Weekly Metals Mining Rundown for Week Ending 2 Apr 2026

This past week’s top & bottom metal price and mining company peer group movers include:

This past week’s top 40 performing metals mining stocks (out of Peer Table’s 511) include (share price rounding errors apply, as sourced from Google Finance):

Covered mining company announcements incorporated into this week’s Peer Table (resource updates, economic studies, changes in project ownership):

• Copper producer Hudbay Minerals Inc. (NYSE/TSX:HBM) announced Friday (27 Mar) its annual reserves and resources update, which also included mine life extensions and improved production outlook. The announcement reaffirmed 2026 production guidance (of 110-138 kt Cu and 217-272 koz Au), and issued new production guidance figures for 2027 and 2028 – with 2027 guidance representing a +1-67% increase in copper production (140-184 kt Cu guided for 2027). According to our tallied numbers, HBM’s mineral resources now stand at 25.6 Blbs CuEq (35% from Cu, 36% from low-grade Mo, 22% from low-grade Au, rest Zn-Ag – at 3 month trailing average metal pricing with no recovery factors), but this excludes copper resources (of 12.7 Blbs Cu) from pending 100% acquisition of copper developer Arizona Sonoran Copper Company Inc. (ASCU:TSX | ASCUF:OTCQX) that hosts resources of 12.7 Blbs Cu (at Cactus project that’s near HBM’s existing Copper World project in Arizona), as recently announced March 2nd and due to close next quarter (Q2). The ASCU acquisition is set to grow HBM’s basic shares by ~11.5%. And including the 9.9% of ASCU that HBM already owns, HBM’s attributable resources of 26.9 Blbs CuEq (32.4 Moz AuEq) are set to grow by ~40% to 38.3 Blbs CuEq (56% from Cu, 24% Mo, 14% Au, rest Zn-Ag) on this acquisition. HBM stock is up +5% over past week ending 30 Mar intraday (just outperforming Cu producer median weekly gain of +2%) to US$18.97/sh (intraday 30 Mar), proforma market cap US$8.4b (pending ASCU closing), and pro forma market cap/lb US$181/lb CuEq (in between our 24-company Cu producer group median $133/lb CuEq and mean $193/lb CuEq) - and is a discount to our diversified copper group median US$274/lb CuEq (although this is considered an upper bound valuation because substantial iron ore, aluminum and other non-metal resources are excluded from our diversified copper producer group).

• Silver producer and intermediate gold producer First Majestic Silver (TSX:AG) announced Tuesday (31 Mar) its annual reserves and resources update, which grew silver-equivalent reserves by +4% and Measured and Indicated silver-equivalent resources by a WHOPPING +69% - as reported by the company in the press release. Overall M&I&I resources also grew by roughly 50% according to our tally, to 885 Moz AgEq (15.5 Moz AuEq) at our estimated 3-month trailing average metal prices with no recovery factors – with a super high combined precious metals content of 96% (67% from Au, 29% from Ag, rest Zn-Pb-Cu). All of this helped AG stock rise +21% this past week (ending 2 Apr – outperforming both silver producer group median weekly performance of +16.5% and intermediate gold producer group median weekly performance of +14%) to C$30.43/sh, market cap C$15b, and market cap/oz resource US$12.17/oz AgEq ($697/oz AuEq) – a premium valuation among most silver and intermediate gold peers on this metric (partly given its strong and fast-growing cash flow from its assets in Mexico that yielded Q4/25 silver-equivalent production of 8.9 Moz Ag (+56% year-over-year as reported by company on 15 Jan – based on the company’s reported updated 2025 guidance assumptions for metal prices), which led to 2025 cash flow from operations of US$526m (up 3.5-fold from 2024!). This makes AG one of the fastest growing silver and gold producers on the planet.

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