# Gold — company-by-company sector analysis

> Gold: Barrick Mining Corporation owns the largest revenue base; Aris Mining Corporation has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice.

## Bottom line

Gold has outperformed S&P 500 by 35.9% over 52 weeks and 20.4% over 13 weeks. 1 of 28 covered companies beat the S&P 500 on Mansfield relative strength, while 14 of 28 beat the sector itself. Barrick Mining Corporation leads with revenue of $19,044 million, based on 22 of 28 comparable companies through Mar 2026.

### Is the Gold sector outperforming S&P 500?

Gold has outperformed S&P 500 by 35.9% over 52 weeks and 20.4% over 13 weeks. 1 of 28 covered companies beat the S&P 500 on Mansfield relative strength, while 14 of 28 beat the sector itself.

### Which Gold company is largest by revenue?

Barrick Mining Corporation leads with revenue of $19,044 million, based on 22 of 28 comparable companies through Mar 2026.

### Which Gold company is growing fastest?

Aris Mining Corporation has the fastest current revenue growth at 100%, across 22 of 28 comparable companies.

### Which Gold company has the strongest 4-Factor Sector Score?

Franco-Nevada Corporation ranks first at 66.7/100 with 82% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Gold company reports the most CAPEX?

Barrick Mining Corporation reports the largest latest CAPEX at $979 million, with 25 of 28 companies comparable.

### Which Gold company has the least gross debt?

Centerra Gold Inc. has the lowest comparable gross debt at $0 million. Newmont Corporation has the highest at $5,598 million.

### Which Gold company has the lowest comparable PEG?

IAMGOLD Corporation has the lowest comparable Guarded PEG at 0.46, among 11 of 28 companies that pass the metric’s comparability rules.

### How much history does this Gold comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Gold has outperformed S&P 500 by 35.9% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 20.4%. 1 of 28 covered companies currently beats the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Centerra Gold Inc. is the strongest against the sector itself at +22.8%.

13-week sector return versus NIFTY 500: -20%
52-week sector return versus NIFTY 500: 36%
Stocks leading NIFTY: 1/28
Stocks leading sector: 14/28

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 28
Combined market value: ₹5.5 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Franco-Nevada Corporation (FNV): 67/100 — Favorable setup; evidence 82%
   - Growth & earnings 24.6/35 | Capital efficiency 16.1/25 | Valuation 9.9/20 | Relative strength 16.1/20
   - Exact sum: 24.6 + 16.1 + 9.9 + 16.1 = 66.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Agnico Eagle Mines Limited (AEM): 64/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 23.9/35 | Capital efficiency 20.4/25 | Valuation 13.8/20 | Relative strength 5.9/20
   - Exact sum: 23.9 + 20.4 + 13.8 + 5.9 = 64
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -10.5% and the one-year return is 14.8%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
3. Barrick Mining Corporation (B): 63/100 — Mixed-positive evidence; evidence 72%
   - Growth & earnings 24.1/35 | Capital efficiency 13.3/25 | Valuation 10.8/20 | Relative strength 14.9/20
   - Exact sum: 24.1 + 13.3 + 10.8 + 14.9 = 63.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. IAMGOLD Corporation (IAG): 63/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 24.0/35 | Capital efficiency 12.6/25 | Valuation 16.0/20 | Relative strength 10.3/20
   - Exact sum: 24 + 12.6 + 16 + 10.3 = 62.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. AngloGold Ashanti plc (AU): 63/100 — Mixed-positive evidence; evidence 72%
   - Growth & earnings 24.5/35 | Capital efficiency 15.2/25 | Valuation 10.1/20 | Relative strength 12.9/20
   - Exact sum: 24.5 + 15.2 + 10.1 + 12.9 = 62.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Wheaton Precious Metals Corp. (WPM): 62/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 24.3/35 | Capital efficiency 16.3/25 | Valuation 9.5/20 | Relative strength 12.3/20
   - Exact sum: 24.3 + 16.3 + 9.5 + 12.3 = 62.4
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
7. Eldorado Gold Corporation (EGO): 60/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 18.1/35 | Capital efficiency 9.4/25 | Valuation 15.1/20 | Relative strength 17.1/20
   - Exact sum: 18.1 + 9.4 + 15.1 + 17.1 = 59.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. Fortuna Mining Corp. (FSM): 59/100 — Mixed-positive evidence; evidence 72%
   - Growth & earnings 24.3/35 | Capital efficiency 13.3/25 | Valuation 11.1/20 | Relative strength 10.7/20
   - Exact sum: 24.3 + 13.3 + 11.1 + 10.7 = 59.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. Centerra Gold Inc. (CGAU): 58/100 — Mixed-positive evidence; evidence 72%
   - Growth & earnings 17.1/35 | Capital efficiency 11.0/25 | Valuation 11.4/20 | Relative strength 18.5/20
   - Exact sum: 17.1 + 11 + 11.4 + 18.5 = 58
   - Decision use: Price leads the evidence: RS versus the benchmark is 2.3%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
10. OceanaGold Corporation (OGC): 58/100 — Mixed-positive evidence; evidence 72%
   - Growth & earnings 19.5/35 | Capital efficiency 21.4/25 | Valuation 11.3/20 | Relative strength 5.4/20
   - Exact sum: 19.5 + 21.4 + 11.3 + 5.4 = 57.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11. Royal Gold, Inc. (RGLD): 58/100 — Thin evidence · provisional; evidence 57%
   - Growth & earnings 19.4/35 | Capital efficiency 15.1/25 | Valuation 12.7/20 | Relative strength 10.3/20
   - Exact sum: 19.4 + 15.1 + 12.7 + 10.3 = 57.5
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
12. Aris Mining Corporation (ARIS): 57/100 — Mixed-positive evidence; evidence 72%
   - Growth & earnings 24.5/35 | Capital efficiency 11.6/25 | Valuation 9.5/20 | Relative strength 11.7/20
   - Exact sum: 24.5 + 11.6 + 9.5 + 11.7 = 57.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13. B2Gold Corp. (BTG): 57/100 — Mixed-positive evidence; evidence 75%
   - Growth & earnings 21.8/35 | Capital efficiency 13.6/25 | Valuation 13.0/20 | Relative strength 8.2/20
   - Exact sum: 21.8 + 13.6 + 13 + 8.2 = 56.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
14. Aura Minerals Inc. (AUGO): 56/100 — Mixed-positive evidence; evidence 75%
   - Growth & earnings 22.4/35 | Capital efficiency 13.8/25 | Valuation 8.2/20 | Relative strength 11.8/20
   - Exact sum: 22.4 + 13.8 + 8.2 + 11.8 = 56.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
15. SSR Mining Inc. (SSRM): 55/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 22.4/35 | Capital efficiency 11.1/25 | Valuation 6.9/20 | Relative strength 14.2/20
   - Exact sum: 22.4 + 11.1 + 6.9 + 14.2 = 54.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
16. Kinross Gold Corporation (KGC): 53/100 — Mixed-positive evidence; evidence 72%
   - Growth & earnings 22.8/35 | Capital efficiency 15.1/25 | Valuation 10.2/20 | Relative strength 5.3/20
   - Exact sum: 22.8 + 15.1 + 10.2 + 5.3 = 53.4
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -5.5% and the one-year return is 45%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
17. Pan American Silver Corp. (PAAS): 52/100 — Mixed-positive evidence; evidence 72%
   - Growth & earnings 20.1/35 | Capital efficiency 10.8/25 | Valuation 10.3/20 | Relative strength 10.6/20
   - Exact sum: 20.1 + 10.8 + 10.3 + 10.6 = 51.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
18. Newmont Corporation (NEM): 52/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 16.3/35 | Capital efficiency 11.7/25 | Valuation 10.7/20 | Relative strength 12.9/20
   - Exact sum: 16.3 + 11.7 + 10.7 + 12.9 = 51.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
19. OR Royalties Inc. (OR): 51/100 — Mixed-positive evidence; evidence 72%
   - Growth & earnings 21.1/35 | Capital efficiency 14.1/25 | Valuation 9.1/20 | Relative strength 6.4/20
   - Exact sum: 21.1 + 14.1 + 9.1 + 6.4 = 50.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
20. Alamos Gold Inc. (AGI): 48/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 24.5/35 | Capital efficiency 13.9/25 | Valuation 6.8/20 | Relative strength 2.6/20
   - Exact sum: 24.5 + 13.9 + 6.8 + 2.6 = 47.8
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -14.6% and the one-year return is 15.8%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
21. Coeur Mining, Inc. (CDE): 47/100 — Mixed-negative evidence; evidence 72%
   - Growth & earnings 22.1/35 | Capital efficiency 9.0/25 | Valuation 9.9/20 | Relative strength 5.9/20
   - Exact sum: 22.1 + 9 + 9.9 + 5.9 = 46.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
22. Orla Mining Ltd. (ORLA): 47/100 — Mixed-negative evidence; evidence 75%
   - Growth & earnings 22.8/35 | Capital efficiency 17.1/25 | Valuation 4.5/20 | Relative strength 2.1/20
   - Exact sum: 22.8 + 17.1 + 4.5 + 2.1 = 46.5
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -22.3% and the one-year return is -4.3%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
23. Hycroft Mining Holding Corporation (HYMC): 42/100 — Mixed-negative evidence; evidence 61%
   - Growth & earnings 12.9/35 | Capital efficiency 8.1/25 | Valuation 11.5/20 | Relative strength 9.2/20
   - Exact sum: 12.9 + 8.1 + 11.5 + 9.2 = 41.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
24. Seabridge Gold Inc. (SA): 42/100 — Thin evidence · provisional; evidence 52%
   - Growth & earnings 13.8/35 | Capital efficiency 6.3/25 | Valuation 8.5/20 | Relative strength 12.9/20
   - Exact sum: 13.8 + 6.3 + 8.5 + 12.9 = 41.5
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
25. Equinox Gold Corp. (EQX): 41/100 — Thin evidence · provisional; evidence 54%
   - Growth & earnings 20.5/35 | Capital efficiency 10.0/25 | Valuation 9.7/20 | Relative strength 1.0/20
   - Exact sum: 20.5 + 10 + 9.7 + 1 = 41.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
26. Allied Gold Corporation (AAUC): 34/100 — Adverse evidence; evidence 62%
   - Growth & earnings 10.6/35 | Capital efficiency 7.0/25 | Valuation 10.0/20 | Relative strength 6.1/20
   - Exact sum: 10.6 + 7 + 10 + 6.1 = 33.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
27. Gold Fields Limited (GFI): 47/100 — Thin evidence · provisional; evidence 35%
   - Growth & earnings 18.1/35 | Capital efficiency 14.4/25 | Valuation 10.9/20 | Relative strength 3.5/20
   - Exact sum: 18.1 + 14.4 + 10.9 + 3.5 = 46.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
28. NovaGold Resources Inc. (NG): 31/100 — Thin evidence · provisional; evidence 49%
   - Growth & earnings 13.7/35 | Capital efficiency 6.3/25 | Valuation 10.0/20 | Relative strength 0.7/20
   - Exact sum: 13.7 + 6.3 + 10 + 0.7 = 30.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Barrick Mining Corporation is the scale leader at $19,044 million, 40.6% ahead of Agnico Eagle Mines Limited. Aris Mining Corporation's growth is stored at the ≥100% scoring cap; the uncapped TTM change is 103.6% from a $1,142 million base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Barrick Mining Corporation is the scale benchmark; Aris Mining Corporation is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Barrick Mining Corporation's growth falls below Aris Mining Corporation's for two consecutive comparable reports while operating margin also compresses.

Evidence: Barrick Mining Corporation · $19,044 million | 40.6% versus #2 · Agnico Eagle Mines Limited | 8/8 recent comparable periods | 22/28 companies · 464 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Barrick Mining Corporation (B): ₹19.0K Cr
2. Agnico Eagle Mines Limited (AEM): ₹13.5K Cr
3. AngloGold Ashanti plc (AU): ₹11.2K Cr
4. Kinross Gold Corporation (KGC): ₹8.0K Cr
5. Pan American Silver Corp. (PAAS): ₹4.0K Cr

### Revenue growth — fastest growers
1. Aris Mining Corporation (ARIS): 100%
2. Coeur Mining, Inc. (CDE): 100%
3. Orla Mining Ltd. (ORLA): 100%
4. IAMGOLD Corporation (IAG): 92%
5. Wheaton Precious Metals Corp. (WPM): 88%

### 20-quarter Revenue history
- NEM: Sep 2021 ₹2.9K Cr | Dec 2021 ₹3.4K Cr | Mar 2022 ₹3.0K Cr | Jun 2022 ₹3.1K Cr | Sep 2022 ₹2.6K Cr | Dec 2022 ₹3.2K Cr | Mar 2023 ₹2.7K Cr | Jun 2023 ₹2.7K Cr | Sep 2023 ₹2.5K Cr | Dec 2023 ₹4.0K Cr | Mar 2024 ₹4.0K Cr | Jun 2024 ₹4.4K Cr | Sep 2024 ₹4.6K Cr | Dec 2024 ₹5.7K Cr | Mar 2025 ₹5.0K Cr | Jun 2025 ₹5.3K Cr | Sep 2025 ₹5.5K Cr | Dec 2025 ₹6.8K Cr | Mar 2026 ₹7.3K Cr | Jun 2026 —
- AEM: Sep 2021 ₹984 Cr | Dec 2021 ₹952 Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.6K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.4K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹2.1K Cr | Sep 2024 ₹2.2K Cr | Dec 2024 ₹2.2K Cr | Mar 2025 ₹2.5K Cr | Jun 2025 ₹2.8K Cr | Sep 2025 ₹3.1K Cr | Dec 2025 ₹3.6K Cr | Mar 2026 ₹4.1K Cr | Jun 2026 —
- B: Sep 2021 ₹2.8K Cr | Dec 2021 ₹3.3K Cr | Mar 2022 ₹2.9K Cr | Jun 2022 ₹2.9K Cr | Sep 2022 ₹2.5K Cr | Dec 2022 ₹2.8K Cr | Mar 2023 ₹2.6K Cr | Jun 2023 ₹2.8K Cr | Sep 2023 ₹2.9K Cr | Dec 2023 ₹3.1K Cr | Mar 2024 ₹2.7K Cr | Jun 2024 ₹3.2K Cr | Sep 2024 ₹3.4K Cr | Dec 2024 ₹3.6K Cr | Mar 2025 ₹3.1K Cr | Jun 2025 ₹3.7K Cr | Sep 2025 ₹4.1K Cr | Dec 2025 ₹6.0K Cr | Mar 2026 ₹5.2K Cr | Jun 2026 —
- WPM: Sep 2021 ₹269 Cr | Dec 2021 ₹278 Cr | Mar 2022 ₹307 Cr | Jun 2022 ₹303 Cr | Sep 2022 ₹219 Cr | Dec 2022 ₹236 Cr | Mar 2023 ₹214 Cr | Jun 2023 ₹265 Cr | Sep 2023 ₹223 Cr | Dec 2023 ₹313 Cr | Mar 2024 ₹297 Cr | Jun 2024 ₹299 Cr | Sep 2024 ₹308 Cr | Dec 2024 ₹381 Cr | Mar 2025 ₹470 Cr | Jun 2025 ₹503 Cr | Sep 2025 ₹476 Cr | Dec 2025 ₹865 Cr | Mar 2026 ₹901 Cr | Jun 2026 —
- FNV: Sep 2021 ₹316 Cr | Dec 2021 ₹328 Cr | Mar 2022 ₹339 Cr | Jun 2022 ₹352 Cr | Sep 2022 ₹304 Cr | Dec 2022 ₹320 Cr | Mar 2023 ₹276 Cr | Jun 2023 ₹330 Cr | Sep 2023 ₹310 Cr | Dec 2023 ₹303 Cr | Mar 2024 ₹257 Cr | Jun 2024 ₹260 Cr | Sep 2024 ₹276 Cr | Dec 2024 ₹321 Cr | Mar 2025 ₹368 Cr | Jun 2025 ₹369 Cr | Sep 2025 ₹488 Cr | Dec 2025 ₹597 Cr | Mar 2026 ₹651 Cr | Jun 2026 —
- AU: Sep 2021 ₹1.0K Cr | Dec 2021 ₹1.0K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.0K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹2.0K Cr | Jun 2025 ₹2.4K Cr | Sep 2025 ₹2.4K Cr | Dec 2025 ₹3.1K Cr | Mar 2026 ₹3.2K Cr | Jun 2026 —
- GFI: Sep 2021 — | Dec 2021 ₹2.2K Cr | Mar 2022 — | Jun 2022 ₹2.2K Cr | Sep 2022 — | Dec 2022 ₹2.1K Cr | Mar 2023 — | Jun 2023 ₹2.3K Cr | Sep 2023 — | Dec 2023 ₹2.2K Cr | Mar 2024 — | Jun 2024 ₹2.1K Cr | Sep 2024 — | Dec 2024 ₹3.1K Cr | Mar 2025 — | Jun 2025 ₹3.5K Cr | Sep 2025 — | Dec 2025 ₹5.3K Cr | Mar 2026 — | Jun 2026 —
- KGC: Sep 2021 ₹582 Cr | Dec 2021 ₹615 Cr | Mar 2022 ₹701 Cr | Jun 2022 ₹822 Cr | Sep 2022 ₹857 Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹929 Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹2.0K Cr | Mar 2026 ₹2.4K Cr | Jun 2026 —
- PAAS: Sep 2021 ₹460 Cr | Dec 2021 ₹422 Cr | Mar 2022 ₹440 Cr | Jun 2022 ₹341 Cr | Sep 2022 ₹339 Cr | Dec 2022 ₹375 Cr | Mar 2023 ₹390 Cr | Jun 2023 ₹640 Cr | Sep 2023 ₹616 Cr | Dec 2023 ₹670 Cr | Mar 2024 ₹601 Cr | Jun 2024 ₹686 Cr | Sep 2024 ₹716 Cr | Dec 2024 ₹815 Cr | Mar 2025 ₹773 Cr | Jun 2025 ₹812 Cr | Sep 2025 ₹855 Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- RGLD: Sep 2021 ₹174 Cr | Dec 2021 ₹167 Cr | Mar 2022 ₹163 Cr | Jun 2022 ₹144 Cr | Sep 2022 ₹127 Cr | Dec 2022 ₹159 Cr | Mar 2023 ₹164 Cr | Jun 2023 ₹138 Cr | Sep 2023 ₹133 Cr | Dec 2023 ₹149 Cr | Mar 2024 ₹148 Cr | Jun 2024 ₹172 Cr | Sep 2024 ₹193 Cr | Dec 2024 ₹203 Cr | Mar 2025 ₹194 Cr | Jun 2025 ₹211 Cr | Sep 2025 ₹250 Cr | Dec 2025 ₹361 Cr | Mar 2026 ₹479 Cr | Jun 2026 —
- CDE: Sep 2021 ₹208 Cr | Dec 2021 ₹208 Cr | Mar 2022 ₹188 Cr | Jun 2022 ₹204 Cr | Sep 2022 ₹183 Cr | Dec 2022 ₹210 Cr | Mar 2023 ₹187 Cr | Jun 2023 ₹177 Cr | Sep 2023 ₹195 Cr | Dec 2023 ₹262 Cr | Mar 2024 ₹213 Cr | Jun 2024 ₹222 Cr | Sep 2024 ₹313 Cr | Dec 2024 ₹305 Cr | Mar 2025 ₹360 Cr | Jun 2025 ₹481 Cr | Sep 2025 ₹555 Cr | Dec 2025 ₹675 Cr | Mar 2026 ₹856 Cr | Jun 2026 —
- AGI: Sep 2021 ₹198 Cr | Dec 2021 ₹203 Cr | Mar 2022 ₹185 Cr | Jun 2022 ₹191 Cr | Sep 2022 ₹214 Cr | Dec 2022 ₹232 Cr | Mar 2023 ₹252 Cr | Jun 2023 ₹261 Cr | Sep 2023 ₹256 Cr | Dec 2023 ₹255 Cr | Mar 2024 ₹278 Cr | Jun 2024 ₹333 Cr | Sep 2024 ₹361 Cr | Dec 2024 ₹376 Cr | Mar 2025 ₹333 Cr | Jun 2025 ₹438 Cr | Sep 2025 ₹462 Cr | Dec 2025 ₹575 Cr | Mar 2026 ₹597 Cr | Jun 2026 —
- EGO: Sep 2021 ₹238 Cr | Dec 2021 ₹245 Cr | Mar 2022 ₹195 Cr | Jun 2022 ₹213 Cr | Sep 2022 ₹218 Cr | Dec 2022 ₹246 Cr | Mar 2023 ₹228 Cr | Jun 2023 ₹229 Cr | Sep 2023 ₹245 Cr | Dec 2023 ₹307 Cr | Mar 2024 ₹258 Cr | Jun 2024 ₹297 Cr | Sep 2024 ₹332 Cr | Dec 2024 ₹436 Cr | Mar 2025 ₹355 Cr | Jun 2025 ₹452 Cr | Sep 2025 ₹435 Cr | Dec 2025 ₹577 Cr | Mar 2026 ₹532 Cr | Jun 2026 —
- IAG: Sep 2021 ₹294 Cr | Dec 2021 ₹295 Cr | Mar 2022 ₹265 Cr | Jun 2022 ₹232 Cr | Sep 2022 ₹255 Cr | Dec 2022 ₹207 Cr | Mar 2023 ₹226 Cr | Jun 2023 ₹239 Cr | Sep 2023 ₹225 Cr | Dec 2023 ₹298 Cr | Mar 2024 ₹339 Cr | Jun 2024 ₹385 Cr | Sep 2024 ₹439 Cr | Dec 2024 ₹470 Cr | Mar 2025 ₹477 Cr | Jun 2025 ₹581 Cr | Sep 2025 ₹707 Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.0K Cr | Jun 2026 —
- EQX: Sep 2021 ₹245 Cr | Dec 2021 ₹381 Cr | Mar 2022 ₹223 Cr | Jun 2022 ₹225 Cr | Sep 2022 ₹245 Cr | Dec 2022 ₹259 Cr | Mar 2023 ₹234 Cr | Jun 2023 ₹272 Cr | Sep 2023 ₹285 Cr | Dec 2023 ₹298 Cr | Mar 2024 ₹241 Cr | Jun 2024 ₹269 Cr | Sep 2024 ₹428 Cr | Dec 2024 — | Mar 2025 ₹266 Cr | Jun 2025 ₹479 Cr | Sep 2025 ₹819 Cr | Dec 2025 — | Mar 2026 ₹862 Cr | Jun 2026 —
- OR: Sep 2021 ₹39 Cr | Dec 2021 ₹41 Cr | Mar 2022 ₹41 Cr | Jun 2022 ₹40 Cr | Sep 2022 ₹39 Cr | Dec 2022 ₹48 Cr | Mar 2023 ₹44 Cr | Jun 2023 ₹46 Cr | Sep 2023 ₹46 Cr | Dec 2023 ₹49 Cr | Mar 2024 ₹45 Cr | Jun 2024 ₹47 Cr | Sep 2024 ₹42 Cr | Dec 2024 ₹57 Cr | Mar 2025 ₹55 Cr | Jun 2025 ₹60 Cr | Sep 2025 ₹72 Cr | Dec 2025 ₹90 Cr | Mar 2026 ₹103 Cr | Jun 2026 —
- OGC: Sep 2021 ₹205 Cr | Dec 2021 ₹209 Cr | Mar 2022 ₹286 Cr | Jun 2022 ₹229 Cr | Sep 2022 ₹214 Cr | Dec 2022 ₹238 Cr | Mar 2023 ₹244 Cr | Jun 2023 ₹301 Cr | Sep 2023 ₹214 Cr | Dec 2023 ₹267 Cr | Mar 2024 ₹270 Cr | Jun 2024 ₹251 Cr | Sep 2024 ₹345 Cr | Dec 2024 ₹427 Cr | Mar 2025 ₹360 Cr | Jun 2025 ₹432 Cr | Sep 2025 ₹449 Cr | Dec 2025 ₹652 Cr | Mar 2026 ₹715 Cr | Jun 2026 —
- SSRM: Sep 2021 ₹323 Cr | Dec 2021 ₹408 Cr | Mar 2022 ₹355 Cr | Jun 2022 ₹320 Cr | Sep 2022 ₹167 Cr | Dec 2022 ₹306 Cr | Mar 2023 ₹315 Cr | Jun 2023 ₹301 Cr | Sep 2023 ₹385 Cr | Dec 2023 ₹426 Cr | Mar 2024 ₹230 Cr | Jun 2024 ₹185 Cr | Sep 2024 ₹257 Cr | Dec 2024 ₹323 Cr | Mar 2025 ₹220 Cr | Jun 2025 ₹405 Cr | Sep 2025 ₹386 Cr | Dec 2025 ₹522 Cr | Mar 2026 ₹418 Cr | Jun 2026 —
- BTG: Sep 2021 ₹511 Cr | Dec 2021 ₹526 Cr | Mar 2022 ₹366 Cr | Jun 2022 ₹382 Cr | Sep 2022 ₹393 Cr | Dec 2022 ₹592 Cr | Mar 2023 ₹474 Cr | Jun 2023 ₹471 Cr | Sep 2023 ₹478 Cr | Dec 2023 ₹512 Cr | Mar 2024 ₹461 Cr | Jun 2024 ₹493 Cr | Sep 2024 ₹448 Cr | Dec 2024 ₹500 Cr | Mar 2025 ₹532 Cr | Jun 2025 ₹692 Cr | Sep 2025 ₹783 Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- AUGO: Sep 2021 ₹97 Cr | Dec 2021 ₹134 Cr | Mar 2022 ₹112 Cr | Jun 2022 ₹93 Cr | Sep 2022 ₹81 Cr | Dec 2022 ₹106 Cr | Mar 2023 ₹97 Cr | Jun 2023 ₹85 Cr | Sep 2023 ₹111 Cr | Dec 2023 ₹124 Cr | Mar 2024 ₹132 Cr | Jun 2024 ₹134 Cr | Sep 2024 ₹156 Cr | Dec 2024 ₹172 Cr | Mar 2025 ₹162 Cr | Jun 2025 ₹190 Cr | Sep 2025 ₹248 Cr | Dec 2025 ₹322 Cr | Mar 2026 ₹383 Cr | Jun 2026 —
- ORLA: Sep 2021 — | Dec 2021 ₹4 Cr | Mar 2022 ₹40 Cr | Jun 2022 ₹48 Cr | Sep 2022 ₹49 Cr | Dec 2022 ₹57 Cr | Mar 2023 ₹51 Cr | Jun 2023 ₹59 Cr | Sep 2023 ₹60 Cr | Dec 2023 ₹63 Cr | Mar 2024 ₹67 Cr | Jun 2024 ₹85 Cr | Sep 2024 ₹99 Cr | Dec 2024 ₹93 Cr | Mar 2025 ₹141 Cr | Jun 2025 ₹264 Cr | Sep 2025 ₹275 Cr | Dec 2025 ₹378 Cr | Mar 2026 ₹379 Cr | Jun 2026 —
- CGAU: Sep 2021 ₹221 Cr | Dec 2021 ₹251 Cr | Mar 2022 ₹295 Cr | Jun 2022 ₹168 Cr | Sep 2022 ₹179 Cr | Dec 2022 ₹208 Cr | Mar 2023 ₹227 Cr | Jun 2023 ₹185 Cr | Sep 2023 ₹344 Cr | Dec 2023 ₹340 Cr | Mar 2024 ₹306 Cr | Jun 2024 ₹282 Cr | Sep 2024 ₹324 Cr | Dec 2024 ₹302 Cr | Mar 2025 ₹299 Cr | Jun 2025 ₹288 Cr | Sep 2025 ₹395 Cr | Dec 2025 ₹402 Cr | Mar 2026 ₹485 Cr | Jun 2026 —
- ARIS: Sep 2021 ₹91 Cr | Dec 2021 ₹94 Cr | Mar 2022 ₹101 Cr | Jun 2022 ₹101 Cr | Sep 2022 ₹94 Cr | Dec 2022 ₹103 Cr | Mar 2023 ₹97 Cr | Jun 2023 ₹109 Cr | Sep 2023 ₹116 Cr | Dec 2023 ₹125 Cr | Mar 2024 ₹108 Cr | Jun 2024 ₹117 Cr | Sep 2024 ₹135 Cr | Dec 2024 ₹151 Cr | Mar 2025 ₹158 Cr | Jun 2025 ₹203 Cr | Sep 2025 ₹258 Cr | Dec 2025 ₹309 Cr | Mar 2026 ₹372 Cr | Jun 2026 —
- AAUC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹147 Cr | Dec 2022 ₹190 Cr | Mar 2023 ₹154 Cr | Jun 2023 ₹145 Cr | Sep 2023 ₹177 Cr | Dec 2023 ₹180 Cr | Mar 2024 ₹175 Cr | Jun 2024 ₹196 Cr | Sep 2024 ₹189 Cr | Dec 2024 ₹171 Cr | Mar 2025 ₹346 Cr | Jun 2025 ₹252 Cr | Sep 2025 ₹306 Cr | Dec 2025 ₹428 Cr | Mar 2026 ₹394 Cr | Jun 2026 —
- FSM: Sep 2021 ₹163 Cr | Dec 2021 ₹199 Cr | Mar 2022 ₹182 Cr | Jun 2022 ₹168 Cr | Sep 2022 ₹167 Cr | Dec 2022 ₹165 Cr | Mar 2023 ₹176 Cr | Jun 2023 ₹158 Cr | Sep 2023 ₹243 Cr | Dec 2023 ₹265 Cr | Mar 2024 ₹201 Cr | Jun 2024 ₹156 Cr | Sep 2024 ₹182 Cr | Dec 2024 ₹195 Cr | Mar 2025 ₹195 Cr | Jun 2025 ₹230 Cr | Sep 2025 ₹251 Cr | Dec 2025 ₹270 Cr | Mar 2026 ₹342 Cr | Jun 2026 —
- HYMC: Sep 2021 ₹32 Cr | Dec 2021 ₹24 Cr | Mar 2022 ₹9 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹9 Cr | Dec 2022 ₹11 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter Revenue growth history
- NEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -0.2% | Sep 2022 -9.0% | Dec 2022 -5.6% | Mar 2023 -11% | Jun 2023 -12% | Sep 2023 -5.4% | Dec 2023 24% | Mar 2024 50% | Jun 2024 64% | Sep 2024 85% | Dec 2024 43% | Mar 2025 25% | Jun 2025 21% | Sep 2025 20% | Dec 2025 21% | Mar 2026 46% | Jun 2026 —
- AEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 61% | Sep 2022 47% | Dec 2022 45% | Mar 2023 14% | Jun 2023 8.7% | Sep 2023 13% | Dec 2023 27% | Mar 2024 21% | Jun 2024 21% | Sep 2024 31% | Dec 2024 27% | Mar 2025 35% | Jun 2025 36% | Sep 2025 42% | Dec 2025 60% | Mar 2026 66% | Jun 2026 —
- B: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -1.2% | Sep 2022 -11% | Dec 2022 -16% | Mar 2023 -7.4% | Jun 2023 -0.9% | Sep 2023 13% | Dec 2023 10% | Mar 2024 3.9% | Jun 2024 12% | Sep 2024 18% | Dec 2024 19% | Mar 2025 14% | Jun 2025 16% | Sep 2025 23% | Dec 2025 65% | Mar 2026 67% | Jun 2026 —
- WPM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -8.2% | Sep 2022 -19% | Dec 2022 -15% | Mar 2023 -30% | Jun 2023 -13% | Sep 2023 1.8% | Dec 2023 33% | Mar 2024 39% | Jun 2024 13% | Sep 2024 38% | Dec 2024 22% | Mar 2025 58% | Jun 2025 68% | Sep 2025 55% | Dec 2025 127% | Mar 2026 92% | Jun 2026 —
- FNV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1.4% | Sep 2022 -3.8% | Dec 2022 -2.4% | Mar 2023 -19% | Jun 2023 -6.3% | Sep 2023 2.0% | Dec 2023 -5.3% | Mar 2024 -6.9% | Jun 2024 -21% | Sep 2024 -11% | Dec 2024 5.9% | Mar 2025 43% | Jun 2025 42% | Sep 2025 77% | Dec 2025 86% | Mar 2026 77% | Jun 2026 —
- AU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 9.3% | Sep 2022 14% | Dec 2022 14% | Mar 2023 -4.6% | Jun 2023 7.4% | Sep 2023 -2.8% | Dec 2023 7.1% | Mar 2024 14% | Jun 2024 19% | Sep 2024 31% | Dec 2024 39% | Mar 2025 68% | Jun 2025 77% | Sep 2025 62% | Dec 2025 75% | Mar 2026 65% | Jun 2026 —
- GFI: Sep 2021 — | Dec 2021 3.5% | Mar 2022 — | Jun 2022 13% | Sep 2022 — | Dec 2022 -7.3% | Mar 2023 — | Jun 2023 1.4% | Sep 2023 — | Dec 2023 8.9% | Mar 2024 — | Jun 2024 -6.3% | Sep 2024 — | Dec 2024 38% | Mar 2025 — | Jun 2025 64% | Sep 2025 — | Dec 2025 71% | Mar 2026 — | Jun 2026 —
- KGC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 16% | Sep 2022 47% | Dec 2022 75% | Mar 2023 33% | Jun 2023 33% | Sep 2023 29% | Dec 2023 3.7% | Mar 2024 16% | Jun 2024 12% | Sep 2024 30% | Dec 2024 27% | Mar 2025 38% | Jun 2025 42% | Sep 2025 26% | Dec 2025 43% | Mar 2026 61% | Jun 2026 —
- PAAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -11% | Sep 2022 -26% | Dec 2022 -11% | Mar 2023 -11% | Jun 2023 88% | Sep 2023 82% | Dec 2023 79% | Mar 2024 54% | Jun 2024 7.2% | Sep 2024 16% | Dec 2024 22% | Mar 2025 29% | Jun 2025 18% | Sep 2025 19% | Dec 2025 45% | Mar 2026 49% | Jun 2026 —
- RGLD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -15% | Sep 2022 -27% | Dec 2022 -4.8% | Mar 2023 0.6% | Jun 2023 -4.2% | Sep 2023 4.7% | Dec 2023 -6.3% | Mar 2024 -9.8% | Jun 2024 25% | Sep 2024 45% | Dec 2024 36% | Mar 2025 31% | Jun 2025 23% | Sep 2025 30% | Dec 2025 78% | Mar 2026 147% | Jun 2026 —
- CDE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -5.1% | Sep 2022 -12% | Dec 2022 1.0% | Mar 2023 -0.5% | Jun 2023 -13% | Sep 2023 6.6% | Dec 2023 25% | Mar 2024 14% | Jun 2024 25% | Sep 2024 61% | Dec 2024 16% | Mar 2025 69% | Jun 2025 117% | Sep 2025 77% | Dec 2025 121% | Mar 2026 138% | Jun 2026 —
- AGI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -2.1% | Sep 2022 8.1% | Dec 2022 14% | Mar 2023 36% | Jun 2023 37% | Sep 2023 20% | Dec 2023 9.9% | Mar 2024 10% | Jun 2024 28% | Sep 2024 41% | Dec 2024 47% | Mar 2025 20% | Jun 2025 32% | Sep 2025 28% | Dec 2025 53% | Mar 2026 79% | Jun 2026 —
- EGO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -8.6% | Sep 2022 -8.4% | Dec 2022 0.4% | Mar 2023 17% | Jun 2023 7.5% | Sep 2023 12% | Dec 2023 25% | Mar 2024 13% | Jun 2024 30% | Sep 2024 36% | Dec 2024 42% | Mar 2025 38% | Jun 2025 52% | Sep 2025 31% | Dec 2025 32% | Mar 2026 50% | Jun 2026 —
- IAG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -13% | Sep 2022 -13% | Dec 2022 -30% | Mar 2023 -15% | Jun 2023 3.0% | Sep 2023 -12% | Dec 2023 44% | Mar 2024 50% | Jun 2024 61% | Sep 2024 95% | Dec 2024 58% | Mar 2025 41% | Jun 2025 51% | Sep 2025 61% | Dec 2025 131% | Mar 2026 116% | Jun 2026 —
- EQX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -0.4% | Sep 2022 0.0% | Dec 2022 -32% | Mar 2023 4.9% | Jun 2023 21% | Sep 2023 16% | Dec 2023 15% | Mar 2024 3.0% | Jun 2024 -1.1% | Sep 2024 50% | Dec 2024 — | Mar 2025 10% | Jun 2025 78% | Sep 2025 91% | Dec 2025 — | Mar 2026 224% | Jun 2026 —
- OR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -15% | Sep 2022 0.0% | Dec 2022 17% | Mar 2023 7.3% | Jun 2023 15% | Sep 2023 18% | Dec 2023 2.1% | Mar 2024 2.3% | Jun 2024 2.2% | Sep 2024 -8.7% | Dec 2024 16% | Mar 2025 22% | Jun 2025 28% | Sep 2025 71% | Dec 2025 58% | Mar 2026 87% | Jun 2026 —
- OGC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 25% | Sep 2022 4.4% | Dec 2022 14% | Mar 2023 -15% | Jun 2023 31% | Sep 2023 0.0% | Dec 2023 12% | Mar 2024 11% | Jun 2024 -17% | Sep 2024 61% | Dec 2024 60% | Mar 2025 33% | Jun 2025 72% | Sep 2025 30% | Dec 2025 53% | Mar 2026 99% | Jun 2026 —
- SSRM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -15% | Sep 2022 -48% | Dec 2022 -25% | Mar 2023 -11% | Jun 2023 -5.9% | Sep 2023 131% | Dec 2023 39% | Mar 2024 -27% | Jun 2024 -39% | Sep 2024 -33% | Dec 2024 -24% | Mar 2025 -4.4% | Jun 2025 119% | Sep 2025 50% | Dec 2025 62% | Mar 2026 90% | Jun 2026 —
- BTG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 5.2% | Sep 2022 -23% | Dec 2022 13% | Mar 2023 30% | Jun 2023 23% | Sep 2023 22% | Dec 2023 -14% | Mar 2024 -2.7% | Jun 2024 4.7% | Sep 2024 -6.3% | Dec 2024 -2.3% | Mar 2025 15% | Jun 2025 40% | Sep 2025 75% | Dec 2025 111% | Mar 2026 118% | Jun 2026 —
- AUGO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -11% | Sep 2022 -16% | Dec 2022 -21% | Mar 2023 -13% | Jun 2023 -8.6% | Sep 2023 37% | Dec 2023 17% | Mar 2024 36% | Jun 2024 58% | Sep 2024 41% | Dec 2024 39% | Mar 2025 23% | Jun 2025 42% | Sep 2025 59% | Dec 2025 87% | Mar 2026 136% | Jun 2026 —
- ORLA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 1,325% | Mar 2023 28% | Jun 2023 23% | Sep 2023 22% | Dec 2023 11% | Mar 2024 31% | Jun 2024 44% | Sep 2024 65% | Dec 2024 48% | Mar 2025 110% | Jun 2025 211% | Sep 2025 178% | Dec 2025 306% | Mar 2026 169% | Jun 2026 —
- CGAU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -17% | Sep 2022 -19% | Dec 2022 -17% | Mar 2023 -23% | Jun 2023 10% | Sep 2023 92% | Dec 2023 63% | Mar 2024 35% | Jun 2024 52% | Sep 2024 -5.8% | Dec 2024 -11% | Mar 2025 -2.3% | Jun 2025 2.1% | Sep 2025 22% | Dec 2025 33% | Mar 2026 62% | Jun 2026 —
- ARIS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 5.2% | Sep 2022 3.3% | Dec 2022 9.6% | Mar 2023 -4.0% | Jun 2023 7.9% | Sep 2023 23% | Dec 2023 21% | Mar 2024 11% | Jun 2024 7.3% | Sep 2024 16% | Dec 2024 21% | Mar 2025 46% | Jun 2025 74% | Sep 2025 91% | Dec 2025 105% | Mar 2026 135% | Jun 2026 —
- AAUC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 20% | Dec 2023 -5.3% | Mar 2024 14% | Jun 2024 35% | Sep 2024 6.8% | Dec 2024 -5.0% | Mar 2025 98% | Jun 2025 29% | Sep 2025 62% | Dec 2025 150% | Mar 2026 14% | Jun 2026 —
- FSM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 39% | Sep 2022 2.5% | Dec 2022 -17% | Mar 2023 -3.3% | Jun 2023 -6.0% | Sep 2023 46% | Dec 2023 61% | Mar 2024 14% | Jun 2024 -1.3% | Sep 2024 -25% | Dec 2024 -26% | Mar 2025 -3.0% | Jun 2025 47% | Sep 2025 38% | Dec 2025 38% | Mar 2026 75% | Jun 2026 —
- HYMC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -89% | Sep 2022 -72% | Dec 2022 -54% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: OceanaGold Corporation leads opm at 152.9%; Equinox Gold Corp. leads margin change at +48.8 percentage points.

