Track market-moving stories before they get noisy

Two factors often determine stock prices in the long run: earnings and interest rates. Investors can't control the latter, but they can focus on a company's earnings results every quarter.

We know earnings results are vital, but how a company performs compared to bottom line expectations can be even more important when it comes to stock prices, especially in the near-term. This means that investors might want to take advantage of these earnings surprises.

The ability to identify stocks that are likely to top quarterly earnings expectations can be profitable, but it's no simple task. Here at Zacks, our Earnings ESP filter helps make things easier.

The Zacks Earnings ESP, ExplainedThe Zacks Expected Surprise Prediction, or ESP, works by locking in on the most up-to-date analyst earnings revisions because they can be more accurate than estimates from weeks or even months before the actual release date. The thinking is pretty straightforward: analysts who provide earnings estimates closer to the report are likely to have more information.

With this in mind, the Expected Surprise Prediction compares the Most Accurate Estimate (being the most recent) against the overall Zacks Consensus Estimate. The percentage difference provides the ESP figure. The system also utilizes our core Zacks Rank to provide a stronger system for identifying stocks that might beat their next quarterly earnings estimate and possibly see the stock price climb.

Bringing together a positive earnings ESP alongside a Zacks Rank #3 (Hold) or better has helped stocks report a positive earnings surprise 70% of the time. Furthermore, by using these parameters, investors have seen 28.3% annual returns on average, according to our 10 year backtest.

Stocks with a #3 (Hold) ranking, which is most stocks covered at 60%, are expected to perform in-line with the broader market. But stocks that fall into the #2 (Buy) and #1 (Strong Buy) ranking, or the top 15% and top 5% of stocks, respectively, should outperform the market. Strong Buy stocks should outperform more than any other rank.

Should You Consider Air Products and Chemicals?The last thing we will do today, now that we have a grasp on the ESP and how powerful of a tool it can be, is to quickly look at a qualifying stock. Air Products and Chemicals (APD - Free Report) holds a #3 (Hold) at the moment and its Most Accurate Estimate comes in at $3.62 a share 13 days away from its upcoming earnings release on November 5, 2026.

By taking the percentage difference between the $3.62 Most Accurate Estimate and the $3.6 Zacks Consensus Estimate, Air Products and Chemicals has an Earnings ESP of +0.44%. Investors should also know that APD is one of a large group of stocks with positive ESPs. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

APD is just one of a large group of Basic Materials stocks with a positive ESP figure. Freeport-McMoRan (FCX - Free Report) is another qualifying stock you may want to consider.

Slated to report earnings on October 27, 2026, Freeport-McMoRan holds a #2 (Buy) ranking on the Zacks Rank, and its Most Accurate Estimate is $0.81 a share four days from its next quarterly update.

Freeport-McMoRan's Earnings ESP figure currently stands at +0.63% after taking the percentage difference between its Most Accurate Estimate and its Zacks Consensus Estimate of $0.80.

APD and FCX's positive ESP figures tell us that both stocks have a good chance at beating analyst expectations in their next earnings report.

Find Stocks to Buy or Sell Before They're ReportedUse the Zacks Earnings ESP Filter to turn up stocks with the highest probability of positively, or negatively, surprising to buy or sell before they're reported for profitable earnings season trading. Check it out here >>

On October 22, 2026, Freeport-McMoRan Inc FCX shares fell 6.3%, closing at $64.59. This decline continues a challenging trend, with the stock down 12.9% over the past month, although it remains up 28.4% year-to-date and 59.9% over the past year. The stock has traded between $38.54 and $80.24 over the last 52 weeks.

GF Value™ verdict: Current price of $64.59 is 27.4% above the GF Value of $50.70, indicating the stock is overvalued.GF Score™: 84/100, suggesting strong overall performance, with notable strengths in growth and profitability.Most notable signal: Insiders have sold $46.0 million worth of shares over the past 12 months, with no insider buying reported.Is FCX Overvalued or Undervalued?Freeport-McMoRan Inc is currently deemed overvalued according to the GF Value™, which estimates its fair value at $50.70. This indicates a significant margin of safety if one were to consider investing based on intrinsic value. The current price of $64.59 reflects a 27.4% overvaluation, suggesting that the stock may be trading at a premium compared to its fair value estimate. This could pose a risk for potential investors as the market may correct itself in the future, leading to a decline in stock price.

GF Value™ is a proprietary estimate developed by GuruFocus that takes into account historical trading multiples, past business growth, and projections of future performance. In this case, FCX's valuation is classified as "modestly overvalued," which aligns with the current stock price being significantly above the GF Value estimate. Investors should be cautious, as the present valuation could result in downside risk.

How Does FCX's Valuation Compare to Its History?MetricCurrentHistoricalP/E (TTM)31.9x29.1xForward P/E14.7xN/ACurrently, Freeport-McMoRan's P/E (TTM) ratio stands at 31.9x, which is notably higher than its 5-year median P/E of 29.1x, marking a 10% premium over its historical valuation. The forward P/E of 14.7x suggests a more reasonable outlook for future earnings, but the present high P/E ratio indicates that the stock is trading above its historical average. This analysis further supports the GF Value™ conclusion that FCX is overvalued at its current price.

What Does FCX's GF Score™ Tell Us?The GF Score™ is a composite metric that evaluates a stock's financial health and performance across various dimensions, helping investors gauge its overall quality. FCX boasts a solid GF Score™ of 84/100, with particularly strong ratings in growth (9/10) and profitability (8/10). However, its valuation rank is lower at 3/10, indicating that the stock may not be priced favorably compared to its financial performance.

MetricRatingGF Score™84/100Financial Strength6/10Profitability8/10Growth9/10Valuation3/10Momentum6/10FCX's scores indicate a strong growth outlook and solid profitability metrics, which are positive signs for the company’s operational performance. However, the low valuation rank suggests caution, reinforcing the notion of potential overvaluation. Investors should consider both growth potential and current pricing when evaluating FCX's attractiveness.

What Are Gurus and Insiders Doing with FCX?Currently, 17 gurus hold shares of Freeport-McMoRan Inc, with 5 increasing their positions while 12 have trimmed their holdings in recent quarters. This mixed activity suggests a cautious sentiment among institutional investors, indicating that while some see value in the stock, others are opting to reduce their exposure.

Additionally, insider activity has been predominantly selling, with insiders offloading $46.0 million worth of shares over the past year and no reported buying. This trend may reflect a lack of confidence in the stock's current valuation among those closest to the company, which is a critical signal for potential investors to consider.

What This Means for InvestorsIn conclusion, Freeport-McMoRan Inc is currently overvalued according to the GF Value™ assessment, which estimates its fair value at $50.70, compared to the current trading price of $64.59. The combination of high P/E ratios, insider selling, and a valuation rank of 3/10 suggests that the stock may not be the best investment at this time. Investors should carefully weigh these factors and remain vigilant regarding market trends and potential corrections. For further insights, visit the Freeport-McMoRan Inc FCX stock page for more detailed information.

Frequently Asked QuestionsWhat is FCX's GF Score™?

FCX has a GF Score™ of 84/100, indicating strong overall performance in various metrics, particularly in growth and profitability.

Is FCX overvalued or undervalued?

FCX is currently overvalued, with a GF Value™ estimate of $50.70 compared to a market price of $64.59, suggesting a 27.4% overvaluation.

What is FCX's P/E ratio?

The P/E ratio for FCX is 31.9x, which is above its 5-year median P/E of 29.1x, indicating that the stock is currently trading at a premium relative to its historical valuation.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

Analysts on Wall Street project that Freeport-McMoRan (FCX - Free Report) will announce quarterly earnings of $0.78 per share in its forthcoming report, representing an increase of 56% year over year. Revenues are projected to reach $7.09 billion, increasing 1.6% from the same quarter last year.

Over the last 30 days, there has been an upward revision of 6.3% in the consensus EPS estimate for the quarter, leading to its current level. This signifies the covering analysts' collective reconsideration of their initial forecasts over the course of this timeframe.

Prior to a company's earnings release, it is of utmost importance to factor in any revisions made to the earnings projections. These revisions serve as a critical gauge for predicting potential investor behaviors with respect to the stock. Empirical studies consistently reveal a strong link between trends in earnings estimate revisions and the short-term price performance of a stock.

While it's common for investors to rely on consensus earnings and revenue estimates for assessing how the business may have performed during the quarter, exploring analysts' forecasts for key metrics can yield valuable insights.

Given this perspective, it's time to examine the average forecasts of specific Freeport-McMoRan metrics that are routinely monitored and predicted by Wall Street analysts.

Analysts forecast 'Revenues- South America Operations' to reach $1.77 billion. The estimate indicates a year-over-year change of +25.4%.

Analysts predict that the 'Revenues- Indonesia Operations' will reach $1.41 billion. The estimate points to a change of -47.4% from the year-ago quarter.

Analysts' assessment points toward 'Revenues- Molybdenum Mines' reaching $370.95 million. The estimate suggests a change of +109.6% year over year.

Analysts expect 'Revenues- U.S. Copper Mines' to come in at $2.35 billion. The estimate points to a change of +21.1% from the year-ago quarter.

It is projected by analysts that the 'Sales - Gold (thousands of recoverable ounces) - Consolidated' will reach 101 thousands of ounces. The estimate compares to the year-ago value of 336 thousands of ounces.

The consensus estimate for 'Production - Molybdenum (millions of recoverable pounds) - U.S. copper mines' stands at 9 millions of pounds. The estimate is in contrast to the year-ago figure of 8 millions of pounds.

The combined assessment of analysts suggests that 'Sales - Copper (millions of recoverable pounds) - Consolidated' will likely reach 749 millions of pounds. Compared to the present estimate, the company reported 977 millions of pounds in the same quarter last year.

The consensus among analysts is that 'Sales - Copper (millions of recoverable pounds) - Indonesia - Grasberg minerals district' will reach 162 millions of pounds. The estimate compares to the year-ago value of 360 millions of pounds.

The average prediction of analysts places 'Sales - Copper (millions of recoverable pounds) - Total South America' at 254 millions of pounds. Compared to the current estimate, the company reported 278 millions of pounds in the same quarter of the previous year.

The collective assessment of analysts points to an estimated 'Sales - Copper (millions of recoverable pounds) - Total U.S.' of 332 millions of pounds. Compared to the current estimate, the company reported 339 millions of pounds in the same quarter of the previous year.

According to the collective judgment of analysts, 'Sales - Molybdenum (millions of recoverable pounds) - Consolidated' should come in at 22 millions of pounds. The estimate compares to the year-ago value of 19 millions of pounds.

Based on the collective assessment of analysts, 'Average realized price per pound - Molybdenum' should arrive at $31.19 . The estimate compares to the year-ago value of $24.07 .

View all Key Company Metrics for Freeport-McMoRan here>>> Freeport-McMoRan shares have witnessed a change of -5.1% in the past month, in contrast to the Zacks S&P 500 composite's no move. With a Zacks Rank #2 (Buy), FCX is expected outperform the overall market performance in the near term. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

Freeport-McMoRan (FCX) concluded the recent trading session at $68.87, signifying a -1.26% move from its prior day's close.

Investors interested in Basic Materials stocks should always be looking to find the best-performing companies in the group. Freeport-McMoRan (FCX - Free Report) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? A quick glance at the company's year-to-date performance in comparison to the rest of the Basic Materials sector should help us answer this question.

Freeport-McMoRan is one of 294 companies in the Basic Materials group. The Basic Materials group currently sits at #12 within the Zacks Sector Rank. The Zacks Sector Rank considers 16 different sector groups. The average Zacks Rank of the individual stocks within the groups is measured, and the sectors are listed from best to worst.

The Zacks Rank is a proven system that emphasizes earnings estimates and estimate revisions, highlighting a variety of stocks that are displaying the right characteristics to beat the market over the next one to three months. Freeport-McMoRan is currently sporting a Zacks Rank of #2 (Buy).

Over the past 90 days, the Zacks Consensus Estimate for FCX's full-year earnings has moved 7.4% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.

Our latest available data shows that FCX has returned about 37.3% since the start of the calendar year. At the same time, Basic Materials stocks have gained an average of 9.4%. As we can see, Freeport-McMoRan is performing better than its sector in the calendar year.

Steel Dynamics (STLD - Free Report) is another Basic Materials stock that has outperformed the sector so far this year. Since the beginning of the year, the stock has returned 44.7%.

In Steel Dynamics' case, the consensus EPS estimate for the current year increased 5% over the past three months. The stock currently has a Zacks Rank #2 (Buy).

To break things down more, Freeport-McMoRan belongs to the Mining - Non Ferrous industry, a group that includes 10 individual companies and currently sits at #202 in the Zacks Industry Rank. This group has gained an average of 24% so far this year, so FCX is performing better in this area.

In contrast, Steel Dynamics falls under the Steel - Producers industry. Currently, this industry has 17 stocks and is ranked #75. Since the beginning of the year, the industry has moved +39.7%.

Going forward, investors interested in Basic Materials stocks should continue to pay close attention to Freeport-McMoRan and Steel Dynamics as they could maintain their solid performance.

The case for copper and copper stocks like Freeport-McMoRan (FCX -0.74%) or a copper ETF like the Global X Copper Miners ETF (COPX -1.05%) rests on the idea that demand will outstrip supply, putting upward pressure on the copper price. It's a strong argument for long-term investment in an industrial metal that's critical to the economy of the future. Here's why.

Demand will exceed supply.
According to an S&P Global report, "Copper in the Age of AI," copper demand will exceed the baseline supply, with a widening gap appearing after 2030. I've re-created a chart using the data. As you can see, copper supply is projected to start declining from about 2035, driven by pressures including:

Declining ore grades
Rising costs for energy and labor
Mining complexity
Difficulty of acquiring permits amid environmental activist pressure

While it's not impossible that some of these pressures can be relieved or even removed, it makes sense not to bake in any assumptions that they will be until there's hard evidence they're happening.

