# Other Industrial Metals & Mining — company-by-company sector analysis > Other Industrial Metals & Mining: Vale S.A. owns the largest revenue base; United States Antimony Corporation has the fastest current growth. Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice. ## Bottom line Other Industrial Metals & Mining has outperformed S&P 500 by 49.5% over 52 weeks and 32.8% over 13 weeks. 7 of 29 covered companies beat the S&P 500 on Mansfield relative strength, while 11 of 29 beat the sector itself. Vale S.A. leads with revenue of $39,778 million, based on 11 of 30 comparable companies through Mar 2026. ### Is the Other Industrial Metals & Mining sector outperforming S&P 500? Other Industrial Metals & Mining has outperformed S&P 500 by 49.5% over 52 weeks and 32.8% over 13 weeks. 7 of 29 covered companies beat the S&P 500 on Mansfield relative strength, while 11 of 29 beat the sector itself. ### Which Other Industrial Metals & Mining company is largest by revenue? Vale S.A. leads with revenue of $39,778 million, based on 11 of 30 comparable companies through Mar 2026. ### Which Other Industrial Metals & Mining company is growing fastest? United States Antimony Corporation has the fastest current revenue growth at 100%, across 9 of 30 comparable companies. ### Which Other Industrial Metals & Mining company has the strongest 4-Factor Sector Score? Teck Resources Limited ranks first at 68.1/100 with 58.7% evidence confidence. The score prioritizes research; it is not a buy recommendation. ### Which Other Industrial Metals & Mining company reports the most CAPEX? Rio Tinto Group reports the largest latest CAPEX at $7,601 million, with 29 of 30 companies comparable. ### Which Other Industrial Metals & Mining company has the least gross debt? Lithium Argentina AG has the lowest comparable gross debt at $0 million. Vale S.A. has the highest at $21,329 million. ### Which Other Industrial Metals & Mining company has the lowest comparable PEG? Vale S.A. has the lowest comparable Guarded PEG at 0.18, among 2 of 30 companies that pass the metric’s comparability rules. ### How much history does this Other Industrial Metals & Mining comparison include? The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated. ### How is the 4-Factor Sector Score calculated? The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral. ## Sector relative strength Other Industrial Metals & Mining has outperformed S&P 500 by 49.5% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 32.8%. 7 of 29 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Nexa Resources S.A. is the strongest against the sector itself at +38.9%. 13-week sector return versus NIFTY 500: -33% 52-week sector return versus NIFTY 500: 50% Stocks leading NIFTY: 7/29 Stocks leading sector: 11/29 Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change. Companies: 30 Combined market value: ₹5.0 L Cr ## 4-Factor Sector Score An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment. 1. Teck Resources Limited (TECK): 68/100 — Thin evidence · provisional; evidence 59% - Growth & earnings 23.6/35 | Capital efficiency 16.6/25 | Valuation 9.8/20 | Relative strength 18.1/20 - Exact sum: 23.6 + 16.6 + 9.8 + 18.1 = 68.1 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 2. Santacruz Silver Mining Ltd. (SCZM): 66/100 — Favorable setup; evidence 82% - Growth & earnings 23.7/35 | Capital efficiency 18.7/25 | Valuation 15.4/20 | Relative strength 7.8/20 - Exact sum: 23.7 + 18.7 + 15.4 + 7.8 = 65.6 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 3. Nexa Resources S.A. (NEXA): 60/100 — Thin evidence · provisional; evidence 59% - Growth & earnings 21.0/35 | Capital efficiency 11.3/25 | Valuation 10.9/20 | Relative strength 16.9/20 - Exact sum: 21 + 11.3 + 10.9 + 16.9 = 60.1 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 4. Almonty Industries Inc. (ALM): 57/100 — Thin evidence · provisional; evidence 56% - Growth & earnings 24.1/35 | Capital efficiency 10.7/25 | Valuation 10.0/20 | Relative strength 12.2/20 - Exact sum: 24.1 + 10.7 + 10 + 12.2 = 57 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 5. Americas Gold and Silver Corporation (USAS): 56/100 — Thin evidence · provisional; evidence 56% - Growth & earnings 24.7/35 | Capital efficiency 15.4/25 | Valuation 10.0/20 | Relative strength 6.1/20 - Exact sum: 24.7 + 15.4 + 10 + 6.1 = 56.2 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 6. Vale S.A. (VALE): 56/100 — Mixed-positive evidence; evidence 82% - Growth & earnings 12.9/35 | Capital efficiency 12.9/25 | Valuation 14.4/20 | Relative strength 15.3/20 - Exact sum: 12.9 + 12.9 + 14.4 + 15.3 = 55.5 - Decision use: Price leads the evidence: RS versus the benchmark is -0.2%, but earnings trajectory is weak. Wait for revenue and profit confirmation. 7. Compass Minerals International, Inc. (CMP): 54/100 — Thin evidence · provisional; evidence 59% - Growth & earnings 19.3/35 | Capital efficiency 8.9/25 | Valuation 8.5/20 | Relative strength 16.8/20 - Exact sum: 19.3 + 8.9 + 8.5 + 16.8 = 53.5 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 8. Materion Corporation (MTRN): 53/100 — Thin evidence · provisional; evidence 59% - Growth & earnings 15.2/35 | Capital efficiency 11.2/25 | Valuation 9.0/20 | Relative strength 17.9/20 - Exact sum: 15.2 + 11.2 + 9 + 17.9 = 53.3 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 9. Sigma Lithium Corporation (SGML): 49/100 — Thin evidence · provisional; evidence 51% - Growth & earnings 21.0/35 | Capital efficiency 10.9/25 | Valuation 8.8/20 | Relative strength 8.2/20 - Exact sum: 21 + 10.9 + 8.8 + 8.2 = 48.9 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 10. TMC the metals company Inc. (TMC): 45/100 — Thin evidence · provisional; evidence 52% - Growth & earnings 20.3/35 | Capital efficiency 8.9/25 | Valuation 11.0/20 | Relative strength 4.8/20 - Exact sum: 20.3 + 8.9 + 11 + 4.8 = 45 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 11. Ferroglobe PLC (GSM): 44/100 — Thin evidence · provisional; evidence 59% - Growth & earnings 18.6/35 | Capital efficiency 10.1/25 | Valuation 9.3/20 | Relative strength 6.0/20 - Exact sum: 18.6 + 10.1 + 9.3 + 6 = 44 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 12. Standard Lithium Ltd. (SLI): 40/100 — Thin evidence · provisional; evidence 52% - Growth & earnings 17.3/35 | Capital efficiency 12.3/25 | Valuation 10.1/20 | Relative strength 0.6/20 - Exact sum: 17.3 + 12.3 + 10.1 + 0.6 = 40.3 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 13. United States Antimony Corporation (UAMY): 37/100 — Thin evidence · provisional; evidence 59% - Growth & earnings 13.4/35 | Capital efficiency 9.8/25 | Valuation 9.1/20 | Relative strength 4.9/20 - Exact sum: 13.4 + 9.8 + 9.1 + 4.9 = 37.2 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 14. MP Materials Corp. (MP): 35/100 — Adverse evidence; evidence 65% - Growth & earnings 14.2/35 | Capital efficiency 9.2/25 | Valuation 8.7/20 | Relative strength 2.5/20 - Exact sum: 14.2 + 9.2 + 8.7 + 2.5 = 34.6 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 15. BHP Group Limited (BHP): 61/100 — Thin evidence · provisional; evidence 35% - Growth & earnings 17.9/35 | Capital efficiency 13.7/25 | Valuation 9.9/20 | Relative strength 19.4/20 - Exact sum: 17.9 + 13.7 + 9.9 + 19.4 = 60.9 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 16. Rio Tinto Group (RIO): 58/100 — Thin evidence · provisional; evidence 35% - Growth & earnings 17.6/35 | Capital efficiency 13.2/25 | Valuation 10.2/20 | Relative strength 17.3/20 - Exact sum: 17.6 + 13.2 + 10.2 + 17.3 = 58.3 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 17. Lithium Argentina AG (LAR): 53/100 — Thin evidence · provisional; evidence 46% - Growth & earnings 18.4/35 | Capital efficiency 13.7/25 | Valuation 11.3/20 | Relative strength 9.6/20 - Exact sum: 18.4 + 13.7 + 11.3 + 9.6 = 53 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 18. Evolution Metals & Technologies Corp. (EMAT): 53/100 — Thin evidence · provisional; evidence 30% - Growth & earnings 17.9/35 | Capital efficiency 14.3/25 | Valuation 10.0/20 | Relative strength 10.6/20 - Exact sum: 17.9 + 14.3 + 10 + 10.6 = 52.8 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 19. Elevra Lithium Limited (ELVR): 50/100 — Thin evidence · provisional; evidence 12% - Growth & earnings 16.5/35 | Capital efficiency 13.8/25 | Valuation 10.0/20 | Relative strength 10.0/20 - Exact sum: 16.5 + 13.8 + 10 + 10 = 50.3 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 20. NioCorp Developments Ltd. (NB): 50/100 — Thin evidence · provisional; evidence 46% - Growth & earnings 21.1/35 | Capital efficiency 12.2/25 | Valuation 11.2/20 | Relative strength 5.3/20 - Exact sum: 21.1 + 12.2 + 11.2 + 5.3 = 49.8 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 21. Skeena Resources Limited (SKE): 48/100 — Thin evidence · provisional; evidence 49% - Growth & earnings 15.1/35 | Capital efficiency 8.5/25 | Valuation 10.0/20 | Relative strength 14.1/20 - Exact sum: 15.1 + 8.5 + 10 + 14.1 = 47.7 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 22. Blue Moon Metals Inc. (BMM): 47/100 — Thin evidence · provisional; evidence 46% - Growth & earnings 12.2/35 | Capital efficiency 8.9/25 | Valuation 10.6/20 | Relative strength 15.6/20 - Exact sum: 12.2 + 8.9 + 10.6 + 15.6 = 47.3 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 23. Trilogy Metals Inc. (TMQ): 44/100 — Thin evidence · provisional; evidence 43% - Growth & earnings 14.9/35 | Capital efficiency 11.9/25 | Valuation 10.0/20 | Relative strength 7.0/20 - Exact sum: 14.9 + 11.9 + 10 + 7 = 43.8 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 24. IperionX Limited (IPX): 43/100 — Thin evidence · provisional; evidence 37% - Growth & earnings 19.8/35 | Capital efficiency 9.9/25 | Valuation 10.0/20 | Relative strength 3.2/20 - Exact sum: 19.8 + 9.9 + 10 + 3.2 = 42.9 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 25. Critical Metals Corp. (CRML): 42/100 — Thin evidence · provisional; evidence 34% - Growth & earnings 17.8/35 | Capital efficiency 8.8/25 | Valuation 11.5/20 | Relative strength 3.5/20 - Exact sum: 17.8 + 8.8 + 11.5 + 3.5 = 41.6 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 26. Northern Dynasty Minerals Ltd. (NAK): 41/100 — Thin evidence · provisional; evidence 46% - Growth & earnings 12.9/35 | Capital efficiency 9.4/25 | Valuation 10.7/20 | Relative strength 7.9/20 - Exact sum: 12.9 + 9.4 + 10.7 + 7.9 = 40.9 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 27. Lithium Americas Corp. (LAC): 41/100 — Thin evidence · provisional; evidence 43% - Growth & earnings 16.7/35 | Capital efficiency 10.0/25 | Valuation 10.0/20 | Relative strength 4.2/20 - Exact sum: 16.7 + 10 + 10 + 4.2 = 40.9 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 28. Vizsla Silver Corp. (VZLA): 40/100 — Thin evidence · provisional; evidence 43% - Growth & earnings 14.5/35 | Capital efficiency 8.7/25 | Valuation 10.0/20 | Relative strength 6.8/20 - Exact sum: 14.5 + 8.7 + 10 + 6.8 = 40 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 29. USA Rare Earth, Inc. (USAR): 39/100 — Thin evidence · provisional; evidence 45% - Growth & earnings 17.0/35 | Capital efficiency 9.8/25 | Valuation 9.6/20 | Relative strength 2.6/20 - Exact sum: 17 + 9.8 + 9.6 + 2.6 = 39 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 30. REalloys Inc. (ALOY): 37/100 — Thin evidence · provisional; evidence 45% - Growth & earnings 11.2/35 | Capital efficiency 8.8/25 | Valuation 10.0/20 | Relative strength 6.9/20 - Exact sum: 11.2 + 8.8 + 10 + 6.9 = 36.9 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. ## Revenue Scale & Growth Durability What the numbers say: Vale S.A. is the scale leader at $39,778 million, 12.2× the revenue of Nexa Resources S.A.. United States Antimony Corporation's growth is stored at the ≥100% scoring cap from a $40 million base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale. Investor read: Vale S.A. is the scale benchmark; United States Antimony Corporation is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns. This conclusion weakens if: Vale S.A.'s growth falls below United States Antimony Corporation's for two consecutive comparable reports while operating margin also compresses. Evidence: Vale S.A. · $39,778 million | 12.2× versus #2 · Nexa Resources S.A. | 3/8 recent comparable periods | 11/30 companies · 258 observations Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress. ### Revenue — largest 1. Vale S.A. (VALE): ₹39.8K Cr 2. Nexa Resources S.A. (NEXA): ₹3.3K Cr 3. Ferroglobe PLC (GSM): ₹1.4K Cr 4. Compass Minerals International, Inc. (CMP): ₹1.3K Cr 5. Santacruz Silver Mining Ltd. (SCZM): ₹384 Cr ### Revenue growth — fastest growers 1. United States Antimony Corporation (UAMY): 100% 2. Almonty Industries Inc. (ALM): 72% 3. Americas Gold and Silver Corporation (USAS): 58% 4. Santacruz Silver Mining Ltd. (SCZM): 28% 5. MP Materials Corp. (MP): 18% ### 20-quarter Revenue history - BHP: Sep 2021 — | Dec 2021 ₹30.5K Cr | Mar 2022 — | Jun 2022 ₹34.6K Cr | Sep 2022 — | Dec 2022 ₹25.7K Cr | Mar 2023 — | Jun 2023 ₹28.1K Cr | Sep 2023 — | Dec 2023 ₹27.2K Cr | Mar 2024 — | Jun 2024 ₹28.4K Cr | Sep 2024 — | Dec 2024 ₹25.2K Cr | Mar 2025 — | Jun 2025 ₹26.1K Cr | Sep 2025 — | Dec 2025 ₹27.9K Cr | Mar 2026 — | Jun 2026 — - RIO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹29.8K Cr | Sep 2022 — | Dec 2022 ₹25.8K Cr | Mar 2023 — | Jun 2023 ₹26.7K Cr | Sep 2023 — | Dec 2023 ₹27.4K Cr | Mar 2024 — | Jun 2024 ₹26.8K Cr | Sep 2024 — | Dec 2024 ₹26.9K Cr | Mar 2025 — | Jun 2025 ₹26.9K Cr | Sep 2025 — | Dec 2025 ₹30.8K Cr | Mar 2026 — | Jun 2026 — - VALE: Sep 2021 ₹11.8K Cr | Dec 2021 ₹13.1K Cr | Mar 2022 ₹10.8K Cr | Jun 2022 ₹11.2K Cr | Sep 2022 ₹9.6K Cr | Dec 2022 ₹11.9K Cr | Mar 2023 ₹8.4K Cr | Jun 2023 ₹10.0K Cr | Sep 2023 ₹10.3K Cr | Dec 2023 ₹13.1K Cr | Mar 2024 ₹8.4K Cr | Jun 2024 ₹9.9K Cr | Sep 2024 ₹9.7K Cr | Dec 2024 ₹10.1K Cr | Mar 2025 ₹8.1K Cr | Jun 2025 ₹8.8K Cr | Sep 2025 ₹10.7K Cr | Dec 2025 ₹11.1K Cr | Mar 2026 ₹9.3K Cr | Jun 2026 — - TECK: Sep 2021 ₹4.0K Cr | Dec 2021 ₹4.4K Cr | Mar 2022 ₹4.6K Cr | Jun 2022 ₹5.3K Cr | Sep 2022 ₹4.3K Cr | Dec 2022 ₹3.1K Cr | Mar 2023 ₹3.8K Cr | Jun 2023 ₹3.5K Cr | Sep 2023 ₹2.0K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.8K Cr | Sep 2024 ₹2.9K Cr | Dec 2024 ₹2.8K Cr | Mar 2025 ₹2.3K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹3.4K Cr | Dec 2025 ₹3.1K Cr | Mar 2026 ₹3.9K Cr | Jun 2026 — - MP: Sep 2021 ₹100 Cr | Dec 2021 ₹99 Cr | Mar 2022 ₹166 Cr | Jun 2022 ₹144 Cr | Sep 2022 ₹124 Cr | Dec 2022 ₹93 Cr | Mar 2023 ₹96 Cr | Jun 2023 ₹64 Cr | Sep 2023 ₹53 Cr | Dec 2023 ₹41 Cr | Mar 2024 ₹49 Cr | Jun 2024 ₹31 Cr | Sep 2024 ₹63 Cr | Dec 2024 ₹61 Cr | Mar 2025 ₹61 Cr | Jun 2025 ₹57 Cr | Sep 2025 ₹54 Cr | Dec 2025 ₹53 Cr | Mar 2026 ₹91 Cr | Jun 2026 — - MTRN: Sep 2021 ₹371 Cr | Dec 2021 ₹388 Cr | Mar 2022 — | Jun 2022 ₹449 Cr | Sep 2022 ₹445 Cr | Dec 2022 ₹435 Cr | Mar 2023 ₹443 Cr | Jun 2023 ₹399 Cr | Sep 2023 ₹403 Cr | Dec 2023 ₹421 Cr | Mar 2024 ₹385 Cr | Jun 2024 ₹426 Cr | Sep 2024 ₹437 Cr | Dec 2024 ₹437 Cr | Mar 2025 ₹420 Cr | Jun 2025 ₹432 Cr | Sep 2025 ₹445 Cr | Dec 2025 ₹490 Cr | Mar 2026 — | Jun 2026 ₹550 Cr - USAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹6 Cr | Jun 2026 — - ALM: Sep 2021 ₹5 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹5 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹25 Cr | Jun 2026 — - EMAT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹2 