2Q26 Copper Preview: Mixed Quarter, 2H26 To Post Better Operational Performance

Research evidence excerpt

2Q26 Copper Preview: Mixed Quarter, 2H26 To Post Better Operational Performance

lysis of a single company, or to make comparisons between companies in different sectors and markets.

Disclosures

The rating(s) for Capstone Copper, Ero Copper, First Quantum Minerals, Grupo Mexico, HudBay Minerals Inc. and Southern Copper is/are

relative to the other companies in its/their coverage universe: Aura Minerals, CSN, CSN Mineracao, Capstone Copper, Copec, Dexco, Empresas CMPC

SA, Ero Copper, First Quantum Minerals, Gerdau, Grupo Mexico, HudBay Minerals Inc., Klabin, SQM, Southern Copper, Suzano, Ternium, Usiminas, Vale

Company-specific regulatory disclosures

Compendium report: please see disclosures at https://www.gs.com/research/hedge.html. Disclosures applicable to the companies included in this

compendium can be found in the latest relevant published research

Distribution of ratings/investment banking relationships

Goldman Sachs Investment Research global Equity coverage universe

Rating Distribution Investment Banking Relationships

Buy Hold Sell Buy Hold Sell

Global 50% 34% 16% 65% 59% 43%

As of July 1, 2026, Goldman Sachs Global Investment Research had investment ratings on 3,104 equity securities. Goldman Sachs assigns stocks as Buys

and Sells on various regional Investment Lists; stocks not so assigned are deemed Neutral. Such assignments equate to Buy, Hold and Sell for the

purposes of the above disclosure required by the FINRA Rules. See ‘Ratings, Coverage universe and related definitions’ below. The Investment Banking

Relationships chart reflects the percentage of subject companies within each rating category for whom Goldman Sachs has provided investment

banking services within the previous twelve months.

Price target and rating history chart(s)

21 July 2026 20