Gold stocks

Black Cat owns the reported production and directly converts additional gold ounces into revenue and operating cash flow.

Evolution directly operates gold mines and reports gold-production and AISC outcomes, so realized bullion prices and cost execution materially affect its margins.

Evolution directly produces gold and reports production, AISC and cash-flow outcomes that scale with realized bullion prices.

As a senior miner, Newmont's cash flow is highly leveraged to spot prices; a $100 change in gold price has a $505M impact on revenue/costs.

Newmont’s earnings and cash flows are highly leveraged to gold prices, so sustained central-bank gold accumulation directly supports margins and mine economics.

Newmont Corporation is primarily involved in the mining and exploration of gold resources. Additionally, the company undertakes prospecting for other base and precious metals, including copper, silver, zinc, and lead. Its operations and assets are geographically widespread, located across various countries such as the United States, Canada, Mexico, the Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, and Ghana. As of the close of 2021 (December 31st), Newmont reported substantial proven and probable gold reserves, totaling 92.8 million ounces, and managed a vast land portfolio covering 62,800 square kilometers. Founded in 1916, the company's corporate headquarters are situated in Denver, Colorado.

Agnico Eagle is a senior gold producer with low AISC, so higher realized gold prices translate directly into operating margin and free cash flow.

Agnico Eagle directly produces gold and converts stronger realized prices into free cash flow and mine economics.

Agnico Eagle Mines Limited is engaged in the discovery, growth, and operation of mineral sites across Canada, Mexico, and Finland. The company organizes its business into Northern and Southern segments. Primarily, it focuses on the extraction and sale of gold, while also exploring for deposits of silver, zinc, and copper. Its principal asset is the LaRonde mine, located in the Abitibi region of northwestern Quebec, Canada. As of December 31, 2021, the LaRonde mine reported proven and probable gold reserves totaling approximately 3.0 million ounces. Additionally, the company conducts exploration efforts in various international regions, including Europe, Latin America, and the United States. Founded in 1953, Agnico Eagle Mines Limited maintains its corporate headquarters in Toronto, Canada.

Northern Star is a direct Australian gold producer whose disclosed AISC and production guidance determine mine-level cash generation.

Northern Star is a direct Australian gold producer whose payable ounces and realised prices drive mine-level revenue and margins.

Northern Star is a large direct gold producer whose payable ounces and realized gold prices drive revenue and operating margins.

Northern Star Resources Limited is deeply engaged in all facets of gold production, from exploring and discovering new deposits to developing mines, extracting the ore, and processing it. The company also handles the sale of its refined gold output. Its extensive portfolio includes ownership interests in prominent operations and projects such as Pogo, Kalgoorlie, KCGM, Jundee, Thunderbox, Carosue Dam, and Bronzewing. The firm conducts its operations across Western Australia, the Northern Territory, and Alaska. Established in 2000, Northern Star Resources maintains its primary corporate office in Subiaco, Australia.

Regis directly produces gold and its FY27 cash flow depends on delivering guided ounces at the stated AISC range.

Capricorn is a direct gold producer whose FY27 economics depend on commissioning, production volumes, and an AISC of A$1,900–2,100 per ounce.

Greatland directly owns and operates the Telfer gold-copper operation, with FY2026 production, realized prices and AISC driving its reported profit and cash flow.

Aura is the direct beneficiary of the newly reported production increase. Q3 output reached 95,557 GEO, up 27% quarter over quarter and 29% year over year, while management reaffirmed 2026 guidance and continued growth projects. The additional ounces should increase gold-equivalent sales, revenue, EBITDA, operating cash flow and funding capacity, subject to sustaining and expansion costs.

The listed parent captures the reported subsidiary's direct mined-gold revenue and cash-flow growth.

Zijin has direct output exposure to gold, copper and lithium, and its H1 results explicitly attribute profitability to higher metal prices and increased production.

Zijin Mining is the listed parent associated with Zijin Gold International. The subsidiary reported 41 tonnes of mined gold for the first nine months, 70% revenue growth, 123% profit growth and plans for further fourth-quarter production. This directly supports higher parent-level gold revenue, profit and operating cash flow, subject to ownership and consolidation treatment.

