11:06 AM EDT, 04/01/2025 (MT Newswires) -- RBC Capital Markets picked Hudbay Minerals ( HBM ) , Capstone Copper ( CSCCF ) , Ivanhoe Mines ( IVPAF ) and First Quantum Minerals ( FQVLF ) as its preferred names among base metals equities in its first quarter preview released Tuesday.

RBC said Hudbay continues to demonstrate strong free cash flow while derisking the Copper World project, while Capstone is executing on a production and free cash flow inflection.

RBC added that Ivanhoe's completion of its smelter is a significant milestone that can lower costs while production continues to grow.

Any progress in Panama could be positive for First Quantum, RBC said.

Meanwhile, RBC said Teck Resources (TECK-B.TO) guided to a weak quarter due to an 18-day maintenance shutdown at the QB operation in January. This was exacerbated by harsh weather and the power outage in February.

RBC also expects sales to match production at Champion Iron (CIA.TO) as logistics improve and together with iron ore rising 4%, although planned maintenance could impact its first-quarter results and they likely need to wait until the summer to start reducing inventory.

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