FNV

Five mining and precious metals companies are positioned to beat Q3 2026 earnings estimates, supported by elevated commodity prices. Gold averaged $4,305/oz (up 23% YoY), silver averaged $63.22/oz (up 59% YoY), and copper averaged $6.53/lb, though higher input costs partially offset gains. FreeportMcMoRan, Franco-Nevada, Lundin Mining, OR Royalties, and Wheaton Precious Metals all show positive Earnings ESP and favorable Zacks Ranks.

Franco-Nevada (FNV) delivered record $1.23 billion revenues in H1 2026 with 13% year-over-year growth in gold-equivalent ounces sales. The company expects 2026 GEO sales of 510,000-570,000 ounces, tracking toward the upper half of guidance.

Production is expected to accelerate in H2 2026 from multiple assets including Candelaria, Tocantinzinho, and Cobre Panamá. However, FNV trades at a premium valuation of 29.91X forward earnings versus the industry average of 12.43X and carries a Zacks Rank #3 (Hold) rating.

Galiano Gold secured extensions for its Abirem and Miradani Mining Leases at the Asanko Gold Mine in Ghana through 2041 and 2043 respectively, providing operational certainty for continued investment. The company produced 34,391 ounces of gold in Q2 2026 and reported adjusted earnings of 10 cents per share, meeting consensus estimates. Galiano is conducting drilling programs to expand mineral resources with results expected in Q1 2027.

Eldorado Gold's Skouries copper-gold mine in Greece has been designated as a Strategic Project by the European Commission under the EU's Critical Raw Materials Act, supporting Europe's efforts to secure domestic critical raw materials supply. The mine is expected to produce 240,000 gold-equivalent ounces annually over its 20-year life and has recently achieved first concentrate production. EGO reported Q2 2026 adjusted earnings of 54 cents per share, beating consensus estimates.

Newmont Corporation is set to report Q3 2026 results on October 22, with analysts predicting an earnings beat. While higher realized gold prices (~$4,428/oz, up 25% YoY) are expected to boost revenues and margins, weaker production (down 13% YoY to 1.29M oz) and significantly higher costs (AISC up 25.2% YoY to $1,961/oz) are likely to offset pricing gains. The company faces headwinds from strategic divestitures, lower output from key mines, and elevated sustaining capital spending.

The mining industry is entering Q3 2026 earnings season with strong support from elevated commodity prices. Gold averaged $4,305/oz (up 23% YoY), silver averaged $63.22/oz (up 59% YoY), and copper averaged $6.53/lb, though higher input costs partially offset gains. Five mining and precious metals companies are identified as likely to beat earnings estimates this season.

B2Gold's newly commissioned mobile crusher at the Goose mine is averaging over 3,000 tons per day, with Phase 1 upgrades expected to reach 3,200 tons daily. The company plans Phase 2 upgrades for H1 2027 targeting 4,000 tons per day. Q2 2026 earnings missed expectations at 3 cents per share versus 7 cents consensus, down 75% year-over-year, though revenues rose 14% to $789 million supported by higher gold prices.