MoneyMind Finance Copper Stocks Worksheet
"Compiled 9 September 2026 by MoneyMind Finance. Educational use only. Not financial, investment or trading advice. No price targets."

SECTION 1: THE MONEYMIND STOCK WATCH SCORE
"Scored 1 to 5 on each criterion. Our own judgement, not fact, not a rating and not a recommendation."
Criterion,Freeport (FCX),Southern Copper (SCCO),Teck (TECK),Note
Revenue momentum,4,5,3,FCX guided H2 copper volumes up over 20% sequentially; SCCO H1 revenue up 38.4%; TECK growth muted pre merger
Profit quality,3,5,1,FCX ROE 14.75% but free cash flow only US$1.76bn; SCCO ROE 49.90% and H1 adjusted EBITDA margin 65.2%; TECK ROE 3.06%
Balance sheet,3,4,3,FCX net debt US$6.28bn and Altman Z 2.69; SCCO current ratio 5.06 but debt to equity 0.68; TECK Altman Z 1.97
Customer concentration,4,4,4,"All three sell a globally traded commodity into deep markets, so no single customer dominates. Asset and jurisdiction concentration is covered separately in the article."
Valuation vs growth,4,2,3,FCX forward P/E 22.32 and PEG 0.61; SCCO forward P/E 27.53 and PEG 1.83; TECK forward P/E 23.55 and PEG 1.11
Catalyst clarity,5,3,4,FCX has dated ramp milestones and results on 22 October 2026; SCCO guided lower 2026 output; TECK has the pending Anglo American merger
Total out of 30,=SUM(B7:B12),=SUM(C7:C12),=SUM(D7:D12),

SECTION 2: CALCULATORS. CHANGE ANY CELL MARKED INPUT.

2a. Mining margin calculator
Item,Value,Unit,Type
Average realised copper price,6.17,US$ per lb,INPUT
Unit net cash cost,1.97,US$ per lb,INPUT
Copper sold in the quarter,710,million lb,INPUT
Cash margin per pound,=B19-B20,US$ per lb,calculated
Cash margin on the quarter,=B22*B21,US$ million,calculated

2b. What a price move does to the margin
Item,Value,Unit,Type
Change in copper price,-1.0,US$ per lb,INPUT
New realised price,=B19+B27,US$ per lb,calculated
New cash margin per pound,=B28-B20,US$ per lb,calculated
Percent change in cash margin,=(B29-B22)/B22,"fraction, format as %",calculated

"2c. Five year revenue sketch. Business only, not a share price forecast."
Scenario,Start revenue US$bn,Annual growth,Revenue in 2031 US$bn
Cautious,25.87,0.03,=B34*(1+C34)^5
Middle,25.87,0.08,=B35*(1+C35)^5
Stretch,25.87,0.12,=B36*(1+C36)^5