Data source: S&P Global. Chart by author. MMt is millions of metric tonnes.

Supply pressures
Increasing costs and declining ore grades, notably in the U.S. and Chile, are a constant feature of mining company presentations. For example, Freeport-McMoRan's CEO Kathleen Quirk recently told investors that some of its U.S. mines had "been around for over 100 years" and now had low grades, which forces the company to prioritize efficiency, including investments in automation and technologies such as its low-cost leaching initiative.

In addition, miners are using muon technology (cosmic rays from outer space) to better identify mining deposits,

Chile is the world's largest copper producer and accounts for almost a quarter of global production. The chart shows the deteriorating trend in the country's copper ore grades. This is something likely to create upward pressure on costs as well as potentially price some mining operations out of production, even as prices rise. It may also cause delays in investment as appraisals are made assuming declining ore grades.

Data source: Chilean Copper Commission. Chart by author.

Nonnegotiable copper demand?
Usually, when supply exceeds demand and prices rise, there's additional impetus to develop technological or other solutions that can improve supply. I've already mentioned Freeport-McMoRan's leaching initiative, which management believes could ultimately recover 800 million pounds of copper per annum from existing stockpiles, compared with its 2028 copper sales expectation of 4.1 billion pounds.

In addition, at least in theory, a high price could cause a substitution effect, leading to the use of alternative materials. Furthermore, it could also cause some demand destruction.

Image source: Getty Images.

While these factors are highly likely to play a part, their impact might be muted, given that much of the projected demand for copper comes from sources that may prove non-negotiable.

The chart shows S&P Global's projections for copper demand; "energy transition & addition" includes transmission and distribution, renewable energy, and electric vehicles. Meanwhile, "AI & data centers" includes hyperscaler data centers, enterprise data centers, and robots.

Data source: S&P Global, Chart by author. MMt is millions of metric tonnes.

The picture of incremental demand is better illustrated by this chart, which shows more than 60% of the incremental demand from 2024-2040 will come from AI and data centers and the energy transition. That demand might prove relatively inelastic.

Data source: S&P Global. Chart by author.

A copper supply crunch coming?
Rising demand and pressure on supply imply a supply crunch, but history suggests technological improvements and the substitution effect will mitigate demand growth and improve supply. However, recent history also suggests permitting won't be easy, not least for greenfield sites, and that declining ore grades in mature copper mines in the U.S. and Chile are a real problem.

On balance, I'd rather be bullish than bearish on copper over the long term.

Banque Pictet & Cie SA lifted its position in Freeport-McMoRan Inc. (NYSE:FCX – Free Report) by 14.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 224,858 shares of the natural resource company’s stock after purchasing an additional 29,163 shares during the quarter. Banque Pictet & Cie SA’s holdings in Freeport-McMoRan were worth $15,740,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in FCX. Pinnacle Bancorp Inc. raised its position in Freeport-McMoRan by 7.9% during the first quarter. Pinnacle Bancorp Inc. now owns 2,011 shares of the natural resource company’s stock valued at $118,000 after purchasing an additional 147 shares in the last quarter. Steph & Co. raised its stake in shares of Freeport-McMoRan by 43.7% during the first quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock worth $29,000 after acquiring an additional 150 shares in the last quarter. Richardson Financial Services Inc. lifted its holdings in shares of Freeport-McMoRan by 11.6% in the 2nd quarter. Richardson Financial Services Inc. now owns 1,539 shares of the natural resource company’s stock worth $97,000 after acquiring an additional 160 shares during the last quarter. Breakwater Capital Group lifted its holdings in shares of Freeport-McMoRan by 1.0% in the 3rd quarter. Breakwater Capital Group now owns 15,930 shares of the natural resource company’s stock worth $1,115,000 after acquiring an additional 160 shares during the last quarter. Finally, Essex Bank grew its holdings in shares of Freeport-McMoRan by 1.2% during the 1st quarter. Essex Bank now owns 14,104 shares of the natural resource company’s stock valued at $829,000 after purchasing an additional 163 shares during the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance Shares of FCX stock opened at $69.33 on Friday. The stock’s 50-day moving average is $72.12 and its 200 day moving average is $66.62. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.07 and a quick ratio of 0.92. Freeport-McMoRan Inc. has a 1-year low of $38.54 and a 1-year high of $80.24. The company has a market cap of $99.57 billion, a P/E ratio of 34.16, a PEG ratio of 0.66 and a beta of 1.39.

Freeport-McMoRan (NYSE:FCX – Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.12. Freeport-McMoRan had a net margin of 11.39% and a return on equity of 10.63%. The business had revenue of $7.03 billion during the quarter, compared to analysts’ expectations of $6.62 billion. During the same quarter last year, the company posted $0.54 earnings per share. The business’s quarterly revenue was down 7.3% on a year-over-year basis. Research analysts predict that Freeport-McMoRan Inc. will post 2.90 earnings per share for the current fiscal year. Freeport-McMoRan Dividend Announcement The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 2nd. Shareholders of record on Thursday, October 15th will be paid a dividend of $0.0750 per share. This represents a $0.30 annualized dividend and a yield of 0.4%. The ex-dividend date is Thursday, October 15th. Freeport-McMoRan’s payout ratio is presently 14.78%.

Analyst Ratings Changes FCX has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. upped their price target on shares of Freeport-McMoRan from $77.00 to $92.00 and gave the company an “overweight” rating in a report on Wednesday, October 7th. Sanford C. Bernstein reduced their price target on Freeport-McMoRan from $50.00 to $47.00 and set a “market perform” rating on the stock in a report on Wednesday, September 9th. Stifel Nicolaus boosted their price target on Freeport-McMoRan from $76.00 to $80.00 and gave the company a “buy” rating in a report on Tuesday, July 21st. Wall Street Zen lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Finally, The Goldman Sachs Group reissued a “buy” rating on shares of Freeport-McMoRan in a research note on Thursday, September 10th. One analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Freeport-McMoRan presently has an average rating of “Moderate Buy” and an average target price of $76.22.

View Our Latest Stock Report on Freeport-McMoRan

Insider Buying and Selling at Freeport-McMoRan In related news, CAO Ellie L. Mikes sold 4,773 shares of the business’s stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $70.00, for a total transaction of $334,110.00. Following the completion of the transaction, the chief accounting officer directly owned 36,000 shares in the company, valued at $2,520,000. The trade was a 11.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Stephen T. Higgins sold 14,277 shares of the stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $69.50, for a total value of $992,251.50. Following the sale, the chief accounting officer directly owned 54,618 shares in the company, valued at $3,795,951. This represents a 20.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 110,398 shares of company stock valued at $8,387,271 over the last quarter. Insiders own 0.73% of the company’s stock.

(Free Report)

Freeport-McMoRan Inc (NYSE: FCX) is a leading international mining company focused primarily on the exploration, development and production of copper, gold and molybdenum. Copper is its principal product and is used in electrical systems, construction, transportation, renewable energy infrastructure and other industrial applications. The company also produces copper cathodes and concentrates, gold, molybdenum products and certain quantities of silver and other byproducts.

Freeport-McMoRan operates a portfolio of mining and processing assets in North America, South America and Indonesia.

Featured Stories Five stocks we like better than Freeport-McMoRan Bank of America Stock Sell-Off Looks Like a Buying Opportunity AST SpaceMobile Is Down 67%—Could SpaceX’s Mobile Push Deepen the Selloff? GlobalFoundries’ $21 Billion Deal Could Change the Economics of Chipmaking Fundamental and Technicals Signals Align for Costco: Is the Stock Finally Breaking Out?

Receive News & Ratings for Freeport-McMoRan Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Freeport-McMoRan and related companies with MarketBeat.com's FREE daily email newsletter.

The mining industry is heading into the third-quarter 2026 earnings season, supported by elevated year-over-year prices for gold, silver and copper. While gold and silver retreated from the record highs reached earlier this year, they still remained well above year-ago levels throughout the quarter. Industrial metals, including copper and zinc, strengthened during the period. 

The mining stocks fall within the broader Zacks Basic Materials sector, which seems positioned for a solid performance this earnings season. Per the latest Earnings Trends report, the sector is among 14 of the 16 Zacks sectors expected to deliver double-digit year-over-year earnings growth. Sector earnings are projected to increase 29.1% on 6.2% revenue growth, supported by higher realized commodity prices. 

Against this favorable backdrop, we have identified five mining and precious-metals royalty companies, FreeportMcMoRan (FCX - Free Report) , Franco-Nevada Corporation (FNV - Free Report) , Lundin Mining (LUNMF - Free Report) , OR Royalties Inc. (OR - Free Report) and Wheaton Precious Metals (WPM - Free Report) that appear poised to beat earnings estimates this season and are also likely to deliver improved year-over-year results. 

How Have Things Shaped Up for These Companies?Price movements across key non-ferrous metals during the July–September 2026 period remained favorable, providing meaningful support to miners’ top lines. 

Gold ranged from a low of $3,963 per ounce to a high of $4,755 per ounce in the third quarter. Gold averaged roughly $4,305 per ounce during the quarter, up 23% year over year. In the third quarter of 2026, silver ranged from a low of $55 an ounce to a high of $72.05 an ounce, averaging $63.22 an ounce. Average prices were 59% higher than last year.

Copper prices had touched an all-time high of $6.93 per pound in September, driven by intense front-loading ahead of anticipated U.S. tariffs and supply disruptions. Copper averaged around $6.53 per pound in the third quarter, supported by demand expectations and supply concerns.  

Zinc prices in the third quarter remained elevated and hovered near multi-year highs, supported by persistent global supply tightness, shrinking Western smelter capacity and declining exchange inventories.

Overall, these favorable commodity price trends are expected to have supported revenues for companies such FreeportMcMoRan, Franco-Nevada Corporation, Lundin Mining, OR Royalties and Wheaton Precious. However, operating conditions remained challenging. Higher input costs, particularly fuel and energy expenses, are likely to have partially offset the benefit of stronger commodity prices during the quarter. Miners continued focusing on improving throughput, optimizing portfolios and mining higher-grade ore to help mitigate cost pressures.

How to Pick Earnings Estimates Beating Stocks?Identifying stocks that are poised to beat on earnings in their upcoming releases might seem a daunting task. However, our proprietary Zacks methodology makes it fairly simple. 

One can pick stocks with the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). You can see the complete list of today’s Zacks #1 Rank stocks here.

Our research shows that stocks with this combination have up to a 70% chance of an earnings surprise.

Earnings ESP is our proprietary methodology for determining stocks that have the best chances to surprise with their next earnings announcement. It is the percentage difference between the Most Accurate Estimate and the Zacks Consensus Estimate. You can uncover the best stocks before they are reported with our Earnings ESP Filter.

5 Potential Outperformers This SeasonFreeportMcMoRan has an Earnings ESP of +2.60% and a Zacks Rank of 3 at present. It is scheduled to release third-quarter 2026 results on Oct. 27. 

The Zacks Consensus Estimate for FCX’s third-quarter earnings has moved up 4% over the past 30 days and is pegged at 75 cents per share. It indicates a 50% increase from the year-ago quarter. The company has an average earnings surprise of 32.6% in the trailing four quarters.

The company’s recent operational update for the third quarter of 2026 states copper production of approximately 830 million pounds and gold production of 230,000 ounces. Copper output was below the year-ago level of 912 million pounds and gold production also declined from 287,000 ounces. Consolidated copper sales for third-quarter 2026 are expected to have been around 750 million pounds, 23% lower than the year-ago quarter’s 977 million pounds.

The company states consolidated gold sales for third-quarter 2026 are 100 thousand ounces, which came below expectations, reflecting the impact of deferred gold sales. FCX had sold 336 thousand ounces of gold in the third quarter of 2025.

FCX estimates its third-quarter 2026 consolidated average realized price to exceed $6.50 per pound of copper compared with $4.68 in the year-ago quarter. Consolidated unit net cash costs are expected to have been around $2.10 per pound of copper. 
Higher prices of copper and gold are expected to have negated the impact of lower sales volumes on its results.

Franco-Nevada has an Earnings ESP of +4.44% and a Zacks Rank of 3 at present. The company is scheduled to report third-quarter 2026 results on Nov. 11.

The Zacks Consensus Estimate for FNV’s third-quarter earnings is pegged at $1.95 per share, implying 36.4% growth from the year-ago quarter’s actual. The estimate has moved up 3% over the past 30 days. FNV has an average earnings surprise of 5.3% in the trailing four quarters.

FNV expects total gold equivalent ounces (GEO) sales of 510,000-570,000 for 2026 and is tracking toward the upper half of this range. The company sold 519,106 GEOs in 2025 (including 11,208 GEOs from Cobre Panamá). Production is expected to be weighted toward the second half, reflecting anticipated production profiles at Candelaria, Tocantinzinho, Côté Gold, Greenstone and Valentine. The outlook also includes anticipated deliveries from processing stockpiled ore at Cobre Panamá. Franco-Nevada expects stream deliveries from Cobre Panamá to total 23,100 gold ounces and 265,000 silver ounces in 2026, with deliveries expected to begin in the third quarter. 

We expect GEOs sold in the third quarter of 2026 to have been higher than the year-ago 125,115 GEOs sold. Higher GEOs and prices are expected to contribute to FNV’s third-quarter results. 

Lundin Mining has an Earnings ESP of +3.25% and a Zacks Rank of 3 at present. It is scheduled to release third-quarter 2026 results on Nov. 4.

The Zacks Consensus Estimate for Lundin Mining’s third-quarter earnings is pegged at 29 cents per share, indicating a 61% increase from the year-ago quarter. The estimate has remained unchanged over the past 30 days. LUNMF has an average earnings surprise of 13.8% in the trailing four quarters.

