Financial Highlights - Ivanhoe Mines reported a Q3 2025 profit of $31 million and adjusted EBITDA of $87 million, with $76 million attributable to Kamoa-Kakula [1][9] - Kamoa-Kakula sold 61,528 tonnes of copper at an average realized price of $4.42/lb, compared to 101,714 tonnes at $4.34/lb in Q2 2025 [9] - Kamoa-Kakula recognized revenue of $566 million and an operating profit of $69 million for the quarter, with an EBITDA margin of 35% [9] - The cost of sales per pound of payable copper sold was $3.23/lb, up from $2.85/lb in Q2 2025, while cash cost (C1) averaged $2.62/lb, compared to $1.89/lb in Q2 2025 [9][11] - Capital expenditure guidance for Kamoa-Kakula was lowered to $1,320 million to $1,500 million for 2025, while 2026 guidance was raised to $800 million to $1,300 million [9] Operational Highlights - The Stage Two dewatering of the Kakula Mine is approximately 35% complete and expected to finish in early December 2025, which will improve head grades in Q4 2025 [1][37] - Kamoa-Kakula's annualized copper production is targeted to exceed 550,000 tonnes as higher-grade mining areas are reopened [1][42] - Kipushi produced a record 57,200 tonnes of zinc in Q3 2025, with annualized production rates reaching up to 315,000 tonnes [1][11] - The first feed of ore into the Platreef Phase 1 concentrator occurred recently, with first concentrate expected in the coming weeks [1][12] Project Development - The engineering contractor for the Phase 2 expansion of the Platreef Mine has been appointed, with earthworks set to begin in Q1 2026 [1][15] - Kamoa-Kakula's on-site direct-to-blister copper smelter, the largest in Africa, is expected to start up in November 2025 [1][12] - Construction of Kamoa-Kakula's solar facilities is progressing, with a combined capacity of 60 MW expected to be operational by Q2 2026 [1][57] - The updated life-of-mine integrated development plan is underway, targeting an increase in mining rates to 17 million tonnes per year before the Phase 4 expansion [1][41] Strategic Partnerships and Financing - Ivanhoe Mines completed a strategic private placement with Qatar Investment Authority, raising $500 million [2][9] - A further $70 million was received from Zijin following the exercise of its anti-dilution rights [11]

Financial Data and Key Metrics Changes - Southern Copper Corporation achieved record net sales, adjusted EBITDA, and net income in the third quarter of 2025, driven by increased byproduct production and improved metal prices [4] - Adjusted EBITDA for the third quarter was $1,975 million, a 17% increase from $1,685 million in 2024, with an adjusted EBITDA margin of 59% compared to 58% in 2024 [16][17] - Net income for the third quarter was $1,108 million, representing a 23% increase over $897 million in 2024, with a net income margin of 33% versus 31% in the same quarter last year [19][20] Business Line Data and Key Metrics Changes - Copper production decreased by 7% year-over-year to 234,892 tons in the third quarter, primarily due to lower production at Toquepala and Cojone mines [8] - Molybdenum production increased by 8% in the third quarter, driven by higher output at La Carriata and Toquepala mines [11] - Silver production increased by 16% year-over-year, with an average price of $39.56 per ounce, reflecting a 34% increase [12] - Zinc production surged by 46%, totaling 45,482 tons, mainly due to a 108% increase at the Buena Vista zinc concentrator [13][14] Market Data and Key Metrics Changes - The LME copper price rose by 7% to an average of $4.44 per pound in the third quarter, while the COMEX price increased by 14% [5][6] - Global copper inventories were estimated at 609,000 tons, covering approximately eight days of global demand [6] Company Strategy and Development Direction - The company aims to produce 1,600,000 tonnes of copper at the lowest competitive cost per tonne, with a focus on enhancing productivity and cost efficiency [5] - Significant capital investments are planned for Peruvian projects, potentially exceeding $10.3 billion over the next decade [21] - The company is prioritizing organic growth through existing projects rather than pursuing mergers and acquisitions [42] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term fundamentals of copper prices despite recent U.S. tariff policy changes having limited impact [7] - The company anticipates a copper market deficit of almost 400,000 tonnes based on current supply and demand dynamics [6] - For 2026, the company forecasts copper production of approximately 911,000 tonnes, with cash costs expected to decrease due to improved production [50][51] Other Important Information - The company announced a quarterly cash dividend of $0.90 per share and a stock dividend of 0.0085 shares per common share, payable on November 28, 2025 [29][30] - Sustainability ratings have improved, with S&P Global increasing the company's rating by four points, positioning it among leaders in the mining sector [26] Q&A Session Summary Question: Expectations for cash costs in Q4 and 2026 - Management expects a decrease in cash costs for Q4 due to a partial recovery of production, estimating costs in the range of $2.15 to $2.20 per pound [32] Question: Purchases of third-party concentrate or cathodes in Q3 - The company maintained purchases of third-party concentrates to blend with its own materials but did not acquire any copper cathodes [34] Question: Company's perspective on negotiations regarding the Rio Sonora spill - Management stated that the matter is largely resolved but remains open to discussions with the government for other objectives [36] Question: Silver production guidance and potential for increased output - The company updated its silver production forecast to 23 million ounces, a 10% increase from the previous year, and is focused on maximizing output [42] Question: Impact of political changes in Peru on operations - Management reported no significant impact from the political situation in Peru and continues to monitor social circumstances [49] Question: Financing plans for the Tia Maria project - The company is evaluating financing options, including potential debt market engagement, for the Tia Maria project [58] Question: Timeline for the Los Chancas and El Arco projects - Los Chancas is expected to be the next project in execution, with Michiquillay also in line for development [59] Question: Rationale for stock dividends - The board's decision to continue stock dividends is based on maintaining cash flow while managing capital needs [81]

Financial Data and Key Metrics Changes - In Q3 2025, the company generated nearly $100 million in free cash flow, with gold and copper production reaching almost 82,000 ounces and 13.4 million pounds respectively [4] - The cash balance increased to over $560 million, allowing the company to fund the Thompson Creek Restart project while returning $32 million to shareholders through buybacks and dividends [4][19] - Adjusted net earnings for Q3 were $66 million, or $0.33 per share, benefiting from strong production and elevated metal prices [16] - Consolidated all-in sustaining costs on a byproduct basis were $1,652 per ounce in Q3, with expectations to remain near the low end of guidance for 2025 [16] Business Line Data and Key Metrics Changes - Mount Milligan produced over 32,500 ounces of gold and 13.4 million pounds of copper in Q3 2025, with all-in sustaining costs at $1,461 per ounce, a 14% increase from the previous quarter [12] - Öksüt achieved production of 49,000 ounces in Q3, exceeding expectations due to higher grades, with all-in sustaining costs at $1,473 per ounce, a 16% decrease compared to the last quarter [13][14] - The Molybdenum business unit sold approximately 3.1 million pounds at an average price of $24.42 per pound, but incurred a cash flow deficit due to spending on the Thompson Creek Restart [16][18] Market Data and Key Metrics Changes - The average realized price for gold was $3,178 per ounce and for copper was $3.73 per pound, reflecting the impact of existing streaming arrangements [16] - The company noted increased confidence in the U.S. steelmaking sector, which is beneficial for its molybdenum products [31] Company Strategy and Development Direction - The company is focused on a self-funded growth strategy, with significant investments planned for Mount Milligan and other projects, including a $186 million non-sustaining capital expenditure plan [7][8] - The Mount Milligan Pre-Feasibility Study (PFS) extended the mine life to 2045, with an average annual production forecast of 150,000 ounces of gold and 69 million pounds of copper from 2026 to 2042 [7][9] - The company is advancing sustainability initiatives, including a renewable diesel pilot project aimed at reducing greenhouse gas emissions [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving production guidance for both Mount Milligan and Öksüt, with expectations for strong production in Q1 2026 [28] - The company is monitoring the favorable environment for U.S.