Miners have had a rough stretch, but that’s exactly why materials stocks deserve another look. When commodity names sell off, the market often treats the whole group as one trade. In 2026, that disconnect looks especially interesting for investors willing to look past the mood swing and focus on what the companies are actually doing.
Source: Getty Images
IVN
Ivanhoe Mines (TSX:IVN) still offers one of the biggest copper growth stories on the TSX. The company owns interests in the Kamoa-Kakula copper complex, the Kipushi zinc mine, and the Platreef project in southern Africa. Over the last year, the big story has been execution. Ivanhoe met its 2025 production targets, kept the Kamoa-Kakula smelter ramp moving, and in early 2026 tied part of its Kipushi story to Washington’s Project Vault push for strategic minerals. That gives the stock a fresh catalyst beyond just copper prices.
The numbers were still solid, even if not spotless. Ivanhoe reported 2025 profit of $228 million and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $578 million. Kamoa-Kakula alone generated $3.3 billion in revenue and $1.5 billion in EBITDA, though margins came under pressure after disruptions earlier in the year. With the shares around $11 and the stock trading at roughly 42 times trailing earnings at writing, this is not a cheap miner. But it fits because investors are still paying for future growth, with lower 2026 and 2027 cost guidance at Kamoa-Kakula and the Platreef expansion work still ahead. The risk is simple, however. When a growth miner misses a step, the stock can get hit fast.
LUN
Lundin Mining (TSX:LUN) looks relevant now because it gives investors a broader, more established way to play copper after a pullback. Lundin stock operates across Chile, Brazil, and elsewhere, and the company spent the last year tightening its grip on future growth through the Vicuña district with BHP. That project keeps getting larger and more strategic, with a February 2026 technical study underscoring its scale, plus a report recently suggesting 2026 investment could roughly double to about $800 million. In other words, this is a miner building its next chapter.
Lundin stock’s 2025 results backed up the case. It delivered record full-year revenue of $4.5 billion, adjusted EBITDA of $2 billion, and net earnings attributable to shareholders of $1.3 billion. Fourth-quarter revenue reached $1.4 billion. With Lundin stock around $30 at writing and a market cap of about $25.7 billion, it trades at roughly 18 times earnings. That is not bargain-bin cheap, but it looks reasonable for a miner with real scale, net cash, and copper exposure at a time when the metal still matters to everything from grids to data centres. The catch is that big project spending can test patience, especially if copper prices cool.
TXG
Torex Gold (TSX:TXG) is a little different, and that is part of the appeal. Gold miners often get lumped into the same materials sell-off, yet Torex spent the last year transforming its business with Media Luna. The company declared commercial production there in May 2025, then entered 2026 guiding for a meaningful production step-up as the asset ramps up. It also kept drilling around the Media Luna cluster, giving investors another reason to think beyond the next quarter.
The earnings case looks strong. Torex reported 2025 net income of $403.4 million, record adjusted EBITDA of $730.3 million, and positive free cash flow of $107.3 million. For 2026, it guided for 420,000 to 470,000 gold equivalent ounces, up from 2025 levels as Media Luna settles in. With the stock around $54, a market cap near $5.2 billion, and a trailing price-to-earnings (P/E) around 8.8, Torex looks cheaper than the other two on earnings. That makes it a solid second-look stock, though investors still need to respect execution risk and the reality that gold names can swing hard with sentiment.
Bottom line
A sell-off does not always mean trouble. Sometimes it just hands investors a chance to revisit good businesses at better prices. Ivanhoe still brings big copper ambition, Lundin stock offers scale and long-run project depth, and Torex mixes strong profits with a cheaper valuation. None are risk-free, but all three look like materials stocks worth a second look before the market mood changes again.