Investor read: OceanaGold Corporation sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: OceanaGold Corporation · 152.9% | 11.8% versus #2 · Orla Mining Ltd. | 3/8 recent comparable periods | 24/28 companies · 436 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. OceanaGold Corporation (OGC): 153%
2. Orla Mining Ltd. (ORLA): 137%
3. Franco-Nevada Corporation (FNV): 89%
4. OR Royalties Inc. (OR): 85%
5. Wheaton Precious Metals Corp. (WPM): 75%

### Margin change — fastest expanders
1. Equinox Gold Corp. (EQX): +48.8 pp
2. Alamos Gold Inc. (AGI): +29.4 pp
3. IAMGOLD Corporation (IAG): +29.2 pp
4. Barrick Mining Corporation (B): +26.8 pp
5. Fortuna Mining Corp. (FSM): +23.9 pp

### 20-quarter OPM history
- NEM: Sep 2021 2.3% | Dec 2021 -18% | Mar 2022 26% | Jun 2022 18% | Sep 2022 11% | Dec 2022 -3.5% | Mar 2023 19% | Jun 2023 14% | Sep 2023 9.5% | Dec 2023 -71% | Mar 2024 9.9% | Jun 2024 24% | Sep 2024 25% | Dec 2024 36% | Mar 2025 45% | Jun 2025 58% | Sep 2025 47% | Dec 2025 57% | Mar 2026 61% | Jun 2026 —
- AEM: Sep 2021 23% | Dec 2021 28% | Mar 2022 31% | Jun 2022 33% | Sep 2022 16% | Dec 2022 34% | Mar 2023 30% | Jun 2023 31% | Sep 2023 19% | Dec 2023 9.3% | Mar 2024 29% | Jun 2024 38% | Sep 2024 41% | Dec 2024 36% | Mar 2025 50% | Jun 2025 59% | Sep 2025 53% | Dec 2025 65% | Mar 2026 63% | Jun 2026 —
- B: Sep 2021 36% | Dec 2021 47% | Mar 2022 38% | Jun 2022 38% | Sep 2022 28% | Dec 2022 -32% | Mar 2023 20% | Jun 2023 29% | Sep 2023 30% | Dec 2023 26% | Mar 2024 25% | Jun 2024 35% | Sep 2024 33% | Dec 2024 54% | Mar 2025 36% | Jun 2025 39% | Sep 2025 58% | Dec 2025 68% | Mar 2026 63% | Jun 2026 —
- WPM: Sep 2021 51% | Dec 2021 104% | Mar 2022 52% | Jun 2022 50% | Sep 2022 47% | Dec 2022 42% | Mar 2023 46% | Jun 2023 51% | Sep 2023 50% | Dec 2023 51% | Mar 2024 53% | Jun 2024 57% | Sep 2024 57% | Dec 2024 31% | Mar 2025 62% | Jun 2025 66% | Sep 2025 66% | Dec 2025 75% | Mar 2026 75% | Jun 2026 —
- FNV: Sep 2021 62% | Dec 2021 82% | Mar 2022 63% | Jun 2022 66% | Sep 2022 62% | Dec 2022 59% | Mar 2023 62% | Jun 2023 61% | Sep 2023 60% | Dec 2023 -326% | Mar 2024 62% | Jun 2024 65% | Sep 2024 66% | Dec 2024 68% | Mar 2025 69% | Jun 2025 83% | Sep 2025 70% | Dec 2025 76% | Mar 2026 89% | Jun 2026 —
- AU: Sep 2021 17% | Dec 2021 17% | Mar 2022 20% | Jun 2022 20% | Sep 2022 4.2% | Dec 2022 4.2% | Mar 2023 11% | Jun 2023 3.3% | Sep 2023 15% | Dec 2023 13% | Mar 2024 13% | Jun 2024 27% | Sep 2024 26% | Dec 2024 37% | Mar 2025 38% | Jun 2025 42% | Sep 2025 42% | Dec 2025 44% | Mar 2026 56% | Jun 2026 —
- KGC: Sep 2021 -4.1% | Dec 2021 -22% | Mar 2022 15% | Jun 2022 7.8% | Sep 2022 13% | Dec 2022 -15% | Mar 2023 16% | Jun 2023 22% | Sep 2023 21% | Dec 2023 17% | Mar 2024 18% | Jun 2024 25% | Sep 2024 38% | Dec 2024 35% | Mar 2025 38% | Jun 2025 45% | Sep 2025 45% | Dec 2025 56% | Mar 2026 56% | Jun 2026 —
- PAAS: Sep 2021 22% | Dec 2021 12% | Mar 2022 10% | Jun 2022 -45% | Sep 2022 -15% | Dec 2022 -37% | Mar 2023 7.1% | Jun 2023 -1.0% | Sep 2023 7.2% | Dec 2023 -0.4% | Mar 2024 5.8% | Jun 2024 13% | Sep 2024 21% | Dec 2024 21% | Mar 2025 30% | Jun 2025 30% | Sep 2025 30% | Dec 2025 38% | Mar 2026 48% | Jun 2026 —
- CDE: Sep 2021 3.9% | Dec 2021 0.5% | Mar 2022 0.9% | Jun 2022 0.8% | Sep 2022 -20% | Dec 2022 -2.8% | Mar 2023 -8.6% | Jun 2023 -2.9% | Sep 2023 -3.5% | Dec 2023 -4.1% | Mar 2024 -1.6% | Jun 2024 7.5% | Sep 2024 27% | Dec 2024 22% | Mar 2025 17% | Jun 2025 29% | Sep 2025 32% | Dec 2025 49% | Mar 2026 41% | Jun 2026 —
- AGI: Sep 2021 29% | Dec 2021 25% | Mar 2022 -3.1% | Jun 2022 13% | Sep 2022 14% | Dec 2022 27% | Mar 2023 30% | Jun 2023 34% | Sep 2023 32% | Dec 2023 28% | Mar 2024 29% | Jun 2024 42% | Sep 2024 19% | Dec 2024 42% | Mar 2025 28% | Jun 2025 49% | Sep 2025 3.9% | Dec 2025 58% | Mar 2026 58% | Jun 2026 —
- EGO: Sep 2021 23% | Dec 2021 27% | Mar 2022 -7.4% | Jun 2022 15% | Sep 2022 1.7% | Dec 2022 8.1% | Mar 2023 14% | Jun 2023 17% | Sep 2023 18% | Dec 2023 22% | Mar 2024 23% | Jun 2024 30% | Sep 2024 30% | Dec 2024 39% | Mar 2025 32% | Jun 2025 39% | Sep 2025 39% | Dec 2025 46% | Mar 2026 51% | Jun 2026 —
- IAG: Sep 2021 -21% | Dec 2021 -101% | Mar 2022 17% | Jun 2022 4.7% | Sep 2022 3.6% | Dec 2022 -12% | Mar 2023 7.7% | Jun 2023 0.6% | Sep 2023 -6.8% | Dec 2023 -1.3% | Mar 2024 26% | Jun 2024 33% | Sep 2024 138% | Dec 2024 23% | Mar 2025 24% | Jun 2025 31% | Sep 2025 33% | Dec 2025 53% | Mar 2026 53% | Jun 2026 —
- EQX: Sep 2021 8.8% | Dec 2021 21% | Mar 2022 5.9% | Jun 2022 -1.5% | Sep 2022 -5.1% | Dec 2022 5.1% | Mar 2023 0.7% | Jun 2023 5.2% | Sep 2023 3.0% | Dec 2023 8.5% | Mar 2024 -2.2% | Jun 2024 2.2% | Sep 2024 20% | Dec 2024 — | Mar 2025 -3.5% | Jun 2025 20% | Sep 2025 25% | Dec 2025 — | Mar 2026 45% | Jun 2026 —
- OR: Sep 2021 57% | Dec 2021 57% | Mar 2022 59% | Jun 2022 58% | Sep 2022 54% | Dec 2022 56% | Mar 2023 58% | Jun 2023 46% | Sep 2023 17% | Dec 2023 22% | Mar 2024 66% | Jun 2024 -37% | Sep 2024 65% | Dec 2024 69% | Mar 2025 70% | Jun 2025 69% | Sep 2025 65% | Dec 2025 78% | Mar 2026 85% | Jun 2026 —
- OGC: Sep 2021 96% | Dec 2021 92% | Mar 2022 85% | Jun 2022 76% | Sep 2022 62% | Dec 2022 69% | Mar 2023 80% | Jun 2023 88% | Sep 2023 89% | Dec 2023 82% | Mar 2024 76% | Jun 2024 80% | Sep 2024 91% | Dec 2024 373% | Mar 2025 161% | Jun 2025 79% | Sep 2025 74% | Dec 2025 319% | Mar 2026 153% | Jun 2026 —
- SSRM: Sep 2021 29% | Dec 2021 29% | Mar 2022 33% | Jun 2022 22% | Sep 2022 -21% | Dec 2022 13% | Mar 2023 12% | Jun 2023 18% | Sep 2023 20% | Dec 2023 -70% | Mar 2024 -164% | Jun 2024 5.8% | Sep 2024 3.5% | Dec 2024 11% | Mar 2025 34% | Jun 2025 27% | Sep 2025 22% | Dec 2025 39% | Mar 2026 52% | Jun 2026 —
- BTG: Sep 2021 43% | Dec 2021 45% | Mar 2022 32% | Jun 2022 26% | Sep 2022 14% | Dec 2022 39% | Mar 2023 37% | Jun 2023 34% | Sep 2023 5.8% | Dec 2023 -6.9% | Mar 2024 34% | Jun 2024 6.3% | Sep 2024 -125% | Dec 2024 26% | Mar 2025 39% | Jun 2025 48% | Sep 2025 43% | Dec 2025 49% | Mar 2026 49% | Jun 2026 —
- AUGO: Sep 2021 32% | Dec 2021 11% | Mar 2022 37% | Jun 2022 23% | Sep 2022 9.3% | Dec 2022 17% | Mar 2023 25% | Jun 2023 18% | Sep 2023 15% | Dec 2023 32% | Mar 2024 28% | Jun 2024 30% | Sep 2024 39% | Dec 2024 39% | Mar 2025 41% | Jun 2025 48% | Sep 2025 55% | Dec 2025 51% | Mar 2026 54% | Jun 2026 —
- ORLA: Sep 2021 — | Dec 2021 -60% | Mar 2022 58% | Jun 2022 52% | Sep 2022 37% | Dec 2022 117% | Mar 2023 41% | Jun 2023 44% | Sep 2023 33% | Dec 2023 78% | Mar 2024 73% | Jun 2024 51% | Sep 2024 47% | Dec 2024 -144% | Mar 2025 135% | Jun 2025 43% | Sep 2025 40% | Dec 2025 135% | Mar 2026 137% | Jun 2026 —
- CGAU: Sep 2021 20% | Dec 2021 79% | Mar 2022 42% | Jun 2022 2.3% | Sep 2022 -2.3% | Dec 2022 -77% | Mar 2023 -29% | Jun 2023 -17% | Sep 2023 29% | Dec 2023 4.3% | Mar 2024 27% | Jun 2024 17% | Sep 2024 17% | Dec 2024 -36% | Mar 2025 14% | Jun 2025 20% | Sep 2025 83% | Dec 2025 60% | Mar 2026 22% | Jun 2026 —
- ARIS: Sep 2021 41% | Dec 2021 43% | Mar 2022 47% | Jun 2022 43% | Sep 2022 24% | Dec 2022 39% | Mar 2023 35% | Jun 2023 35% | Sep 2023 33% | Dec 2023 34% | Mar 2024 26% | Jun 2024 26% | Sep 2024 29% | Dec 2024 42% | Mar 2025 38% | Jun 2025 44% | Sep 2025 46% | Dec 2025 47% | Mar 2026 55% | Jun 2026 —
- AAUC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 8.7% | Dec 2022 6.8% | Mar 2023 0.4% | Jun 2023 13% | Sep 2023 -95% | Dec 2023 -48% | Mar 2024 10% | Jun 2024 22% | Sep 2024 -45% | Dec 2024 22% | Mar 2025 24% | Jun 2025 0.7% | Sep 2025 18% | Dec 2025 29% | Mar 2026 15% | Jun 2026 —
- FSM: Sep 2021 13% | Dec 2021 20% | Mar 2022 22% | Jun 2022 7.8% | Sep 2022 3.4% | Dec 2022 -105% | Mar 2023 14% | Jun 2023 4.9% | Sep 2023 19% | Dec 2023 -29% | Mar 2024 24% | Jun 2024 20% | Sep 2024 28% | Dec 2024 23% | Mar 2025 29% | Jun 2025 36% | Sep 2025 62% | Dec 2025 42% | Mar 2026 53% | Jun 2026 —
- HYMC: Sep 2021 -59% | Dec 2021 -194% | Mar 2022 -131% | Jun 2022 -222% | Sep 2022 -144% | Dec 2022 -178% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter Margin change history
- NEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −13.7 pp | Sep 2022 +8.9 pp | Dec 2022 +14.2 pp | Mar 2023 −7.5 pp | Jun 2023 −4.1 pp | Sep 2023 −1.7 pp | Dec 2023 −67.5 pp | Mar 2024 −9.0 pp | Jun 2024 +10.0 pp | Sep 2024 +15.0 pp | Dec 2024 +107.1 pp | Mar 2025 +35.0 pp | Jun 2025 +34.1 pp | Sep 2025 +22.1 pp | Dec 2025 +21.2 pp | Mar 2026 +16.2 pp | Jun 2026 —
- AEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.1 pp | Sep 2022 −7.5 pp | Dec 2022 +6.4 pp | Mar 2023 −1.2 pp | Jun 2023 −2.4 pp | Sep 2023 +3.6 pp | Dec 2023 −24.8 pp | Mar 2024 −0.4 pp | Jun 2024 +7.5 pp | Sep 2024 +21.4 pp | Dec 2024 +26.9 pp | Mar 2025 +21.0 pp | Jun 2025 +20.4 pp | Sep 2025 +12.5 pp | Dec 2025 +28.5 pp | Mar 2026 +12.7 pp | Jun 2026 —
- B: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.0 pp | Sep 2022 −8.8 pp | Dec 2022 −78.8 pp | Mar 2023 −18.3 pp | Jun 2023 −9.4 pp | Sep 2023 +2.3 pp | Dec 2023 +58.0 pp | Mar 2024 +5.1 pp | Jun 2024 +5.9 pp | Sep 2024 +3.0 pp | Dec 2024 +27.8 pp | Mar 2025 +10.6 pp | Jun 2025 +4.0 pp | Sep 2025 +25.5 pp | Dec 2025 +14.4 pp | Mar 2026 +26.8 pp | Jun 2026 —
- WPM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.1 pp | Sep 2022 −4.4 pp | Dec 2022 −62.2 pp | Mar 2023 −6.0 pp | Jun 2023 +1.5 pp | Sep 2023 +3.4 pp | Dec 2023 +8.6 pp | Mar 2024 +7.3 pp | Jun 2024 +5.5 pp | Sep 2024 +6.8 pp | Dec 2024 −19.9 pp | Mar 2025 +8.5 pp | Jun 2025 +9.0 pp | Sep 2025 +9.1 pp | Dec 2025 +43.8 pp | Mar 2026 +13.1 pp | Jun 2026 —
- FNV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +6.6 pp | Sep 2022 −0.3 pp | Dec 2022 −22.5 pp | Mar 2023 −0.3 pp | Jun 2023 −4.9 pp | Sep 2023 −1.5 pp | Dec 2023 −384.6 pp | Mar 2024 −0.7 pp | Jun 2024 +4.2 pp | Sep 2024 +5.6 pp | Dec 2024 +393.3 pp | Mar 2025 +7.2 pp | Jun 2025 +17.8 pp | Sep 2025 +3.9 pp | Dec 2025 +8.3 pp | Mar 2026 +20.0 pp | Jun 2026 —
- AU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.1 pp | Sep 2022 −13.0 pp | Dec 2022 −13.0 pp | Mar 2023 −8.8 pp | Jun 2023 −16.7 pp | Sep 2023 +10.4 pp | Dec 2023 +8.5 pp | Mar 2024 +2.2 pp | Jun 2024 +23.3 pp | Sep 2024 +11.6 pp | Dec 2024 +24.2 pp | Mar 2025 +24.6 pp | Jun 2025 +15.3 pp | Sep 2025 +16.1 pp | Dec 2025 +6.6 pp | Mar 2026 +17.9 pp | Jun 2026 —
- KGC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −4.6 pp | Sep 2022 +17.1 pp | Dec 2022 +7.5 pp | Mar 2023 +0.9 pp | Jun 2023 +14.0 pp | Sep 2023 +7.5 pp | Dec 2023 +32.2 pp | Mar 2024 +2.4 pp | Jun 2024 +2.7 pp | Sep 2024 +17.7 pp | Dec 2024 +18.1 pp | Mar 2025 +20.2 pp | Jun 2025 +20.3 pp | Sep 2025 +6.8 pp | Dec 2025 +20.1 pp | Mar 2026 +17.5 pp | Jun 2026 —
- PAAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −68.9 pp | Sep 2022 −37.0 pp | Dec 2022 −49.4 pp | Mar 2023 −3.3 pp | Jun 2023 +44.2 pp | Sep 2023 +22.3 pp | Dec 2023 +36.6 pp | Mar 2024 −1.3 pp | Jun 2024 +14.0 pp | Sep 2024 +14.0 pp | Dec 2024 +21.4 pp | Mar 2025 +23.8 pp | Jun 2025 +17.0 pp | Sep 2025 +8.7 pp | Dec 2025 +17.3 pp | Mar 2026 +18.5 pp | Jun 2026 —
- CDE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −6.0 pp | Sep 2022 −24.0 pp | Dec 2022 −3.3 pp | Mar 2023 −9.5 pp | Jun 2023 −3.7 pp | Sep 2023 +16.6 pp | Dec 2023 −1.3 pp | Mar 2024 +7.0 pp | Jun 2024 +10.4 pp | Sep 2024 +30.4 pp | Dec 2024 +25.9 pp | Mar 2025 +18.9 pp | Jun 2025 +21.6 pp | Sep 2025 +5.0 pp | Dec 2025 +26.8 pp | Mar 2026 +23.5 pp | Jun 2026 —
- AGI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +99.8 pp | Sep 2022 −14.9 pp | Dec 2022 +2.1 pp | Mar 2023 +32.9 pp | Jun 2023 +20.5 pp | Sep 2023 +18.2 pp | Dec 2023 +1.6 pp | Mar 2024 −0.5 pp | Jun 2024 +7.8 pp | Sep 2024 −13.1 pp | Dec 2024 +14.0 pp | Mar 2025 −0.9 pp | Jun 2025 +7.6 pp | Sep 2025 −15.2 pp | Dec 2025 +15.3 pp | Mar 2026 +29.4 pp | Jun 2026 —
- EGO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −4.9 pp | Sep 2022 −21.0 pp | Dec 2022 −18.4 pp | Mar 2023 +21.6 pp | Jun 2023 +1.9 pp | Sep 2023 +15.8 pp | Dec 2023 +14.0 pp | Mar 2024 +9.1 pp | Jun 2024 +13.3 pp | Sep 2024 +12.6 pp | Dec 2024 +16.7 pp | Mar 2025 +8.9 pp | Jun 2025 +8.5 pp | Sep 2025 +9.2 pp | Dec 2025 +7.4 pp | Mar 2026 +19.2 pp | Jun 2026 —
- IAG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +10.4 pp | Sep 2022 +24.9 pp | Dec 2022 +88.9 pp | Mar 2023 −9.7 pp | Jun 2023 −4.1 pp | Sep 2023 −10.4 pp | Dec 2023 +10.6 pp | Mar 2024 +18.1 pp | Jun 2024 +32.6 pp | Sep 2024 +145.2 pp | Dec 2024 +24.7 pp | Mar 2025 −2.1 pp | Jun 2025 −2.6 pp | Sep 2025 −105.1 pp | Dec 2025 +29.3 pp | Mar 2026 +29.2 pp | Jun 2026 —
- EQX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −7.7 pp | Sep 2022 −13.9 pp | Dec 2022 −15.6 pp | Mar 2023 −5.2 pp | Jun 2023 +6.7 pp | Sep 2023 +8.1 pp | Dec 2023 +3.4 pp | Mar 2024 −2.9 pp | Jun 2024 −3.0 pp | Sep 2024 +16.7 pp | Dec 2024 — | Mar 2025 −1.3 pp | Jun 2025 +17.7 pp | Sep 2025 +5.4 pp | Dec 2025 — | Mar 2026 +48.8 pp | Jun 2026 —
- OR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +85.1 pp | Sep 2022 −3.2 pp | Dec 2022 −1.1 pp | Mar 2023 −1.5 pp | Jun 2023 −11.4 pp | Sep 2023 −36.9 pp | Dec 2023 −33.6 pp | Mar 2024 +8.1 pp | Jun 2024 −83.4 pp | Sep 2024 +48.7 pp | Dec 2024 +46.2 pp | Mar 2025 +4.4 pp | Jun 2025 +105.7 pp | Sep 2025 −0.1 pp | Dec 2025 +9.0 pp | Mar 2026 +15.3 pp | Jun 2026 —
- OGC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −16.6 pp | Sep 2022 −34.1 pp | Dec 2022 −22.7 pp | Mar 2023 −5.1 pp | Jun 2023 +11.5 pp | Sep 2023 +27.0 pp | Dec 2023 +12.2 pp | Mar 2024 −3.9 pp | Jun 2024 −8.2 pp | Sep 2024 +1.8 pp | Dec 2024 +291.7 pp | Mar 2025 +85.2 pp | Jun 2025 −1.0 pp | Sep 2025 −16.5 pp | Dec 2025 −54.6 pp | Mar 2026 −8.1 pp | Jun 2026 —
- SSRM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −5.6 pp | Sep 2022 −49.7 pp | Dec 2022 −16.3 pp | Mar 2023 −20.8 pp | Jun 2023 −4.3 pp | Sep 2023 +41.1 pp | Dec 2023 −82.7 pp | Mar 2024 −175.3 pp | Jun 2024 −11.8 pp | Sep 2024 −16.6 pp | Dec 2024 +80.5 pp | Mar 2025 +197.2 pp | Jun 2025 +21.1 pp | Sep 2025 +18.1 pp | Dec 2025 +28.2 pp | Mar 2026 +17.9 pp | Jun 2026 —
- BTG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −4.3 pp | Sep 2022 −28.9 pp | Dec 2022 −5.9 pp | Mar 2023 +4.8 pp | Jun 2023 +8.2 pp | Sep 2023 −8.1 pp | Dec 2023 −46.1 pp | Mar 2024 −3.6 pp | Jun 2024 −27.5 pp | Sep 2024 −131.2 pp | Dec 2024 +32.6 pp | Mar 2025 +5.7 pp | Jun 2025 +41.3 pp | Sep 2025 +167.9 pp | Dec 2025 +22.8 pp | Mar 2026 +9.8 pp | Jun 2026 —
- AUGO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −9.6 pp | Sep 2022 −22.3 pp | Dec 2022 +6.5 pp | Mar 2023 −12.1 pp | Jun 2023 −5.2 pp | Sep 2023 +5.7 pp | Dec 2023 +15.2 pp | Mar 2024 +3.0 pp | Jun 2024 +12.7 pp | Sep 2024 +24.0 pp | Dec 2024 +6.8 pp | Mar 2025 +13.6 pp | Jun 2025 +17.4 pp | Sep 2025 +16.2 pp | Dec 2025 +11.8 pp | Mar 2026 +12.5 pp | Jun 2026 —
- ORLA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +176.8 pp | Mar 2023 −17.1 pp | Jun 2023 −7.7 pp | Sep 2023 −4.0 pp | Dec 2023 −39.0 pp | Mar 2024 +31.9 pp | Jun 2024 +6.3 pp | Sep 2024 +13.3 pp | Dec 2024 −222.2 pp | Mar 2025 +62.4 pp | Jun 2025 −8.2 pp | Sep 2025 −7.1 pp | Dec 2025 +279.5 pp | Mar 2026 +1.8 pp | Jun 2026 —
- CGAU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −12.0 pp | Sep 2022 −22.1 pp | Dec 2022 −156.4 pp | Mar 2023 −71.1 pp | Jun 2023 −19.2 pp | Sep 2023 +31.3 pp | Dec 2023 +81.7 pp | Mar 2024 +56.2 pp | Jun 2024 +33.8 pp | Sep 2024 −12.1 pp | Dec 2024 −40.6 pp | Mar 2025 −13.1 pp | Jun 2025 +2.7 pp | Sep 2025 +66.1 pp | Dec 2025 +96.6 pp | Mar 2026 +8.1 pp | Jun 2026 —
- ARIS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.5 pp | Sep 2022 −17.3 pp | Dec 2022 −3.6 pp | Mar 2023 −12.0 pp | Jun 2023 −7.3 pp | Sep 2023 +8.9 pp | Dec 2023 −4.8 pp | Mar 2024 −9.6 pp | Jun 2024 −9.3 pp | Sep 2024 −3.3 pp | Dec 2024 +7.3 pp | Mar 2025 +12.6 pp | Jun 2025 +17.8 pp | Sep 2025 +16.6 pp | Dec 2025 +5.3 pp | Mar 2026 +16.5 pp | Jun 2026 —
- AAUC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 −103.5 pp | Dec 2023 −55.1 pp | Mar 2024 +10.0 pp | Jun 2024 +9.5 pp | Sep 2024 +49.9 pp | Dec 2024 +70.1 pp | Mar 2025 +13.9 pp | Jun 2025 −21.4 pp | Sep 2025 +62.5 pp | Dec 2025 +7.2 pp | Mar 2026 −9.6 pp | Jun 2026 —
- FSM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −22.0 pp | Sep 2022 −10.0 pp | Dec 2022 −124.6 pp | Mar 2023 −8.7 pp | Jun 2023 −2.9 pp | Sep 2023 +15.3 pp | Dec 2023 +75.9 pp | Mar 2024 +10.5 pp | Jun 2024 +14.8 pp | Sep 2024 +9.2 pp | Dec 2024 +52.6 pp | Mar 2025 +4.6 pp | Jun 2025 +16.6 pp | Sep 2025 +33.6 pp | Dec 2025 +18.8 pp | Mar 2026 +23.9 pp | Jun 2026 —
- HYMC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −211.0 pp | Sep 2022 −85.2 pp | Dec 2022 +16.9 pp | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Barrick Mining Corporation leads with $8,854 million of TTM profit, 65.7% above Agnico Eagle Mines Limited. Agnico Eagle Mines Limited shows ≥100% on the scoring scale (126.1% uncapped) growth from a $5,342 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Barrick Mining Corporation sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Barrick Mining Corporation · $8,854 million | 65.7% versus #2 · Agnico Eagle Mines Limited | 8/8 recent comparable periods | 25/28 companies · 518 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Barrick Mining Corporation (B): ₹8.9K Cr
2. Agnico Eagle Mines Limited (AEM): ₹5.3K Cr
3. AngloGold Ashanti plc (AU): ₹4.1K Cr
4. OceanaGold Corporation (OGC): ₹3.5K Cr
5. Kinross Gold Corporation (KGC): ₹2.9K Cr

