Or et métaux précieux
L'or et les métaux précieux regroupent des mines et des sociétés de redevances/streaming à faible intensité de capital. On les juge sur le rendement du flux de trésorerie disponible, les coûts de maintien tout compris (AISC), la durée de vie des réserves et le levier sur le prix du métal.
Analyses dans Or et métaux précieux
NovaGold Resources
A pre-revenue gold developer whose entire thesis rests on the enormous Donlin Gold project in Alaska.
Triple Flag Precious Metals
A pure-play precious-metals streaming and royalty company with a growing, high-margin portfolio and a rising dividend.
New Gold
A Canadian-focused intermediate gold and copper producer that has swung to strong profitability at higher metal prices.
Equinox Gold
A growth-oriented gold producer, enlarged by its Orla Mining combination, targeting roughly a million-plus ounces a year.
K92 Mining
A high-grade gold-copper producer built around the Kainantu mine in Papua New Guinea, with a large expansion under way.
SSR Mining
A diversified precious-metals producer that has recovered profitability and just reinstated its quarterly dividend.
Fortuna Mining
A mid-cap precious-metals producer with gold and silver mines across West Africa and Latin America.
Silvercorp Metals
A silver-focused miner with long-standing operations in China and a growing pipeline of international projects.
Aya Gold & Silver
A fast-growing silver producer built around the expanded Zgounder mine in Morocco, riding a powerful silver-price tailwind.
Seabridge Gold
A development-stage gold company that owns one of the largest undeveloped gold-copper resource bases in the world but generates no production revenue.
Agnico Eagle Mines
A high-quality, politically-safe-jurisdiction gold miner whose record cash flows are riding a powerful gold-price tailwind.
Barrick Mining
A turnaround senior gold-and-copper producer trading at the cheapest multiple among the majors, with real jurisdiction risk baked into the discount.
Wheaton Precious Metals
A capital-light precious-metals streamer that converts gold-price upside into near-100% free-cash-flow margins with almost no operating or capex risk.
Franco-Nevada
The blue-chip gold-focused royalty company — a debt-free, capital-light compounder that turns metal-price and volume growth into ~80% free-cash-flow margins.
Kinross Gold
A senior gold producer whose diversified, Americas-weighted mines are throwing off heavy free cash flow at today's elevated gold prices.
B2Gold
An intermediate gold producer at a cash-flow inflection as its new Arctic Goose mine ramps and diversifies away from Mali risk.
Alamos Gold
A Canada-weighted intermediate gold producer trading rich because it is reinvesting hard for future production growth.
Eldorado Gold
A pre-inflection producer burning cash to build the transformational Skouries copper-gold mine in Greece.
IAMGOLD
A turnaround producer generating outsized free cash flow as its new Côté mine ramps — priced cheaply for Burkina Faso risk and a chequered history.
Torex Gold Resources
A single-district Mexican gold producer that has just finished building its Media Luna mine and is pivoting from heavy construction spending to strong free-cash-flow generation.
Osisko Gold Royalties
A precious-metals royalty and streaming company (now branded OR Royalties) that collects high-margin cash flow off other miners' production without funding mine construction or operating costs.
Pan American Silver
One of the largest primary silver producers, with a diversified gold-and-silver mine portfolio across the Americas and meaningful upside from the restart optionality of its Escobal silver mine.
Endeavour Mining
A leading West African gold producer that has moved past a major growth-capex phase into strong free cash flow, funding a sector-high dividend plus buybacks.
Lundin Gold
A single-mine gold producer whose high-grade, low-cost Fruta del Norte operation in Ecuador throws off exceptional free cash flow, now largely returned to shareholders.
Dundee Precious Metals
A low-cost, low-debt gold and copper-concentrate miner whose record-gold-price windfall is throwing off outsized free cash flow.