Mining for the future

The following basket includes two companies that have already released their earnings for the 2nd quarter of 2026 and 1st half year or going to release in the nearest future. Companies were chosen because they can be considered as beneficiaries of AI revolution as one company produces uranium which is applied in energy sector and another supplies market with copper which is massively used in technological sector. Both companies have safe level of liquidity and low debt level.

Cameco Corp [Internal score 61/100] Cameco Corporation is a Canadian mining and energy company, one of the world’s largest publicly traded uranium producers and a key player in the nuclear fuel cycle. The core of the business is ultra-high-grade deposits in the Athabasca Basin in Canada, as well as the joint venture JV Inkai in Kazakhstan. Cameco also holds a strategic stake in one of the world’s leading nuclear reactor construction and maintenance companies (purchased jointly with Brookfield). Nuclear power has become the main beneficiary of the AI boom.

According to the 2nd quarter results revenue is $588 mln (-7% y-o-y). Net income is $56 mln vs $179 mln for the same quarter of 2025. Free cash flow is equal to $2.2 mln though in the last quarter it negative and equal to $-77 mln. Longterm fundamental results still robust due to solid backlog.

Freeport McMoRan [Internal score 65/100] Freeport-McMoRan Inc. engages in the mining of mineral properties in North America, South America, and Indonesia. It primarily explores for copper, gold, molybdenum, silver, and other metals. FCX is a key pure-play player in the global trend of decarbonization, renewable energy development, and the construction of AI data centers—areas that require enormous amounts of copper. The Grasberg deposit is the main generator of high margins due to the associated gold production (which reduces the net cost of copper production).

Financial report for the 2nd quarter states that revenue is $7B mln (-7% y-o-y). Net income is $1.3B vs $784 mln for the same quarter of 2025. Free cash flow is equal to $944 mln vs 522 mln for the 1 st quarter of 2026. Management forecasts a significant increase in copper (>20% by 2027) and gold (>50%) sales volumes due to capacity expansion and reaching design capacity at key units.

Cameco’s 31 July results removed the last near-term earnings uncertainty, with production guidance intact and a higher uranium price and revenue outlook. Copper supply also remains tight, supporting Freeport, while the Fed’s 29 July hold keeps the rate backdrop stable. With both Q2 reports now behind us, this looks like a cleaner entry point while the supply constraints in both commodities remain unresolved.