Jefferies has issued a research report reaffirming its "Buy" rating for Zijin Mining's H-shares (02899) and A-shares (601899). The price target for the A-shares is set at RMB 45.3, based on a projected 2026 price-to-earnings ratio of 15 times and earnings per share of RMB 3. The target for H-shares is HK$49.1. Under the base case scenario, the forecast for gold and copper prices in 2026 is $5,000 per ounce and $5.7 per pound, respectively.

Zijin Mining's net profit after tax for the first quarter of this year nearly doubled year-on-year to RMB 20.1 billion, representing a quarter-on-quarter increase of 44%. This performance was primarily driven by broad strength in commodity prices. The results were in line with the firm's expectations, accounting for 25% of its full-year forecast. With the exception of the Kamoa-Kakula project, which remains affected, production of major metals aligned with guidance.

The report noted that although the dividend increase was modest, it is viewed as a positive signal, especially considering the company's ongoing active expansion. A robust cash flow position provides a foundation for both growth and shareholder returns.