What you need to know: • 2025 marked a decisive breakout for metals, with silver and gold delivering roughly 9x and 4x the YTD return compared to the S&P 500, capped by December highs that saw gold hit a new all-time high. • Mining equities extended their strength in December, with the GDX (+3.1%), GDXJ (+4.1%), SILJ (+7.5%), and COPX (+11.5%) outperforming broader indices (S&P 500 -0.1%, TSX +1.1%). • The macro backdrop remains supportive, with markets pricing in aggressive U.S. rate cuts, a ~9% weaker USD YTD, and cooling U.S. and Canadian inflation boosting real asset demand. The mining sector wrapped up 2025 with a strong December finish, capping a banner year amid escalating geopolitical tensions, shifting monetary policy expectations, and a global pivot toward real asset protection. Precious metals clearly led the trade, with silver and gold delivering roughly 9x and 4x the YTD return of the S&P 500, respectively, and the combined market capitalization of gold and silver expanded by ~$16T. Gold closed the year at $4,324/oz (vs. $2,633/oz at the start of the year), silver at $70/oz (vs. $29/oz), and copper at $5.70/lb (vs. $3.99/lb), highlighting just how dominant real assets were in 2025. December’s rally was particularly dramatic, amplified by thin year-end liquidity that turned incremental flows into outsized price moves. Silver peaked at $82/oz, extending an eight-month winning streak not seen since 1980, while gold followed closely, reaching $4,580/oz in late December for a fresh all-time high. Platinum also broke out to $2,056/oz, up 128% on the year, amid tightening supply dynamics. These moves reflected more than a typical metals rally, signalling a broad market vote in favour of precious metals as core portfolio hedges in an environment defined by uncertainty and easing financial conditions. The macro backdrop continues to reinforce this trend. Markets are increasingly pricing in aggressive U.S. rate cuts in 2026, pushing investors toward non-yielding assets, while the U.S. dollar weakened ~9% YTD, its worst performance since 2017. With supply constraints, geopolitical risk, and policy tailwinds firmly in place, the setup for metals heading into 2026 remains highly constructive, reinforcing our view that this cycle has further room to run.