North American Metals & Mining: BofA Global MM&S Conference, Day 2: precious metals + rare earths, tungsten

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North American Metals & Mining: BofA Global MM&S Conference, Day 2: precious metals + rare earths, tungsten

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North American Metals & Mining

BofA Global MM&S Conference, Day 2:

precious metals + rare earths, tungsten

Industry Overview

Large cap precious metal equities take center stage 14 May 2026

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

May 12-13. It was across two+ days, with well over 200 investors and nearly 100 North America

corporates, most represented by CEOs. Our theme for this year: "Deglobalization, Metals and Mining

Stockpiling & the Riase of Hard Assets" captures what we think is the collective mood of

Lawson Winder, CFA >>

the broader mining sector. Day 2 (May 13) focused on precious metal companies, Research Analyst

including gold and silver panels; and also featured rare earths and tungsten panels. Merrill Lynch (Canada) +1 416 369 7592

Companies that presented from our North American Metals and Mining coverage were: lawson.winder@bofa.com

NEM, AEM, AU, FNV, AA, WPM, KGC, AGI, MP, and ALM (in order of presentation). Key Sathish Kasinathan

themes and company "one-liners" are below. Detailed company highlights are inside. ResearchBofAS Analyst

+1 646 855 2769

Key precious metal themes: sathish.kasinathan@bofa.com

1) Conviction in the sustainability of strong metal prices: particularly for the precious AdamResearchSmiarowski,Analyst CFA >>

metals. 2) Precious metals producers leading other subsectors on capital return: with the Merrill Lynch (Canada)

+1 416 369 7780

ability to also invest in growth. 3) Energy and other cost pressures manageable this year: adam.smiarowski@bofa.com

with confidence in 2026 cost guidance. 4) Broadly disciplined view on M&A. Brownfield