Critical & Precious Minerals.
Income and growth options.
Power demand from data centres and electrification, sticky inflation, and official-sector gold buying. Selected producers still trade on undemanding multiples. Two ways to express the view: fixed coupons or leveraged index exposure.
Steady coupons while the note is on foot
Capital is at risk at maturity. Coupons are fixed and paid quarterly. Wholesale investors only. Indicative terms, October 2026.
60% barrier observed at maturity only. If any stock finishes below 60% of start, capital loss equals the worst performer’s fall. Issuer credit risk applies. Autocall possible from month 6. Rates indicative and subject to confirmation.
Critical Minerals index exposure
Leveraged participation in the REMX critical minerals index with a defined outlay and capped downside. Sophisticated & wholesale (s708) investors only.
$24,000
$100,000 exposure
4.16× participation*
Limited to outlay*
2 years
REMX index
REMX has already fallen substantially from its peak. The structural demand case (power, storage, magnets, energy security) has not disappeared. This structure holds the position so you do not have to.
*Read the PDF for full terms. No margin calls. Past performance is not a reliable indicator of future results.
Why the theme
Data-centre and electrification demand is colliding with slow grid expansion. Capacity is already tight. Costs are rising, and households are pushing back on the bill. That is creating sustained political pressure for developers to fund additional generation, storage and network capacity — a durable multi-year demand driver for lithium, uranium, magnet rare earths and related materials. Gold remains the separate sticky-inflation and reserve-diversification case. Selected established producers still trade on high-single to low-teens forward multiples, with strong balance sheets and solid margins at current prices.
See the full research note for valuation detail, company comparisons and sources. General information only. Consider your objectives, financial situation and needs.
More demand for minerals. More reasons to look at the miners.
AI needs electricity. Expanding that supply requires more generation, batteries and grid infrastructure—and the minerals to build them. Gold has a separate role, as investors and central banks seek to protect their wealth. We look at which lithium, gold and silver producers offer value, what could lift their earnings, and the risks investors need to weigh.
The price matters as much as the story
A miner can rally and still offer value if sustainable earnings grow faster. The relevant question is what investors pay for future cash generation after operating costs, royalties, tax, sustaining capital and growth spending.
Selected miners trade around 8–10× forward earnings
Provider-defined forward P/E · snapshot checked 20 October 2026
Sources: Stock Analysis, latest displayed statistics. Forward horizons can differ. Consensus-based ratios, not earnings modelled at unchanged spot prices.
Power, batteries and magnets
AI is usually discussed in terms of chips and software. Its operation depends on electricity, grid connections and reliable supply. In its 2025 base case, the IEA projected global data-centre electricity consumption rising from 415 TWh in 2024 to approximately 945 TWh in 2030.
More than twice the electricity
Global data-centre electricity consumption · TWh
Source: IEA, Energy and AI (2025). Endpoint comparison; no interpolated annual path is implied.
Governments cannot comfortably promote AI expansion while asking voters to absorb its electricity costs. We expect growing pressure on developers to fund additional generation, storage and grid infrastructure.
This supports several investment channels. Batteries for storage and backup, nuclear for continuous low-carbon power, selected rare-earth magnets, and silver in solar and electrical applications. Gold sits in the separate sticky-inflation and reserve-diversification argument.