Lundin Mining produced 76,877 tons of copper in the second quarter of 2026, which was down 1% year over year. The company also produced 33,427 ounces of gold in the second quarter of 2026, a 12% decline. Strong contributions from Caserones and improved recoveries at Chapada were offset by lower output at Candelaria due to planned mine sequencing adjustments.

During the quarter, mining activities were primarily focused on Phase 6, with some contribution from Phase 7. Copper concentrate production continued to benefit from high grades in Phase 6 and strong throughput from Full Potential program initiatives, which focus on sustainable operational efficiencies and financial savings. Additional irrigated area in the dump leach continues to benefit copper cathode production. This is expected to have led to higher production figures for the third quarter of 2026. However, lower output at Candelaria due to weather disruptions is expected to have negated some of the impact.

OR Royalties has an Earnings ESP of +9.43% and a Zacks Rank of 2 at present. It is scheduled to release third-quarter 2026 results on Nov. 11.

The Zacks Consensus Estimate for OR Royalties’ third-quarter 2026 earnings is 27 cents per share, indicating a 22.7% year-over-year increase. The estimate has moved up 4% over the past 30 days. OR has an average earnings surprise of 9.98% in the trailing four quarters.

The company reported preliminary third-quarter GEO Deliveries. OR Royalties earned 20,237 attributable GEOs in the third quarter of 2026 compared with 20,326 in the third quarter of 2025. OR Royalties reported preliminary revenues from royalties and streams of $90.2 million during the third quarter, higher than $71.6 million in the year-ago quarter, mainly driven by higher prices. 

Preliminary cost of sales (excluding depletion) was $2.9 million, resulting in a quarterly cash margin of approximately $87.3 million or 96.8%. In the year-ago quarter, cost of sales excluding depletion was $2.37 million and cash margin was $69.3 million or 96.7%.

Wheaton Precious Metals has an Earnings ESP of +1.66% and a Zacks Rank of 3 at present. It is expected to release third-quarter 2026 results on Nov. 5.

The Zacks Consensus Estimate for WPM’s third-quarter 2026 earnings is $1.13 per share, indicating an 82.3% year-over-year increase. The estimate has moved up 1% over the past 30 days. WPM has an average earnings surprise of 12.8% in the trailing four quarters.

Wheaton Precious Metals is likely to have delivered a strong performance in the third quarter of 2026, building on the robust momentum seen in the second quarter of the year.  The company projects an attributable production of 860,000-940,000 GEOs for 2026. The midpoint of the range indicates a 30% year-over-year increase. The company expects production to be weighted to the second half, helped by mine sequencing at Salobo and Peñasquito, the full Antamina contribution and continued ramp-up of newer assets.

Our model projects WPM’s total attributable production of 226,771 GEOs for the third quarter of 2026, indicating an 11.5% year-over-year increase. The total figure includes attributable gold production of 98,177 ounces, which projects a 1.8% year-over-year decline. Our model projects gold sales for the third quarter at 78,423 ounces, indicating a 0.7% dip. Our model projects 7.4 million ounces of total attributable silver production (up 24.1% year over year). Silver sales volume is expected to be 6.27 million ounces, suggesting a 31.6% year-over-year increase. 

Gold sales for the quarter are expected at $333 million, 21.3% higher year over year, as higher prices are expected to have offset the modest decline in volumes. Silver sales are projected to surge 141% year over year to $454 million, on higher volumes and prices. 

In the latest trading session, Freeport-McMoRan (FCX - Free Report) closed at $69.60, marking a -3.89% move from the previous day. The stock trailed the S&P 500, which registered a daily loss of 1.11%. Meanwhile, the Dow experienced a drop of 0.09%, and the technology-dominated Nasdaq saw a decrease of 1.88%.

The mining company's stock has climbed by 4.38% in the past month, exceeding the Basic Materials sector's loss of 5.96% and the S&P 500's gain of 2.06%.

Market participants will be closely following the financial results of Freeport-McMoRan in its upcoming release. The company plans to announce its earnings on October 27, 2026. The company's upcoming EPS is projected at $0.75, signifying a 50.00% increase compared to the same quarter of the previous year. At the same time, our most recent consensus estimate is projecting a revenue of $7.09 billion, reflecting a 1.64% rise from the equivalent quarter last year.

For the full year, the Zacks Consensus Estimates are projecting earnings of $2.9 per share and revenue of $29.07 billion, which would represent changes of +63.84% and +12.16%, respectively, from the prior year.

It is also important to note the recent changes to analyst estimates for Freeport-McMoRan. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, the Zacks Consensus EPS estimate has moved 2.85% higher. Freeport-McMoRan currently has a Zacks Rank of #3 (Hold).

From a valuation perspective, Freeport-McMoRan is currently exchanging hands at a Forward P/E ratio of 24.95. This signifies a discount in comparison to the average Forward P/E of 25.54 for its industry.

Meanwhile, FCX's PEG ratio is currently 0.68. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Mining - Non Ferrous industry currently had an average PEG ratio of 1.29 as of yesterday's close.

The Mining - Non Ferrous industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 167, putting it in the bottom 33% of all 250+ industries.

The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.

It's a good time to be a copper investor. Copper is needed for data centers, and data centers are proliferating across the U.S. Copper is needed for wind turbines, too, and electric vehicles reportedly use up to four times as much copper as traditional cars. The International Energy Agency (IEA) is estimating that global copper demand will jump some 17%, from 26.7 million tonnes in 2024 to 31.3 million tonnes by 2030.

Could investing in a copper-mining company set you up for life? How about Freeport-McMoRan (FCX +3.58%)? It describes itself as "dedicated to positively contributing to society by supplying the world with copper -- Responsibly, Reliably and Relentlessly." It sports a portfolio of long-lived copper assets around the world. (It also produces gold and molybdenum, but its primary focus is on copper.)

Image source: Getty Images.

Indeed, its portfolio features the Grasberg mine in Indonesia -- the world's second-largest copper mine and largest gold mine. In 2025, Freeport-McMoRan produced 3.4 billion pounds of copper, accounting for about 70% of U.S. refined copper production.

Premium Feature

Moneyball Superscore

68/100

Today's Change

(

3.58

%) $

2.55

Current Price

$

73.69

It clearly looks like a great buy, right? Well, maybe not. Its valuation is on the steep side. Its price-to-earnings (P/E) ratio was recently 35, well above the five-year average of 22, and its price-to-sales ratio of 4.0 was also well above the five-year average of 2.6. It's smart to buy into healthy and growing companies, but you don't want to do so at a high price.

I would be careful about investing in the company at recent levels. The more overvalued a stock is, the less likely it is to set you up for life.

You might instead add it to your watch list, waiting for a pullback -- because it does seem like demand for copper is growing, and copper specialists should profit from that. Or maybe start a small position in it if you're really bullish on it. (There are other copper-related companies to learn about and consider.)

Consider copper-focused exchange-traded funds (ETFs), too -- such as the Global X Copper Miners ETF, which encompasses 40 companies, including Freeport-McMoRan.

Selena Maranjian has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

Freeport-McMoRan (FCX - Free Report) ended the recent trading session at $71.14, demonstrating a -1% change from the preceding day's closing price. This change lagged the S&P 500's daily loss of 0.47%. At the same time, the Dow added 0.1%, and the tech-heavy Nasdaq lost 1.25%.

The stock of mining company has fallen by 5.73% in the past month, leading the Basic Materials sector's loss of 9.59% and undershooting the S&P 500's gain of 1.15%.

The upcoming earnings release of Freeport-McMoRan will be of great interest to investors. The company's earnings report is expected on October 27, 2026. It is anticipated that the company will report an EPS of $0.73, marking a 46% rise compared to the same quarter of the previous year. Simultaneously, our latest consensus estimate expects the revenue to be $7.05 billion, showing a 1.11% escalation compared to the year-ago quarter.

Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $2.9 per share and revenue of $28.76 billion, indicating changes of +63.84% and +10.96%, respectively, compared to the previous year.

Investors should also take note of any recent adjustments to analyst estimates for Freeport-McMoRan. These revisions help to show the ever-changing nature of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.

Based on our research, we believe these estimate revisions are directly related to near-term stock moves. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.

The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 1.6% upward. Freeport-McMoRan currently has a Zacks Rank of #3 (Hold).

Valuation is also important, so investors should note that Freeport-McMoRan has a Forward P/E ratio of 24.81 right now. This signifies a discount in comparison to the average Forward P/E of 25.17 for its industry.

Investors should also note that FCX has a PEG ratio of 0.69 right now. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Mining - Non Ferrous industry currently had an average PEG ratio of 0.95 as of yesterday's close.

The Mining - Non Ferrous industry is part of the Basic Materials sector. Currently, this industry holds a Zacks Industry Rank of 223, positioning it in the bottom 10% of all 250+ industries.

The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.

Looking for a stock that has been consistently beating earnings estimates and might be well positioned to keep the streak alive in its next quarterly report? Freeport-McMoRan (FCX - Free Report) , which belongs to the Zacks Mining - Non Ferrous industry, could be a great candidate to consider.

This mining company has seen a nice streak of beating earnings estimates, especially when looking at the previous two reports. The average surprise for the last two quarters was 20.32%.

For the last reported quarter, Freeport-McMoRan came out with earnings of $0.74 per share versus the Zacks Consensus Estimate of $0.62 per share, representing a surprise of 19.35%. For the previous quarter, the company was expected to post earnings of $0.47 per share and it actually produced earnings of $0.57 per share, delivering a surprise of 21.28%.

Price and EPS Surprise

Thanks in part to this history, there has been a favorable change in earnings estimates for Freeport-McMoRan lately. In fact, the Zacks Earnings ESP (Expected Surprise Prediction) for the stock is positive, which is a great indicator of an earnings beat, particularly when combined with its solid Zacks Rank.

Our research shows that stocks with the combination of a positive Earnings ESP and a Zacks Rank #3 (Hold) or better produce a positive surprise nearly 70% of the time. In other words, if you have 10 stocks with this combination, the number of stocks that beat the consensus estimate could be as high as seven.

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a version of the Zacks Consensus whose definition is related to change. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Freeport-McMoRan currently has an Earnings ESP of +6.90%, which suggests that analysts have recently become bullish on the company's earnings prospects. This positive Earnings ESP when combined with the stock's Zacks Rank #3 (Hold) indicates that another beat is possibly around the corner. We expect the company's next earnings report to be released on October 27, 2026.

When the Earnings ESP comes up negative, investors should note that this will reduce the predictive power of the metric. But, a negative value is not indicative of a stock's earnings miss.

Many companies end up beating the consensus EPS estimate, but that may not be the sole basis for their stocks moving higher. On the other hand, some stocks may hold their ground even if they end up missing the consensus estimate.

Because of this, it's really important to check a company's Earnings ESP ahead of its quarterly release to increase the odds of success. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

When it comes to mining stocks, all that glitters is not always gold. Sometimes it is copper.

Driven by accelerating electrification, power grid expansions, electric vehicles, and AI data center infrastructure, global copper supply has remained extremely tight. Realized copper prices have climbed significantly, directly boosting revenue and operating cash flows for Freeport-McMoRan (FCX +1.50%) and BHP Group (BHP +0.30%), two of the world's largest copper mining companies.

The two stocks are both up more than 36% so far this year, tripling the S&P 500's average return of roughly 12%. Here are three reasons why both mining companies remain good investments despite their higher valuations compared to most of their competitors.

Image source: Getty Images.

They are two of the largest copper suppliers Copper is essential to every major global energy transition initiative, from power distribution and renewable energy to electric vehicle (EV) charging and artificial intelligence (AI) hardware. Developing new primary copper mines now takes 10 to 15 years due to permitting, lower ore grades, and escalating capital costs.

These two companies are the two largest publicly traded copper producers in the world. Freeport is a pure-play primary copper producer, offering direct operating leverage from rising prices. In the second quarter, the Phoenix-based miner produced 786 million pounds of copper and sold 710 million pounds of the metal.

BHP is based in Melbourne, Australia. In its fiscal 2026, which ended June 30, it produced more than 2 million tons of copper for the second straight year, making it the world's largest copper producer. The company controls Tier-1 long-life copper assets, including the Escondida project in Chile, the world's largest copper mine. It continues expanding its copper pipeline to increase its revenue share from energy transition metals.

Premium Feature

Moneyball Superscore

85/100

Today's Change

(

0.30

%) $

0.26

Current Price

$

86.33

They're built to last with strong balance sheets Freeport has prioritized share buybacks and low-capital brownfield expansion projects, such as improvements in leaching technology, to recover copper from existing waste piles. The company said that new applications, including data analytics and leaching processes, were responsible for 47 million pounds of copper in the quarter and 101 million pounds in the first six months of 2026.

Freeport said it realized sales of $6.17 per pound for copper, with average unit net cash costs of $1.97 per pound. The company has only $2.1 billion in net debt and $3.1 billion in cash.

BHP reported $58.8 billion in revenue in fiscal 2026, up 15%, and a 27% rise in underlying earnings to $32.9 billion, with copper contributing more than half of its earnings for the first time. Net debt fell to $8.7 billion from $12.9 billion a year earlier. It saw realized sales of copper increase by 35% to $5.74 per pound, and copper production costs decreased by 10% to $1.07 per pound.

They're shareholder-friendly BHP has a stellar dividend that yields around 4% at its current share price. It has raised its dividend in the past two years. Freeport-McMoRan's dividend yields around 0.43% at its current share price, and it has remained unchanged since 2020. However, it returned $200 million through share repurchases in the first half of 2026, meaning that, including dividends, it returned $600 million to investors.

Premium Feature

Moneyball Superscore

70/100

Today's Change

(

1.50

%) $

1.08

Current Price

$

73.12

I like both stocks, but lean toward BHP BHP has a better dividend and greater diversity, with revenue streams beyond pure copper, including low-cost iron ore and the upcoming Jansen potash project. This positions the company for long-term global food security trends alongside clean energy.

