11:42 AM EST, 02/05/2025 (MT Newswires) -- National Bank of Canada on Tuesday provided a fourth-quarter 2024 earnings preview for base metal companies under its coverage.

The bank said it continues to see some risks to 2025 operating guidance for Ero Copper ( ERO ) while it expects the market to remain cautious on Capstone Copper ( CSCCF ) as it awaits further updates on the ramp-up of the Mantoverde project in Chile.

Meanwhile, National Bank said First Quantum Minerals ( FQVLF ) and Teck Resources (TECK-B.TO) are reasonably well positioned into the quarter, where a positive surprise on costs is likely.

The bank also expects more potential for positive news flow to support current valuations of both companies.

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