### Profit growth — fastest growers
1. Agnico Eagle Mines Limited (AEM): 100%
2. Alamos Gold Inc. (AGI): 100%
3. Aris Mining Corporation (ARIS): 100%
4. AngloGold Ashanti plc (AU): 100%
5. Barrick Mining Corporation (B): 100%

### 20-quarter Net profit history
- NEM: Sep 2021 ₹-282 Cr | Dec 2021 ₹-792 Cr | Mar 2022 ₹430 Cr | Jun 2022 ₹383 Cr | Sep 2022 ₹195 Cr | Dec 2022 ₹-1.5K Cr | Mar 2023 ₹338 Cr | Jun 2023 ₹139 Cr | Sep 2023 ₹160 Cr | Dec 2023 ₹-3.2K Cr | Mar 2024 ₹172 Cr | Jun 2024 ₹860 Cr | Sep 2024 ₹864 Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹3.2K Cr | Jun 2026 —
- AEM: Sep 2021 ₹119 Cr | Dec 2021 ₹101 Cr | Mar 2022 ₹119 Cr | Jun 2022 ₹290 Cr | Sep 2022 ₹67 Cr | Dec 2022 ₹194 Cr | Mar 2023 ₹1.8K Cr | Jun 2023 ₹324 Cr | Sep 2023 ₹175 Cr | Dec 2023 ₹-374 Cr | Mar 2024 ₹347 Cr | Jun 2024 ₹472 Cr | Sep 2024 ₹567 Cr | Dec 2024 ₹509 Cr | Mar 2025 ₹815 Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.7K Cr | Jun 2026 —
- B: Sep 2021 ₹612 Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹706 Cr | Jun 2022 ₹717 Cr | Sep 2022 ₹410 Cr | Dec 2022 ₹-816 Cr | Mar 2023 ₹269 Cr | Jun 2023 ₹502 Cr | Sep 2023 ₹585 Cr | Dec 2023 ₹597 Cr | Mar 2024 ₹487 Cr | Jun 2024 ₹634 Cr | Sep 2024 ₹780 Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹781 Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹3.2K Cr | Mar 2026 ₹2.5K Cr | Jun 2026 —
- WPM: Sep 2021 ₹135 Cr | Dec 2021 ₹293 Cr | Mar 2022 ₹157 Cr | Jun 2022 ₹149 Cr | Sep 2022 ₹196 Cr | Dec 2022 ₹141 Cr | Mar 2023 ₹111 Cr | Jun 2023 ₹141 Cr | Sep 2023 ₹116 Cr | Dec 2023 ₹168 Cr | Mar 2024 ₹164 Cr | Jun 2024 ₹122 Cr | Sep 2024 ₹155 Cr | Dec 2024 ₹88 Cr | Mar 2025 ₹254 Cr | Jun 2025 ₹292 Cr | Sep 2025 ₹367 Cr | Dec 2025 ₹558 Cr | Mar 2026 ₹582 Cr | Jun 2026 —
- FNV: Sep 2021 ₹166 Cr | Dec 2021 ₹221 Cr | Mar 2022 ₹182 Cr | Jun 2022 ₹197 Cr | Sep 2022 ₹157 Cr | Dec 2022 ₹165 Cr | Mar 2023 ₹157 Cr | Jun 2023 ₹185 Cr | Sep 2023 ₹175 Cr | Dec 2023 ₹-983 Cr | Mar 2024 ₹145 Cr | Jun 2024 ₹80 Cr | Sep 2024 ₹153 Cr | Dec 2024 ₹175 Cr | Mar 2025 ₹210 Cr | Jun 2025 ₹247 Cr | Sep 2025 ₹288 Cr | Dec 2025 ₹368 Cr | Mar 2026 ₹469 Cr | Jun 2026 —
- AU: Sep 2021 ₹137 Cr | Dec 2021 ₹137 Cr | Mar 2022 ₹158 Cr | Jun 2022 ₹158 Cr | Sep 2022 ₹-33 Cr | Dec 2022 ₹-33 Cr | Mar 2023 ₹46 Cr | Jun 2023 ₹-81 Cr | Sep 2023 ₹-222 Cr | Dec 2023 ₹35 Cr | Mar 2024 ₹59 Cr | Jun 2024 ₹262 Cr | Sep 2024 ₹234 Cr | Dec 2024 ₹494 Cr | Mar 2025 ₹542 Cr | Jun 2025 ₹806 Cr | Sep 2025 ₹815 Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 —
- GFI: Sep 2021 — | Dec 2021 ₹707 Cr | Mar 2022 — | Jun 2022 ₹534 Cr | Sep 2022 — | Dec 2022 ₹175 Cr | Mar 2023 — | Jun 2023 ₹457 Cr | Sep 2023 — | Dec 2023 ₹288 Cr | Mar 2024 — | Jun 2024 ₹402 Cr | Sep 2024 — | Dec 2024 ₹888 Cr | Mar 2025 — | Jun 2025 ₹1.1K Cr | Sep 2025 — | Dec 2025 ₹2.6K Cr | Mar 2026 — | Jun 2026 —
- KGC: Sep 2021 ₹-119 Cr | Dec 2021 ₹-69 Cr | Mar 2022 ₹-443 Cr | Jun 2022 ₹-49 Cr | Sep 2022 ₹130 Cr | Dec 2022 ₹-214 Cr | Mar 2023 ₹90 Cr | Jun 2023 ₹151 Cr | Sep 2023 ₹109 Cr | Dec 2023 ₹65 Cr | Mar 2024 ₹107 Cr | Jun 2024 ₹209 Cr | Sep 2024 ₹390 Cr | Dec 2024 ₹288 Cr | Mar 2025 ₹389 Cr | Jun 2025 ₹559 Cr | Sep 2025 ₹609 Cr | Dec 2025 ₹913 Cr | Mar 2026 ₹856 Cr | Jun 2026 —
- PAAS: Sep 2021 ₹20 Cr | Dec 2021 ₹15 Cr | Mar 2022 ₹77 Cr | Jun 2022 ₹-174 Cr | Sep 2022 ₹-71 Cr | Dec 2022 ₹-172 Cr | Mar 2023 ₹17 Cr | Jun 2023 ₹-33 Cr | Sep 2023 ₹-21 Cr | Dec 2023 ₹-68 Cr | Mar 2024 ₹-31 Cr | Jun 2024 ₹-21 Cr | Sep 2024 ₹57 Cr | Dec 2024 ₹108 Cr | Mar 2025 ₹169 Cr | Jun 2025 ₹190 Cr | Sep 2025 ₹169 Cr | Dec 2025 ₹452 Cr | Mar 2026 ₹456 Cr | Jun 2026 —
- RGLD: Sep 2021 ₹70 Cr | Dec 2021 ₹68 Cr | Mar 2022 ₹66 Cr | Jun 2022 ₹71 Cr | Sep 2022 ₹46 Cr | Dec 2022 ₹57 Cr | Mar 2023 ₹64 Cr | Jun 2023 ₹64 Cr | Sep 2023 ₹49 Cr | Dec 2023 ₹63 Cr | Mar 2024 ₹47 Cr | Jun 2024 ₹81 Cr | Sep 2024 ₹96 Cr | Dec 2024 ₹108 Cr | Mar 2025 ₹114 Cr | Jun 2025 ₹132 Cr | Sep 2025 ₹132 Cr | Dec 2025 ₹94 Cr | Mar 2026 ₹282 Cr | Jun 2026 —
- CDE: Sep 2021 ₹-55 Cr | Dec 2021 ₹-11 Cr | Mar 2022 ₹8 Cr | Jun 2022 ₹-77 Cr | Sep 2022 ₹-57 Cr | Dec 2022 ₹49 Cr | Mar 2023 ₹-25 Cr | Jun 2023 ₹-32 Cr | Sep 2023 ₹-21 Cr | Dec 2023 ₹-26 Cr | Mar 2024 ₹-29 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹49 Cr | Dec 2024 ₹34 Cr | Mar 2025 ₹33 Cr | Jun 2025 ₹71 Cr | Sep 2025 ₹267 Cr | Dec 2025 ₹320 Cr | Mar 2026 ₹247 Cr | Jun 2026 —
- AGI: Sep 2021 ₹88 Cr | Dec 2021 ₹64 Cr | Mar 2022 ₹-20 Cr | Jun 2022 ₹53 Cr | Sep 2022 ₹66 Cr | Dec 2022 ₹65 Cr | Mar 2023 ₹96 Cr | Jun 2023 ₹107 Cr | Sep 2023 ₹115 Cr | Dec 2023 ₹59 Cr | Mar 2024 ₹114 Cr | Jun 2024 ₹187 Cr | Sep 2024 ₹136 Cr | Dec 2024 ₹202 Cr | Mar 2025 ₹172 Cr | Jun 2025 ₹269 Cr | Sep 2025 ₹192 Cr | Dec 2025 ₹463 Cr | Mar 2026 ₹507 Cr | Jun 2026 —
- EGO: Sep 2021 ₹9 Cr | Dec 2021 ₹-43 Cr | Mar 2022 ₹-40 Cr | Jun 2022 ₹-23 Cr | Sep 2022 ₹-28 Cr | Dec 2022 ₹42 Cr | Mar 2023 ₹19 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹-7 Cr | Dec 2023 ₹92 Cr | Mar 2024 ₹35 Cr | Jun 2024 ₹56 Cr | Sep 2024 ₹101 Cr | Dec 2024 ₹108 Cr | Mar 2025 ₹75 Cr | Jun 2025 ₹139 Cr | Sep 2025 ₹56 Cr | Dec 2025 ₹252 Cr | Mar 2026 ₹136 Cr | Jun 2026 —
- IAG: Sep 2021 ₹-68 Cr | Dec 2021 ₹-285 Cr | Mar 2022 ₹24 Cr | Jun 2022 ₹-17 Cr | Sep 2022 ₹-44 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹11 Cr | Jun 2023 ₹95 Cr | Sep 2023 ₹-1 Cr | Dec 2023 ₹-8 Cr | Mar 2024 ₹62 Cr | Jun 2024 ₹93 Cr | Sep 2024 ₹603 Cr | Dec 2024 ₹73 Cr | Mar 2025 ₹47 Cr | Jun 2025 ₹86 Cr | Sep 2025 ₹155 Cr | Dec 2025 ₹544 Cr | Mar 2026 ₹417 Cr | Jun 2026 —
- EQX: Sep 2021 ₹-8 Cr | Dec 2021 ₹109 Cr | Mar 2022 ₹-20 Cr | Jun 2022 ₹-79 Cr | Sep 2022 ₹-30 Cr | Dec 2022 ₹23 Cr | Mar 2023 ₹17 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹-43 Cr | Jun 2024 ₹353 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹28 Cr | Mar 2025 ₹-75 Cr | Jun 2025 ₹24 Cr | Sep 2025 ₹86 Cr | Dec 2025 ₹188 Cr | Mar 2026 ₹310 Cr | Jun 2026 —
- OR: Sep 2021 ₹20 Cr | Dec 2021 ₹17 Cr | Mar 2022 ₹13 Cr | Jun 2022 ₹14 Cr | Sep 2022 ₹20 Cr | Dec 2022 ₹17 Cr | Mar 2023 ₹15 Cr | Jun 2023 ₹14 Cr | Sep 2023 ₹-15 Cr | Dec 2023 ₹-50 Cr | Mar 2024 ₹11 Cr | Jun 2024 ₹-15 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹26 Cr | Jun 2025 ₹32 Cr | Sep 2025 ₹83 Cr | Dec 2025 ₹65 Cr | Mar 2026 ₹74 Cr | Jun 2026 —
- OGC: Sep 2021 ₹202 Cr | Dec 2021 ₹227 Cr | Mar 2022 ₹219 Cr | Jun 2022 ₹132 Cr | Sep 2022 ₹118 Cr | Dec 2022 ₹150 Cr | Mar 2023 ₹177 Cr | Jun 2023 ₹237 Cr | Sep 2023 ₹174 Cr | Dec 2023 ₹206 Cr | Mar 2024 ₹185 Cr | Jun 2024 ₹201 Cr | Sep 2024 ₹297 Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹540 Cr | Jun 2025 ₹294 Cr | Sep 2025 ₹281 Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹992 Cr | Jun 2026 —
- SSRM: Sep 2021 ₹64 Cr | Dec 2021 ₹156 Cr | Mar 2022 ₹76 Cr | Jun 2022 ₹68 Cr | Sep 2022 ₹-28 Cr | Dec 2022 ₹95 Cr | Mar 2023 ₹29 Cr | Jun 2023 ₹122 Cr | Sep 2023 ₹-7 Cr | Dec 2023 ₹-264 Cr | Mar 2024 ₹-358 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹-3 Cr | Mar 2025 ₹38 Cr | Jun 2025 ₹80 Cr | Sep 2025 ₹57 Cr | Dec 2025 ₹171 Cr | Mar 2026 ₹-83 Cr | Jun 2026 —
- BTG: Sep 2021 ₹135 Cr | Dec 2021 ₹139 Cr | Mar 2022 ₹91 Cr | Jun 2022 ₹41 Cr | Sep 2022 ₹-21 Cr | Dec 2022 ₹128 Cr | Mar 2023 ₹102 Cr | Jun 2023 ₹92 Cr | Sep 2023 ₹-35 Cr | Dec 2023 ₹-117 Cr | Mar 2024 ₹48 Cr | Jun 2024 ₹-35 Cr | Sep 2024 ₹-631 Cr | Dec 2024 ₹-9 Cr | Mar 2025 ₹63 Cr | Jun 2025 ₹161 Cr | Sep 2025 ₹23 Cr | Dec 2025 ₹180 Cr | Mar 2026 ₹206 Cr | Jun 2026 —
- AUGO: Sep 2021 ₹11 Cr | Dec 2021 ₹31 Cr | Mar 2022 ₹40 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹12 Cr | Mar 2023 ₹19 Cr | Jun 2023 ₹14 Cr | Sep 2023 ₹16 Cr | Dec 2023 ₹-10 Cr | Mar 2024 ₹-9 Cr | Jun 2024 ₹-4 Cr | Sep 2024 ₹-2 Cr | Dec 2024 ₹57 Cr | Mar 2025 ₹-73 Cr | Jun 2025 ₹31 Cr | Sep 2025 ₹34 Cr | Dec 2025 ₹42 Cr | Mar 2026 ₹95 Cr | Jun 2026 —
- ORLA: Sep 2021 ₹-10 Cr | Dec 2021 ₹-5 Cr | Mar 2022 ₹19 Cr | Jun 2022 ₹-1 Cr | Sep 2022 ₹9 Cr | Dec 2022 ₹19 Cr | Mar 2023 ₹13 Cr | Jun 2023 ₹13 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹-58 Cr | Mar 2024 ₹35 Cr | Jun 2024 ₹49 Cr | Sep 2024 ₹21 Cr | Dec 2024 ₹26 Cr | Mar 2025 ₹-70 Cr | Jun 2025 ₹96 Cr | Sep 2025 ₹49 Cr | Dec 2025 ₹79 Cr | Mar 2026 ₹75 Cr | Jun 2026 —
- CGAU: Sep 2021 ₹28 Cr | Dec 2021 ₹275 Cr | Mar 2022 ₹89 Cr | Jun 2022 ₹-3 Cr | Sep 2022 ₹-34 Cr | Dec 2022 ₹-130 Cr | Mar 2023 ₹-73 Cr | Jun 2023 ₹-40 Cr | Sep 2023 ₹61 Cr | Dec 2023 ₹-29 Cr | Mar 2024 ₹66 Cr | Jun 2024 ₹38 Cr | Sep 2024 ₹29 Cr | Dec 2024 ₹-52 Cr | Mar 2025 ₹30 Cr | Jun 2025 ₹69 Cr | Sep 2025 ₹292 Cr | Dec 2025 ₹193 Cr | Mar 2026 ₹79 Cr | Jun 2026 —
- ARIS: Sep 2021 ₹51 Cr | Dec 2021 ₹7 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹39 Cr | Sep 2022 ₹-48 Cr | Dec 2022 ₹-1 Cr | Mar 2023 ₹-6 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹14 Cr | Dec 2023 ₹-6 Cr | Mar 2024 ₹-1 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹-2 Cr | Dec 2024 ₹21 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹-17 Cr | Sep 2025 ₹42 Cr | Dec 2025 ₹51 Cr | Mar 2026 ₹98 Cr | Jun 2026 —
- SA: Sep 2021 ₹-1 Cr | Dec 2021 ₹-9 Cr | Mar 2022 ₹-6 Cr | Jun 2022 ₹19 Cr | Sep 2022 ₹5 Cr | Dec 2022 ₹-25 Cr | Mar 2023 ₹-11 Cr | Jun 2023 ₹9 Cr | Sep 2023 ₹-5 Cr | Dec 2023 ₹-22 Cr | Mar 2024 ₹-8 Cr | Jun 2024 ₹45 Cr | Sep 2024 ₹-28 Cr | Dec 2024 ₹-41 Cr | Mar 2025 ₹11 Cr | Jun 2025 ₹12 Cr | Sep 2025 ₹-32 Cr | Dec 2025 ₹-44 Cr | Mar 2026 ₹-7 Cr | Jun 2026 —
- AAUC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹18 Cr | Dec 2022 ₹11 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹-189 Cr | Dec 2023 ₹-53 Cr | Mar 2024 ₹-1 Cr | Jun 2024 ₹16 Cr | Sep 2024 ₹-127 Cr | Dec 2024 ₹52 Cr | Mar 2025 ₹40 Cr | Jun 2025 ₹-16 Cr | Sep 2025 ₹-7 Cr | Dec 2025 ₹211 Cr | Mar 2026 ₹-44 Cr | Jun 2026 —
- NG: Sep 2021 ₹-12 Cr | Dec 2021 ₹-10 Cr | Mar 2022 ₹-10 Cr | Jun 2022 ₹-15 Cr | Sep 2022 ₹-16 Cr | Dec 2022 ₹-12 Cr | Mar 2023 ₹-11 Cr | Jun 2023 ₹-15 Cr | Sep 2023 ₹-11 Cr | Dec 2023 ₹-10 Cr | Mar 2024 ₹-10 Cr | Jun 2024 ₹-13 Cr | Sep 2024 ₹-10 Cr | Dec 2024 ₹-11 Cr | Mar 2025 ₹-9 Cr | Jun 2025 ₹-54 Cr | Sep 2025 ₹-16 Cr | Dec 2025 ₹-16 Cr | Mar 2026 ₹-15 Cr | Jun 2026 —
- FSM: Sep 2021 ₹0 Cr | Dec 2021 ₹17 Cr | Mar 2022 ₹27 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹-4 Cr | Dec 2022 ₹-160 Cr | Mar 2023 ₹12 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹31 Cr | Dec 2023 ₹-90 Cr | Mar 2024 ₹29 Cr | Jun 2024 ₹43 Cr | Sep 2024 ₹54 Cr | Dec 2024 ₹15 Cr | Mar 2025 ₹39 Cr | Jun 2025 ₹44 Cr | Sep 2025 ₹128 Cr | Dec 2025 ₹74 Cr | Mar 2026 ₹120 Cr | Jun 2026 —
- HYMC: Sep 2021 ₹-23 Cr | Dec 2021 ₹-47 Cr | Mar 2022 ₹-22 Cr | Jun 2022 ₹-9 Cr | Sep 2022 ₹-16 Cr | Dec 2022 ₹-14 Cr | Mar 2023 ₹-14 Cr | Jun 2023 ₹-14 Cr | Sep 2023 ₹-16 Cr | Dec 2023 ₹-12 Cr | Mar 2024 ₹-21 Cr | Jun 2024 ₹-13 Cr | Sep 2024 ₹-14 Cr | Dec 2024 ₹-11 Cr | Mar 2025 ₹-12 Cr | Jun 2025 ₹-12 Cr | Sep 2025 ₹-9 Cr | Dec 2025 ₹-8 Cr | Mar 2026 ₹-48 Cr | Jun 2026 —