SECTION 3: SOURCE DATA. EVERY FIGURE WITH ITS DATE AND ORIGIN.
Figure,Value,As at / dated,Source
FCX Q2 2026 revenue,"US$7,029 million",Quarter to 30 June 2026,"Freeport Q2 2026 earnings release, investors.fcx.com"
FCX Q2 2026 operating income,"US$2,003 million",Quarter to 30 June 2026,Freeport Q2 2026 earnings release
FCX Q2 2026 operating cash flow,"US$2,048 million",Quarter to 30 June 2026,Freeport Q2 2026 earnings release
FCX Q2 2026 net income,"US$984 million, US$0.68 per share",Quarter to 30 June 2026,Freeport Q2 2026 earnings release
FCX Q2 2025 net income,US$772 million,Quarter to 30 June 2025,Freeport Q2 2026 earnings release comparatives
FCX Q2 2026 adjusted net income,"US$1.1 billion, US$0.74 per share",Quarter to 30 June 2026,Freeport Q2 2026 earnings release
FCX Q2 2026 copper production,786 million lb,Quarter to 30 June 2026,Freeport Q2 2026 earnings release
FCX Q2 2026 copper sales,710 million lb,Quarter to 30 June 2026,Freeport Q2 2026 earnings release
FCX Q2 2026 gold sales,192 thousand ounces,Quarter to 30 June 2026,Freeport Q2 2026 earnings release
FCX Q2 2026 molybdenum production,23 million lb,Quarter to 30 June 2026,Freeport Q2 2026 earnings release
FCX average realised copper price,"US$6.17 per lb, versus US$4.54 in Q2 2025",Quarter to 30 June 2026,Freeport Q2 2026 earnings release
FCX unit net cash costs,US$1.97 per lb,Quarter to 30 June 2026,Freeport Q2 2026 earnings release
"Grasberg throughput, April 2026","34,000 tonnes of ore per day",April 2026,"Freeport Q2 2026 results and conference call, 23 July 2026"
"Grasberg throughput, June 2026","69,000 tonnes of ore per day",June 2026,"Freeport Q2 2026 results and conference call, 23 July 2026"
Grasberg ramp plan,"65% of capacity in H2 2026, 80% by mid 2027, full capacity by end 2027",23 July 2026,Freeport Q2 2026 conference call; reaffirmed by PT Freeport Indonesia per Reuters
FCX H2 2026 sequential guidance,"Copper volumes up over 20%, gold up over 65%",23 July 2026,Freeport Q2 2026 earnings release
Grasberg mud rush incident,Caused the production shortfall being recovered,September 2025,Freeport disclosures
PT Smelting Gresik shutdown,"Halted since 8 August 2026 for furnace repairs, about 342,000 t/yr cathode, 66% owned by Freeport Indonesia",14 August 2026,MINING.com
LME benchmark copper price,"All time high of US$14,779 per tonne",8 September 2026,"Reuters, via MINING.com"
US proposed copper tariff,"15% on refined copper from 2027, 30% from 2028, not confirmed",8 September 2026,"Reuters, via MINING.com"
LME plus ShFE copper stocks,"Just over 300,000 tonnes combined",8 September 2026,"Reuters, via MINING.com"
COMEX copper stocks,"Record 695,624 tonnes",8 September 2026,"Reuters, via MINING.com"
Morgan Stanley Q4 2026 copper forecast,"US$14,250 per tonne, cautious into 2027",8 September 2026,"Reuters, via MINING.com"
Chile national copper output,"About 5.5 million tonnes, 5.415 million last year versus 2018 peak of 5.831 million",14 August 2026,MINING.com
DRC concentrate export ban,"In force, tightening global supply",14 August 2026,MINING.com
FCX share price,"US$76.62 close, up 5.35% that day",8 September 2026,S&P Global Market Intelligence data via stockanalysis.com
FCX market capitalisation,"US$110.03 billion, enterprise value US$116.31 billion",9 September 2026,S&P Global Market Intelligence data via stockanalysis.com
FCX trailing P/E,37.55,9 September 2026,S&P Global Market Intelligence data via stockanalysis.com
FCX forward P/E,22.32,9 September 2026,S&P Global Market Intelligence data via stockanalysis.com
FCX PEG ratio,0.61,9 September 2026,S&P Global Market Intelligence data via stockanalysis.com
FCX EV to EBITDA,12.17,9 September 2026,S&P Global Market Intelligence data via stockanalysis.com
FCX return on equity,"14.75%, ROIC 12.68%, WACC 11.17%",9 September 2026,S&P Global Market Intelligence data via stockanalysis.com
FCX trailing twelve month revenue,"US$25.87 billion, net income US$2.94 billion, EPS US$2.04",9 September 2026,S&P Global Market Intelligence data via stockanalysis.com
FCX EBITDA and margin,"US$9.55 billion, margin 36.93%",9 September 2026,S&P Global Market Intelligence data via stockanalysis.com
FCX cash flow,"Operating US$5.90 billion, capex US$4.14 billion, free cash flow US$1.76 billion",9 September 2026,S&P Global Market Intelligence data via stockanalysis.com
FCX balance sheet,"Cash US$4.08 billion, total debt US$10.36 billion, net debt US$6.28 billion, debt to equity 0.32",9 September 2026,S&P Global Market Intelligence data via stockanalysis.com
FCX Altman Z score,2.69,9 September 2026,S&P Global Market Intelligence data via stockanalysis.com
FCX 52 week price change and beta,"Plus 65.34%, beta 1.40, 200 day average US$61.12",9 September 2026,S&P Global Market Intelligence data via stockanalysis.com
FCX dividend,"US$0.60 per share, yield 0.78%",9 September 2026,S&P Global Market Intelligence data via stockanalysis.com
FCX analyst growth forecasts,Revenue 12.28% a year and EPS 36.42% a year over three years,9 September 2026,S&P Global Market Intelligence data via stockanalysis.com
FCX next results date,"22 October 2026, before market open",9 September 2026,S&P Global Market Intelligence data via stockanalysis.com
SCCO key metrics,"Trailing P/E 29.40, forward 27.53, PEG 1.83, EV/EBITDA 17.04, ROE 49.90%, current ratio 5.06, debt to equity 0.68",9 September 2026,S&P Global Market Intelligence data via stockanalysis.com
SCCO H1 2026 performance,"Revenue US$8.54 billion, up 38.4%; Q2 net income US$1.67 billion, up 71.6%; H1 adjusted EBITDA margin 65.2%",H1 2026,Southern Copper results coverage
SCCO H1 2026 copper production,"461,206 tonnes, down 3.8%",H1 2026,Southern Copper results coverage
TECK key metrics,"Trailing P/E 27.80, forward 23.55, PEG 1.11, EV/EBITDA 11.32, ROE 3.06%, Altman Z 1.97",9 September 2026,S&P Global Market Intelligence data via stockanalysis.com
TECK merger,"Agreement with Anglo American to form Anglo Teck, over 70% copper exposure, combined output 1.2 Mt rising to 1.35 Mt by 2027",2026,Merger coverage

"Disclaimer: informational and educational purposes only. Does not constitute financial, investment or trading advice. Not written by a licensed financial advisor."