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Surging metals prices and shifting geopolitical dynamics are setting the stage for another strong year for mining equities, according to Bank of America. After a broad rally across precious and industrial metals in 2025, the bank’s analysts expect momentum to carry into 2026 and have highlighted three mining companies as top picks.
The bullish call comes as Washington continues to push for domestic and allied supply of critical materials, while geopolitical tensions disrupt traditional trade flows. Bank of America analyst Lawson Winder argues that the same forces that powered metals and miners higher in 2025 are likely to remain in place: supportive industrial policy, heightened geopolitical risk, a weaker United States dollar, and persistent tariff pressures.
Winder is particularly constructive on large-cap miners. Within the sector, he sees the most compelling opportunities not only in precious metals, which remain his preferred subsector, but also among companies exposed to nuclear energy materials and copper, both of which he views as key beneficiaries of structural demand trends.
Below are the three mining stocks Bank of America is highlighting for 2026:
Agnico Eagle Mines, one of the world’s largest primary gold producers, is Bank of America’s top pick in the precious metals space. The firm cites the company’s deep project pipeline, robust reserve base, and the potential for additional discoveries as key reasons for its constructive view.
According to Winder, Agnico Eagle’s management team has a strong track record of meeting or exceeding its operational and financial targets, which he sees as a critical differentiator in a volatile commodity environment. Coupled with its scale and portfolio quality, that execution history underpins Bank of America’s conviction that the company is well positioned to benefit if gold prices remain elevated or move higher in 2026.
In the uranium segment, Bank of America favors Cameco Corporation, viewing it as the premier way to gain exposure to the rapidly expanding nuclear power market. Despite strong recent share price gains, the bank argues that Cameco’s valuation still does not fully reflect its leverage to tightening uranium fundamentals.
Winder highlights the company’s diversified position across the nuclear and fuel supply chain as a major source of untapped value, noting that this integrated model provides both growth optionality and a measure of resilience across cycles. He also expects uranium prices to strengthen meaningfully in the second half of 2026, which, in his view, makes current levels an attractive entry point for long‑term investors looking for exposure to nuclear energy’s resurgence.
Freeport‑McMoRan is Bank of America’s preferred play on copper, a metal the bank sees as a prime beneficiary of secular demand growth. The rapid buildout of artificial intelligence infrastructure—along with data centers, electrification, and grid upgrades—is driving a sharp increase in copper consumption, and Winder believes Freeport is one of the best‑positioned producers to capture that upside.
Bank of America views the current valuation of Freeport‑McMoRan shares as an appealing entry point for investors who want targeted exposure to a potential copper price upcycle. In addition to its copper portfolio, the company also offers indirect exposure to gold mining, providing an extra layer of diversification within a single name.
Winder underscores that one constant over the past four years has been the steady escalation of geopolitical tensions, a trend he expects not only to persist but potentially to intensify in 2026. In his view, this backdrop is likely to translate into further export controls, import restrictions, and new or higher tariffs on strategic materials, all of which could support higher metals prices and enhance the strategic value of key producers.
Against that setting, Bank of America maintains a broadly positive outlook on the metals and mining sector. With policy support favoring secure supply chains and critical materials, and with structural demand emerging from energy transition, nuclear power, and AI‑driven infrastructure, the bank believes that leading miners such as Agnico Eagle Mines, Cameco, and Freeport‑McMoRan are well placed to continue benefiting from the powerful tailwinds reshaping the global commodities landscape.
