# Other Industrial Metals & Mining — company-by-company sector analysis

> Other Industrial Metals & Mining: Nexa Resources 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 2026-08-04. Not investment advice.

## Bottom line

Other Industrial Metals & Mining has outperformed S&P 500 by 50.9% over 52 weeks and 27.5% over 13 weeks. 7 of 29 covered companies beat the S&P 500 on Mansfield relative strength, while 12 of 29 beat the sector itself. Nexa Resources S.A. leads with revenue of $3,263 million, based on 10 of 30 comparable companies through Mar 2026.

## Sector relative strength

Other Industrial Metals & Mining has outperformed S&P 500 by 50.9% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 27.5%. 7 of 29 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Materion Corporation is the strongest against the sector itself at +35.4%.

13-week sector return versus NIFTY 500: -28%
52-week sector return versus NIFTY 500: 51%
Stocks leading NIFTY: 7/29
Stocks leading sector: 12/29

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: ₹5.2 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. Santacruz Silver Mining Ltd. (SCZM): 66/100 — Favorable setup; evidence 81%
   - Growth & earnings 23.7/35 | Capital efficiency 19.6/25 | Valuation 15.2/20 | Relative strength 7.1/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 23.7 + 19.6 + 15.2 + 7.1 = 65.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Teck Resources Limited (TECK): 65/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 22.2/35 | Capital efficiency 14.9/25 | Valuation 9.8/20 | Relative strength 18.5/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 3 of the last 12 weeks
   - Exact sum: 22.2 + 14.9 + 9.8 + 18.5 = 65.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
3. Nexa Resources S.A. (NEXA): 62/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 20.8/35 | Capital efficiency 13.4/25 | Valuation 10.7/20 | Relative strength 16.7/20
   - Price stage: FADING — Was leading by 5% or more four weeks ago and is not now.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 6 of the last 12 weeks
   - Exact sum: 20.8 + 13.4 + 10.7 + 16.7 = 61.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
4. Almonty Industries Inc. (ALM): 58/100 — Thin evidence · provisional; evidence 55%
   - Growth & earnings 24.2/35 | Capital efficiency 10.3/25 | Valuation 10.0/20 | Relative strength 13.7/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of the last 12 weeks
   - Exact sum: 24.2 + 10.3 + 10 + 13.7 = 58.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
5. Vale S.A. (VALE): 57/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 20.1/35 | Capital efficiency 15.0/25 | Valuation 9.4/20 | Relative strength 12.4/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 20.1 + 15 + 9.4 + 12.4 = 56.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
6. Materion Corporation (MTRN): 56/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 15.2/35 | Capital efficiency 12.1/25 | Valuation 9.0/20 | Relative strength 19.6/20
   - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks
   - Exact sum: 15.2 + 12.1 + 9 + 19.6 = 55.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
7. Americas Gold and Silver Corporation (USAS): 56/100 — Thin evidence · provisional; evidence 55%
   - Growth & earnings 24.6/35 | Capital efficiency 15.0/25 | Valuation 10.0/20 | Relative strength 5.9/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 24.6 + 15 + 10 + 5.9 = 55.5
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
8. Compass Minerals International, Inc. (CMP): 55/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 19.0/35 | Capital efficiency 11.5/25 | Valuation 8.5/20 | Relative strength 16.1/20
   - Price stage: FADING — Was leading by 5% or more four weeks ago and is not now.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 11 of the last 12 weeks