### 20-quarter Profit growth history
- NEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -37% | Sep 2022 — | Dec 2022 — | Mar 2023 -21% | Jun 2023 -64% | Sep 2023 -18% | Dec 2023 — | Mar 2024 -49% | Jun 2024 519% | Sep 2024 440% | Dec 2024 — | Mar 2025 960% | Jun 2025 136% | Sep 2025 99% | Dec 2025 -13% | Mar 2026 74% | Jun 2026 —
- AEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 48% | Sep 2022 -44% | Dec 2022 92% | Mar 2023 1,427% | Jun 2023 12% | Sep 2023 161% | Dec 2023 -293% | Mar 2024 -81% | Jun 2024 46% | Sep 2024 224% | Dec 2024 — | Mar 2025 135% | Jun 2025 126% | Sep 2025 86% | Dec 2025 199% | Mar 2026 108% | Jun 2026 —
- B: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 3.3% | Sep 2022 -33% | Dec 2022 -171% | Mar 2023 -62% | Jun 2023 -30% | Sep 2023 43% | Dec 2023 — | Mar 2024 81% | Jun 2024 26% | Sep 2024 33% | Dec 2024 99% | Mar 2025 60% | Jun 2025 98% | Sep 2025 144% | Dec 2025 171% | Mar 2026 218% | Jun 2026 —
- WPM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -10% | Sep 2022 45% | Dec 2022 -52% | Mar 2023 -29% | Jun 2023 -5.4% | Sep 2023 -41% | Dec 2023 19% | Mar 2024 48% | Jun 2024 -13% | Sep 2024 34% | Dec 2024 -48% | Mar 2025 55% | Jun 2025 139% | Sep 2025 137% | Dec 2025 534% | Mar 2026 129% | Jun 2026 —
- FNV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 13% | Sep 2022 -5.4% | Dec 2022 -25% | Mar 2023 -14% | Jun 2023 -6.1% | Sep 2023 11% | Dec 2023 -696% | Mar 2024 -7.6% | Jun 2024 -57% | Sep 2024 -13% | Dec 2024 — | Mar 2025 45% | Jun 2025 209% | Sep 2025 88% | Dec 2025 110% | Mar 2026 123% | Jun 2026 —
- AU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -3.7% | Sep 2022 -124% | Dec 2022 -124% | Mar 2023 -71% | Jun 2023 -151% | Sep 2023 — | Dec 2023 — | Mar 2024 28% | Jun 2024 — | Sep 2024 — | Dec 2024 1,311% | Mar 2025 819% | Jun 2025 208% | Sep 2025 248% | Dec 2025 105% | Mar 2026 170% | Jun 2026 —
- GFI: Sep 2021 — | Dec 2021 21% | Mar 2022 — | Jun 2022 30% | Sep 2022 — | Dec 2022 -75% | Mar 2023 — | Jun 2023 -14% | Sep 2023 — | Dec 2023 65% | Mar 2024 — | Jun 2024 -12% | Sep 2024 — | Dec 2024 208% | Mar 2025 — | Jun 2025 163% | Sep 2025 — | Dec 2025 192% | Mar 2026 — | Jun 2026 —
- KGC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -133% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -16% | Dec 2023 — | Mar 2024 19% | Jun 2024 38% | Sep 2024 258% | Dec 2024 343% | Mar 2025 264% | Jun 2025 167% | Sep 2025 56% | Dec 2025 217% | Mar 2026 120% | Jun 2026 —
- PAAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -345% | Sep 2022 -455% | Dec 2022 -1,247% | Mar 2023 -78% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -282% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 196% | Dec 2025 319% | Mar 2026 170% | Jun 2026 —
- RGLD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -13% | Sep 2022 -34% | Dec 2022 -16% | Mar 2023 -3.0% | Jun 2023 -9.9% | Sep 2023 6.5% | Dec 2023 11% | Mar 2024 -27% | Jun 2024 27% | Sep 2024 96% | Dec 2024 71% | Mar 2025 143% | Jun 2025 63% | Sep 2025 38% | Dec 2025 -13% | Mar 2026 147% | Jun 2026 —
- CDE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -341% | Sep 2022 — | Dec 2022 — | Mar 2023 -413% | Jun 2023 — | Sep 2023 — | Dec 2023 -153% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 7,000% | Sep 2025 445% | Dec 2025 841% | Mar 2026 648% | Jun 2026 —
- AGI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -25% | Dec 2022 1.6% | Mar 2023 — | Jun 2023 102% | Sep 2023 74% | Dec 2023 -9.2% | Mar 2024 19% | Jun 2024 75% | Sep 2024 18% | Dec 2024 242% | Mar 2025 51% | Jun 2025 44% | Sep 2025 41% | Dec 2025 129% | Mar 2026 195% | Jun 2026 —
- EGO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -182% | Sep 2022 -411% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 119% | Mar 2024 84% | Jun 2024 5,500% | Sep 2024 — | Dec 2024 17% | Mar 2025 114% | Jun 2025 148% | Sep 2025 -45% | Dec 2025 133% | Mar 2026 81% | Jun 2026 —
- IAG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -54% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 464% | Jun 2024 -2.1% | Sep 2024 — | Dec 2024 — | Mar 2025 -24% | Jun 2025 -7.5% | Sep 2025 -74% | Dec 2025 645% | Mar 2026 787% | Jun 2026 —
- EQX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -120% | Sep 2022 — | Dec 2022 -79% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -83% | Mar 2024 -353% | Jun 2024 6,960% | Sep 2024 -100% | Dec 2024 600% | Mar 2025 — | Jun 2025 -93% | Sep 2025 — | Dec 2025 571% | Mar 2026 — | Jun 2026 —
- OR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 15% | Jun 2023 0.0% | Sep 2023 -175% | Dec 2023 -394% | Mar 2024 -27% | Jun 2024 -207% | Sep 2024 — | Dec 2024 — | Mar 2025 136% | Jun 2025 — | Sep 2025 538% | Dec 2025 829% | Mar 2026 185% | Jun 2026 —
- OGC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -6.4% | Sep 2022 -42% | Dec 2022 -34% | Mar 2023 -19% | Jun 2023 80% | Sep 2023 47% | Dec 2023 37% | Mar 2024 4.5% | Jun 2024 -15% | Sep 2024 71% | Dec 2024 651% | Mar 2025 192% | Jun 2025 46% | Sep 2025 -5.4% | Dec 2025 26% | Mar 2026 84% | Jun 2026 —
- SSRM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -13% | Sep 2022 -144% | Dec 2022 -39% | Mar 2023 -62% | Jun 2023 79% | Sep 2023 — | Dec 2023 -378% | Mar 2024 -1,334% | Jun 2024 -98% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 3,900% | Sep 2025 850% | Dec 2025 — | Mar 2026 -318% | Jun 2026 —
- BTG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -45% | Sep 2022 -116% | Dec 2022 -7.9% | Mar 2023 12% | Jun 2023 124% | Sep 2023 — | Dec 2023 -191% | Mar 2024 -53% | Jun 2024 -138% | Sep 2024 — | Dec 2024 — | Mar 2025 31% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 227% | Jun 2026 —
- AUGO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -85% | Sep 2022 -100% | Dec 2022 -61% | Mar 2023 -53% | Jun 2023 250% | Sep 2023 — | Dec 2023 -183% | Mar 2024 -147% | Jun 2024 -129% | Sep 2024 -113% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 -26% | Mar 2026 — | Jun 2026 —
- ORLA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -32% | Jun 2023 — | Sep 2023 -44% | Dec 2023 -405% | Mar 2024 169% | Jun 2024 277% | Sep 2024 320% | Dec 2024 — | Mar 2025 -300% | Jun 2025 96% | Sep 2025 133% | Dec 2025 204% | Mar 2026 — | Jun 2026 —
- CGAU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -109% | Sep 2022 -221% | Dec 2022 -147% | Mar 2023 -182% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 -52% | Dec 2024 — | Mar 2025 -55% | Jun 2025 82% | Sep 2025 907% | Dec 2025 — | Mar 2026 163% | Jun 2026 —
- ARIS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 30% | Sep 2022 -194% | Dec 2022 -114% | Mar 2023 -220% | Jun 2023 -74% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -40% | Sep 2024 -114% | Dec 2024 — | Mar 2025 — | Jun 2025 -383% | Sep 2025 — | Dec 2025 143% | Mar 2026 3,167% | Jun 2026 —
- SA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 27% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -53% | Sep 2023 -200% | Dec 2023 — | Mar 2024 — | Jun 2024 400% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 -73% | Sep 2025 — | Dec 2025 — | Mar 2026 -164% | Jun 2026 —
- AAUC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -1,150% | Dec 2023 -582% | Mar 2024 -111% | Jun 2024 300% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 -200% | Sep 2025 — | Dec 2025 306% | Mar 2026 -210% | Jun 2026 —
- FSM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -88% | Sep 2022 — | Dec 2022 -1,041% | Mar 2023 -56% | Jun 2023 50% | Sep 2023 — | Dec 2023 — | Mar 2024 142% | Jun 2024 1,333% | Sep 2024 74% | Dec 2024 — | Mar 2025 34% | Jun 2025 2.3% | Sep 2025 137% | Dec 2025 393% | Mar 2026 208% | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: Barrick Mining Corporation reports $979 million of CAPEX; OR Royalties Inc. has the highest covered intensity at 91.5%. Coverage is only 25 of 28 companies and 417 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: Barrick Mining Corporation · $979 million | 36.2% versus #2 · Newmont Corporation | 8/8 recent comparable periods | 25/28 companies · 417 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. Barrick Mining Corporation (B): ₹979 Cr
2. Newmont Corporation (NEM): ₹719 Cr
3. Gold Fields Limited (GFI): ₹665 Cr — older report
4. Agnico Eagle Mines Limited (AEM): ₹614 Cr
5. AngloGold Ashanti plc (AU): ₹428 Cr

### CAPEX intensity — highest reinvestment intensity
1. OR Royalties Inc. (OR): 92%
2. Eldorado Gold Corporation (EGO): 59%
3. Alamos Gold Inc. (AGI): 31%
4. Allied Gold Corporation (AAUC): 25%
5. Equinox Gold Corp. (EQX): 22%

### 20-quarter CAPEX history
- NEM: Sep 2021 ₹398 Cr | Dec 2021 ₹441 Cr | Mar 2022 ₹437 Cr | Jun 2022 ₹519 Cr | Sep 2022 ₹529 Cr | Dec 2022 ₹646 Cr | Mar 2023 ₹526 Cr | Jun 2023 ₹616 Cr | Sep 2023 ₹604 Cr | Dec 2023 ₹920 Cr | Mar 2024 ₹850 Cr | Jun 2024 ₹800 Cr | Sep 2024 ₹877 Cr | Dec 2024 ₹875 Cr | Mar 2025 ₹826 Cr | Jun 2025 ₹674 Cr | Sep 2025 ₹727 Cr | Dec 2025 ₹808 Cr | Mar 2026 ₹641 Cr | Jun 2026 ₹719 Cr
- AEM: Sep 2021 ₹251 Cr | Dec 2021 ₹237 Cr | Mar 2022 ₹293 Cr | Jun 2022 ₹409 Cr | Sep 2022 ₹436 Cr | Dec 2022 ₹401 Cr | Mar 2023 ₹385 Cr | Jun 2023 ₹424 Cr | Sep 2023 ₹420 Cr | Dec 2023 ₹426 Cr | Mar 2024 ₹388 Cr | Jun 2024 ₹404 Cr | Sep 2024 ₹464 Cr | Dec 2024 ₹562 Cr | Mar 2025 ₹450 Cr | Jun 2025 ₹540 Cr | Sep 2025 ₹626 Cr | Dec 2025 ₹801 Cr | Mar 2026 ₹614 Cr | Jun 2026 —
- B: Sep 2021 ₹569 Cr | Dec 2021 ₹669 Cr | Mar 2022 ₹611 Cr | Jun 2022 ₹755 Cr | Sep 2022 ₹792 Cr | Dec 2022 ₹891 Cr | Mar 2023 ₹688 Cr | Jun 2023 ₹769 Cr | Sep 2023 ₹768 Cr | Dec 2023 ₹861 Cr | Mar 2024 ₹728 Cr | Jun 2024 ₹819 Cr | Sep 2024 ₹736 Cr | Dec 2024 ₹891 Cr | Mar 2025 ₹837 Cr | Jun 2025 ₹934 Cr | Sep 2025 ₹943 Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹979 Cr | Jun 2026 —
- FNV: Sep 2021 ₹0 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹1 Cr | Jun 2026 —
- AU: Sep 2021 — | Dec 2021 — | Mar 2022 ₹217 Cr | Jun 2022 ₹217 Cr | Sep 2022 ₹297 Cr | Dec 2022 ₹297 Cr | Mar 2023 ₹227 Cr | Jun 2023 ₹226 Cr | Sep 2023 ₹255 Cr | Dec 2023 ₹334 Cr | Mar 2024 ₹240 Cr | Jun 2024 ₹250 Cr | Sep 2024 ₹267 Cr | Dec 2024 ₹333 Cr | Mar 2025 ₹303 Cr | Jun 2025 ₹350 Cr | Sep 2025 ₹342 Cr | Dec 2025 ₹454 Cr | Mar 2026 ₹428 Cr | Jun 2026 —
- GFI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹545 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹508 Cr | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹601 Cr | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 ₹665 Cr | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- KGC: Sep 2021 ₹204 Cr | Dec 2021 ₹256 Cr | Mar 2022 ₹101 Cr | Jun 2022 ₹149 Cr | Sep 2022 ₹197 Cr | Dec 2022 ₹317 Cr | Mar 2023 ₹221 Cr | Jun 2023 ₹282 Cr | Sep 2023 ₹284 Cr | Dec 2023 ₹311 Cr | Mar 2024 ₹242 Cr | Jun 2024 ₹274 Cr | Sep 2024 ₹279 Cr | Dec 2024 ₹281 Cr | Mar 2025 ₹208 Cr | Jun 2025 ₹306 Cr | Sep 2025 ₹312 Cr | Dec 2025 ₹368 Cr | Mar 2026 ₹283 Cr | Jun 2026 —
- PAAS: Sep 2021 ₹62 Cr | Dec 2021 ₹70 Cr | Mar 2022 ₹62 Cr | Jun 2022 ₹72 Cr | Sep 2022 ₹69 Cr | Dec 2022 ₹72 Cr | Mar 2023 ₹39 Cr | Jun 2023 ₹113 Cr | Sep 2023 ₹109 Cr | Dec 2023 ₹119 Cr | Mar 2024 ₹87 Cr | Jun 2024 ₹76 Cr | Sep 2024 ₹75 Cr | Dec 2024 ₹85 Cr | Mar 2025 ₹68 Cr | Jun 2025 ₹60 Cr | Sep 2025 ₹91 Cr | Dec 2025 ₹94 Cr | Mar 2026 ₹105 Cr | Jun 2026 —
- CDE: Sep 2021 ₹71 Cr | Dec 2021 ₹101 Cr | Mar 2022 ₹70 Cr | Jun 2022 ₹73 Cr | Sep 2022 ₹97 Cr | Dec 2022 ₹113 Cr | Mar 2023 ₹74 Cr | Jun 2023 ₹86 Cr | Sep 2023 ₹112 Cr | Dec 2023 ₹93 Cr | Mar 2024 ₹42 Cr | Jun 2024 ₹51 Cr | Sep 2024 ₹42 Cr | Dec 2024 ₹48 Cr | Mar 2025 ₹50 Cr | Jun 2025 ₹61 Cr | Sep 2025 ₹49 Cr | Dec 2025 ₹61 Cr | Mar 2026 ₹74 Cr | Jun 2026 —
- AGI: Sep 2021 ₹89 Cr | Dec 2021 ₹103 Cr | Mar 2022 ₹87 Cr | Jun 2022 ₹69 Cr | Sep 2022 ₹73 Cr | Dec 2022 ₹85 Cr | Mar 2023 ₹84 Cr | Jun 2023 ₹80 Cr | Sep 2023 ₹75 Cr | Dec 2023 ₹110 Cr | Mar 2024 ₹85 Cr | Jun 2024 ₹88 Cr | Sep 2024 ₹107 Cr | Dec 2024 ₹139 Cr | Mar 2025 ₹102 Cr | Jun 2025 ₹122 Cr | Sep 2025 ₹139 Cr | Dec 2025 ₹158 Cr | Mar 2026 ₹187 Cr | Jun 2026 —
- EGO: Sep 2021 ₹64 Cr | Dec 2021 ₹82 Cr | Mar 2022 ₹52 Cr | Jun 2022 ₹83 Cr | Sep 2022 ₹74 Cr | Dec 2022 ₹81 Cr | Mar 2023 ₹72 Cr | Jun 2023 ₹86 Cr | Sep 2023 ₹115 Cr | Dec 2023 ₹129 Cr | Mar 2024 ₹121 Cr | Jun 2024 ₹133 Cr | Sep 2024 ₹169 Cr | Dec 2024 ₹171 Cr | Mar 2025 ₹158 Cr | Jun 2025 ₹191 Cr | Sep 2025 ₹243 Cr | Dec 2025 ₹274 Cr | Mar 2026 ₹311 Cr | Jun 2026 —
- IAG: Sep 2021 ₹139 Cr | Dec 2021 ₹253 Cr | Mar 2022 ₹142 Cr | Jun 2022 ₹227 Cr | Sep 2022 ₹204 Cr | Dec 2022 ₹208 Cr | Mar 2023 ₹222 Cr | Jun 2023 ₹228 Cr | Sep 2023 ₹245 Cr | Dec 2023 ₹280 Cr | Mar 2024 ₹169 Cr | Jun 2024 ₹212 Cr | Sep 2024 ₹118 Cr | Dec 2024 ₹138 Cr | Mar 2025 ₹70 Cr | Jun 2025 ₹90 Cr | Sep 2025 ₹70 Cr | Dec 2025 ₹98 Cr | Mar 2026 ₹105 Cr | Jun 2026 —
- EQX: Sep 2021 ₹72 Cr | Dec 2021 ₹107 Cr | Mar 2022 ₹124 Cr | Jun 2022 ₹142 Cr | Sep 2022 ₹151 Cr | Dec 2022 ₹140 Cr | Mar 2023 ₹128 Cr | Jun 2023 ₹111 Cr | Sep 2023 ₹148 Cr | Dec 2023 ₹137 Cr | Mar 2024 ₹105 Cr | Jun 2024 ₹88 Cr | Sep 2024 ₹124 Cr | Dec 2024 ₹94 Cr | Mar 2025 ₹94 Cr | Jun 2025 ₹96 Cr | Sep 2025 ₹235 Cr | Dec 2025 ₹267 Cr | Mar 2026 ₹185 Cr | Jun 2026 —
- OGC: Sep 2021 ₹85 Cr | Dec 2021 ₹81 Cr | Mar 2022 ₹72 Cr | Jun 2022 ₹64 Cr | Sep 2022 ₹56 Cr | Dec 2022 ₹90 Cr | Mar 2023 ₹82 Cr | Jun 2023 ₹95 Cr | Sep 2023 ₹92 Cr | Dec 2023 ₹81 Cr | Mar 2024 ₹74 Cr | Jun 2024 ₹107 Cr | Sep 2024 ₹99 Cr | Dec 2024 ₹101 Cr | Mar 2025 ₹104 Cr | Jun 2025 ₹107 Cr | Sep 2025 ₹133 Cr | Dec 2025 ₹99 Cr | Mar 2026 ₹126 Cr | Jun 2026 —
- SSRM: Sep 2021 ₹59 Cr | Dec 2021 ₹36 Cr | Mar 2022 ₹34 Cr | Jun 2022 ₹42 Cr | Sep 2022 ₹40 Cr | Dec 2022 ₹46 Cr | Mar 2023 ₹59 Cr | Jun 2023 ₹58 Cr | Sep 2023 ₹47 Cr | Dec 2023 ₹59 Cr | Mar 2024 ₹34 Cr | Jun 2024 ₹38 Cr | Sep 2024 ₹33 Cr | Dec 2024 ₹39 Cr | Mar 2025 ₹31 Cr | Jun 2025 — | Sep 2025 ₹60 Cr | Dec 2025 ₹66 Cr | Mar 2026 ₹64 Cr | Jun 2026 —
- BTG: Sep 2021 ₹77 Cr | Dec 2021 ₹113 Cr | Mar 2022 ₹68 Cr | Jun 2022 ₹84 Cr | Sep 2022 ₹76 Cr | Dec 2022 ₹113 Cr | Mar 2023 ₹111 Cr | Jun 2023 ₹205 Cr | Sep 2023 ₹226 Cr | Dec 2023 ₹269 Cr | Mar 2024 ₹237 Cr | Jun 2024 ₹219 Cr | Sep 2024 ₹217 Cr | Dec 2024 ₹245 Cr | Mar 2025 ₹186 Cr | Jun 2025 ₹243 Cr | Sep 2025 ₹259 Cr | Dec 2025 ₹175 Cr | Mar 2026 ₹178 Cr | Jun 2026 —
- AUGO: Sep 2021 ₹18 Cr | Dec 2021 ₹19 Cr | Mar 2022 ₹19 Cr | Jun 2022 ₹24 Cr | Sep 2022 ₹30 Cr | Dec 2022 ₹30 Cr | Mar 2023 ₹31 Cr | Jun 2023 ₹38 Cr | Sep 2023 ₹18 Cr | Dec 2023 ₹8 Cr | Mar 2024 ₹30 Cr | Jun 2024 ₹24 Cr | Sep 2024 ₹60 Cr | Dec 2024 ₹66.8K Cr | Mar 2025 ₹52 Cr | Jun 2025 ₹50 Cr | Sep 2025 — | Dec 2025 ₹45.8K Cr | Mar 2026 ₹44 Cr | Jun 2026 —
- ORLA: Sep 2021 ₹23 Cr | Dec 2021 ₹8 Cr | Mar 2022 ₹7 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹11 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹14 Cr | Mar 2026 ₹19 Cr | Jun 2026 —
- CGAU: Sep 2021 ₹21 Cr | Dec 2021 ₹23 Cr | Mar 2022 ₹19 Cr | Jun 2022 ₹28 Cr | Sep 2022 ₹19 Cr | Dec 2022 ₹15 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹23 Cr | Sep 2023 ₹22 Cr | Dec 2023 ₹34 Cr | Mar 2024 ₹18 Cr | Jun 2024 ₹30 Cr | Sep 2024 ₹66 Cr | Dec 2024 ₹46 Cr | Mar 2025 ₹49 Cr | Jun 2025 ₹51 Cr | Sep 2025 ₹63 Cr | Dec 2025 ₹91 Cr | Mar 2026 ₹71 Cr | Jun 2026 —
- ARIS: Sep 2021 ₹15 Cr | Dec 2021 ₹22 Cr | Mar 2022 ₹20 Cr | Jun 2022 ₹35 Cr | Sep 2022 ₹29 Cr | Dec 2022 ₹31 Cr | Mar 2023 ₹20 Cr | Jun 2023 ₹23 Cr | Sep 2023 ₹32 Cr | Dec 2023 ₹39 Cr | Mar 2024 ₹35 Cr | Jun 2024 ₹42 Cr | Sep 2024 ₹58 Cr | Dec 2024 ₹48 Cr | Mar 2025 ₹56 Cr | Jun 2025 ₹42 Cr | Sep 2025 ₹62 Cr | Dec 2025 ₹85 Cr | Mar 2026 ₹65 Cr | Jun 2026 —
- AAUC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹27 Cr | Dec 2022 ₹25 Cr | Mar 2023 ₹19 Cr | Jun 2023 ₹17 Cr | Sep 2023 ₹16 Cr | Dec 2023 ₹19 Cr | Mar 2024 ₹20 Cr | Jun 2024 ₹38 Cr | Sep 2024 ₹46 Cr | Dec 2024 ₹76 Cr | Mar 2025 ₹97 Cr | Jun 2025 ₹94 Cr | Sep 2025 ₹126 Cr | Dec 2025 ₹92 Cr | Mar 2026 ₹100 Cr | Jun 2026 —
- NG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- FSM: Sep 2021 ₹53 Cr | Dec 2021 ₹62 Cr | Mar 2022 ₹65 Cr | Jun 2022 ₹54 Cr | Sep 2022 ₹59 Cr | Dec 2022 ₹73 Cr | Mar 2023 ₹62 Cr | Jun 2023 ₹67 Cr | Sep 2023 ₹37 Cr | Dec 2023 ₹52 Cr | Mar 2024 ₹41 Cr | Jun 2024 ₹41 Cr | Sep 2024 ₹42 Cr | Dec 2024 ₹52 Cr | Mar 2025 ₹38 Cr | Jun 2025 ₹47 Cr | Sep 2025 ₹49 Cr | Dec 2025 ₹44 Cr | Mar 2026 ₹45 Cr | Jun 2026 —
- HYMC: Sep 2021 ₹3 Cr | Dec 2021 ₹5 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹1 Cr | Jun 2026 —

### 20-quarter CAPEX intensity history
- NEM: Sep 2021 14% | Dec 2021 13% | Mar 2022 15% | Jun 2022 17% | Sep 2022 20% | Dec 2022 20% | Mar 2023 20% | Jun 2023 23% | Sep 2023 24% | Dec 2023 23% | Mar 2024 21% | Jun 2024 18% | Sep 2024 19% | Dec 2024 16% | Mar 2025 17% | Jun 2025 13% | Sep 2025 13% | Dec 2025 12% | Mar 2026 8.8% | Jun 2026 —
- AEM: Sep 2021 26% | Dec 2021 25% | Mar 2022 22% | Jun 2022 26% | Sep 2022 30% | Dec 2022 29% | Mar 2023 26% | Jun 2023 25% | Sep 2023 26% | Dec 2023 24% | Mar 2024 21% | Jun 2024 20% | Sep 2024 22% | Dec 2024 25% | Mar 2025 18% | Jun 2025 19% | Sep 2025 21% | Dec 2025 23% | Mar 2026 15% | Jun 2026 —
- B: Sep 2021 20% | Dec 2021 20% | Mar 2022 21% | Jun 2022 26% | Sep 2022 31% | Dec 2022 32% | Mar 2023 26% | Jun 2023 27% | Sep 2023 27% | Dec 2023 28% | Mar 2024 27% | Jun 2024 26% | Sep 2024 22% | Dec 2024 24% | Mar 2025 27% | Jun 2025 25% | Sep 2025 23% | Dec 2025 19% | Mar 2026 19% | Jun 2026 —
- FNV: Sep 2021 0.0% | Dec 2021 0.3% | Mar 2022 0.0% | Jun 2022 0.0% | Sep 2022 0.3% | Dec 2022 0.3% | Mar 2023 0.0% | Jun 2023 0.3% | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 0.0% | Jun 2024 0.0% | Sep 2024 0.4% | Dec 2024 0.3% | Mar 2025 0.8% | Jun 2025 0.3% | Sep 2025 0.2% | Dec 2025 0.2% | Mar 2026 0.2% | Jun 2026 —
- AU: Sep 2021 — | Dec 2021 — | Mar 2022 20% | Jun 2022 20% | Sep 2022 25% | Dec 2022 25% | Mar 2023 22% | Jun 2023 20% | Sep 2023 22% | Dec 2023 27% | Mar 2024 21% | Jun 2024 18% | Sep 2024 18% | Dec 2024 19% | Mar 2025 15% | Jun 2025 14% | Sep 2025 14% | Dec 2025 15% | Mar 2026 13% | Jun 2026 —
- GFI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 24% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 22% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 28% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 19% | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- KGC: Sep 2021 35% | Dec 2021 42% | Mar 2022 14% | Jun 2022 18% | Sep 2022 23% | Dec 2022 30% | Mar 2023 24% | Jun 2023 26% | Sep 2023 26% | Dec 2023 28% | Mar 2024 22% | Jun 2024 23% | Sep 2024 20% | Dec 2024 20% | Mar 2025 14% | Jun 2025 18% | Sep 2025 17% | Dec 2025 18% | Mar 2026 12% | Jun 2026 —
- PAAS: Sep 2021 14% | Dec 2021 17% | Mar 2022 14% | Jun 2022 21% | Sep 2022 20% | Dec 2022 19% | Mar 2023 10% | Jun 2023 18% | Sep 2023 18% | Dec 2023 18% | Mar 2024 15% | Jun 2024 11% | Sep 2024 11% | Dec 2024 10% | Mar 2025 8.8% | Jun 2025 7.4% | Sep 2025 11% | Dec 2025 8.0% | Mar 2026 9.1% | Jun 2026 —
- CDE: Sep 2021 34% | Dec 2021 49% | Mar 2022 37% | Jun 2022 36% | Sep 2022 53% | Dec 2022 54% | Mar 2023 40% | Jun 2023 49% | Sep 2023 57% | Dec 2023 36% | Mar 2024 20% | Jun 2024 23% | Sep 2024 13% | Dec 2024 16% | Mar 2025 14% | Jun 2025 13% | Sep 2025 8.8% | Dec 2025 9.0% | Mar 2026 8.6% | Jun 2026 —
- AGI: Sep 2021 45% | Dec 2021 51% | Mar 2022 47% | Jun 2022 36% | Sep 2022 34% | Dec 2022 37% | Mar 2023 33% | Jun 2023 31% | Sep 2023 29% | Dec 2023 43% | Mar 2024 31% | Jun 2024 26% | Sep 2024 30% | Dec 2024 37% | Mar 2025 31% | Jun 2025 28% | Sep 2025 30% | Dec 2025 28% | Mar 2026 31% | Jun 2026 —
- EGO: Sep 2021 27% | Dec 2021 34% | Mar 2022 27% | Jun 2022 39% | Sep 2022 34% | Dec 2022 33% | Mar 2023 32% | Jun 2023 38% | Sep 2023 47% | Dec 2023 42% | Mar 2024 47% | Jun 2024 45% | Sep 2024 51% | Dec 2024 39% | Mar 2025 45% | Jun 2025 42% | Sep 2025 56% | Dec 2025 48% | Mar 2026 59% | Jun 2026 —
- IAG: Sep 2021 47% | Dec 2021 86% | Mar 2022 54% | Jun 2022 98% | Sep 2022 80% | Dec 2022 101% | Mar 2023 98% | Jun 2023 95% | Sep 2023 109% | Dec 2023 94% | Mar 2024 50% | Jun 2024 55% | Sep 2024 27% | Dec 2024 29% | Mar 2025 15% | Jun 2025 16% | Sep 2025 9.9% | Dec 2025 9.0% | Mar 2026 10% | Jun 2026 —
- EQX: Sep 2021 29% | Dec 2021 28% | Mar 2022 56% | Jun 2022 63% | Sep 2022 62% | Dec 2022 54% | Mar 2023 55% | Jun 2023 41% | Sep 2023 52% | Dec 2023 46% | Mar 2024 44% | Jun 2024 33% | Sep 2024 29% | Dec 2024 — | Mar 2025 35% | Jun 2025 20% | Sep 2025 29% | Dec 2025 — | Mar 2026 22% | Jun 2026 —
- OGC: Sep 2021 42% | Dec 2021 39% | Mar 2022 25% | Jun 2022 28% | Sep 2022 26% | Dec 2022 38% | Mar 2023 34% | Jun 2023 32% | Sep 2023 43% | Dec 2023 30% | Mar 2024 27% | Jun 2024 43% | Sep 2024 29% | Dec 2024 24% | Mar 2025 29% | Jun 2025 25% | Sep 2025 30% | Dec 2025 15% | Mar 2026 18% | Jun 2026 —
- SSRM: Sep 2021 18% | Dec 2021 8.8% | Mar 2022 9.6% | Jun 2022 13% | Sep 2022 24% | Dec 2022 15% | Mar 2023 19% | Jun 2023 19% | Sep 2023 12% | Dec 2023 14% | Mar 2024 15% | Jun 2024 21% | Sep 2024 13% | Dec 2024 12% | Mar 2025 14% | Jun 2025 — | Sep 2025 16% | Dec 2025 13% | Mar 2026 15% | Jun 2026 —
- BTG: Sep 2021 15% | Dec 2021 22% | Mar 2022 19% | Jun 2022 22% | Sep 2022 19% | Dec 2022 19% | Mar 2023 23% | Jun 2023 44% | Sep 2023 47% | Dec 2023 53% | Mar 2024 51% | Jun 2024 44% | Sep 2024 48% | Dec 2024 49% | Mar 2025 35% | Jun 2025 35% | Sep 2025 33% | Dec 2025 17% | Mar 2026 15% | Jun 2026 —
- AUGO: Sep 2021 19% | Dec 2021 14% | Mar 2022 17% | Jun 2022 26% | Sep 2022 37% | Dec 2022 28% | Mar 2023 32% | Jun 2023 45% | Sep 2023 16% | Dec 2023 6.5% | Mar 2024 23% | Jun 2024 18% | Sep 2024 39% | Dec 2024 38,847% | Mar 2025 32% | Jun 2025 26% | Sep 2025 — | Dec 2025 14,217% | Mar 2026 12% | Jun 2026 —
- ORLA: Sep 2021 — | Dec 2021 200% | Mar 2022 18% | Jun 2022 2.1% | Sep 2022 4.1% | Dec 2022 3.5% | Mar 2023 2.0% | Jun 2023 3.4% | Sep 2023 3.3% | Dec 2023 6.3% | Mar 2024 7.5% | Jun 2024 5.9% | Sep 2024 4.0% | Dec 2024 3.2% | Mar 2025 7.8% | Jun 2025 1.1% | Sep 2025 4.7% | Dec 2025 3.7% | Mar 2026 5.0% | Jun 2026 —
- CGAU: Sep 2021 9.5% | Dec 2021 9.2% | Mar 2022 6.4% | Jun 2022 17% | Sep 2022 11% | Dec 2022 7.2% | Mar 2023 2.6% | Jun 2023 12% | Sep 2023 6.4% | Dec 2023 10% | Mar 2024 5.9% | Jun 2024 11% | Sep 2024 20% | Dec 2024 15% | Mar 2025 16% | Jun 2025 18% | Sep 2025 16% | Dec 2025 23% | Mar 2026 15% | Jun 2026 —
- ARIS: Sep 2021 17% | Dec 2021 23% | Mar 2022 20% | Jun 2022 35% | Sep 2022 31% | Dec 2022 30% | Mar 2023 21% | Jun 2023 21% | Sep 2023 28% | Dec 2023 31% | Mar 2024 32% | Jun 2024 36% | Sep 2024 43% | Dec 2024 32% | Mar 2025 35% | Jun 2025 21% | Sep 2025 24% | Dec 2025 28% | Mar 2026 18% | Jun 2026 —
- AAUC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 18% | Dec 2022 13% | Mar 2023 12% | Jun 2023 12% | Sep 2023 9.0% | Dec 2023 11% | Mar 2024 11% | Jun 2024 19% | Sep 2024 24% | Dec 2024 44% | Mar 2025 28% | Jun 2025 37% | Sep 2025 41% | Dec 2025 22% | Mar 2026 25% | Jun 2026 —
- FSM: Sep 2021 33% | Dec 2021 31% | Mar 2022 36% | Jun 2022 32% | Sep 2022 35% | Dec 2022 44% | Mar 2023 35% | Jun 2023 42% | Sep 2023 15% | Dec 2023 20% | Mar 2024 20% | Jun 2024 26% | Sep 2024 23% | Dec 2024 27% | Mar 2025 20% | Jun 2025 20% | Sep 2025 20% | Dec 2025 16% | Mar 2026 13% | Jun 2026 —
- HYMC: Sep 2021 9.4% | Dec 2021 21% | Mar 2022 0.0% | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: Newmont Corporation has the clearest covered balance-sheet capacity with $3,411 million net cash and gross debt of $5,598 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Centerra Gold Inc. · $0 million | null versus #2 · Franco-Nevada Corporation | 8/8 recent comparable periods | 27/28 companies · 513 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Centerra Gold Inc. (CGAU): ₹0 Cr
2. Franco-Nevada Corporation (FNV): ₹0 Cr
3. Hycroft Mining Holding Corporation (HYMC): ₹0 Cr
4. OR Royalties Inc. (OR): ₹5 Cr
5. Wheaton Precious Metals Corp. (WPM): ₹8 Cr

