North American Metals & Mining: BofA Global MM&S Conference, Day 1: security of supply elevating demand

Research evidence excerpt

North American Metals & Mining: BofA Global MM&S Conference, Day 1: security of supply elevating demand

Accessible version

North American Metals & Mining

BofA Global MM&S Conference, Day 1:

security of supply elevating demand

Industry Overview

Day 1 focus on base metals, steel & uranium 13 May 2026

We are hosting our 43rd annual Global Metals, Mining & Steel (MM&S) Conference in Equity

Miami, Florida. Across 2+ days, well over 200 investors and about 96 corporates, most North America

represented by CEOs are in attendance. Our theme for this year: "Deglobalization, Metals and Mining

stockpiling and the rise of hard assets" captures what we think is the collective Lawson Winder, CFA >>

mood of the broader mining sector. Day 1 (May 12th) featured presentations from base Research Analyst

metal and steel companies in our North American coverage, including: FCX, FM, Merrill+1 416Lynch369 7592(Canada)

STLD, HBM, IVN, CMC, LUN (in the order of presentation). It also featured a keynote lawson.winder@bofa.com

speech from the US International Development Finance Corporation (DFC) and a Nuclear Sathish Kasinathan

Fuel Panel Discussion with a wide range of industry participants. Key themes and ResearchBofAS Analyst

company "one-liners" are below. Detailed highlights inside. +1 646 855 2769

sathish.kasinathan@bofa.com

Key themes point to strengthening metals demand AdamResearchSmiarowski,Analyst CFA >>

Middle East conflict cost pressures are manageable for this year, but potential Merrill Lynch (Canada)

+1 416 369 7780

demand impacts are a concern. Regionalization of Trade driving near and reshoring. adam.smiarowski@bofa.com

Just in time to just in case accelerating global demand. Balanced capital allocation:

Grow production + grow capital returns, given strong metal prices.