   - Exact sum: 19 + 11.5 + 8.5 + 16.1 = 55.1
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
9. Ferroglobe PLC (GSM): 42/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 18.7/35 | Capital efficiency 9.1/25 | Valuation 9.3/20 | Relative strength 4.9/20
   - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 18.7 + 9.1 + 9.3 + 4.9 = 42
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
10. MP Materials Corp. (MP): 35/100 — Mixed-negative evidence; evidence 64%
   - Growth & earnings 14.0/35 | Capital efficiency 8.1/25 | Valuation 8.7/20 | Relative strength 4.2/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 2 of the last 12 weeks
   - Exact sum: 14 + 8.1 + 8.7 + 4.2 = 35
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11. United States Antimony Corporation (UAMY): 33/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 13.4/35 | Capital efficiency 5.5/25 | Valuation 9.1/20 | Relative strength 5.3/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of the last 12 weeks
   - Exact sum: 13.4 + 5.5 + 9.1 + 5.3 = 33.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
12. BHP Group Limited (BHP): 61/100 — Thin evidence · provisional; evidence 38%
   - Growth & earnings 17.9/35 | Capital efficiency 14.2/25 | Valuation 9.9/20 | Relative strength 18.7/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 3 of the last 12 weeks
   - Exact sum: 17.9 + 14.2 + 9.9 + 18.7 = 60.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
13. Rio Tinto Group (RIO): 59/100 — Thin evidence · provisional; evidence 43%
   - Growth & earnings 17.7/35 | Capital efficiency 13.8/25 | Valuation 10.4/20 | Relative strength 16.9/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 2 of the last 12 weeks
   - Exact sum: 17.7 + 13.8 + 10.4 + 16.9 = 58.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
14. Evolution Metals & Technologies Corp. (EMAT): 53/100 — Thin evidence · provisional; evidence 34%
   - Growth & earnings 17.9/35 | Capital efficiency 14.8/25 | Valuation 10.0/20 | Relative strength 10.1/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 17.9 + 14.8 + 10 + 10.1 = 52.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
15. Sigma Lithium Corporation (SGML): 52/100 — Thin evidence · provisional; evidence 50%
   - Growth & earnings 21.2/35 | Capital efficiency 14.1/25 | Valuation 8.8/20 | Relative strength 8.3/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 4 of the last 12 weeks
   - Exact sum: 21.2 + 14.1 + 8.8 + 8.3 = 52.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
16. Elevra Lithium Limited (ELVR): 51/100 — Thin evidence · provisional; evidence 15%
   - Growth & earnings 16.5/35 | Capital efficiency 14.2/25 | Valuation 10.0/20 | Relative strength 10.0/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 5 of the last 12 weeks
   - Exact sum: 16.5 + 14.2 + 10 + 10 = 50.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
17. Lithium Argentina AG (LAR): 50/100 — Thin evidence · provisional; evidence 44%
   - Growth & earnings 18.3/35 | Capital efficiency 10.8/25 | Valuation 11.3/20 | Relative strength 9.7/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 6 of the last 12 weeks
   - Exact sum: 18.3 + 10.8 + 11.3 + 9.7 = 50.1
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
18. NioCorp Developments Ltd. (NB): 47/100 — Thin evidence · provisional; evidence 44%
   - Growth & earnings 21.1/35 | Capital efficiency 8.7/25 | Valuation 11.0/20 | Relative strength 6.6/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 21.1 + 8.7 + 11 + 6.6 = 47.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
19. Skeena Resources Limited (SKE): 45/100 — Thin evidence · provisional; evidence 47%
   - Growth & earnings 15.1/35 | Capital efficiency 6.7/25 | Valuation 10.0/20 | Relative strength 13.4/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 15.1 + 6.7 + 10 + 13.4 = 45.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