### Net debt — lowest net debt
1. Newmont Corporation (NEM): ₹-3.4K Cr
2. Agnico Eagle Mines Limited (AEM): ₹-2.8K Cr
3. Barrick Mining Corporation (B): ₹-2.4K Cr
4. Wheaton Precious Metals Corp. (WPM): ₹-2.2K Cr
5. Kinross Gold Corporation (KGC): ₹-1.4K Cr

### 20-quarter Gross debt history
- NEM: Sep 2021 ₹6.1K Cr | Dec 2021 ₹6.3K Cr | Mar 2022 ₹6.2K Cr | Jun 2022 ₹6.2K Cr | Sep 2022 ₹6.1K Cr | Dec 2022 ₹6.1K Cr | Mar 2023 ₹6.1K Cr | Jun 2023 ₹6.1K Cr | Sep 2023 ₹6.1K Cr | Dec 2023 ₹9.4K Cr | Mar 2024 ₹9.5K Cr | Jun 2024 ₹9.2K Cr | Sep 2024 ₹9.1K Cr | Dec 2024 ₹9.0K Cr | Mar 2025 ₹7.6K Cr | Jun 2025 ₹7.6K Cr | Sep 2025 ₹5.3K Cr | Dec 2025 ₹5.6K Cr | Mar 2026 ₹5.5K Cr | Jun 2026 ₹5.6K Cr
- AEM: Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.7K Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹1.6K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹2.5K Cr | Jun 2023 ₹2.1K Cr | Sep 2023 ₹2.1K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹2.0K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹734 Cr | Sep 2025 ₹336 Cr | Dec 2025 ₹321 Cr | Mar 2026 ₹319 Cr | Jun 2026 —
- B: Sep 2021 ₹5.2K Cr | Dec 2021 ₹5.2K Cr | Mar 2022 ₹5.1K Cr | Jun 2022 ₹5.1K Cr | Sep 2022 ₹5.1K Cr | Dec 2022 ₹4.8K Cr | Mar 2023 ₹4.8K Cr | Jun 2023 ₹4.8K Cr | Sep 2023 ₹4.8K Cr | Dec 2023 ₹4.7K Cr | Mar 2024 ₹4.7K Cr | Jun 2024 ₹4.7K Cr | Sep 2024 ₹4.7K Cr | Dec 2024 ₹4.7K Cr | Mar 2025 ₹4.7K Cr | Jun 2025 ₹4.7K Cr | Sep 2025 ₹4.7K Cr | Dec 2025 ₹4.7K Cr | Mar 2026 ₹4.7K Cr | Jun 2026 —
- WPM: Sep 2021 ₹3 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹8 Cr | Jun 2026 —
- FNV: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- AU: Sep 2021 ₹2.1K Cr | Dec 2021 ₹2.1K Cr | Mar 2022 ₹2.2K Cr | Jun 2022 ₹2.2K Cr | Sep 2022 ₹2.2K Cr | Dec 2022 ₹2.2K Cr | Mar 2023 ₹2.1K Cr | Jun 2023 ₹2.1K Cr | Sep 2023 ₹2.2K Cr | Dec 2023 ₹2.4K Cr | Mar 2024 ₹2.2K Cr | Jun 2024 ₹2.3K Cr | Sep 2024 ₹2.3K Cr | Dec 2024 ₹2.2K Cr | Mar 2025 ₹2.2K Cr | Jun 2025 ₹2.3K Cr | Sep 2025 ₹2.3K Cr | Dec 2025 ₹2.3K Cr | Mar 2026 ₹2.3K Cr | Jun 2026 —
- KGC: Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.7K Cr | Mar 2022 ₹2.8K Cr | Jun 2022 ₹2.6K Cr | Sep 2022 ₹2.5K Cr | Dec 2022 ₹2.6K Cr | Mar 2023 ₹2.7K Cr | Jun 2023 ₹2.5K Cr | Sep 2023 ₹2.4K Cr | Dec 2023 ₹2.2K Cr | Mar 2024 ₹2.3K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹738 Cr | Mar 2026 ₹739 Cr | Jun 2026 —
- PAAS: Sep 2021 ₹45 Cr | Dec 2021 ₹46 Cr | Mar 2022 ₹47 Cr | Jun 2022 ₹63 Cr | Sep 2022 ₹68 Cr | Dec 2022 ₹227 Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹809 Cr | Dec 2023 ₹802 Cr | Mar 2024 ₹807 Cr | Jun 2024 ₹810 Cr | Sep 2024 ₹815 Cr | Dec 2024 ₹804 Cr | Mar 2025 ₹804 Cr | Jun 2025 ₹821 Cr | Sep 2025 ₹857 Cr | Dec 2025 ₹852 Cr | Mar 2026 ₹845 Cr | Jun 2026 —
- RGLD: Sep 2021 ₹95 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹446 Cr | Dec 2022 ₹572 Cr | Mar 2023 ₹497 Cr | Jun 2023 ₹396 Cr | Sep 2023 ₹321 Cr | Dec 2023 ₹246 Cr | Mar 2024 ₹146 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹770 Cr | Dec 2025 ₹895 Cr | Mar 2026 ₹596 Cr | Jun 2026 —
- CDE: Sep 2021 ₹442 Cr | Dec 2021 ₹488 Cr | Mar 2022 ₹485 Cr | Jun 2022 ₹548 Cr | Sep 2022 ₹636 Cr | Dec 2022 ₹516 Cr | Mar 2023 ₹494 Cr | Jun 2023 ₹469 Cr | Sep 2023 ₹512 Cr | Dec 2023 ₹545 Cr | Mar 2024 ₹586 Cr | Jun 2024 ₹629 Cr | Sep 2024 ₹605 Cr | Dec 2024 ₹31 Cr | Mar 2025 ₹498 Cr | Jun 2025 ₹381 Cr | Sep 2025 ₹364 Cr | Dec 2025 ₹341 Cr | Mar 2026 ₹761 Cr | Jun 2026 —
- AGI: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹297 Cr | Dec 2024 ₹287 Cr | Mar 2025 ₹283 Cr | Jun 2025 ₹280 Cr | Sep 2025 ₹276 Cr | Dec 2025 ₹223 Cr | Mar 2026 ₹220 Cr | Jun 2026 —
- EGO: Sep 2021 ₹518 Cr | Dec 2021 ₹512 Cr | Mar 2022 ₹503 Cr | Jun 2022 ₹515 Cr | Sep 2022 ₹514 Cr | Dec 2022 ₹511 Cr | Mar 2023 ₹510 Cr | Jun 2023 ₹561 Cr | Sep 2023 ₹614 Cr | Dec 2023 ₹653 Cr | Mar 2024 ₹659 Cr | Jun 2024 ₹764 Cr | Sep 2024 ₹865 Cr | Dec 2024 ₹930 Cr | Mar 2025 ₹948 Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- IAG: Sep 2021 ₹529 Cr | Dec 2021 ₹530 Cr | Mar 2022 ₹526 Cr | Jun 2022 ₹674 Cr | Sep 2022 ₹924 Cr | Dec 2022 ₹993 Cr | Mar 2023 ₹759 Cr | Jun 2023 ₹966 Cr | Sep 2023 ₹965 Cr | Dec 2023 ₹952 Cr | Mar 2024 ₹950 Cr | Jun 2024 ₹948 Cr | Sep 2024 ₹942 Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹762 Cr | Mar 2026 ₹651 Cr | Jun 2026 —
- EQX: Sep 2021 ₹545 Cr | Dec 2021 ₹541 Cr | Mar 2022 ₹536 Cr | Jun 2022 ₹632 Cr | Sep 2022 ₹726 Cr | Dec 2022 ₹828 Cr | Mar 2023 ₹833 Cr | Jun 2023 ₹835 Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹925 Cr | Mar 2024 ₹929 Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹615 Cr | Jun 2026 —
- OR: Sep 2021 ₹319 Cr | Dec 2021 ₹325 Cr | Mar 2022 ₹331 Cr | Jun 2022 ₹237 Cr | Sep 2022 ₹216 Cr | Dec 2022 ₹115 Cr | Mar 2023 ₹106 Cr | Jun 2023 ₹248 Cr | Sep 2023 ₹238 Cr | Dec 2023 ₹151 Cr | Mar 2024 ₹118 Cr | Jun 2024 ₹85 Cr | Sep 2024 ₹65 Cr | Dec 2024 ₹99 Cr | Mar 2025 ₹80 Cr | Jun 2025 ₹41 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹5 Cr | Jun 2026 —
- OGC: Sep 2021 ₹370 Cr | Dec 2021 ₹371 Cr | Mar 2022 ₹363 Cr | Jun 2022 ₹306 Cr | Sep 2022 ₹304 Cr | Dec 2022 ₹253 Cr | Mar 2023 ₹249 Cr | Jun 2023 ₹251 Cr | Sep 2023 ₹232 Cr | Dec 2023 ₹232 Cr | Mar 2024 ₹254 Cr | Jun 2024 ₹211 Cr | Sep 2024 ₹166 Cr | Dec 2024 ₹72 Cr | Mar 2025 ₹61 Cr | Jun 2025 ₹61 Cr | Sep 2025 ₹56 Cr | Dec 2025 ₹50 Cr | Mar 2026 ₹55 Cr | Jun 2026 —
- SSRM: Sep 2021 ₹303 Cr | Dec 2021 ₹367 Cr | Mar 2022 ₹349 Cr | Jun 2022 ₹332 Cr | Sep 2022 ₹316 Cr | Dec 2022 ₹298 Cr | Mar 2023 ₹280 Cr | Jun 2023 ₹263 Cr | Sep 2023 ₹228 Cr | Dec 2023 ₹235 Cr | Mar 2024 ₹229 Cr | Jun 2024 ₹228 Cr | Sep 2024 ₹258 Cr | Dec 2024 ₹257 Cr | Mar 2025 ₹261 Cr | Jun 2025 ₹271 Cr | Sep 2025 ₹282 Cr | Dec 2025 ₹292 Cr | Mar 2026 ₹48 Cr | Jun 2026 —
- BTG: Sep 2021 ₹84 Cr | Dec 2021 ₹75 Cr | Mar 2022 ₹73 Cr | Jun 2022 ₹67 Cr | Sep 2022 ₹63 Cr | Dec 2022 ₹57 Cr | Mar 2023 ₹49 Cr | Jun 2023 ₹56 Cr | Sep 2023 ₹49 Cr | Dec 2023 ₹192 Cr | Mar 2024 ₹45 Cr | Jun 2024 ₹41 Cr | Sep 2024 ₹239 Cr | Dec 2024 ₹438 Cr | Mar 2025 ₹425 Cr | Jun 2025 ₹443 Cr | Sep 2025 ₹638 Cr | Dec 2025 ₹598 Cr | Mar 2026 ₹520 Cr | Jun 2026 —
- AUGO: Sep 2021 ₹156 Cr | Dec 2021 ₹158 Cr | Mar 2022 ₹179 Cr | Jun 2022 ₹216 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹214 Cr | Mar 2023 ₹200 Cr | Jun 2023 ₹240 Cr | Sep 2023 ₹299 Cr | Dec 2023 ₹334 Cr | Mar 2024 ₹327 Cr | Jun 2024 ₹334 Cr | Sep 2024 ₹341 Cr | Dec 2024 ₹443 Cr | Mar 2025 ₹468 Cr | Jun 2025 ₹454 Cr | Sep 2025 ₹4.3 L Cr | Dec 2025 ₹411 Cr | Mar 2026 ₹409 Cr | Jun 2026 —
- ORLA: Sep 2021 ₹161 Cr | Dec 2021 ₹162 Cr | Mar 2022 ₹164 Cr | Jun 2022 ₹168 Cr | Sep 2022 ₹169 Cr | Dec 2022 ₹148 Cr | Mar 2023 ₹143 Cr | Jun 2023 ₹137 Cr | Sep 2023 ₹138 Cr | Dec 2023 ₹90 Cr | Mar 2024 ₹90 Cr | Jun 2024 ₹80 Cr | Sep 2024 ₹60 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹418 Cr | Jun 2025 ₹394 Cr | Sep 2025 ₹397 Cr | Dec 2025 ₹362 Cr | Mar 2026 ₹315 Cr | Jun 2026 —
- CGAU: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- ARIS: Sep 2021 ₹312 Cr | Dec 2021 ₹318 Cr | Mar 2022 ₹315 Cr | Jun 2022 ₹317 Cr | Sep 2022 ₹433 Cr | Dec 2022 ₹436 Cr | Mar 2023 ₹379 Cr | Jun 2023 ₹380 Cr | Sep 2023 ₹374 Cr | Dec 2023 ₹383 Cr | Mar 2024 ₹378 Cr | Jun 2024 ₹369 Cr | Sep 2024 ₹370 Cr | Dec 2024 ₹521 Cr | Mar 2025 ₹527 Cr | Jun 2025 ₹521 Cr | Sep 2025 ₹518 Cr | Dec 2025 ₹526 Cr | Mar 2026 ₹544 Cr | Jun 2026 —
- SA: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹281 Cr | Jun 2022 ₹238 Cr | Sep 2022 ₹222 Cr | Dec 2022 ₹265 Cr | Mar 2023 ₹284 Cr | Jun 2023 ₹458 Cr | Sep 2023 ₹490 Cr | Dec 2023 ₹575 Cr | Mar 2024 ₹598 Cr | Jun 2024 ₹484 Cr | Sep 2024 ₹508 Cr | Dec 2024 ₹564 Cr | Mar 2025 ₹558 Cr | Jun 2025 ₹577 Cr | Sep 2025 ₹584 Cr | Dec 2025 ₹600 Cr | Mar 2026 ₹559 Cr | Jun 2026 —
- AAUC: Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹54 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹112 Cr | Dec 2023 ₹113 Cr | Mar 2024 ₹104 Cr | Jun 2024 ₹125 Cr | Sep 2024 ₹129 Cr | Dec 2024 ₹112 Cr | Mar 2025 ₹163 Cr | Jun 2025 ₹125 Cr | Sep 2025 ₹139 Cr | Dec 2025 ₹170 Cr | Mar 2026 ₹247 Cr | Jun 2026 —
- NG: Sep 2021 ₹115 Cr | Dec 2021 ₹116 Cr | Mar 2022 ₹117 Cr | Jun 2022 ₹119 Cr | Sep 2022 ₹121 Cr | Dec 2022 ₹124 Cr | Mar 2023 ₹127 Cr | Jun 2023 ₹130 Cr | Sep 2023 ₹133 Cr | Dec 2023 ₹137 Cr | Mar 2024 ₹140 Cr | Jun 2024 ₹144 Cr | Sep 2024 ₹148 Cr | Dec 2024 ₹152 Cr | Mar 2025 ₹155 Cr | Jun 2025 ₹159 Cr | Sep 2025 ₹163 Cr | Dec 2025 ₹166 Cr | Mar 2026 ₹170 Cr | Jun 2026 ₹174 Cr
- FSM: Sep 2021 ₹219 Cr | Dec 2021 ₹187 Cr | Mar 2022 ₹225 Cr | Jun 2022 ₹244 Cr | Sep 2022 ₹228 Cr | Dec 2022 ₹241 Cr | Mar 2023 ₹296 Cr | Jun 2023 ₹339 Cr | Sep 2023 ₹300 Cr | Dec 2023 ₹264 Cr | Mar 2024 ₹221 Cr | Jun 2024 ₹224 Cr | Sep 2024 ₹189 Cr | Dec 2024 ₹194 Cr | Mar 2025 ₹198 Cr | Jun 2025 ₹216 Cr | Sep 2025 ₹213 Cr | Dec 2025 ₹211 Cr | Mar 2026 ₹209 Cr | Jun 2026 —
- HYMC: Sep 2021 ₹159 Cr | Dec 2021 ₹160 Cr | Mar 2022 ₹140 Cr | Jun 2022 ₹142 Cr | Sep 2022 ₹145 Cr | Dec 2022 ₹135 Cr | Mar 2023 ₹137 Cr | Jun 2023 ₹140 Cr | Sep 2023 ₹142 Cr | Dec 2023 ₹145 Cr | Mar 2024 ₹117 Cr | Jun 2024 ₹119 Cr | Sep 2024 ₹122 Cr | Dec 2024 ₹125 Cr | Mar 2025 ₹128 Cr | Jun 2025 ₹131 Cr | Sep 2025 ₹134 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 —

