$HBM.TO

TSX Closer: The Index Posts a Fresh Record Close; Morningstar On Best- and Worst-Performing Canada Stocks

The resources-heavy Toronto Stock Exchange closed at a fresh record high on Tuesday, boosted by higher commodity prices and confidence the equity market fundamentals in place for most of the last two months will continue.The S&P/TSX Composite Index closed up 434.57 points, or 1.25%, to 35,169.46, with most sectors higher. The prior record close of 34,830 was set on May 25.The index was led higher by Base Metals, up 4%, followed by the Battery Metals Index, up 2.7%, and then Energy, up 2.4%. In contrast, Health Care was down 1.2% and Telecom down near 0.75%.According to FactSet the TSX was, going in to today, up 10.91% from its 2026 closing low of 31,317.41 hit Friday, March 20, and year to date up 3,022.13 points or 9.53%.Morningstar Canada published a note entitled 'Best- and Worst-Performing Canadian Stocks' in which it notes The Morningstar Canada Large-Mid Cap Index rose 2.35% in May, amid a rally in the communication-services sector. The index tracks the top 90% of the Canadian investable universe by market cap, and each month, Morningstar screens it for the best- and worst-performing companies.Among the best performing stocks of May 2026, Morningstar cited Capstone Copper (CS.TO), HudBay Minerals (HBM.TO), First Quantum Minerals (FM.TO), Air Canada (AC.TO) and Lundin Mining (LUN.TO).Among the worst performing stocks of May 2026, it cited Stantec (STN.TO), GFL Environmental (GFL.TO), Element Fleet Management (EFN.TO), Energy Fuels (EFR.TO) and WSP Global (WSP.TO).Of commodities, gold was higher late afternoon Tuesday, but fell back from early highs as the dollar rose. Gold for July delivery was last seen up US$11.30 to US$4,517.60 per ounce, after earlier touching $4,571.30.Also, West Texas Intermediate crude oil closed higher, rising off session lows following reports Iran is considering a new U.S. peace deal to end the war, a day after prices surged after the two sides appeared to be on the brink of resuming hostilities. WTI crude oil for July delivery closed up $1.60 to settle at US$93.76 per barrel, after earlier touching US$90.12. August Brent oil was up US$1.01 to US$95.99.

Hudbay Minerals Receives TSX Approval for Normal Course Issuer Bid

Hudbay Minerals (HBM.TO) has received approval from the Toronto Stock Exchange to renew a normal course issuer bid, the company said Thursday.Under the NCIB, Hudbay can acquire up to 19,863,997 shares or 5% of its issued and outstanding shares for cancellation starting June 1 and ending May 31, 2027, or earlier.Hudbay believes that market price of its shares may not fully reflect the company's underlying value, and repurchasing its shares may constitute a desirable use of capital and would be in the best interests of shareholders.The miner did not purchase shares under its 2025 NCIB.

Hudbay Minerals Says Received Approval for Normal Course Issuer Bid

Coppernico Metals Posts Channel Sampling Results from Nioc Target Area of Sombrero Project

Additional surface channel sampling results from the Nioc target area at the Sombrero copper-gold project in Peru expand the known surface footprint of copper-gold mineralization at Zone 2, Coppernico Metals (COPR.TO) said on Tuesday.The results also "materially de-risk" initial drill targeting decisions by demonstrating continuous, high-grade skarn mineralization across a broad footprint directly above a large, coherent geophysical anomaly, while the company's interpretation of Nioc as a large scary system genetically linked to a porphyry-style intrusive center, "with significant exploration upside", was also reinforced, it added.Highlights of the results include 70.1 meters of 0.92% copper, 0.25 grams per tonne gold and 2.45 g/t silver; and 58.0 m of 0.58% copper, 0.39 g/t gold and 1.70 g/t silver.The results nearly double the width of surface mineralization at Zone 2 to about 70 m in the east-west direction relative to the previously reported 36 metres.Combined Zone 1 and Zone 2 results now define a broad, still-open surface expression of copper-gold skarn mineralization above the more-than-1.5-kilometer Nioc coincident geophysical target, strengthening confidence in initial drill targeting across the target area.Shares in COPR rose 8.2% last Friday, before the holiday weekend.

Coppernico Metals Says Channel Samples Intersect 70.1 m of 0.92% Copper and 0.25 g/t Gold at Nioc

Arizona Sonoran Securityholders Approve Hudbay Transaction With Over 99% Of Votes Cast FOR

Copper Prices Ease on Middle East Uncertainty and China Data, RBC notes; Also Noting Related Earnings Here In Canada

