BofA Securities’ North American mining analyst Lawson Winder is extremely bullish on Teck Resources Ltd. and Cameco Corp.,
" We set-out our top expected themes in North American Metals and Mining for 2022. Buy rated Teck Resources (TECK) is our 2022 top pick given transformational copper growth and estimate upside from met coal mark-to-marking. Versus copper miners TECK is at 50%+ EV/EBITDA and P/NAV discounts that should narrow. Our PO is $47 (C$59), +45%... BofA is bullish uranium, aluminum, nickel, silver and gold and neutral/cautious met coal, NdPr (rare earths), copper and zinc. Of note are uranium and silver where spot prices are well below BofA’s 2022E. Get exposure via Cameco (CCJ) and Pan American Silver (PAAS). Consensus is too bearish met coal in our view. Teck Resources (TECK) should benefit. We are cautious copper on growing supply in H2′22, but low inventories risk price squeezes…Strong financials = capital return for some: Free cash flow (FCF) for our coverage is forecast to rise 69% to $12.3bn in 2022E while 2021E year-end total net debt is just $12.7bn with net leverage of 0.53x. Expect nice capital returns from some (TECK, FCX).”