North America Metals & Mining: Sunday Morning Metals: Upcoming Prints & Earnings Takeaways

研报英文原文证据摘录

North America Metals & Mining: Sunday Morning Metals: Upcoming Prints & Earnings Takeaways

J P M O R G A N North America Equity Research

02 August 2026

North America Metals & Mining

Sunday Morning Metals: Upcoming Prints & Earnings

Takeaways

This weekly product is meant to be a one-stop shop for recent Metals & Mining-related Metals & Mining

ACitems by providing 1) upcoming events and data points in the week ahead; 2) key Bill Peterson

headlines, JPM research, channel checks, and investor sentiment from the prior week; (1-415) 315-6766

3) short interest; 4) company and sector price movements; 5) commodity dashboards; bill.peterson@jpmchase.com

and 6) an archive of our published M&M research. Bennett Moore AC

(1-212) 622-0188

Thoughts and Upcoming Week bennett.moore@jpmchase.com

Earnings lighten up this week with Centrus & MP Materials on Aug 6. In our MP Rock Hoffman

preview (link), we flagged semi-annual maintenance likely weighs on output/costs, (1-212) 259-5055

and we expect weaker sales (-13% Q/Q) as MP’s tolling customers build inventory to rock.hoffman@jpmchase.com

support rising production rates. Shares have underperformed (-37% T3M vs. peers/ J.P. Morgan Securities LLC

NdPr -30%/-3%), offering an attractive entry point. China continues to flex its supply

spigot, most recently adding 14 EU entities to its export control list, and investors are

Upcoming M&M earnings:

closely monitoring execution on auto qualifications and looking for the next catalyst

(i.e., 10X syndication, midstream ramps, potential push into actuators). In our LEU

preview (link), we flagged strong low-enriched uranium pricing dynamics (UxC

reports a record $200/SWU for the seventh straight month) but expected 2Q hits

related to stock-based compensation, driving us to lower our bottom-line 2Q