20. Blue Moon Metals Inc. (BMM): 45/100 — Thin evidence · provisional; evidence 44%
   - Growth & earnings 12.2/35 | Capital efficiency 5.7/25 | Valuation 11.2/20 | Relative strength 15.4/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 5 of the last 12 weeks
   - Exact sum: 12.2 + 5.7 + 11.2 + 15.4 = 44.5
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
21. IperionX Limited (IPX): 42/100 — Thin evidence · provisional; evidence 41%
   - Growth & earnings 19.8/35 | Capital efficiency 9.0/25 | Valuation 10.0/20 | Relative strength 3.3/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of the last 12 weeks
   - Exact sum: 19.8 + 9 + 10 + 3.3 = 42.1
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
22. Critical Metals Corp. (CRML): 41/100 — Thin evidence · provisional; evidence 37%
   - Growth & earnings 17.9/35 | Capital efficiency 7.6/25 | Valuation 11.5/20 | Relative strength 4.3/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 3 of the last 12 weeks
   - Exact sum: 17.9 + 7.6 + 11.5 + 4.3 = 41.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
23. TMC the metals company Inc. (TMC): 41/100 — Thin evidence · provisional; evidence 50%
   - Growth & earnings 20.3/35 | Capital efficiency 5.4/25 | Valuation 10.9/20 | Relative strength 4.6/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 20.3 + 5.4 + 10.9 + 4.6 = 41.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
24. Lithium Americas Corp. (LAC): 40/100 — Thin evidence · provisional; evidence 41%
   - Growth & earnings 16.5/35 | Capital efficiency 9.7/25 | Valuation 10.0/20 | Relative strength 3.6/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 16.5 + 9.7 + 10 + 3.6 = 39.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
25. Trilogy Metals Inc. (TMQ): 40/100 — Thin evidence · provisional; evidence 41%
   - Growth & earnings 14.9/35 | Capital efficiency 8.3/25 | Valuation 10.0/20 | Relative strength 6.5/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 14.9 + 8.3 + 10 + 6.5 = 39.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
26. REalloys Inc. (ALOY): 40/100 — Thin evidence · provisional; evidence 43%
   - Growth & earnings 11.2/35 | Capital efficiency 5.2/25 | Valuation 10.0/20 | Relative strength 13.2/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 5 of the last 12 weeks
   - Exact sum: 11.2 + 5.2 + 10 + 13.2 = 39.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
27. Vizsla Silver Corp. (VZLA): 38/100 — Thin evidence · provisional; evidence 41%
   - Growth & earnings 14.5/35 | Capital efficiency 8.3/25 | Valuation 10.0/20 | Relative strength 5.6/20
   - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 14.5 + 8.3 + 10 + 5.6 = 38.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
28. Northern Dynasty Minerals Ltd. (NAK): 38/100 — Thin evidence · provisional; evidence 44%
   - Growth & earnings 12.9/35 | Capital efficiency 6.7/25 | Valuation 10.6/20 | Relative strength 7.6/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 7 of the last 12 weeks
   - Exact sum: 12.9 + 6.7 + 10.6 + 7.6 = 37.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
29. USA Rare Earth, Inc. (USAR): 37/100 — Thin evidence · provisional; evidence 45%
   - Growth & earnings 17.0/35 | Capital efficiency 6.2/25 | Valuation 9.6/20 | Relative strength 4.3/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 6 of the last 12 weeks
   - Exact sum: 17 + 6.2 + 9.6 + 4.3 = 37.1
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
30. Standard Lithium Ltd. (SLI): 36/100 — Thin evidence · provisional; evidence 50%
   - Growth & earnings 17.0/35 | Capital efficiency 8.9/25 | Valuation 10.1/20 | Relative strength 0.0/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 17 + 8.9 + 10.1 + 0 = 36
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Market action

