CLSA starts Atlas Mining coverage, sets bullish P46 target price

Insider Spotlight

• CLSA believes Atlas is entering a multi-year growth cycle, forecasting output to double over the next three years as mine expansion unlocks higher production.
• The brokerage set a P46 target price and expects Atlas to return to profitability in 2026 before delivering stronger earnings through 2028.
• Atlas has become one of the PSE’s standout mining stocks, with shares up about 150 percent this year and more than 300 percent over the past 12 months, fueled by optimism over copper demand and production growth.

Are Atlas Mining’s best days still buried beneath the surface?

Brokerage CLSA thinks so, as it initiated coverage of Atlas Mining Corp. with an “outperform” rating, saying the country’s largest listed copper producer is poised for years of growth that the market has yet to fully recognize.

CLSA set a target price of P46, implying an upside of about 238 percent from Tuesday’s closing price the day before the report was released.

Atlas operates the Toledo copper mine in Cebu through subsidiary Carmen Copper Corp., producing copper and gold for domestic and export markets.

The report was penned by analyst Amos Ong of CLSA, which is well known among investors for its deep coverage of the mining sector.

Other miners monitored by CLSA include Philex Mining, Apex Mining Co., OceanaGold Philippines and Nickel Asia Corp.

Frederic C. DyBuncio

SM CEO, Atlas Mining executive committee chair

Output set to double

“With its three-year stripping and pit widening plan on track for completion by [third quarter of 2026], we anticipate AT to double its output over the next three years. We believe AT is well-positioned to benefit from a sustained long-term copper price rally, with its total reserves sufficient for 26 more years,” CLSA said in the Aug. 5, 2026 report. 

The brokerage noted that 86 percent of Atlas’ revenue comes from copper, giving investors one of the purest listed ways to benefit from the metal’s long-term demand.

CLSA also expects the increase in production to return Atlas to profitability in 2026 and drive strong earnings growth through 2028 as the mine gains access to higher-grade ore.

New market darling

The report comes as Atlas has emerged as one of the market’s newest mining favorites.

The stock has gained about 10 percent since CLSA published its report, extending a rally that has seen shares soar roughly 150 percent since the start of 2026 and more than 300 percent over the past 12 months.

The Sy family conglomerate SM Investments Corp. owns 34.1 percent of Atlas while the Ramos family’s Anglo Philippines Holdings owns 28.6 percent.

SM president and CEO Frederic C. DyBuncio, who's also chair of the executive committee of Atlas Mining, said last March they were exploring the sale of their Atlas stake.