Macro headwinds for key metals, recovery to take time: cutting earnings and POs

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Macro headwinds for key metals, recovery to take time: cutting earnings and POs

despite 2026E forecast reductions. We add Pan American Silver (PAAS) as a top Exhibit 1: POs (mostly) lower; ratings

precious metals pick for underpriced silver growth, rising capital returns, dormant-asset

maintained

upside potential, and +56% potential upside to our PO. N.A. M&M coverage POs update

Uranium remains structurally tight; CCJ is our top pick Ticker Rating Share PO

We stay constructive on uranium with spot still 23% below our 2026E average forecast, BofA Price (Old) (New)

reflecting contracting frictions, supply discipline and utility restocking upside. Cameco AEM BUY Precious$150.33Metals $302.00 $240.00

(CCJ) remains our top uranium pick for 2026 given leverage to higher realized prices and AGI BUY $30.52 $50.00 $39.00

balance sheet strength, with ~48% upside potential to our PO. CCJ also benefits from the AUGOB BUYBUY $63.37$36.86 $122.00$58.00 $94.00$56.00

build-out of new nuclear in the U.S. via its 49% stake in Westinghouse Electric Company. YBTO U/P $5.58 $6.85 $5.75

EGO U/P $32.02 $31.00 $33.00

FNV NEUT $209.60 $276.00 $238.00Downside risk to U.S. HRC prices from here; be selective

IAG BUY $15.88 $22.50 $21.00

With U.S. hot rolled coil (HRC) up 24% year-to-date to nearly $1,150 per short ton (/st), KGC BUY $23.88 $46.00 $32.75

the debate centers on its sustainability given potentially increased domestic production NEM BUY $95.06 $157.00 $132.00

PAAS BUY $44.16 $77.00 $69.00

(restart of Gary Works #14 blast furnace post reline) and widening import arbitrage. We RGLD U/P $196.61 $246.00 $209.00

remain selective, favoring Buy-rated NUE for its diversified product portfolio, and Buy- SSRM BUY $29.91 $41.00 $40.00

TFPM BUY $29.18 $39.00 $37.00