It's the season for quarterly reports, which give analysts plenty to look at when valuing shares.
Macquarie has released a bunch of reports this week, and I've selected three of their reports that look at mining stocks they think are undervalued.
Let's see which companies they like.
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Capstone Copper Corp (ASX: CSC)
Capstone this week said in its quarterly report that it had recorded its sixth consecutive quarter of record EBITDA generation, "driven by solid operations and all-time high copper prices".
The company's total consolidated copper production came in at 47,690 tonnes, at a cost of US$2.66 per pound, compared with 53,796 tonnes at a cost of US$2.59 per pound in the first quarter last year.
The lower production was caused in part by a 35-day strike at the company's Mantoverde mine.
Capstone also reiterated its 2026 production guidance of 200,000 to 230,000 tonnes of copper at a cost of US$2.45 to US$2.75 per pound.
Macquarie said in its report on Capstone that it was a "good start to the year under the circumstances".
They did hint at cost issues coming down the line, however, with increased diesel costs having the potential to cut US$75 million from EBITDA, the Macquarie team said.
Macquarie has a $16.40 target price on Capstone shares compared with $11.71 currently.
Jupiter Mines Ltd (ASX: JMS)
In Jupiter's third-quarter report, the company said it had produced 849,772 tonnes of manganese and sold 839,989 tonnes, figures that Macquarie said were marginally higher than consensus estimates.
The company said it had been paying more for freight and diesel during the quarter due to the war in the Middle East, but "manganese prices increased sufficiently to compensate for these cost increases''.
The company booked a net profit of $21 million for the quarter, up from $14.6 million the previous quarter but lower than the $28.3 million achieved in the same period the previous year.
Macquarie said in its report that the recent rally in manganese prices sets the company up for a positive end to the year.
Macquarie has a price target of 33 cents on Jupiter shares compared with 26.5 cents currently.
Mineral Resources Ltd (ASX: MIN)
This company had a strong quarter, reporting a 92% increase in average lithium prices and upgrading its guidance across several areas.
The company is now expecting to ship more iron ore this year, increasing its guidance from 17.1 to 18.8 million tonnes to 17.7 to 19.4 million tonnes.
The company's mining services division also increased its guidance from 305 to 325 million tonnes to 320 to 330 million tonnes.
MinRes also increased its expected lithium production from 260,000 to 280,000 tonnes to 270,000 to 290,000 tonnes.
Macquarie said the company outperformed in terms of costs at its iron ore operations and with regard to lithium production and mining services production.
Macquarie has a price target of $75 on MinRes shares compared with $66.88 currently.