Freeport offers organic growth optionality through low-cost leaching technologies and large-scale, long-term North American copper development projects. It is more focused on copper, which can be a liability, but it also provides greater exposure to a metal that's expected to more than double in price by 2030.

While both miners face local regulatory scrutiny, BHP's copper production is heavily weighted toward premier, low-risk Tier-1 mining jurisdictions, principally Australia and Chile. A substantial portion of Freeport's long-term production and earnings relies on Indonesia, which faces greater political instability.

The artificial intelligence industry continues to grow at double-digit rates. To support this growth, AI companies are building massive amounts of data center infrastructure. This infrastructure is energy-intensive, and the current grid isn't big enough to support the AI industry's long-term needs. In short, more electricity generation capacity will be needed.

Ramping up electricity production and transmission capabilities, however, also requires substantial resources. Copper is near the top of that list.

"[C]opper is essential for the generation, transmission, and use of electricity. But the demand for copper will outrun supply unless there is major adjustment across the copper supply system," warns research from S&P Global. "Copper is the connective artery linking physical machinery, digital intelligence, mobility, infrastructure, communication, and security systems. All of this has made the future availability of the metal a matter of strategic importance."

Given this, S&P Global predicts a surge of interest in copper over the coming years and decades. The firm believes the "explosive growth of AI and data centers has introduced a new, rapidly expanding vector of copper demand." Rising AI adoption, S&P Global concludes, will kick-start a "transformative trajectory for copper demand."

How can investors profit from rising copper demand? There are two obvious investment opportunities.

Premium Feature

Moneyball Superscore

69/100

Today's Change

(

3.98

%) $

2.76

Current Price

$

72.04

1. Copper mining stocks The most direct way to expose your portfolio to rising copper demand is by purchasing copper mining stocks. Freeport-McMoRan (FCX +3.98%), for example, is the largest publicly traded mining company focused mostly on copper. Copper accounts for roughly 75% of Freeport's total revenue. Gold and molybdenum make up the majority of the remaining quarter.

The logic here is simple. Copper miners like Freeport make money by digging up copper ore and selling the ore. If copper prices rise, the value of Freeport's mining assets rises. This alone would raise the stock's intrinsic value, but it would also make it easier for the company to borrow money, issue stock at attractive prices, and potentially acquire weaker competitors. And, of course, Freeport's revenues and profit margins would rise due to higher selling prices.

Just remember that copper's rosy long-term outlook won't prevent short-term shocks.

"Overall, copper prices remain elevated compared with historical averages, but downside macroeconomic risks are largely not fully priced in," research from JP Morgan warns. "As highly cyclical assets geared to manufacturing cycles and end-use consumption in the construction, transportation, utility and white goods sectors, demand for base metals, including copper, is extremely sensitive to global economic growth."

If you take a position in a copper mining stock, it would be best to take a long-term view, potentially adding to your position during market corrections.

Image source: Getty Images.

2. Copper ETFs There is a host of copper ETFs that allow investors to instantly gain diversified exposure to specific segments of the copper market. This way, your portfolio is more exposed to copper upside in general, not the specific execution of a single operator.

The Global X Copper Miners ETF (COPX +3.01%), for example, has more than $7 billion in assets. For an annual fee of around 0.65%, investors will gain exposure to every company in the Solactive Global Copper Miners Total Return Index: a broad index with several dozen holdings designed to track the performance of global stocks involved in the exploration, mining, and refining of copper.

Investors can also gain direct exposure to copper prices through an ETF such as the United States Copper Index Fund (CPER +0.03%). The ETF has an expense ratio of nearly 1%. It also issues a K-1 tax form annually, which may complicate personal tax preparation. And the ETF tracks copper prices using futures contracts, which can often come with some tracking error. But for investors looking to bet on copper itself, not copper miners, this remains an attractive choice.

The final item to note is that the market has already recognized the copper revolution. Copper prices are up 36% over the last 12 months. That performance heavily outpaces broader market indexes. Investors should understand that copper's demand dynamics will play out over many years, and that current market conditions don't necessarily provide the best entry point in recent history.

News Provided by US Metal News on behalf of Yukon Metals Corp.

VANCOUVER, British Columbia, Oct. 01, 2026 (GLOBE NEWSWIRE) -- US Metal News News Commentary - Major gold producers, including Agnico Eagle and Newmont, just reported record quarterly free cash flow, with realized prices above US$4,400 per ounce in the second quarter. For the producers, the question is where the next ounces come from. One answer lies at the exploration stage where early drilling can test potential new discoveries at a relatively low cost.. On Oct. 1, Yukon Metals Corp. (CSE: YMC, FSE: E770, OTCQB: YMMCF) reported its first 2026 assay results from the Birch copper-gold project in Yukon. Companies in the producer backdrop include Agnico Eagle Mines Limited (NYSE: AEM), Newmont Corporation (NYSE: NEM), Kinross Gold Corporation (NYSE: KGC) and Freeport-McMoRan Inc. (NYSE: FCX).

Key Takeaways

Yukon Metals reported 23.5 metres grading 0.48 g/t gold, 0.11% copper and 1.47 g/t silver from 39.5 metres in hole BR26-007 at Birch, a step-out approximately 200 metres east of hole BR25-003.The company says the hole extends the drilled strike length of near-surface mineralized skarn at Birch to approximately 1 kilometre.A narrow deeper interval returned 0.8 metres grading 12.1 g/t gold and 2.84 g/t silver from 261.0 metres, adjacent to a logged fault zone.BR26-007 is the first of six 2026 holes, totalling approximately 2,600 metres, for which assays have been received. Results for the remaining holes are pending.Reported intervals are downhole core lengths, true widths have not been determined, and no metallurgical test work has been completed at Birch. What Yukon Metals Reported

BR26-007 was collared approximately 200 metres east along strike from BR25-003, the easternmost hole of the 2025 program, to test whether the skarn-bearing stratigraphy continued. The company says the hole intersected multiple mineralized horizons in its upper 65 metres. The first, 7.5 metres grading 0.16 g/t gold, 0.04% copper and 1.78 g/t silver from 7.0 metres, sits near the top of the hole. The main interval follows from 39.5 metres: 23.5 metres grading 0.48 g/t gold, 0.11% copper and 1.47 g/t silver.

Inside that interval, 13.5 metres graded 0.71 g/t gold, 0.17% copper and 1.78 g/t silver from 49.5 metres. That includes 1.3 metres grading 4.05 g/t gold, 0.15% copper and 2.45 g/t silver in marble and limestone with chloritized skarn, and 4.2 metres grading 0.82 g/t gold, 0.45% copper and 4.37 g/t silver from 58.8 metres in strongly chlorite-altered skarn with pyrrhotite and chalcopyrite. The company reports copper equivalent grades of 0.58% for the 23.5-metre interval, 0.87% for the 13.5-metre interval and 4.02% for the 1.3-metre interval.

At depth, the hole returned 0.8 metres grading 12.1 g/t gold and 2.84 g/t silver from 261.0 metres within an altered schist-skarn sequence next to a logged fault zone. The company says that association, together with sulphide-bearing veinlets in the surrounding rock, suggests structural controls may also influence mineralization. Higher gold and copper grades in the upper hole correlate with more intense skarn alteration and more sulphide, including logged chalcopyrite and pyrrhotite, and the hole cut numerous porphyritic intermediate intrusive dykes, including immediately above the main shallow package.

"We are pleased that BR26-007 has extended the drilled footprint at Birch to approximately 1 kilometre in length, demonstrating that near-surface skarn gold and copper mineralization continues east along strike," said Jim Coates, CEO of Yukon Metals. "The shallow skarn horizons remain our focus, while the deeper high-grade gold interval, intrusive relationships and mapped intrusion to the south provide additional vectors as we interpret the full 2026 dataset and plan follow-up work."

Reading the Numbers Carefully

The headline interval is modest in grade and wide in length, which is the typical profile of a near-surface skarn system, while the 12.1 g/t gold interval is high in grade and only 0.8 metres long. Both facts belong in the same sentence. The company has not determined true widths, and it has not defined a mineral resource at Birch.

Copper equivalent figures also depend on assumptions. The company calculated them using US$4.00 per pound copper, US$3,000 per ounce gold and US$40 per ounce silver, with assumed recoveries of 92% for copper, 80% for gold and 60% for silver based on a review of comparable projects. No metallurgical test work has been completed at Birch. For context, the producers discussed below reported realized gold prices of US$4,414 to US$4,487 per ounce in the second quarter, above the gold price in the company's copper equivalent formula. That is a comparison of assumptions, not a statement about project economics, which have not been studied.

Birch in Context

Birch is a 7,000-hectare, 100%-owned property in western Yukon, approximately 65 kilometres northeast of Burwash Landing, accessed by helicopter. The company's 2025 program tested a gold-copper soil anomaly measuring 1.4 kilometres long and up to 400 metres wide and confirmed a mineralized skarn system in interlayered schist and marble cut by multiple phases of intrusive dykes. BR25-003 intersected 47.4 metres grading 0.43 g/t gold from 26.6 metres, and BR26-007 now extends mineralized skarn a further 200 metres east.

The 2026 program included approximately 2,600 metres of diamond drilling in six holes, 12.7 line-kilometres of induced polarization surveying, and mapping and prospecting around an intrusive body approximately 2 kilometres south of the drill area. On Sept. 15 the company reported new IP targets 2 kilometres south of the Birch skarn discovery. In June it closed a C$13 million financing. Results from the remaining 2026 holes will be released as assays are received and pass the company's QA/QC procedures. Samples were analyzed by SGS Canada Inc. in Burnaby, British Columbia, with control samples making up approximately 10% of submissions.

The Producer Backdrop

Agnico Eagle Mines Limited (NYSE: AEM) reported on July 29 second quarter payable gold production of 855,816 ounces at an all-in sustaining cost of US$1,459 per ounce and a realized gold price of US$4,483 per ounce. Record quarterly free cash flow reached US$1,335 million, or US$2.66 per share, and the company returned US$625 million to shareholders. It raised full-year capital expenditure guidance to US$2.6 billion to US$2.8 billion, citing construction approval at Hope Bay, and said production is expected near the lower end of its 3.3 million to 3.5 million ounce range because of rock mass movement in the Barnat pit at Canadian Malartic.

Newmont Corporation (NYSE: NEM) reported on July 23 attributable gold production of 1.3 million ounces at an all-in sustaining cost of US$1,621 per ounce and a realized price of US$4,414 per ounce. Record free cash flow was US$2.2 billion, the company held US$9.0 billion in cash, and it said it remains on track to meet full-year guidance of 5.3 million ounces.

Kinross Gold Corporation (NYSE: KGC) reported on July 29 production of 492,326 attributable gold equivalent ounces at an attributable all-in sustaining cost of US$1,821 per ounce and a realized price of US$4,487 per ounce. Attributable free cash flow was US$726.8 million, cash and equivalents were US$2.7 billion with US$1.9 billion in net cash, and the company repurchased US$230 million of shares in the quarter. It said it remains on track for its 2026 production guidance of 2.0 million attributable gold equivalent ounces.

Freeport-McMoRan Inc. (NYSE: FCX) gives the copper-gold view. For the second quarter it reported net income of US$984 million, copper sales of 710 million pounds and gold sales of 123 thousand ounces, with consolidated unit net cash costs of US$1.97 per pound of copper and operating cash flow of US$2.048 billion, per its second quarter results. Its full-year 2026 outlook is approximately 3.1 billion pounds of copper and 650 thousand ounces of gold, and results continued to reflect idle facility costs of US$284 million tied to the September 2025 mud rush incident at its Indonesian operations.

The scale gap is the point of including them. These are producers with operating mines, reserves and billions of dollars in cash flow. Yukon Metals is an exploration company with a single hole of new assays and no defined resource, and its results are not comparable to theirs in any financial sense.

What to Watch Next

The company's own next steps are the assays from the remaining 2026 holes, interpretation of the full drilling, IP, mapping and prospecting dataset, and follow-up work around the deeper gold interval, the intrusive relationships and the intrusion mapped to the south. The company has not said when remaining results will arrive beyond releasing them as assays are received and validated.

Investors should weigh these results in context. This is a single hole in an early-stage exploration program, and the headline grades are modest. Reported intervals are downhole lengths and true widths are not yet known. The highest-grade interval is 0.8 metres long. No mineral resource has been defined, no metallurgical work has been done, and, like all exploration companies, Yukon Metals depends on continued access to capital to advance drilling.

Track the Signals Before the Crowd

The best positioning happens before the crowd catches on. Eagle Eye is a real-time investor signal-intelligence platform that surfaces sentiment shifts, news flow, and trending tickers as they form, so you see attention building instead of chasing it. Watch it live at eagle-eye.dev.

Article Source: Yukon Metals Intersects 23.5 Metres of 0.48 G/T Gold and 0.11% Copper Near Surface, Yukon Metals Corp., GlobeNewswire, Oct. 1, 2026.

Contact Information: US Metal News

Media Contact: [email protected]

Disclaimer

Nothing in this publication should be considered personalized financial advice. We are not licensed under securities laws to address your particular financial situation, and no communication from us should be deemed personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor a recommendation to buy or sell any security. We hold no investment licenses and are neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances.

This article is being distributed by US Metal News, which is wholly owned and operated by Market Equities Limited ("MEL"), a company incorporated under the laws of Ireland. MEL has been paid a fee directly by Yukon Metals Corp. for Yukon Metals Corp. advertising and digital media services. MEL also expects to receive further compensation as part of an ongoing digital media effort to increase visibility for the company. No further notice will be given, but let this disclaimer serve as notice that all material, including this article, has been reviewed and approved by Yukon Metals Corp. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged not to use this publication as the basis for any investment decision.

