2026 Picks and Themes for Year 2 of the Metals Bull Market

Here's 11 companies (5 old, 6 new) I think are due for a big year. Runs the gamut from micro-cap to billion dollar, from pre-discovery to producer. Gold, silver, uranium, copper, tungsten, and more.

tl;dr:

Some Sunday morning coffee reading for you. I’ve built profile cards for 11 companies I’m shoulder-tapping for 2026 that match the themes I’m approaching the year with. I’ve tried to present a range of options for you, so hopefully there’s something that matches your risk profile. Paid subs - I have some high-confidence trade opportunities I will be writing up soon above and beyond these ideas. Watch for those soon.

And watch for my 2025 returns and reflection piece this coming week.

Tickers mentioned:

$ACM, $CTGO, $COSA, $FDR, $LUNR, $NXE, $OKLA, $ROCK, $TAU, $TOC, $VROY

Alright, there’s no shortage of both plays and ways to play this game, so I am going to break down my approach to 2026 into a few different themes. But above and beyond all else, so long as the market stays standing, I believe this metals bull run is still mid-stride. So stay focused, stay disciplined, and keep taking advantage of being in this sector at such a time.

Here are the themes I am focusing on this year:

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1. It’s Still Going

This party is still mid-stride. Derisk along the way, but if you already got a winner, don’t outsmart yourself - catalyst-rich stories in the middle of a good run might consolidate, but if spot prices stay high (and they certainly look like they will) they will eventually keep running. Valuations still lag spot prices, but the longer spot prices stay here, the more those valuations are going to get dragged upward and outward.

2. Producers Can Still Run

Same concept as #1, but a specific application of it. Producers keep stacking money at unprecedented rates. And I believe each successive round of quarterly financial updates is going to juice it from here. When we talk about valuations lag, cash on hand is surely the sharpest tool out there to resolve it. After years in the wilderness, these tickers are not yet overvalued. Looking at you Contango.

3. Target Takeout Targets

Eventually, all this cash that precious metals producers find themselves piling up is going to get turned into M&A. In general, have positions in cream-of-the-crop projects anyway, but exceptional single-asset royalty plays such as Vizsla Royalty (VROY) are practically tailor-made for M&A. If you’re looking for reward without nearly the typical attendant risk, here is your spot.

4. Metals Are Political

The resource wars have begun. Nationalist supply chains are being entrenched and enforced. It’s a grim and discouraging geopolitical trend, but it is nevertheless the reality. For western investors, the American government is increasingly making resource nationalism a priority in very serious ways. Permitting, funding, grants, even investing. And others (Canada, the EU) are now following. Listen to what these leaders are saying about metals and jurisdictions and work from there.

5. Critical Metals

Again, a continuation of the previous theme - Critical metals are only going to increase in prominence. Tungsten. Antimony. Nickel. Copper. Uranium. Silver. And yes, gold. Economic military metals projects - or economic precious metals projects with a sufficient critical metal kicker (wolframite tungsten or gold-antimony, say, deposits are a focus). Geopolitical tensions certainly aren’t relaxing. These trends move with increasing inertia.

6. Political Connections Trumps All

Washington DC has become nakedly pay to play. So identify guys like John Paulson, a massive shareholder in major winners Perpetua Resources, Trilogy Metals, NovaGold, and more (all have been front-of-the-line recipients of USA federal permits, grants, critical project designation, or investment) and note their other holdings. Or maybe you prefer Secretary of Energy Chris Wright’s energy companies he left the boards of to become Secretary of Energy? Either way, understand the insider connections.

Alright, there’s my themes. As for specific companies, take a look below. Yes, some are already companies I work with. But then, that’s kinda the point. If I didn’t think they had the potential for strong returns I wouldn’t work with them.

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Company Picks for 2026

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Here’s some company profile cards I’ve built to give brief overviews for you. More detail to come in specific instances.

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1. Allied Critical Metals, ACM.CN (Current Pick)

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2. Contango Ore, CTGO.NYSE (Current Pick)

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3. Cosa Resources, COSA.V (Current Pick)

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4. Founders Metals, FDR.V (Current Pick)

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5. Lundin Royalties, LUNR.V (New Pick)

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6. NexGen Energy, NXE.TO (New Pick)

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7. Oklo, OKLO.NYSE (New Pick)

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8. Thesis Gold, TAU.V (Current Pick)

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9. Tocvan Ventures, TOC.CN (Current Pick)

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10. Trident Resources, ROCK.V (New Pick)

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11. Vizsla Royalties, VROY.V (New Pick*)

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*VROY is officially my newest client. So full disclosure on that front.

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Conclusion

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Alright. Some of these picks I will expand on later as I am still completing due diligence or am waiting to speak to management, or I think upcoming catalysts or pricing variability can produce a stronger opportunity.

And a final tip - if you are bullish on a commodity but uncertain about specific tickers, don’t be afraid to buy long-dated call options on the underlying commodity. Premiums are high these days, but still a worthy strategy. I’ll say my silver call from this summer certainly helped make up for the fact I didn’t have a primary-silver play in my portfolio. Leveraged exposure to uranium spot price is on my list this year as well, for example.

As for derisking - don’t get greedy. I derisked a good tranche in December and will be taking another good chunk off when GDXJ hits its ATH of 175 or so. I actually believe it will go ripping past that in short enough order, but for me that’s a natural, semi-arbitrary price point to book some wins. Rarely does holding forever work out in this sector, so be aware. As the saying goes - bulls and bears make money, but pigs get slaughtered.

But for now, I’ll call it here. Like I said above, look for my 2025 year in review this week, as well as my ACM site visit content.

And if you’ve got ideas you want to share, by all means please reach out to me.

Good luck out there. Now let’s all go make our bag.

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