Almonty Industries Inc. has the strongest one-year price move in Other Industrial Metals & Mining at +222.3%. Materion Corporation leads on Mansfield relative strength against the S&P 500 at +27.1%. 7 of 29 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-08-04.

### Strongest one-year price performers
1. Almonty Industries Inc. (ALM): 222%
2. Nexa Resources S.A. (NEXA): 177%
3. Lithium Argentina AG (LAR): 129%
4. Trilogy Metals Inc. (TMQ): 126%
5. Blue Moon Metals Inc. (BMM): 114%

### Strongest relative strength versus NIFTY 500
1. Materion Corporation (MTRN): 27%
2. Nexa Resources S.A. (NEXA): 21%
3. Compass Minerals International, Inc. (CMP): 15%
4. Teck Resources Limited (TECK): 15%
5. BHP Group Limited (BHP): 14%

## Revenue Scale & Growth Durability

What the numbers say: Nexa Resources S.A. is the scale leader at $3,263 million, 137.1% ahead of Ferroglobe PLC. 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: Nexa Resources 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: Nexa Resources S.A.'s growth falls below United States Antimony Corporation's for two consecutive comparable reports while operating margin also compresses.

Evidence: Nexa Resources S.A. · $3,263 million | 137.1% versus #2 · Ferroglobe PLC | 7/8 recent comparable periods | 10/30 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. Nexa Resources S.A. (NEXA): ₹3.3K Cr
2. Ferroglobe PLC (GSM): ₹1.4K Cr
3. Compass Minerals International, Inc. (CMP): ₹1.3K Cr
4. Santacruz Silver Mining Ltd. (SCZM): ₹384 Cr
5. MP Materials Corp. (MP): ₹255 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —

### 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 —
- 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 —
- 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 —
- 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 —

## 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —

### 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 —
- 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 —
- 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 —
- 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 —

## Profit Scale & Acceleration

What the numbers say: Nexa Resources S.A. leads with $312 million of TTM profit, 420% above Santacruz Silver Mining Ltd.. 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: Nexa Resources 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: Nexa Resources S.A. · $312 million | 420% versus #2 · Santacruz Silver Mining Ltd. | 3/6 recent comparable periods | 21/30 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. Nexa Resources S.A. (NEXA): ₹312 Cr
2. Santacruz Silver Mining Ltd. (SCZM): ₹60 Cr
3. Almonty Industries Inc. (ALM): ₹41 Cr
4. Compass Minerals International, Inc. (CMP): ₹8 Cr
5. Trilogy Metals Inc. (TMQ): ₹-6 Cr

### Profit growth — fastest growers
1. Santacruz Silver Mining Ltd. (SCZM): 46%
2. 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —

## 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 · 530 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. Sigma Lithium Corporation (SGML): 8.0%

### 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 4.1% | Jun 2026 4.1%
- 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 2.8% | Sep 2025 3.8% | Dec 2025 -1.0% | Mar 2026 3.3% | Jun 2026 5.5%
- TECK: Sep 2021 5.7% | Dec 2021 5.7% | Mar 2022 6.0% | Jun 2022 6.3% | Sep 2022 2.8% | Dec 2022 1.3% | Mar 2023 4.0% | Jun 2023 2.3% | Sep 2023 0.0% | Dec 2023 -0.3% | Mar 2024 0.0% | Jun 2024 0.6% | Sep 2024 -1.4% | Dec 2024 0.7% | Mar 2025 1.0% | Jun 2025 0.7% | Sep 2025 1.3% | Dec 2025 2.2% | Mar 2026 3.8% | Jun 2026 3.9%
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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%
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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%
- 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 -12% | Mar 2024 -9.8% | Jun 2024 -12% | Sep 2024 -5.6% | Dec 2024 -30% | Mar 2025 -2.0% | Jun 2025 -8.2% | Sep 2025 -14% | Dec 2025 -17% | Mar 2026 -16% | Jun 2026 —
- 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 +0.6 pp | Jun 2026 +0.6 pp
- 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 −2.4 pp | Sep 2025 −1.2 pp | Dec 2025 −2.1 pp | Mar 2026 +0.9 pp | Jun 2026 +2.7 pp
- TECK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.9 pp | Dec 2022 −4.4 pp | Mar 2023 −2.0 pp | Jun 2023 −4.0 pp | Sep 2023 −2.8 pp | Dec 2023 −1.6 pp | Mar 2024 −4.0 pp | Jun 2024 −1.7 pp | Sep 2024 −1.4 pp | Dec 2024 +1.0 pp | Mar 2025 +1.0 pp | Jun 2025 +0.1 pp | Sep 2025 +2.7 pp | Dec 2025 +1.5 pp | Mar 2026 +2.8 pp | Jun 2026 +3.2 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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
- 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 +7.4 pp | Mar 2024 +2.7 pp | Jun 2024 −2.7 pp | Sep 2024 +7.3 pp | Dec 2024 −17.8 pp | Mar 2025 +7.8 pp | Jun 2025 +3.8 pp | Sep 2025 −8.8 pp | Dec 2025 +12.9 pp | Mar 2026 −13.7 pp | Jun 2026 —
- 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: Santacruz Silver Mining Ltd. has the lowest comparable PEG at 0.36×. Only 1 of 30 companies have earnings and growth steady enough for the ratio to mean anything, 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: Santacruz Silver Mining Ltd. · 0.36× | Not enough peers | 0/8 recent comparable periods | 1/30 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 feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