Market Equities and its owners, operators, directors, and affiliates do not currently own any shares of Yukon Metals Corp., but reserve the right to buy, sell, or hold shares of Yukon Metals Corp. at any time without further notice, commencing immediately and ongoing, in the open market, through private placements, and/or through other investment vehicles. There may also be third parties who hold shares of Yukon Metals Corp. and may liquidate their shares, which could have a negative effect on the price of the stock.

While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in this publication is not trustworthy unless verified by their own independent research. Because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful. Investing in securities carries a high degree of risk, and you may lose some or all of your investment.

Cautionary Note Regarding Exploration Results. Technical statements in this article about the Birch project are drawn from Yukon Metals Corp.'s news release of Oct. 1, 2026 and have not been independently verified by us. The technical content of that release was reviewed and approved by Helena Kuikka, P.Geo., VP Exploration for Yukon Metals Corp. and a Qualified Person under National Instrument 43-101. Ms. Kuikka is an officer of the company and is not independent. Yukon Metals Corp. has not defined any mineral resource or mineral reserve at Birch. Reported intervals are downhole core lengths and true widths have not been determined. Selected intercepts may not be representative of the project as a whole. Copper equivalent values are calculated by the company using stated metal prices and assumed recoveries, and no metallurgical test work has been completed. Exploration results do not establish that a mineral deposit is economically viable. Investors should review the company's disclosure at yukonmetals.com and its filings on SEDAR+ at sedarplus.ca.

Cautionary Note Regarding Forward-Looking Statements. This article contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements about exploration plans, the release and interpretation of pending assay results, follow-up work and the potential of the Birch project. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially, including exploration risk, assay and interpretation risk, commodity price volatility and access to financing. Readers should not place undue reliance on them, and we undertake no obligation to update them except as required by law.

Referenced Companies. References to Agnico Eagle Mines Limited (NYSE: AEM), Newmont Corporation (NYSE: NEM), Kinross Gold Corporation (NYSE: KGC) and Freeport-McMoRan Inc. (NYSE: FCX) are provided solely as market and sector context. Those companies are not peers, competitors, or financial comparables of Yukon Metals Corp., differ substantially from it in size, stage and capitalization, are not involved in the preparation of this article, and their results are not indicative of Yukon Metals Corp.'s prospects. No partnership, affiliation, or endorsement is implied.

Eagle Eye Disclosure. Eagle Eye is an investor signal-intelligence platform affiliated with the publisher of this article, and this reference constitutes promotion of an affiliated product. Eagle Eye is not a broker-dealer, and nothing in the platform or in this article is financial, investment, tax, or legal advice. Data provided on the platform is for informational purposes only and may be delayed. Always do your own research before making any investment decision.

This document is governed by the laws of Ireland.

SOURCE US Metal News

Key Takeaways FCX is advancing expansion projects in Chile, Arizona and Indonesia to boost copper capacity and output.Freeport's organic growth pipeline positions itself well to benefit from future demand growth.Estimates for 2026 and 2027 for FCX point to 59.3% and 33.2% growth, trending higher over the past 60 days Freeport-McMoRan Inc. (FCX - Free Report) remains committed to disciplined execution and the development of its organic growth projects. The company’s expansion efforts are designed to enhance production capacity, supported by solid financial strength.

FCX has opportunities for a large-scale expansion at El Abra in Chile to define a large sulfide resource that could potentially support a major mill project similar to the large-scale concentrator at Cerro Verde, with an estimated resource of approximately 20 billion recoverable pounds of copper.  The expansion is expected to result in the addition of more than 700 million pounds of copper production annually.

In Arizona, FCX is progressing with pre-feasibility studies at its Safford/Lone Star operations, with completion targeted for 2026, to assess a sizable sulfide expansion opportunity. It has expansion opportunities at Bagdad in Arizona that can more than double the concentrator capacity of the operation. Technical and economic studies have revealed the potential to build concentrating facilities to boost copper production by 200-250 million pounds annually.

PT Freeport Indonesia (PT-FI) is developing the Kucing Liar ore body within the Grasberg district with a targeted ramp-up expected to commence in 2030. Studies completed by FCX in 2025 show an opportunity to increase Kucing Liar’s design capacity to 130,000 metric tons of ore per day and reserves by roughly 20% at low costs.

     FCX’s organic growth pipeline, designed to expand capacity and output, positions it well to benefit from future demand growth. Effective execution of these projects will strengthen its ability to drive shareholder value.

Among FCX’s peers, Southern Copper Corporation (SCCO - Free Report) has a strong pipeline of world-class copper greenfield projects and various other promising opportunities. Southern Copper continues to build its presence in Peru as the country is the second-largest producer of copper. The company’s key growth catalysts include the Tía María, Los Chancas and Michiquillay projects in Peru, along with El Pilar in Mexico, all of which underpin SCCO’s long-term expansion pipeline.

BHP Group Limited (BHP - Free Report) continues to reshape its portfolio toward commodities such as copper and potash, allocating a meaningful portion of its medium-term capital expenditure to these areas. This strategy positions BHP to benefit from decarbonization, electrification, population growth and rising living standards in emerging markets. BHP has copper projects under execution and a pipeline that could deliver around two Mtpa of attributable copper production by the 2030s. It is planning an Escondida New Concentrator project with a potential $4.4-$5.9 billion investment to replace the aging Los Colorados plant. BHP has approved a pre-commitment funding of $0.5 billion (BHP’s share) for the concentrator, which is expected to have a higher production capacity and add 230-270 kt of copper annually.

The Zacks Rundown for FCXShares of Freeport-McMoRan have jumped 101.6% in the past year compared with the Zacks Mining - Non Ferrous industry’s growth of 62.1%.

Image Source: Zacks Investment Research

From a valuation standpoint, FCX is currently trading at a forward 12-month earnings multiple of 20.55, a 9.6% discount to the industry average of 22.74X. It carries a Value Score of C.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for FCX’s 2026 and 2027 earnings implies a year-over-year rise of 59.3% and 33.2%, respectively. The EPS estimates for 2026 and 2027 have been trending higher over the past 60 days.

Image Source: Zacks Investment Research

Freeport-McMoRan (FCX - Free Report) has recently been on Zacks.com's list of the most searched stocks. Therefore, you might want to consider some of the key factors that could influence the stock's performance in the near future.

Shares of this mining company have returned -7% over the past month versus the Zacks S&P 500 composite's +1.3% change. The Zacks Mining - Non Ferrous industry, to which Freeport-McMoRan belongs, has lost 3.9% over this period. Now the key question is: Where could the stock be headed in the near term?

While media releases or rumors about a substantial change in a company's business prospects usually make its stock 'trending' and lead to an immediate price change, there are always some fundamental facts that eventually dominate the buy-and-hold decision-making.

Revisions to Earnings EstimatesRather than focusing on anything else, we at Zacks prioritize evaluating the change in a company's earnings projection. This is because we believe the fair value for its stock is determined by the present value of its future stream of earnings.

We essentially look at how sell-side analysts covering the stock are revising their earnings estimates to reflect the impact of the latest business trends. And if earnings estimates go up for a company, the fair value for its stock goes up. A higher fair value than the current market price drives investors' interest in buying the stock, leading to its price moving higher. This is why empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

Freeport-McMoRan is expected to post earnings of $0.73 per share for the current quarter, representing a year-over-year change of +46%. Over the last 30 days, the Zacks Consensus Estimate has changed +0.8%.

For the current fiscal year, the consensus earnings estimate of $2.82 points to a change of +59.3% from the prior year. Over the last 30 days, this estimate has changed +1.3%.

For the next fiscal year, the consensus earnings estimate of $3.76 indicates a change of +33.2% from what Freeport-McMoRan is expected to report a year ago. Over the past month, the estimate has changed +0.7%.

With an impressive externally audited track record, our proprietary stock rating tool -- the Zacks Rank -- is a more conclusive indicator of a stock's near-term price performance, as it effectively harnesses the power of earnings estimate revisions. The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #3 (Hold) for Freeport-McMoRan.

The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:

12 Month EPS

Revenue Growth ForecastWhile earnings growth is arguably the most superior indicator of a company's financial health, nothing happens as such if a business isn't able to grow its revenues. After all, it's nearly impossible for a company to increase its earnings for an extended period without increasing its revenues. So, it's important to know a company's potential revenue growth.

In the case of Freeport-McMoRan, the consensus sales estimate of $7.07 billion for the current quarter points to a year-over-year change of +1.4%. The $28.64 billion and $33.26 billion estimates for the current and next fiscal years indicate changes of +10.5% and +16.1%, respectively.

Last Reported Results and Surprise HistoryFreeport-McMoRan reported revenues of $7.03 billion in the last reported quarter, representing a year-over-year change of -7.3%. EPS of $0.74 for the same period compares with $0.54 a year ago.

Compared to the Zacks Consensus Estimate of $6.47 billion, the reported revenues represent a surprise of +8.57%. The EPS surprise was +19.35%.

The company beat consensus EPS estimates in each of the trailing four quarters. The company topped consensus revenue estimates each time over this period.

ValuationNo investment decision can be efficient without considering a stock's valuation. Whether a stock's current price rightly reflects the intrinsic value of the underlying business and the company's growth prospects is an essential determinant of its future price performance.

Comparing the current value of a company's valuation multiples, such as its price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), to its own historical values helps ascertain whether its stock is fairly valued, overvalued, or undervalued, whereas comparing the company relative to its peers on these parameters gives a good sense of how reasonable its stock price is.

The Zacks Value Style Score (part of the Zacks Style Scores system), which pays close attention to both traditional and unconventional valuation metrics to grade stocks from A to F (an A is better than a B; a B is better than a C; and so on), is pretty helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.

Freeport-McMoRan is graded C on this front, indicating that it is trading at par with its peers. Click here to see the values of some of the valuation metrics that have driven this grade.

Bottom LineThe facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about Freeport-McMoRan. However, its Zacks Rank #3 does suggest that it may perform in line with the broader market in the near term.

With the price of copper continuing to trade near record highs, the question turns to which copper miners are best placed to take advantage of it. One answer is Freeport-McMoRan (FCX +0.87%), and based on recent developments, the case for the stock is getting stronger. Here's why.

Not just a demand issue The narrative around the company and copper miners in general centers on the demand side. That's understandable given the crucial role of industrial metals in supporting the electrification-of-everything megatrend, which includes renewable energy, electric vehicles, AI data centers, industrial automation, and the power grid and transmission networks that enable their growth.

The demand-side story is exciting, but as ever with commodities, it's important to consider the supply side, and the good news is that the investment case for copper and Freeport-McMoRan stock only gets stronger when you do.

Premium Feature

Moneyball Superscore

68/100

Today's Change

(

0.87

%) $

0.62

Current Price

$

72.16

The supply-side story for copper According to an S&P Global report, "Copper in the Age of AI," copper supply growth faces challenges due to a combination of declining ore grades, increasing complexity and cost of extraction, difficulty in acquiring permits, environmental activism, political interference, and very long lead times to bring an unmined greenfield site into production. According to the report, a risk-adjusted analysis of the supply and demand situation indicates that "mined supply falls short of projected demand by roughly 10 million metric tons of copper by 2040."

That kind of supply deficit implies long-term upward pressure on prices. Still, potentially higher pricing is one thing, but investors need to see that the stock they are investing in can expand supply to take advantage of that demand.

Freeport-McMoRan's supply expansion opportunities Listening in on Chief Executive Officer Kathleen Quirk's recent presentation at the Morgan Stanley Annual Laguna Conference, it's clear the company has three major opportunities to expand production in the coming years. The first is its low-cost leaching initiative. Leaching involves recovering copper from already-mined ore, and Quirk confirmed it is currently recovering 200 million pounds of copper per year through the initiative. She also said Freeport aimed to reach a run rate of 300 million pounds per year by the end of the year, with a long-term target of 800 million pounds per year.

These numbers matter because they represent a significant percentage of its current copper production targets: 3.1 million pounds in 2026 and 3.8 million pounds in 2027. They also matter because the net cash cost of leaching is far lower than the company's current over net cash cost (excluding credits and costs for idle facilities and restoration), which is expected to be $1.90 per pound for copper in 2026.

Image source: Getty Images.

Quirk noted that the 200 million pounds per year of copper produced from leaching "has been, incrementally, a cost of less than $1" per pound. This compares favorably with the current unit net cash cost of $2.94 in the U.S. and $2.48 in South America. Freeport's copper production at Grasberg, Indonesia, has a unit net cash credit of $0.81 per pound, which is attributable to the mine's significant gold production.

It also compares favorably with the current copper price of about $6.70 per pound.

Grasberg recovery The second growth opportunity comes from the ongoing recovery of production in Grasberg following a major mudslide event in September 2025. Quirk expects Grasberg to be at "roughly 65% of capacity in the second half of this year," and at full capacity "by the end of '27." These assumptions are likely baked into management's forecast to hit 4.1 million pounds of copper production in 2028 from 3.1 million in 2026.

Brownfield expansion The company has brownfield expansion opportunities in existing mines. It's developing an underground mine (Kucing Liar, which is part of the Grasberg complex), which it expects to ultimately produce 750 million pounds of copper, with production starting about 2030. It's also working on a potential brownfield expansion in Chile and Stafford/Lone Star, Arizona.

Image source: Getty Images.

However, its most imminent decision in 2026 will be over an expansion in Bagdad, Arizona, with an estimated cost of $4.5 billion that could add up to 250 million pounds of copper per year in three to four years.

A stock to buy The combination of low-cost supply expansions from leaching, a recovery in production in Grasberg, Indonesia, and brownfield expansions implies Freeport-McMoRan can expand production over the long term -- an excellent outcome if copper prices are heading higher over time.

Freeport-McMoRan (NYSE:FCX) is pursuing growth through U.S. brownfield expansions, technology investments and the recovery of its Grasberg mine in Indonesia, President and CEO Kathleen Quirk said during a Morgan Stanley conference discussion.

