ASX Copper Miners: Monthly mark to market

Research evidence excerpt

ASX Copper Miners: Monthly mark to market

Macquarie Equity Research ASX Copper Miners: Monthly mark to market

Key preferences for base metals producers

• We make the following target price changes:

Þ CSC: Our A$/C$ target prices decrease 3%/3% to A$17.80/C$17.00 due to earnings

decreases after incorporating our lower copper price outlook; reiterate Outperform.

Þ SFR: Our target price reduces 5% to A$20.00 due to earnings decreases after

incorporating our lower copper price outlook; reiterate Neutral.

Þ AMI: Decrease our TP by 2% to A$0.43; reiterate Outperform.

Þ AIS: Decrease our TP by 8% to A$0.55; reiterate Outperform.

Þ CNB: No change to our TP of A$0.85; reiterate Outperform.

Þ FFM: No change to our TP of A$2.70; reiterate Outperform.

Þ 29M: Maintain Neutral; our TP decreases 7% to A$0.28 due to earnings decreases after

Figure 2 - Base metals stocks: Target price and recommendation changes

Company Code Rating - old Rating - new Price target - old Price target - new Change

Capstone Copper ASX: CSC Outperform Outperform A$18.30 A$17.80 (3%)

Capstone Copper TSX: CS Outperform Outperform C$17.50 C$17.00 (3%)

Sandfire Resources ASX: SFR Neutral Neutral A$21.00 A$20.00 (5%)

Aurelia Metals ASX: AMI Outperform Outperform A$0.44 A$0.43 (2%)

Aeris Resources ASX: AIS Outperform Outperform A$0.60 A$0.55 (8%)

Carnaby Resources ASX: CNB Outperform Outperform A$0.85 A$0.85 0%

FireFly Metals ASX: FFM Outperform Outperform A$2.70 A$2.70 0%

29Metals ASX: 29M Neutral Neutral A$0.30 A$0.28 (7%)

Source: Macquarie Research, July 2026

Capstone (CSC AU, CS CN)

Investment thesis - Outperform

CSC offers a more leveraged copper exposure through a diversified Americas portfolio, with

near-term earnings increasingly underpinned by Mantoverde and a visible brownfield/organic

growth pipeline.