11:03 AM EDT, 05/13/2025 (MT Newswires) -- The first-quarter results for North American base metals equities "were fairly uneventful," with

strong copper and gold prices driving several earnings beats and offsetting softer production results, RBC Capital Markets said in a Monday note.

According to RBC, equity valuations remain attractive and its preferred copper producers include Capstone Copper ( CSCCF ) , Hudbay Minerals ( HBM ) , Ivanhoe Mines ( IVPAF ) and First Quantum (FM.TO).

RBC said Capstone continues to make progress with the rampups of the Mantoverde and Mantos Blancos projects while delivering a solid first quarter.

Meanwhile, Hudbay recorded a seventh consecutive quarter of generating strong free cash flow, which is expected to continue through this year.

Ivanhoe's production increased since securing additional import power in mid- March, while the smelter ramp up in the second half can lower costs, RBC said.

For First Quantum, the company is optimistic they can work with the government to restart the Cobre Panama mine, which represents a significant potential catalyst, although questions remain around the path forward.

RBC also mentioned Teck Resources (TECK-B.TO), which had a weaker first quarter operationally with an 18-day shutdown at the QB project and lower grades at HVC. However, RBC continues to expect improving results quarter over quarter this year.

Lundin Mining ( LUNMF ) announced the maiden resource for the Filo sulfides which confirmed the world-class scale of the deposit.

As for Champion Iron ( CIAFF ) , RBC said the company reported a solid quarter despite winter conditions. There are signs the rail is reaching full capacity, which would allow the company to work down the $400 million stockpile in the next few quarters, RBC said.

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