Mining Stocks to Buy in February 2026: Identifying Value in Copper and Lithium Producers

As February unfolds, investors seeking exposure to mining stocks to buy face an interesting opportunity. Commodity-linked equities can appear volatile and unpredictable, yet periods of market uncertainty often reveal compelling valuations. Based on current trading levels and forward-looking fundamentals, two major mining stocks—Freeport-McMoRan and Albemarle—present asymmetric risk-reward profiles worth considering for value-oriented investors.

The core investment thesis hinges on a simple premise: both companies appear undervalued relative to their earnings potential if current commodity prices persist. Understanding why requires examining the operational and financial tailwinds driving each business.

Freeport-McMoRan: Unlocking Copper Upside

Freeport-McMoRan presents a particularly attractive case study for mining stocks to buy at current levels. The company’s copper-focused operations offer multiple avenues for earnings growth that aren’t fully reflected in today’s valuation.

Start with the headline valuation metric. The company regularly provides EBITDA (earnings before interest, taxes, depreciation, and amortization) sensitivity to different copper price scenarios. Management’s 2027-2028 guidance projects $11 billion in EBITDA at $4 per pound copper and $19 billion at $6 per pound. With copper currently trading in the mid-$5 range per pound, a reasonable interpolation suggests approximately $17.6 billion in normalized EBITDA within two years. Against Freeport’s current enterprise value of roughly $97 billion, this implies an EV/EBITDA multiple around 5.5 times—historically favorable territory for a commodity producer.

Beyond valuation multiples, operational momentum reinforces the investment case. The company is expanding Indonesian production capacity, an initiative accelerated following operational challenges in the prior year. This geographic diversification and production increase should drive volume growth independent of price appreciation.

Perhaps most intriguingly, Freeport’s leaching initiative—a lower-cost copper recovery process from existing stockpiles—continues gaining traction. Current guidance builds in 250-300 million pounds of production for 2026, yet management hasn’t incorporated the 400 million pounds expected in 2027 or the projected ramp to 800 million pounds by 2030. This hidden copper supply represents genuine upside to consensus estimates if execution proceeds as planned. Mining stocks to buy often overlook such operational optionality.

Albemarle: Lithium Recovery and Market Dynamics

Albemarle’s path to becoming one of the top mining stocks to buy follows a different narrative. The lithium producer suffered considerable setbacks as battery metal prices collapsed from their pandemic-era peaks, resulting in reported losses through 2024 and into 2025. However, management executed a strategic pivot, divesting non-core assets and cutting costs aggressively.

The recovery case now centers on lithium market fundamentals stabilizing at higher-than-trough levels. In January, lithium carbonate equivalent pricing averaged $20 per kilogram. If this pricing persists through 2026, Albemarle’s management guidance suggests EBITDA generation could reach $2.4-$2.6 billion annually. Applied to the company’s current enterprise value of approximately $23.5 billion, this yields an EV/EBITDA multiple near 9.4 for 2026—still representing reasonable compensation for exposure to lithium cycle recovery.

Several factors support the durability of this pricing environment. The previous lithium supply glut appears to have cleared as weaker producers exited the market. Simultaneously, global electric vehicle investment continues accelerating, while a newer demand source—battery energy storage systems (BESS)—is growing rapidly as grid modernization becomes a priority worldwide. This multi-pronged demand framework suggests lithium pricing could remain elevated, supporting Albemarle’s earnings trajectory throughout 2026 and beyond.

Evaluating Mining Stocks to Buy: Framework and Risk Considerations

When building a portfolio position in mining stocks to buy, several principles merit attention. First, both investment theses depend substantially on commodity prices holding near current levels or trending higher. A material reversal in copper or lithium pricing would undermine the valuation case for both companies. Investors should size positions accordingly and assess their risk tolerance for commodity exposure.

Second, while the financial multiples appear attractive, traditional mining investments carry execution risks around production ramp-ups, cost management, and operational challenges. Past performance in the industry doesn’t guarantee future results, particularly during commodity downturns.

Third, consider these holdings as components of a diversified portfolio rather than concentrated bets. Mining stocks to buy typically fit best alongside other equity exposure, particularly in portfolios where commodity diversification strengthens overall resilience.

The February opportunity in mining stocks reflects a convergence of reasonable valuations, forward earnings visibility, and operational momentum. Whether this window persists depends on macroeconomic conditions, geopolitical factors, and commodity supply-demand dynamics beyond any single company’s control. Investors comfortable with these variables may find both Freeport-McMoRan and Albemarle worthy of evaluation within their broader allocation frameworks.