-based mining and potential strategic deals related to molybdenum [31][32] - Management emphasized the importance of optimizing operations and enhancing shareholder value through disciplined capital allocation [20][21] Other Important Information - The company has initiated a life-of-mine optimization study at Öksüt to evaluate the asset's full potential, including residual leaching and expanding the pit [14][15] - The company has returned over $95 million to shareholders through dividends and share buybacks year-to-date [18][19] Q&A Session Summary Question: What drove the lower recovery at Mount Milligan in Q3? - Management explained that the recovery was impacted by a higher ratio of pyrite to chalcopyrite than previously modeled, which affected the recovery rates [23][24] Question: Will Öksüt see strong grades in Q1 2026? - Management confirmed confidence in achieving production guidance and expects strong production in Q1 2026 due to positive reconciliation [28] Question: Is there potential for a strategic deal with the U.S. Government regarding molybdenum? - Management acknowledged the favorable environment for U.S. mining and indicated they are monitoring potential strategic opportunities, although no current deals are in place [31][32] Question: Will the life-of-mine optimization study at Öksüt require additional permitting? - Management stated that while modifications for residual leaching would be necessary, the study primarily focuses on managing accumulated inventories without significant new permitting requirements [38] Question: What is the plan for improving recoveries at Mount Milligan? - Management outlined that the PFS aims to create a mine plan that optimizes feed blending to improve recovery rates, with expectations to start seeing improvements in Q1 of the following year [40][41]

Financial Data and Key Metrics Changes - In Q3 2025, the company generated nearly $100 million in free cash flow, with a cash balance exceeding $560 million, allowing for funding of the Thompson Creek Restart project and returning $32 million to shareholders through buybacks and dividends [4][19] - Adjusted net earnings for Q3 were $66 million, or $0.33 per share, benefiting from strong production and elevated metal prices [16] - Consolidated all-in sustaining costs on a byproduct basis were $1,652 per ounce in Q3, with expectations to remain near the low end of guidance ranges for both Mount Milligan and Öksüt in 2025 [17][19] Business Line Data and Key Metrics Changes - Mount Milligan produced over 32,500 ounces of gold and 13.4 million pounds of copper in Q3, with all-in sustaining costs increasing to $1,461 per ounce, 14% higher than the previous quarter [12][13] - Öksüt produced 49,000 ounces of gold in Q3, with all-in sustaining costs at $1,473 per ounce, 16% lower than the previous quarter, reaffirming production guidance for 2025 [13][14] - The Molybdenum Business Unit sold approximately 3.1 million pounds of molybdenum at an average price of $24.42 per pound [17] Market Data and Key Metrics Changes - The average realized price for gold was $3,178 per ounce and for copper was $3.73 per pound in Q3, reflecting the impact of existing streaming arrangements [16] - The company holds a strong financial position with total liquidity exceeding $960 million, including $85 million in equity investments [19] Company Strategy and Development Direction - The company is focused on a self-funded growth strategy, advancing projects like the Mount Milligan Pre-Feasibility Study and the Goldfield Project, which are expected to enhance long-term production capabilities [5][20] - Key investments include $114 million for a second tailings storage facility and $36 million for upgrades to increase process plant throughput [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving production guidance for the remainder of 2025 and highlighted the potential for strong production in Q1 2026 due to higher grades at Öksüt [28] - The company is monitoring the favorable environment for U.S.-based mining and the potential for strategic deals related to molybdenum, a critical mineral [31][32] Other Important Information - The Mount Milligan PFS extended the mine life to 2045, with significant increases in proven and probable reserves to 4.4 million ounces of gold and 1.7 billion pounds of copper [7][9] - Sustainability initiatives include a renewable diesel pilot project aimed at reducing greenhouse gas emissions and community support programs for First Nations [10][11] Q&A Session Summary Question: Concerns about gold recovery at Mount Milligan - Management acknowledged lower recovery rates due to a higher ratio of pyrite to chalcopyrite than modeled, impacting Q3 performance, but expects to meet guidance by adjusting material processing [23][24] Question: Future production expectations at Öksüt - Management is confident in strong production going into 2026, supported by a life-of-mine optimization study to exploit accumulated inventories in heap leaching [28][29] Question: Potential for strategic deals with the U.S. government regarding molybdenum - Management noted the favorable environment for U.S. mining and is monitoring potential strategic opportunities, although no immediate funding needs exist [31][32] Question: Impact of optimization study on permitting for Öksüt - Management indicated that while modifications for residual leaching would be necessary, the study primarily focuses on managing accumulated inventories without requiring extensive new permitting [38] Question: Recovery improvements in later mine life - Management expects to enhance recovery rates through better solution management and potential modifications to permitting, with low capital requirements for significant returns [47][48]

