{
  "report_rows": [
    {
      "kpi": "Copper Sales Volume (Q2 2026)",
      "prediction": "BEAT",
      "answer": "pred ~700 Mlbs vs. cons 691 Mlbs",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Unit Net Cash Cost (Q2 2026)",
      "prediction": "BEAT",
      "answer": "pred ~$2.05/lb vs. cons $2.09/lb",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Adj. EPS Diluted Operating (Q2 2026)",
      "prediction": "BEAT",
      "answer": "pred ~$0.62 vs. cons $0.585",
      "confidence": "HIGH"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY 2026 Copper Vol Mlbs (FY 2026)",
      "prediction": "UNCHANGED",
      "answer": "guide ~3,100 vs. cons 3,093",
      "confidence": "HIGH"
    },
    {
      "kpi": "FY 2026 Unit Net Cash Cost $/lb (FY 2026)",
      "prediction": "UNCHANGED",
      "answer": "guide ~$1.95 vs. cons $1.92",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Grasberg ramp qualitative (FY 2026)",
      "prediction": "UNCHANGED",
      "answer": "reaffirm end-2027 full capacity; Q2 tpd data point provided",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Leach initiative qualitative (FY 2026-2027)",
      "prediction": "BETTER",
      "answer": "positive additive+heat combination update vs. no prior quantified consensus",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": -2.0,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -3.5,
  "day5_path": "FADE",
  "day5_rationale": "FADE \u2014 Archetype B historically fades; no true raise to drive estimate upgrades; elevated +11.4% pre-print excess run already consumed the beat; sell-side models off FY copper vol guide which is unchanged at 3,100 Mlbs",
  "day5_confidence": "MEDIUM"
}