The Metals Pages for the Week Ended on May 15, 2026

Research evidence excerpt

The Metals Pages for the Week Ended on May 15, 2026

May 18, 2026

The Metals Pages

Metals & Mining

Frederic Bolton^ Analyst

Frederic.Bolton@bmo.com +44 785 065 5751

The MetalsPagesis a comprehensive review of operating and valuation metrics for a Rene Cartier, CPA, CA, CBV, CFA * Analyst

broad universe of mining companies including base metals, bulks and diversified Rene.Cartier@bmo.com (416) 359-5001

miners. Katja Jancic, CFA** Analyst

katja.jancic@bmo.com (212) 883-5109

The data set can be used to evaluate the relative investment merits of Global Metals

Andrew Mikitchook P.Eng., CFA* Analystand Mining stocks based on consistent and rigorous analysis over a range of valuation

Andrew.Mikitchook@bmo.com (416) 359-5782

metrics.

Matthew Murphy, CFA* Analyst

Matthews.Murphy@bmo.com (416) 843-3198

CLICK HERE to open/save Excel version of The Metals Pages. Alexander Pearce^ Analyst

alexander.pearce@bmo.com +44 (0)20 7246 5435

CLICK HERE for access to the BMO Research Website.

Raj Ray, CFA^ Analyst

Raj.Ray@bmo.com +44 (0)20 7246 5430

TableofContents

Data/Project Mgmt: Alona Yunda^

Industry Summary Report 2 Alona.Yunda@bmo.com +44 789 479 7518

Trading Data 3 Legal Entity: *BMO Nesbitt Burns Inc.; **BMO Capital Markets Corp.;

^BMO Capital Markets Limited

Valuation Multiples at BMO Price Deck 4

Valuation Multiples at Spot Prices and Exchange Rates 5

Earnings and Cash Flows at BMO Price Deck 6

Earnings and Cash Flows at Spot Prices and Exchange Rates 7

Balance Sheet at BMO Price Deck 8

Balance Sheet at Spot Prices and Exchange Rates 9

Global Diversified Miners – Financial Valuation Metrics 10

Global Diversified Miners – Sensitivity Analysis 11

Global Diversified Miners – Commodity and Geography Metrics 11

Global Copper Miners 12

Commodity Forecasts and Assumptions 13