### 20-quarter Net debt history
- NEM: Sep 2021 ₹1.3K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹1.9K Cr | Jun 2022 ₹1.8K Cr | Sep 2022 ₹-884 Cr | Dec 2022 ₹2.4K Cr | Mar 2023 ₹-601 Cr | Jun 2023 ₹-299 Cr | Sep 2023 ₹-260 Cr | Dec 2023 ₹6.4K Cr | Mar 2024 ₹7.1K Cr | Jun 2024 ₹6.6K Cr | Sep 2024 ₹6.0K Cr | Dec 2024 ₹5.3K Cr | Mar 2025 ₹2.9K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹-343 Cr | Dec 2025 ₹-2.7K Cr | Mar 2026 ₹-3.2K Cr | Jun 2026 ₹-3.4K Cr
- AEM: Sep 2021 ₹1.4K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹647 Cr | Jun 2022 ₹560 Cr | Sep 2022 ₹641 Cr | Dec 2022 ₹824 Cr | Mar 2023 ₹1.8K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹632 Cr | Dec 2024 ₹348 Cr | Mar 2025 ₹129 Cr | Jun 2025 ₹-835 Cr | Sep 2025 ₹-2.0K Cr | Dec 2025 ₹-2.6K Cr | Mar 2026 ₹-2.8K Cr | Jun 2026 —
- B: Sep 2021 ₹111 Cr | Dec 2021 ₹-130 Cr | Mar 2022 ₹-743 Cr | Jun 2022 ₹-636 Cr | Sep 2022 ₹-145 Cr | Dec 2022 ₹342 Cr | Mar 2023 ₹400 Cr | Jun 2023 ₹617 Cr | Sep 2023 ₹514 Cr | Dec 2023 ₹578 Cr | Mar 2024 ₹783 Cr | Jun 2024 ₹688 Cr | Sep 2024 ₹500 Cr | Dec 2024 ₹655 Cr | Mar 2025 ₹623 Cr | Jun 2025 ₹-73 Cr | Sep 2025 ₹-323 Cr | Dec 2025 ₹-2.0K Cr | Mar 2026 ₹-2.4K Cr | Jun 2026 —
- WPM: Sep 2021 ₹-369 Cr | Dec 2021 ₹-223 Cr | Mar 2022 ₹-373 Cr | Jun 2022 ₹-447 Cr | Sep 2022 ₹-493 Cr | Dec 2022 ₹-694 Cr | Mar 2023 ₹-798 Cr | Jun 2023 ₹-822 Cr | Sep 2023 ₹-828 Cr | Dec 2023 ₹-541 Cr | Mar 2024 ₹-300 Cr | Jun 2024 ₹-534 Cr | Sep 2024 ₹-688 Cr | Dec 2024 ₹-813 Cr | Mar 2025 ₹-1.1K Cr | Jun 2025 ₹-998 Cr | Sep 2025 ₹-1.2K Cr | Dec 2025 ₹-1.1K Cr | Mar 2026 ₹-2.2K Cr | Jun 2026 —
- FNV: Sep 2021 ₹-347 Cr | Dec 2021 ₹-539 Cr | Mar 2022 ₹-723 Cr | Jun 2022 ₹-911 Cr | Sep 2022 ₹-1.1K Cr | Dec 2022 ₹-1.2K Cr | Mar 2023 ₹-1.2K Cr | Jun 2023 ₹-1.3K Cr | Sep 2023 ₹-1.3K Cr | Dec 2023 ₹-1.4K Cr | Mar 2024 ₹-1.4K Cr | Jun 2024 ₹-1.4K Cr | Sep 2024 ₹-1.3K Cr | Dec 2024 ₹-1.5K Cr | Mar 2025 ₹-1.1K Cr | Jun 2025 ₹-160 Cr | Sep 2025 ₹-237 Cr | Dec 2025 ₹-671 Cr | Mar 2026 ₹-715 Cr | Jun 2026 —
- AU: Sep 2021 ₹940 Cr | Dec 2021 ₹940 Cr | Mar 2022 ₹953 Cr | Jun 2022 ₹953 Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹728 Cr | Mar 2025 ₹755 Cr | Jun 2025 ₹311 Cr | Sep 2025 ₹-231 Cr | Dec 2025 ₹-624 Cr | Mar 2026 ₹-868 Cr | Jun 2026 —
- KGC: Sep 2021 ₹882 Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹2.3K Cr | Jun 2022 ₹1.9K Cr | Sep 2022 ₹2.0K Cr | Dec 2022 ₹2.2K Cr | Mar 2023 ₹2.2K Cr | Jun 2023 ₹2.0K Cr | Sep 2023 ₹2.0K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹823 Cr | Mar 2025 ₹541 Cr | Jun 2025 ₹99 Cr | Sep 2025 ₹-485 Cr | Dec 2025 ₹-1.0K Cr | Mar 2026 ₹-1.4K Cr | Jun 2026 —
- PAAS: Sep 2021 ₹-270 Cr | Dec 2021 ₹-289 Cr | Mar 2022 ₹-279 Cr | Jun 2022 ₹-178 Cr | Sep 2022 ₹-119 Cr | Dec 2022 ₹85 Cr | Mar 2023 ₹674 Cr | Jun 2023 ₹726 Cr | Sep 2023 ₹423 Cr | Dec 2023 ₹361 Cr | Mar 2024 ₹476 Cr | Jun 2024 ₹441 Cr | Sep 2024 ₹345 Cr | Dec 2024 ₹-83 Cr | Mar 2025 ₹-119 Cr | Jun 2025 ₹-288 Cr | Sep 2025 ₹-54 Cr | Dec 2025 ₹-467 Cr | Mar 2026 ₹-769 Cr | Jun 2026 —
- RGLD: Sep 2021 ₹-65 Cr | Dec 2021 ₹-144 Cr | Mar 2022 ₹-184 Cr | Jun 2022 ₹-281 Cr | Sep 2022 ₹324 Cr | Dec 2022 ₹453 Cr | Mar 2023 ₹370 Cr | Jun 2023 ₹290 Cr | Sep 2023 ₹218 Cr | Dec 2023 ₹142 Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹-74 Cr | Sep 2024 ₹-128 Cr | Dec 2024 ₹-195 Cr | Mar 2025 ₹-241 Cr | Jun 2025 ₹-248 Cr | Sep 2025 ₹597 Cr | Dec 2025 ₹661 Cr | Mar 2026 ₹362 Cr | Jun 2026 —
- CDE: Sep 2021 ₹357 Cr | Dec 2021 ₹431 Cr | Mar 2022 ₹412 Cr | Jun 2022 ₹386 Cr | Sep 2022 ₹524 Cr | Dec 2022 ₹423 Cr | Mar 2023 ₹412 Cr | Jun 2023 ₹403 Cr | Sep 2023 ₹452 Cr | Dec 2023 ₹483 Cr | Mar 2024 ₹519 Cr | Jun 2024 ₹555 Cr | Sep 2024 ₹528 Cr | Dec 2024 ₹-24 Cr | Mar 2025 ₹420 Cr | Jun 2025 ₹269 Cr | Sep 2025 ₹98 Cr | Dec 2025 ₹-213 Cr | Mar 2026 ₹-82 Cr | Jun 2026 —
- AGI: Sep 2021 ₹-234 Cr | Dec 2021 ₹-196 Cr | Mar 2022 ₹-146 Cr | Jun 2022 ₹-144 Cr | Sep 2022 ₹-132 Cr | Dec 2022 ₹-148 Cr | Mar 2023 ₹-160 Cr | Jun 2023 ₹-208 Cr | Sep 2023 ₹-230 Cr | Dec 2023 ₹-238 Cr | Mar 2024 ₹-257 Cr | Jun 2024 ₹-378 Cr | Sep 2024 ₹-19 Cr | Dec 2024 ₹-64 Cr | Mar 2025 ₹-36 Cr | Jun 2025 ₹-98 Cr | Sep 2025 ₹-233 Cr | Dec 2025 ₹-459 Cr | Mar 2026 ₹-484 Cr | Jun 2026 —
- EGO: Sep 2021 ₹57 Cr | Dec 2021 ₹31 Cr | Mar 2022 ₹68 Cr | Jun 2022 ₹145 Cr | Sep 2022 ₹208 Cr | Dec 2022 ₹196 Cr | Mar 2023 ₹248 Cr | Jun 2023 ₹104 Cr | Sep 2023 ₹137 Cr | Dec 2023 ₹113 Cr | Mar 2024 ₹144 Cr | Jun 2024 ₹169 Cr | Sep 2024 ₹188 Cr | Dec 2024 ₹73 Cr | Mar 2025 ₹-30 Cr | Jun 2025 ₹95 Cr | Sep 2025 ₹230 Cr | Dec 2025 ₹421 Cr | Mar 2026 ₹614 Cr | Jun 2026 —
- IAG: Sep 2021 ₹-219 Cr | Dec 2021 ₹-23 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹221 Cr | Sep 2022 ₹388 Cr | Dec 2022 ₹585 Cr | Mar 2023 ₹227 Cr | Jun 2023 ₹218 Cr | Sep 2023 ₹416 Cr | Dec 2023 ₹585 Cr | Mar 2024 ₹659 Cr | Jun 2024 ₹437 Cr | Sep 2024 ₹389 Cr | Dec 2024 ₹805 Cr | Mar 2025 ₹832 Cr | Jun 2025 ₹968 Cr | Sep 2025 ₹777 Cr | Dec 2025 ₹340 Cr | Mar 2026 ₹101 Cr | Jun 2026 —
- EQX: Sep 2021 ₹85 Cr | Dec 2021 ₹-5 Cr | Mar 2022 ₹207 Cr | Jun 2022 ₹375 Cr | Sep 2022 ₹514 Cr | Dec 2022 ₹590 Cr | Mar 2023 ₹414 Cr | Jun 2023 ₹538 Cr | Sep 2023 ₹649 Cr | Dec 2023 ₹640 Cr | Mar 2024 ₹732 Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹985 Cr | Mar 2026 ₹115 Cr | Jun 2026 —
- OR: Sep 2021 ₹199 Cr | Dec 2021 ₹233 Cr | Mar 2022 ₹-196 Cr | Jun 2022 ₹-112 Cr | Sep 2022 ₹-1 Cr | Dec 2022 ₹48 Cr | Mar 2023 ₹17 Cr | Jun 2023 ₹192 Cr | Sep 2023 ₹181 Cr | Dec 2023 ₹94 Cr | Mar 2024 ₹59 Cr | Jun 2024 ₹26 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹40 Cr | Mar 2025 ₹17 Cr | Jun 2025 ₹-9 Cr | Sep 2025 ₹-52 Cr | Dec 2025 ₹-137 Cr | Mar 2026 ₹-90 Cr | Jun 2026 —
- OGC: Sep 2021 ₹257 Cr | Dec 2021 ₹238 Cr | Mar 2022 ₹168 Cr | Jun 2022 ₹156 Cr | Sep 2022 ₹174 Cr | Dec 2022 ₹170 Cr | Mar 2023 ₹191 Cr | Jun 2023 ₹136 Cr | Sep 2023 ₹172 Cr | Dec 2023 ₹170 Cr | Mar 2024 ₹173 Cr | Jun 2024 ₹54 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹-122 Cr | Mar 2025 ₹-167 Cr | Jun 2025 ₹-238 Cr | Sep 2025 ₹-279 Cr | Dec 2025 ₹-427 Cr | Mar 2026 ₹-565 Cr | Jun 2026 —
- SSRM: Sep 2021 ₹-392 Cr | Dec 2021 ₹-691 Cr | Mar 2022 ₹-684 Cr | Jun 2022 ₹-633 Cr | Sep 2022 ₹-486 Cr | Dec 2022 ₹-398 Cr | Mar 2023 ₹-315 Cr | Jun 2023 ₹-149 Cr | Sep 2023 ₹-239 Cr | Dec 2023 ₹-278 Cr | Mar 2024 ₹-263 Cr | Jun 2024 ₹-156 Cr | Sep 2024 ₹-108 Cr | Dec 2024 ₹-160 Cr | Mar 2025 ₹-80 Cr | Jun 2025 ₹-167 Cr | Sep 2025 ₹-163 Cr | Dec 2025 ₹-284 Cr | Mar 2026 ₹-437 Cr | Jun 2026 —
- BTG: Sep 2021 ₹-463 Cr | Dec 2021 ₹-598 Cr | Mar 2022 ₹-576 Cr | Jun 2022 ₹-520 Cr | Sep 2022 ₹-486 Cr | Dec 2022 ₹-595 Cr | Mar 2023 ₹-625 Cr | Jun 2023 ₹-450 Cr | Sep 2023 ₹-261 Cr | Dec 2023 ₹-115 Cr | Mar 2024 ₹-523 Cr | Jun 2024 ₹-426 Cr | Sep 2024 ₹-192 Cr | Dec 2024 ₹101 Cr | Mar 2025 ₹95 Cr | Jun 2025 ₹135 Cr | Sep 2025 ₹271 Cr | Dec 2025 ₹218 Cr | Mar 2026 ₹41 Cr | Jun 2026 —
- AUGO: Sep 2021 ₹-9 Cr | Dec 2021 ₹-3 Cr | Mar 2022 ₹-15 Cr | Jun 2022 ₹-2 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹86 Cr | Mar 2023 ₹97 Cr | Jun 2023 ₹130 Cr | Sep 2023 ₹120 Cr | Dec 2023 ₹97 Cr | Mar 2024 ₹113 Cr | Jun 2024 ₹142 Cr | Sep 2024 ₹145 Cr | Dec 2024 ₹173 Cr | Mar 2025 ₹270 Cr | Jun 2025 ₹286 Cr | Sep 2025 ₹78.4K Cr | Dec 2025 ₹125 Cr | Mar 2026 ₹141 Cr | Jun 2026 —
- ORLA: Sep 2021 ₹110 Cr | Dec 2021 ₹141 Cr | Mar 2022 ₹129 Cr | Jun 2022 ₹101 Cr | Sep 2022 ₹80 Cr | Dec 2022 ₹52 Cr | Mar 2023 ₹59 Cr | Jun 2023 ₹22 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹-7 Cr | Mar 2024 ₹-28 Cr | Jun 2024 ₹-74 Cr | Sep 2024 ₹-121 Cr | Dec 2024 ₹-160 Cr | Mar 2025 ₹234 Cr | Jun 2025 ₹179 Cr | Sep 2025 ₹70 Cr | Dec 2025 ₹-59 Cr | Mar 2026 ₹-112 Cr | Jun 2026 —
- CGAU: Sep 2021 ₹-912 Cr | Dec 2021 ₹-947 Cr | Mar 2022 ₹-768 Cr | Jun 2022 ₹-723 Cr | Sep 2022 ₹-581 Cr | Dec 2022 ₹-532 Cr | Mar 2023 ₹-412 Cr | Jun 2023 ₹-402 Cr | Sep 2023 ₹-492 Cr | Dec 2023 ₹-613 Cr | Mar 2024 ₹-648 Cr | Jun 2024 ₹-592 Cr | Sep 2024 ₹-604 Cr | Dec 2024 ₹-628 Cr | Mar 2025 ₹-608 Cr | Jun 2025 ₹-522 Cr | Sep 2025 ₹-562 Cr | Dec 2025 ₹-541 Cr | Mar 2026 ₹-552 Cr | Jun 2026 —
- ARIS: Sep 2021 ₹-19 Cr | Dec 2021 ₹-10 Cr | Mar 2022 ₹-3 Cr | Jun 2022 ₹49 Cr | Sep 2022 ₹106 Cr | Dec 2022 ₹136 Cr | Mar 2023 ₹149 Cr | Jun 2023 ₹165 Cr | Sep 2023 ₹162 Cr | Dec 2023 ₹187 Cr | Mar 2024 ₹229 Cr | Jun 2024 ₹246 Cr | Sep 2024 ₹288 Cr | Dec 2024 ₹267 Cr | Mar 2025 ₹285 Cr | Jun 2025 ₹209 Cr | Sep 2025 ₹98 Cr | Dec 2025 ₹132 Cr | Mar 2026 ₹70 Cr | Jun 2026 —
- SA: Sep 2021 ₹-58 Cr | Dec 2021 ₹-44 Cr | Mar 2022 ₹-18 Cr | Jun 2022 ₹-37 Cr | Sep 2022 ₹16 Cr | Dec 2022 ₹133 Cr | Mar 2023 ₹241 Cr | Jun 2023 ₹252 Cr | Sep 2023 ₹357 Cr | Dec 2023 ₹489 Cr | Mar 2024 ₹538 Cr | Jun 2024 ₹408 Cr | Sep 2024 ₹452 Cr | Dec 2024 ₹509 Cr | Mar 2025 ₹395 Cr | Jun 2025 ₹449 Cr | Sep 2025 ₹473 Cr | Dec 2025 ₹474 Cr | Mar 2026 ₹414 Cr | Jun 2026 —
- AAUC: Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹9 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹-87 Cr | Dec 2023 ₹-46 Cr | Mar 2024 ₹-21 Cr | Jun 2024 ₹47 Cr | Sep 2024 ₹34 Cr | Dec 2024 ₹-113 Cr | Mar 2025 ₹-69 Cr | Jun 2025 ₹-94 Cr | Sep 2025 ₹-123 Cr | Dec 2025 ₹-310 Cr | Mar 2026 ₹-177 Cr | Jun 2026 —
- NG: Sep 2021 ₹-58 Cr | Dec 2021 ₹-53 Cr | Mar 2022 ₹-38 Cr | Jun 2022 ₹-23 Cr | Sep 2022 ₹-11 Cr | Dec 2022 ₹-2 Cr | Mar 2023 ₹11 Cr | Jun 2023 ₹21 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹11 Cr | Mar 2024 ₹22 Cr | Jun 2024 ₹31 Cr | Sep 2024 ₹42 Cr | Dec 2024 ₹93 Cr | Mar 2025 ₹62 Cr | Jun 2025 ₹-160 Cr | Sep 2025 ₹38 Cr | Dec 2025 ₹51 Cr | Mar 2026 ₹-222 Cr | Jun 2026 ₹-196 Cr
- FSM: Sep 2021 ₹83 Cr | Dec 2021 ₹80 Cr | Mar 2022 ₹115 Cr | Jun 2022 ₹128 Cr | Sep 2022 ₹137 Cr | Dec 2022 ₹161 Cr | Mar 2023 ₹211 Cr | Jun 2023 ₹246 Cr | Sep 2023 ₹182 Cr | Dec 2023 ₹136 Cr | Mar 2024 ₹133 Cr | Jun 2024 ₹118 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹-37 Cr | Mar 2025 ₹-111 Cr | Jun 2025 ₹-171 Cr | Sep 2025 ₹-225 Cr | Dec 2025 ₹-343 Cr | Mar 2026 ₹-457 Cr | Jun 2026 —
- HYMC: Sep 2021 ₹139 Cr | Dec 2021 ₹148 Cr | Mar 2022 ₹-33 Cr | Jun 2022 ₹-16 Cr | Sep 2022 ₹-8 Cr | Dec 2022 ₹-7 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹23 Cr | Sep 2023 ₹35 Cr | Dec 2023 ₹39 Cr | Mar 2024 ₹59 Cr | Jun 2024 ₹59 Cr | Sep 2024 ₹65 Cr | Dec 2024 ₹75 Cr | Mar 2025 ₹88 Cr | Jun 2025 ₹61 Cr | Sep 2025 ₹-6 Cr | Dec 2025 ₹-183 Cr | Mar 2026 ₹-190 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: OceanaGold Corporation leads ROCE at 42.7%, 8.4 percentage points above Orla Mining Ltd.. OceanaGold Corporation has the strongest latest improvement at +16.3 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: OceanaGold Corporation sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: OceanaGold Corporation · 42.7% | 24.5% versus #2 · Orla Mining Ltd. | 6/8 recent comparable periods | 27/28 companies · 512 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. OceanaGold Corporation (OGC): 43%
2. Orla Mining Ltd. (ORLA): 34%
3. Agnico Eagle Mines Limited (AEM): 24%
4. Aura Minerals Inc. (AUGO): 21%
5. AngloGold Ashanti plc (AU): 14%

### ROCE change — fastest improvers
1. OceanaGold Corporation (OGC): +16.3 pp
2. Orla Mining Ltd. (ORLA): +15.4 pp
3. Aura Minerals Inc. (AUGO): +12.4 pp
4. Agnico Eagle Mines Limited (AEM): +11.7 pp
5. IAMGOLD Corporation (IAG): +8.0 pp

### 20-quarter ROCE history
- NEM: Sep 2021 0.2% | Dec 2021 -1.6% | Mar 2022 2.1% | Jun 2022 1.4% | Sep 2022 0.8% | Dec 2022 -0.3% | Mar 2023 1.4% | Jun 2023 1.0% | Sep 2023 0.7% | Dec 2023 -6.6% | Mar 2024 0.9% | Jun 2024 2.4% | Sep 2024 2.7% | Dec 2024 4.1% | Mar 2025 4.5% | Jun 2025 6.1% | Sep 2025 5.2% | Dec 2025 7.8% | Mar 2026 8.7% | Jun 2026 6.0%
- AEM: Sep 2021 13% | Dec 2021 11% | Mar 2022 5.5% | Jun 2022 6.4% | Sep 2022 6.4% | Dec 2022 7.2% | Mar 2023 5.8% | Jun 2023 5.9% | Sep 2023 6.3% | Dec 2023 5.3% | Mar 2024 5.5% | Jun 2024 6.6% | Sep 2024 8.4% | Dec 2024 11% | Mar 2025 13% | Jun 2025 15% | Sep 2025 17% | Dec 2025 21% | Mar 2026 24% | Jun 2026 —
- B: Sep 2021 2.3% | Dec 2021 3.5% | Mar 2022 2.4% | Jun 2022 2.4% | Sep 2022 1.6% | Dec 2022 -2.0% | Mar 2023 1.2% | Jun 2023 1.8% | Sep 2023 2.0% | Dec 2023 1.8% | Mar 2024 1.6% | Jun 2024 2.5% | Sep 2024 2.5% | Dec 2024 4.4% | Mar 2025 2.5% | Jun 2025 3.2% | Sep 2025 5.4% | Dec 2025 8.7% | Mar 2026 6.9% | Jun 2026 —
- WPM: Sep 2021 2.3% | Dec 2021 4.8% | Mar 2022 2.6% | Jun 2022 2.4% | Sep 2022 1.6% | Dec 2022 1.5% | Mar 2023 1.5% | Jun 2023 2.0% | Sep 2023 1.7% | Dec 2023 2.3% | Mar 2024 2.3% | Jun 2024 2.4% | Sep 2024 2.5% | Dec 2024 1.6% | Mar 2025 3.9% | Jun 2025 4.4% | Sep 2025 4.0% | Dec 2025 7.9% | Mar 2026 7.9% | Jun 2026 —
- FNV: Sep 2021 3.5% | Dec 2021 4.6% | Mar 2022 3.5% | Jun 2022 3.8% | Sep 2022 3.1% | Dec 2022 3.0% | Mar 2023 2.6% | Jun 2023 3.0% | Sep 2023 2.8% | Dec 2023 -16% | Mar 2024 2.5% | Jun 2024 2.6% | Sep 2024 2.8% | Dec 2024 3.6% | Mar 2025 4.0% | Jun 2025 4.7% | Sep 2025 5.0% | Dec 2025 6.3% | Mar 2026 7.6% | Jun 2026 —
- AU: Sep 2021 2.8% | Dec 2021 2.8% | Mar 2022 3.1% | Jun 2022 3.0% | Sep 2022 0.7% | Dec 2022 0.7% | Mar 2023 1.6% | Jun 2023 0.5% | Sep 2023 2.6% | Dec 2023 2.3% | Mar 2024 2.3% | Jun 2024 5.2% | Sep 2024 6.0% | Dec 2024 6.9% | Mar 2025 8.0% | Jun 2025 10% | Sep 2025 10% | Dec 2025 11% | Mar 2026 14% | Jun 2026 —
- GFI: Sep 2021 6.6% | Dec 2021 6.6% | Mar 2022 3.2% | Jun 2022 3.2% | Sep 2022 4.6% | Dec 2022 4.6% | Mar 2023 2.5% | Jun 2023 2.5% | Sep 2023 5.4% | Dec 2023 5.4% | Mar 2024 3.2% | Jun 2024 3.2% | Sep 2024 9.3% | Dec 2024 9.3% | Mar 2025 7.2% | Jun 2025 7.2% | Sep 2025 13% | Dec 2025 13% | Mar 2026 — | Jun 2026 —
- KGC: Sep 2021 -0.3% | Dec 2021 -1.4% | Mar 2022 1.0% | Jun 2022 0.6% | Sep 2022 1.1% | Dec 2022 -1.7% | Mar 2023 1.5% | Jun 2023 2.4% | Sep 2023 2.3% | Dec 2023 2.0% | Mar 2024 2.1% | Jun 2024 3.2% | Sep 2024 5.7% | Dec 2024 5.1% | Mar 2025 6.0% | Jun 2025 7.9% | Sep 2025 7.9% | Dec 2025 11% | Mar 2026 12% | Jun 2026 —
- PAAS: Sep 2021 3.3% | Dec 2021 1.7% | Mar 2022 1.5% | Jun 2022 -5.1% | Sep 2022 -1.7% | Dec 2022 -4.6% | Mar 2023 0.5% | Jun 2023 -0.1% | Sep 2023 0.9% | Dec 2023 -0.1% | Mar 2024 0.5% | Jun 2024 1.2% | Sep 2024 2.3% | Dec 2024 2.6% | Mar 2025 3.5% | Jun 2025 3.7% | Sep 2025 3.4% | Dec 2025 5.8% | Mar 2026 7.0% | Jun 2026 —
- CDE: Sep 2021 0.6% | Dec 2021 0.1% | Mar 2022 0.1% | Jun 2022 0.1% | Sep 2022 -2.4% | Dec 2022 -0.4% | Mar 2023 -1.0% | Jun 2023 -0.3% | Sep 2023 -0.4% | Dec 2023 -0.6% | Mar 2024 -0.2% | Jun 2024 0.9% | Sep 2024 4.6% | Dec 2024 3.5% | Mar 2025 2.2% | Jun 2025 4.9% | Sep 2025 5.8% | Dec 2025 10% | Mar 2026 3.8% | Jun 2026 —
- AGI: Sep 2021 1.7% | Dec 2021 1.4% | Mar 2022 -0.2% | Jun 2022 0.8% | Sep 2022 0.9% | Dec 2022 1.8% | Mar 2023 2.2% | Jun 2023 2.5% | Sep 2023 2.3% | Dec 2023 2.0% | Mar 2024 2.2% | Jun 2024 3.7% | Sep 2024 1.6% | Dec 2024 3.7% | Mar 2025 2.2% | Jun 2025 4.8% | Sep 2025 0.4% | Dec 2025 6.2% | Mar 2026 6.3% | Jun 2026 —
- EGO: Sep 2021 1.2% | Dec 2021 1.4% | Mar 2022 -0.3% | Jun 2022 0.7% | Sep 2022 0.1% | Dec 2022 0.4% | Mar 2023 0.8% | Jun 2023 0.9% | Sep 2023 1.0% | Dec 2023 1.5% | Mar 2024 1.3% | Jun 2024 1.9% | Sep 2024 2.0% | Dec 2024 3.3% | Mar 2025 2.2% | Jun 2025 3.3% | Sep 2025 3.1% | Dec 2025 4.7% | Mar 2026 4.8% | Jun 2026 —
- IAG: Sep 2021 -1.7% | Dec 2021 -8.2% | Mar 2022 1.3% | Jun 2022 0.3% | Sep 2022 0.2% | Dec 2022 -0.7% | Mar 2023 0.5% | Jun 2023 0.0% | Sep 2023 -0.4% | Dec 2023 -0.1% | Mar 2024 2.3% | Jun 2024 3.1% | Sep 2024 14% | Dec 2024 2.5% | Mar 2025 2.5% | Jun 2025 3.8% | Sep 2025 4.9% | Dec 2025 11% | Mar 2026 11% | Jun 2026 —
- EQX: Sep 2021 0.7% | Dec 2021 2.6% | Mar 2022 0.4% | Jun 2022 -0.1% | Sep 2022 -0.4% | Dec 2022 0.4% | Mar 2023 0.0% | Jun 2023 0.4% | Sep 2023 0.2% | Dec 2023 0.7% | Mar 2024 -0.1% | Jun 2024 0.1% | Sep 2024 1.7% | Dec 2024 -0.3% | Mar 2025 -0.2% | Jun 2025 1.3% | Sep 2025 2.7% | Dec 2025 -0.6% | Mar 2026 5.3% | Jun 2026 —
- OR: Sep 2021 1.3% | Dec 2021 1.4% | Mar 2022 1.3% | Jun 2022 1.2% | Sep 2022 1.3% | Dec 2022 1.7% | Mar 2023 1.5% | Jun 2023 1.2% | Sep 2023 0.5% | Dec 2023 0.7% | Mar 2024 2.0% | Jun 2024 -1.2% | Sep 2024 1.9% | Dec 2024 2.7% | Mar 2025 2.7% | Jun 2025 3.0% | Sep 2025 3.3% | Dec 2025 4.8% | Mar 2026 5.9% | Jun 2026 —
- OGC: Sep 2021 9.9% | Dec 2021 9.5% | Mar 2022 12% | Jun 2022 8.5% | Sep 2022 6.4% | Dec 2022 8.0% | Mar 2023 9.2% | Jun 2023 13% | Sep 2023 9.3% | Dec 2023 10% | Mar 2024 9.7% | Jun 2024 9.1% | Sep 2024 15% | Dec 2024 74% | Mar 2025 26% | Jun 2025 15% | Sep 2025 14% | Dec 2025 84% | Mar 2026 43% | Jun 2026 —
- SSRM: Sep 2021 2.1% | Dec 2021 2.4% | Mar 2022 2.6% | Jun 2022 1.4% | Sep 2022 -0.8% | Dec 2022 0.8% | Mar 2023 0.7% | Jun 2023 1.0% | Sep 2023 1.5% | Dec 2023 -5.8% | Mar 2024 -7.6% | Jun 2024 0.2% | Sep 2024 0.2% | Dec 2024 0.7% | Mar 2025 1.4% | Jun 2025 2.1% | Sep 2025 1.6% | Dec 2025 3.9% | Mar 2026 4.7% | Jun 2026 —
- BTG: Sep 2021 7.2% | Dec 2021 7.4% | Mar 2022 3.6% | Jun 2022 3.0% | Sep 2022 1.7% | Dec 2022 6.8% | Mar 2023 5.1% | Jun 2023 4.0% | Sep 2023 0.7% | Dec 2023 -0.9% | Mar 2024 3.7% | Jun 2024 0.7% | Sep 2024 -13% | Dec 2024 2.9% | Mar 2025 4.5% | Jun 2025 7.2% | Sep 2025 7.4% | Dec 2025 11% | Mar 2026 12% | Jun 2026 —
- AUGO: Sep 2021 7.6% | Dec 2021 3.3% | Mar 2022 9.2% | Jun 2022 4.5% | Sep 2022 3.3% | Dec 2022 3.6% | Mar 2023 4.5% | Jun 2023 2.7% | Sep 2023 5.1% | Dec 2023 5.0% | Mar 2024 5.6% | Jun 2024 6.5% | Sep 2024 9.4% | Dec 2024 8.7% | Mar 2025 8.4% | Jun 2025 12% | Sep 2025 0.0% | Dec 2025 17% | Mar 2026 21% | Jun 2026 —
- ORLA: Sep 2021 -2.2% | Dec 2021 -0.9% | Mar 2022 7.3% | Jun 2022 7.3% | Sep 2022 4.3% | Dec 2022 16% | Mar 2023 4.8% | Jun 2023 5.7% | Sep 2023 3.6% | Dec 2023 9.6% | Mar 2024 9.3% | Jun 2024 7.7% | Sep 2024 8.0% | Dec 2024 -25% | Mar 2025 19% | Jun 2025 11% | Sep 2025 10% | Dec 2025 49% | Mar 2026 34% | Jun 2026 —
- CGAU: Sep 2021 1.8% | Dec 2021 7.5% | Mar 2022 4.5% | Jun 2022 0.2% | Sep 2022 -0.2% | Dec 2022 -7.2% | Mar 2023 -2.9% | Jun 2023 -1.4% | Sep 2023 4.8% | Dec 2023 0.7% | Mar 2024 4.2% | Jun 2024 2.4% | Sep 2024 2.7% | Dec 2024 -5.5% | Mar 2025 2.1% | Jun 2025 2.8% | Sep 2025 15% | Dec 2025 11% | Mar 2026 4.7% | Jun 2026 —
- ARIS: Sep 2021 5.6% | Dec 2021 5.7% | Mar 2022 7.1% | Jun 2022 5.4% | Sep 2022 2.1% | Dec 2022 4.0% | Mar 2023 3.3% | Jun 2023 3.7% | Sep 2023 3.3% | Dec 2023 3.7% | Mar 2024 2.4% | Jun 2024 2.2% | Sep 2024 2.8% | Dec 2024 4.1% | Mar 2025 3.9% | Jun 2025 4.8% | Sep 2025 6.1% | Dec 2025 7.1% | Mar 2026 9.6% | Jun 2026 —
- SA: Sep 2021 -0.3% | Dec 2021 -0.7% | Mar 2022 -0.5% | Jun 2022 -0.3% | Sep 2022 -0.3% | Dec 2022 -0.6% | Mar 2023 -0.4% | Jun 2023 -0.3% | Sep 2023 -0.3% | Dec 2023 -0.5% | Mar 2024 -0.4% | Jun 2024 -0.4% | Sep 2024 -0.3% | Dec 2024 -0.6% | Mar 2025 -0.3% | Jun 2025 -0.3% | Sep 2025 -0.3% | Dec 2025 -0.5% | Mar 2026 -0.4% | Jun 2026 —
- AAUC: Sep 2021 — | Dec 2021 — | Mar 2022 0.0% | Jun 2022 0.0% | Sep 2022 -18% | Dec 2022 6.2% | Mar 2023 -0.4% | Jun 2023 -9.4% | Sep 2023 -65% | Dec 2023 15% | Mar 2024 9.2% | Jun 2024 23% | Sep 2024 -14% | Dec 2024 5.2% | Mar 2025 12% | Jun 2025 0.2% | Sep 2025 6.9% | Dec 2025 13% | Mar 2026 5.9% | Jun 2026 —
- NG: Sep 2021 -5.4% | Dec 2021 -4.2% | Mar 2022 -4.6% | Jun 2022 -7.1% | Sep 2022 -7.8% | Dec 2022 -6.3% | Mar 2023 -6.0% | Jun 2023 -8.3% | Sep 2023 -6.2% | Dec 2023 -5.6% | Mar 2024 -6.7% | Jun 2024 -9.0% | Sep 2024 -6.5% | Dec 2024 -7.8% | Mar 2025 -6.3% | Jun 2025 -5.5% | Sep 2025 -6.1% | Dec 2025 -6.5% | Mar 2026 -4.2% | Jun 2026 -5.6%
- FSM: Sep 2021 1.7% | Dec 2021 2.8% | Mar 2022 2.9% | Jun 2022 0.9% | Sep 2022 0.3% | Dec 2022 -9.6% | Mar 2023 1.3% | Jun 2023 0.4% | Sep 2023 2.4% | Dec 2023 -4.5% | Mar 2024 2.8% | Jun 2024 1.7% | Sep 2024 2.7% | Dec 2024 2.6% | Mar 2025 3.1% | Jun 2025 4.5% | Sep 2025 7.9% | Dec 2025 5.8% | Mar 2026 8.8% | Jun 2026 —
- HYMC: Sep 2021 -12% | Dec 2021 -29% | Mar 2022 -5.1% | Jun 2022 -3.7% | Sep 2022 -6.0% | Dec 2022 -12% | Mar 2023 -4.6% | Jun 2023 -4.8% | Sep 2023 -5.9% | Dec 2023 -3.9% | Mar 2024 -6.4% | Jun 2024 -5.8% | Sep 2024 -6.8% | Dec 2024 -5.9% | Mar 2025 -6.8% | Jun 2025 -6.1% | Sep 2025 -4.0% | Dec 2025 -9.6% | Mar 2026 -26% | Jun 2026 —