Zijin is the direct beneficiary of the reported H1 2026 earnings release. Net profit attributable to shareholders rose 68.17%, operating cash flow rose 92.41%, and gold, copper and lithium production all contributed to stronger revenue and gross profit. The Kamoa-Kakula flooding-related production downgrade is a material offset, but the net fundamental impact of the disclosed results is strongly positive through higher earnings, cash generation, leverage reduction and dividends.

Zhaojin is an integrated gold producer and smelting enterprise, so its exposure is directly tied to gold output.

Gold Royalty is building a portfolio of precious-metals royalties and streams, creating meaningful direct exposure to precious-metals cash flows.

Gold Royalty Corp. is a financial entity focused on precious metal royalties, providing capital solutions to the broader metals and mining industry. Its business model centers on acquiring diverse royalty interests, streaming agreements, and similar revenue streams at various stages of a mine's operational lifespan. This strategy aims to build a robust portfolio capable of generating attractive returns for its investors in the near, medium, and long term. The company's current holdings comprise net smelter return royalties, which range from 0.5% to 2.0%, on seventeen gold properties located across the Americas. Gold Royalty Corp. was founded in 2020 and has its principal executive office in Vancouver, Canada.

Franco-Nevada’s royalties and streams benefit from higher bullion prices and partner production without bearing the full operating-cost inflation of mine owners.

Revenues are directly tied to the gold price at the time of delivery, but the company lacks the operational leverage of a miner.

Franco-Nevada has high-margin royalty and streaming exposure to partner gold production and metal prices without full mine-operating costs.

Franco-Nevada Corporation operates as a royalty and stream company focused on precious metals in South America, Central America, Mexico, the United States, Canada, Australia, Europe, and Africa. It operates through Precious Metals, Other Mining and Energy segments. The company manages its portfolio with a focus on precious metals, such as gold, silver, and platinum group metals; and engages in the sale of crude oil, natural gas, and natural gas liquids through a third-party marketing agent. The company was founded in 1986 and is headquartered in Toronto, Canada.

Wheaton benefits from higher gold and silver prices while its streaming structure limits direct exposure to mine-site labor, fuel, and sustaining-cost inflation.

Wheaton has substantial precious-metals streaming exposure and benefits from stronger gold economics without bearing the full operating cost base of miners.

Wheaton Precious Metals Corp. functions as a streaming enterprise, primarily engaged in the global distribution of valuable metals. Its offerings encompass deposits of gold, silver, palladium, and cobalt. The company maintains a substantial portfolio, holding stakes in 23 operational mines and an additional 13 development ventures. Founded in 2004, the firm's headquarters are located in Vancouver, Canada. It operated under the name Silver Wheaton Corp. until May 2017, when it rebranded to its current title.

OR Royalties acquires and manages precious-metals royalty and streaming interests, so this exposure is central to its operating model.

Royal Gold’s royalty and streaming portfolio provides exposure to higher metal prices and partner production without direct mine operation.

Royal Gold has price- and production-linked royalty and streaming exposure, but its diversified portfolio is less sensitive than a single-mine operator.

Royal Gold, Inc. and its subsidiaries engage in the acquisition and oversight of precious metal streams, royalty agreements, and related rights. The company's strategy involves securing these interests or providing capital for projects, whether currently producing or in their development phase, in exchange for future streams or royalty entitlements. Its portfolio primarily encompasses gold, silver, copper, nickel, zinc, lead, and cobalt. As of June 30, 2022, Royal Gold maintained ownership stakes in 185 properties spanning five continents, featuring interests in 41 operating mines and 19 projects under development. These stream and royalty holdings are distributed across various international regions, including the United States, Canada, Chile, the Dominican Republic, Australia, Africa, and Mexico. Royal Gold, Inc. was founded in 1981 and is headquartered in Denver, Colorado.

B2Gold is a mid-tier gold producer whose earnings and capital returns depend materially on mine output, gold prices, and operating execution.

B2Gold Corp. operates as a prominent gold mining enterprise, currently running three active production sites across different continents. Its primary operational mines include the Fekola Mine in Mali, the Masbate Mine situated in the Philippines, and the Otjikoto Mine located in Namibia. In addition to its wholly-owned assets, the company holds a 25% ownership stake in Calibre Mining Corp. and an approximate 19% interest in BeMetals Corp. Furthermore, B2Gold manages a diverse collection of evaluation and exploration assets spread across Mali, Uzbekistan, and Finland. The company, which was founded in 2006, bases its corporate headquarters in Vancouver, Canada.

