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BMI Research presents an optimistic, yet measured, forecast for the metals sector in 2026, predicting that most raw materials and metallic elements will command higher average prices compared to 2025. This positive projection is underpinned by several key factors: a tightening of global supply, a surge in demand from industries dedicated to achieving net-zero emissions, and an overall stabilization of the world economy.

A crucial element in this positive outlook is the expected decrease in tariff-related uncertainties, which BMI believes reached their peak in mid-2025 and will largely diminish throughout 2026. The reduction of cross-border trade risks is anticipated to foster increased investment, streamline supply chain planning, and enable producers to operate with greater cost predictability. However, the report singles out copper as a potential area of concern, noting that a U.S. Commerce Department update due by June 2026 will dictate whether new duties are imposed starting in 2027. Furthermore, the trend of mergers and acquisitions in the mining sector is expected to persist, driven by the intense competition to secure essential minerals for clean energy technologies.

Despite these favorable trends, BMI acknowledges several mitigating factors that could temper the market's upside. The stabilization of the U.S. dollar index within a specific range is expected to cap gains for metals. For gold, an early 2026 surge is predicted to recede, with prices falling below $4,000 per ounce as global monetary easing loses momentum. Additionally, the slowdown in China's real GDP growth, projected from 5% in 2025 to 4.5% in 2026, coupled with ongoing weakness in its property market, is expected to restrain the growth of industrial metals prices. Nevertheless, consistent policy support from China is likely to provide a counterbalance, boosting demand for key industrial metals such as copper, aluminum, lithium, and nickel.

The trajectory of the metals market in the coming year reflects a delicate balance between global economic resilience and specific sector challenges. The anticipated easing of trade tensions and the growing demand from green energy initiatives paint a hopeful picture for mineral prices. However, investors and industry participants must remain cognizant of currency fluctuations and the economic shifts in major markets like China. Navigating these complexities with strategic insight will be paramount for capitalizing on the opportunities presented while mitigating potential risks.

Uranium Energy Corp. (UEC) recently saw its stock price climb substantially, a move detailed in the third-quarter 2025 investor letter from Voya MI Dynamic Small Cap Fund. This actively managed US Small Cap core equity strategy fund noted UEC's strong contribution to its performance, particularly after news broke about the expedited development of the Sweetwater Uranium Complex. This acceleration is reportedly a direct result of a presidential executive order designed to increase domestic mineral output, signaling a bullish outlook for the company in the energy sector.

The investment management firm, Voya Investment Management, specifically highlighted Uranium Energy Corp. in its investor correspondence for the third quarter of 2025. UEC, known for its involvement in the exploration and processing of uranium and titanium concentrates, demonstrated impressive financial gains. Over the span of a single month, its shares recorded a 10.08% return, and an even more remarkable 68.31% increase over the preceding 52 weeks. As of December 8, 2025, UEC's stock concluded trading at $13.65 per share, commanding a market capitalization of $6.596 billion.

According to the Voya MI Dynamic Small Cap Fund's letter, UEC was among the top individual contributors to its portfolio's performance, alongside companies like Primoris Services Corp. and Cleveland-Cliffs Inc. The fund's decision to maintain an overweight position in Uranium Energy Corp. was a strategic move to balance risk exposures, which ultimately paid off. The primary catalyst for the stock's ascent during the quarter was the announcement that the Sweetwater Uranium Complex would benefit from accelerated timelines, driven by the broader governmental push to enhance mineral production.

The positive developments surrounding Uranium Energy Corp. underscore the evolving landscape of the energy market and the potential impact of government policies on key industries. The company's recent stock performance reflects a growing interest in its uranium and titanium concentrate operations, particularly as global demand for these resources continues to fluctuate. Investors are clearly reacting to the promising outlook for UEC, fueled by both internal project advancements and external regulatory support.

This surge in UEC's stock price, propelled by the Sweetwater Uranium Complex update and a broader executive mandate to bolster mineral production, highlights the company's strong position within the dynamic energy market. The Voya MI Dynamic Small Cap Fund's endorsement further solidifies investor confidence in UEC's future trajectory and its capacity for sustained growth in the coming years.