Big Global Miners: Day 2 Global Conference feedback: “Big Gold”, industrial metals, more panels!

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Big Global Miners: Day 2 Global Conference feedback: “Big Gold”, industrial metals, more panels!

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Big Global Miners

Day 2 Global Conference feedback: “Big

Gold”, industrial metals, more panels!

Industry Overview

Day 2: Big Gold & Industrial metals. Plus panels 14 May 2026

We are holding our 43rd Global Metals, Mining & Steel conference. 2.5 days, c. 100 Equity

companies, most represented by CEOs. Theme: “Deglobalization, Stockpiling & the Europe

Rise of Hard Assets”. Day 2 feedback = Big Gold, Industrial Metals companies, panels. Non-Ferrous-Aluminum & Light

MetalsPresentations from NEM, AEM, KGC, FNV, WPM, GFI, EDV and more. Key themes: 1)

Gold companies highly FCF generative = Growth + Returns. 2) Cost pressures: Present, Jason Fairclough >>

but not critical. Yet. 3) Government / Policy: Metals in focus. Links to other notes: Research Analyst

MLI (UK)

Conference Preview. Day 1 Big Miners key takeaways. +44 20 7995 0225

jason.fairclough@bofa.com

Some company “one-liners”. Lots more inside Lawson Winder, CFA >>

Research Analyst

HBM: Americas-focused copper production with material gold exposure. Merrill Lynch (Canada)

IVN: More conservative approach to copper growth. Caio Ribeiro >>

LUN: Built to deliver the world-class Vicuña copper district. Research Analyst

GGB: “Cheap” US steel exposure. Brazil steel trade protection a key focus. Merrill Lynch (Brazil)

FMG: Still driving mining decarb. Green spend in focus. Pivot to copper? MattyResearchZhaoAnalyst>>

CMC: Structural uplift driven by TAG and pre-cast business Merrill Lynch (Hong Kong)

NEM: World leader in gold offering substantial capital return. Kate McCutcheon >>

AEM: Big Gold with substantial volume growth and capital return ResearchMerrill LynchAnalyst(Australia)