Kinross directly produces gold, so higher realized bullion prices can increase earnings and cash flow.

Kinross Gold Corporation, along with its various affiliates, is dedicated to acquiring, exploring, and developing gold deposits primarily across regions such as the United States, Russia, Brazil, Chile, Ghana, and Mauritania. Beyond these core operations, the company also handles the mining and processing of gold-bearing ores, conducts rehabilitation of former gold mining sites, and produces and sells silver. Kinross Gold Corporation was established in 1993 and maintains its corporate headquarters in Toronto, Canada.

Harmony's revenue, earnings and dividend capacity are directly linked to realized gold prices and mine free cash flow.

AngloGold is a direct gold producer whose operating cash flow rises with realized gold prices, although Ghana policy exposure creates a separate negative factor.

Westgold is a direct Australian gold producer, so bullion prices affect revenue and cash flow, although high costs reduce margin conversion.

Westgold is a direct gold producer with earnings exposure to its production volumes and relatively high mine-level AISC.

Bellevue is a direct Australian gold producer and its record production and AISC determine its gold-price-driven cash generation.

Ramelius is a direct gold producer with disclosed production and cash-flow exposure to its mining operations.

Gold Fields Limited stands as a significant gold mining enterprise, possessing considerable gold reserves and resources throughout several international regions, including Chile, South Africa, Ghana, Australia, and Peru. In addition to its gold operations, the company actively explores for copper deposits. It manages nine active mines, achieving an annual gold-equivalent production of approximately 2.34 million ounces. The firm's declared gold mineral reserves amount to roughly 48.6 million ounces, with mineral resources estimated at about 111.8 million ounces. Founded in 1887, Gold Fields Limited is headquartered in Sandton, South Africa.

Shandong Gold operates multiple mines and captures revenue from its own production, while Zijin's expansion creates competitive pressure.

Triple Flag Precious Metals Corp., a precious metals streaming and royalty company, engages in acquiring and managing precious metals, streams, royalties, and other mineral interests in Australia, Canada, Colombia, Cote d’Ivoire, Mexico, Mongolia, Peru, South Africa, and the United States. The company has a portfolio of streams and royalties providing exposure to copper, gold, silver, nickel, lead, lithium, and zinc. The company was founded in 2016 and is based in Toronto, Canada.

Lingbao gains control of the New Simberi operation and Tabar Islands exploration licences, increasing its attributable Simberi interest to 80% and expanding its Papua New Guinea gold-production base. The impact is positive through increased reserves, production and operating control, although the A$453 million acquisition is partly debt-funded and remains subject to completion.

Lingbao Gold Group Company Ltd., together with its subsidiaries, primarily engages in mining, processing, smelting, refining, and sale of gold products in the People’s Republic of China. The company’s products include gold bullion and concentrates, silver, copper products, sulphuric acid, and others. It holds 35 mining and exploration rights with an area of 216.04 square kilometers. The company is also involved in the sale of mineral products, jewelry, machinery, equipment, and components for gold processing; mine engineering construction; development of mining and exploration of mineral reserves technology; design of mineral engineering; and recycling and disposal of wastes from mining and smelting activities, as well as geological exploration of mineral reserves. In addition, it imports and exports gold products. The company was formerly known as Lingbao Gold Company Ltd. and changed its name to Lingbao Gold Group Company Ltd. in May 2017. Lingbao Gold Group Company Ltd. was incorporated in 2002 and is based in Lingbao, China.

Eldorado is the direct owner and operator of Skouries. Producing first copper-gold concentrate moves the project from construction into operations, de-risks the transition to commercial production, and supports future copper and gold revenue, cash flow, and lower consolidated unit costs.

Eldorado Gold Corporation, operating through its various subsidiaries, is actively involved in the exploration, development, mining, and commercialization of mineral resources. The company's core activities are centered primarily in Turkey, Canada, Greece, and Romania. Although predominantly a gold producer, Eldorado also extracts silver, lead, and zinc. It holds full ownership (100% interest) of significant assets such as the Kisladag and Efemcukuru gold mines in western Turkey, and the Lamaque gold mines located in Canada. Its portfolio in Greece encompasses the Olympias, Stratoni, Skouries, Perama Hill, and Sapes gold mines. Furthermore, Eldorado holds an 80.5% stake in the Certej development projects in Romania. Incorporated in 1992, the company was initially known as Eldorado Corporation Ltd. and adopted its current name, Eldorado Gold Corporation, in April 1996. Its headquarters are situated in Vancouver, Canada.