Cr | Jun 2026 — - NEXA: Sep 2021 ₹655 Cr | Dec 2021 ₹678 Cr | Mar 2022 ₹722 Cr | Jun 2022 ₹829 Cr | Sep 2022 ₹703 Cr | Dec 2022 ₹780 Cr | Mar 2023 ₹667 Cr | Jun 2023 ₹627 Cr | Sep 2023 ₹649 Cr | Dec 2023 ₹630 Cr | Mar 2024 ₹580 Cr | Jun 2024 ₹736 Cr | Sep 2024 ₹709 Cr | Dec 2024 ₹741 Cr | Mar 2025 ₹627 Cr | Jun 2025 ₹708 Cr | Sep 2025 ₹764 Cr | Dec 2025 ₹903 Cr | Mar 2026 ₹888 Cr | Jun 2026 — - USAS: Sep 2021 ₹11 Cr | Dec 2021 ₹14 Cr | Mar 2022 ₹26 Cr | Jun 2022 ₹20 Cr | Sep 2022 ₹18 Cr | Dec 2022 ₹20 Cr | Mar 2023 ₹22 Cr | Jun 2023 ₹24 Cr | Sep 2023 ₹18 Cr | Dec 2023 ₹25 Cr | Mar 2024 ₹21 Cr | Jun 2024 ₹33 Cr | Sep 2024 ₹22 Cr | Dec 2024 ₹24 Cr | Mar 2025 ₹24 Cr | Jun 2025 ₹27 Cr | Sep 2025 ₹31 Cr | Dec 2025 ₹37 Cr | Mar 2026 ₹68 Cr | Jun 2026 — - CMP: Sep 2021 ₹212 Cr | Dec 2021 ₹332 Cr | Mar 2022 ₹449 Cr | Jun 2022 ₹215 Cr | Sep 2022 ₹251 Cr | Dec 2022 ₹352 Cr | Mar 2023 ₹411 Cr | Jun 2023 ₹208 Cr | Sep 2023 ₹234 Cr | Dec 2023 ₹342 Cr | Mar 2024 ₹364 Cr | Jun 2024 ₹203 Cr | Sep 2024 ₹209 Cr | Dec 2024 ₹307 Cr | Mar 2025 ₹495 Cr | Jun 2025 ₹215 Cr | Sep 2025 ₹228 Cr | Dec 2025 ₹396 Cr | Mar 2026 ₹453 Cr | Jun 2026 — - SGML: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹191 Cr | Dec 2023 ₹68 Cr | Mar 2024 ₹37 Cr | Jun 2024 ₹46 Cr | Sep 2024 ₹21 Cr | Dec 2024 — | Mar 2025 ₹48 Cr | Jun 2025 ₹17 Cr | Sep 2025 ₹29 Cr | Dec 2025 ₹17 Cr | Mar 2026 ₹42 Cr | Jun 2026 — - ELVR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 ₹80 Cr | Mar 2025 — | Jun 2025 ₹67 Cr | Sep 2025 — | Dec 2025 ₹86 Cr | Mar 2026 — | Jun 2026 — - UAMY: Sep 2021 ₹2 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹7 Cr | Jun 2025 ₹11 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹13 Cr | Mar 2026 ₹7 Cr | Jun 2026 — - GSM: Sep 2021 ₹429 Cr | Dec 2021 ₹570 Cr | Mar 2022 ₹715 Cr | Jun 2022 ₹841 Cr | Sep 2022 ₹593 Cr | Dec 2022 ₹449 Cr | Mar 2023 ₹401 Cr | Jun 2023 ₹456 Cr | Sep 2023 ₹417 Cr | Dec 2023 ₹376 Cr | Mar 2024 ₹392 Cr | Jun 2024 ₹451 Cr | Sep 2024 ₹434 Cr | Dec 2024 ₹368 Cr | Mar 2025 ₹307 Cr | Jun 2025 ₹387 Cr | Sep 2025 ₹312 Cr | Dec 2025 ₹329 Cr | Mar 2026 ₹348 Cr | Jun 2026 — - SCZM: Sep 2021 ₹15 Cr | Dec 2021 ₹14 Cr | Mar 2022 ₹32 Cr | Jun 2022 ₹128 Cr | Sep 2022 ₹54 Cr | Dec 2022 ₹64 Cr | Mar 2023 ₹65 Cr | Jun 2023 ₹64 Cr | Sep 2023 ₹64 Cr | Dec 2023 ₹58 Cr | Mar 2024 ₹53 Cr | Jun 2024 ₹70 Cr | Sep 2024 ₹78 Cr | Dec 2024 ₹82 Cr | Mar 2025 ₹70 Cr | Jun 2025 ₹73 Cr | Sep 2025 ₹80 Cr | Dec 2025 ₹103 Cr | Mar 2026 ₹128 Cr | Jun 2026 — - ALOY: Sep 2021 ₹1 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹1 Cr | Mar 2025 — | Jun 2025 ₹1 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹1 Cr | Jun 2026 — ### 20-quarter Revenue growth history - BHP: Sep 2021 — | Dec 2021 27% | Mar 2022 — | Jun 2022 -6.0% | Sep 2022 — | Dec 2022 -16% | Mar 2023 — | Jun 2023 -19% | Sep 2023 — | Dec 2023 5.9% | Mar 2024 — | Jun 2024 1.2% | Sep 2024 — | Dec 2024 -7.6% | Mar 2025 — | Jun 2025 -8.2% | Sep 2025 — | Dec 2025 11% | Mar 2026 — | Jun 2026 — - RIO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -10% | Sep 2023 — | Dec 2023 6.2% | Mar 2024 — | Jun 2024 0.5% | Sep 2024 — | Dec 2024 -1.9% | Mar 2025 — | Jun 2025 0.3% | Sep 2025 — | Dec 2025 15% | Mar 2026 — | Jun 2026 — - VALE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -36% | Sep 2022 -19% | Dec 2022 -8.9% | Mar 2023 -22% | Jun 2023 -11% | Sep 2023 7.1% | Dec 2023 9.3% | Mar 2024 -1.0% | Jun 2024 -0.5% | Sep 2024 -5.6% | Dec 2024 -22% | Mar 2025 -2.8% | Jun 2025 -11% | Sep 2025 9.6% | Dec 2025 9.3% | Mar 2026 14% | Jun 2026 — - TECK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 107% | Sep 2022 7.3% | Dec 2022 -29% | Mar 2023 -18% | Jun 2023 -34% | Sep 2023 -53% | Dec 2023 -41% | Mar 2024 -57% | Jun 2024 -49% | Sep 2024 44% | Dec 2024 51% | Mar 2025 41% | Jun 2025 12% | Sep 2025 18% | Dec 2025 9.8% | Mar 2026 72% | Jun 2026 — - MP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 97% | Sep 2022 24% | Dec 2022 -6.1% | Mar 2023 -42% | Jun 2023 -56% | Sep 2023 -57% | Dec 2023 -56% | Mar 2024 -49% | Jun 2024 -52% | Sep 2024 19% | Dec 2024 49% | Mar 2025 24% | Jun 2025 84% | Sep 2025 -14% | Dec 2025 -13% | Mar 2026 49% | Jun 2026 — - MTRN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 20% | Dec 2022 12% | Mar 2023 — | Jun 2023 -11% | Sep 2023 -9.4% | Dec 2023 -3.2% | Mar 2024 -13% | Jun 2024 6.8% | Sep 2024 8.4% | Dec 2024 3.8% | Mar 2025 9.1% | Jun 2025 1.4% | Sep 2025 1.8% | Dec 2025 12% | Mar 2026 — | Jun 2026 27% - ALM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 17% | Sep 2022 0.0% | Dec 2022 17% | Mar 2023 17% | Jun 2023 -14% | Sep 2023 -20% | Dec 2023 -29% | Mar 2024 14% | Jun 2024 33% | Sep 2024 75% | Dec 2024 20% | Mar 2025 0.0% | Jun 2025 -13% | Sep 2025 29% | Dec 2025 50% | Mar 2026 213% | Jun 2026 — - NEXA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 21% | Sep 2022 7.3% | Dec 2022 15% | Mar 2023 -7.6% | Jun 2023 -24% | Sep 2023 -7.7% | Dec 2023 -19% | Mar 2024 -13% | Jun 2024 17% | Sep 2024 9.2% | Dec 2024 18% | Mar 2025 8.1% | Jun 2025 -3.8% | Sep 2025 7.8% | Dec 2025 22% | Mar 2026 42% | Jun 2026 — - USAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 100% | Sep 2022 64% | Dec 2022 43% | Mar 2023 -15% | Jun 2023 20% | Sep 2023 0.0% | Dec 2023 25% | Mar 2024 -4.6% | Jun 2024 38% | Sep 2024 22% | Dec 2024 -4.0% | Mar 2025 14% | Jun 2025 -18% | Sep 2025 41% | Dec 2025 54% | Mar 2026 183% | Jun 2026 — - CMP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 8.0% | Sep 2022 18% | Dec 2022 6.0% | Mar 2023 -8.5% | Jun 2023 -3.3% | Sep 2023 -6.8% | Dec 2023 -2.8% | Mar 2024 -11% | Jun 2024 -2.4% | Sep 2024 -11% | Dec 2024 -10% | Mar 2025 36% | Jun 2025 5.9% | Sep 2025 9.1% | Dec 2025 29% | Mar 2026 -8.5% | Jun 2026 — - SGML: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 -89% | Dec 2024 — | Mar 2025 30% | Jun 2025 -63% | Sep 2025 38% | Dec 2025 — | Mar 2026 -13% | Jun 2026 — - ELVR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 7.5% | Mar 2026 — | Jun 2026 — - UAMY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 100% | Sep 2022 0.0% | Dec 2022 -50% | Mar 2023 -50% | Jun 2023 -50% | Sep 2023 0.0% | Dec 2023 100% | Mar 2024 50% | Jun 2024 100% | Sep 2024 50% | Dec 2024 200% | Mar 2025 133% | Jun 2025 175% | Sep 2025 200% | Dec 2025 117% | Mar 2026 0.0% | Jun 2026 — - GSM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 101% | Sep 2022 38% | Dec 2022 -21% | Mar 2023 -44% | Jun 2023 -46% | Sep 2023 -30% | Dec 2023 -16% | Mar 2024 -2.2% | Jun 2024 -1.1% | Sep 2024 4.1% | Dec 2024 -2.1% | Mar 2025 -22% | Jun 2025 -14% | Sep 2025 -28% | Dec 2025 -11% | Mar 2026 13% | Jun 2026 — - SCZM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 814% | Sep 2022 260% | Dec 2022 357% | Mar 2023 103% | Jun 2023 -50% | Sep 2023 19% | Dec 2023 -9.4% | Mar 2024 -18% | Jun 2024 9.4% | Sep 2024 22% | Dec 2024 41% | Mar 2025 32% | Jun 2025 4.3% | Sep 2025 2.6% | Dec 2025 26% | Mar 2026 83% | Jun 2026 — - ALOY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 -50% | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 0.0% | Jun 2024 0.0% | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 — | Jun 2025 0.0% | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 — | Jun 2026 — ## Operating Economics & Margin Trend What the numbers say: Teck Resources Limited leads opm at 41.2%; Almonty Industries Inc. leads margin change at +87.5 percentage points. Investor read: Teck Resources Limited sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current margin change signal. Evidence: Teck Resources Limited · 41.2% | 3.3% versus #2 · Americas Gold and Silver Corporation | 5/8 recent comparable periods | 14/30 companies · 237 observations Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth. ### OPM — highest 1. Teck Resources Limited (TECK): 41% 2. Americas Gold and Silver Corporation (USAS): 40% 3. Sigma Lithium Corporation (SGML): 33% 4. Santacruz Silver Mining Ltd. (SCZM): 27% 5. Vale S.A. (VALE): 26% ### Margin change — fastest expanders 1. Almonty Industries Inc. (ALM): +87.5 pp 2. Americas Gold and Silver Corporation (USAS): +87.3 pp 3. Teck Resources Limited (TECK): +19.3 pp 4. Sigma Lithium Corporation (SGML): +18.4 pp 5. Ferroglobe PLC (GSM): +15.9 pp ### 20-quarter OPM history - VALE: Sep 2021 50% | Dec 2021 27% | Mar 2022 61% | Jun 2022 39% | Sep 2022 29% | Dec 2022 29% | Mar 2023 34% | Jun 2023 30% | Sep 2023 31% | Dec 2023 40% | Mar 2024 29% | Jun 2024 39% | Sep 2024 39% | Dec 2024 7.8% | Mar 2025 22% | Jun 2025 23% | Sep 2025 27% | Dec 2025 -6.3% | Mar 2026 26% | Jun 2026 — - TECK: Sep 2021 38% | Dec 2021 53% | Mar 2022 54% | Jun 2022 50% | Sep 2022 29% | Dec 2022 19% | Mar 2023 49% | Jun 2023 30% | Sep 2023 -0.2% | Dec 2023 -8.6% | Mar 2024 0.1% | Jun 2024 17% | Sep 2024 -22% | Dec 2024 11% | Mar 2025 22% | Jun 2025 15% | Sep 2025 15% | Dec 2025 30% | Mar 2026 41% | Jun 2026 — - MP: Sep 2021 54% | Dec 2021 61% | Mar 2022 69% | Jun 2022 67% | Sep 2022 64% | Dec 2022 47% | Mar 2023 34% | Jun 2023 0.8% | Sep 2023 -33% | Dec 2023 -82% | Mar 2024 -67% | Jun 2024 -171% | Sep 2024 -63% | Dec 2024 -72% | Mar 2025 -57% | Jun 2025 -77% | Sep 2025 -125% | Dec 2025 -104% | Mar 2026 -73% | Jun 2026 — - MTRN: Sep 2021 5.6% | Dec 2021 5.5% | Mar 2022 — | Jun 2022 4.4% | Sep 2022 7.2% | Dec 2022 9.0% | Mar 2023 8.3% | Jun 2023 8.9% | Sep 2023 9.1% | Dec 2023 6.6% | Mar 2024 5.8% | Jun 2024 7.5% | Sep 2024 7.2% | Dec 2024 -8.8% | Mar 2025 6.5% | Jun 2025 8.5% | Sep 2025 7.9% | Dec 2025 2.2% | Mar 2026 — | Jun 2026 5.1% - USAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 -644% | Jun 2026 — - ALM: Sep 2021 -52% | Dec 2021 -37% | Mar 2022 -10% | Jun 2022 -10% | Sep 2022 -94% | Dec 2022 -23% | Mar 2023 -13% | Jun 2023 -34% | Sep 2023 -17% | Dec 2023 -43% | Mar 2024 -16% | Jun 2024 -11% | Sep 2024 -32% | Dec 2024 -42% | Mar 2025 -74% | Jun 2025 -164% | Sep 2025 -36% | Dec 2025 -124% | Mar 2026 14% | Jun 2026 — - EMAT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 -333% | Jun 2026 — - NEXA: Sep 2021 13% | Dec 2021 10% | Mar 2022 17% | Jun 2022 29% | Sep 2022 5.5% | Dec 2022 -5.4% | Mar 2023 6.5% | Jun 2023 -18% | Sep 2023 -0.6% | Dec 2023 -12% | Mar 2024 8.6% | Jun 2024 2.7% | Sep 2024 12% | Dec 2024 16% | Mar 2025 8.6% | Jun 2025 8.5% | Sep 2025 23% | Dec 2025 23% | Mar 2026 23% | Jun 2026 — - USAS: Sep 2021 -166% | Dec 2021 -80% | Mar 2022 -4.1% | Jun 2022 -39% | Sep 2022 -51% | Dec 2022 -40% | Mar 2023 -23% | Jun 2023 -23% | Sep 2023 -48% | Dec 2023 -14% | Mar 2024 -48% | Jun 2024 2.0% | Sep 2024 -33% | Dec 2024 -40% | Mar 2025 -47% | Jun 2025 -40% | Sep 2025 -6.5% | Dec 2025 -5.5% | Mar 2026 40% | Jun 2026 — - CMP: Sep 2021 1.0% | Dec 2021 6.2% | Mar 2022 4.5% | Jun 2022 -1.6% | Sep 2022 2.4% | Dec 2022 7.9% | Mar 2023 12% | Jun 2023 -0.3% | Sep 2023 0.9% | Dec 2023 -16% | Mar 2024 -11% | Jun 2024 2.9% | Sep 2024 -14% | Dec 2024 0.2% | Mar 2025 -0.6% | Jun 2025 7.4% | Sep 2025 5.3% | Dec 2025 9.2% | Mar 2026 12% | Jun 2026 — - SGML: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 26% | Dec 2023 -8.8% | Mar 2024 -0.9% | Jun 2024 12% | Sep 2024 -75% | Dec 2024 — | Mar 2025 14% | Jun 2025 -119% | Sep 2025 -32% | Dec 2025 -32% | Mar 2026 33% | Jun 2026 — - UAMY: Sep 2021 -5.5% | Dec 2021 1.2% | Mar 2022 22% | Jun 2022 10% | Sep 2022 2.5% | Dec 2022 -60% | Mar 2023 3.6% | Jun 2023 -8.7% | Sep 2023 -18% | Dec 2023 -306% | Mar 2024 -15% | Jun 2024 1.5% | Sep 2024 -35% | Dec 2024 -19% | Mar 2025 5.1% | Jun 2025 0.2% | Sep 2025 -57% | Dec 2025 -30% | Mar 2026 -111% | Jun 2026 — - GSM: Sep 2021 2.6% | Dec 2021 9.8% | Mar 2022 30% | Jun 2022 32% | Sep 2022 26% | Dec 2022 6.6% | Mar 2023 11% | Jun 2023 14% | Sep 2023 18% | Dec 2023 3.8% | Mar 2024 0.7% | Jun 2024 9.9% | Sep 2024 9.4% | Dec 2024 -14% | Mar 2025 -18% | Jun 2025 2.3% | Sep 2025 -0.6% | Dec 2025 -26% | Mar 2026 -2.2% | Jun 2026 — - SCZM: Sep 2021 2.2% | Dec 2021 -59% | Mar 2022 16% | Jun 2022 15% | Sep 2022 -54% | Dec 2022 5.3% | Mar 2023 11% | Jun 2023 6.7% | Sep 2023 -1.6% | Dec 2023 -34% | Mar 2024 -9.6% | Jun 2024 12% | Sep 2024 11% | Dec 2024 23% | Mar 2025 32% | Jun 2025 27% | Sep 2025 15% | Dec 2025 26% | Mar 2026 27% | Jun 2026 — - ALOY: Sep 2021 -34% | Dec 2021 -107% | Mar 2022 -80% | Jun 2022 -84% | Sep 2022 -98% | Dec 2022 -108% | Mar 2023 -227% | Jun 2023 -194% | Sep 2023 -119% | Dec 2023 -135% | Mar 2024 -133% | Jun 2024 -121% | Sep 2024 -113% | Dec 2024 -152% | Mar 2025 — | Jun 2025 -220% | Sep 2025 -63% | Dec 2025 -248% | Mar 2026 — | Jun 2026 — ### 20-quarter Margin change history - VALE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −23.8 pp | Sep 2022 −21.7 pp | Dec 2022 +2.2 pp | Mar 2023 −26.8 pp | Jun 2023 −8.8 pp | Sep 2023 +2.4 pp | Dec 2023 +10.4 pp | Mar 2024 −5.3 pp | Jun 2024 +9.4 pp | Sep 2024 +7.6 pp | Dec 2024 −31.9 pp | Mar 2025 −6.7 pp | Jun 2025 −16.3 pp | Sep 2025 −11.7 pp | Dec 2025 −14.1 pp | Mar 2026 +3.5 pp | Jun 2026 — - TECK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +29.2 pp | Sep 2022 −8.8 pp | Dec 2022 −34.2 pp | Mar 2023 −4.9 pp | Jun 2023 −20.3 pp | Sep 2023 −29.3 pp | Dec 2023 −27.4 pp | Mar 2024 −48.9 pp | Jun 2024 −12.7 pp | Sep 2024 −21.8 pp | Dec 2024 +19.5 pp | Mar 2025 +21.8 pp | Jun 2025 −1.9 pp | Sep 2025 +37.2 pp | Dec 2025 +19.2 pp | Mar 2026 +19.3 pp | Jun 2026 — - MP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +22.3 pp | Sep 2022 +9.4 pp | Dec 2022 −14.3 pp | Mar 2023 −34.8 pp | Jun 2023 −65.9 pp | Sep 2023 −97.0 pp | Dec 2023 −128.2 pp | Mar 2024 −101.0 pp | Jun 2024 −171.9 pp | Sep 2024 −29.4 pp | Dec 2024 +9.5 pp | Mar 2025 +9.4 pp | Jun 2025 +94.6 pp | Sep 2025 −62.4 pp | Dec 2025 −31.7 pp | Mar 2026 −16.0 pp | Jun 2026 — - MTRN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.6 pp | Dec 2022 +3.5 pp | Mar 2023 — | Jun 2023 +4.5 pp | Sep 2023 +1.9 pp | Dec 2023 −2.4 pp | Mar 2024 −2.5 pp | Jun 2024 −1.4 pp | Sep 2024 −1.9 pp | Dec 2024 −15.4 pp | Mar 2025 +0.7 pp | Jun 2025 +1.0 pp | Sep 2025 +0.7 pp | Dec 2025 +11.0 pp | Mar 2026 — | Jun 2026 −3.4 pp - ALM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +13.7 pp | Sep 2022 −42.3 pp | Dec 2022 +13.4 pp | Mar 2023 −3.0 pp | Jun 2023 −23.9 pp | Sep 2023 +77.4 pp | Dec 2023 −19.5 pp | Mar 2024 −3.0 pp | Jun 2024 +23.1 pp | Sep 2024 −15.0 pp | Dec 2024 +0.8 pp | Mar 2025 −57.4 pp | Jun 2025 −153.2 pp | Sep 2025 −4.6 pp | Dec 2025 −81.5 pp | Mar 2026 +87.5 pp | Jun 2026 — - NEXA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +4.1 pp | Sep 2022 −7.8 pp | Dec 2022 −15.4 pp | Mar 2023 −10.6 pp | Jun 2023 −47.3 pp | Sep 2023 −6.1 pp | Dec 2023 −6.9 pp | Mar 2024 +2.1 pp | Jun 2024 +21.1 pp | Sep 2024 +12.5 pp | Dec 2024 +28.7 pp | Mar 2025 0.0 pp | Jun 2025 +5.8 pp | Sep 2025 +11.4 pp | Dec 2025 +6.4 pp | Mar 2026 +14.8 pp | Jun 2026 — - USAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +131.1 pp | Sep 2022 +114.8 pp | Dec 2022 +39.3 pp | Mar 2023 −18.9 pp | Jun 2023 +16.0 pp | Sep 2023 +3.8 pp | Dec 2023 +26.7 pp | Mar 2024 −24.8 pp | Jun 2024 +25.1 pp | Sep 2024 +14.7 pp | Dec 2024 −26.6 pp | Mar 2025 +0.4 pp | Jun 2025 −41.8 pp | Sep 2025 +26.4 pp | Dec 2025 +34.8 pp | Mar 2026 +87.3 pp | Jun 2026 — - CMP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −2.1 pp | Sep 2022 +1.4 pp | Dec 2022 +1.7 pp | Mar 2023 +7.2 pp | Jun 2023 +1.3 pp | Sep 2023 −1.5 pp | Dec 2023 −23.6 pp | Mar 2024 −22.5 pp | Jun 2024 +3.2 pp | Sep 2024 −15.2 pp | Dec 2024 +15.9 pp | Mar 2025 +10.2 pp | Jun 2025 +4.5 pp | Sep 2025 +19.6 pp | Dec 2025 +9.0 pp | Mar 2026 +13.0 pp | Jun 2026 — - SGML: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 −100.6 pp | Dec 2024 — | Mar 2025 +15.1 pp | Jun 2025 −131.6 pp | Sep 2025 +43.1 pp | Dec 2025 — | Mar 2026 +18.4 pp | Jun 2026 — - UAMY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +20.4 pp | Sep 2022 +8.0 pp | Dec 2022 −61.1 pp | Mar 2023 −18.2 pp | Jun 2023 −18.9 pp | Sep 2023 −20.1 pp | Dec 2023 −246.0 pp | Mar 2024 −18.9 pp | Jun 2024 +10.2 pp | Sep 2024 −17.0 pp | Dec 2024 +286.6 pp | Mar 2025 +20.4 pp | Jun 2025 −1.3 pp | Sep 2025 −21.9 pp | Dec 2025 −10.8 pp | Mar 2026 −115.9 pp | Jun 2026 — - GSM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +29.6 pp | Sep 2022 +23.4 pp | Dec 2022 −3.2 pp | Mar 2023 −18.4 pp | Jun 2023 −17.8 pp | Sep 2023 −7.9 pp | Dec 2023 −2.8 pp | Mar 2024 −10.4 pp | Jun 2024 −3.9 pp | Sep 2024 −8.7 pp | Dec 2024 −17.3 pp | Mar 2025 −18.8 pp | Jun 2025 −7.6 pp | Sep 2025 −10.0 pp | Dec 2025 −12.2 pp | Mar 2026 +15.9 pp | Jun 2026 — - SCZM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +16.8 pp | Sep 2022 −56.4 pp | Dec 2022 +63.8 pp | Mar 2023 −5.6 pp | Jun 2023 −8.4 pp | Sep 2023 +52.6 pp | Dec 2023 −39.4 pp | Mar 2024 −20.4 pp | Jun 2024 +5.5 pp | Sep 2024 +12.7 pp | Dec 2024 +57.0 pp | Mar 2025 +41.5 pp | Jun 2025 +14.5 pp | Sep 2025 +4.2 pp | Dec 2025 +3.0 pp | Mar 2026 −5.3 pp | Jun 2026 — - ALOY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −75.5 pp | Sep 2022 −64.4 pp | Dec 2022 −1.3 pp | Mar 2023 −146.4 pp | Jun 2023 −110.6 pp | Sep 2023 −21.0 pp | Dec 2023 −26.1 pp | Mar 2024 +93.6 pp | Jun 2024 +73.6 pp | Sep 2024 +6.0 pp | Dec 2024 −17.0 pp | Mar 2025 — | Jun 2025 −99.9 pp | Sep 2025 +50.3 pp | Dec 2025 −96.5 pp | Mar 2026 — | Jun 2026 — ## Profit Scale & Acceleration What the numbers say: Vale S.A. leads with $2,589 million of TTM profit, 729.8% above Nexa Resources S.A.. Santacruz Silver Mining Ltd. shows 46.3% growth from a $60 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale. Investor read: Vale S.A. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current profit growth signal. Evidence: Vale S.A. · $2,589 million | 729.8% versus #2 · Nexa Resources S.A. | 3/8 recent comparable periods | 22/30 companies · 487 observations Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank. ### Net profit — largest 1. Vale S.A. (VALE): ₹2.6K Cr 2. Nexa Resources S.A. (NEXA): ₹312 Cr 3. Santacruz Silver Mining Ltd. (SCZM): ₹60 Cr 4. Almonty Industries Inc. (ALM): ₹41 Cr 5. Compass Minerals International, Inc. (CMP): ₹8 Cr ### Profit growth — fastest growers 1. Santacruz Silver Mining Ltd. (SCZM): 46% 2. Vale S.A. (VALE): -55% 3. USA Rare Earth, Inc. (USAR): -1,061% ### 20-quarter Net profit history - BHP: Sep 2021 — | Dec 2021 ₹9.5K Cr | Mar 2022 — | Jun 2022 ₹12.9K Cr | Sep 2022 — | Dec 2022 ₹7.1K Cr | Mar 2023 — | Jun 2023 ₹6.9K Cr | Sep 2023 — | Dec 2023 ₹1.7K Cr | Mar 2024 — | Jun 2024 ₹7.9K Cr | Sep 2024 — | Dec 2024 ₹5.3K Cr | Mar 2025 — | Jun 2025 ₹5.9K Cr | Sep 2025 — | Dec 2025 ₹7.1K Cr | Mar 2026 — | Jun 2026 — - RIO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹9.4K Cr | Sep 2022 — | Dec 2022 ₹3.6K Cr | Mar 2023 — | Jun 2023 ₹4.9K Cr | Sep 2023 — | Dec 2023 ₹5.0K Cr | Mar 2024 — | Jun 2024 ₹5.9K Cr | Sep 2024 — | Dec 2024 ₹5.7K Cr | Mar 2025 — | Jun 2025 ₹4.5K Cr | Sep 2025 — | Dec 2025 ₹5.7K Cr | Mar 2026 — | Jun 2026 — - VALE: Sep 2021 ₹3.8K Cr | Dec 2021 ₹5.5K Cr | Mar 2022 ₹4.5K Cr | Jun 2022 ₹6.2K Cr | Sep 2022 ₹4.3K Cr | Dec 2022 ₹3.7K Cr | Mar 2023 ₹1.9K Cr | Jun 2023 ₹992 Cr | Sep 2023 ₹2.8K Cr | Dec 2023 ₹2.4K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹2.8K Cr | Sep 2024 ₹2.4K Cr | Dec 2024 ₹-872 Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹2.1K Cr | Sep 2025 ₹2.8K Cr | Dec 2025 ₹-4.2K Cr | Mar 2026 ₹1.9K Cr | Jun 2026 — - TECK: Sep 2021 ₹840 Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹-222 Cr | Dec 2022 ₹276 Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹469 Cr | Sep 2023 ₹268 Cr | Dec 2023 ₹396 Cr | Mar 2024 ₹432 Cr | Jun 2024 ₹385 Cr | Sep 2024 ₹-792 Cr | Dec 2024 ₹258 Cr | Mar 2025 ₹313 Cr | Jun 2025 ₹101 Cr | Sep 2025 ₹133 Cr | Dec 2025 ₹525 Cr | Mar 2026 ₹809 Cr | Jun 2026 — - MP: Sep 2021 ₹43 Cr | Dec 2021 ₹49 Cr | Mar 2022 ₹86 Cr | Jun 2022 ₹73 Cr | Sep 2022 ₹63 Cr | Dec 2022 ₹67 Cr | Mar 2023 ₹37 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹-4 Cr | Dec 2023 ₹-16 Cr | Mar 2024 ₹16 Cr | Jun 2024 ₹-34 Cr | Sep 2024 ₹-26 Cr | Dec 2024 ₹-22 Cr | Mar 2025 ₹-23 Cr | Jun 2025 ₹-31 Cr | Sep 2025 ₹-42 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹-8 Cr | Jun 2026 — - MTRN: Sep 2021 ₹18 Cr | Dec 2021 ₹18 Cr | Mar 2022 — | Jun 2022 ₹14 Cr | Sep 2022 ₹23 Cr | Dec 2022 ₹29 Cr | Mar 2023 ₹26 Cr | Jun 2023 ₹24 Cr | Sep 2023 ₹27 Cr | Dec 2023 ₹19 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹19 Cr | Sep 2024 ₹22 Cr | Dec 2024 ₹-49 Cr | Mar 2025 ₹18 Cr | Jun 2025 ₹25 Cr | Sep 2025 ₹25 Cr | Dec 2025 ₹7 Cr | Mar 2026 — | Jun 2026 ₹19 Cr - USAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹1 Cr | Sep 2023 ₹3 Cr | Dec 2023 — | Mar 2024 ₹-5 Cr | Jun 2024 ₹-3 Cr | Sep 2024 ₹-2 Cr | Dec 2024 ₹-6 Cr | Mar 2025 ₹52 Cr | Jun 2025 ₹-143 Cr | Sep 2025 ₹-157 Cr | Dec 2025 ₹-26 Cr | Mar 2026 ₹-68 Cr | Jun 2026 — - SKE: Sep 2021 ₹-29 Cr | Dec 2021 ₹-32 Cr | Mar 2022 ₹-19 Cr | Jun 2022 ₹-25 Cr | Sep 2022 ₹-29 Cr | Dec 2022 ₹-26 Cr | Mar 2023 ₹-17 Cr | Jun 2023 ₹-19 Cr | Sep 2023 ₹-40 Cr | Dec 2023 ₹-34 Cr | Mar 2024 ₹-27 Cr | Jun 2024 ₹-35 Cr | Sep 2024 ₹-85 Cr | Dec 2024 ₹-5 Cr | Mar 2025 ₹-38 Cr | Jun 2025 ₹-39 Cr | Sep 2025 ₹-37 Cr | Dec 2025 ₹-72 Cr | Mar 2026 ₹-104 Cr | Jun 2026 — - ALM: Sep 2021 ₹-5 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹-2 Cr | Jun 2022 ₹-2 Cr | Sep 2022 ₹-9 Cr | Dec 2022 ₹-1 Cr | Mar 2023 ₹-2 Cr | Jun 2023 ₹-1 Cr | Sep 2023 ₹-2 Cr | Dec 2023 ₹-3 Cr | Mar 2024 ₹-4 Cr | Jun 2024 ₹-2 Cr | Sep 2024 ₹-5 Cr | Dec 2024 ₹-3 Cr | Mar 2025 ₹-35 Cr | Jun 2025 ₹-58 Cr | Sep 2025 ₹33 Cr | Dec 2025 ₹71 Cr | Mar 2026 ₹-5 Cr | Jun 2026 — - EMAT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 ₹-3 Cr | Sep 2024 ₹-44 Cr | Dec 2024 ₹-17 Cr | Mar 2025 ₹-18 Cr | Jun 2025 ₹-40 Cr | Sep 2025 ₹-12 Cr | Dec 2025 ₹-548 Cr | Mar 2026 ₹-440 Cr | Jun 2026 — - NEXA: Sep 2021 ₹-9 Cr | Dec 2021 ₹11 Cr | Mar 2022 ₹74 Cr | Jun 2022 ₹124 Cr | Sep 2022 ₹-40 Cr | Dec 2022 ₹-81 Cr | Mar 2023 ₹-15 Cr | Jun 2023 ₹-103 Cr | Sep 2023 ₹-64 Cr | Dec 2023 ₹-109 Cr | Mar 2024 ₹-12 Cr | Jun 2024 ₹-70 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹-111 Cr | Mar 2025 ₹29 Cr | Jun 2025 ₹13 Cr | Sep 2025 ₹100 Cr | Dec 2025 ₹81 Cr | Mar 2026 ₹118 Cr | Jun 2026 — - TMC: Sep 2021 ₹-37 Cr | Dec 2021 ₹-20 Cr | Mar 2022 ₹-21 Cr | Jun 2022 ₹-12 Cr | Sep 2022 ₹-28 Cr | Dec 2022 ₹-109 Cr | Mar 2023 ₹-14 Cr | Jun 2023 ₹-14 Cr | Sep 2023 ₹-12 Cr | Dec 2023 ₹-33 Cr | Mar 2024 ₹-25 Cr | Jun 2024 ₹-20 Cr | Sep 2024 ₹-21 Cr | Dec 2024 ₹-16 Cr | Mar 2025 ₹-21 Cr | Jun 2025 ₹-74 Cr | Sep 2025 ₹-184 Cr | Dec 2025 ₹-40 Cr | Mar 2026 ₹-21 Cr | Jun 2026 — - USAS: Sep 2021 ₹-19 Cr | Dec 2021 ₹-32 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹-9 Cr | Sep 2022 ₹-25 Cr | Dec 2022 ₹-11 Cr | Mar 2023 ₹-11 Cr | Jun 2023 ₹-7 Cr | Sep 2023 ₹-10 Cr | Dec 2023 ₹-10 Cr | Mar 2024 ₹-16 Cr | Jun 2024 ₹-4 Cr | Sep 2024 ₹-16 Cr | Dec 2024 ₹-13 Cr | Mar 2025 ₹-20 Cr | Jun 2025 ₹-15 Cr | Sep 2025 ₹-16 Cr | Dec 2025 ₹-38 Cr | Mar 2026 ₹10 Cr | Jun 2026 — - CMP: Sep 2021 ₹-5 Cr | Dec 2021 ₹8 Cr | Mar 2022 ₹-29 Cr | Jun 2022 ₹-11 Cr | Sep 2022 ₹-6 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹-22 Cr | Jun 2023 ₹36 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹-75 Cr | Mar 2024 ₹-39 Cr | Jun 2024 ₹-44 Cr | Sep 2024 ₹-48 Cr | Dec 2024 ₹-24 Cr | Mar 2025 ₹-32 Cr | Jun 2025 ₹-17 Cr | Sep 2025 ₹-7 Cr | Dec 2025 ₹19 Cr | Mar 2026 ₹13 Cr | Jun 2026 — - VZLA: Sep 2021 ₹-4 Cr | Dec 2021 ₹-7 Cr | Mar 2022 ₹-5 Cr | Jun 2022 ₹-4 Cr | Sep 2022 ₹-1 Cr | Dec 2022 ₹-2 Cr | Mar 2023 ₹-2 Cr | Jun 2023 ₹-3 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹-1 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹-11 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹-5 Cr | Mar 2025 ₹-4 Cr | Jun 2025 ₹-24 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹-7 Cr | Mar 2026 ₹-153 Cr | Jun 2026 — - SGML: Sep 2021 ₹-9 Cr | Dec 2021 ₹-13 Cr | Mar 2022 ₹-10 Cr | Jun 2022 ₹-17 Cr | Sep 2022 ₹-9 Cr | Dec 2022 ₹-61 Cr | Mar 2023 ₹-22 Cr | Jun 2023 ₹-34 Cr | Sep 2023 ₹36 Cr | Dec 2023 ₹16 Cr | Mar 2024 ₹-7 Cr | Jun 2024 ₹-11 Cr | Sep 2024 ₹-25 Cr | Dec 2024 ₹-9 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹-19 Cr | Sep 2025 ₹-12 Cr | Dec 2025 ₹-24 Cr | Mar 2026 ₹11 Cr | Jun 2026 — - ELVR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 ₹-42 Cr | Mar 2025 — | Jun 2025 ₹-209 Cr | Sep 2025 — | Dec 2025 ₹74 Cr | Mar 2026 — | Jun 2026 — - LAC: Sep 2021 ₹-17 Cr | Dec 2021 ₹-1 Cr | Mar 2022 ₹-46 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹-2 Cr | Jun 2023 ₹11 Cr | Sep 2023 ₹-1 Cr | Dec 2023 ₹-13 Cr | Mar 2024 ₹-6 Cr | Jun 2024 ₹-7 Cr | Sep 2024 ₹-9 Cr | Dec 2024 ₹-21 Cr | Mar 2025 ₹-12 Cr | Jun 2025 ₹-13 Cr | Sep 2025 ₹-199 Cr | Dec 2025 ₹138 Cr | Mar 2026 ₹5 Cr | Jun 2026 — - LAR: Sep 2021 ₹-17 Cr | Dec 2021 ₹8 Cr | Mar 2022 ₹-46 Cr | Jun 2022 ₹-16 Cr | Sep 2022 ₹-30 Cr | Dec 2022 ₹29 Cr | Mar 2023 ₹-3 Cr | Jun 2023 ₹15 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹-1 Cr | Mar 2024 ₹-10 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹-2 Cr | Dec 2024 ₹-5 Cr | Mar 2025 ₹-7 Cr | Jun 2025 ₹-4 Cr | Sep 2025 ₹-64 Cr | Dec 2025 ₹-1 Cr | Mar 2026 ₹7 Cr | Jun 2026 — - IPX: Sep 2021 — | Dec 2021 ₹-11 Cr | Mar 2022 — | Jun 2022 ₹-11 Cr | Sep 2022 — | Dec 2022 ₹-9 Cr | Mar 2023 — | Jun 2023 ₹-9 Cr | Sep 2023 — | Dec 2023 ₹-10 Cr | Mar 2024 — | Jun 2024 ₹-11 Cr | Sep 2024 — | Dec 2024 ₹-16 Cr | Mar 2025 — | Jun 2025 ₹-19 Cr | Sep 2025 — | Dec 2025 ₹-35 Cr | Mar 2026 — | Jun 2026 — - NAK: Sep 2021 ₹-9 Cr | Dec 2021 ₹-4 Cr | Mar 2022 ₹-4 Cr | Jun 2022 ₹-6 Cr | Sep 2022 ₹-7 Cr | Dec 2022 ₹-6 Cr | Mar 2023 ₹-7 Cr | Jun 2023 ₹-6 Cr | Sep 2023 ₹-4 Cr | Dec 2023 ₹-4 Cr | Mar 2024 ₹-5 Cr | Jun 2024 ₹-4 Cr | Sep 2024 ₹-5 Cr | Dec 2024 ₹-23 Cr | Mar 2025 ₹-40 Cr | Jun 2025 ₹-12 Cr | Sep 2025 ₹-8 Cr | Dec 2025 ₹-44 Cr | Mar 2026 ₹21 Cr | Jun 2026 — - CRML: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹0 Cr | Mar 2023 — | Jun 2023 ₹-5 Cr | Sep 2023 — | Dec 2023 ₹-2 Cr | Mar 2024 — | Jun 2024 ₹-138 Cr | Sep 2024 — | Dec 2024 ₹-19 Cr | Mar 2025 — | Jun 2025 ₹-37 Cr | Sep 2025 — | Dec 2025 ₹-120 Cr | Mar 2026 — | Jun 2026 — - UAMY: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹-1 Cr | Mar 2023 ₹-1 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹-2 Cr | Dec 2023 ₹-4 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹-1 Cr | Dec 2024 ₹-1 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹-5 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹-11 Cr | Jun 2026 — - GSM: Sep 2021 ₹-98 Cr | Dec 2021 ₹50 Cr | Mar 2022 ₹151 Cr | Jun 2022 ₹185 Cr | Sep 2022 ₹99 Cr | Dec 2022 ₹9 Cr | Mar 2023 ₹25 Cr | Jun 2023 ₹36 Cr | Sep 2023 ₹44 Cr | Dec 2023 ₹-7 Cr | Mar 2024 ₹-3 Cr | Jun 2024 ₹34 Cr | Sep 2024 ₹19 Cr | Dec 2024 ₹-30 Cr | Mar 2025 ₹-67 Cr | Jun 2025 ₹-11 Cr | Sep 2025 ₹-13 Cr | Dec 2025 ₹-86 Cr | Mar 2026 ₹-7 Cr | Jun 2026 — - SCZM: Sep 2021 ₹-4 Cr | Dec 2021 ₹-10 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹-19 Cr | Dec 2022 ₹-4 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹-4 Cr | Dec 2023 ₹-11 Cr | Mar 2024 ₹133 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹18 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹21 Cr | Sep 2025 ₹16 Cr | Dec 2025 ₹-5 Cr | Mar 2026 ₹28 Cr | Jun 2026 — - NB: Sep 2021 ₹2 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹29 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹-4 Cr | Dec 2023 ₹-3 Cr | Mar 2024 ₹-4 Cr | Jun 2024 ₹-1 Cr | Sep 2024 ₹-2 Cr | Dec 2024 ₹-1 Cr | Mar 2025 ₹-5 Cr | Jun 2025 ₹-10 Cr | Sep 2025 ₹-44 Cr | Dec 2025 ₹-1 Cr | Mar 2026 ₹0 Cr | Jun 2026 — - BMM: Sep 2021 ₹0 Cr | Dec 2021 ₹-1 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹-1 Cr | Mar 2025 ₹-1 Cr | Jun 2025 ₹-6 Cr | Sep 2025 ₹-10 Cr | Dec 2025 ₹-20 Cr | Mar 2026 ₹-34 Cr | Jun 2026 — - ALOY: Sep 2021 ₹-1 Cr | Dec 2021 ₹-2 Cr | Mar 2022 ₹-1 Cr | Jun 2022 ₹-1 Cr | Sep 2022 ₹-1 Cr | Dec 2022 ₹-1 Cr | Mar 2023 ₹-2 Cr | Jun 2023 ₹-1 Cr | Sep 2023 ₹-1 Cr | Dec 2023 ₹-1 Cr | Mar 2024 ₹-1 Cr | Jun 2024 ₹-1 Cr | Sep 2024 ₹-1 Cr | Dec 2024 ₹-1 Cr | Mar 2025 ₹-2 Cr | Jun 2025 ₹-1 Cr | Sep 2025 ₹-1 Cr | Dec 2025 ₹-2 Cr | Mar 2026 ₹-97 Cr | Jun 2026 — - TMQ: Sep 2021 ₹-8 Cr | Dec 2021 ₹-6 Cr | Mar 2022 ₹-5 Cr | Jun 2022 ₹-4 Cr | Sep 2022 ₹-10 Cr | Dec 2022 ₹-5 Cr | Mar 2023 ₹-5 Cr | Jun 2023 ₹-3 Cr | Sep 2023 ₹-4 Cr | Dec 2023 ₹-3 Cr | Mar 2024 ₹-4 Cr | Jun 2024 ₹-2 Cr | Sep 2024 ₹-2 Cr | Dec 2024 ₹-2 Cr | Mar 2025 ₹-4 Cr | Jun 2025 ₹-2 Cr | Sep 2025 ₹-2 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹-4 Cr | Jun 2026 ₹-2 Cr - SLI: Sep 2021 ₹-7 Cr | Dec 2021 ₹-7 Cr | Mar 2022 ₹-11 Cr | Jun 2022 — | Sep 2022 ₹-1 Cr | Dec 2022 ₹-5 Cr | Mar 2023 ₹-5 Cr | Jun 2023 — | Sep 2023 ₹-7 Cr | Dec 2023 ₹-8 Cr | Mar 2024 ₹-8 Cr | Jun 2024 ₹128 Cr | Sep 2024 ₹-5 Cr | Dec 2024 ₹60 Cr | Mar 2025 ₹-2 Cr | Jun 2025 ₹-5 Cr | Sep 2025 ₹-6 Cr | Dec 2025 ₹-36 Cr | Mar 2026 ₹-3 Cr | Jun 2026 — ### 20-quarter Profit growth history - BHP: Sep 2021 — | Dec 2021 90% | Mar 2022 — | Jun 2022 49% | Sep 2022 — | Dec 2022 -25% | Mar 2023 — | Jun 2023 -46% | Sep 2023 — | Dec 2023 -76% | Mar 2024 — | Jun 2024 15% | Sep 2024 — | Dec 2024 210% | Mar 2025 — | Jun 2025 -26% | Sep 2025 — | Dec 2025 35% | Mar 2026 — | Jun 2026 — - RIO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -48% | Sep 2023 — | Dec 2023 39% | Mar 2024 — | Jun 2024 19% | Sep 2024 — | Dec 2024 14% | Mar 2025 — | Jun 2025 -23% | Sep 2025 — | Dec 2025 0.5% | Mar 2026 — | Jun 2026 — - VALE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -23% | Sep 2022 14% | Dec 2022 -32% | Mar 2023 -58% | Jun 2023 -84% | Sep 2023 -35% | Dec 2023 -35% | Mar 2024 -12% | Jun 2024 179% | Sep 2024 -12% | Dec 2024 -136% | Mar 2025 -16% | Jun 2025 -23% | Sep 2025 13% | Dec 2025 — | Mar 2026 39% | Jun 2026 — - TECK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 548% | Sep 2022 -126% | Dec 2022 -82% | Mar 2023 -25% | Jun 2023 -72% | Sep 2023 — | Dec 2023 43% | Mar 2024 -63% | Jun 2024 -18% | Sep 2024 -396% | Dec 2024 -35% | Mar 2025 -28% | Jun 2025 -74% | Sep 2025 — | Dec 2025 103% | Mar 2026 158% | Jun 2026 — - MP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 170% | Sep 2022 47% | Dec 2022 37% | Mar 2023 -57% | Jun 2023 -90% | Sep 2023 -106% | Dec 2023 -124% | Mar 2024 -57% | Jun 2024 -586% | Sep 2024 — | Dec 2024 — | Mar 2025 -244% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - MTRN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 28% | Dec 2022 61% | Mar 2023 — | Jun 2023 71% | Sep 2023 17% | Dec 2023 -34% | Mar 2024 -50% | Jun 2024 -21% | Sep 2024 -19% | Dec 2024 -358% | Mar 2025 38% | Jun 2025 32% | Sep 2025 14% | Dec 2025 — | Mar 2026 — | Jun 2026 -24% - USAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -400% | Sep 2024 -167% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 -231% | Jun 2026 — - ALM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -150% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - NEXA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1.6% | Sep 2022 — | Dec 2022 -836% | Mar 2023 -120% | Jun 2023 -183% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 1,567% | Dec 2025 — | Mar 2026 307% | Jun 2026 — - CMP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -100% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -222% | Sep 2024 -4,900% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - VZLA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 700% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 -75% | Dec 2025 — | Mar 2026 — | Jun 2026 — - SGML: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 -169% | Dec 2024 -156% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 120% | Jun 2026 — - LAC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -164% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - LAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 263% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -103% | Mar 2024 — | Jun 2024 -87% | Sep 2024 -129% | Dec 2024 — | Mar 2025 — | Jun 2025 -300% | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - UAMY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -200% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 -1,200% | Jun 2026 — - GSM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 18,400% | Sep 2022 — | Dec 2022 -82% | Mar 2023 -83% | Jun 2023 -81% | Sep 2023 -56% | Dec 2023 -178% | Mar 2024 -112% | Jun 2024 -5.6% | Sep 2024 -57% | Dec 2024 — | Mar 2025 — | Jun 2025 -132% | Sep 2025 -168% | Dec 2025 — | Mar 2026 — | Jun 2026 — - SCZM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -100% | Jun 2023 0.0% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -75% | Sep 2024 — | Dec 2024 — | Mar 2025 -93% | Jun 2025 2,000% | Sep 2025 -11% | Dec 2025 -138% | Mar 2026 211% | Jun 2026 — - NB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 200% | Sep 2022 100% | Dec 2022 -50% | Mar 2023 1,350% | Jun 2023 67% | Sep 2023 -200% | Dec 2023 -250% | Mar 2024 -114% | Jun 2024 -120% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - SLI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 -104% | Sep 2025 — | Dec 2025 -160% | Mar 2026 — | Jun 2026 — ## Capacity Spending & Returns On It What the numbers say: Rio Tinto Group reports $7,601 million of CAPEX; USA Rare Earth, Inc. has the highest covered intensity at 650%. Coverage is only 29 of 30 companies and 379 reported observations, so this is partial evidence—not a complete sector rank. Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation. This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns. Evidence: Rio Tinto Group · $7,601 million | 49.2% versus #2 · BHP Group Limited | 8/8 recent comparable periods | 29/30 companies · 379 observations Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns. ### CAPEX — largest spenders 1. Rio Tinto Group (RIO): ₹7.6K Cr — older report 2. BHP Group Limited (BHP): ₹5.1K Cr — older report 3. Vale S.A. (VALE): ₹1.2K Cr 4. Teck Resources Limited (TECK): ₹777 Cr 5. Lithium Americas Corp. (LAC): ₹299 Cr ### CAPEX intensity — highest reinvestment intensity 1. USA Rare Earth, Inc. (USAR): 650% 2. United States Antimony Corporation (UAMY): 186% 3. Almonty Industries Inc. (ALM): 88% 4. MP Materials Corp. (MP): 85% 5. Americas Gold and Silver Corporation (USAS): 34% ### 20-quarter CAPEX history - BHP: Sep 2021 — | Dec 2021 ₹2.8K Cr | Mar 2022 — | Jun 2022 ₹3.2K Cr | Sep 2022 — | Dec 2022 ₹2.9K Cr | Mar 2023 — | Jun 2023 ₹4.1K Cr | Sep 2023 — | Dec 2023 ₹4.6K Cr | Mar 2024 — | Jun 2024 ₹4.3K Cr | Sep 2024 — | Dec 2024 ₹5.0K Cr | Mar 2025 — | Jun 2025 ₹4.4K Cr | Sep 2025 — | Dec 2025 ₹5.1K Cr | Mar 2026 — | Jun 2026 — - RIO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹3.1K Cr | Sep 2022 — | Dec 2022 ₹3.6K Cr | Mar 2023 — | Jun 2023 ₹3.0K Cr | Sep 2023 — | Dec 2023 ₹4.1K Cr | Mar 2024 — | Jun 2024 ₹4.0K Cr | Sep 2024 — | Dec 2024 ₹5.6K Cr | Mar 2025 — | Jun 2025 ₹4.7K Cr | Sep 2025 — | Dec 2025 ₹7.6K Cr | Mar 2026 — | Jun 2026 — - VALE: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.8K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.8K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹2.1K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹2.2K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹2.2K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 — - TECK: Sep 2021 ₹1.2K Cr | Dec 2021 — | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.8K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 — | Sep 2023 ₹1.0K Cr | Dec 2023 ₹871 Cr | Mar 2024 ₹729 Cr | Jun 2024 ₹775 Cr | Sep 2024 ₹627 Cr | Dec 2024 ₹504 Cr | Mar 2025 ₹393 Cr | Jun 2025 ₹403 Cr | Sep 2025 ₹536 Cr | Dec 2025 ₹730 Cr | Mar 2026 — | Jun 2026 ₹777 Cr - MP: Sep 2021 ₹42 Cr | Dec 2021 ₹37 Cr | Mar 2022 ₹55 Cr | Jun 2022 ₹68 Cr | Sep 2022 ₹92 Cr | Dec 2022 ₹112 Cr | Mar 2023 ₹74 Cr | Jun 2023 ₹56 Cr | Sep 2023 ₹59 Cr | Dec 2023 ₹73 Cr | Mar 2024 ₹52 Cr | Jun 2024 ₹46 Cr | Sep 2024 ₹46 Cr | Dec 2024 ₹42 Cr | Mar 2025 ₹30 Cr | Jun 2025 ₹29 Cr | Sep 2025 ₹50 Cr | Dec 2025 ₹62 Cr | Mar 2026 ₹77 Cr | Jun 2026 — - MTRN: Sep 2021 ₹26 Cr | Dec 2021 ₹20 Cr | Mar 2022 — | Jun 2022 ₹19 Cr | Sep 2022 ₹19 Cr | Dec 2022 ₹23 Cr | Mar 2023 ₹30 Cr | Jun 2023 ₹29 Cr | Sep 2023 ₹26 Cr | Dec 2023 ₹25 Cr | Mar 2024 ₹21 Cr | Jun 2024 ₹17 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹18 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹13 Cr | Sep 2025 ₹14 Cr | Dec 2025 ₹15 Cr | Mar 2026 — | Jun 2026 ₹15 Cr - USAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹1 Cr | Jun 2024 — | Sep 2024 ₹1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹24 Cr | Mar 2026 ₹39 Cr | Jun 2026 — - SKE: Sep 2021 ₹1 Cr | Dec 2021 ₹5 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹29 Cr | Jun 2025 ₹64 Cr | Sep 2025 ₹92 Cr | Dec 2025 ₹109 Cr | Mar 2026 ₹72 Cr | Jun 2026 — - ALM: Sep 2021 ₹2 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹10 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹36 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹22 Cr | Jun 2026 — - EMAT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹0 Cr | Jun 2026 — - NEXA: Sep 2021 ₹137 Cr | Dec 2021 ₹159 Cr | Mar 2022 ₹83 Cr | Jun 2022 ₹98 Cr | Sep 2022 ₹85 Cr | Dec 2022 ₹116 Cr | Mar 2023 ₹57 Cr | Jun 2023 ₹60 Cr | Sep 2023 ₹83 Cr | Dec 2023 ₹111 Cr | Mar 2024 ₹74 Cr | Jun 2024 ₹64 Cr | Sep 2024 ₹53 Cr | Dec 2024 — | Mar 2025 ₹50 Cr | Jun 2025 ₹87 Cr | Sep 2025 ₹90 Cr | Dec 2025 ₹125 Cr | Mar 2026 ₹72 Cr | Jun 2026 — - TMC: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹0 Cr | Mar 2023 — | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 — - USAS: Sep 2021 ₹4 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹6 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹40 Cr | Mar 2026 ₹23 Cr | Jun 2026 — - CMP: Sep 2021 — | Dec 2021 ₹15 Cr | Mar 2022 ₹29 Cr | Jun 2022 ₹25 Cr | Sep 2022 ₹28 Cr | Dec 2022 ₹20 Cr | Mar 2023 ₹24 Cr | Jun 2023 ₹35 Cr | Sep 2023 ₹70 Cr | Dec 2023 ₹49 Cr | Mar 2024 ₹30 Cr | Jun 2024 ₹15 Cr | Sep 2024 ₹21 Cr | Dec 2024 ₹22 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹18 Cr | Sep 2025 ₹16 Cr | Dec 2025 ₹23 Cr | Mar 2026 ₹18 Cr | Jun 2026 — - VZLA: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - SGML: Sep 2021 ₹3 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹9 Cr | Sep 2022 ₹19 Cr | Dec 2022 ₹49 Cr | Mar 2023 ₹19 Cr | Jun 2023 ₹11 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹3 Cr | Jun 2026 — - ELVR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 ₹8 Cr | Mar 2025 — | Jun 2025 ₹5 Cr | Sep 2025 — | Dec 2025 ₹16 Cr | Mar 2026 — | Jun 2026 — - LAC: Sep 2021 ₹1 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹1 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹10 Cr | Jun 2023 ₹46 Cr | Sep 2023 ₹59 Cr | Dec 2023 ₹74 Cr | Mar 2024 ₹46 Cr | Jun 2024 ₹31 Cr | Sep 2024 ₹35 Cr | Dec 2024 ₹66 Cr | Mar 2025 ₹118 Cr | Jun 2025 ₹236 Cr | Sep 2025 ₹172 Cr | Dec 2025 ₹239 Cr | Mar 2026 ₹299 Cr | Jun 2026 — - LAR: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - IPX: Sep 2021 — | Dec 2021 ₹0 Cr | Mar 2022 — | Jun 2022 ₹1 Cr | Sep 2022 — | Dec 2022 ₹1 Cr | Mar 2023 — | Jun 2023 ₹1 Cr | Sep 2023 — | Dec 2023 ₹2 Cr | Mar 2024 — | Jun 2024 ₹3 Cr | Sep 2024 — | Dec 2024 ₹4 Cr | Mar 2025 — | Jun 2025 ₹13 Cr | Sep 2025 — | Dec 2025 ₹15 Cr | Mar 2026 — | Jun 2026 — - NAK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - CRML: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 ₹0 Cr | Mar 2025 — | Jun 2025 ₹0 Cr | Sep 2025 — | Dec 2025 ₹0 Cr | Mar 2026 — | Jun 2026 — - UAMY: Sep 2021 ₹1 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 — | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹13 Cr | Jun 2026 — - GSM: Sep 2021 ₹8 Cr | Dec 2021 ₹10 Cr | Mar 2022 ₹9 Cr | Jun 2022 ₹14 Cr | Sep 2022 ₹16 Cr | Dec 2022 ₹14 Cr | Mar 2023 ₹18 Cr | Jun 2023 ₹23 Cr | Sep 2023 ₹19 Cr | Dec 2023 ₹24 Cr | Mar 2024 ₹18 Cr | Jun 2024 ₹21 Cr | Sep 2024 ₹20 Cr | Dec 2024 ₹17 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹15 Cr | Sep 2025 ₹19 Cr | Dec 2025 ₹14 Cr | Mar 2026 ₹10 Cr | Jun 2026 — - SCZM: Sep 2021 ₹15 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹6 Cr | Sep 2022 — | Dec 2022 ₹5 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹9 Cr | Mar 2025 ₹7 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹10 Cr | Jun 2026 — - NB: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹14 Cr | Jun 2026 — - BMM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 ₹0 Cr | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 ₹1 Cr | Mar 2026 ₹0 Cr | Jun 2026 — - ALOY: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 — | Jun 2022 — | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹0 Cr | Jun 2026 — - SLI: Sep 2021 ₹1 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹1 Cr | Jun 2022 — | Sep 2022 ₹3 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹10 Cr | Jun 2023 — | Sep 2023 ₹12 Cr | Dec 2023 ₹12 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 — ### 20-quarter CAPEX intensity history - BHP: Sep 2021 — | Dec 2021 9.2% | Mar 2022 — | Jun 2022 9.4% | Sep 2022 — | Dec 2022 11% | Mar 2023 — | Jun 2023 14% | Sep 2023 — | Dec 2023 17% | Mar 2024 — | Jun 2024 15% | Sep 2024 — | Dec 2024 20% | Mar 2025 — | Jun 2025 17% | Sep 2025 — | Dec 2025 18% | Mar 2026 — | Jun 2026 — - RIO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 11% | Sep 2022 — | Dec 2022 14% | Mar 2023 — | Jun 2023 11% | Sep 2023 — | Dec 2023 15% | Mar 2024 — | Jun 2024 15% | Sep 2024 — | Dec 2024 21% | Mar 2025 — | Jun 2025 18% | Sep 2025 — | Dec 2025 25% | Mar 2026 — | Jun 2026 — - VALE: Sep 2021 9.7% | Dec 2021 13% | Mar 2022 11% | Jun 2022 12% | Sep 2022 12% | Dec 2022 15% | Mar 2023 13% | Jun 2023 12% | Sep 2023 14% | Dec 2023 16% | Mar 2024 17% | Jun 2024 13% | Sep 2024 14% | Dec 2024 22% | Mar 2025 16% | Jun 2025 13% | Sep 2025 13% | Dec 2025 20% | Mar 2026 13% | Jun 2026 — - TECK: Sep 2021 31% | Dec 2021 — | Mar 2022 23% | Jun 2022 25% | Sep 2022 31% | Dec 2022 56% | Mar 2023 42% | Jun 2023 — | Sep 2023 52% | Dec 2023 47% | Mar 2024 45% | Jun 2024 43% | Sep 2024 22% | Dec 2024 18% | Mar 2025 17% | Jun 2025 20% | Sep 2025 16% | Dec 2025 24% | Mar 2026 — | Jun 2026 — - MP: Sep 2021 42% | Dec 2021 37% | Mar 2022 33% | Jun 2022 47% | Sep 2022 74% | Dec 2022 120% | Mar 2023 77% | Jun 2023 88% | Sep 2023 111% | Dec 2023 178% | Mar 2024 106% | Jun 2024 148% | Sep 2024 73% | Dec 2024 69% | Mar 2025 49% | Jun 2025 51% | Sep 2025 93% | Dec 2025 117% | Mar 2026 85% | Jun 2026 — - MTRN: Sep 2021 7.0% | Dec 2021 5.2% | Mar 2022 — | Jun 2022 4.2% | Sep 2022 4.3% | Dec 2022 5.3% | Mar 2023 6.8% | Jun 2023 7.3% | Sep 2023 6.5% | Dec 2023 5.9% | Mar 2024 5.5% | Jun 2024 4.0% | Sep 2024 2.7% | Dec 2024 4.1% | Mar 2025 2.9% | Jun 2025 3.0% | Sep 2025 3.1% | Dec 2025 3.1% | Mar 2026 — | Jun 2026 2.7% - USAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 650% | Jun 2026 — - ALM: Sep 2021 40% | Dec 2021 67% | Mar 2022 33% | Jun 2022 57% | Sep 2022 200% | Dec 2022 100% | Mar 2023 43% | Jun 2023 100% | Sep 2023 125% | Dec 2023 60% | Mar 2024 88% | Jun 2024 113% | Sep 2024 100% | Dec 2024 217% | Mar 2025 100% | Jun 2025 100% | Sep 2025 400% | Dec 2025 111% | Mar 2026 88% | Jun 2026 — - EMAT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 0.0% | Jun 2026 — - NEXA: Sep 2021 21% | Dec 2021 24% | Mar 2022 12% | Jun 2022 12% | Sep 2022 12% | Dec 2022 15% | Mar 2023 8.5% | Jun 2023 9.6% | Sep 2023 13% | Dec 2023 18% | Mar 2024 13% | Jun 2024 8.7% | Sep 2024 7.5% | Dec 2024 — | Mar 2025 8.0% | Jun 2025 12% | Sep 2025 12% | Dec 2025 14% | Mar 2026 8.1% | Jun 2026 — - USAS: Sep 2021 36% | Dec 2021 29% | Mar 2022 12% | Jun 2022 20% | Sep 2022 33% | Dec 2022 30% | Mar 2023 27% | Jun 2023 25% | Sep 2023 22% | Dec 2023 16% | Mar 2024 24% | Jun 2024 15% | Sep 2024 18% | Dec 2024 21% | Mar 2025 33% | Jun 2025 37% | Sep 2025 36% | Dec 2025 108% | Mar 2026 34% | Jun 2026 — - CMP: Sep 2021 — | Dec 2021 4.5% | Mar 2022 6.5% | Jun 2022 12% | Sep 2022 11% | Dec 2022 5.7% | Mar 2023 5.8% | Jun 2023 17% | Sep 2023 30% | Dec 2023 14% | Mar 2024 8.2% | Jun 2024 7.4% | Sep 2024 10% | Dec 2024 7.2% | Mar 2025 2.8% | Jun 2025 8.4% | Sep 2025 7.0% | Dec 2025 5.8% | Mar 2026 4.0% | Jun 2026 — - SGML: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 3.1% | Dec 2023 2.9% | Mar 2024 11% | Jun 2024 20% | Sep 2024 9.5% | Dec 2024 — | Mar 2025 6.3% | Jun 2025 18% | Sep 2025 0.0% | Dec 2025 18% | Mar 2026 7.1% | Jun 2026 — - ELVR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 10% | Mar 2025 — | Jun 2025 7.5% | Sep 2025 — | Dec 2025 19% | Mar 2026 — | Jun 2026 — - UAMY: Sep 2021 50% | Dec 2021 0.0% | Mar 2022 0.0% | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 — | Mar 2023 50% | Jun 2023 50% | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 0.0% | Jun 2024 0.0% | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 14% | Jun 2025 64% | Sep 2025 100% | Dec 2025 92% | Mar 2026 186% | Jun 2026 — - GSM: Sep 2021 1.9% | Dec 2021 1.8% | Mar 2022 1.3% | Jun 2022 1.7% | Sep 2022 2.7% | Dec 2022 3.1% | Mar 2023 4.5% | Jun 2023 5.0% | Sep 2023 4.6% | Dec 2023 6.4% | Mar 2024 4.6% | Jun 2024 4.7% | Sep 2024 4.6% | Dec 2024 4.6% | Mar 2025 4.6% | Jun 2025 3.9% | Sep 2025 6.1% | Dec 2025 4.3% | Mar 2026 2.9% | Jun 2026 — - SCZM: Sep 2021 100% | Dec 2021 14% | Mar 2022 16% | Jun 2022 4.7% | Sep 2022 — | Dec 2022 7.8% | Mar 2023 7.7% | Jun 2023 11% | Sep 2023 7.8% | Dec 2023 12% | Mar 2024 7.5% | Jun 2024 7.1% | Sep 2024 9.0% | Dec 2024 11% | Mar 2025 10% | Jun 2025 5.5% | Sep 2025 8.8% | Dec 2025 11% | Mar 2026 7.8% | Jun 2026 — - ALOY: Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 — | Jun 2022 — | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 — | Jun 2023 — | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 0.0% | Jun 2026 — ## Debt Load & Balance-Sheet Headroom What the numbers say: USA Rare Earth, Inc. has the clearest covered balance-sheet capacity with $1,749 million net cash and gross debt of $1 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information. Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt. This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods. Evidence: Lithium Argentina AG · $0 million | null versus #2 · NioCorp Developments Ltd. | 8/8 recent comparable periods | 25/30 companies · 449 observations Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business. ### Gross debt — lowest gross debt 1. Lithium Argentina AG (LAR): ₹0 Cr 2. NioCorp Developments Ltd. (NB): ₹0 Cr 3. Standard Lithium Ltd. (SLI): ₹0 Cr 4. TMC the metals company Inc. (TMC): ₹0 Cr 5. Trilogy Metals Inc. (TMQ): ₹0 Cr ### Net debt — lowest net debt 1. USA Rare Earth, Inc. (USAR): ₹-1.7K Cr 2. MP Materials Corp. (MP): ₹-738 Cr 3. NioCorp Developments Ltd. (NB): ₹-419 Cr 4. Vizsla Silver Corp. (VZLA): ₹-258 Cr 5. Standard Lithium Ltd. (SLI): ₹-141 Cr ### 20-quarter Gross debt history - VALE: Sep 2021 ₹13.6K Cr | Dec 2021 ₹13.8K Cr | Mar 2022 ₹13.0K Cr | Jun 2022 ₹12.6K Cr | Sep 2022 ₹12.2K Cr | Dec 2022 ₹12.7K Cr | Mar 2023 ₹13.0K Cr | Jun 2023 ₹13.9K Cr | Sep 2023 ₹14.0K Cr | Dec 2023 ₹13.9K Cr | Mar 2024 ₹14.7K Cr | Jun 2024 ₹15.0K Cr | Sep 2024 ₹14.2K Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹16.3K Cr | Jun 2025 ₹17.8K Cr | Sep 2025 ₹21.1K Cr | Dec 2025 ₹21.2K Cr | Mar 2026 ₹21.3K Cr | Jun 2026 — - TECK: Sep 2021 ₹9.1K Cr | Dec 2021 ₹9.3K Cr | Mar 2022 ₹9.4K Cr | Jun 2022 ₹9.2K Cr | Sep 2022 ₹9.9K Cr | Dec 2022 ₹10.0K Cr | Mar 2023 ₹10.2K Cr | Jun 2023 ₹10.2K Cr | Sep 2023 ₹10.7K Cr | Dec 2023 ₹11.1K Cr | Mar 2024 ₹11.5K Cr | Jun 2024 ₹11.7K Cr | Sep 2024 ₹9.4K Cr | Dec 2024 ₹10.0K Cr | Mar 2025 ₹9.9K Cr | Jun 2025 ₹9.4K Cr | Sep 2025 ₹9.6K Cr | Dec 2025 ₹9.6K Cr | Mar 2026 ₹9.6K Cr | Jun 2026 ₹9.8K Cr - MP: Sep 2021 ₹706 Cr | Dec 2021 ₹691 Cr | Mar 2022 ₹676 Cr | Jun 2022 ₹677 Cr | Sep 2022 ₹678 Cr | Dec 2022 ₹678 Cr | Mar 2023 ₹679 Cr | Jun 2023 ₹688 Cr | Sep 2023 ₹689 Cr | Dec 2023 ₹689 Cr | Mar 2024 ₹942 Cr | Jun 2024 ₹943 Cr | Sep 2024 ₹944 Cr | Dec 2024 ₹909 Cr | Mar 2025 ₹916 Cr | Jun 2025 ₹917 Cr | Sep 2025 ₹997 Cr | Dec 2025 ₹999 Cr | Mar 2026 ₹1.0K Cr | Jun 2026 — - MTRN: Sep 2021 ₹131 Cr | Dec 2021 ₹149 Cr | Mar 2022 — | Jun 2022 ₹575 Cr | Sep 2022 ₹574 Cr | Dec 2022 ₹505 Cr | Mar 2023 ₹505 Cr | Jun 2023 ₹510 Cr | Sep 2023 ₹528 Cr | Dec 2023 ₹126 Cr | Mar 2024 ₹548 Cr | Jun 2024 ₹556 Cr | Sep 2024 ₹565 Cr | Dec 2024 ₹517 Cr | Mar 2025 ₹537 Cr | Jun 2025 ₹511 Cr | Sep 2025 ₹532 Cr | Dec 2025 ₹533 Cr | Mar 2026 — | Jun 2026 ₹562 Cr - USAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹1 Cr | Jun 2026 — - SKE: Sep 2021 ₹2 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹32 Cr | Mar 2024 ₹33 Cr | Jun 2024 ₹17 Cr | Sep 2024 ₹17 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹16 Cr | Jun 2025 ₹42 Cr | Sep 2025 ₹62 Cr | Dec 2025 ₹63 Cr | Mar 2026 ₹65 Cr | Jun 2026 — - ALM: Sep 2021 ₹64 Cr | Dec 2021 ₹68 Cr | Mar 2022 ₹69 Cr | Jun 2022 ₹68 Cr | Sep 2022 ₹76 Cr | Dec 2022 ₹89 Cr | Mar 2023 ₹87 Cr | Jun 2023 ₹94 Cr | Sep 2023 ₹111 Cr | Dec 2023 ₹130 Cr | Mar 2024 ₹129 Cr | Jun 2024 ₹133 Cr | Sep 2024 ₹150 Cr | Dec 2024 ₹157 Cr | Mar 2025 ₹172 Cr | Jun 2025 ₹193 Cr | Sep 2025 ₹197 Cr | Dec 2025 ₹162 Cr | Mar 2026 ₹165 Cr | Jun 2026 — - EMAT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 ₹0 Cr | Mar 2026 ₹11 Cr | Jun 2026 — - NEXA: Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.7K Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹1.9K Cr | Dec 2024 ₹1.9K Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹1.9K Cr | Jun 2026 — - TMC: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹9 Cr | Dec 2024 ₹12 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 — - USAS: Sep 2021 ₹17 Cr | Dec 2021 ₹20 Cr | Mar 2022 ₹14 Cr | Jun 2022 ₹13 Cr | Sep 2022 ₹12 Cr | Dec 2022 ₹12 Cr | Mar 2023 ₹15 Cr | Jun 2023 ₹20 Cr | Sep 2023 ₹18 Cr | Dec 2023 ₹22 Cr | Mar 2024 ₹21 Cr | Jun 2024 ₹20 Cr | Sep 2024 ₹27 Cr | Dec 2024 ₹22 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹60 Cr | Sep 2025 ₹60 Cr | Dec 2025 ₹56 Cr | Mar 2026 ₹54 Cr | Jun 2026 — - CMP: Sep 2021 ₹935 Cr | Dec 2021 ₹1.0K Cr | Mar 2022 ₹922 Cr | Jun 2022 ₹886 Cr | Sep 2022 ₹948 Cr | Dec 2022 ₹832 Cr | Mar 2023 ₹826 Cr | Jun 2023 ₹721 Cr | Sep 2023 ₹805 Cr | Dec 2023 ₹914 Cr | Mar 2024 ₹877 Cr | Jun 2024 ₹875 Cr | Sep 2024 ₹934 Cr | Dec 2024 ₹974 Cr | Mar 2025 ₹808 Cr | Jun 2025 ₹841 Cr | Sep 2025 ₹848 Cr | Dec 2025 ₹897 Cr | Mar 2026 ₹725 Cr | Jun 2026 — - VZLA: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹318 Cr | Jun 2026 ₹322 Cr - SGML: Sep 2021 ₹0 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹60 Cr | Mar 2023 ₹104 Cr | Jun 2023 ₹103 Cr | Sep 2023 ₹115 Cr | Dec 2023 ₹133 Cr | Mar 2024 ₹205 Cr | Jun 2024 ₹223 Cr | Sep 2024 ₹184 Cr | Dec 2024 ₹177 Cr | Mar 2025 ₹172 Cr | Jun 2025 ₹172 Cr | Sep 2025 ₹166 Cr | Dec 2025 ₹143 Cr | Mar 2026 ₹137 Cr | Jun 2026 — - LAC: Sep 2021 ₹175 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹292 Cr | Jun 2022 — | Sep 2022 ₹1 Cr | Dec 2022 ₹1 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹4 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹23 Cr | Mar 2025 ₹21 Cr | Jun 2025 ₹207 Cr | Sep 2025 ₹405 Cr | Dec 2025 ₹532 Cr | Mar 2026 ₹875 Cr | Jun 2026 — - LAR: Sep 2021 ₹175 Cr | Dec 2021 ₹265 Cr | Mar 2022 ₹292 Cr | Jun 2022 ₹216 Cr | Sep 2022 ₹237 Cr | Dec 2022 ₹208 Cr | Mar 2023 ₹210 Cr | Jun 2023 ₹201 Cr | Sep 2023 ₹197 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 — - NAK: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹3 Cr | Jun 2026 — - UAMY: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 — - GSM: Sep 2021 ₹603 Cr | Dec 2021 ₹625 Cr | Mar 2022 ₹629 Cr | Jun 2022 ₹612 Cr | Sep 2022 ₹515 Cr | Dec 2022 ₹542 Cr | Mar 2023 ₹538 Cr | Jun 2023 ₹493 Cr | Sep 2023 ₹316 Cr | Dec 2023 ₹349 Cr | Mar 2024 ₹207 Cr | Jun 2024 ₹215 Cr | Sep 2024 ₹219 Cr | Dec 2024 ₹209 Cr | Mar 2025 ₹225 Cr | Jun 2025 ₹256 Cr | Sep 2025 ₹250 Cr | Dec 2025 ₹269 Cr | Mar 2026 ₹272 Cr | Jun 2026 — - SCZM: Sep 2021 ₹13 Cr | Dec 2021 ₹12 Cr | Mar 2022 ₹54 Cr | Jun 2022 ₹22 Cr | Sep 2022 ₹22 Cr | Dec 2022 ₹23 Cr | Mar 2023 ₹22 Cr | Jun 2023 ₹18 Cr | Sep 2023 ₹18 Cr | Dec 2023 ₹20 Cr | Mar 2024 ₹18 Cr | Jun 2024 ₹22 Cr | Sep 2024 ₹18 Cr | Dec 2024 ₹20 Cr | Mar 2025 ₹23 Cr | Jun 2025 ₹27 Cr | Sep 2025 ₹38 Cr | Dec 2025 ₹53 Cr | Mar 2026 ₹49 Cr | Jun 2026 — - NB: Sep 2021 ₹9 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹14 Cr | Jun 2023 ₹11 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 — - BMM: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹15 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹16 Cr | Jun 2026 — - ALOY: Sep 2021 ₹1 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹1 Cr | Jun 2026 — - TMQ: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 ₹0 Cr - SLI: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 — ### 20-quarter Net debt history - VALE: Sep 2021 ₹2.2K Cr | Dec 2021 ₹1.9K Cr | Mar 2022 ₹8.2K Cr | Jun 2022 ₹5.4K Cr | Sep 2022 ₹7.0K Cr | Dec 2022 ₹7.9K Cr | Mar 2023 ₹8.2K Cr | Jun 2023 ₹8.9K Cr | Sep 2023 ₹10.0K Cr | Dec 2023 ₹10.3K Cr | Mar 2024 ₹10.8K Cr | Jun 2024 ₹8.5K Cr | Sep 2024 ₹9.5K Cr | Dec 2024 — | Mar 2025 ₹12.3K Cr | Jun 2025 ₹12.1K Cr | Sep 2025 ₹15.0K Cr | Dec 2025 ₹13.6K Cr | Mar 2026 ₹16.1K Cr | Jun 2026 — - TECK: Sep 2021 ₹8.7K Cr | Dec 2021 ₹7.9K Cr | Mar 2022 ₹7.0K Cr | Jun 2022 ₹6.5K Cr | Sep 2022 ₹7.3K Cr | Dec 2022 ₹8.1K Cr | Mar 2023 ₹7.9K Cr | Jun 2023 ₹8.4K Cr | Sep 2023 ₹9.4K Cr | Dec 2023 ₹10.3K Cr | Mar 2024 ₹10.2K Cr | Jun 2024 ₹10.8K Cr | Sep 2024 ₹2.2K Cr | Dec 2024 ₹2.4K Cr | Mar 2025 ₹3.7K Cr | Jun 2025 ₹4.7K Cr | Sep 2025 ₹4.9K Cr | Dec 2025 ₹4.6K Cr | Mar 2026 ₹4.6K Cr | Jun 2026 ₹3.7K Cr - MP: Sep 2021 ₹-473 Cr | Dec 2021 ₹-488 Cr | Mar 2022 ₹-557 Cr | Jun 2022 ₹-587 Cr | Sep 2022 ₹-586 Cr | Dec 2022 ₹-504 Cr | Mar 2023 ₹-490 Cr | Jun 2023 ₹-440 Cr | Sep 2023 ₹-396 Cr | Dec 2023 ₹-309 Cr | Mar 2024 ₹-5 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹78 Cr | Dec 2024 ₹58 Cr | Mar 2025 ₹157 Cr | Jun 2025 ₹163 Cr | Sep 2025 ₹-943 Cr | Dec 2025 ₹-831 Cr | Mar 2026 ₹-738 Cr | Jun 2026 — - MTRN: Sep 2021 ₹107 Cr | Dec 2021 ₹131 Cr | Mar 2022 — | Jun 2022 ₹555 Cr | Sep 2022 ₹542 Cr | Dec 2022 ₹492 Cr | Mar 2023 ₹490 Cr | Jun 2023 ₹493 Cr | Sep 2023 ₹512 Cr | Dec 2023 ₹113 Cr | Mar 2024 ₹535 Cr | Jun 2024 ₹539 Cr | Sep 2024 ₹547 Cr | Dec 2024 ₹500 Cr | Mar 2025 ₹521 Cr | Jun 2025 ₹498 Cr | Sep 2025 ₹516 Cr | Dec 2025 ₹519 Cr | Mar 2026 — | Jun 2026 ₹546 Cr - USAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹-1 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹-16 Cr | Mar 2025 ₹-22 Cr | Jun 2025 ₹-121 Cr | Sep 2025 ₹-257 Cr | Dec 2025 ₹-357 Cr | Mar 2026 ₹-1.7K Cr | Jun 2026 — - SKE: Sep 2021 ₹-42 Cr | Dec 2021 ₹-40 Cr | Mar 2022 ₹-56 Cr | Jun 2022 ₹-36 Cr | Sep 2022 ₹-27 Cr | Dec 2022 ₹-39 Cr | Mar 2023 ₹-21 Cr | Jun 2023 ₹-72 Cr | Sep 2023 ₹-37 Cr | Dec 2023 ₹-61 Cr | Mar 2024 ₹-27 Cr | Jun 2024 ₹-111 Cr | Sep 2024 ₹-69 Cr | Dec 2024 ₹-84 Cr | Mar 2025 ₹-94 Cr | Jun 2025 ₹-66 Cr | Sep 2025 ₹-91 Cr | Dec 2025 ₹-89 Cr | Mar 2026 ₹22 Cr | Jun 2026 — - ALM: Sep 2021 ₹62 Cr | Dec 2021 ₹67 Cr | Mar 2022 ₹68 Cr | Jun 2022 ₹66 Cr | Sep 2022 ₹72 Cr | Dec 2022 ₹81 Cr | Mar 2023 ₹81 Cr | Jun 2023 ₹88 Cr | Sep 2023 ₹100 Cr | Dec 2023 ₹108 Cr | Mar 2024 ₹112 Cr | Jun 2024 ₹125 Cr | Sep 2024 ₹137 Cr | Dec 2024 ₹149 Cr | Mar 2025 ₹155 Cr | Jun 2025 ₹168 Cr | Sep 2025 ₹85 Cr | Dec 2025 ₹-106 Cr | Mar 2026 ₹-95 Cr | Jun 2026 — - EMAT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 ₹-12 Cr | Mar 2026 ₹6 Cr | Jun 2026 — - NEXA: Sep 2021 ₹910 Cr | Dec 2021 ₹956 Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 — - TMC: Sep 2021 ₹-113 Cr | Dec 2021 ₹-85 Cr | Mar 2022 ₹-69 Cr | Jun 2022 ₹-46 Cr | Sep 2022 ₹-67 Cr | Dec 2022 ₹-47 Cr | Mar 2023 ₹-28 Cr | Jun 2023 ₹-20 Cr | Sep 2023 ₹-23 Cr | Dec 2023 ₹-7 Cr | Mar 2024 ₹-4 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹9 Cr | Dec 2024 ₹9 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹-114 Cr | Sep 2025 ₹-116 Cr | Dec 2025 ₹-118 Cr | Mar 2026 ₹-120 Cr | Jun 2026 — - USAS: Sep 2021 ₹14 Cr | Dec 2021 ₹17 Cr | Mar 2022 ₹7 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹10 Cr | Dec 2022 ₹10 Cr | Mar 2023 ₹12 Cr | Jun 2023 ₹18 Cr | Sep 2023 ₹17 Cr | Dec 2023 ₹20 Cr | Mar 2024 ₹17 Cr | Jun 2024 ₹16 Cr | Sep 2024 ₹20 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹-2 Cr | Sep 2025 ₹21 Cr | Dec 2025 ₹-74 Cr | Mar 2026 ₹-68 Cr | Jun 2026 — - CMP: Sep 2021 ₹917 Cr | Dec 2021 ₹985 Cr | Mar 2022 ₹877 Cr | Jun 2022 ₹839 Cr | Sep 2022 ₹902 Cr | Dec 2022 ₹686 Cr | Mar 2023 ₹576 Cr | Jun 2023 ₹663 Cr | Sep 2023 ₹766 Cr | Dec 2023 ₹876 Cr | Mar 2024 ₹839 Cr | Jun 2024 ₹862 Cr | Sep 2024 ₹914 Cr | Dec 2024 ₹928 Cr | Mar 2025 ₹758 Cr | Jun 2025 ₹762 Cr | Sep 2025 ₹788 Cr | Dec 2025 ₹850 Cr | Mar 2026 ₹651 Cr | Jun 2026 — - VZLA: Sep 2021 ₹-76 Cr | Dec 2021 ₹-50 Cr | Mar 2022 ₹-42 Cr | Jun 2022 ₹-30 Cr | Sep 2022 ₹-11 Cr | Dec 2022 ₹-2 Cr | Mar 2023 ₹-19 Cr | Jun 2023 ₹-53 Cr | Sep 2023 ₹-41 Cr | Dec 2023 ₹-28 Cr | Mar 2024 ₹-18 Cr | Jun 2024 ₹-38 Cr | Sep 2024 ₹-40 Cr | Dec 2024 ₹-123 Cr | Mar 2025 ₹-126 Cr | Jun 2025 ₹-144 Cr | Sep 2025 ₹-296 Cr | Dec 2025 ₹-289 Cr | Mar 2026 ₹-267 Cr | Jun 2026 ₹-258 Cr - SGML: Sep 2021 ₹-28 Cr | Dec 2021 ₹-120 Cr | Mar 2022 ₹-113 Cr | Jun 2022 ₹-96 Cr | Sep 2022 ₹-62 Cr | Dec 2022 ₹-11 Cr | Mar 2023 ₹35 Cr | Jun 2023 ₹69 Cr | Sep 2023 ₹87 Cr | Dec 2023 ₹84 Cr | Mar 2024 ₹97 Cr | Jun 2024 ₹148 Cr | Sep 2024 ₹118 Cr | Dec 2024 ₹131 Cr | Mar 2025 ₹141 Cr | Jun 2025 ₹157 Cr | Sep 2025 ₹160 Cr | Dec 2025 ₹137 Cr | Mar 2026 ₹133 Cr | Jun 2026 — - LAC: Sep 2021 ₹-307 Cr | Dec 2021 ₹-1 Cr | Mar 2022 ₹-200 Cr | Jun 2022 — | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹-192 Cr | Dec 2023 ₹-192 Cr | Mar 2024 ₹-143 Cr | Jun 2024 ₹-372 Cr | Sep 2024 ₹-337 Cr | Dec 2024 ₹-571 Cr | Mar 2025 ₹-426 Cr | Jun 2025 ₹-302 Cr | Sep 2025 ₹20 Cr | Dec 2025 ₹-36 Cr | Mar 2026 ₹116 Cr | Jun 2026 — - LAR: Sep 2021 ₹-307 Cr | Dec 2021 ₹-246 Cr | Mar 2022 ₹-200 Cr | Jun 2022 ₹-225 Cr | Sep 2022 ₹-155 Cr | Dec 2022 ₹-144 Cr | Mar 2023 ₹-394 Cr | Jun 2023 ₹-301 Cr | Sep 2023 ₹50 Cr | Dec 2023 ₹-122 Cr | Mar 2024 ₹-84 Cr | Jun 2024 ₹-96 Cr | Sep 2024 ₹-92 Cr | Dec 2024 ₹-86 Cr | Mar 2025 ₹-74 Cr | Jun 2025 ₹-68 Cr | Sep 2025 ₹-64 Cr | Dec 2025 ₹-61 Cr | Mar 2026 ₹-97 Cr | Jun 2026 — - NAK: Sep 2021 ₹-28 Cr | Dec 2021 ₹-22 Cr | Mar 2022 ₹-18 Cr | Jun 2022 ₹-13 Cr | Sep 2022 ₹-25 Cr | Dec 2022 ₹-14 Cr | Mar 2023 ₹-9 Cr | Jun 2023 ₹-3 Cr | Sep 2023 ₹-1 Cr | Dec 2023 ₹-16 Cr | Mar 2024 ₹-13 Cr | Jun 2024 ₹-10 Cr | Sep 2024 ₹-20 Cr | Dec 2024 ₹-13 Cr | Mar 2025 ₹-9 Cr | Jun 2025 ₹-22 Cr | Sep 2025 ₹-42 Cr | Dec 2025 ₹-52 Cr | Mar 2026 ₹-49 Cr | Jun 2026 — - UAMY: Sep 2021 ₹-22 Cr | Dec 2021 ₹-22 Cr | Mar 2022 ₹-22 Cr | Jun 2022 ₹-22 Cr | Sep 2022 ₹-21 Cr | Dec 2022 ₹-19 Cr | Mar 2023 ₹-16 Cr | Jun 2023 ₹-14 Cr | Sep 2023 ₹-13 Cr | Dec 2023 ₹-12 Cr | Mar 2024 ₹-12 Cr | Jun 2024 ₹-12 Cr | Sep 2024 ₹-12 Cr | Dec 2024 ₹-17 Cr | Mar 2025 ₹-18 Cr | Jun 2025 ₹-6 Cr | Sep 2025 ₹-20 Cr | Dec 2025 ₹-35 Cr | Mar 2026 ₹-8 Cr | Jun 2026 — - GSM: Sep 2021 ₹514 Cr | Dec 2021 ₹511 Cr | Mar 2022 ₹455 Cr | Jun 2022 ₹308 Cr | Sep 2022 ₹280 Cr | Dec 2022 ₹224 Cr | Mar 2023 ₹198 Cr | Jun 2023 ₹134 Cr | Sep 2023 ₹155 Cr | Dec 2023 ₹213 Cr | Mar 2024 ₹48 Cr | Jun 2024 ₹71 Cr | Sep 2024 ₹98 Cr | Dec 2024 ₹76 Cr | Mar 2025 ₹96 Cr | Jun 2025 ₹121 Cr | Sep 2025 ₹129 Cr | Dec 2025 ₹146 Cr | Mar 2026 ₹176 Cr | Jun 2026 — - SCZM: Sep 2021 ₹8 Cr | Dec 2021 ₹7 Cr | Mar 2022 ₹40 Cr | Jun 2022 ₹14 Cr | Sep 2022 ₹16 Cr | Dec 2022 ₹16 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹9 Cr | Sep 2023 ₹15 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹14 Cr | Jun 2024 ₹15 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹-16 Cr | Mar 2025 ₹-10 Cr | Jun 2025 ₹-25 Cr | Sep 2025 ₹-15 Cr | Dec 2025 ₹-8 Cr | Mar 2026 ₹-10 Cr | Jun 2026 — - NB: Sep 2021 ₹3 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹-1 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹9 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹-1 Cr | Jun 2025 ₹-26 Cr | Sep 2025 ₹-163 Cr | Dec 2025 ₹-306 Cr | Mar 2026 ₹-419 Cr | Jun 2026 — - BMM: Sep 2021 ₹-1 Cr | Dec 2021 ₹-1 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹-1 Cr | Sep 2023 ₹0 Cr | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹-1 Cr | Dec 2024 ₹-3 Cr | Mar 2025 ₹-21 Cr | Jun 2025 ₹-14 Cr | Sep 2025 ₹-14 Cr | Dec 2025 ₹-94 Cr | Mar 2026 ₹-26 Cr | Jun 2026 — - ALOY: Sep 2021 ₹1 Cr | Dec 2021 ₹-9 Cr | Mar 2022 ₹-8 Cr | Jun 2022 ₹-6 Cr | Sep 2022 ₹-4 Cr | Dec 2022 ₹-4 Cr | Mar 2023 ₹-2 Cr | Jun 2023 ₹-1 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹-42 Cr | Jun 2026 — - TMQ: Sep 2021 ₹-7 Cr | Dec 2021 ₹-6 Cr | Mar 2022 ₹-5 Cr | Jun 2022 ₹-3 Cr | Sep 2022 ₹-3 Cr | Dec 2022 ₹-3 Cr | Mar 2023 ₹-2 Cr | Jun 2023 ₹-4 Cr | Sep 2023 ₹-3 Cr | Dec 2023 ₹-3 Cr | Mar 2024 ₹-2 Cr | Jun 2024 ₹-14 Cr | Sep 2024 ₹-26 Cr | Dec 2024 ₹-26 Cr | Mar 2025 ₹-25 Cr | Jun 2025 ₹-25 Cr | Sep 2025 ₹-23 Cr | Dec 2025 ₹-52 Cr | Mar 2026 ₹-48 Cr | Jun 2026 ₹-39 Cr - SLI: Sep 2021 ₹-18 Cr | Dec 2021 ₹-110 Cr | Mar 2022 ₹-110 Cr | Jun 2022 ₹-100 Cr | Sep 2022 ₹-90 Cr | Dec 2022 ₹-79 Cr | Mar 2023 ₹-67 Cr | Jun 2023 ₹-44 Cr | Sep 2023 ₹-26 Cr | Dec 2023 ₹-11 Cr | Mar 2024 ₹-11 Cr | Jun 2024 ₹-38 Cr | Sep 2024 ₹-28 Cr | Dec 2024 ₹-31 Cr | Mar 2025 ₹-32 Cr | Jun 2025 ₹-34 Cr | Sep 2025 ₹-32 Cr | Dec 2025 ₹-152 Cr | Mar 2026 ₹-141 Cr | Jun 2026 — ## Return On Capital Employed What the numbers say: Evolution Metals & Technologies Corp. leads ROCE at 276.6%, 246.5 percentage points above Santacruz Silver Mining Ltd.. Evolution Metals & Technologies Corp. has the strongest latest improvement at +236.6 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability. Investor read: Evolution Metals & Technologies Corp. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current roce change signal. Evidence: Evolution Metals & Technologies Corp. · 276.6% | 818.9% versus #2 · Santacruz Silver Mining Ltd. | 1/3 recent comparable periods | 30/30 companies · 524 observations Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability. ### ROCE — highest 1. Evolution Metals & Technologies Corp. (EMAT): 277% 2. Santacruz Silver Mining Ltd. (SCZM): 30% 3. Elevra Lithium Limited (ELVR): 13% — older report 4. Americas Gold and Silver Corporation (USAS): 12% 5. Teck Resources Limited (TECK): 11% ### ROCE change — fastest improvers 1. Evolution Metals & Technologies Corp. (EMAT): +236.6 pp 2. TMC the metals company Inc. (TMC): +44.8 pp 3. Americas Gold and Silver Corporation (USAS): +20.4 pp 4. NioCorp Developments Ltd. (NB): +17.0 pp 5. IperionX Limited (IPX): +12.6 pp ### 20-quarter ROCE history - BHP: Sep 2021 8.5% | Dec 2021 8.5% | Mar 2022 11% | Jun 2022 11% | Sep 2022 6.7% | Dec 2022 6.7% | Mar 2023 7.3% | Jun 2023 7.3% | Sep 2023 3.0% | Dec 2023 3.0% | Mar 2024 7.5% | Jun 2024 7.5% | Sep 2024 5.3% | Dec 2024 5.3% | Mar 2025 5.7% | Jun 2025 5.7% | Sep 2025 6.5% | Dec 2025 6.5% | Mar 2026 — | Jun 2026 — - RIO: Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 — | Jun 2022 — | Sep 2022 4.5% | Dec 2022 4.5% | Mar 2023 8.3% | Jun 2023 8.3% | Sep 2023 4.2% | Dec 2023 4.2% | Mar 2024 4.7% | Jun 2024 4.7% | Sep 2024 3.4% | Dec 2024 3.4% | Mar 2025 3.5% | Jun 2025 3.5% | Sep 2025 3.9% | Dec 2025 3.9% | Mar 2026 — | Jun 2026 — - VALE: Sep 2021 8.5% | Dec 2021 4.7% | Mar 2022 8.8% | Jun 2022 5.5% | Sep 2022 4.0% | Dec 2022 4.7% | Mar 2023 3.9% | Jun 2023 3.9% | Sep 2023 4.4% | Dec 2023 6.8% | Mar 2024 3.2% | Jun 2024 5.2% | Sep 2024 5.0% | Dec 2024 1.1% | Mar 2025 2.4% | Jun 2025 2.7% | Sep 2025 3.8% | Dec 2025 -1.0% | Mar 2026 3.3% | Jun 2026 — - TECK: Sep 2021 5.7% | Dec 2021 — | Mar 2022 9.9% | Jun 2022 14% | Sep 2022 14% | Dec 2022 15% | Mar 2023 12% | Jun 2023 — | Sep 2023 4.2% | Dec 2023 2.6% | Mar 2024 -0.2% | Jun 2024 0.3% | Sep 2024 1.2% | Dec 2024 2.2% | Mar 2025 3.4% | Jun 2025 3.6% | Sep 2025 3.8% | Dec 2025 5.5% | Mar 2026 — | Jun 2026 11% - MP: Sep 2021 5.1% | Dec 2021 4.2% | Mar 2022 6.3% | Jun 2022 5.1% | Sep 2022 4.1% | Dec 2022 2.2% | Mar 2023 1.6% | Jun 2023 0.0% | Sep 2023 -0.8% | Dec 2023 -1.5% | Mar 2024 -1.5% | Jun 2024 -2.4% | Sep 2024 -1.8% | Dec 2024 -2.0% | Mar 2025 -1.6% | Jun 2025 -2.1% | Sep 2025 -2.4% | Dec 2025 -1.9% | Mar 2026 -2.3% | Jun 2026 — - MTRN: Sep 2021 — | Dec 2021 2.3% | Mar 2022 — | Jun 2022 1.6% | Sep 2022 2.6% | Dec 2022 2.7% | Mar 2023 2.5% | Jun 2023 2.4% | Sep 2023 2.4% | Dec 2023 1.9% | Mar 2024 1.5% | Jun 2024 2.1% | Sep 2024 2.0% | Dec 2024 -2.6% | Mar 2025 1.8% | Jun 2025 2.4% | Sep 2025 2.2% | Dec 2025 0.7% | Mar 2026 — | Jun 2026 1.8% - USAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -0.1% | Sep 2023 -0.2% | Dec 2023 0.0% | Mar 2024 -1.8% | Jun 2024 -1.2% | Sep 2024 -0.7% | Dec 2024 -3.7% | Mar 2025 -5.3% | Jun 2025 -4.0% | Sep 2025 -5.5% | Dec 2025 -7.1% | Mar 2026 -3.4% | Jun 2026 — - SKE: Sep 2021 -36% | Dec 2021 -30% | Mar 2022 -19% | Jun 2022 -20% | Sep 2022 -26% | Dec 2022 -19% | Mar 2023 -12% | Jun 2023 -13% | Sep 2023 -30% | Dec 2023 -22% | Mar 2024 -19% | Jun 2024 -17% | Sep 2024 -36% | Dec 2024 -30% | Mar 2025 -5.2% | Jun 2025 -5.2% | Sep 2025 -4.2% | Dec 2025 -3.5% | Mar 2026 -5.0% | Jun 2026 — - ALM: Sep 2021 -2.7% | Dec 2021 -2.1% | Mar 2022 -0.5% | Jun 2022 -0.5% | Sep 2022 -3.7% | Dec 2022 -1.2% | Mar 2023 -0.7% | Jun 2023 -1.4% | Sep 2023 -0.7% | Dec 2023 -1.5% | Mar 2024 -0.8% | Jun 2024 -0.5% | Sep 2024 -1.4% | Dec 2024 -1.4% | Mar 2025 -2.8% | Jun 2025 -5.1% | Sep 2025 -1.1% | Dec 2025 -3.0% | Mar 2026 1.0% | Jun 2026 — - EMAT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 39% | Dec 2024 48% | Mar 2025 40% | Jun 2025 29% | Sep 2025 22% | Dec 2025 2.6% | Mar 2026 277% | Jun 2026 — - NEXA: Sep 2021 2.2% | Dec 2021 1.7% | Mar 2022 3.0% | Jun 2022 5.8% | Sep 2022 1.0% | Dec 2022 -1.1% | Mar 2023 1.1% | Jun 2023 -2.9% | Sep 2023 -0.1% | Dec 2023 -2.0% | Mar 2024 1.3% | Jun 2024 0.5% | Sep 2024 2.2% | Dec 2024 3.3% | Mar 2025 1.5% | Jun 2025 1.6% | Sep 2025 4.7% | Dec 2025 5.6% | Mar 2026 5.5% | Jun 2026 — - TMC: Sep 2021 -17% | Dec 2021 -37% | Mar 2022 -8.0% | Jun 2022 -9.6% | Sep 2022 -26% | Dec 2022 -139% | Mar 2023 -16% | Jun 2023 -18% | Sep 2023 -16% | Dec 2023 -73% | Mar 2024 -51% | Jun 2024 -55% | Sep 2024 -55% | Dec 2024 -71% | Mar 2025 -94% | Jun 2025 -31% | Sep 2025 -83% | Dec 2025 -68% | Mar 2026 -49% | Jun 2026 — - USAS: Sep 2021 -8.7% | Dec 2021 -5.5% | Mar 2022 -0.6% | Jun 2022 -4.6% | Sep 2022 -5.9% | Dec 2022 -5.2% | Mar 2023 -3.1% | Jun 2023 -3.5% | Sep 2023 -6.0% | Dec 2023 -2.6% | Mar 2024 -7.3% | Jun 2024 0.5% | Sep 2024 -5.8% | Dec 2024 -7.9% | Mar 2025 -8.8% | Jun 2025 -7.5% | Sep 2025 -1.4% | Dec 2025 -0.9% | Mar 2026 12% | Jun 2026 — - CMP: Sep 2021 0.1% | Dec 2021 1.2% | Mar 2022 1.4% | Jun 2022 -0.2% | Sep 2022 0.4% | Dec 2022 1.8% | Mar 2023 3.3% | Jun 2023 0.0% | Sep 2023 0.1% | Dec 2023 -3.4% | Mar 2024 -2.6% | Jun 2024 0.4% | Sep 2024 -2.0% | Dec 2024 0.0% | Mar 2025 -0.2% | Jun 2025 1.2% | Sep 2025 0.9% | Dec 2025 2.7% | Mar 2026 4.8% | Jun 2026 — - VZLA: Sep 2021 -6.0% | Dec 2021 -7.9% | Mar 2022 -5.5% | Jun 2022 -3.8% | Sep 2022 -0.5% | Dec 2022 -1.2% | Mar 2023 -1.0% | Jun 2023 -1.6% | Sep 2023 0.6% | Dec 2023 -0.3% | Mar 2024 -0.5% | Jun 2024 -4.5% | Sep 2024 -2.5% | Dec 2024 -1.8% | Mar 2025 -2.5% | Jun 2025 -1.5% | Sep 2025 -2.3% | Dec 2025 -2.3% | Mar 2026 -0.8% | Jun 2026 -2.4% - SGML: Sep 2021 -24% | Dec 2021 36% | Mar 2022 -11% | Jun 2022 -16% | Sep 2022 -14% | Dec 2022 -35% | Mar 2023 -13% | Jun 2023 -18% | Sep 2023 25% | Dec 2023 -2.5% | Mar 2024 -0.1% | Jun 2024 2.3% | Sep 2024 -6.4% | Dec 2024 4.0% | Mar 2025 2.7% | Jun 2025 -8.5% | Sep 2025 -4.1% | Dec 2025 -0.9% | Mar 2026 8.0% | Jun 2026 — - ELVR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.0% | Jun 2024 0.0% | Sep 2024 — | Dec 2024 — | Mar 2025 -2.7% | Jun 2025 -2.7% | Sep 2025 13% | Dec 2025 13% | Mar 2026 — | Jun 2026 — - LAC: Sep 2021 -3.3% | Dec 2021 -256% | Mar 2022 -1.6% | Jun 2022 — | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 -1.7% | Jun 2023 — | Sep 2023 -3.1% | Dec 2023 -7.9% | Mar 2024 -3.2% | Jun 2024 -2.3% | Sep 2024 -2.3% | Dec 2024 -3.4% | Mar 2025 -1.6% | Jun 2025 -2.2% | Sep 2025 -1.0% | Dec 2025 -2.5% | Mar 2026 -0.6% | Jun 2026 — - LAR: Sep 2021 -3.6% | Dec 2021 -1.4% | Mar 2022 -1.7% | Jun 2022 -10% | Sep 2022 -1.5% | Dec 2022 -1.1% | Mar 2023 -0.9% | Jun 2023 -1.1% | Sep 2023 -0.8% | Dec 2023 -0.9% | Mar 2024 -2.1% | Jun 2024 -1.9% | Sep 2024 -0.8% | Dec 2024 -1.6% | Mar 2025 -1.5% | Jun 2025 -1.3% | Sep 2025 -7.1% | Dec 2025 0.4% | Mar 2026 1.2% | Jun 2026 — - IPX: Sep 2021 -43% | Dec 2021 -43% | Mar 2022 -112% | Jun 2022 -112% | Sep 2022 -27% | Dec 2022 -27% | Mar 2023 -31% | Jun 2023 -31% | Sep 2023 -21% | Dec 2023 -21% | Mar 2024 -17% | Jun 2024 -17% | Sep 2024 -15% | Dec 2024 -15% | Mar 2025 -13% | Jun 2025 -13% | Sep 2025 -17% | Dec 2025 -17% | Mar 2026 0.0% | Jun 2026 — - NAK: Sep 2021 -4.9% | Dec 2021 -2.5% | Mar 2022 -2.8% | Jun 2022 -4.0% | Sep 2022 -4.8% | Dec 2022 -4.2% | Mar 2023 -5.0% | Jun 2023 -4.6% | Sep 2023 -3.0% | Dec 2023 -3.5% | Mar 2024 -4.1% | Jun 2024 -3.2% | Sep 2024 -3.0% | Dec 2024 -4.9% | Mar 2025 -6.5% | Jun 2025 -5.7% | Sep 2025 -7.5% | Dec 2025 -11% | Mar 2026 -12% | Jun 2026 — - CRML: Sep 2021 — | Dec 2021 — | Mar 2022 0.0% | Jun 2022 0.0% | Sep 2022 — | Dec 2022 — | Mar 2023 -8.2% | Jun 2023 -8.2% | Sep 2023 -5.7% | Dec 2023 -5.7% | Mar 2024 -245% | Jun 2024 -245% | Sep 2024 -18% | Dec 2024 -18% | Mar 2025 -27% | Jun 2025 -27% | Sep 2025 -15% | Dec 2025 -15% | Mar 2026 — | Jun 2026 — - UAMY: Sep 2021 -0.5% | Dec 2021 0.1% | Mar 2022 2.3% | Jun 2022 1.1% | Sep 2022 0.2% | Dec 2022 -2.6% | Mar 2023 0.2% | Jun 2023 -0.6% | Sep 2023 -1.1% | Dec 2023 -22% | Mar 2024 -1.6% | Jun 2024 0.2% | Sep 2024 -3.1% | Dec 2024 -3.8% | Mar 2025 1.2% | Jun 2025 0.1% | Sep 2025 -9.7% | Dec 2025 -4.5% | Mar 2026 -8.9% | Jun 2026 — - GSM: Sep 2021 1.2% | Dec 2021 6.3% | Mar 2022 21% | Jun 2022 29% | Sep 2022 15% | Dec 2022 2.8% | Mar 2023 3.7% | Jun 2023 4.7% | Sep 2023 6.0% | Dec 2023 1.1% | Mar 2024 0.2% | Jun 2024 3.5% | Sep 2024 3.4% | Dec 2024 -4.3% | Mar 2025 -5.1% | Jun 2025 0.8% | Sep 2025 -0.2% | Dec 2025 -8.5% | Mar 2026 -0.8% | Jun 2026 — - SCZM: Sep 2021 -9.5% | Dec 2021 -43% | Mar 2022 -2.2% | Jun 2022 9.5% | Sep 2022 -11% | Dec 2022 -0.7% | Mar 2023 0.5% | Jun 2023 -7.7% | Sep 2023 7.4% | Dec 2023 -5.9% | Mar 2024 -9.1% | Jun 2024 -6.7% | Sep 2024 -2.8% | Dec 2024 13% | Mar 2025 24% | Jun 2025 26% | Sep 2025 26% | Dec 2025 28% | Mar 2026 30% | Jun 2026 — - NB: Sep 2021 -10% | Dec 2021 -26% | Mar 2022 -9.4% | Jun 2022 -11% | Sep 2022 -11% | Dec 2022 -13% | Mar 2023 -165% | Jun 2023 -22% | Sep 2023 -30% | Dec 2023 -28% | Mar 2024 -36% | Jun 2024 -18% | Sep 2024 -17% | Dec 2024 -28% | Mar 2025 -20% | Jun 2025 -20% | Sep 2025 -12% | Dec 2025 -5.4% | Mar 2026 -3.1% | Jun 2026 — - BMM: Sep 2021 -51% | Dec 2021 -109% | Mar 2022 -15% | Jun 2022 -2.1% | Sep 2022 -4.6% | Dec 2022 -20% | Mar 2023 -13% | Jun 2023 -9.3% | Sep 2023 -13% | Dec 2023 0.0% | Mar 2024 -9.8% | Jun 2024 -12% | Sep 2024 -5.6% | Dec 2024 -36% | Mar 2025 -2.0% | Jun 2025 -8.2% | Sep 2025 -14% | Dec 2025 -17% | Mar 2026 -16% | Jun 2026 — - ALOY: Sep 2021 47% | Dec 2021 -49% | Mar 2022 -35% | Jun 2022 -51% | Sep 2022 -76% | Dec 2022 -22% | Mar 2023 -52% | Jun 2023 -21% | Sep 2023 -15% | Dec 2023 -21% | Mar 2024 -21% | Jun 2024 -11% | Sep 2024 -10% | Dec 2024 -13% | Mar 2025 -15% | Jun 2025 -23% | Sep 2025 -7.6% | Dec 2025 -27% | Mar 2026 -156% | Jun 2026 — - TMQ: Sep 2021 — | Dec 2021 -1.1% | Mar 2022 -1.8% | Jun 2022 -1.0% | Sep 2022 -0.7% | Dec 2022 -0.8% | Mar 2023 -2.4% | Jun 2023 -0.8% | Sep 2023 -0.8% | Dec 2023 -0.9% | Mar 2024 -2.0% | Jun 2024 -0.9% | Sep 2024 -0.8% | Dec 2024 -1.1% | Mar 2025 -2.4% | Jun 2025 -1.3% | Sep 2025 -0.9% | Dec 2025 -0.5% | Mar 2026 -3.7% | Jun 2026 -1.7% - SLI: Sep 2021 17% | Dec 2021 6.6% | Mar 2022 11% | Jun 2022 0.0% | Sep 2022 1.7% | Dec 2022 4.2% | Mar 2023 4.5% | Jun 2023 0.0% | Sep 2023 -6.3% | Dec 2023 6.6% | Mar 2024 -6.4% | Jun 2024 -5.2% | Sep 2024 -3.2% | Dec 2024 -4.9% | Mar 2025 -2.7% | Jun 2025 -2.4% | Sep 2025 -2.2% | Dec 2025 -3.0% | Mar 2026 -0.9% | Jun 2026 — ### 20-quarter ROCE change history - BHP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.8 pp | Dec 2022 −1.8 pp | Mar 2023 −4.0 pp | Jun 2023 −4.0 pp | Sep 2023 −3.7 pp | Dec 2023 −3.7 pp | Mar 2024 +0.2 pp | Jun 2024 +0.2 pp | Sep 2024 +2.3 pp | Dec 2024 +2.3 pp | Mar 2025 −1.8 pp | Jun 2025 −1.8 pp | Sep 2025 +1.2 pp | Dec 2025 +1.2 pp | Mar 2026 — | Jun 2026 — - RIO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.5 pp | Dec 2022 +4.5 pp | Mar 2023 — | Jun 2023 — | Sep 2023 −0.3 pp | Dec 2023 −0.3 pp | Mar 2024 −3.6 pp | Jun 2024 −3.6 pp | Sep 2024 −0.8 pp | Dec 2024 −0.8 pp | Mar 2025 −1.2 pp | Jun 2025 −1.2 pp | Sep 2025 +0.5 pp | Dec 2025 +0.5 pp | Mar 2026 — | Jun 2026 — - VALE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4.5 pp | Dec 2022 0.0 pp | Mar 2023 −4.9 pp | Jun 2023 −1.6 pp | Sep 2023 +0.4 pp | Dec 2023 +2.1 pp | Mar 2024 −0.7 pp | Jun 2024 +1.3 pp | Sep 2024 +0.6 pp | Dec 2024 −5.7 pp | Mar 2025 −0.8 pp | Jun 2025 −2.5 pp | Sep 2025 −1.2 pp | Dec 2025 −2.1 pp | Mar 2026 +0.9 pp | Jun 2026 — - TECK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +8.0 pp | Dec 2022 — | Mar 2023 +2.3 pp | Jun 2023 — | Sep 2023 −9.5 pp | Dec 2023 −12.1 pp | Mar 2024 −12.4 pp | Jun 2024 — | Sep 2024 −3.0 pp | Dec 2024 −0.4 pp | Mar 2025 +3.6 pp | Jun 2025 +3.3 pp | Sep 2025 +2.6 pp | Dec 2025 +3.3 pp | Mar 2026 — | Jun 2026 +6.9 pp - MP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.0 pp | Dec 2022 −2.0 pp | Mar 2023 −4.7 pp | Jun 2023 −5.1 pp | Sep 2023 −4.9 pp | Dec 2023 −3.7 pp | Mar 2024 −3.1 pp | Jun 2024 −2.4 pp | Sep 2024 −1.0 pp | Dec 2024 −0.5 pp | Mar 2025 −0.1 pp | Jun 2025 +0.3 pp | Sep 2025 −0.6 pp | Dec 2025 +0.1 pp | Mar 2026 −0.7 pp | Jun 2026 — - MTRN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.4 pp | Mar 2023 — | Jun 2023 +0.8 pp | Sep 2023 −0.2 pp | Dec 2023 −0.8 pp | Mar 2024 −1.0 pp | Jun 2024 −0.3 pp | Sep 2024 −0.4 pp | Dec 2024 −4.5 pp | Mar 2025 +0.3 pp | Jun 2025 +0.3 pp | Sep 2025 +0.2 pp | Dec 2025 +3.3 pp | Mar 2026 — | Jun 2026 −0.6 pp - USAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 −1.1 pp | Sep 2024 −0.5 pp | Dec 2024 −3.7 pp | Mar 2025 −3.5 pp | Jun 2025 −2.8 pp | Sep 2025 −4.8 pp | Dec 2025 −3.4 pp | Mar 2026 +1.9 pp | Jun 2026 — - SKE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +10.0 pp | Dec 2022 +10.5 pp | Mar 2023 +7.0 pp | Jun 2023 +7.0 pp | Sep 2023 −4.3 pp | Dec 2023 −3.1 pp | Mar 2024 −7.3 pp | Jun 2024 −3.9 pp | Sep 2024 −5.7 pp | Dec 2024 −8.3 pp | Mar 2025 +14.2 pp | Jun 2025 +11.7 pp | Sep 2025 +31.9 pp | Dec 2025 +26.9 pp | Mar 2026 +0.2 pp | Jun 2026 — - ALM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.0 pp | Dec 2022 +0.9 pp | Mar 2023 −0.2 pp | Jun 2023 −0.9 pp | Sep 2023 +3.0 pp | Dec 2023 −0.3 pp | Mar 2024 −0.1 pp | Jun 2024 +0.9 pp | Sep 2024 −0.7 pp | Dec 2024 +0.1 pp | Mar 2025 −2.0 pp | Jun 2025 −4.6 pp | Sep 2025 +0.3 pp | Dec 2025 −1.6 pp | Mar 2026 +3.8 pp | Jun 2026 — - EMAT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 −16.9 pp | Dec 2025 −45.8 pp | Mar 2026 +236.6 pp | Jun 2026 — - NEXA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.2 pp | Dec 2022 −2.8 pp | Mar 2023 −1.9 pp | Jun 2023 −8.7 pp | Sep 2023 −1.1 pp | Dec 2023 −0.9 pp | Mar 2024 +0.2 pp | Jun 2024 +3.4 pp | Sep 2024 +2.3 pp | Dec 2024 +5.3 pp | Mar 2025 +0.2 pp | Jun 2025 +1.1 pp | Sep 2025 +2.5 pp | Dec 2025 +2.3 pp | Mar 2026 +4.0 pp | Jun 2026 — - TMC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −8.6 pp | Dec 2022 −102.5 pp | Mar 2023 −8.1 pp | Jun 2023 −8.8 pp | Sep 2023 +10.3 pp | Dec 2023 +66.0 pp | Mar 2024 −34.9 pp | Jun 2024 −36.4 pp | Sep 2024 −39.6 pp | Dec 2024 +2.3 pp | Mar 2025 −43.2 pp | Jun 2025 +23.7 pp | Sep 2025 −28.1 pp | Dec 2025 +2.6 pp | Mar 2026 +44.8 pp | Jun 2026 — - USAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.8 pp | Dec 2022 +0.3 pp | Mar 2023 −2.5 pp | Jun 2023 +1.1 pp | Sep 2023 −0.1 pp | Dec 2023 +2.6 pp | Mar 2024 −4.2 pp | Jun 2024 +4.0 pp | Sep 2024 +0.2 pp | Dec 2024 −5.3 pp | Mar 2025 −1.5 pp | Jun 2025 −8.0 pp | Sep 2025 +4.4 pp | Dec 2025 +7.0 pp | Mar 2026 +20.4 pp | Jun 2026 — - CMP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.3 pp | Dec 2022 +0.6 pp | Mar 2023 +1.9 pp | Jun 2023 +0.2 pp | Sep 2023 −0.3 pp | Dec 2023 −5.2 pp | Mar 2024 −5.9 pp | Jun 2024 +0.4 pp | Sep 2024 −2.1 pp | Dec 2024 +3.4 pp | Mar 2025 +2.4 pp | Jun 2025 +0.8 pp | Sep 2025 +2.9 pp | Dec 2025 +2.7 pp | Mar 2026 +5.0 pp | Jun 2026 — - VZLA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +5.5 pp | Dec 2022 +6.7 pp | Mar 2023 +4.5 pp | Jun 2023 +2.2 pp | Sep 2023 +1.1 pp | Dec 2023 +0.9 pp | Mar 2024 +0.5 pp | Jun 2024 −2.9 pp | Sep 2024 −3.1 pp | Dec 2024 −1.5 pp | Mar 2025 −2.0 pp | Jun 2025 +3.0 pp | Sep 2025 +0.2 pp | Dec 2025 −0.5 pp | Mar 2026 +1.7 pp | Jun 2026 −0.9 pp - SGML: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +9.8 pp | Dec 2022 −70.8 pp | Mar 2023 −2.2 pp | Jun 2023 −2.2 pp | Sep 2023 +39.1 pp | Dec 2023 +32.6 pp | Mar 2024 +13.0 pp | Jun 2024 +20.7 pp | Sep 2024 −31.1 pp | Dec 2024 +6.5 pp | Mar 2025 +2.8 pp | Jun 2025 −10.8 pp | Sep 2025 +2.3 pp | Dec 2025 −4.9 pp | Mar 2026 +5.3 pp | Jun 2026 — - ELVR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 −2.7 pp | Jun 2025 −2.7 pp | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - LAC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.3 pp | Dec 2022 +255.6 pp | Mar 2023 −0.1 pp | Jun 2023 — | Sep 2023 −3.1 pp | Dec 2023 −7.9 pp | Mar 2024 −1.5 pp | Jun 2024 — | Sep 2024 +0.8 pp | Dec 2024 +4.5 pp | Mar 2025 +1.6 pp | Jun 2025 +0.1 