Financial Data and Key Metrics Changes - In Q3 2025, the company generated nearly $100 million in free cash flow, with gold and copper production reaching almost 82,000 ounces and 13.4 million pounds respectively [4][16] - Adjusted net earnings for the quarter were $66 million, or $0.33 per share, benefiting from strong production and elevated metal prices [16] - The cash balance increased to over $560 million, with total liquidity exceeding $960 million [4][19] Business Line Data and Key Metrics Changes - Mount Milligan produced over 32,500 ounces of gold and 13.4 million pounds of copper in Q3 2025, with all-in sustaining costs on a byproduct basis at $1,461 per ounce, a 14% increase from the previous quarter [12][16] - Öksüt produced 49,000 ounces of gold in Q3, with all-in sustaining costs at $1,473 per ounce, which is 16% lower compared to the last quarter [13][16] - The Molybdenum business unit sold approximately 3.1 million pounds at an average realized price of $24.42 per pound [16] Market Data and Key Metrics Changes - The average realized price for gold was $3,178 per ounce and for copper was $3.73 per pound [16] - The company expects consolidated all-in sustaining costs to be near the low end of the guidance range for both Mount Milligan and Öksüt in 2025 [16] Company Strategy and Development Direction - The company is advancing a self-funded growth strategy, with significant investments in projects like Mount Milligan and Goldfield [5][20] - A Pre-Feasibility Study (PFS) for Mount Milligan extended the mine life to 2045, with an average annual production of 150,000 ounces of gold and 69 million pounds of copper from 2026 to 2042 [6][9] - The company is also focusing on sustainability initiatives, including a renewable diesel pilot project at Mount Milligan [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving production guidance for Öksüt and anticipates strong production in Q1 2026 [26][27] - The company is monitoring the favorable environment for U.S.-based assets, particularly for molybdenum, which is seen as a critical mineral [29][31] - Management emphasized the importance of optimizing the mine plan to improve recovery rates and throughput at Mount Milligan [45] Other Important Information - The company returned $32 million to shareholders through share buybacks and dividends in Q3 [4][18] - A life-of-mine optimization study at Öksüt is expected to evaluate the asset's full potential, including residual leaching and expanding the pit [13][14] Q&A Session Summary Question: Concerns about gold recovery at Mount Milligan - Management acknowledged lower recovery rates due to a higher ratio of pyrite to chalcopyrite and plans to adjust mining strategies to improve recovery [24][25] Question: Future production expectations at Öksüt - Management is confident in achieving production guidance and anticipates strong production in Q1 2026, supported by ongoing studies on accumulated inventories [26][27] Question: Potential for strategic deals with the U.S. Government regarding molybdenum - Management noted the favorable environment for U.S. minerals and mining, particularly for molybdenum, and is monitoring potential government deals [29][31] Question: Impact of life-of-mine optimization study on permitting - Management indicated that while modifications may be needed for residual leaching, the study primarily focuses on managing accumulated inventories [39][40] Question: Recovery improvements in later mine life - Management expects to increase grades and recoveries through better solution management and potential minor modifications to permitting [52][53]

Financial Data and Key Metrics Changes - The company reported third quarter revenue of $463 million, an increase from the prior year due to higher gold and copper prices and sales volumes [13] - Cash generated from operations before working capital adjustments was $296 million, or $0.37 per share, higher than the prior year period [13] - The company achieved record quarterly free cash flow of $205 million, driven by higher revenue [13] - Net earnings for the quarter were approximately $142 million, or $0.18 per share, primarily due to increased revenues [13][14] - All-in sustaining costs reduced from the second quarter by $425 to $966 per ounce, with an average realized gold price of $3,458 per ounce [5][14] Business Line Data and Key Metrics Changes - New Afton produced approximately 115,200 ounces of gold and 