### 20-quarter ROCE change history
- NEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.6 pp | Dec 2022 +1.3 pp | Mar 2023 −0.7 pp | Jun 2023 −0.4 pp | Sep 2023 −0.1 pp | Dec 2023 −6.3 pp | Mar 2024 −0.5 pp | Jun 2024 +1.4 pp | Sep 2024 +2.0 pp | Dec 2024 +10.7 pp | Mar 2025 +3.6 pp | Jun 2025 +3.7 pp | Sep 2025 +2.5 pp | Dec 2025 +3.7 pp | Mar 2026 +4.2 pp | Jun 2026 −0.1 pp
- AEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −6.4 pp | Dec 2022 −4.2 pp | Mar 2023 +0.3 pp | Jun 2023 −0.5 pp | Sep 2023 −0.1 pp | Dec 2023 −1.9 pp | Mar 2024 −0.3 pp | Jun 2024 +0.7 pp | Sep 2024 +2.1 pp | Dec 2024 +5.3 pp | Mar 2025 +7.1 pp | Jun 2025 +8.6 pp | Sep 2025 +9.0 pp | Dec 2025 +10.7 pp | Mar 2026 +11.7 pp | Jun 2026 —
- B: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.7 pp | Dec 2022 −5.5 pp | Mar 2023 −1.2 pp | Jun 2023 −0.6 pp | Sep 2023 +0.4 pp | Dec 2023 +3.8 pp | Mar 2024 +0.4 pp | Jun 2024 +0.7 pp | Sep 2024 +0.5 pp | Dec 2024 +2.6 pp | Mar 2025 +0.9 pp | Jun 2025 +0.7 pp | Sep 2025 +2.9 pp | Dec 2025 +4.3 pp | Mar 2026 +4.4 pp | Jun 2026 —
- WPM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.7 pp | Dec 2022 −3.3 pp | Mar 2023 −1.1 pp | Jun 2023 −0.4 pp | Sep 2023 +0.1 pp | Dec 2023 +0.8 pp | Mar 2024 +0.8 pp | Jun 2024 +0.4 pp | Sep 2024 +0.8 pp | Dec 2024 −0.7 pp | Mar 2025 +1.6 pp | Jun 2025 +2.0 pp | Sep 2025 +1.5 pp | Dec 2025 +6.3 pp | Mar 2026 +4.0 pp | Jun 2026 —
- FNV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.4 pp | Dec 2022 −1.6 pp | Mar 2023 −0.9 pp | Jun 2023 −0.8 pp | Sep 2023 −0.3 pp | Dec 2023 −18.8 pp | Mar 2024 −0.1 pp | Jun 2024 −0.4 pp | Sep 2024 0.0 pp | Dec 2024 +19.4 pp | Mar 2025 +1.5 pp | Jun 2025 +2.1 pp | Sep 2025 +2.2 pp | Dec 2025 +2.7 pp | Mar 2026 +3.6 pp | Jun 2026 —
- AU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.1 pp | Dec 2022 −2.1 pp | Mar 2023 −1.5 pp | Jun 2023 −2.5 pp | Sep 2023 +1.9 pp | Dec 2023 +1.6 pp | Mar 2024 +0.7 pp | Jun 2024 +4.7 pp | Sep 2024 +3.4 pp | Dec 2024 +4.6 pp | Mar 2025 +5.7 pp | Jun 2025 +5.1 pp | Sep 2025 +4.0 pp | Dec 2025 +3.7 pp | Mar 2026 +6.0 pp | Jun 2026 —
- GFI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.0 pp | Dec 2022 −2.0 pp | Mar 2023 −0.7 pp | Jun 2023 −0.7 pp | Sep 2023 +0.8 pp | Dec 2023 +0.8 pp | Mar 2024 +0.7 pp | Jun 2024 +0.7 pp | Sep 2024 +3.9 pp | Dec 2024 +3.9 pp | Mar 2025 +4.0 pp | Jun 2025 +4.0 pp | Sep 2025 +3.5 pp | Dec 2025 +3.5 pp | Mar 2026 — | Jun 2026 —
- KGC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.4 pp | Dec 2022 −0.3 pp | Mar 2023 +0.5 pp | Jun 2023 +1.8 pp | Sep 2023 +1.2 pp | Dec 2023 +3.7 pp | Mar 2024 +0.6 pp | Jun 2024 +0.8 pp | Sep 2024 +3.4 pp | Dec 2024 +3.1 pp | Mar 2025 +3.9 pp | Jun 2025 +4.7 pp | Sep 2025 +2.2 pp | Dec 2025 +5.7 pp | Mar 2026 +6.3 pp | Jun 2026 —
- PAAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −5.0 pp | Dec 2022 −6.3 pp | Mar 2023 −1.0 pp | Jun 2023 +5.0 pp | Sep 2023 +2.6 pp | Dec 2023 +4.5 pp | Mar 2024 0.0 pp | Jun 2024 +1.3 pp | Sep 2024 +1.4 pp | Dec 2024 +2.7 pp | Mar 2025 +3.0 pp | Jun 2025 +2.5 pp | Sep 2025 +1.1 pp | Dec 2025 +3.2 pp | Mar 2026 +3.5 pp | Jun 2026 —
- CDE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.0 pp | Dec 2022 −0.5 pp | Mar 2023 −1.1 pp | Jun 2023 −0.4 pp | Sep 2023 +2.0 pp | Dec 2023 −0.2 pp | Mar 2024 +0.8 pp | Jun 2024 +1.2 pp | Sep 2024 +5.0 pp | Dec 2024 +4.1 pp | Mar 2025 +2.4 pp | Jun 2025 +4.0 pp | Sep 2025 +1.2 pp | Dec 2025 +6.9 pp | Mar 2026 +1.6 pp | Jun 2026 —
- AGI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.8 pp | Dec 2022 +0.4 pp | Mar 2023 +2.4 pp | Jun 2023 +1.7 pp | Sep 2023 +1.4 pp | Dec 2023 +0.2 pp | Mar 2024 0.0 pp | Jun 2024 +1.2 pp | Sep 2024 −0.7 pp | Dec 2024 +1.7 pp | Mar 2025 0.0 pp | Jun 2025 +1.1 pp | Sep 2025 −1.2 pp | Dec 2025 +2.5 pp | Mar 2026 +4.1 pp | Jun 2026 —
- EGO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.1 pp | Dec 2022 −1.0 pp | Mar 2023 +1.1 pp | Jun 2023 +0.2 pp | Sep 2023 +0.9 pp | Dec 2023 +1.1 pp | Mar 2024 +0.5 pp | Jun 2024 +1.0 pp | Sep 2024 +1.0 pp | Dec 2024 +1.8 pp | Mar 2025 +0.9 pp | Jun 2025 +1.4 pp | Sep 2025 +1.1 pp | Dec 2025 +1.4 pp | Mar 2026 +2.6 pp | Jun 2026 —
- IAG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.9 pp | Dec 2022 +7.5 pp | Mar 2023 −0.8 pp | Jun 2023 −0.3 pp | Sep 2023 −0.6 pp | Dec 2023 +0.6 pp | Mar 2024 +1.8 pp | Jun 2024 +3.1 pp | Sep 2024 +14.8 pp | Dec 2024 +2.6 pp | Mar 2025 +0.2 pp | Jun 2025 +0.7 pp | Sep 2025 −9.5 pp | Dec 2025 +8.8 pp | Mar 2026 +8.0 pp | Jun 2026 —
- EQX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.1 pp | Dec 2022 −2.2 pp | Mar 2023 −0.4 pp | Jun 2023 +0.5 pp | Sep 2023 +0.6 pp | Dec 2023 +0.3 pp | Mar 2024 −0.1 pp | Jun 2024 −0.3 pp | Sep 2024 +1.5 pp | Dec 2024 −1.0 pp | Mar 2025 −0.1 pp | Jun 2025 +1.2 pp | Sep 2025 +1.0 pp | Dec 2025 −0.3 pp | Mar 2026 +5.5 pp | Jun 2026 —
- OR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 +0.3 pp | Mar 2023 +0.2 pp | Jun 2023 0.0 pp | Sep 2023 −0.8 pp | Dec 2023 −1.0 pp | Mar 2024 +0.5 pp | Jun 2024 −2.4 pp | Sep 2024 +1.4 pp | Dec 2024 +2.0 pp | Mar 2025 +0.7 pp | Jun 2025 +4.2 pp | Sep 2025 +1.4 pp | Dec 2025 +2.1 pp | Mar 2026 +3.2 pp | Jun 2026 —
- OGC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.5 pp | Dec 2022 −1.5 pp | Mar 2023 −2.5 pp | Jun 2023 +4.0 pp | Sep 2023 +2.9 pp | Dec 2023 +2.4 pp | Mar 2024 +0.5 pp | Jun 2024 −3.4 pp | Sep 2024 +5.2 pp | Dec 2024 +63.5 pp | Mar 2025 +16.7 pp | Jun 2025 +5.5 pp | Sep 2025 −0.2 pp | Dec 2025 +10.4 pp | Mar 2026 +16.3 pp | Jun 2026 —
- SSRM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.9 pp | Dec 2022 −1.6 pp | Mar 2023 −1.9 pp | Jun 2023 −0.4 pp | Sep 2023 +2.3 pp | Dec 2023 −6.6 pp | Mar 2024 −8.3 pp | Jun 2024 −0.8 pp | Sep 2024 −1.3 pp | Dec 2024 +6.5 pp | Mar 2025 +9.0 pp | Jun 2025 +1.9 pp | Sep 2025 +1.4 pp | Dec 2025 +3.2 pp | Mar 2026 +3.3 pp | Jun 2026 —
- BTG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −5.5 pp | Dec 2022 −0.6 pp | Mar 2023 +1.5 pp | Jun 2023 +1.0 pp | Sep 2023 −1.0 pp | Dec 2023 −7.7 pp | Mar 2024 −1.4 pp | Jun 2024 −3.3 pp | Sep 2024 −13.5 pp | Dec 2024 +3.8 pp | Mar 2025 +0.8 pp | Jun 2025 +6.5 pp | Sep 2025 +20.2 pp | Dec 2025 +8.4 pp | Mar 2026 +7.9 pp | Jun 2026 —
- AUGO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4.3 pp | Dec 2022 +0.3 pp | Mar 2023 −4.7 pp | Jun 2023 −1.8 pp | Sep 2023 +1.8 pp | Dec 2023 +1.4 pp | Mar 2024 +1.1 pp | Jun 2024 +3.8 pp | Sep 2024 +4.3 pp | Dec 2024 +3.7 pp | Mar 2025 +2.8 pp | Jun 2025 +5.0 pp | Sep 2025 −9.4 pp | Dec 2025 +8.4 pp | Mar 2026 +12.4 pp | Jun 2026 —
- ORLA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +6.5 pp | Dec 2022 +16.6 pp | Mar 2023 −2.5 pp | Jun 2023 −1.6 pp | Sep 2023 −0.7 pp | Dec 2023 −6.1 pp | Mar 2024 +4.5 pp | Jun 2024 +2.0 pp | Sep 2024 +4.4 pp | Dec 2024 −35.0 pp | Mar 2025 +9.6 pp | Jun 2025 +3.3 pp | Sep 2025 +2.3 pp | Dec 2025 +74.2 pp | Mar 2026 +15.4 pp | Jun 2026 —
- CGAU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.0 pp | Dec 2022 −14.7 pp | Mar 2023 −7.4 pp | Jun 2023 −1.6 pp | Sep 2023 +5.0 pp | Dec 2023 +7.9 pp | Mar 2024 +7.1 pp | Jun 2024 +3.8 pp | Sep 2024 −2.1 pp | Dec 2024 −6.2 pp | Mar 2025 −2.1 pp | Jun 2025 +0.4 pp | Sep 2025 +12.2 pp | Dec 2025 +16.3 pp | Mar 2026 +2.6 pp | Jun 2026 —
- ARIS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.5 pp | Dec 2022 −1.7 pp | Mar 2023 −3.8 pp | Jun 2023 −1.7 pp | Sep 2023 +1.2 pp | Dec 2023 −0.3 pp | Mar 2024 −0.9 pp | Jun 2024 −1.5 pp | Sep 2024 −0.5 pp | Dec 2024 +0.4 pp | Mar 2025 +1.5 pp | Jun 2025 +2.6 pp | Sep 2025 +3.3 pp | Dec 2025 +3.0 pp | Mar 2026 +5.7 pp | Jun 2026 —
- SA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 +0.1 pp | Mar 2023 +0.1 pp | Jun 2023 0.0 pp | Sep 2023 0.0 pp | Dec 2023 +0.1 pp | Mar 2024 0.0 pp | Jun 2024 −0.1 pp | Sep 2024 0.0 pp | Dec 2024 −0.1 pp | Mar 2025 +0.1 pp | Jun 2025 +0.1 pp | Sep 2025 0.0 pp | Dec 2025 +0.1 pp | Mar 2026 −0.1 pp | Jun 2026 —
- AAUC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 −0.4 pp | Jun 2023 −9.4 pp | Sep 2023 −46.9 pp | Dec 2023 +8.9 pp | Mar 2024 +9.6 pp | Jun 2024 +32.6 pp | Sep 2024 +50.8 pp | Dec 2024 −9.9 pp | Mar 2025 +2.3 pp | Jun 2025 −23.0 pp | Sep 2025 +20.6 pp | Dec 2025 +7.4 pp | Mar 2026 −5.6 pp | Jun 2026 —
- NG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.4 pp | Dec 2022 −2.1 pp | Mar 2023 −1.4 pp | Jun 2023 −1.2 pp | Sep 2023 +1.6 pp | Dec 2023 +0.7 pp | Mar 2024 −0.7 pp | Jun 2024 −0.7 pp | Sep 2024 −0.3 pp | Dec 2024 −2.2 pp | Mar 2025 +0.4 pp | Jun 2025 +3.5 pp | Sep 2025 +0.4 pp | Dec 2025 +1.3 pp | Mar 2026 +2.1 pp | Jun 2026 −0.1 pp
- FSM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.4 pp | Dec 2022 −12.4 pp | Mar 2023 −1.6 pp | Jun 2023 −0.5 pp | Sep 2023 +2.1 pp | Dec 2023 +5.1 pp | Mar 2024 +1.5 pp | Jun 2024 +1.3 pp | Sep 2024 +0.3 pp | Dec 2024 +7.1 pp | Mar 2025 +0.3 pp | Jun 2025 +2.8 pp | Sep 2025 +5.2 pp | Dec 2025 +3.2 pp | Mar 2026 +5.7 pp | Jun 2026 —
- HYMC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +6.1 pp | Dec 2022 +17.3 pp | Mar 2023 +0.5 pp | Jun 2023 −1.1 pp | Sep 2023 +0.1 pp | Dec 2023 +7.8 pp | Mar 2024 −1.8 pp | Jun 2024 −1.0 pp | Sep 2024 −0.9 pp | Dec 2024 −2.0 pp | Mar 2025 −0.4 pp | Jun 2025 −0.3 pp | Sep 2025 +2.8 pp | Dec 2025 −3.7 pp | Mar 2026 −18.7 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: IAMGOLD Corporation has the lowest comparable Guarded PEG at 0.46×, 9.8% below Eldorado Gold Corporation. Only 11 of 28 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: IAMGOLD Corporation · 0.46× | 9.8% versus #2 · Eldorado Gold Corporation | 0/8 recent comparable periods | 11/28 companies · 13 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. IAMGOLD Corporation (IAG): 0.5
2. Eldorado Gold Corporation (EGO): 0.5
3. Agnico Eagle Mines Limited (AEM): 0.7
4. Royal Gold, Inc. (RGLD): 0.8
5. B2Gold Corp. (BTG): 1.0

### P/E — lowest P/E
1. Hycroft Mining Holding Corporation (HYMC): 3.0
2. Centerra Gold Inc. (CGAU): 5.6
3. OceanaGold Corporation (OGC): 9.0
4. Fortuna Mining Corp. (FSM): 9.4
5. IAMGOLD Corporation (IAG): 10.9

### 20-quarter Guarded PEG history
- WPM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 3.4 | Dec 2024 — | Mar 2025 — | Jun 2025 1.4 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- RGLD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 1.4 | Dec 2024 0.7 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 1.0 | Mar 2026 0.8 | Jun 2026 —
- AGI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 1.4 | Sep 2024 1.9 | Dec 2024 0.9 | Mar 2025 2.2 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- EGO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 0.5 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- IAG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 0.5 | Jun 2026 —
- ORLA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 2.9 | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- NEM: Sep 2021 22.0 | Dec 2021 42.5 | Mar 2022 61.1 | Jun 2022 60.9 | Sep 2022 33.4 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 18.3 | Dec 2024 12.8 | Mar 2025 10.8 | Jun 2025 10.5 | Sep 2025 13.1 | Dec 2025 15.6 | Mar 2026 14.0 | Jun 2026 11.8
- AEM: Sep 2021 19.0 | Dec 2021 23.1 | Mar 2022 52.0 | Jun 2022 33.1 | Sep 2022 33.3 | Dec 2022 35.3 | Mar 2023 9.8 | Jun 2023 10.3 | Sep 2023 9.0 | Dec 2023 — | Mar 2024 63.0 | Jun 2024 52.7 | Sep 2024 39.8 | Dec 2024 20.7 | Mar 2025 23.0 | Jun 2025 20.2 | Sep 2025 24.6 | Dec 2025 19.1 | Mar 2026 19.0 | Jun 2026 —
- B: Sep 2021 16.1 | Dec 2021 16.7 | Mar 2022 22.5 | Jun 2022 15.7 | Sep 2022 14.5 | Dec 2022 71.3 | Mar 2023 309.2 | Jun 2023 — | Sep 2023 484.0 | Dec 2023 25.1 | Mar 2024 20.3 | Jun 2024 19.4 | Sep 2024 21.4 | Dec 2024 12.7 | Mar 2025 14.6 | Jun 2025 13.1 | Sep 2025 15.9 | Dec 2025 14.9 | Mar 2026 11.3 | Jun 2026 —
- WPM: Sep 2021 27.3 | Dec 2021 25.7 | Mar 2022 28.6 | Jun 2022 22.2 | Sep 2022 18.4 | Dec 2022 26.4 | Mar 2023 35.0 | Jun 2023 31.8 | Sep 2023 34.3 | Dec 2023 41.6 | Mar 2024 36.2 | Jun 2024 41.6 | Sep 2024 45.5 | Dec 2024 48.4 | Mar 2025 57.0 | Jun 2025 51.8 | Sep 2025 50.8 | Dec 2025 36.3 | Mar 2026 33.2 | Jun 2026 —
- FNV: Sep 2021 35.9 | Dec 2021 36.1 | Mar 2022 40.9 | Jun 2022 33.0 | Sep 2022 30.3 | Dec 2022 37.3 | Mar 2023 41.5 | Jun 2023 41.3 | Sep 2023 37.7 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 41.0 | Mar 2025 49.2 | Jun 2025 40.4 | Sep 2025 46.6 | Dec 2025 36.0 | Mar 2026 34.9 | Jun 2026 —
- AU: Sep 2021 8.7 | Dec 2021 14.4 | Mar 2022 16.6 | Jun 2022 10.5 | Sep 2022 13.7 | Dec 2022 35.3 | Mar 2023 78.0 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 89.8 | Sep 2024 19.9 | Dec 2024 9.9 | Mar 2025 12.2 | Jun 2025 12.1 | Sep 2025 15.5 | Dec 2025 16.5 | Mar 2026 14.3 | Jun 2026 —
- GFI: Sep 2021 8.4 | Dec 2021 12.5 | Mar 2022 16.4 | Jun 2022 9.0 | Sep 2022 9.0 | Dec 2022 13.3 | Mar 2023 17.6 | Jun 2023 19.0 | Sep 2023 14.5 | Dec 2023 18.8 | Mar 2024 21.8 | Jun 2024 21.6 | Sep 2024 15.4 | Dec 2024 9.6 | Mar 2025 12.7 | Jun 2025 11.3 | Sep 2025 27.8 | Dec 2025 11.1 | Mar 2026 — | Jun 2026 —
- KGC: Sep 2021 6.8 | Dec 2021 34.2 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 470.0 | Jun 2023 29.8 | Sep 2023 22.8 | Dec 2023 17.8 | Mar 2024 17.1 | Jun 2024 20.3 | Sep 2024 15.4 | Dec 2024 12.1 | Mar 2025 12.9 | Jun 2025 12.6 | Sep 2025 17.4 | Dec 2025 14.5 | Mar 2026 12.7 | Jun 2026 —
- PAAS: Sep 2021 15.3 | Dec 2021 43.0 | Mar 2022 25.1 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 45.5 | Mar 2025 20.6 | Jun 2025 14.4 | Sep 2025 16.1 | Dec 2025 14.8 | Mar 2026 12.6 | Jun 2026 —
- RGLD: Sep 2021 23.6 | Dec 2021 25.2 | Mar 2022 32.5 | Jun 2022 25.5 | Sep 2022 24.6 | Dec 2022 31.1 | Mar 2023 35.9 | Jun 2023 32.8 | Sep 2023 30.0 | Dec 2023 33.3 | Mar 2024 35.9 | Jun 2024 34.3 | Sep 2024 32.2 | Dec 2024 26.2 | Mar 2025 27.1 | Jun 2025 26.1 | Sep 2025 27.6 | Dec 2025 33.2 | Mar 2026 30.3 | Jun 2026 —
- CDE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 38.1 | Mar 2025 21.1 | Jun 2025 22.7 | Sep 2025 27.6 | Dec 2025 18.8 | Mar 2026 15.5 | Jun 2026 —
- AGI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 50.1 | Sep 2022 92.5 | Dec 2022 112.1 | Mar 2023 50.8 | Jun 2023 29.1 | Sep 2023 22.1 | Dec 2023 25.4 | Mar 2024 28.4 | Jun 2024 31.3 | Sep 2024 33.2 | Dec 2024 26.8 | Mar 2025 43.1 | Jun 2025 32.1 | Sep 2025 27.2 | Dec 2025 18.4 | Mar 2026 17.7 | Jun 2026 —
- EGO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 253.0 | Sep 2023 29.7 | Dec 2023 24.0 | Mar 2024 23.4 | Jun 2024 17.0 | Sep 2024 12.7 | Dec 2024 10.6 | Mar 2025 10.6 | Jun 2025 10.2 | Sep 2025 16.0 | Dec 2025 14.6 | Mar 2026 12.3 | Jun 2026 —
- IAG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 88.3 | Sep 2023 8.3 | Dec 2023 13.3 | Mar 2024 12.4 | Jun 2024 15.6 | Sep 2024 4.1 | Dec 2024 3.5 | Mar 2025 4.5 | Jun 2025 5.4 | Sep 2025 22.3 | Dec 2025 14.5 | Mar 2026 10.9 | Jun 2026 —
- EQX: Sep 2021 3.8 | Dec 2021 4.0 | Mar 2022 5.9 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 114.5 | Sep 2023 28.0 | Dec 2023 54.0 | Mar 2024 — | Jun 2024 6.6 | Sep 2024 7.4 | Dec 2024 6.7 | Mar 2025 10.2 | Jun 2025 — | Sep 2025 224.0 | Dec 2025 40.1 | Mar 2026 18.3 | Jun 2026 —
- OR: Sep 2021 1,122.0 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 69.1 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 201.6 | Mar 2025 124.1 | Jun 2025 61.2 | Sep 2025 50.7 | Dec 2025 32.5 | Mar 2026 28.4 | Jun 2026 —
- OGC: Sep 2021 12.7 | Dec 2021 — | Mar 2022 31.7 | Jun 2022 31.8 | Sep 2022 — | Dec 2022 10.6 | Mar 2023 20.6 | Jun 2023 10.9 | Sep 2023 10.9 | Dec 2023 16.0 | Mar 2024 56.8 | Jun 2024 — | Sep 2024 32.8 | Dec 2024 10.6 | Mar 2025 8.2 | Jun 2025 8.8 | Sep 2025 12.4 | Dec 2025 10.5 | Mar 2026 9.0 | Jun 2026 —
- SSRM: Sep 2021 10.2 | Dec 2021 10.9 | Mar 2022 14.8 | Jun 2022 11.8 | Sep 2022 14.3 | Dec 2022 17.6 | Mar 2023 21.0 | Jun 2023 17.7 | Sep 2023 13.4 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 24.4 | Jun 2025 16.4 | Sep 2025 23.5 | Dec 2025 11.9 | Mar 2026 28.0 | Jun 2026 —
- BTG: Sep 2021 7.9 | Dec 2021 9.9 | Mar 2022 11.8 | Jun 2022 9.2 | Sep 2022 14.0 | Dec 2022 14.8 | Mar 2023 15.8 | Jun 2023 13.2 | Sep 2023 11.0 | Dec 2023 316.0 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 35.3 | Dec 2025 16.1 | Mar 2026 12.6 | Jun 2026 —
- AUGO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 75.6 | Jun 2026 —
- ORLA: Sep 2021 — | Dec 2021 — | Mar 2022 239.5 | Jun 2022 137.5 | Sep 2022 36.2 | Dec 2022 25.3 | Mar 2023 36.5 | Jun 2023 24.7 | Sep 2023 22.3 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 20.5 | Mar 2025 — | Jun 2025 143.1 | Sep 2025 72.0 | Dec 2025 44.9 | Mar 2026 22.4 | Jun 2026 —
- CGAU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 5.2 | Sep 2022 4.2 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 22.7 | Jun 2024 10.8 | Sep 2024 14.9 | Dec 2024 16.3 | Mar 2025 33.4 | Jun 2025 21.9 | Sep 2025 6.6 | Dec 2025 4.9 | Mar 2026 5.6 | Jun 2026 —
- ARIS: Sep 2021 3.2 | Dec 2021 2.7 | Mar 2022 7.8 | Jun 2022 5.8 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 10.3 | Dec 2023 41.1 | Mar 2024 21.1 | Jun 2024 37.8 | Sep 2024 — | Dec 2024 25.1 | Mar 2025 77.0 | Jun 2025 — | Sep 2025 65.3 | Dec 2025 39.6 | Mar 2026 22.1 | Jun 2026 —
- SA: Sep 2021 — | Dec 2021 2,084.2 | Mar 2022 — | Jun 2022 400.1 | Sep 2022 149.3 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 187.5 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- FSM: Sep 2021 13.6 | Dec 2021 17.0 | Mar 2022 18.4 | Jun 2022 19.6 | Sep 2022 18.0 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 61.1 | Sep 2024 30.9 | Dec 2024 10.5 | Mar 2025 11.7 | Jun 2025 12.8 | Sep 2025 12.3 | Dec 2025 10.9 | Mar 2026 9.4 | Jun 2026 —
- HYMC: Sep 2021 3.0 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: OceanaGold Corporation leads ev/ebitda at 1.6×; Eldorado Gold Corporation leads p/bv at 1.56×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: OceanaGold Corporation · 1.6× | 50.5% versus #2 · B2Gold Corp. | 0/8 recent comparable periods | 24/28 companies · 414 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. OceanaGold Corporation (OGC): 1.6
2. B2Gold Corp. (BTG): 3.2
3. Centerra Gold Inc. (CGAU): 3.5
4. Fortuna Mining Corp. (FSM): 3.6
5. Orla Mining Ltd. (ORLA): 3.8

### P/BV — lowest P/BV
1. Eldorado Gold Corporation (EGO): 1.6
2. B2Gold Corp. (BTG): 1.7
3. Centerra Gold Inc. (CGAU): 1.7
4. Fortuna Mining Corp. (FSM): 1.7
5. Coeur Mining, Inc. (CDE): 1.9