Copper prices eased slightly to US$5.90 per pound over the past week as the market continues to digest conflicting signals between Middle East tensions and upbeat factory data in China, RBC Capital Markets noted in a note dated May 4.RBC noted the International Copper Study Group estimated a supply surplus of 276,000 tonnes in February, compared to a surplus of 34,000 tonnes in the previous month. But Chinese inventories have declined since then on what appears to be stronger demand.On the M&A front, RBC also noted, mining dealmaking is "heating up", hitting $21.6 billion in the first quarter, the strongest start to the year since 2023, as capital flows toward assets that secure reliable supply of critical minerals in stable jurisdictions (citing mining.com)."With metals prices remaining elevated, we expect consolidation to continue in the sector," RBC said.Meanwhile, RBC noted earnings season is well underway, with FM, CS, and HBM having reported last week. The bank said cost pressures were in focus with both FM and CS flagging potential for cash cost increases of roughly 10% from higher fuel prices. IVN, LUN, and NEXA report earnings on Wednesday after markets close, it added.Price: $31.49, Change: $+0.45, Percent Change: +1.45%

Hudbay Minerals Maintained at Buy at Stifel Canada Following Q1 Results; Price Target Kept at C$41.00

Stifel Canada on Monday reiterated its buy rating on the shares of Hudbay Minerals (HBM.TO) and its C$41.00 price target following the company's first-quarter results."Hudbay reported Q1/26 adjusted EPS of $0.40 vs. our $0.28 (consensus: $0.34) and adjusted EBITDA of $422Mln vs. our $364Mln (consensus: $376Mln) primarily due to higher metals sales (+3% higher copper sales; +9% higher gold sales). Q1/26 copper production of 27.9Kt and gold production of 61.7Koz was in-line at lower consolidated copper cash costs of $(1.80)/lb vs. our $(1.45)/lb. FY26 production and cost guidance was reaffirmed across all metals. Net debt was reduced to $5.6Mln (0.0x net debt/EBITDA) following closing of the Copper World JV transaction with Mitsubishi for a 30% minority interest and the all-stock Arizona Sonoran acquisition that is on track to close in Q2/26. The Copper World Definitive Feasibility Study (DFS) is more than 85% complete and on track for completion in mid-2026 with a project sanction decision expected later in 2026," analyst Ralph Profiti wrote.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $30.08, Change: $-0.94, Percent Change: -3.03%

RBC Keeps Hudbay Minerals' Outperform Rating, C$40 Price Target

RBC Capital Markets on Friday maintained Hudbay Minerals' (HBM.TO) outperform rating and C$40 price target.Hudbay continues to demonstrate stability at its core operations, with a clear and credible path to near and long-term production growth, RBC said.With guidance reaffirmed across all metrics and a net debt-free balance sheet, RBC remains constructive on the shares.Hudbay's Copper World project and Cactus projects in Arizona provide long-term upside for the company, RBC said.Hudbay traded at $30.77 per share at last look Monday on the Toronto Stock Exchange.Price: $30.80, Change: $-0.22, Percent Change: -0.71%

Independent Proxy Advisory Firm ISS Recommends Arizona Sonoran Copper Shareholders Vote FOR Arrangement with Hudbay Minerals

Hudbay Minerals' Q1 Adjusted Earnings Rise YoY, Hits Quarterly Record

Hudbay Minerals (HBM.TO) reported an increase in first-quarter adjusted earnings year over year despite lower production.Adjusted net earnings attributable to owners were US$159.1 million, or $0.40 per share, up from $93.8 million, or $0.24 per share. The result exceeded the non-GAAP earnings per share consensus estimate of $0.34 for the first quarter, as compiled by FactSet.Revenue came in at $757.3 million, an increase from $594.9 million. The result beat the sales consensus estimate of $684.7 million for the first quarter, as compiled by FactSet.Adjusted EBITDA was $421.9 million, rising from $287.2 million.The company achieved record quarterly revenue, adjusted EBITDA and adjusted net earnings attributable to owners due to steady operating performance, expanding margins from stronger copper and gold exposure and a focus on cost control.The company produced 27,929 tonnes of copper, down from 30,958 tonnes. Gold production was 61,700 ounces, down from 73,784 ounces. Results were in line with quarterly cadence expectations, Hudbay said.Hudbay reaffirmed full-year 2026 consolidated production guidance including 110,000 to 138,000 tonnes of copper and 217,000 to 272,000 ounces of gold.

Hudbay Minerals Achieved Record Q1 Revenue of US$757.3M

Copper Equities Down 5.5% Week over Week, RBC Says

Copper equities fell 5.5% over the past week driven by a pullback in gold, a firming U.S. dollar, and a sharp oil rally, as markets digest the spillover effects of the war in Iran, RBC Capital Markets said Monday.Sulfuric acid availability remains in focus as China plans to halt acid exports in May to prioritize domestic fertilizer and battery production. Prices are reaching about $1,000 per tonne, threatening leaching operations that represent 20% of global copper output, while operations in the Democratic Republic of Congo rely primarily on Middle Eastern acid.Ivanhoe Mines (IVN.TO) stands out as a clear beneficiary of this acid supply squeeze, with the newly commissioned Kamoa-Kakula smelter producing 1,200 tonnes per day of acid that could generate over $400 million in annual byproduct revenues at spot prices.Capstone Copper (CS.TO) and Lundin Mining (LUN.TO) face potential cost headwinds from theirChilean leaching operations, although local supply chains and term contracts could provide insulation in the near term, RBC said.Price: $78.52, Change: $-3.72, Percent Change: -4.52%