12 million lbs of copper in the quarter, with B3 cave overperforming [5][7] - Rainy River achieved record quarterly production of over 100,000 ounces of gold, a 63% increase over the second quarter, with all-in sustaining costs of $1,043 per ounce [4][10] - New Afton achieved an all-in sustaining cost of negative $595 per ounce after considering copper credits [7] Market Data and Key Metrics Changes - The average realized gold price was $3,458 per ounce, contributing to the increase in revenue [5][13] - The company expects all-in sustaining costs to reduce further through the fourth quarter [5] Company Strategy and Development Direction - The company is focused on increasing production and reducing costs, with a target of ramping up C-Zone to full processing capacity of approximately 16,000 tons per day by early 2026 [6][10] - Exploration initiatives are being advanced, with a significant increase in the exploration budget to $22 million for approximately 63,000 meters of drilling [15][18] - The company aims to generate approximately $1.8 billion of free cash flow over the next three years, with expectations of being at the high end of this projection for 2025 [19][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued significant growth in gold and copper production over the next two years, with expectations of decreasing unit costs per ounce of gold [19][20] - The company is committed to maintaining a strong balance sheet while investing in exploration and organic opportunities [29] - Management highlighted the importance of safety, with a low total recordable injury frequency rate of 0.61, down from 0.82 in the previous quarter [4][20] Other Important Information - The company repaid a total of $260 million in debt during the quarter, including the full repayment of a $150 million credit facility drawn earlier [6][14] - Significant safety milestones were achieved, with New Afton surpassing 1 million hours and Rainy River surpassing 1.5 million hours worked without a lost time injury [4] Q&A Session Summary Question: Can you provide a breakout of tonnage from the C-Zone and B-Zone? - The B-Zone contributed 4,300 tons per day, while the C-Zone contributed the remainder [24] Question: What are your plans for capital allocation with the free cash flow? - The company takes a disciplined approach to capital allocation, focusing on maintaining a strong balance sheet, investing in exploration, and evaluating capital returns to shareholders [29] Question: What is the expected grade for K-Zone? - The company is still in the drilling phase and will need to update models to determine the total size and grade of K-Zone [33] Question: Can you provide an update on tailings management at Rainy River? - The company is assessing the full potential of K-Zone and is not currently seeing a need for significant investment in the tailings management area [39] Question: What should we expect for Rainy River's performance in Q4? - The company expects continued positive performance in Rainy River, with no significant changes in trajectory [45] Question: How will the drilling results impact the resource update for K-Zone? - The company plans to include all drilling results in the resource update scheduled for January [49]

Core Insights - Amerigo Resources Ltd. reported strong financial performance for Q3-2025, achieving a net income of $6.7 million and fully repaying corporate debt of $7.5 million on October 27, 2025 [1][3][4]. Financial Performance - Q3-2025 net income was $6.7 million, up from $2.8 million in Q3-2024, with earnings per share (EPS) increasing to $0.04 from $0.02 [2][7][11]. - EBITDA for Q3-2025 was $18.7 million, compared to $13.3 million in Q3-2024 [9][11]. - Operating cash flow before changes in non-cash working capital was $12.4 million, an increase from $8.9 million in Q3-2024 [9][11]. - Free cash flow to equity (FCFE) reached $11.1 million, up from $5.9 million in Q3-2024 [9][11]. Debt and Capital Return - The company achieved debt-free status, concluding a strategic ten-year period, with total debt repayment of $7.5 million [3][4]. - Since implementing its Capital Return Strategy in October 2021, Amerigo has returned $93.7 million to shareholders [4][28]. Dividend Information - A quarterly dividend of Cdn$0.04 per share was declared, representing an annual yield of 5.88% based on the closing share price of Cdn$2.72 [5][6][30]. - The dividend will be payable on December 19, 2025, to shareholders of record as of November 28, 2025 [5][30]. Market Conditions - The average copper price for Q3-2025 was $4.54 per pound, up from $4.22 per pound in Q3-2024, with a significant increase in October to $4.83 per pound [4][7][11]. - Recent copper supply disruptions have strengthened demand fundamentals, contributing to rising copper prices [4].

