Mining Minutes | Rally Killer

Research evidence excerpt

Mining Minutes | Rally Killer

Global | Metals & Mining EquityJuneResearch19, 2026

Mining Minutes | Rally Killer The Fed’s tightening tone this week has

dampened near-term momentum in metals

The hawkish messaging from the Fed this past week has temporarily taken the and mining. However, our analysis indicates

wind out of the sails of the metals/mining sector and could be an overhang that the underlying fundamentals remain

for the short term. But lower energy prices should be a positive for underlying intact, with structural demand drivers and

supply constraints continuing to support the

demand, which implies tightening markets and rising prices for industrial medium- to long-term outlook.

commodities after the smoke clears.

Chart of the Week: Share Price Performance

($US), WTD

Our Key Research from this Past Week: Antofagasta

S&P 500

BHP - Another Capex Reset at Jansen (HERE): BHP announced another $2bn increase in the total First QuantumTeck

capex budget for Jansen, taking total planned development costs for this project to nearly $20bn. Anglo AmericanFreeport

While another capex increase had been expected, this update is still unhelpful, especially when the Lundin MiningBHP

fundamental outlook for potash appears to be notably poor for the foreseeable future. Rio TintoVale

Glencore

Lundin Mining - CMD Highlights Organic Growth Strategy (HERE): The key message from Lundin's Alcoa-15% -10% -5% 0% 5%

.

CMD this past week was a multi-phase copper growth strategy combining near-term delivery Source: Factset,Jefferies

from brownfield projects with longerterm transformational growth in Argentina/Chile (Vicuña JV).

The company's brownfield projects provide lower-risk, capital-efficient production growth and a

medium-term uplift in FCF.