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

研报英文原文证据摘录

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