pp | Sep 2025 +1.3 pp | Dec 2025 +0.9 pp | Mar 2026 +1.0 pp | Jun 2026 — - LAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.1 pp | Dec 2022 +0.3 pp | Mar 2023 +0.8 pp | Jun 2023 +9.3 pp | Sep 2023 +0.7 pp | Dec 2023 +0.2 pp | Mar 2024 −1.2 pp | Jun 2024 −0.8 pp | Sep 2024 0.0 pp | Dec 2024 −0.7 pp | Mar 2025 +0.6 pp | Jun 2025 +0.6 pp | Sep 2025 −6.3 pp | Dec 2025 +2.0 pp | Mar 2026 +2.7 pp | Jun 2026 — - IPX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +15.7 pp | Dec 2022 +15.7 pp | Mar 2023 +80.9 pp | Jun 2023 +80.9 pp | Sep 2023 +6.1 pp | Dec 2023 +6.1 pp | Mar 2024 +14.0 pp | Jun 2024 +14.0 pp | Sep 2024 +6.7 pp | Dec 2024 +6.7 pp | Mar 2025 +4.4 pp | Jun 2025 +4.4 pp | Sep 2025 −2.0 pp | Dec 2025 −2.0 pp | Mar 2026 +12.6 pp | Jun 2026 — - NAK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 −1.7 pp | Mar 2023 −2.2 pp | Jun 2023 −0.6 pp | Sep 2023 +1.8 pp | Dec 2023 +0.7 pp | Mar 2024 +0.9 pp | Jun 2024 +1.4 pp | Sep 2024 0.0 pp | Dec 2024 −1.4 pp | Mar 2025 −2.4 pp | Jun 2025 −2.5 pp | Sep 2025 −4.5 pp | Dec 2025 −6.2 pp | Mar 2026 −5.9 pp | Jun 2026 — - CRML: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 −8.2 pp | Jun 2023 −8.2 pp | Sep 2023 — | Dec 2023 — | Mar 2024 −236.8 pp | Jun 2024 −236.8 pp | Sep 2024 −12.1 pp | Dec 2024 −12.1 pp | Mar 2025 +218.2 pp | Jun 2025 +218.2 pp | Sep 2025 +3.2 pp | Dec 2025 +3.2 pp | Mar 2026 — | Jun 2026 — - UAMY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.7 pp | Dec 2022 −2.7 pp | Mar 2023 −2.1 pp | Jun 2023 −1.7 pp | Sep 2023 −1.3 pp | Dec 2023 −19.5 pp | Mar 2024 −1.8 pp | Jun 2024 +0.8 pp | Sep 2024 −2.0 pp | Dec 2024 +18.3 pp | Mar 2025 +2.8 pp | Jun 2025 −0.1 pp | Sep 2025 −6.6 pp | Dec 2025 −0.7 pp | Mar 2026 −10.1 pp | Jun 2026 — - GSM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +13.4 pp | Dec 2022 −3.5 pp | Mar 2023 −17.5 pp | Jun 2023 −24.1 pp | Sep 2023 −8.6 pp | Dec 2023 −1.7 pp | Mar 2024 −3.5 pp | Jun 2024 −1.2 pp | Sep 2024 −2.6 pp | Dec 2024 −5.4 pp | Mar 2025 −5.3 pp | Jun 2025 −2.7 pp | Sep 2025 −3.6 pp | Dec 2025 −4.2 pp | Mar 2026 +4.3 pp | Jun 2026 — - SCZM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.2 pp | Dec 2022 +41.9 pp | Mar 2023 +2.7 pp | Jun 2023 −17.2 pp | Sep 2023 +18.1 pp | Dec 2023 −5.2 pp | Mar 2024 −9.6 pp | Jun 2024 +1.0 pp | Sep 2024 −10.2 pp | Dec 2024 +18.4 pp | Mar 2025 +32.7 pp | Jun 2025 +32.4 pp | Sep 2025 +28.9 pp | Dec 2025 +15.5 pp | Mar 2026 +6.5 pp | Jun 2026 — - NB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.9 pp | Dec 2022 +13.4 pp | Mar 2023 −155.1 pp | Jun 2023 −11.3 pp | Sep 2023 −18.5 pp | Dec 2023 −14.8 pp | Mar 2024 +128.3 pp | Jun 2024 +4.4 pp | Sep 2024 +13.3 pp | Dec 2024 −0.6 pp | Mar 2025 +16.1 pp | Jun 2025 −2.2 pp | Sep 2025 +4.5 pp | Dec 2025 +22.8 pp | Mar 2026 +17.0 pp | Jun 2026 — - BMM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +46.1 pp | Dec 2022 +89.0 pp | Mar 2023 +2.7 pp | Jun 2023 −7.2 pp | Sep 2023 −8.3 pp | Dec 2023 +19.6 pp | Mar 2024 +2.7 pp | Jun 2024 −2.7 pp | Sep 2024 +7.3 pp | Dec 2024 −35.9 pp | Mar 2025 +7.8 pp | Jun 2025 +3.8 pp | Sep 2025 −8.8 pp | Dec 2025 +18.8 pp | Mar 2026 −13.7 pp | Jun 2026 — - ALOY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −123.6 pp | Dec 2022 +27.4 pp | Mar 2023 −17.7 pp | Jun 2023 +30.3 pp | Sep 2023 +61.4 pp | Dec 2023 +0.8 pp | Mar 2024 +30.8 pp | Jun 2024 +9.8 pp | Sep 2024 +4.8 pp | Dec 2024 +7.4 pp | Mar 2025 +6.6 pp | Jun 2025 −12.0 pp | Sep 2025 +2.5 pp | Dec 2025 −13.9 pp | Mar 2026 −141.0 pp | Jun 2026 — - TMQ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.3 pp | Mar 2023 −0.6 pp | Jun 2023 +0.2 pp | Sep 2023 −0.1 pp | Dec 2023 −0.1 pp | Mar 2024 +0.4 pp | Jun 2024 −0.1 pp | Sep 2024 0.0 pp | Dec 2024 −0.2 pp | Mar 2025 −0.4 pp | Jun 2025 −0.4 pp | Sep 2025 −0.1 pp | Dec 2025 +0.6 pp | Mar 2026 −1.3 pp | Jun 2026 −0.4 pp - SLI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −14.8 pp | Dec 2022 −2.4 pp | Mar 2023 −6.6 pp | Jun 2023 0.0 pp | Sep 2023 −8.0 pp | Dec 2023 +2.4 pp | Mar 2024 −10.9 pp | Jun 2024 −5.2 pp | Sep 2024 +3.1 pp | Dec 2024 −11.5 pp | Mar 2025 +3.7 pp | Jun 2025 +2.8 pp | Sep 2025 +1.0 pp | Dec 2025 +1.9 pp | Mar 2026 +1.8 pp | Jun 2026 — ## Valuation Against Growth & Quality What the numbers say: Vale S.A. has the lowest comparable Guarded PEG at 0.18×, 50% below Santacruz Silver Mining Ltd.. Only 2 of 30 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree. Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy. This conclusion weakens if: The next two comparable reports reverse the current p/e signal. Evidence: Vale S.A. · 0.18× | 50% versus #2 · Santacruz Silver Mining Ltd. | 0/8 recent comparable periods | 2/30 companies · 3 observations Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction. ### Guarded PEG — lowest PEG 1. Vale S.A. (VALE): 0.2 2. Santacruz Silver Mining Ltd. (SCZM): 0.4 ### P/E — lowest P/E 1. Critical Metals Corp. (CRML): 0.0 — older report 2. Lithium Argentina AG (LAR): 0.4 3. NioCorp Developments Ltd. (NB): 3.6 4. TMC the metals company Inc. (TMC): 5.9 5. Nexa Resources S.A. (NEXA): 6.7 ### 20-quarter Guarded PEG history - VALE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.2 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - MP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.3 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - SCZM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 0.4 | Jun 2026 — ### 20-quarter P/E history - BHP: Sep 2021 8.6 | Dec 2021 8.1 | Mar 2022 7.3 | Jun 2022 4.6 | Sep 2022 4.3 | Dec 2022 5.6 | Mar 2023 7.9 | Jun 2023 11.7 | Sep 2023 14.2 | Dec 2023 23.4 | Mar 2024 19.2 | Jun 2024 18.4 | Sep 2024 16.4 | Dec 2024 10.9 | Mar 2025 12.1 | Jun 2025 13.6 | Sep 2025 14.7 | Dec 2025 15.0 | Mar 2026 — | Jun 2026 — - RIO: Sep 2021 5.7 | Dec 2021 5.2 | Mar 2022 6.7 | Jun 2022 5.6 | Sep 2022 5.9 | Dec 2022 9.4 | Mar 2023 10.7 | Jun 2023 12.2 | Sep 2023 11.2 | Dec 2023 12.1 | Mar 2024 10.0 | Jun 2024 10.0 | Sep 2024 10.4 | Dec 2024 8.3 | Mar 2025 9.0 | Jun 2025 9.3 | Sep 2025 10.7 | Dec 2025 13.2 | Mar 2026 — | Jun 2026 — - VALE: Sep 2021 4.0 | Dec 2021 3.1 | Mar 2022 4.6 | Jun 2022 3.6 | Sep 2022 3.1 | Dec 2022 4.2 | Mar 2023 3.1 | Jun 2023 3.3 | Sep 2023 3.5 | Dec 2023 8.7 | Mar 2024 3.6 | Jun 2024 3.0 | Sep 2024 3.1 | Dec 2024 6.2 | Mar 2025 7.1 | Jun 2025 7.8 | Sep 2025 8.3 | Dec 2025 23.7 | Mar 2026 23.4 | Jun 2026 — - TECK: Sep 2021 18.4 | Dec 2021 — | Mar 2022 10.2 | Jun 2022 5.2 | Sep 2022 — | Dec 2022 7.9 | Mar 2023 8.9 | Jun 2023 — | Sep 2023 18.1 | Dec 2023 15.3 | Mar 2024 29.2 | Jun 2024 23.2 | Sep 2024 — | Dec 2024 73.5 | Mar 2025 60.9 | Jun 2025 99.4 | Sep 2025 23.7 | Dec 2025 22.9 | Mar 2026 19.1 | Jun 2026 16.6 - MP: Sep 2021 48.1 | Dec 2021 62.2 | Mar 2022 52.6 | Jun 2022 24.3 | Sep 2022 19.2 | Dec 2022 16.0 | Mar 2023 22.2 | Jun 2023 24.6 | Sep 2023 32.9 | Dec 2023 141.8 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - MTRN: Sep 2021 — | Dec 2021 23.6 | Mar 2022 — | Jun 2022 25.9 | Sep 2022 20.0 | Dec 2022 21.1 | Mar 2023 24.7 | Jun 2023 24.2 | Sep 2023 20.3 | Dec 2023 28.4 | Mar 2024 33.0 | Jun 2024 28.8 | Sep 2024 31.7 | Dec 2024 353.1 | Mar 2025 170.2 | Jun 2025 103.5 | Sep 2025 127.1 | Dec 2025 34.7 | Mar 2026 — | Jun 2026 40.7 - USAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 17.0 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - NEXA: Sep 2021 6.2 | Dec 2021 9.1 | Mar 2022 8.0 | Jun 2022 5.1 | Sep 2022 5.2 | Dec 2022 15.9 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 8.9 | Mar 2026 6.7 | Jun 2026 — - TMC: Sep 2021 8.6 | Dec 2021 3.0 | Mar 2022 7.9 | Jun 2022 4.5 | Sep 2022 6.2 | Dec 2022 1.1 | Mar 2023 1.3 | Jun 2023 2.5 | Sep 2023 1.7 | Dec 2023 4.2 | Mar 2024 4.9 | Jun 2024 4.5 | Sep 2024 3.3 | Dec 2024 4.5 | Mar 2025 7.8 | Jun 2025 18.3 | Sep 2025 8.4 | Dec 2025 7.4 | Mar 2026 5.9 | Jun 2026 — - CMP: Sep 2021 64.4 | Dec 2021 17.4 | Mar 2022 46.2 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 283.3 | Sep 2023 111.8 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 155.7 | Jun 2026 — - SGML: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 109.4 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - LAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 70.8 | Dec 2023 0.8 | Mar 2024 0.7 | Jun 2024 0.4 | Sep 2024 0.4 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - NAK: Sep 2021 7.1 | Dec 2021 6.8 | Mar 2022 8.7 | Jun 2022 6.4 | Sep 2022 8.5 | Dec 2022 6.0 | Mar 2023 6.6 | Jun 2023 6.0 | Sep 2023 8.8 | Dec 2023 10.8 | Mar 2024 10.6 | Jun 2024 10.5 | Sep 2024 22.3 | Dec 2024 11.9 | Mar 2025 9.0 | Jun 2025 9.7 | Sep 2025 8.9 | Dec 2025 14.2 | Mar 2026 7.2 | Jun 2026 — - CRML: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.0 | Dec 2024 0.0 | Mar 2025 0.0 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - UAMY: Sep 2021 — | Dec 2021 — | Mar 2022 64.5 | Jun 2022 40.4 | Sep 2022 36.8 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - GSM: Sep 2021 — | Dec 2021 — | Mar 2022 14.3 | Jun 2022 3.9 | Sep 2022 2.1 | Dec 2022 1.7 | Mar 2023 3.0 | Jun 2023 5.8 | Sep 2023 10.0 | Dec 2023 15.1 | Mar 2024 16.1 | Jun 2024 16.8 | Sep 2024 22.1 | Dec 2024 31.7 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - SCZM: Sep 2021 — | Dec 2021 — | Mar 2022 -7.6 | Jun 2022 -8.2 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -4.5 | Sep 2023 — | Dec 2023 — | Mar 2024 0.5 | Jun 2024 0.8 | Sep 2024 0.6 | Dec 2024 0.4 | Mar 2025 3.2 | Jun 2025 4.4 | Sep 2025 12.0 | Dec 2025 — | Mar 2026 13.0 | Jun 2026 — - NB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 3.6 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - BMM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 8.8 | Jun 2026 — - SLI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 2.2 | Sep 2024 2.7 | Dec 2024 1.5 | Mar 2025 1.3 | Jun 2025 7.6 | Sep 2025 13.2 | Dec 2025 — | Mar 2026 — | Jun 2026 — ## Enterprise Value & Book Value What the numbers say: Nexa Resources S.A. leads ev/ebitda at 4.9×; Elevra Lithium Limited leads p/bv at 0.01×. Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy. This conclusion weakens if: The next two comparable reports reverse the current p/bv signal. Evidence: Nexa Resources S.A. · 4.9× | 11.7% versus #2 · Rio Tinto Group | 0/8 recent comparable periods | 14/30 companies · 188 observations Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts. ### EV/EBITDA — lowest EV/EBITDA 1. Nexa Resources S.A. (NEXA): 4.9 2. Rio Tinto Group (RIO): 5.6 — older report 3. BHP Group Limited (BHP): 6.1 — older report 4. Santacruz Silver Mining Ltd. (SCZM): 6.6 5. Teck Resources Limited (TECK): 7.1 ### P/BV — lowest P/BV 1. Elevra Lithium Limited (ELVR): 0.0 — older report 2. Lithium Americas Corp. (LAC): 1.0 3. Nexa Resources S.A. (NEXA): 1.2 4. Lithium Argentina AG (LAR): 1.4 5. Teck Resources Limited (TECK): 1.5 ### 20-quarter EV/EBITDA history - BHP: Sep 2021 2.3 | Dec 2021 2.4 | Mar 2022 4.6 | Jun 2022 3.6 | Sep 2022 3.6 | Dec 2022 4.7 | Mar 2023 6.8 | Jun 2023 4.2 | Sep 2023 15.1 | Dec 2023 7.7 | Mar 2024 6.3 | Jun 2024 6.9 | Sep 2024 6.9 | Dec 2024 5.1 | Mar 2025 5.4 | Jun 2025 5.5 | Sep 2025 6.0 | Dec 2025 6.1 | Mar 2026 — | Jun 2026 — - RIO: Sep 2021 — | Dec 2021 2.5 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 3.8 | Mar 2023 4.0 | Jun 2023 4.0 | Sep 2023 4.0 | Dec 2023 5.2 | Mar 2024 4.2 | Jun 2024 4.2 | Sep 2024 4.6 | Dec 2024 3.8 | Mar 2025 4.7 | Jun 2025 4.8 | Sep 2025 5.0 | Dec 2025 5.6 | Mar 2026 — | Jun 2026 — - VALE: Sep 2021 9.5 | Dec 2021 2.2 | Mar 2022 9.3 | Jun 2022 4.2 | Sep 2022 3.9 | Dec 2022 4.2 | Mar 2023 5.7 | Jun 2023 5.4 | Sep 2023 4.3 | Dec 2023 4.6 | Mar 2024 3.7 | Jun 2024 3.2 | Sep 2024 3.3 | Dec 2024 2.7 | Mar 2025 4.2 | Jun 2025 4.8 | Sep 2025 5.9 | Dec 2025 3.4 | Mar 2026 8.7 | Jun 2026 — - TECK: Sep 2021 6.2 | Dec 2021 — | Mar 2022 6.2 | Jun 2022 3.7 | Sep 2022 3.9 | Dec 2022 4.0 | Mar 2023 4.6 | Jun 2023 — | Sep 2023 12.8 | Dec 2023 — | Mar 2024 59.8 | Jun 2024 34.7 | Sep 2024 26.7 | Dec 2024 12.5 | Mar 2025 9.1 | Jun 2025 10.0 | Sep 2025 10.5 | Dec 2025 9.3 | Mar 2026 7.8 | Jun 2026 7.1 - MP: Sep 2021 36.8 | Dec 2021 40.5 | Mar 2022 33.1 | Jun 2022 14.5 | Sep 2022 11.4 | Dec 2022 11.3 | Mar 2023 15.9 | Jun 2023 17.7 | Sep 2023 22.3 | Dec 2023 84.9 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - MTRN: Sep 2021 — | Dec 2021 14.0 | Mar 2022 — | Jun 2022 18.7 | Sep 2022 14.6 | Dec 2022 13.2 | Mar 2023 15.0 | Jun 2023 14.3 | Sep 2023 12.5 | Dec 2023 14.1 | Mar 2024 17.7 | Jun 2024 15.3 | Sep 2024 16.0 | Dec 2024 22.0 | Mar 2025 18.6 | Jun 2025 17.1 | Sep 2025 23.1 | Dec 2025 17.3 | Mar 2026 — | Jun 2026 20.1 - NEXA: Sep 2021 3.0 | Dec 2021 3.2 | Mar 2022 3.9 | Jun 2022 2.8 | Sep 2022 2.9 | Dec 2022 3.4 | Mar 2023 4.2 | Jun 2023 10.0 | Sep 2023 12.9 | Dec 2023 16.1 | Mar 2024 17.3 | Jun 2024 9.2 | Sep 2024 6.9 | Dec 2024 4.3 | Mar 2025 9.1 | Jun 2025 7.6 | Sep 2025 5.9 | Dec 2025 3.5 | Mar 2026 4.9 | Jun 2026 — - USAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 54.7 | Sep 2024 30.3 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 47.2 | Jun 2026 — - CMP: Sep 2021 13.2 | Dec 2021 27.4 | Mar 2022 69.6 | Jun 2022 52.5 | Sep 2022 14.0 | Dec 2022 14.9 | Mar 2023 10.8 | Jun 2023 11.2 | Sep 2023 10.9 | Dec 2023 20.0 | Mar 2024 133.0 | Jun 2024 66.1 | Sep 2024 — | Dec 2024 32.0 | Mar 2025 14.4 | Jun 2025 18.5 | Sep 2025 12.4 | Dec 2025 10.2 | Mar 2026 7.3 | Jun 2026 — - SGML: Sep 2021 — | Dec 2021 — | Mar 2022 106.8 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 65.1 | Jun 2024 22.3 | Sep 2024 — | Dec 2024 158.2 | Mar 2025 52.7 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 2,237.0 | Jun 2026 — - UAMY: Sep 2021 — | Dec 2021 142.8 | Mar 2022 35.2 | Jun 2022 11.0 | Sep 2022 8.7 | Dec 2022 26.1 | Mar 2023 61.0 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - GSM: Sep 2021 6.3 | Dec 2021 2.2 | Mar 2022 1.4 | Jun 2022 2.2 | Sep 2022 1.6 | Dec 2022 1.5 | Mar 2023 2.0 | Jun 2023 2.8 | Sep 2023 3.9 | Dec 2023 5.8 | Mar 2024 3.9 | Jun 2024 4.5 | Sep 2024 4.8 | Dec 2024 7.9 | Mar 2025 8.1 | Jun 2025 13.3 | Sep 2025 50.6 | Dec 2025 — | Mar 2026 — | Jun 2026 — - SCZM: Sep 2021 — | Dec 2021 — | Mar 2022 46.2 | Jun 2022 4.1 | Sep 2022 — | Dec 2022 4.5 | Mar 2023 4.5 | Jun 2023 6.5 | Sep 2023 1.8 | Dec 2023 — | Mar 2024 — | Jun 2024 6.5 | Sep 2024 3.8 | Dec 2024 1.3 | Mar 2025 1.7 | Jun 2025 2.9 | Sep 2025 7.3 | Dec 2025 8.5 | Mar 2026 6.6 | Jun 2026 — - SLI: Sep 2021 59.0 | Dec 2021 66.3 | Mar 2022 53.7 | Jun 2022 24.2 | Sep 2022 33.0 | Dec 2022 22.5 | Mar 2023 43.6 | Jun 2023 55.5 | Sep 2023 113.0 | Dec 2023 53.7 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — ### 20-quarter P/BV history - BHP: Sep 2021 1.4 | Dec 2021 1.6 | Mar 2022 3.9 | Jun 2022 3.2 | Sep 2022 3.0 | Dec 2022 3.7 | Mar 2023 3.6 | Jun 2023 3.4 | Sep 2023 3.5 | Dec 2023 4.2 | Mar 2024 3.3 | Jun 2024 3.2 | Sep 2024 3.5 | Dec 2024 2.7 | Mar 2025 2.6 | Jun 2025 2.6 | Sep 2025 2.8 | Dec 2025 3.0 | Mar 2026 — | Jun 2026 — - RIO: Sep 2021 1.6 | Dec 2021 1.6 | Mar 2022 — | Jun 2022 — | Sep 2022 1.4 | Dec 2022 1.8 | Mar 2023 1.7 | Jun 2023 1.6 | Sep 2023 1.5 | Dec 2023 1.7 | Mar 2024 1.4 | Jun 2024 1.5 | Sep 2024 1.6 | Dec 2024 1.3 | Mar 2025 1.3 | Jun 2025 1.3 | Sep 2025 1.3 | Dec 2025 1.6 | Mar 2026 — | Jun 2026 — - VALE: Sep 2021 2.1 | Dec 2021 2.0 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 2.1 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 1.7 | Mar 2024 — | Jun 2024 1.3 | Sep 2024 1.3 | Dec 2024 1.1 | Mar 2025 1.2 | Jun 2025 1.1 | Sep 2025 — | Dec 2025 0.5 | Mar 2026 