Commodity markets provided a solid tailwind for non-ferrous miners in the first quarter of 2026, with strength across precious metals and copper. These companies are part of the broader Zacks Basic Materials sector, which is emerging as a strong performer this earnings season. Per the latest Earnings Trends report, the sector is expected to deliver earnings growth of 16.3%, suggesting an improvement from the 12.1% registered in the fourth quarter of 2024 and the 11.5% posted in the third quarter. The sector is poised to be among the four of the 16 Zacks sectors to deliver double-digit growth in the quarter under review. The sector is expected to witness a 13.6% increase in revenues, supported largely by higher realized commodity prices.

Against this constructive backdrop, we have identified two copper-focused companies, Teck Resources (TECK Quick QuoteTECK - Free Report) and Lundin Mining (LUNMF Quick QuoteLUNMF - Free Report) , which seem well-positioned to surpass earnings estimates this time around, while also improving year over year.

How Have Things Shaped Up for TECK & LUNMF?

Price movements across key non-ferrous metals during the January-March 2026 period remained supportive, providing a meaningful boost to miners’ top lines. Gold and silver stood out, benefiting from safe-haven demand amid economic and geopolitical uncertainty.

Copper prices began the quarter on a solid footing, reaching a record high of $6.58 per pound on Jan. 29, 2026. This was triggered by supply concerns following disruptions at major mining operations, including Indonesia’s Grasberg mine and the Kamoa-Kakula complex in the Democratic Republic of Congo, alongside issues at Chile’s El Teniente. Steady demand from electrification, renewable energy projects and grid infrastructure spending, amid supply concerns, continued to fuel prices.

Prices softened in the latter part of the quarter. Rising oil prices linked to geopolitical tensions, along with weak demand from China amid an ongoing real estate downturn, weighed on sentiment. Copper prices ranged from $5.25 per pound to a high of $6.58 in the first quarter. Prices averaged at $5.83 for the quarter, 27% higher than the last-year quarter. 

These favorable pricing dynamics are expected to have supported revenues for Teck Resources and Lundin Mining, given their significant exposure to copper.

That said, the operating environment remained challenging. Elevated input costs likely offset some of the benefits of higher prices, pressuring margins. In response, miners have focused on improving throughput, optimizing portfolios and prioritizing higher-grade ore bodies to mitigate cost pressures.

Here’s How to Pick Stocks Poised to Beat Earnings Estimates

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, which have 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 for stocks with this combination, the chance of an earnings surprise is as much as 70%.

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.

2 Potential Outperformers This Earnings Season

Teck Resources has an Earnings ESP of +0.95% and a Zacks Rank of 3 at present. The company is scheduled to report first-quarter 2026 results on April 23.

The Zacks Consensus Estimate for first-quarter earnings is pegged at 79 cents per share, implying an 88% climb from the year-ago quarter’s actual. The estimate has moved up 83.7% over the past 60 days. TECK has an average positive earnings surprise of 54.3% in the trailing four quarters.

Teck Resources Ltd Price and EPS Surprise

 

Teck Resources Ltd price-eps-surprise | Teck Resources Ltd Quote

Teck Resources’ copper production for 2025 totaled 453.5 thousand tons, up 1.8% year over year. For 2026, production is expected to be 455-530 thousand tons, with the mid-point suggesting an 8.5% increase. Our model estimates first-quarter 2026 copper production to rise 23% year over year to 130.5 thousand tons, supported by higher output from Quebrada Blanca, Highland Valley Copper, Antamina and Carmen de Andacollo. Copper sales are projected to rise 22.5% to 129.8 thousand tons.

For 2025, zinc production was reported at 565 thousand tons, down 8.3% as higher production at Antamina was offset by lower output at Red Dog. TECK’s 2026 outlook is weaker at 410-460 thousand tons, indicating lower expected output from both operations. We estimate first-quarter zinc production of 109.4 thousand tons, suggesting a 20% year-over-year fall.

Refined zinc production at Trail Operations decreased 10.2% year over year to around 230 thousand tons in 2025. The guidance for 2026 is at 190-230 thousand tons. We project first-quarter refined zinc output at 55.4 thousand tons, indicating a 4.5% fall. Sales at Red Dog are expected to be 40-50 thousand tons, with our estimate at 48.2 thousand tons, implying a 47% drop. 

Higher sales volumes for copper and metal prices are expected to have offset the impacts of lower zinc sales volumes in the quarter.

Lundin Mining has an Earnings ESP of +1.27% and a Zacks Rank of 3 at present. It is scheduled to release the first-quarter 2026 results on May 6.

The Zacks Consensus Estimate for Lundin Mining’s first-quarter 2026 earnings is 28 cents per share, indicating a 155% year-over-year surge. The estimate has moved up 3.7% over the past 60 days. LUNMF has an average positive earnings surprise of 17.5% in the trailing four quarters.

Lundin Mining Corp. Price and EPS Surprise

 

Lundin Mining Corp. price-eps-surprise | Lundin Mining Corp. Quote

The company expects first-quarter 2026 revenues to benefit from $22 million in positive provisional pricing adjustments related to prior-period concentrate sales. These adjustments primarily include upward adjustments in relation to the prior period’s metal sales.

LUNMF's copper production in the fourth quarter of 2025 was down 14% year over year to 87,032 tons. Higher production at Caserones and Eagle was offset by lower output at Candelaria and Chapada.  Full-year copper production was reported at 331,232 tons. For 2026, the guidance is at 310,000-335,000 tons, with the mid-point indicating a modest 3% decline.

Gold production fell 27% year over year in the fourth quarter to 34,129 ounces due to lower output at Candelaria and Chapada. The 2025 production was 141,859 ounces. For 2026, the company expects gold output between 134,000 and 149,000 ounces, broadly in line with prior-year reported levels.

In line with the company’s guidance, we expect a slight dip in copper production for the first quarter, while gold output is expected to have been stable. The company’s performance is likely to have benefited from higher prices for copper and gold, as well as lower costs at Caserones, Chapada and Eagle.