A report from Goldman Sachs indicates that Zijin Mining's (02899) first-quarter 2026 results met expectations, with recurring net profit reaching RMB 18.9 billion, an 88% increase year-on-year, accounting for 24% of the bank's full-year 2026 forecast. The company's gold and copper output reached 23% and 22% of the full-year projections, respectively, aligning broadly with expectations. Goldman Sachs views Zijin's current valuation as attractive and maintains a "Buy" rating on both its A-shares (601899.SH) and H-shares. The H-share target price has been adjusted downward from HK$52 to HK$51, while the A-share target is reduced from RMB 50 to RMB 49. The bank noted that, considering rising energy costs due to Middle East tensions, it has raised unit cost forecasts for gold and copper and accordingly lowered profit estimates for this year and next by 1% to 3%. However, Goldman Sachs still expects Zijin to maintain strong growth momentum in 2026, supported by higher gold and copper prices and increased production, forecasting a 53% rise in full-year recurring profit to RMB 77.9 billion.