Core Viewpoint - Tribeca Resources Corporation has entered into a definitive option agreement to acquire a 100% interest in the Jiguata Porphyry Copper property in northern Chile, with plans for significant exploration activities over the next year [1][2]. Option Agreement Details - The option agreement spans 5 years, allowing Tribeca to acquire the Jiguata Property, which covers 10,000 hectares [1][5]. - An initial payment of US$25,000 has been made, with an additional reimbursement of approximately US$44,000 for the 2025 license fee [2][4]. - Total cash payments and work commitments are structured over the five years, with specific milestones including: - Year 1: US$75,000 - Year 2: US$125,000 and a minimum of 3,000 meters of drilling - Year 3: US$175,000 - Year 5: US$14,450,000 if the purchase option is exercised [3][4]. Exploration Potential - The Jiguata Property is located in a region known for significant copper deposits, near major mines such as Collahuasi and Quebrada Blanca [2][5]. - The property features a large exploration target zone of 5km x 3km, with two near drill-ready targets identified through soil sampling and geological mapping [3][6]. - Pre-drilling activities will include historic mapping, surface sampling, and additional geophysics [7]. Strategic Positioning - The acquisition of the Jiguata Property expands Tribeca's portfolio to three high-potential copper projects in Chile, enhancing its ability to capitalize on the growing interest in copper exploration [2][3]. - The company plans to conduct drilling at both the Jiguata and its flagship La Higuera Property in the coming months, indicating a period of high activity [2][3].

Core Insights - Gladiator Metals Corp. has reported significant assay results from its ongoing phase 2 drilling program at Cowley Park, confirming high-grade copper and gold mineralization [1][3][4] - The drilling has confirmed continuity of high-grade mineralization over more than 400 meters and extended it by over 150 meters to the east on the Southern Limb [3][4][10] - The Yukon Environmental and Socio-economic Assessment Board has issued a positive recommendation for the Class 3 Licence for the Whitehorse Copper Project, marking a key regulatory milestone [19][20] Drilling Results - Recent drilling results include 14.0 meters at 2.36% copper and 2.78 g/t gold from a depth of 33 meters (CPG-102D3) [4][11] - Additional notable results include: - CPG-099: 20.0 meters at 1.72% copper from 136.0 meters, including 14.0 meters at 2.21% copper [4][17] - CPG-097: 47.1 meters at 0.69% copper from 126.5 meters, including 5.2 meters at 1.88% copper [4][25] - The ongoing drilling program aims to define future high-grade copper resources and assess the economic potential of co-products such as molybdenum, gold, and silver [10][18] Project Development - Gladiator currently operates four rigs at the Whitehorse Copper Project, with two focused on Cowley Park and others exploring regional targets [8][19] - The company plans to complete a total of 29,000 meters of drilling by the end of Q4 2025, with a maiden resource estimate for Cowley Park expected in Q2 2026 [26][30] - The Class 3 permit will allow for infill drilling and testing of lateral extents of the mineralized bodies, enhancing resource definition [18][19] Exploration Strategy - The exploration strategy includes advancing Cowley Park to resource definition and targeting further copper-skarn mineralization in the surrounding areas [26][30] - Geophysical programs, including Induced Polarization, are planned to refine drill targeting and highlight undiscovered areas of exploration potential [27][30] Historical Context - The Whitehorse Copper Project has a rich history, with significant production occurring between 1967 and 1982, totaling 267.5 million pounds of copper and substantial amounts of gold and silver [31][30] - The project area is well-accessible, with existing infrastructure and historical exploration roads facilitating current drilling activities [31][30]

