North America Metals & Mining: A Sky Full of Stars; Initiating on the Metals and Mining Sector

Research evidence excerpt

North America Metals & Mining: A Sky Full of Stars; Initiating on the Metals and Mining Sector

Equity Research

21 May 2026

North America Metals & Mining

A Sky Full of Stars; Initiating on the

SIGNATURE

Metals and Mining Sector

The metals and mining sector is seeing renewed growth, North America Metals & Mining

driven by significant investments in transformative POSITIVE from Not Rated

technologies, as well as increased trade barriers. We see North America Metals & Mining

Richard Garchitorenacopper, rare earths, and uranium as key beneficiaries.

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richard.garchitorena@barclays.com

Our call: We initiate coverage of the North America Metals and Mining sector, encompassing 14 BCI, US

stocks across base metals, precious metals, steel, uranium, and rare earths, with a Positive view.

Liqi Peng

Unlike prior commodity investment cycles, which were largely driven by “old economy”

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infrastructure build, with the advent of AI, robotics, and the continued progression towards an liqi.peng@barclays.com

"electrified" economy, we see “new economy” markets driving incremental growth through the BCI, US

end of the decade, with supply unlikely to keep pace. Copper, rare earths, and uranium are key

beneficiaries. Our preferred stock ideas include Freeport McMoRan (FCX), Steel Dynamics

(STLD), and MP Materials.

Key sector themes: Two key themes are driving commodity prices and the future direction of

the metals and mining sector: 1) the rise of transformative technologies (AI infrastructure,

robotics, electrification), and 2) the rise of resource nationalism (governments asserting control

over steel, uranium, and rare earths).

Key Highlights

• Copper: We are constructive on copper, as we expect demand to outpace supply through the