5 Best Performing Canadian Stocks So Far in 2026

3. Hudbay Minerals Inc. (NYSE:HBM)

On May 4, 2026, Canaccord lowered the firm’s price target on Hudbay Minerals Inc. (NYSE:HBM) to C$40 from C$41 previously and maintained a Buy rating on the shares after the company released its Q1 financial and operating results.

On May 1, 2026, Hudbay Minerals Inc. (NYSE:HBM) reported Q1 adjusted EPS of 40c, versus the consensus estimate of 34c. Revenue totaled $757.3M, versus the consensus estimate of $687.05M. Consolidated copper production reached 27,929 tons while gold production totaled 61,700 ounces during the quarter. CEO Peter Kukielski said the company delivered record revenue, adjusted EBITDA, and adjusted earnings, supported by stable operations, strong exposure to copper and gold prices, and disciplined cost management. Management also highlighted record-low consolidated cash costs and continued strong free cash flow generation during the period. Hudbay said all operations remain on track to meet 2026 production and cost guidance. The company ended the quarter with more than $1B in cash and cash equivalents, which management said strengthens its flexibility to advance the Copper World project, invest in high-return operational opportunities, and continue de-risking the Cactus project following the planned acquisition of Arizona Sonoran Copper Company.

Hudbay Minerals Inc. (NYSE:HBM) reaffirmed its 2026 production guidance, including projected copper production of 110,000 to 138,000 tons and gold production of 217,000 to 272,000 ounces.

Hudbay Minerals Inc. (NYSE:HBM) is a diversified mining company focused on the exploration, development, and operation of mining assets across North and South America.

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