### PEG — lowest PEG
1. 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. Blue Moon Metals Inc. (BMM): 2.7
4. NioCorp Developments Ltd. (NB): 3.6
5. TMC the metals company Inc. (TMC): 5.9

### 20-quarter 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 13.9 | Jun 2026 12.9
- 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 7.7 | Sep 2025 8.2 | Dec 2025 23.7 | Mar 2026 22.7 | Jun 2026 30.7
- TECK: Sep 2021 18.4 | Dec 2021 6.9 | Mar 2022 6.6 | Jun 2022 3.9 | Sep 2022 5.1 | Dec 2022 8.3 | Mar 2023 9.2 | Jun 2023 17.2 | Sep 2023 14.2 | Dec 2023 12.2 | Mar 2024 20.3 | Jun 2024 23.6 | Sep 2024 77.7 | Dec 2024 74.6 | Mar 2025 61.7 | Jun 2025 96.4 | Sep 2025 24.5 | Dec 2025 23.2 | 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 —
- 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 —
- NAK: Sep 2021 7.3 | Dec 2021 7.0 | Mar 2022 8.8 | Jun 2022 6.7 | Sep 2022 8.3 | Dec 2022 6.0 | Mar 2023 6.5 | Jun 2023 6.4 | Sep 2023 9.0 | Dec 2023 10.6 | Mar 2024 10.8 | Jun 2024 10.6 | Sep 2024 22.3 | Dec 2024 11.9 | Mar 2025 9.2 | Jun 2025 9.6 | Sep 2025 8.8 | Dec 2025 14.2 | Mar 2026 7.2 | 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 —
- 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 —
- 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 —
- BMM: Sep 2021 — | Dec 2021 4.0 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.6 | Dec 2023 0.3 | Mar 2024 — | Jun 2024 0.3 | Sep 2024 2.7 | 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 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 —


