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5 Copper and Precious Metals Stocks Likely to Beat Q3 Estimates
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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.
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 Season
FreeportMcMoRan 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 Corp. Price and EPS Surprise
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.
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5 Copper and Precious Metals Stocks Likely to Beat Q3 Estimates
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 Season
FreeportMcMoRan 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.
Freeport-McMoRan Inc. Price and EPS Surprise
Freeport-McMoRan Inc. price-eps-surprise | Freeport-McMoRan Inc. Quote
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.
Franco-Nevada Corporation Price and EPS Surprise
Franco-Nevada Corporation price-eps-surprise | Franco-Nevada Corporation Quote
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 Corp. Price and EPS Surprise
Lundin Mining Corp. price-eps-surprise | Lundin Mining Corp. Quote
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.
OR Royalties Inc. Price and EPS Surprise
OR Royalties Inc. price-eps-surprise | OR Royalties Inc. Quote
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 Corp. Price and EPS Surprise
Wheaton Precious Metals Corp. price-eps-surprise | Wheaton Precious Metals Corp. Quote
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.