10 Best Materials Stocks to Invest in According to Wall Street Analysts

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4. Nouveau Monde Graphite Inc. (NYSE:NMG)

Analyst Upside Potential: 225.06%

Québec granted Nouveau Monde Graphite Inc. (NYSE:NMG) the right to mine its Matawinie deposit on November 2. Construction was already underway at the graphite project. By the end of June, Nouveau Monde had incurred C$33million in project costs and committed C$167 million. It ended June with C$461 million in cash after completing the mine’s equity financing package and used C$20.8 million in operating cash in the first half.

The other project, Bécancour, would process graphite into battery material. Management estimated C$374 million in capital costs for a plant with 13,000 tonnes of annual capacity and targeted an investment decision in the second half of 2026. The plant could give Nouveau Monde a second product to sell alongside mine output.

Our earlier 11 Most Promising EV Battery Stocks According to Analysts examined Nouveau Monde’s plans to supply graphite to battery makers.

3. NioCorp Developments Ltd. (NASDAQ:NB)

Analyst Upside Potential: 244.11%

NioCorp Developments Ltd. (NASDAQ:NB) has secured a buyer for half the planned ferroniobium output at its Elk Creek project in Nebraska. The binding October agreement covers 15 years on a take-or-pay basis. Deliveries depend on financing, construction and the start of commercial production. The U.S. Export-Import Bank separately reiterated a target to finance about 65% of the estimated $1.85 billion in upfront capital costs, subject to due diligence. NioCorp still needs to secure financing before it can turn its sales agreement into deliveries.

The company reported $3.7 million of net income attributable to shareholders in preliminary, unaudited September-quarter figures, compared with a $42.7 million loss a year earlier. About $8.5 million in noncash gains on earnout shares and warrants helped drive the result. NioCorp used $6.1 million in operations and $5.9 million in investing, mostly for mine portal work, and finished September with $405.1 million in cash. Our 10 Best Metal Stocks to Buy Right Now covered the portal’s original approval and how it would provide access to the deposit.

2. USA Rare Earth, Inc. (NASDAQ:USAR)

Analyst Upside Potential: 319.86%

USA Rare Earth, Inc. (NASDAQ:USAR)’s June-quarter sales came entirely from Less Common Metals, which makes rare-earth metals and alloys. The business contributed $5.8 million in revenue. USA Rare Earth recorded a $1.6 million consolidated gross loss and a $46.3 million operating loss, up from $8.8 million a year earlier. Operating cash use rose to $56.9 million from $7.9 million, and the company held $1.53 billion in cash and equivalents at June 30.

The Serra Verde acquisition closed in September, adding a producing mine and processing operation in Brazil. In the U.S., management targeted annualized magnet-making capacity of 600 metric tonnes at Stillwater, Oklahoma, in the fourth quarter. The firm also broke ground in South Carolina, where it targets the start of commissioning in 2028. Our 8 Best Rare Earth Stocks to Buy in 2026 follows the company’s effort to connect mining, metals and magnet manufacturing.

The company signed definitive agreements with the U.S. Department of Commerce in June for up to $1.6 billion in funding and loan capacity. Disbursements depend on project milestones. That financing can help cover the U.S. buildout. However, profitability will depend on whether the new operations generate enough gross profit to cover a larger cost base.

1. TMC the metals company Inc. (NASDAQ:TMC)

Analyst Upside Potential: 376.19%

TMC the metals company Inc. (NASDAQ:TMC)’s valuation hinges on whether it can secure permission to recover nickel, copper, cobalt and manganese from seafloor nodules and do so at a cost that leaves room for profit. Management targeted commissioning the offshore collection system in the fourth quarter of 2027. Meeting that target depends on permits and equipment readiness.

Our 12 Best Nickel Stocks to Buy According to Hedge Funds traces TMC’s earlier move toward a U.S. licensing route.

With commercial sales still ahead, the time TMC spends in permitting and development matters for its cash needs. The company used $20.1 million in operating cash in the June quarter, including $9 million of equity-award remittances. Its net loss narrowed to $60.1 million from $74.3 million a year earlier. TMC ended June with $98.7 million in cash and no financial debt. In August, management said that cash should cover working capital and capital commitments for at least 12 months from the report.

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