## 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.
- 3 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 ₹2.2 L Cr; latest fundamentals Dec 2025
- Rio Tinto Group (RIO) — market value ₹1.7 L Cr; latest fundamentals Jun 2026
- Vale S.A. (VALE) — market value ₹63.5K Cr; latest fundamentals Jun 2026
- Teck Resources Limited (TECK) — market value ₹29.5K Cr; latest fundamentals Jun 2026
- MP Materials Corp. (MP) — market value ₹8.5K Cr; latest fundamentals Mar 2026
- Materion Corporation (MTRN) — market value ₹4.7K Cr; latest fundamentals Jun 2026
- USA Rare Earth, Inc. (USAR) — market value ₹4.2K Cr; latest fundamentals Mar 2026
- Skeena Resources Limited (SKE) — market value ₹3.6K Cr; latest fundamentals Mar 2026
- Almonty Industries Inc. (ALM) — market value ₹3.2K Cr; latest fundamentals Mar 2026
- Nexa Resources S.A. (NEXA) — market value ₹1.8K Cr; latest fundamentals Mar 2026
- Evolution Metals & Technologies Corp. (EMAT) — market value ₹1.7K Cr; latest fundamentals Mar 2026
- TMC the metals company Inc. (TMC) — market value ₹1.7K Cr; latest fundamentals Mar 2026
- Americas Gold and Silver Corporation (USAS) — market value ₹1.5K Cr; latest fundamentals Mar 2026
- Compass Minerals International, Inc. (CMP) — market value ₹1.3K Cr; latest fundamentals Mar 2026
- Sigma Lithium Corporation (SGML) — market value ₹1.2K Cr; latest fundamentals Mar 2026
- Vizsla Silver Corp. (VZLA) — market value ₹1.2K Cr; latest fundamentals Jun 2026
- Lithium Americas Corp. (LAC) — market value ₹1.1K Cr; latest fundamentals Mar 2026
- Lithium Argentina AG (LAR) — market value ₹1.1K Cr; latest fundamentals Mar 2026
- Elevra Lithium Limited (ELVR) — market value ₹1.0K Cr; latest fundamentals Dec 2025
- Critical Metals Corp. (CRML) — market value ₹996 Cr; latest fundamentals Dec 2025
- United States Antimony Corporation (UAMY) — market value ₹903 Cr; latest fundamentals Mar 2026
- Northern Dynasty Minerals Ltd. (NAK) — market value ₹896 Cr; latest fundamentals Mar 2026
- IperionX Limited (IPX) — market value ₹797 Cr; latest fundamentals Mar 2026
- NioCorp Developments Ltd. (NB) — market value ₹756 Cr; latest fundamentals Mar 2026
- REalloys Inc. (ALOY) — market value ₹750 Cr; latest fundamentals Mar 2026
- Santacruz Silver Mining Ltd. (SCZM) — market value ₹672 Cr; latest fundamentals Mar 2026
- Ferroglobe PLC (GSM) — market value ₹638 Cr; latest fundamentals Mar 2026
- Trilogy Metals Inc. (TMQ) — market value ₹597 Cr; latest fundamentals Jun 2026
- Blue Moon Metals Inc. (BMM) — market value ₹586 Cr; latest fundamentals Mar 2026
- Standard Lithium Ltd. (SLI) — market value ₹537 Cr; latest fundamentals Mar 2026

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-08-04.
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

### Is the Other Industrial Metals & Mining sector outperforming S&P 500?

Other Industrial Metals & Mining has outperformed S&P 500 by 50.9% over 52 weeks and 27.5% over 13 weeks. 7 of 29 covered companies beat the S&P 500 on Mansfield relative strength, while 12 of 29 beat the sector itself.

### Which Other Industrial Metals & Mining company is largest by revenue?

Nexa Resources S.A. leads with revenue of $3,263 million, based on 10 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 8 of 30 comparable companies.

### Which Other Industrial Metals & Mining company has the strongest 4-Factor Sector Score?

Santacruz Silver Mining Ltd. ranks first at 65.6/100 with 81.1% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Other Industrial Metals & Mining company has the lowest comparable PEG?

Santacruz Silver Mining Ltd. has the lowest comparable PEG at 0.36, among 1 of 30 companies whose earnings and growth are steady enough for the ratio to mean anything.

### How much history does this Other Industrial Metals & Mining comparison include?

The page compares up to 20 reported quarters per company for fundamentals, returns 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.

### Which Other Industrial Metals & Mining company is the biggest?

Nexa Resources S.A. is the largest, with trailing-twelve-month revenue of $3,263 million, ahead of Ferroglobe PLC at $1,376 million. That covers 10 of 30 companies with comparable reporting through Mar 2026.

### 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?

Nexa Resources S.A. earns the most, at $312 million of trailing-twelve-month net profit, from 21 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 PEG — where a LOWER number is cheaper — Santacruz Silver Mining Ltd. screens cheapest at 0.36×. Only 1 of 30 companies have earnings and growth steady enough for the ratio to mean anything, 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.

### Is the Other Industrial Metals & Mining sector beating the market?

Other Industrial Metals & Mining has outperformed S&P 500 by 50.9% over the last 52 weeks and 27.5% 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?

Materion Corporation 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?

Santacruz Silver Mining Ltd. scores 65.6 out of 100 with 81.1% evidence confidence, from 23.7 points on growth and earnings, 19.6 on capital efficiency, 15.2 on valuation and 7.1 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, 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 $523,491 million of combined market value. BHP Group Limited is the largest at $216,233 million, about 41% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-04.

### 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 2026-08-04.

### 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 50.9% ahead of S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-04.

### 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.