billion of earnings by 2029 and may now see the exploration push as increasing execution and cost risk.

Aris Mining has completed the Environmental and Social Impact Assessment for its Soto Norte gold-copper project in Santander, Colombia, and in 2026 began formal community engagement across three municipalities ahead of submitting the ESIA and environmental license application. The company said Soto Norte lies outside the Santurbán Páramo and its buffer zone, and it aligned the ESIA and consultation process with Colombia's regulatory framework and the Escazú Agreement. The milestone follows the ANM's July 29, 2026 approval of the modified technical mine plan for Soto Norte, which confirmed regulators have reviewed the project's geology, reserves and mine design but does not replace the need for an environmental license before construction or mining can begin. Aris Mining's narrative projects $2.2 billion revenue and $688.8 million earnings by 2029, requiring 19.9% yearly revenue growth and a $404.1 million earnings increase from $284.7 million today, with a CA$41.53 fair value implying 66% upside. Some of the lowest estimate analysts had assumed about US$2.0 billion of revenue and US$797.7 million of earnings by 2029 while still citing Soto Norte's lengthy permitting and heavy ESG commitments as reasons for caution.

Purecore Metals Inc. intends to complete a non-brokered private placement for aggregate gross proceeds of up to C$2,500,000, the company announced on October 2, 2026. The offering will combine hard dollar units priced at C$1.35 each and flow-through units priced at C$1.50 each, with each unit consisting of one common share and one warrant. Each warrant entitles the holder to acquire one warrant share at C$2.00 for 36 months from the applicable closing date, subject to acceleration if the closing price on the Canadian Securities Exchange equals or exceeds C$2.50 for ten consecutive trading days. Net proceeds from the hard dollar units are expected to fund mineral exploration, property expenditures and acquisitions, and general corporate and working capital purposes, while gross proceeds allocated to the flow-through shares will be used to incur eligible Canadian exploration expenses that the company intends to renounce to subscribers with an effective date no later than December 31, 2026. Completion remains subject to customary closing conditions and regulatory approvals, and all securities issued will be subject to a four-month hold period.

Orvana Minerals Corp. announced that its Bolivian subsidiary, Empresa Minera Paitití, S.A., has amended its US$25 million secured prepayment facility with Trafigura Pte. Ltd. The principal change extends the facility's final maturity date by six months, from December 2026 to June 2027, a move the company said better aligns the repayment schedule with the production ramp-up profile of the Don Mario Oxides Stockpile Project. The facility was first announced on November 6, 2025. Orvana is a multi-mine gold-copper-silver company whose assets include the producing El Valle and Carlés mines in northern Spain, the Don Mario property in Bolivia, which is ramping up production of copper cathodes and gold-silver doré from its oxides stockpile, and the Taguas property in Argentina.

Freeport reported third-quarter 2026 consolidated copper production of approximately 830 million pounds, in line with expectations, with slightly better international results offsetting slightly lower U.S. output. Consolidated gold production of approximately 230 thousand ounces also approximated expectations, but timing changes at PT Freeport Indonesia deferred roughly 60 thousand ounces of refined gold from the third quarter into the fourth quarter. As a result, Freeport expects third-quarter consolidated copper sales to approximate its July 2026 estimate of 750 million pounds, while gold sales are expected to approximate 100 thousand ounces, below the July estimate. Consolidated unit net cash costs are now expected to come in about 5% above the July 2026 estimate of $2.00 per pound of copper, mainly on lower by-product credits from the deferred gold sales, and the company estimates its third-quarter consolidated average realized price will exceed $6.50 per pound of copper. At the Grasberg minerals district, mill throughput averaged approximately 140,000 metric tons of ore per day, about 67% of normalized rates prior to the September 2025 incident, and PTFI's smelter in Eastern Java re-commenced operations in late August 2026, with Freeport still targeting 80% of capacity in mid-2027 and near full capacity by year-end 2027.

Newmont Corporation, the gold and copper miner in the Zacks Mining - Gold industry, holds a positive Earnings ESP of +6.16% ahead of its next quarterly report, scheduled for release on October 22, 2026. The company has topped estimates by 21.27% on average over the last two quarters, including a 2.44% surprise in the last reported quarter with earnings of $2.1 per share versus the Zacks Consensus Estimate of $2.05 per share, and a 40.10% surprise in the prior quarter with earnings of $2.9 per share against an expected $2.07 per share. The positive Earnings ESP, combined with a Zacks Rank #3 (Hold), suggests another beat is possibly around the corner, as Zacks research shows stocks with this combination produce a positive surprise nearly 70% of the time. Investors should note that a negative Earnings ESP reading is not indicative of an earnings miss, but it does reduce the predictive power of the metric.

Copper futures in New York closed higher on Wednesday, September 30, amid concerns over tight supply. The December COMEX copper contract rose 1.80 cents, or 0.27%, to settle at $6.6215 per pound. The market drew support after Chile's national statistics agency reported that Chilean copper output in August fell 12.8% year on year to 369,500 metric tons, the lowest monthly output level since February 2011, following a 9.4% decline the previous month. The drop was attributed to unusually cold winter weather and disruptions to port logistics. Meanwhile, a union of 1,020 supervisory workers at the Escondida mine, operated by BHP in Chile and the world's largest copper mine, voted overwhelmingly, by 95%, to reject the company's final collective labor contract offer, paving the way for a possible strike. Under Chilean labor law, both sides must enter a mandatory government-mediated conciliation process lasting five working days, which can be extended by another five days before the union can legally strike. However, copper's gains were partly capped after a Panamanian government commission recommended opening negotiations with First Quantum Minerals to set the terms for restarting the Cobre Panama mine, in order to generate cash flow to support the budget for a gradual, orderly long-term closure of the mine.

Lundin Mining Corporation reported that its issued and outstanding common shares with voting rights rose by 22,173 to 851,359,558 as of September 30, 2026, an increase from August 31, 2026 resulting from the exercise of employee stock options and the vesting of employee share units. The company said it did not purchase any shares for cancellation under its Normal Course Issuer Bid program during that period. Under its shareholder distribution policy, Lundin Mining is committed to allocating up to US$150 million in annual share buybacks through the NCIB program, and its Board of Directors has approved an increase of up to US$100 million to the share repurchase program for the remainder of 2026. So far during 2026, the company has acquired 6,098,494 common shares at an average cost of approximately C$35.70 per share. Lundin Mining is a Canadian mining company headquartered in Vancouver with three operating mines in Brazil and Chile, and its shares trade on the Toronto Stock Exchange under LUN and on Nasdaq Stockholm under LUMI.