Scotiabank expects mining companies to post diverging Q2 results

Bank of Nova Scotia

08/07/2025 11:37

** Scotiabank anticipates miners to post relatively mixed Q2 financial results, driven by diverging commodity prices and varied operating performances

** Brokerage expects investors to also focus on potential negative guidance revisions and select mine ramp-up updates

** Adds that Cameco Corp CCO.TO, Freeport-McMoRan FCX.N, First Quantum Minerals FM.TO and Lundin Mining LUN.TO appear relatively well positioned heading into the Q2 print

Brokerage also changes price target on the following companies:

Company
New PT
Old PT
Upside to stock's last close
Cameco Corp CCO.TO
C$100
C$95
0.4%
Ero Copper ERO.TO
C$25
C$26
10.3%
First Quantum Minerals FM.TO
C$26
C$24
3.7%
Champion Iron CIA.TO
C$5
C$5.50
26.2%

(Reporting by Pooja Menon in Bengaluru)

((Pooja.Menon@thomsonreuters.com;))