1.9 | Jun 2026 — - TECK: Sep 2021 0.8 | Dec 2021 0.8 | Mar 2022 1.1 | Jun 2022 0.8 | Sep 2022 0.9 | Dec 2022 1.0 | Mar 2023 0.9 | Jun 2023 1.1 | Sep 2023 1.1 | Dec 2023 1.0 | Mar 2024 1.0 | Jun 2024 1.1 | Sep 2024 1.4 | Dec 2024 1.1 | Mar 2025 1.0 | Jun 2025 1.1 | Sep 2025 1.2 | Dec 2025 1.2 | Mar 2026 1.4 | Jun 2026 1.5 - MP: Sep 2021 6.0 | Dec 2021 8.0 | Mar 2022 9.3 | Jun 2022 4.9 | Sep 2022 3.9 | Dec 2022 3.3 | Mar 2023 3.7 | Jun 2023 3.0 | Sep 2023 2.5 | Dec 2023 2.6 | Mar 2024 2.1 | Jun 2024 1.9 | Sep 2024 2.7 | Dec 2024 2.4 | Mar 2025 3.9 | Jun 2025 5.4 | Sep 2025 6.1 | Dec 2025 4.5 | Mar 2026 4.4 | Jun 2026 — - MTRN: Sep 2021 — | Dec 2021 2.0 | Mar 2022 — | Jun 2022 2.5 | Sep 2022 2.0 | Dec 2022 2.3 | Mar 2023 2.9 | Jun 2023 2.8 | Sep 2023 2.4 | Dec 2023 3.0 | Mar 2024 3.1 | Jun 2024 2.5 | Sep 2024 2.5 | Dec 2024 2.4 | Mar 2025 2.0 | Jun 2025 1.8 | Sep 2025 2.7 | Dec 2025 2.7 | Mar 2026 — | Jun 2026 3.2 - USAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 -8.8 | Jun 2025 -7.9 | Sep 2025 -32.3 | Dec 2025 3.6 | Mar 2026 1.8 | Jun 2026 — - SKE: Sep 2021 6.3 | Dec 2021 7.0 | Mar 2022 6.9 | Jun 2022 3.7 | Sep 2022 3.7 | Dec 2022 4.1 | Mar 2023 5.2 | Jun 2023 3.2 | Sep 2023 3.9 | Dec 2023 4.4 | Mar 2024 5.6 | Jun 2024 4.6 | Sep 2024 13.7 | Dec 2024 13.7 | Mar 2025 11.4 | Jun 2025 22.1 | Sep 2025 34.6 | Dec 2025 23.6 | Mar 2026 27.9 | Jun 2026 — - ALM: Sep 2021 4.6 | Dec 2021 4.1 | Mar 2022 4.6 | Jun 2022 4.0 | Sep 2022 3.8 | Dec 2022 3.3 | Mar 2023 3.4 | Jun 2023 3.3 | Sep 2023 3.2 | Dec 2023 2.3 | Mar 2024 2.5 | Jun 2024 2.8 | Sep 2024 3.3 | Dec 2024 5.9 | Mar 2025 33.7 | Jun 2025 171.1 | Sep 2025 15.4 | Dec 2025 12.2 | Mar 2026 22.2 | Jun 2026 — - EMAT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 -0.9 | Dec 2024 -0.8 | Mar 2025 -0.6 | Jun 2025 -0.3 | Sep 2025 -0.3 | Dec 2025 -0.1 | Mar 2026 -416.1 | Jun 2026 — - NEXA: Sep 2021 0.7 | Dec 2021 0.8 | Mar 2022 0.8 | Jun 2022 0.5 | Sep 2022 0.5 | Dec 2022 0.6 | Mar 2023 0.6 | Jun 2023 0.5 | Sep 2023 0.6 | Dec 2023 0.8 | Mar 2024 0.8 | Jun 2024 1.0 | Sep 2024 1.0 | Dec 2024 1.4 | Mar 2025 0.9 | Jun 2025 0.7 | Sep 2025 0.7 | Dec 2025 1.2 | Mar 2026 1.2 | Jun 2026 — - TMC: Sep 2021 9.6 | Dec 2021 5.1 | Mar 2022 7.4 | Jun 2022 3.2 | Sep 2022 3.5 | Dec 2022 5.0 | Mar 2023 4.2 | Jun 2023 10.4 | Sep 2023 5.5 | Dec 2023 30.9 | Mar 2024 251.5 | Jun 2024 -45.3 | Sep 2024 -16.0 | Dec 2024 -0.7 | Mar 2025 -35.4 | Jun 2025 32.0 | Sep 2025 -64.1 | Dec 2025 -3.7 | Mar 2026 -2.0 | Jun 2026 — - USAS: Sep 2021 1.1 | Dec 2021 1.4 | Mar 2022 1.8 | Jun 2022 1.2 | Sep 2022 0.9 | Dec 2022 1.4 | Mar 2023 1.4 | Jun 2023 1.1 | Sep 2023 1.2 | Dec 2023 1.0 | Mar 2024 1.2 | Jun 2024 1.3 | Sep 2024 2.4 | Dec 2024 3.6 | Mar 2025 5.9 | Jun 2025 9.7 | Sep 2025 20.3 | Dec 2025 7.4 | Mar 2026 7.1 | Jun 2026 — - CMP: Sep 2021 7.5 | Dec 2021 6.0 | Mar 2022 7.5 | Jun 2022 4.0 | Sep 2022 5.0 | Dec 2022 3.3 | Mar 2023 2.9 | Jun 2023 2.6 | Sep 2023 2.2 | Dec 2023 2.3 | Mar 2024 1.6 | Jun 2024 1.2 | Sep 2024 1.6 | Dec 2024 1.8 | Mar 2025 1.6 | Jun 2025 3.4 | Sep 2025 3.4 | Dec 2025 3.2 | Mar 2026 3.6 | Jun 2026 — - VZLA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 2.2 | Mar 2025 2.3 | Jun 2025 2.1 | Sep 2025 2.4 | Dec 2025 3.2 | Mar 2026 5.0 | Jun 2026 2.8 - SGML: Sep 2021 15.6 | Dec 2021 7.1 | Mar 2022 9.0 | Jun 2022 11.1 | Sep 2022 20.4 | Dec 2022 21.9 | Mar 2023 30.8 | Jun 2023 32.9 | Sep 2023 22.1 | Dec 2023 21.5 | Mar 2024 9.4 | Jun 2024 10.3 | Sep 2024 12.5 | Dec 2024 13.5 | Mar 2025 10.9 | Jun 2025 5.5 | Sep 2025 8.5 | Dec 2025 26.0 | Mar 2026 19.0 | Jun 2026 — - ELVR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 0.0 | Dec 2025 0.0 | Mar 2026 — | Jun 2026 — - LAC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 2.7 | Mar 2024 2.8 | Jun 2024 0.9 | Sep 2024 0.9 | Dec 2024 1.0 | Mar 2025 1.0 | Jun 2025 1.0 | Sep 2025 2.9 | Dec 2025 1.3 | Mar 2026 1.0 | Jun 2026 — - LAR: Sep 2021 5.1 | Dec 2021 6.6 | Mar 2022 6.3 | Jun 2022 3.3 | Sep 2022 4.6 | Dec 2022 3.2 | Mar 2023 3.1 | Jun 2023 2.6 | Sep 2023 2.2 | Dec 2023 1.2 | Mar 2024 1.1 | Jun 2024 0.6 | Sep 2024 0.6 | Dec 2024 0.5 | Mar 2025 0.4 | Jun 2025 0.4 | Sep 2025 0.7 | Dec 2025 1.2 | Mar 2026 1.4 | Jun 2026 — - IPX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 11.0 | Sep 2022 5.3 | Dec 2022 5.3 | Mar 2023 4.3 | Jun 2023 6.9 | Sep 2023 6.2 | Dec 2023 6.9 | Mar 2024 6.6 | Jun 2024 7.0 | Sep 2024 5.4 | Dec 2024 10.3 | Mar 2025 6.2 | Jun 2025 10.9 | Sep 2025 15.2 | Dec 2025 11.3 | Mar 2026 — | Jun 2026 — - NAK: Sep 2021 1.9 | Dec 2021 1.4 | Mar 2022 1.8 | Jun 2022 1.2 | Sep 2022 1.2 | Dec 2022 1.1 | Mar 2023 1.3 | Jun 2023 1.3 | Sep 2023 1.8 | Dec 2023 1.9 | Mar 2024 1.9 | Jun 2024 1.9 | Sep 2024 2.1 | Dec 2024 4.6 | Mar 2025 15.3 | Jun 2025 24.9 | Sep 2025 15.4 | Dec 2025 83.1 | Mar 2026 25.6 | Jun 2026 — - CRML: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -81.2 | Jun 2024 -82.5 | Sep 2024 7.8 | Dec 2024 7.9 | Mar 2025 1.4 | Jun 2025 4.1 | Sep 2025 4.5 | Dec 2025 5.4 | Mar 2026 — | Jun 2026 — - UAMY: Sep 2021 3.0 | Dec 2021 1.6 | Mar 2022 2.1 | Jun 2022 1.3 | Sep 2022 1.2 | Dec 2022 1.6 | Mar 2023 1.3 | Jun 2023 1.1 | Sep 2023 1.4 | Dec 2023 1.1 | Mar 2024 1.1 | Jun 2024 1.4 | Sep 2024 3.3 | Dec 2024 7.0 | Mar 2025 7.7 | Jun 2025 9.9 | Sep 2025 10.4 | Dec 2025 5.0 | Mar 2026 9.5 | Jun 2026 — - GSM: Sep 2021 — | Dec 2021 5.4 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 1.1 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 1.6 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 1.0 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 1.5 | Mar 2026 — | Jun 2026 — - SCZM: Sep 2021 5.4 | Dec 2021 29.6 | Mar 2022 10.7 | Jun 2022 3.9 | Sep 2022 -23.5 | Dec 2022 -11.2 | Mar 2023 -8.8 | Jun 2023 -6.6 | Sep 2023 -4.0 | Dec 2023 -1.9 | Mar 2024 0.5 | Jun 2024 0.7 | Sep 2024 0.6 | Dec 2024 0.5 | Mar 2025 1.0 | Jun 2025 1.7 | Sep 2025 3.9 | Dec 2025 5.0 | Mar 2026 3.8 | Jun 2026 — - NB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -15.3 | Jun 2023 -14.3 | Sep 2023 -17.3 | Dec 2023 -17.9 | Mar 2024 -47.1 | Jun 2024 65.9 | Sep 2024 35.5 | Dec 2024 9.8 | Mar 2025 12.3 | Jun 2025 4.8 | Sep 2025 4.4 | Dec 2025 -2.9 | Mar 2026 1.5 | Jun 2026 — - BMM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 3.2 | Jun 2026 — - ALOY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 6.2 | Jun 2026 — - TMQ: Sep 2021 — | Dec 2021 1.5 | Mar 2022 0.9 | Jun 2022 0.9 | Sep 2022 0.6 | Dec 2022 0.6 | Mar 2023 0.6 | Jun 2023 0.5 | Sep 2023 0.5 | Dec 2023 0.5 | Mar 2024 0.5 | Jun 2024 0.6 | Sep 2024 0.6 | Dec 2024 1.4 | Mar 2025 1.8 | Jun 2025 1.5 | Sep 2025 2.2 | Dec 2025 5.9 | Mar 2026 6.2 | Jun 2026 6.9 - SLI: Sep 2021 22.0 | Dec 2021 10.8 | Mar 2022 10.5 | Jun 2022 5.2 | Sep 2022 5.6 | Dec 2022 3.9 | Mar 2023 5.2 | Jun 2023 6.5 | Sep 2023 4.3 | Dec 2023 3.1 | Mar 2024 1.8 | Jun 2024 0.9 | Sep 2024 1.2 | Dec 2024 1.2 | Mar 2025 1.0 | Jun 2025 1.6 | Sep 2025 2.8 | Dec 2025 2.6 | Mar 2026 2.4 | Jun 2026 — ## Market action Almonty Industries Inc. has the strongest one-year price move in Other Industrial Metals & Mining at +191.2%. Compass Minerals International, Inc. leads on Mansfield relative strength against the S&P 500 at +20.1%. 7 of 29 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-29. ### Strongest one-year price performers 1. Almonty Industries Inc. (ALM): 191% 2. Nexa Resources S.A. (NEXA): 160% 3. Lithium Argentina AG (LAR): 111% 4. Blue Moon Metals Inc. (BMM): 100% 5. Santacruz Silver Mining Ltd. (SCZM): 85% ### Strongest relative strength versus NIFTY 500 1. Compass Minerals International, Inc. (CMP): 20% 2. Nexa Resources S.A. (NEXA): 17% 3. BHP Group Limited (BHP): 16% 4. Materion Corporation (MTRN): 13% 5. Teck Resources Limited (TECK): 8.8% ## What can make this comparison misleading? - A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason. - A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment. - The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed. - An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion. - 4 companies have older fundamental reporting dates than the sector’s freshest reporters; their ranks carry a stale marker. - Thin comparisons: Valuation have fewer than three usable current readings. ## Every company - BHP Group Limited (BHP) — market value ₹2.1 L Cr; latest fundamentals Dec 2025 - Rio Tinto Group (RIO) — market value ₹1.6 L Cr; latest fundamentals Dec 2025 - Vale S.A. (VALE) — market value ₹62.2K Cr; latest fundamentals Mar 2026 - Teck Resources Limited (TECK) — market value ₹28.2K Cr; latest fundamentals Jun 2026 - MP Materials Corp. (MP) — market value ₹6.8K Cr; latest fundamentals Mar 2026 - Materion Corporation (MTRN) — market value ₹3.9K Cr; latest fundamentals Jun 2026 - USA Rare Earth, Inc. (USAR) — market value ₹3.2K Cr; latest fundamentals Mar 2026 - Skeena Resources Limited (SKE) — market value ₹3.2K Cr; latest fundamentals Mar 2026 - Almonty Industries Inc. (ALM) — market value ₹3.1K Cr; latest fundamentals Mar 2026 - Evolution Metals & Technologies Corp. (EMAT) — market value ₹2.6K Cr; latest fundamentals Mar 2026 - Nexa Resources S.A. (NEXA) — market value ₹1.6K Cr; latest fundamentals Mar 2026 - TMC the metals company Inc. (TMC) — market value ₹1.5K Cr; latest fundamentals Mar 2026 - Americas Gold and Silver Corporation (USAS) — market value ₹1.2K Cr; latest fundamentals Mar 2026 - Compass Minerals International, Inc. (CMP) — market value ₹1.2K Cr; latest fundamentals Mar 2026 - Vizsla Silver Corp. (VZLA) — market value ₹1.1K Cr; latest fundamentals Jun 2026 - Sigma Lithium Corporation (SGML) — market value ₹1.0K Cr; latest fundamentals Mar 2026 - Elevra Lithium Limited (ELVR) — market value ₹1.0K Cr; latest fundamentals Dec 2025 - Lithium Americas Corp. (LAC) — market value ₹981 Cr; latest fundamentals Mar 2026 - Lithium Argentina AG (LAR) — market value ₹906 Cr; latest fundamentals Mar 2026 - IperionX Limited (IPX) — market value ₹775 Cr; latest fundamentals Mar 2026 - Northern Dynasty Minerals Ltd. (NAK) — market value ₹767 Cr; latest fundamentals Mar 2026 - Critical Metals Corp. (CRML) — market value ₹754 Cr; latest fundamentals Dec 2025 - United States Antimony Corporation (UAMY) — market value ₹724 Cr; latest fundamentals Mar 2026 - Ferroglobe PLC (GSM) — market value ₹590 Cr; latest fundamentals Mar 2026 - Santacruz Silver Mining Ltd. (SCZM) — market value ₹577 Cr; latest fundamentals Mar 2026 - NioCorp Developments Ltd. (NB) — market value ₹562 Cr; latest fundamentals Mar 2026 - Blue Moon Metals Inc. (BMM) — market value ₹533 Cr; latest fundamentals Mar 2026 - REalloys Inc. (ALOY) — market value ₹515 Cr; latest fundamentals Mar 2026 - Trilogy Metals Inc. (TMQ) — market value ₹504 Cr; latest fundamentals Jun 2026 - Standard Lithium Ltd. (SLI) — market value ₹481 Cr; latest fundamentals Mar 2026 ## Methodology and freshness Fundamentals through Jun 2026; prices through 2026-07-29. Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable. ## Frequently asked questions ### Which Other Industrial Metals & Mining company is the biggest? Vale S.A. is the largest, with trailing-twelve-month revenue of $39,778 million, ahead of Nexa Resources S.A. at $3,263 million. That covers 11 of 30 companies with comparable reporting through Mar 2026. ### Which Other Industrial Metals & Mining company is growing fastest? United States Antimony Corporation has the fastest revenue growth at 100% year on year, across 9 of 30 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend. ### Which Other Industrial Metals & Mining company has the best profit margins? Teck Resources Limited has the highest operating margin at 41.2%, from 14 of 30 comparable companies. Almonty Industries Inc. shows the biggest recent improvement, at +87.5 percentage points. A high margin matters most when it is holding or rising, not when it is peaking. ### Which Other Industrial Metals & Mining company makes the most profit? Vale S.A. earns the most, at $2,589 million of trailing-twelve-month net profit, from 22 of 30 comparable companies. Santacruz Silver Mining Ltd. has the fastest profit growth at 46.3%, though growth off a small or recovering profit base overstates how much has actually changed. ### Which Other Industrial Metals & Mining company earns the highest return on capital? Evolution Metals & Technologies Corp. leads on return on capital employed at 276.6%, across 30 of 30 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year. ### Which Other Industrial Metals & Mining stock is the cheapest? On guarded PEG — where a LOWER number is cheaper — Vale S.A. screens cheapest at 0.18×. Only 2 of 30 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own. ### Which Other Industrial Metals & Mining company has the strongest balance sheet? Lithium Argentina AG carries the lowest comparable gross debt at $0 million, from 25 of 30 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment. ### Which Other Industrial Metals & Mining company is investing most in new capacity? Rio Tinto Group reports the largest capital spending at $7,601 million, across 29 of 30 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation. ### Is the Other Industrial Metals & Mining sector beating the market? Other Industrial Metals & Mining has outperformed S&P 500 by 49.5% over the last 52 weeks and 32.8% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 7 of 29 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it. ### Which Other Industrial Metals & Mining stock has the strongest price momentum? Compass Minerals International, Inc. has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all. ### Which Other Industrial Metals & Mining company scores highest for research priority? Teck Resources Limited scores 68.1 out of 100 with 58.7% evidence confidence, from 23.6 points on growth and earnings, 16.6 on capital efficiency, 9.8 on valuation and 18.1 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research. ### How many Other Industrial Metals & Mining companies does this comparison cover, and over what period? It compares 30 listed companies over up to 20 reported quarters of fundamentals and 9 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data. ### What is the total market cap of the Other Industrial Metals & Mining sector? The 30 Other Industrial Metals & Mining companies on this page carry $501,246 million of combined market value. BHP Group Limited is the largest at $211,772 million, about 42% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29. ### What is the Other Industrial Metals & Mining sector's P/E ratio? The median price-to-earnings ratio across the 30 Other Industrial Metals & Mining companies on this page is 15×, measured on the 20 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29. ### How is the Other Industrial Metals & Mining sector performing? 7 of the 29 covered Other Industrial Metals & Mining companies are beating S&P 500 on Mansfield relative strength. The sector itself is 49.5% ahead of S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-29. ### How many Other Industrial Metals & Mining stocks are listed in the US? This comparison covers 30 listed Other Industrial Metals & Mining companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data. ### Why are some values on this page blank? A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad. ### Is this investment advice? No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser. Narrative sector analysis: https://www.sectoralpha.in/sectors/other-industrial-metals-mining