Quirk said copper remains the company’s central focus as electrification and related power and energy infrastructure increase demand for the metal. She said the industry faces a constrained supply outlook because major new copper discoveries are rare and greenfield projects can take roughly two decades to develop.

“There is still a lot of copper out there,” Quirk said, but added that miners will need to use innovation to recover more metal from existing operations while contending with higher development costs and inflation. Leaching Technology Targets Stockpile Copper A major element of Freeport’s strategy is expanding copper recovery from previously mined material through leaching technology. Quirk said historical leaching methods may have recovered only about 30% of the copper in ore, while the company is working with new operational techniques, chemical additives and heat to improve recoveries.

Freeport currently produces roughly 200 million pounds annually through its leaching initiative and is targeting a run rate of about 300 million pounds by the end of the year. Quirk said that 300 million-pound level is included in the company’s guidance for next year, while larger gains remain dependent on field results.

The company has two additional chemical additives that showed stronger recovery potential in laboratory testing, Quirk said. Those materials are being manufactured and are expected to arrive late this year and early next year for field deployment. Freeport is also testing heated solutions for injection into stockpiles, based on its view that copper reacts more favorably at higher temperatures.

Quirk said Freeport has about 40 billion pounds of copper in above-ground stockpiles. The company believes the combination of additives and heating could potentially lift annual leach production from 200 million pounds to 800 million pounds over a three- to four-year period, though she stressed that the technology must first be proven in the field.

Because the material has already been mined, Quirk said the incremental cost of producing the first 200 million pounds has been less than $1 per pound. Freeport’s U.S. operations have higher average costs than its international operations because of lower grades and more mature assets, she said. The company has targeted U.S. costs in the $2.50-per-pound range, compared with roughly $3 per pound currently, although energy, diesel, sulfuric acid and supply costs have created headwinds.

Bagdad Expansion Approaches Board Review Quirk also highlighted a potential brownfield expansion at Freeport’s Bagdad mine in Arizona. The mine, which has operated since the 1940s, has reserves that have grown beyond current processing capacity, she said.

The expansion requires a copper price of at least $4 per pound to earn the company’s cost of capital, according to Quirk. Freeport has been evaluating capital-cost inflation, labor availability and construction approaches, including potentially building some components off-site.

Bagdad recently converted its haul-truck fleet to autonomous operations, Quirk said, marking Freeport’s first U.S. site to adopt the technology. The company plans to present its expansion plan to the board later this year and hopes for a positive final investment decision by year-end. If completed, Quirk said the expanded mine would become the second-largest copper mine in the United States and would benefit from greater operating scale.

Grasberg Recovery and Indonesian Smelters In Indonesia, Freeport is recovering from an unprecedented mud rush incident at its Grasberg mine around this time last year. Quirk said the company investigated the event, implemented remedial actions and restarted production first in smaller areas before increasing output at the Grasberg Block Cave earlier this year.

Freeport expects Grasberg to operate at roughly 65% of capacity in the second half of the year and to return to full capacity by the end of 2027. The company is upgrading its materials-handling and rail infrastructure to support operations under varying ore and weather conditions.

Quirk said dry conditions in Indonesia have made mining easier, but have not changed the company’s ramp-up plan. Grasberg produces high-grade copper and gold and has an attractive cost structure, she said.

Freeport has also restarted its newer Indonesian smelter and is now operating two smelters in the country. Quirk said an operational challenge at one smelter had been resolved and the newer facility is proceeding through its startup process.

Tariffs and Capital Allocation On U.S. copper tariffs, Quirk said no government decision has been made regarding potential Section 232 tariffs on copper cathodes. She noted that downstream copper products already face tariffs of as much as 50%, while a prior Commerce recommendation called for a 15% tariff on cathodes beginning in January 2027 and 30% in 2028. That recommendation has not been finalized, she said.

Freeport is currently balanced in U.S. mining and smelting capacity, Quirk said. If the Bagdad expansion moves ahead, the company will evaluate whether additional domestic smelting capacity is warranted as part of an integrated mining, processing and sulfuric-acid system.

Quirk said Freeport’s capital-allocation framework calls for half of available discretionary cash flow to be returned to shareholders and half to be invested in profitable growth. The company has paid a base and special dividend and has restarted share repurchases, while also seeking to fund future projects.

About Freeport-McMoRan (NYSE:FCX) Freeport-McMoRan Inc is a global mining company focused primarily on the exploration, development and production of copper, gold and molybdenum. Copper is its principal product and is used in electrical wiring, construction, transportation, industrial equipment and renewable-energy technologies. The company also produces gold as a byproduct of its copper operations and molybdenum, an alloying metal used in steelmaking and other industrial applications.

Freeport-McMoRan operates major mining and processing assets in North America, South America and Indonesia.

Toronto, Ontario--(Newsfile Corp. - September 17, 2026) - C3 Metals Inc. (TSXV: CCCM) (OTCQB: CUAUF) ("C3 Metals" or the "Company") is pleased to announce that its geophysics contractor has completed the new drone magnetic and gravity surveys at its 100%-owned Khaleesi copper project ("Khaleesi" or "the Project") in southern Peru (see press release dated June 24, 2026).

High-resolution unmanned aerial vehicle (UAV) drone magnetometer and gravity geophysical surveys were initially planned over 900 hectares. Due to the success of the new surveys in identifying multiple coincident magnetic and gravity anomalies, the Company has expanded the surveys by over 65% to 1,500 hectares. Figure 1 shows the initial 900-hectare survey results, and Figure 4 shows the additional 600 hectares where the expanded surveys are underway.

Dan Symons, President and CEO, stated, "To date, the combination of magnetics and gravity has proven extremely valuable at targeting copper mineralization hosted in magnetite skarns that sit below a thin layer of glacial till cover. We embarked on these additional geophysics programs specifically to identify other potential magnetite skarns over a much broader area. This broader survey area generally corresponds to a modified environmental drill permit that we anticipate obtaining during Q4. This new data shows impressive, sizeable anomalies. Drilling is continuing to expand on the known mineralized zone at Khaleesi with a goal of beginning to drill test newly identified targets in Q4."

Khaleesi Geophysical Survey Highlights

A new geophysical survey identified coincident and large-scale magnetic and gravity anomalies beneath the glacial till cover at Khaleesi. Large anomalies are present where recent drilling intersected broad zones of intrusive and skarn hosted copper-gold-molybdenum mineralization (see press releases dated February 26, 2026, April 29, 2026, June 26, 2026 and September 15, 2026).A drone magnetics survey comprised 40 line-kilometres with 50m line spacings. A gravity survey comprised 900 hectares with data collected at 100m spacings. Results include: Multiple northeast-southwest trending coincident magnetic and gravity anomalies that are coincident with the intrusive complex - Ferrobamba Formation contact zone that hosts the copper-gold-molybdenum mineralization (Figure 1). The main skarn zone at Khaleesi correlates well with a strong coincident magnetic and gravity anomaly that measures 500m by 600m. The anomaly extends to the northeast (Figures 1 and 2).A second and potentially larger magnetic and gravity anomaly is partially defined approximately 2km northeast of the Khaleesi main skarn. Recent geological mapping confirms a large-scale magnetite skarn in the area (see Figures 1, 2, and 3).The drone magnetic and gravity surveys have been expanded and are currently underway in the northeast project area with the goal of capturing the extent of this new, large-scale coincident magnetic and gravity anomaly. Geological mapping confirms the presence of magnetite skarn associated with the anomaly (Figures 3 and 4).Cross sections through the 3D magnetic inversion model A-A' and the gravity inversion model B-B' demonstrates the two large scale and deep-rooted magnetic anomalies, including the new prospect to the northeast (Figure 2).Multiple new coincident magnetic and gravity anomalies have been identified to the southwest, south and southeast.

Figure 1. (Left) Drone magnetic plan view showing multiple magnetic anomalies along a northeast-southwest trend and additional new anomalies to the south. (Right) Gravity image showing multiple gravity anomalies along the same northeast-southwest trend and additional new anomalies to the south.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2661/314731_eacc83a854b619ae_001full.jpg

Survey Details

The recently completed drone magnetic and gravity surveys have proven to be an excellent exploration tool to identify blind skarn targets in the project area, which is predominantly covered by a thin layer of glacial till. The data has provided high-resolution magnetic and gravity information that has been inverted to produce 3D block models for each dataset. The block models show geological and structural patterns beneath the 5-50m thick glacial till cover. The anomalies predominantly follow a northeast-southwest trend. This trend is similarly identified and modeled using existing drill data that define zones of copper-gold-molybdenum mineralization. Drill core magnetic susceptibility and specific gravity measurements confirm the model, increasing confidence of the geophysical datasets.

Figure 2. (Top) Cross section through the 3D magnetic inversion model A-A' shows the two large scale and deep-rooted magnetic anomalies at the main Khaleesi drill area and a new prospect approximately 2km to the northeast. (Bottom) Cross section through the 3D gravity inversion model B-B' shows the two large scale and deep-rooted gravity anomalies at main Khaleesi drill area and a new prospect approximately 2km to the northeast.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2661/314731_eacc83a854b619ae_002full.jpg

The 3D magnetic and gravity inversion models show large scale coincident magnetic and gravity anomalies at Khaleesi and at a new prospect 2km to the northeast. The new prospect has outcropping skarn that has been mapped over a 200m by 150m area (Figure 3). The skarn is characterized by massive magnetite replacing dolomite of the Ferrobamba Formation. The partially defined magnetic anomaly near to the new prospect appears to be larger or of similar scale to the magnetic anomaly covering the main Khaleesi skarn zone. This warranted extending the geophysical surveys to cover the new prospect area (Figure 4).

Figure 3: Panorama image showing the Khaleesi Project and the new prospect 2km to the northeast. Geologic mapping has confirmed the presence of magnetite skarn associated with a new, large-scale coincident magnetic and gravity high.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2661/314731_eacc83a854b619ae_003full.jpg

Next Steps

Drilling at Khaleesi has intersected broad zones of intrusive and skarn hosted copper-gold-molybdenum mineralization that remains open to the north, east and west (see press releases dated February 26, 2026, April 29, 2026, June 26, 2026 and September 15, 2026).

Magnetic and gravity datasets have increased targeting confidence by enabling the Company to focus future drilling on testing the northeast-southwest trending mineralized skarn and intrusive complex. This could potentially extend 2km from the original Khaleesi discovery to the new prospect. An amended environmental drill permit (modified DIA) is anticipated in Q4 (Figure 4).

Figure 4. Drone magnetic image over the Khaleesi Project showing the expanded area for the ongoing geophysical surveys in yellow. Note the blue border and the purple dotted border outlines, which represent the current drill permitted area and the modified drill permit area, respectively.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2661/314731_eacc83a854b619ae_004full.jpg

Additionally, surface mapping and soil sampling continues across the broader Khaleesi project area and is expected to be completed in Q4. The Company continues drill testing additional skarn targets and expanding on the known skarn and diorite hosted mineralization. Geometallurgical work is also being planned to identify extraction methods and recoveries for copper, gold, silver, molybdenum and iron.

The Company looks forward to reporting additional geophysical survey and assay results as they become available.

About the Khaleesi Project

The Khaleesi project is located in the Andahuaylas-Yauri Belt in southeastern Peru, home to large copper skarn and porphyry deposits and operating mines such as Las Bambas (MMG), Constancia (Hudbay Minerals), Antapaccay (Glencore), and others (Figure 5).

Figure 5: Regional map showing C3 Metals' mineral concession package in relation to other large-scale operations, development projects and exploration projects.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2661/314731_eacc83a854b619ae_005full.jpg

Khaleesi is located 8km west of the Company's Jasperoide Project, where the Company confirmed 13 skarn prospects along a 28km iron-skarn belt. Montana de Cobre ("MCZ") is the only skarn along the 28km iron-skarn belt that the Company has systematically drill tested to date, yielding a near surface Measured and Indicated Mineral Resource of 51.9 million tonnes at 0.50% total copper and 0.20 g/t gold for 569.1 million pounds of copper and 326,800 ounces of gold.1

The Khaleesi project is situated along a highly favorable limestone-intrusive rock contact zone that bisects the tenement area and trends north-northeasterly. The limestone rock unit is part of the highly receptive Ferrobama Formation, and the intrusive rock comprises the well-known Andahuaylas-Yauri Batholith. At this contact zone is a multiphase intrusive complex that also appears to trend northeast-southwest, that follows and exploits the contact zone, which is mostly covered by a thin layer of glacial till.

ABOUT C3 METALS INC.

C3 Metals Inc. is a mineral exploration company focused on creating substantive value for its shareholders through the discovery and development of large copper and gold deposits. The Company holds approximately 31,000 hectares located in the prolific high-grade Andahuaylas-Yauri Porphyry-Skarn belt of Southern Peru, which contain the Company's Jasperoide and Khaleesi projects. Mineralization at Jasperoide is hosted in a similar geological setting to the nearby major mining operations at Las Bambas (MMG), Constancia (Hudbay) and Antapaccay (Glencore). At Jasperoide, the Company has identified over 13 skarn prospects and an outcropping porphyry system over two parallel 28km belts. The Company has published a maiden resource estimate on the first of these skarn targets, which contained Measured & Indicated Resources of 52Mt at 0.5% copper and 0.2 g/t gold1. The Company is also actively exploring in Jamaica where it has identified 16 porphyry, 40 epithermal and multiple volcanic redbed copper prospects over a 30km strike extent. The Company holds a 100% interest in 17,855 hectares of exploration licenses, of which Freeport-McMoRan Exploration Corporation, a wholly-owned affiliate of Freeport-McMoRan Inc. (NYSE: FCX), has the option on 13,020 hectares to earn up to a 75% interest by funding up to US$75 million of exploration and project related expenditures. The Company also holds a 50% interest in 9,870 hectares in a joint venture with Geophsyx Jamaica Ltd, the largest mineral tenure holder in the country. Barrick Mining Corp. announced on May 1, 2024 that it had entered into an earn-in agreement with Geophysx Jamaica Ltd. on approximately 400,000 hectares of exploration licenses, several of which surround C3 Metals' mineral concessions. Mining is currently the second largest industry in Jamaica, and historical mining dates back to the colonial eras of the 1500s (Spanish) and 1800s (British).