Summary of Conference Call Notes on Metals & Mining Industry Industry Overview - The copper equities have experienced a significant rally of **58% YTD** (COPX), driven by increased investor confidence regarding tighter supply and demand dynamics due to mine disruptions and resilient demand from China, alongside a weaker USD and expectations of a FED rate cut cycle [1][33]. Key Companies and Their Ratings - **First Quantum, HudBay Minerals, and Ero Copper** are rated as **Buy**, indicating attractive risk-reward profiles despite the recent rally [2]. - **Grupo Mexico** is rated **Neutral**, trading at a historical discount to NAV, suggesting a balanced risk-reward scenario [2]. - **Capstone Copper** is rated **Neutral**, with limited upside potential after a significant price increase since April [2]. - **Southern Copper (SCCO)** is rated **Sell** due to high valuation, despite being well-positioned to benefit from rising copper prices [2]. Valuation Methodology Adjustments - The valuation methodology for copper coverage has been adjusted to reflect increased confidence in short-term supply/demand tightness and structural deficits. The new approach is a **50/50 blend of EV/EBITDA and DCF**, with EV/EBITDA multiples at **+1 standard deviation** above the 5-year historical average [3]. Company-Specific Insights Capstone Copper - **3Q25 Forecast**: EBITDA expected at **$205M** (-5% q/q; +70% y/y), impacted by lower production and higher unit costs [51]. - **Production and Sales**: Total copper production forecasted at **12kt**, with C1 cash cost at **$3.81/lb** [52]. Ero Copper - **3Q25 Forecast**: EBITDA expected at **$81M** (-2% q/q; +30% y/y), with production growth offset by cost increases [55]. - **Production and Sales**: Copper production forecasted at **10kt**, with C1 cash cost at **$2.35/lb** [56]. First Quantum Minerals - **3Q25 Forecast**: EBITDA expected at **$512M** (+28% q/q; -2% y/y), driven by higher shipments from Cobre Panama [57]. - **Production and Sales**: Copper production forecasted at **45kt**, with C1 cash cost at **$1.7/lb** [59]. HudBay Minerals - **3Q25 Forecast**: EBITDA expected at **$167M** (-32% q/q; -19% y/y), affected by lower shipments due to operational challenges [60]. - **Production and Sales**: Copper production forecasted at **20kt** [62]. Southern Copper - **3Q25 Forecast**: EBITDA expected at **$1,907M** (+7% q/q; +13% y/y), with stable copper price realization [64]. Market Dynamics - The copper market is perceived to be in a **small surplus** for 2025, with expectations of flat global mine production and challenges in supply growth [33][34]. - Concerns regarding **China's domestic demand** have emerged, with a reported **-2% y/y** decline in September [39][41]. - The **COMEX-LME arbitrage** is expected to create temporary upside risks to copper prices, with forecasts ranging between **$10,000-$11,000** for 2026/2027 [42][44]. Conclusion - The copper market is currently characterized by a strong rally in equities, driven by supply constraints and demand dynamics. Key players are adjusting their strategies and valuations in response to these market conditions, with varying outlooks based on company-specific factors and broader economic indicators.