### 20-quarter EV/EBITDA history
- NEM: Sep 2021 8.8 | Dec 2021 14.0 | Mar 2022 15.8 | Jun 2022 13.4 | Sep 2022 9.9 | Dec 2022 16.7 | Mar 2023 11.6 | Jun 2023 10.9 | Sep 2023 9.8 | Dec 2023 133.0 | Mar 2024 17.0 | Jun 2024 14.1 | Sep 2024 13.3 | Dec 2024 6.7 | Mar 2025 6.4 | Jun 2025 6.0 | Sep 2025 7.4 | Dec 2025 7.9 | Mar 2026 6.8 | Jun 2026 5.8
- AEM: Sep 2021 7.4 | Dec 2021 8.0 | Mar 2022 14.6 | Jun 2022 9.3 | Sep 2022 8.2 | Dec 2022 8.8 | Mar 2023 8.5 | Jun 2023 8.9 | Sep 2023 7.6 | Dec 2023 10.0 | Mar 2024 10.3 | Jun 2024 10.3 | Sep 2024 10.8 | Dec 2024 8.9 | Mar 2025 10.4 | Jun 2025 9.8 | Sep 2025 12.2 | Dec 2025 10.1 | Mar 2026 10.4 | Jun 2026 —
- B: Sep 2021 5.8 | Dec 2021 6.0 | Mar 2022 7.5 | Jun 2022 5.8 | Sep 2022 5.6 | Dec 2022 9.8 | Mar 2023 12.1 | Jun 2023 12.3 | Sep 2023 10.3 | Dec 2023 8.1 | Mar 2024 7.5 | Jun 2024 7.1 | Sep 2024 7.8 | Dec 2024 5.4 | Mar 2025 6.1 | Jun 2025 6.0 | Sep 2025 7.3 | Dec 2025 7.5 | Mar 2026 5.7 | Jun 2026 —
- WPM: Sep 2021 19.0 | Dec 2021 18.9 | Mar 2022 21.2 | Jun 2022 16.2 | Sep 2022 15.0 | Dec 2022 22.7 | Mar 2023 31.2 | Jun 2023 29.1 | Sep 2023 27.2 | Dec 2023 30.2 | Mar 2024 26.3 | Jun 2024 27.7 | Sep 2024 29.7 | Dec 2024 28.5 | Mar 2025 33.7 | Jun 2025 33.5 | Sep 2025 37.0 | Dec 2025 27.7 | Mar 2026 25.3 | Jun 2026 —
- FNV: Sep 2021 22.7 | Dec 2021 22.4 | Mar 2022 25.1 | Jun 2022 20.2 | Sep 2022 18.3 | Dec 2022 22.5 | Mar 2023 25.4 | Jun 2023 25.4 | Sep 2023 23.7 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 22.3 | Mar 2025 27.6 | Jun 2025 26.1 | Sep 2025 30.5 | Dec 2025 23.7 | Mar 2026 23.6 | Jun 2026 —
- AU: Sep 2021 4.6 | Dec 2021 7.6 | Mar 2022 8.5 | Jun 2022 5.3 | Sep 2022 8.4 | Dec 2022 7.9 | Mar 2023 26.5 | Jun 2023 39.9 | Sep 2023 21.9 | Dec 2023 8.3 | Mar 2024 20.9 | Jun 2024 14.0 | Sep 2024 11.4 | Dec 2024 6.2 | Mar 2025 9.9 | Jun 2025 9.0 | Sep 2025 10.8 | Dec 2025 8.2 | Mar 2026 9.7 | Jun 2026 —
- GFI: Sep 2021 6.5 | Dec 2021 5.8 | Mar 2022 11.6 | Jun 2022 7.0 | Sep 2022 6.9 | Dec 2022 5.9 | Mar 2023 9.2 | Jun 2023 9.8 | Sep 2023 7.7 | Dec 2023 7.0 | Mar 2024 11.8 | Jun 2024 12.6 | Sep 2024 10.7 | Dec 2024 5.9 | Mar 2025 7.3 | Jun 2025 6.7 | Sep 2025 9.4 | Dec 2025 7.0 | Mar 2026 — | Jun 2026 —
- KGC: Sep 2021 3.9 | Dec 2021 11.0 | Mar 2022 13.8 | Jun 2022 9.6 | Sep 2022 8.3 | Dec 2022 8.0 | Mar 2023 8.2 | Jun 2023 6.5 | Sep 2023 5.4 | Dec 2023 5.3 | Mar 2024 5.0 | Jun 2024 5.9 | Sep 2024 5.5 | Dec 2024 4.6 | Mar 2025 5.3 | Jun 2025 5.5 | Sep 2025 7.9 | Dec 2025 7.5 | Mar 2026 6.9 | Jun 2026 —
- PAAS: Sep 2021 5.1 | Dec 2021 6.3 | Mar 2022 7.2 | Jun 2022 6.9 | Sep 2022 7.3 | Dec 2022 165.2 | Mar 2023 66.8 | Jun 2023 21.9 | Sep 2023 12.5 | Dec 2023 9.3 | Mar 2024 6.6 | Jun 2024 7.8 | Sep 2024 7.4 | Dec 2024 4.6 | Mar 2025 5.3 | Jun 2025 5.3 | Sep 2025 6.8 | Dec 2025 9.5 | Mar 2026 7.7 | Jun 2026 —
- CDE: Sep 2021 8.9 | Dec 2021 9.3 | Mar 2022 11.1 | Jun 2022 9.3 | Sep 2022 17.2 | Dec 2022 19.6 | Mar 2023 34.0 | Jun 2023 39.1 | Sep 2023 21.9 | Dec 2023 28.5 | Mar 2024 25.8 | Jun 2024 25.8 | Sep 2024 15.6 | Dec 2024 7.8 | Mar 2025 11.4 | Jun 2025 11.3 | Sep 2025 18.4 | Dec 2025 11.7 | Mar 2026 14.9 | Jun 2026 —
- AGI: Sep 2021 5.8 | Dec 2021 15.2 | Mar 2022 32.1 | Jun 2022 9.0 | Sep 2022 10.3 | Dec 2022 13.5 | Mar 2023 12.5 | Jun 2023 10.2 | Sep 2023 8.6 | Dec 2023 10.0 | Mar 2024 10.8 | Jun 2024 10.2 | Sep 2024 13.3 | Dec 2024 11.6 | Mar 2025 15.2 | Jun 2025 13.6 | Sep 2025 20.6 | Dec 2025 24.7 | Mar 2026 13.7 | Jun 2026 —
- EGO: Sep 2021 3.7 | Dec 2021 4.3 | Mar 2022 6.1 | Jun 2022 3.9 | Sep 2022 4.3 | Dec 2022 6.1 | Mar 2023 6.3 | Jun 2023 6.0 | Sep 2023 5.0 | Dec 2023 6.1 | Mar 2024 6.4 | Jun 2024 6.2 | Sep 2024 6.6 | Dec 2024 4.6 | Mar 2025 4.7 | Jun 2025 5.1 | Sep 2025 6.7 | Dec 2025 7.6 | Mar 2026 6.4 | Jun 2026 —
- IAG: Sep 2021 3.1 | Dec 2021 9.6 | Mar 2022 5.6 | Jun 2022 4.1 | Sep 2022 3.5 | Dec 2022 6.7 | Mar 2023 6.7 | Jun 2023 7.3 | Sep 2023 9.0 | Dec 2023 8.4 | Mar 2024 7.3 | Jun 2024 5.7 | Sep 2024 3.2 | Dec 2024 1.9 | Mar 2025 3.9 | Jun 2025 4.2 | Sep 2025 9.1 | Dec 2025 5.0 | Mar 2026 7.9 | Jun 2026 —
- EQX: Sep 2021 6.8 | Dec 2021 5.9 | Mar 2022 8.3 | Jun 2022 5.7 | Sep 2022 6.0 | Dec 2022 8.0 | Mar 2023 10.5 | Jun 2023 8.9 | Sep 2023 7.8 | Dec 2023 8.2 | Mar 2024 10.6 | Jun 2024 14.4 | Sep 2024 12.2 | Dec 2024 7.4 | Mar 2025 11.9 | Jun 2025 11.4 | Sep 2025 13.5 | Dec 2025 9.6 | Mar 2026 13.8 | Jun 2026 —
- OR: Sep 2021 18.7 | Dec 2021 25.3 | Mar 2022 24.5 | Jun 2022 16.0 | Sep 2022 14.2 | Dec 2022 17.5 | Mar 2023 21.2 | Jun 2023 21.4 | Sep 2023 18.9 | Dec 2023 25.5 | Mar 2024 21.2 | Jun 2024 19.5 | Sep 2024 41.0 | Dec 2024 30.6 | Mar 2025 23.4 | Jun 2025 27.0 | Sep 2025 37.1 | Dec 2025 27.8 | Mar 2026 24.2 | Jun 2026 —
- OGC: Sep 2021 1.7 | Dec 2021 1.7 | Mar 2022 1.8 | Jun 2022 1.5 | Sep 2022 1.4 | Dec 2022 1.6 | Mar 2023 2.3 | Jun 2023 1.7 | Sep 2023 1.6 | Dec 2023 1.4 | Mar 2024 1.6 | Jun 2024 1.7 | Sep 2024 1.7 | Dec 2024 0.7 | Mar 2025 0.8 | Jun 2025 1.0 | Sep 2025 1.5 | Dec 2025 1.8 | Mar 2026 1.6 | Jun 2026 —
- SSRM: Sep 2021 3.8 | Dec 2021 4.5 | Mar 2022 8.0 | Jun 2022 7.5 | Sep 2022 6.5 | Dec 2022 9.1 | Mar 2023 11.9 | Jun 2023 14.7 | Sep 2023 8.6 | Dec 2023 33.8 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 11.5 | Jun 2025 9.5 | Sep 2025 13.5 | Dec 2025 8.6 | Mar 2026 9.1 | Jun 2026 —
- BTG: Sep 2021 4.5 | Dec 2021 5.1 | Mar 2022 6.4 | Jun 2022 4.7 | Sep 2022 6.0 | Dec 2022 6.6 | Mar 2023 6.7 | Jun 2023 6.9 | Sep 2023 6.0 | Dec 2023 12.5 | Mar 2024 9.8 | Jun 2024 17.9 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 47.5 | Sep 2025 6.9 | Dec 2025 4.3 | Mar 2026 3.2 | Jun 2026 —
- AUGO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 225.3 | Dec 2025 8.2 | Mar 2026 11.7 | Jun 2026 —
- ORLA: Sep 2021 — | Dec 2021 — | Mar 2022 145.5 | Jun 2022 17.5 | Sep 2022 13.8 | Dec 2022 11.7 | Mar 2023 10.1 | Jun 2023 8.7 | Sep 2023 7.3 | Dec 2023 5.2 | Mar 2024 5.8 | Jun 2024 5.2 | Sep 2024 4.6 | Dec 2024 3.4 | Mar 2025 16.7 | Jun 2025 11.7 | Sep 2025 9.2 | Dec 2025 2.8 | Mar 2026 3.8 | Jun 2026 —
- CGAU: Sep 2021 3.7 | Dec 2021 2.9 | Mar 2022 4.1 | Jun 2022 2.6 | Sep 2022 0.9 | Dec 2022 9.0 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 4.6 | Mar 2024 2.0 | Jun 2024 2.1 | Sep 2024 2.7 | Dec 2024 2.7 | Mar 2025 4.6 | Jun 2025 5.8 | Sep 2025 3.7 | Dec 2025 3.0 | Mar 2026 3.5 | Jun 2026 —
- ARIS: Sep 2021 1.6 | Dec 2021 5.2 | Mar 2022 1.2 | Jun 2022 1.6 | Sep 2022 2.5 | Dec 2022 2.5 | Mar 2023 2.8 | Jun 2023 2.9 | Sep 2023 2.5 | Dec 2023 3.4 | Mar 2024 4.0 | Jun 2024 6.7 | Sep 2024 7.9 | Dec 2024 5.9 | Mar 2025 6.0 | Jun 2025 6.0 | Sep 2025 6.3 | Dec 2025 7.4 | Mar 2026 6.3 | Jun 2026 —
- AAUC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 16.7 | Dec 2023 — | Mar 2024 1.6 | Jun 2024 — | Sep 2024 1.4 | Dec 2024 11.8 | Mar 2025 8.1 | Jun 2025 14.6 | Sep 2025 8.1 | Dec 2025 7.2 | Mar 2026 12.3 | Jun 2026 —
- FSM: Sep 2021 5.9 | Dec 2021 4.9 | Mar 2022 4.6 | Jun 2022 3.6 | Sep 2022 3.4 | Dec 2022 21.8 | Mar 2023 28.4 | Jun 2023 31.1 | Sep 2023 11.0 | Dec 2023 6.2 | Mar 2024 5.3 | Jun 2024 6.1 | Sep 2024 5.8 | Dec 2024 4.1 | Mar 2025 5.0 | Jun 2025 4.5 | Sep 2025 4.8 | Dec 2025 4.5 | Mar 2026 3.6 | Jun 2026 —

### 20-quarter P/BV history
- NEM: Sep 2021 1.9 | Dec 2021 2.2 | Mar 2022 2.9 | Jun 2022 2.2 | Sep 2022 1.6 | Dec 2022 1.9 | Mar 2023 2.0 | Jun 2023 1.8 | Sep 2023 1.5 | Dec 2023 1.6 | Mar 2024 1.4 | Jun 2024 1.6 | Sep 2024 2.1 | Dec 2024 1.4 | Mar 2025 1.7 | Jun 2025 2.0 | Sep 2025 2.8 | Dec 2025 3.2 | Mar 2026 3.3 | Jun 2026 2.8
- AEM: Sep 2021 2.1 | Dec 2021 2.2 | Mar 2022 1.7 | Jun 2022 1.3 | Sep 2022 1.2 | Dec 2022 1.5 | Mar 2023 1.2 | Jun 2023 1.2 | Sep 2023 1.1 | Dec 2023 1.4 | Mar 2024 1.5 | Jun 2024 1.6 | Sep 2024 2.0 | Dec 2024 1.9 | Mar 2025 2.5 | Jun 2025 2.7 | Sep 2025 3.6 | Dec 2025 3.4 | Mar 2026 3.9 | Jun 2026 —
- B: Sep 2021 1.4 | Dec 2021 1.4 | Mar 2022 1.8 | Jun 2022 1.3 | Sep 2022 1.1 | Dec 2022 1.3 | Mar 2023 1.4 | Jun 2023 1.3 | Sep 2023 1.1 | Dec 2023 1.4 | Mar 2024 1.3 | Jun 2024 1.2 | Sep 2024 1.5 | Dec 2024 1.1 | Mar 2025 1.4 | Jun 2025 1.4 | Sep 2025 2.2 | Dec 2025 2.8 | Mar 2026 2.5 | Jun 2026 —
- WPM: Sep 2021 2.8 | Dec 2021 3.1 | Mar 2022 3.4 | Jun 2022 2.5 | Sep 2022 2.2 | Dec 2022 2.6 | Mar 2023 3.2 | Jun 2023 2.9 | Sep 2023 2.7 | Dec 2023 3.2 | Mar 2024 3.0 | Jun 2024 3.3 | Sep 2024 3.8 | Dec 2024 3.5 | Mar 2025 4.7 | Jun 2025 5.3 | Sep 2025 6.3 | Dec 2025 6.1 | Mar 2026 6.5 | Jun 2026 —
- FNV: Sep 2021 4.3 | Dec 2021 4.4 | Mar 2022 4.9 | Jun 2022 4.1 | Sep 2022 3.7 | Dec 2022 4.1 | Mar 2023 4.3 | Jun 2023 4.1 | Sep 2023 3.8 | Dec 2023 3.7 | Mar 2024 3.9 | Jun 2024 3.9 | Sep 2024 4.0 | Dec 2024 3.8 | Mar 2025 4.8 | Jun 2025 4.8 | Sep 2025 6.1 | Dec 2025 5.2 | Mar 2026 5.9 | Jun 2026 —
- AU: Sep 2021 1.7 | Dec 2021 2.2 | Mar 2022 2.3 | Jun 2022 1.5 | Sep 2022 1.4 | Dec 2022 2.0 | Mar 2023 2.6 | Jun 2023 2.3 | Sep 2023 1.8 | Dec 2023 2.1 | Mar 2024 2.5 | Jun 2024 2.7 | Sep 2024 2.7 | Dec 2024 1.8 | Mar 2025 2.8 | Jun 2025 3.1 | Sep 2025 4.6 | Dec 2025 5.3 | Mar 2026 5.8 | Jun 2026 —
- GFI: Sep 2021 1.8 | Dec 2021 2.5 | Mar 2022 — | Jun 2022 — | Sep 2022 1.7 | Dec 2022 2.2 | Mar 2023 — | Jun 2023 — | Sep 2023 2.2 | Dec 2023 2.9 | Mar 2024 — | Jun 2024 — | Sep 2024 2.6 | Dec 2024 2.3 | Mar 2025 — | Jun 2025 — | Sep 2025 4.5 | Dec 2025 4.6 | Mar 2026 — | Jun 2026 —
- KGC: Sep 2021 1.0 | Dec 2021 1.1 | Mar 2022 1.2 | Jun 2022 0.7 | Sep 2022 0.8 | Dec 2022 0.9 | Mar 2023 1.0 | Jun 2023 1.0 | Sep 2023 0.9 | Dec 2023 1.2 | Mar 2024 1.2 | Jun 2024 1.6 | Sep 2024 1.7 | Dec 2024 1.7 | Mar 2025 2.2 | Jun 2025 2.5 | Sep 2025 3.8 | Dec 2025 3.9 | Mar 2026 4.0 | Jun 2026 —
- PAAS: Sep 2021 1.5 | Dec 2021 1.6 | Mar 2022 1.7 | Jun 2022 1.3 | Sep 2022 1.0 | Dec 2022 1.2 | Mar 2023 1.0 | Jun 2023 0.8 | Sep 2023 0.8 | Dec 2023 0.9 | Mar 2024 0.9 | Jun 2024 1.1 | Sep 2024 1.2 | Dec 2024 1.1 | Mar 2025 1.4 | Jun 2025 1.5 | Sep 2025 1.5 | Dec 2025 2.3 | Mar 2026 2.3 | Jun 2026 —
- RGLD: Sep 2021 2.5 | Dec 2021 2.7 | Mar 2022 3.5 | Jun 2022 2.6 | Sep 2022 2.3 | Dec 2022 2.7 | Mar 2023 3.1 | Jun 2023 2.7 | Sep 2023 2.5 | Dec 2023 2.8 | Mar 2024 2.8 | Jun 2024 2.8 | Sep 2024 3.0 | Dec 2024 2.8 | Mar 2025 3.4 | Jun 2025 3.5 | Sep 2025 3.9 | Dec 2025 2.6 | Mar 2026 2.9 | Jun 2026 —
- CDE: Sep 2021 2.0 | Dec 2021 1.6 | Mar 2022 1.4 | Jun 2022 1.0 | Sep 2022 1.2 | Dec 2022 1.1 | Mar 2023 1.4 | Jun 2023 1.0 | Sep 2023 0.8 | Dec 2023 1.2 | Mar 2024 1.5 | Jun 2024 2.2 | Sep 2024 2.5 | Dec 2024 — | Mar 2025 1.4 | Jun 2025 2.0 | Sep 2025 3.9 | Dec 2025 3.5 | Mar 2026 1.9 | Jun 2026 —
- AGI: Sep 2021 1.0 | Dec 2021 1.1 | Mar 2022 1.2 | Jun 2022 1.0 | Sep 2022 1.1 | Dec 2022 1.5 | Mar 2023 1.7 | Jun 2023 1.7 | Sep 2023 1.6 | Dec 2023 1.8 | Mar 2024 2.0 | Jun 2024 2.0 | Sep 2024 2.4 | Dec 2024 2.2 | Mar 2025 3.1 | Jun 2025 3.0 | Sep 2025 3.6 | Dec 2025 3.7 | Mar 2026 4.1 | Jun 2026 —
- EGO: Sep 2021 0.4 | Dec 2021 0.5 | Mar 2022 0.6 | Jun 2022 0.4 | Sep 2022 0.4 | Dec 2022 0.5 | Mar 2023 0.6 | Jun 2023 0.6 | Sep 2023 0.5 | Dec 2023 0.8 | Mar 2024 0.8 | Jun 2024 0.8 | Sep 2024 0.9 | Dec 2024 0.8 | Mar 2025 0.9 | Jun 2025 1.0 | Sep 2025 1.4 | Dec 2025 1.7 | Mar 2026 1.6 | Jun 2026 —
- IAG: Sep 2021 0.4 | Dec 2021 0.7 | Mar 2022 0.7 | Jun 2022 0.3 | Sep 2022 0.2 | Dec 2022 0.6 | Mar 2023 0.6 | Jun 2023 0.6 | Sep 2023 0.5 | Dec 2023 0.6 | Mar 2024 0.7 | Jun 2024 0.8 | Sep 2024 0.9 | Dec 2024 0.9 | Mar 2025 1.1 | Jun 2025 1.2 | Sep 2025 2.1 | Dec 2025 2.3 | Mar 2026 2.5 | Jun 2026 —
- EQX: Sep 2021 0.9 | Dec 2021 0.8 | Mar 2022 1.0 | Jun 2022 0.6 | Sep 2022 0.5 | Dec 2022 0.4 | Mar 2023 0.7 | Jun 2023 0.6 | Sep 2023 0.6 | Dec 2023 0.6 | Mar 2024 0.8 | Jun 2024 0.7 | Sep 2024 0.8 | Dec 2024 0.7 | Mar 2025 0.9 | Jun 2025 0.8 | Sep 2025 1.6 | Dec 2025 1.9 | Mar 2026 1.9 | Jun 2026 —
- OR: Sep 2021 1.4 | Dec 2021 1.6 | Mar 2022 1.6 | Jun 2022 1.3 | Sep 2022 1.5 | Dec 2022 1.7 | Mar 2023 2.2 | Jun 2023 2.2 | Sep 2023 1.7 | Dec 2023 2.1 | Mar 2024 2.5 | Jun 2024 2.4 | Sep 2024 2.8 | Dec 2024 2.9 | Mar 2025 3.3 | Jun 2025 3.8 | Sep 2025 5.4 | Dec 2025 4.6 | Mar 2026 4.8 | Jun 2026 —
- OGC: Sep 2021 0.7 | Dec 2021 0.8 | Mar 2022 1.0 | Jun 2022 0.8 | Sep 2022 0.7 | Dec 2022 0.8 | Mar 2023 1.0 | Jun 2023 0.8 | Sep 2023 0.8 | Dec 2023 0.8 | Mar 2024 1.0 | Jun 2024 0.9 | Sep 2024 1.1 | Dec 2024 1.1 | Mar 2025 1.2 | Jun 2025 1.6 | Sep 2025 2.4 | Dec 2025 2.8 | Mar 2026 3.0 | Jun 2026 —
- SSRM: Sep 2021 1.1 | Dec 2021 1.1 | Mar 2022 1.3 | Jun 2022 1.0 | Sep 2022 0.9 | Dec 2022 0.9 | Mar 2023 0.9 | Jun 2023 0.8 | Sep 2023 0.8 | Dec 2023 0.7 | Mar 2024 0.3 | Jun 2024 0.3 | Sep 2024 0.4 | Dec 2024 0.5 | Mar 2025 0.6 | Jun 2025 0.8 | Sep 2025 1.5 | Dec 2025 1.3 | Mar 2026 2.4 | Jun 2026 —
- BTG: Sep 2021 1.3 | Dec 2021 1.5 | Mar 2022 1.7 | Jun 2022 1.2 | Sep 2022 1.2 | Dec 2022 1.3 | Mar 2023 1.4 | Jun 2023 1.2 | Sep 2023 0.9 | Dec 2023 1.1 | Mar 2024 0.9 | Jun 2024 0.9 | Sep 2024 1.3 | Dec 2024 1.1 | Mar 2025 1.2 | Jun 2025 1.5 | Sep 2025 2.0 | Dec 2025 1.7 | Mar 2026 1.7 | Jun 2026 —
- AUGO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 0.0 | Dec 2025 15.9 | Mar 2026 22.7 | Jun 2026 —
- ORLA: Sep 2021 4.3 | Dec 2021 5.1 | Mar 2022 5.8 | Jun 2022 3.3 | Sep 2022 2.6 | Dec 2022 3.1 | Mar 2023 3.5 | Jun 2023 2.9 | Sep 2023 2.5 | Dec 2023 2.6 | Mar 2024 2.9 | Jun 2024 2.7 | Sep 2024 2.7 | Dec 2024 3.5 | Mar 2025 6.8 | Jun 2025 6.6 | Sep 2025 6.1 | Dec 2025 7.0 | Mar 2026 7.3 | Jun 2026 —
- CGAU: Sep 2021 1.1 | Dec 2021 1.1 | Mar 2022 1.4 | Jun 2022 1.0 | Sep 2022 0.5 | Dec 2022 0.6 | Mar 2023 0.8 | Jun 2023 0.8 | Sep 2023 0.6 | Dec 2023 0.8 | Mar 2024 0.7 | Jun 2024 0.8 | Sep 2024 0.9 | Dec 2024 0.7 | Mar 2025 0.8 | Jun 2025 0.9 | Sep 2025 1.1 | Dec 2025 1.4 | Mar 2026 1.7 | Jun 2026 —
- ARIS: Sep 2021 0.8 | Dec 2021 0.9 | Mar 2022 0.9 | Jun 2022 0.5 | Sep 2022 0.7 | Dec 2022 0.7 | Mar 2023 0.8 | Jun 2023 0.6 | Sep 2023 0.5 | Dec 2023 0.7 | Mar 2024 0.8 | Jun 2024 0.8 | Sep 2024 1.0 | Dec 2024 0.8 | Mar 2025 1.0 | Jun 2025 1.4 | Sep 2025 1.8 | Dec 2025 2.3 | Mar 2026 2.4 | Jun 2026 —
- SA: Sep 2021 2.2 | Dec 2021 2.3 | Mar 2022 2.6 | Jun 2022 1.7 | Sep 2022 1.7 | Dec 2022 1.9 | Mar 2023 2.0 | Jun 2023 1.7 | Sep 2023 1.6 | Dec 2023 1.8 | Mar 2024 2.5 | Jun 2024 2.0 | Sep 2024 2.3 | Dec 2024 1.7 | Mar 2025 1.6 | Jun 2025 2.0 | Sep 2025 3.2 | Dec 2025 3.6 | Mar 2026 3.5 | Jun 2026 —
- AAUC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 3.0 | Dec 2023 1.8 | Mar 2024 2.1 | Jun 2024 1.8 | Sep 2024 2.9 | Dec 2024 2.3 | Mar 2025 3.3 | Jun 2025 4.1 | Sep 2025 6.2 | Dec 2025 6.5 | Mar 2026 11.6 | Jun 2026 —
- NG: Sep 2021 27.6 | Dec 2021 28.7 | Mar 2022 34.0 | Jun 2022 33.5 | Sep 2022 36.1 | Dec 2022 64.4 | Mar 2023 87.6 | Jun 2023 195.4 | Sep 2023 33,581.1 | Dec 2023 -170.7 | Mar 2024 -51.5 | Jun 2024 -47.8 | Sep 2024 -37.6 | Dec 2024 -25.8 | Mar 2025 -17.9 | Jun 2025 8.7 | Sep 2025 15.7 | Dec 2025 25.3 | Mar 2026 12.5 | Jun 2026 8.9
- FSM: Sep 2021 0.8 | Dec 2021 0.8 | Mar 2022 0.8 | Jun 2022 0.6 | Sep 2022 0.5 | Dec 2022 0.9 | Mar 2023 0.9 | Jun 2023 0.8 | Sep 2023 0.6 | Dec 2023 1.0 | Mar 2024 0.9 | Jun 2024 1.1 | Sep 2024 1.0 | Dec 2024 0.9 | Mar 2025 1.3 | Jun 2025 1.3 | Sep 2025 1.7 | Dec 2025 1.8 | Mar 2026 1.7 | Jun 2026 —
- HYMC: Sep 2021 -4.2 | Dec 2021 -0.5 | Mar 2022 4.6 | Jun 2022 2.5 | Sep 2022 1.6 | Dec 2022 1.7 | Mar 2023 1.7 | Jun 2023 1.6 | Sep 2023 2.7 | Dec 2023 4.0 | Mar 2024 -7.5 | Jun 2024 -5.9 | Sep 2024 -2.6 | Dec 2024 -1.7 | Mar 2025 -1.8 | Jun 2025 -7.8 | Sep 2025 7.1 | Dec 2025 9.2 | Mar 2026 14.4 | Jun 2026 —

## Market action

Hycroft Mining Holding Corporation has the strongest one-year price move in Gold at +479.8%. Centerra Gold Inc. leads on Mansfield relative strength against the S&P 500 at +2.3%. 1 of 28 covered companies is above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. Hycroft Mining Holding Corporation (HYMC): 480%
2. Centerra Gold Inc. (CGAU): 132%
3. Aura Minerals Inc. (AUGO): 126%
4. SSR Mining Inc. (SSRM): 111%
5. IAMGOLD Corporation (IAG): 108%

### Strongest relative strength versus NIFTY 500
1. Centerra Gold Inc. (CGAU): 2.3%
2. SSR Mining Inc. (SSRM): -6.4%
3. Eldorado Gold Corporation (EGO): -7.8%
4. Aura Minerals Inc. (AUGO): -9.0%
5. Aris Mining Corporation (ARIS): -9.2%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 1 company has an older fundamental reporting date than the sector’s freshest reporters; its rank carries a stale marker.

## Every company
- Newmont Corporation (NEM) — market value ₹96.4K Cr; latest fundamentals Jun 2026
- Agnico Eagle Mines Limited (AEM) — market value ₹73.2K Cr; latest fundamentals Mar 2026
- Barrick Mining Corporation (B) — market value ₹61.7K Cr; latest fundamentals Mar 2026
- Wheaton Precious Metals Corp. (WPM) — market value ₹49.8K Cr; latest fundamentals Mar 2026
- Franco-Nevada Corporation (FNV) — market value ₹40.8K Cr; latest fundamentals Mar 2026
- AngloGold Ashanti plc (AU) — market value ₹39.9K Cr; latest fundamentals Mar 2026
- Gold Fields Limited (GFI) — market value ₹29.1K Cr; latest fundamentals Dec 2025
- Kinross Gold Corporation (KGC) — market value ₹28.1K Cr; latest fundamentals Mar 2026
- Pan American Silver Corp. (PAAS) — market value ₹18.3K Cr; latest fundamentals Mar 2026
- Royal Gold, Inc. (RGLD) — market value ₹16.6K Cr; latest fundamentals Mar 2026
- Coeur Mining, Inc. (CDE) — market value ₹15.4K Cr; latest fundamentals Mar 2026
- Alamos Gold Inc. (AGI) — market value ₹12.1K Cr; latest fundamentals Mar 2026
- Eldorado Gold Corporation (EGO) — market value ₹8.4K Cr; latest fundamentals Mar 2026
- IAMGOLD Corporation (IAG) — market value ₹8.3K Cr; latest fundamentals Mar 2026
- Equinox Gold Corp. (EQX) — market value ₹7.2K Cr; latest fundamentals Mar 2026
- OR Royalties Inc. (OR) — market value ₹5.5K Cr; latest fundamentals Mar 2026
- OceanaGold Corporation (OGC) — market value ₹5.4K Cr; latest fundamentals Mar 2026
- SSR Mining Inc. (SSRM) — market value ₹5.3K Cr; latest fundamentals Mar 2026
- B2Gold Corp. (BTG) — market value ₹5.1K Cr; latest fundamentals Mar 2026
- Aura Minerals Inc. (AUGO) — market value ₹4.6K Cr; latest fundamentals Mar 2026
- Orla Mining Ltd. (ORLA) — market value ₹3.4K Cr; latest fundamentals Mar 2026
- Centerra Gold Inc. (CGAU) — market value ₹3.2K Cr; latest fundamentals Mar 2026
- Aris Mining Corporation (ARIS) — market value ₹3.0K Cr; latest fundamentals Mar 2026
- Seabridge Gold Inc. (SA) — market value ₹2.7K Cr; latest fundamentals Mar 2026
- Allied Gold Corporation (AAUC) — market value ₹2.6K Cr; latest fundamentals Mar 2026
- NovaGold Resources Inc. (NG) — market value ₹2.6K Cr; latest fundamentals Jun 2026
- Fortuna Mining Corp. (FSM) — market value ₹2.6K Cr; latest fundamentals Mar 2026
- Hycroft Mining Holding Corporation (HYMC) — market value ₹1.9K Cr; latest fundamentals Mar 2026

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-28.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Which Gold company is the biggest?

Barrick Mining Corporation is the largest, with trailing-twelve-month revenue of $19,044 million, ahead of Agnico Eagle Mines Limited at $13,540 million. That covers 22 of 28 companies with comparable reporting through Mar 2026.

### Which Gold company is growing fastest?

Aris Mining Corporation has the fastest revenue growth at 100% year on year, across 22 of 28 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Gold company has the best profit margins?

OceanaGold Corporation has the highest operating margin at 152.9%, from 24 of 28 comparable companies. Equinox Gold Corp. shows the biggest recent improvement, at +48.8 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Gold company makes the most profit?

Barrick Mining Corporation earns the most, at $8,854 million of trailing-twelve-month net profit, from 25 of 28 comparable companies. Agnico Eagle Mines Limited has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Gold company earns the highest return on capital?

OceanaGold Corporation leads on return on capital employed at 42.7%, across 27 of 28 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Gold stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — IAMGOLD Corporation screens cheapest at 0.46×. Only 11 of 28 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Gold company has the strongest balance sheet?

Centerra Gold Inc. carries the lowest comparable gross debt at $0 million, from 27 of 28 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Gold company is investing most in new capacity?

Barrick Mining Corporation reports the largest capital spending at $979 million, across 25 of 28 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

### Is the Gold sector beating the market?

Gold has outperformed S&P 500 by 35.9% over the last 52 weeks and 20.4% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 1 of 28 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Gold stock has the strongest price momentum?

Centerra Gold Inc. has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Gold company scores highest for research priority?

Franco-Nevada Corporation scores 66.7 out of 100 with 82% evidence confidence, from 24.6 points on growth and earnings, 16.1 on capital efficiency, 9.9 on valuation and 16.1 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Gold companies does this comparison cover, and over what period?

It compares 28 listed companies over up to 20 reported quarters of fundamentals and 6 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Gold sector?

The 28 Gold companies on this page carry $553,351 million of combined market value. Newmont Corporation is the largest at $96,434 million, about 17% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

### What is the Gold sector's P/E ratio?

The median price-to-earnings ratio across the 28 Gold companies on this page is 15.5×, measured on the 26 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28.

### How is the Gold sector performing?

1 of the 28 covered Gold companies are beating S&P 500 on Mansfield relative strength. The sector itself is 35.9% ahead of S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.

### How many Gold stocks are listed in the US?

This comparison covers 28 listed Gold companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/gold