Related Link: www.c3metals.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

QP Statement

Stephen Hughes, P.Geo. is Vice President Exploration and a Director for C3 Metals and is a Qualified Person as defined by National Instrument 43-101. Mr. Hughes has reviewed the technical information in this news release and approves the written disclosure contained herein.

Caution Regarding Forward-Looking Statements

Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. Although such statements are based on reasonable assumptions of the Company's management, there can be no assurance that any conclusions or forecasts will prove to be accurate.

While the Company considers these assumptions to be reasonable based on information currently available, they may prove to be incorrect. Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined, risks relating to variations in grade or recovery rates, risks relating to changes in mineral prices and the worldwide demand for and supply of minerals, risks related to increased competition and current global financial conditions, access and supply risks, reliance on key personnel, operational risks, and regulatory risks, including risks relating to the acquisition of the necessary licenses and permits, financing, capitalization and liquidity risks.

The forward-looking information contained in this release is made as of the date hereof, and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

1 Based on the assumptions and parameters outlined in the NI 43-101 Technical Report titled Jasperoide Copper-Gold Project Cusco Region, Peru dated July 5, 2023.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/314731

Source: C3 Metals Inc.

Ready to Announce with Confidence? Send us a message and a member of our TMX Newsfile team will contact you to discuss your needs.

Contact Us

Battery Stocks Are Heating Up—These 2 ETFs Offer a Safer BetFreeport-McMoRan NYSE: FCX is pursuing growth through U.S. brownfield expansions, technology investments and the recovery of its Grasberg mine in Indonesia, President and CEO Kathleen Quirk said during a Morgan Stanley conference discussion.

Quirk said copper remains the company’s central focus as electrification and related power and energy infrastructure increase demand for the metal. She said the industry faces a constrained supply outlook because major new copper discoveries are rare and greenfield projects can take roughly two decades to develop.

Get Freeport-McMoRan alerts:

Copper’s Record Rally Highlights a Deeper Supply Problem“There is still a lot of copper out there,” Quirk said, but added that miners will need to use innovation to recover more metal from existing operations while contending with higher development costs and inflation.

Leaching Technology Targets Stockpile Copper A major element of Freeport’s strategy is expanding copper recovery from previously mined material through leaching technology. Quirk said historical leaching methods may have recovered only about 30% of the copper in ore, while the company is working with new operational techniques, chemical additives and heat to improve recoveries.

Copper Is the AI Trade No One Priced In—3 Miners With the Most to GainFreeport currently produces roughly 200 million pounds annually through its leaching initiative and is targeting a run rate of about 300 million pounds by the end of the year. Quirk said that 300 million-pound level is included in the company’s guidance for next year, while larger gains remain dependent on field results.

The company has two additional chemical additives that showed stronger recovery potential in laboratory testing, Quirk said. Those materials are being manufactured and are expected to arrive late this year and early next year for field deployment. Freeport is also testing heated solutions for injection into stockpiles, based on its view that copper reacts more favorably at higher temperatures.

Quirk said Freeport has about 40 billion pounds of copper in above-ground stockpiles. The company believes the combination of additives and heating could potentially lift annual leach production from 200 million pounds to 800 million pounds over a three- to four-year period, though she stressed that the technology must first be proven in the field.

Because the material has already been mined, Quirk said the incremental cost of producing the first 200 million pounds has been less than $1 per pound. Freeport’s U.S. operations have higher average costs than its international operations because of lower grades and more mature assets, she said. The company has targeted U.S. costs in the $2.50-per-pound range, compared with roughly $3 per pound currently, although energy, diesel, sulfuric acid and supply costs have created headwinds.

Bagdad Expansion Approaches Board Review Quirk also highlighted a potential brownfield expansion at Freeport’s Bagdad mine in Arizona. The mine, which has operated since the 1940s, has reserves that have grown beyond current processing capacity, she said.

The expansion requires a copper price of at least $4 per pound to earn the company’s cost of capital, according to Quirk. Freeport has been evaluating capital-cost inflation, labor availability and construction approaches, including potentially building some components off-site.

Bagdad recently converted its haul-truck fleet to autonomous operations, Quirk said, marking Freeport’s first U.S. site to adopt the technology. The company plans to present its expansion plan to the board later this year and hopes for a positive final investment decision by year-end. If completed, Quirk said the expanded mine would become the second-largest copper mine in the United States and would benefit from greater operating scale.

Grasberg Recovery and Indonesian Smelters In Indonesia, Freeport is recovering from an unprecedented mud rush incident at its Grasberg mine around this time last year. Quirk said the company investigated the event, implemented remedial actions and restarted production first in smaller areas before increasing output at the Grasberg Block Cave earlier this year.

Freeport expects Grasberg to operate at roughly 65% of capacity in the second half of the year and to return to full capacity by the end of 2027. The company is upgrading its materials-handling and rail infrastructure to support operations under varying ore and weather conditions.

Quirk said dry conditions in Indonesia have made mining easier, but have not changed the company’s ramp-up plan. Grasberg produces high-grade copper and gold and has an attractive cost structure, she said.

Freeport has also restarted its newer Indonesian smelter and is now operating two smelters in the country. Quirk said an operational challenge at one smelter had been resolved and the newer facility is proceeding through its startup process.

Tariffs and Capital Allocation On U.S. copper tariffs, Quirk said no government decision has been made regarding potential Section 232 tariffs on copper cathodes. She noted that downstream copper products already face tariffs of as much as 50%, while a prior Commerce recommendation called for a 15% tariff on cathodes beginning in January 2027 and 30% in 2028. That recommendation has not been finalized, she said.

Freeport is currently balanced in U.S. mining and smelting capacity, Quirk said. If the Bagdad expansion moves ahead, the company will evaluate whether additional domestic smelting capacity is warranted as part of an integrated mining, processing and sulfuric-acid system.

Quirk said Freeport’s capital-allocation framework calls for half of available discretionary cash flow to be returned to shareholders and half to be invested in profitable growth. The company has paid a base and special dividend and has restarted share repurchases, while also seeking to fund future projects.

About Freeport-McMoRan (NYSE:FCX)Freeport-McMoRan Inc is a global mining company focused primarily on the exploration, development and production of copper, gold and molybdenum. Copper is its principal product and is used in electrical wiring, construction, transportation, industrial equipment and renewable-energy technologies. The company also produces gold as a byproduct of its copper operations and molybdenum, an alloying metal used in steelmaking and other industrial applications.

Freeport-McMoRan operates major mining and processing assets in North America, South America and Indonesia.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

Should You Invest $1,000 in Freeport-McMoRan Right Now?Before you consider Freeport-McMoRan, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Freeport-McMoRan wasn't on the list.

While Freeport-McMoRan currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

The AI boom extends far beyond the biggest tech names. Discover 10 companies supplying the memory, storage, networking, semiconductor manufacturing, and power infrastructure that make AI possible. Learn where the next wave of AI investment opportunities may emerge—and the key risks investors should watch as the global AI buildout accelerates.

Get This Free Report

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Taking full advantage of the stock market and investing with confidence are common goals for new and old investors, and Zacks Premium offers many different ways to do both.

The popular research service can help you become a smarter, more self-assured investor, giving you access to daily updates of the Zacks Rank and Zacks Industry Rank, the Zacks #1 Rank List, Equity Research reports, and Premium stock screens.

It also includes access to the Zacks Style Scores.

What are the Zacks Style Scores? The Zacks Style Scores is a unique set of guidelines that rates stocks based on three popular investing types, and were developed as complementary indicators for the Zacks Rank. This combination helps investors choose securities with the highest chances of beating the market over the next 30 days.

Each stock is assigned a rating of A, B, C, D, or F based on their value, growth, and momentum characteristics. Just like in school, an A is better than a B, a B is better than a C, and so on -- that means the better the score, the better chance the stock will outperform.

The Style Scores are broken down into four categories:

Value ScoreFor value investors, it's all about finding good stocks at good prices, and discovering which companies are trading under their true value before the broader market catches on. The Value Style Score utilizes ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to help pick out the most attractive and discounted stocks.

Growth ScoreGrowth investors are more concerned with a stock's future prospects, and the overall financial health and strength of a company. Thus, the Growth Style Score analyzes characteristics like projected and historic earnings, sales, and cash flow to find stocks that will see sustainable growth over time.

Momentum ScoreMomentum investors, who live by the saying "the trend is your friend," are most interested in taking advantage of upward or downward trends in a stock's price or earnings outlook. Utilizing one-week price change and the monthly percentage change in earnings estimates, among other factors, the Momentum Style Score can help determine favorable times to buy high-momentum stocks.

VGM ScoreIf you want a combination of all three Style Scores, then the VGM Score will be your friend. It rates each stock on their combined weighted styles, helping you find the companies with the most attractive value, best growth forecast, and most promising momentum. It's also one of the best indicators to use with the Zacks Rank.

How Style Scores Work with the Zacks Rank A proprietary stock-rating model, the Zacks Rank utilizes the power of earnings estimate revisions, or changes to a company's earnings outlook, to help investors create a successful portfolio.

It's highly successful, with #1 (Strong Buy) stocks producing an unmatched +23.8% average annual return since 1988. That's more than double the S&P 500. But because of the large number of stocks we rate, there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.

With more than 800 top-rated stocks to choose from, it can certainly feel overwhelming to pick the ones that are right for you and your investing journey.

That's where the Style Scores come in.

You want to make sure you're buying stocks with the highest likelihood of success, and to do that, you'll need to pick stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you like a stock that only has a #3 (Hold) rank, it should also have Scores of A or B to guarantee as much upside potential as possible.

The direction of a stock's earnings estimate revisions should always be a key factor when choosing which stocks to buy, since the Scores were created to work together with the Zacks Rank.

A stock with a #4 (Sell) or #5 (Strong Sell) rating, for instance, even one with Scores of A and B, will still have a declining earnings forecast, and a greater chance its share price will fall too.

Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.

Stock to Watch: Freeport-McMoRan (FCX - Free Report) Based in Phoenix, AZ, Freeport-McMoRan Inc., formerly Freeport-McMoRan Copper & Gold Inc., is engaged in mineral exploration and development; mining and milling of copper, gold, molybdenum and silver; as well as the smelting and refining of copper concentrates. The company conducts its operations primarily through its principal operating subsidiaries, PT Freeport Indonesia (PT-FI), Freeport Minerals Corporation and Atlantic Copper. PT Freeport Indonesia’s principal asset is Papua, Indonesia-based Grasberg mine, which contains the world’s largest copper and gold reserves.

FCX is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.

Momentum investors should take note of this Basic Materials stock. FCX has a Momentum Style Score of A, and shares are up 6.9% over the past four weeks.

11 analysts revised their earnings estimate higher in the last 60 days for fiscal 2026, while the Zacks Consensus Estimate has increased $0.15 to $2.82 per share. FCX also boasts an average earnings surprise of +32.6%.

With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, FCX should be on investors' short list.

Short-term swings in commodity pricing aside, battery stocks present a compelling long-term proposition for investors anticipating that the electrification boom will continue. These companies have faced some challenges of late, including turbulent lithium prices, concerns about oversupply, and slower-than-hoped-for electric vehicle sales growth. However, the fundamentals of the industry may be improving just as demand drivers are diversifying to include grid-scale energy needs, data centers, industrial projects, and more.

Because individual battery stocks may still be liable to face volatility, investors might choose to look for a basket of these stocks via a battery-focused exchange-traded fund instead. Products like the Amplify Lithium & Battery Technology ETF NYSEARCA: BATT and the Global X Lithium & Battery Tech ETF NYSEARCA: LIT offer access to mining companies, refiners, battery makers, and other names in the tech space that could all benefit from battery demand.

Get BATT alerts:

The Landscape for Battery Stocks Is Looking More FavorableBefore considering those two funds, it's worth noting the ways that the battery stock landscape is becoming more conducive to growth. First, as the industry has moved from a commodity-related play to a key strategic supply chain one, governments around the world have invested heavily to reduce their international dependence on critical minerals. In the United States, domestic mining, refining, and manufacturing have picked up, even as China remains the major force in the supply chain. These efforts mean potential for growth for domestic names; the global lithium ion battery market is projected to more than double to $426 billion by 2033.

At the same time, the price of lithium—one of the essential elements used in battery production—is recovering after oversupply contributed to lower prices. Stronger demand could help to absorb this excess supply going forward, and while prices are not back to their peak levels of a few years ago, they seem to be trending in the right direction.

An Actively Managed Fund for Broad Access to the Battery MarketFor an annual fee of 0.59%, BATT provides an actively managed approach to the battery market. It holds a basket of companies that generate revenue from developing, producing, and using lithium batteries, meaning that it holds stocks across battery storage, metals, materials, EV, and other industries.

Amplify Lithium & Battery Technology ETF Today

BATT

Amplify Lithium & Battery Technology ETF

$14.76 -0.30 (-1.96%)

As of 12:04 PM Eastern

This is a fair market value price provided by Massive. Learn more.

$11.76▼

$18.081.69%

While the fund generally corresponds to the EQM Lithium & Battery Technology Index, it is not beholden to this collection of stocks or this set of allocations, giving it added flexibility to pivot when conditions change.

The result is a fund with 53 stocks representing multiple sectors and industries involved in batteries. Some of the largest holdings are major names like Tesla Inc. NASDAQ: TSLA and mining giant Freeport-McMoRan Inc. NYSE: FCX, but even the largest holding only accounts for just over 7% of the total portfolio, so the fund is fairly well diversified.

