Prismo Metals Inc. (CSE:PRIZ)
A leadership team with a proven ability to explore, operate and develop precious metal discoveries.
The commodities market provided strong tailwinds for non-ferrous metal mining companies in the first quarter of 2026, with prices of precious metals and copper holding firm. The basic materials sector stood out during this earnings season. According to the latest earnings trend report, the sector is expected to achieve profit growth of 16.3%, an improvement from 12.1% in the fourth quarter of 2024 and 11.5% in the third quarter.
Against this favorable backdrop, two copper-focused companies—Teck Resources (TECK) and Lundin Mining (LUNMF)—appear well-positioned to beat earnings expectations this quarter while also delivering year-over-year performance improvements.
Between January and March, price trends for key non-ferrous metals were generally favorable, providing a clear boost to mining revenues. Copper prices started the year strongly, hitting an all-time high of $6.58 per pound on January 29, 2026, amid supply concerns caused by production disruptions at major mines such as Grasberg in Indonesia, Kamoa-Kakula in the Democratic Republic of Congo, and El Teniente in Chile. Later in the quarter, copper prices retreated due to geopolitical tensions pushing up crude oil prices and weak demand stemming from China’s property downturn. Copper prices fluctuated between $5.25 and $6.58 per pound in the first quarter, with an average quarterly price of $5.83, up 27% from the same period last year.
For Teck Resources and Lundin Mining, given their heavy reliance on copper operations, the favorable price trends are expected to support revenues. However, the operating environment remains challenging, as rising input costs may partially offset the benefits of higher prices and compress profit margins. Mining companies are responding to cost pressures by increasing throughput, optimizing asset portfolios, and prioritizing higher-grade ore extraction.
Teck Resources plans to release its first-quarter earnings on April 23. The consensus analyst estimate projects earnings per share of 79 cents for the quarter, an 88% increase from the actual results of the same period last year. Over the past four quarters, Teck Resources has averaged an earnings beat of 54.3%. Full-year copper production for 2025 was 453,500 tonnes, up 1.8% year over year. The 2026 production guidance is 455,000 to 530,000 tonnes. Copper sales volumes are expected to rise 22.5% to 129,800 tonnes. Although zinc production is expected to decline, higher copper sales volumes and metal prices are likely to offset the impact of lower zinc sales.
Lundin Mining plans to release its first-quarter earnings on May 6. The consensus analyst estimate projects earnings per share of 28 cents for the quarter, a 155% surge year over year. Over the past four quarters, Lundin Mining has averaged an earnings beat of 17.5%. The company expects first-quarter revenue to benefit from a $22 million positive provisional pricing adjustment related to prior-period concentrate sales, primarily reflecting upward revisions to earlier metal sales. Although copper production is expected to decline slightly while gold production remains stable, higher copper and gold prices, along with lower costs at several mines including Caserones, are expected to bolster the company’s performance.
