The mining industry is set to report second-quarter 2026 earnings against a backdrop of stronger year-over-year commodity prices and resilient demand for copper, gold and other critical minerals. While precious metals such as gold and silver retreated from the record highs reached earlier this year, they remained well above year-ago levels throughout the quarter. Meanwhile, 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 seven of the 16 Zacks sectors expected to deliver double-digit year-over-year earnings growth. Sector earnings are projected to increase 45.2% on 14.3% revenue growth, supported by higher realized commodity prices.
Against this favorable backdrop, we have identified four mining companies, FreeportMcMoRan FCX, Teck Resources TECK, DPM Metals Inc. DPMLF and Triple Flag Precious Metals Corp. TFPM 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 April–June 2026 period remained favorable, providing meaningful support to miners’ top lines.
Gold had a volatile second quarter following its strong start to the year. The metal touched a high of $4,917.70 per ounce in mid-April, below the record $5,626.80 reached in January, before falling to $3,955.40 by the end of June. Despite the pullback, gold averaged roughly $4,532 per ounce during the quarter, up 37% year over year.
Gold prices came under pressure for much of the quarter on expectations of a resolution to the U.S.-Iran conflict. Rising real yields and a stronger U.S. dollar increased the opportunity cost of holding non-yielding assets such as gold. Even after the correction, gold remained among the best-performing commodities over the past year.
Silver also experienced heightened volatility. Prices reached a high of $90 an ounce during the second quarter, lower than the high of $121.78 an ounce hit in January. The metal remained sensitive to geopolitical developments, inflation concerns driven by higher energy prices, a stronger U.S. dollar and shifting expectations for U.S. monetary policy. Nevertheless, silver averaged $73.54 per ounce during the quarter, representing a 118% increase from the year-ago period.
Copper prices ranged between $5.51 and $6.72 per pound during the quarter, averaging $6.19 per pound, up 30% year over year. Continued demand from electrification, renewable energy projects and grid infrastructure investment, along with improving industrial activity and persistent supply concerns, continued to support prices.
Among other base metals, zinc prices increased roughly 30% year over year, supported by improving industrial activity, tight concentrate supplies and production cuts at several smelters.
Overall, these favorable commodity price trends are expected to have supported revenues for companies such as Freeport-McMoRan, Teck Resources, DPM Metals and Triple Flag Precious Metals.
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.
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4 Potential Outperformers This Season
Teck Resources has an Earnings ESP of +19.61% and a Zacks Rank of 2 at present. The company is scheduled to report second-quarter 2026 results on July 23.
The Zacks Consensus Estimate for TECK’s second-quarter earnings is pegged at 79 cents per share, implying an 185% surge from the year-ago quarter’s actual. The estimate has moved up 14.9% over the past 60 days. TECK has an average earnings surprise of 52.6% in the trailing four quarters.
Teck Resources Ltd Price and EPS Surprise
Teck Resources Ltd price-eps-surprise | Teck Resources Ltd Quote
Our model projects second-quarter copper production of 127.8 thousand tons, up 17% year over year, supported by higher output from Quebrada Blanca, Highland Valley Copper, Antamina and Carmen de Andacollo. Copper sales are also projected to increase 25% to 127.8 thousand tons.
We estimate second-quarter zinc production of 108.3 thousand tons, down 36% year over year, reflecting lower output at Antamina and Red Dog. We project second-quarter refined zinc output at 52.8 thousand tons, indicating a 3.5% rise. Sales at Red Dog are expected to be 30-40 thousand tons, and our estimate is 40 thousand tons, implying a 14% increase. We expect total refined zinc sales to decline 5.7% to 52.8 thousand tons and zinc in concentrate sales to be down 22.5% to 50.4 thousand tons.
Higher sales volumes for copper and higher prices for copper and zinc are expected to have offset the impacts of lower zinc sales volumes and elevated costs in the quarter.
FreeportMcMoRan has an Earnings ESP of +6.93% and a Zacks Rank of 3 at present. It is scheduled to release second-quarter 2026 results on July 23
The Zacks Consensus Estimate for FCX’s second-quarter earnings has moved up 5.26% over the past 60 days and is pegged at 60 cents per share. It indicates a 11% increase from the year-ago quarter. The company has an average earnings surprise of 32.1% in the trailing four quarters.
Freeport-McMoRan Inc. Price and EPS Surprise
Freeport-McMoRan Inc. price-eps-surprise | Freeport-McMoRan Inc. Quote
The company’s outlook for copper sales volumes for the second quarter of 2026 of 690 million pounds indicates a sequential improvement, but suggests a 32% year-over-year decline. Freeport's outlook for the second quarter of 2026 also suggested higher costs on a sequential basis. It expects unit net cash costs to rise to $2.24 per pound, which reflects a roughly 98% 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 prices of copper and gold are expected to negate the impact of lower sales and higher costs on its margins.
DPM Metals has an Earnings ESP of +25.76% and a Zacks Rank of 3 at present. It is expected to release second-quarter 2026 results on July 30.
The Zacks Consensus Estimate for DPM Metals’ second-quarter earnings is pegged at 66 cents per share, indicating a 27% increase from the year-ago quarter. The estimate has moved down 4.3% over the past 60 days. DPMLF has an average earnings surprise of 8.77% in the trailing four quarters.
DPM Metals Inc. Price and EPS Surprise
DPM Metals Inc. price-eps-surprise | DPM Metals Inc. Quote
The company recently reported second-quarter production of approximately 102,000 gold equivalent ounces (GEOs) compared with 84,042 GEOs in the first quarter, driven by strong performance at Chelopech and the continued ramp-up at the Vareš mine.
Vareš produced approximately 35,000 GEOs, in line with its planned ramp-up toward full production. Development rates exceeded 400 meters per month, while processed ore increased 48% sequentially to 117,000 tons. Chelopech produced approximately 56,000 GEOs, benefiting from higher planned gold and silver grades. Ada Tepe produced approximately 11,000 GEOs in the second quarter.
Payable metals in concentrate sold were 87,000 GEOs in the second quarter. Overall, higher production, sales and prices are expected to boost the company’s second-quarter results.
Triple Flag Precious Metals has an Earnings ESP of +1.52% and a Zacks Rank of 3 at present. It is expected to release second-quarter 2026 results on Aug. 5.
The Zacks Consensus Estimate for TFPM’s second-quarter 2026 earnings is 33 cents per share, indicating a 37.5% year-over-year increase. The estimate has moved down 5.7% over the past 60 days. TFPM has an average earnings surprise of 7.79% in the trailing four quarters.
Triple Flag Precious Metals Corp. Price and EPS Surprise
Triple Flag Precious Metals Corp. price-eps-surprise | Triple Flag Precious Metals Corp. Quote
The company recently reported preliminary second-quarter metal sales of 28,674 GEOs, essentially unchanged from 28,682 GEOs in the year-ago quarter. Gold GEOs declined 6% year over year to 18,181, but this was offset by a 6% increase in silver GEOs to 9,846. Copper GEOs totaled 647 during the quarter. Second-quarter revenues reached $129.2 million, up 37% year over year, driven primarily by higher silver sales volumes and stronger realized metal prices. Preliminary cost of sales, excluding depletion, was approximately $25 million.
During the second quarter, the company also completed the $440 million acquisition of a gold stream on the Ravenswood mine in Australia, adding immediate cash flow, and bought back $20 million of shares in the open market.
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Freeport-McMoRan Inc. (FCX): Free Stock Analysis Report
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This article originally published on Zacks Investment Research (zacks.com).