BATT remains a niche fund, with only about $125 million in managed assets and a modest average trading volume around 34,000 shares on a one-month basis. Though it has experienced pronounced volatility throughout the year so far, it is currently up about 9% year to date (YTD) and offers a dividend yield of 1.7%.

Directed Exposure to the Lithium IndustryLIT takes a somewhat different approach compared to BATT in that it focuses specifically on lithium, with a group of stocks involved in mining and refining the metal, as well as battery production. Batteries are a major application of lithium, but not the only one, so it's possible that this fund will provide somewhat less concentrated exposure to the battery market than BATT.

Global X Lithium & Battery Tech ETF Today

LIT

Global X Lithium & Battery Tech ETF

$70.10 -1.39 (-1.94%)

As of 12:12 PM Eastern

This is a fair market value price provided by Massive. Learn more.

$51.30▼

$91.980.71%

$1.50 billion

The fund is passively managed but has a higher annual fee than BATT, with an expense ratio of 0.75%, likely due to the niche nature of its strategy. A group of 42 stocks comprises LIT's portfolio, and more than 23% of the fund is given over to a single name: Rio Tinto PLC NYSE: RIO, the British-Australian mining giant that is one of the world's largest lithium producers.

LIT has also been subject to the variance in lithium prices in recent months, but is currently up more than 8% so far this year. Unsurprisingly, the fund is highly affected by lithium price fluctuations, which may be a boon for investors seeking more indirect exposure to battery stocks as a group.

Regardless of the challenges these funds—and the broader battery and lithium spaces—have faced, long-term tailwinds remain strong. As renewable energy and electrification efforts expand and AI-driven electricity demand continues to grow, battery technology will undoubtedly remain essential.

Should You Invest $1,000 in Amplify Lithium & Battery Technology ETF Right Now?Before you consider Amplify Lithium & Battery Technology ETF, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Amplify Lithium & Battery Technology ETF wasn't on the list.

While Amplify Lithium & Battery Technology ETF currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

A strong long-term portfolio starts with companies that can survive recessions, inflation, changing consumer habits, and shifting market leadership.

This report names seven blue-chip stocks across technology, retail, consumer staples, healthcare, networking, sporting goods, and utilities that offer investors a mix of stability, income, growth, and staying power.

Get This Free Report

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Freeport-McMoRan (NYSE:FCX) is prioritizing the ramp-up of its Grasberg operations in Indonesia, potential U.S. production growth and an emerging leaching technology initiative that management believes could materially expand copper recovery from previously mined material.

Speaking at a Jefferies conference in New York, Chief Executive Officer Kathleen Quirk said the company is entering a period of growth supported by its large-scale, geographically diversified copper production base and embedded expansion opportunities. She said the company’s 2026 priorities include disciplined execution at Grasberg, advancing leaching technology and investing in technology and innovation to improve efficiency and lower costs.

Grasberg Recovery Progressing Quirk said Freeport has made substantial progress in recovering from an unprecedented incident at the Grasberg Block Cave underground operation about a year earlier. The incident resulted in the deaths of seven coworkers, she said, and the company has completed an investigation and identified steps it will take to manage the related risks in the future. Some operations restarted in October, followed by a larger restart in March. The company is proceeding with its planned ramp-up, Quirk said, targeting about 65% of overall capacity in the second half of the year, 80% by the middle of next year and nearly full capacity by the end of 2027.

Freeport modified its plan in April to add upgrades to the material-handling system. Quirk said the changes were intended to improve long-term efficiency rather than address a safety issue.

Dry weather in Indonesia has helped mining conditions since operations resumed, according to Quirk, although she emphasized that the company is designing systems to operate effectively in the region’s typically wet climate. She said management believes the incident is behind the company, while acknowledging that mining operations will continue to face operational challenges.

Freeport also recently started its new Indonesian copper smelter, adding to an existing smelter that has operated since the late 1990s. Quirk said the new facility makes the company fully integrated in Indonesia across mining and processing, reducing its reliance on third-party processing in other countries.

Leaching Initiative Targets Stockpile Recovery A major area of potential growth involves recovering copper from material that was previously mined and placed in stockpiles, primarily in the United States. Quirk said Freeport estimates those stockpiles contain approximately 40 billion pounds of copper that was not considered recoverable using technology available decades ago.

The company has increased production from new leaching initiatives to roughly 200 million pounds annually and sees a potential path to 800 million pounds a year. Reaching that level will require further validation of the technology, Quirk said.

Freeport is testing additives intended to improve copper recovery and is also evaluating methods to increase temperatures within stockpiles. One additive is already being deployed, while two additional proprietary additives showing significant promise are expected to be available for further testing later this year and in early 2027.

Quirk said the opportunity could be especially meaningful because the material has already been mined and would not require the capital investment associated with conventional new copper production. The process also produces copper cathode directly and does not require a smelter, she said.

Approximately 40 billion pounds of copper are contained in Freeport stockpiles, primarily in the U.S., according to Quirk. New leaching initiatives currently contribute about 200 million pounds of annual production. Freeport sees potential to increase that contribution to 800 million pounds annually, subject to further technology proof points. U.S. Expansion and Policy Support Quirk highlighted the strategic importance of Freeport’s U.S. operations, which she said account for 70% of refined copper produced in the country. The company operates mines in Arizona and New Mexico as well as primary molybdenum operations in Colorado.

She said Freeport’s U.S. assets provide significant leverage to copper prices because the company owns the assets and land, faces a comparatively favorable tax structure and has lower payments to governments and partners than it does in certain international operations.

The company expects to bring a proposed expansion at its Bagdad mine in northwest Arizona to its board for an investment decision before year-end. Quirk said the project could make Bagdad the second-largest copper mine in the U.S., behind Freeport’s Morenci mine, and would take about three years to construct if approved. She said the project is “shovel-ready” and does not require material permitting.

Freeport believes its leaching program and Bagdad expansion together could increase U.S. copper production by approximately 60% over three to four years, provided the leaching technology is successfully proven and the Bagdad project moves ahead.

Quirk also cited federal support for critical-mineral development, including potential incentives related to domestic processing. She said Freeport is pursuing inclusion of copper within Treasury regulations for the 45X tax credit, which could provide the company with a potential $500 million annual incentive if enacted. She noted that congressional action would be required.

Beyond growth investments, Quirk said Freeport’s capital-allocation framework directs 50% of discretionary cash toward projects and 50% toward shareholder returns.

About Freeport-McMoRan (NYSE:FCX) Freeport-McMoRan Inc is a global mining company focused primarily on the exploration, development and production of copper, gold and molybdenum. Copper is its principal product and is used in electrical wiring, construction, transportation, industrial equipment and renewable-energy technologies. The company also produces gold as a byproduct of its copper operations and molybdenum, an alloying metal used in steelmaking and other industrial applications.

Freeport-McMoRan operates major mining and processing assets in North America, South America and Indonesia.

Key Takeaways FCX gained 20% in six months as higher copper prices boosted earnings.Freeport benefits from expansion projects and solid cash flow, supporting growth and shareholder returns.FCX faces pressure from higher unit costs and weaker sales volumes tied to operational disruptions. Freeport-McMoRan Inc.’s (FCX - Free Report) shares have gained 20% in the first six months, driven by strong earnings supported by higher copper prices. Although sales volumes were lower, significantly higher realized copper prices boosted the company’s second-quarter earnings. Resilient demand, supply concerns and uncertainties over tariffs continue to support prices of the red metal.

Freeport has outperformed the Zacks Mining - Non Ferrous industry’s rise of 9.2% and the S&P 500’s increase of 14% over the same period. Its peers, Southern Copper Corporation (SCCO - Free Report) and BHP Group Limited (BHP - Free Report) , have gained 7.6% and 23.5%, respectively.

Freeport’s 6-month Price Performance Image Source: Zacks Investment Research

FCX stock broke above its 50-day simple moving average (SMA) on Aug. 4, 2026. FCX has been trading above the 200-day SMA since late November 2025, suggesting a long-term uptrend. Following a golden crossover on July 8, 2025, the 50-day SMA is higher than the 200-day SMA, indicating a bullish trend.

FCX Stock Trades Above 50-Day SMA Image Source: Zacks Investment Research

Let’s take a look at FCX’s fundamentals to analyze the stock better.

Freeport’s Growth Pipeline Supports Production GainsFreeport continues to leverage its portfolio of high-quality copper assets, emphasizing disciplined execution and organic growth initiatives to strengthen its production profile. FCX has completed the evaluation of a large-scale expansion at El Abra in Chile to define a large sulfide resource that could potentially support a major mill project similar to the large-scale concentrator at Cerro Verde, with an estimated resource of approximately 20 billion recoverable pounds of copper. The expansion is expected to result in the addition of more than 700 million pounds of copper production annually.

In Arizona, FCX is progressing with pre-feasibility studies at its Safford/Lone Star operations, with completion targeted for 2026, to assess a sizable sulfide expansion opportunity. It has expansion opportunities at Bagdad in Arizona that can more than double the concentrator capacity of the operation. Technical and economic studies have revealed the potential to build concentrating facilities to boost copper production by 200-250 million pounds annually.

PT Freeport Indonesia (PT-FI) is developing the Kucing Liar ore body within the Grasberg district with a targeted ramp-up expected to commence in 2030. Studies completed by FCX in 2025 show an opportunity to increase Kucing Liar’s design capacity to 130,000 metric tons of ore per day and reserves by roughly 20% at low costs.

FCX’s Financial Strength Enables Capital FlexibilityFCX has a strong liquidity profile and generates substantial cash flows, providing ample flexibility to fund expansion projects, reduce debt and enhance shareholder returns. It generated solid operating cash flows of $5.6 billion in 2025. Cash flows provided by operations were around $2 billion in the second quarter of 2026. Freeport ended the second quarter with strong liquidity, including $4.1 billion in cash and cash equivalents, $3 billion in availability under the Freeport revolving credit facility, and $1.5 billion in availability under the PT-FI credit facility.

At the end of the second quarter, Freeport had a net debt of $2.1 billion, excluding PTFI’s new downstream processing facilities. Its net debt is below its targeted range of $3-$4 billion. Freeport has a policy of distributing 50% of the available cash to its shareholders and the balance to either reduce debt or invest in growth projects. FCX has no significant debt maturities until 2027. Its long-term debt-to-capitalization is around 20.2% compared with 38.6% for Southern Copper and 30.3% for BHP Group.

FCX offers a dividend yield of roughly 0.4% at the current stock price. Its payout ratio is 13% (a ratio below 60% is a good indicator that the dividend will be sustainable). Backed by strong financial health, the company's dividend is perceived to be safe and reliable.

Freeport Stands to Gain From Favorable Copper PricesCopper prices continue to show strength driven by robust demand from China and the United States. Structural tailwinds, including electric vehicles (EVs), renewable energy projects, artificial intelligence data center growth and grid modernization, continue to boost copper consumption. Worries about tightening supply amid rising EV and infrastructure demand aided the red metal. Supply risks stem from operational issues in top producer Chile, along with export bans on copper concentrates from the Democratic Republic of Congo.

Copper surged to an all-time high near $6.9 per pound recently on tariff-related uncertainties and supply tightness. Imports to the United States have surged ahead of a potential tariff announcement by the Trump administration. Copper prices are currently hovering near $6.5 per pound and up more than 40% year over year.

       Freeport’s average realized copper price climbed around 36% year over year to $6.17 per pound in the second quarter. Higher prices are expected to continue to support its performance.

Higher Costs Threaten to Squeeze FCX’s MarginsFreeport faces headwinds from higher costs. Its second-quarter unit net cash costs jumped 74% year over year to $1.97 per pound due to lower copper volumes. Freeport expects unit net cash costs of $2 per pound for the third quarter, while projecting a full-year average of roughly $1.9 (compared with $1.65 in 2025). The projected third-quarter unit cost reflects a roughly 43% year-over-year increase. The uptick in costs reflects higher costs of energy and other consumables due to the Middle East conflict and persistent pressure on volumes. Higher costs are expected to weigh on the company's margins.   

Volume Weakness a Drag on FCX’s ProspectsFreeport’s copper sales volumes tumbled approximately 30% year over year in the second quarter to 710 million pounds. The downside primarily resulted from lower operating rates during the phased ramp-up of the Grasberg Block Cave mine in Indonesia following the mud rush incident in September 2025.

While the company’s third-quarter outlook for copper sales volumes of 750 million pounds indicates a sequential improvement, it suggests a 23% year-over-year decline. The company, in April 2026, lowered its consolidated sales volume projections for full-year 2026 to around 3.1 billion pounds of copper from the prior view of 3.4 billion pounds due to an expected delay in achieving full ramp-up of the Grasberg Block Cave mine. Lower sales volumes are expected to weigh on its top line.

FCX’s Earnings Estimates Moving HigherFreeport’s earnings estimates have been going up over the past 60 days. The Zacks Consensus Estimate for 2026 and 2027 earnings has been revised higher over the same time frame.

Image Source: Zacks Investment Research

A Look at FCX’s ValuationFCX is currently trading at a forward price/earnings of 20.48X, a roughly 14.9% discount to the industry average of 24.06X. The FCX stock is trading at a discount to Southern Copper and at a premium to BHP Group.

FCX’s P/E F12M Vs. Industry, SCCO and BHP Image Source: Zacks Investment Research

How Should Investors Play FCX Stock?Freeport benefits from favorable copper prices, robust liquidity and a pipeline of expansion projects that can support long-term production growth. Its financial flexibility, disciplined capital allocation and rising earnings estimates strengthen the investment case. However, lower copper volumes and higher input costs could pressure near-term margins and earnings. Given strong copper fundamentals and near-term operational headwinds, retaining this Zacks Rank #3 (Hold) stock for now appears appropriate while awaiting volume recovery and cost normalization.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.