Outlook 2026: Miners in the spotlight – Are we at the start of a multi-year upcycle for commodities? | Baker Steel Capital Managers

1. Macro Themes Driving the Sector

The report identifies three core pillars supporting the mining industry's growth:

• The New Industrial Revolution: Rapid expansion in AI, electrification, and clean energy storage is creating a "demand boom" for critical minerals.

• Geopolitics & Industrial Strategy: Governments have shifted from viewing metals as mere commodities to treating them as strategic inputs essential for national security and defense.

• Macroeconomic Shifts: Persistent inflation and fiscal dominance are driving investors toward real assets, particularly precious metals.

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2. Precious Metals: The "Next Phase" of the Bull Market

Precious metals were standout performers in 2025, and the report expects this momentum to continue as miners enter a period of high profitability.