OceanaGold Corporation is a gold and copper producer with operations in the United States, the Philippines, and New Zealand. The company explores for gold, copper, and silver deposits. Its portfolio includes the Haile Gold Mine in the United States, the Didipio Mine in the Philippines, and the Macraes and Waihi operations in New Zealand.

Centerra Gold Inc. operates as a mining enterprise, undertaking the acquisition, exploration, development, and operation of gold and copper assets across North America, Turkey, and various international regions. Beyond these, the company also actively seeks out molybdenum deposits. Its core projects comprise the wholly-owned Mount Milligan gold-copper mine in British Columbia, Canada, and the Öksüt Gold Mine located in Turkey. The company, founded in 2002, maintains its corporate headquarters in Toronto, Canada.

Direct miner of silver/gold; revenue scales directly with safe-haven metal surges.

Hecla is a primary silver producer with significant gold by-products.

Gold contributed 16% of MMC’s 1H2026 revenue, making the company meaningfully but not exclusively exposed to the Bayan Khundii gold operation.

Comstock has direct upside from a future mine through its 1.5% NSR royalty and $10 million construction-triggered contingent payment.

Tanami’s 50% project interest directly benefits if the decline converts inferred ounces into mine-planning-quality resources and supports the 2027 development decision.

Tanami Gold owns 50% of the CTPJV. The executed decline enables underground resource-definition drilling aimed at converting more than 400,000 ounces of inferred resources into the indicated category, increasing the probability of a future mine-development decision and potentially improving the value of Tanami’s project interest. Tanami must nevertheless fund its share of project spending and remains exposed to exploration and development risk.

MGX owns 50% of the CTPJV and is advancing Central Tanami as a core gold-development asset. The decline provides access for 33,000 metres of underground drilling and could improve geological confidence, mine planning and the probability of a 2027 development decision. The positive effect is partly offset by MGX’s share of exploration, infrastructure and future mine-development funding.

NUMD’s acquisition of Avid Gold and six Canadian gold properties creates a new gold-project asset base and potential access to future development capital, but the assets are still described in exploration and development terms and require additional financing.

The disclosed Kaşköy and Karapınar reserves and development work indicate meaningful potential for additional gold production and reserve conversion if construction proceeds.

Skeena is an independent advanced developer that can benefit if an additional funded buyer increases competition for high-quality gold projects.

Skeena is an independent developer with high-grade assets in a top-tier jurisdiction and can benefit from the increased strategic value placed on advanced gold projects. The GMIN stake raises the possibility that major or strategic investors will pursue comparable positions or future acquisitions, supporting potential takeover premiums and financing access for attractive junior developers.

Headquartered in Vancouver, Canada, Montage Gold Corp. is a precious metals exploration and development firm. The company's primary focus is identifying and advancing mineral properties, with its flagship asset being the Koné Gold Project. This significant project encompasses 1,442 square kilometers and is located in Côte d'Ivoire, West Africa. Montage Gold Corp. was established in 2019.

The special committee and adviser engagement create a credible pathway to a CK Gold sale, merger, development-capital investment, or non-dilutive financing. A transaction or financing could fund the approximately $394 million construction requirement, reduce dilution risk, and improve the company’s ability to realize the project’s higher valuation at current metal prices. The Keystone spin-out could also create a separately financed exploration vehicle while preserving CK Gold development capital.

U.S. Gold Corp., headquartered in Elko, Nevada, focuses on the exploration and development of gold and other precious metals across the United States. The company's operations also extend to prospecting for copper and silver deposits. It fully owns several key properties: The CK Gold project in Laramie County, Wyoming, which encompasses approximately 1,120 acres of various mining leases and mineral rights. The Keystone project in Eureka County, Nevada, covering roughly 20 square miles through 650 unpatented lode mining claims. The Challis Gold project in Lemhi County, Idaho, spanning about 1,710 acres via 87 unpatented lode mining claims. Furthermore, U.S. Gold Corp. is working to acquire a 50% ownership stake in the Maggie Creek project, also situated in Eureka County, Nevada, an area comprising 103 unpatented mining claims over approximately 3 square miles, through an existing earn-in agreement.