# Other Precious Metals & Mining — company-by-company sector analysis

> Other Precious Metals & Mining: Compañía de Minas Buenaventura S.A.A. owns the largest revenue base; Elemental Royalty Corporation has the fastest current growth.

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

## Bottom line

Other Precious Metals & Mining has outperformed S&P 500 by 27.7% over 52 weeks and 22.5% over 13 weeks. 0 of 14 covered companies beat the S&P 500 on Mansfield relative strength, while 10 of 14 beat the sector itself. Elemental Royalty Corporation has the fastest current revenue growth at 100%, across 11 of 17 comparable companies.

### Is the Other Precious Metals & Mining sector outperforming S&P 500?

Other Precious Metals & Mining has outperformed S&P 500 by 27.7% over 52 weeks and 22.5% over 13 weeks. 0 of 14 covered companies beat the S&P 500 on Mansfield relative strength, while 10 of 14 beat the sector itself.

### Which Other Precious Metals & Mining company is largest by revenue?

Compañía de Minas Buenaventura S.A.A. leads with revenue of $2,048 million, based on 12 of 17 comparable companies through Mar 2026.

### Which Other Precious Metals & Mining company is growing fastest?

Elemental Royalty Corporation has the fastest current revenue growth at 100%, across 11 of 17 comparable companies.

### Which Other Precious Metals & Mining company has the strongest 4-Factor Sector Score?

Compañía de Minas Buenaventura S.A.A. ranks first at 71.5/100 with 86.2% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Other Precious Metals & Mining company reports the most CAPEX?

Compañía de Minas Buenaventura S.A.A. reports the largest latest CAPEX at $123 million, with 13 of 17 companies comparable.

### Which Other Precious Metals & Mining company has the least gross debt?

Elemental Royalty Corporation has the lowest comparable gross debt at $0 million. Compañía de Minas Buenaventura S.A.A. has the highest at $708 million.

### Which Other Precious Metals & Mining company has the lowest comparable PEG?

Compañía de Minas Buenaventura S.A.A. has the lowest comparable Guarded PEG at 0.7, among 2 of 17 companies that pass the metric’s comparability rules.

### How much history does this Other Precious Metals & Mining comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Mar 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

Other Precious Metals & Mining has outperformed S&P 500 by 27.7% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 22.5%. 0 of 14 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is broad.

13-week sector return versus NIFTY 500: -23%
52-week sector return versus NIFTY 500: 28%
Stocks leading NIFTY: 0/14
Stocks leading sector: 10/14

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

Companies: 17
Combined market value: ₹33.2K 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. Compañía de Minas Buenaventura S.A.A. (BVN): 72/100 — Favorable setup; evidence 86%
   - Growth & earnings 25.8/35 | Capital efficiency 13.6/25 | Valuation 16.3/20 | Relative strength 15.8/20
   - Exact sum: 25.8 + 13.6 + 16.3 + 15.8 = 71.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Gold Resource Corporation (GORO): 63/100 — Mixed-positive evidence; evidence 62%
   - Growth & earnings 27.3/35 | Capital efficiency 11.8/25 | Valuation 10.1/20 | Relative strength 13.6/20
   - Exact sum: 27.3 + 11.8 + 10.1 + 13.6 = 62.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Vox Royalty Corp. (VOXR): 62/100 — Mixed-positive evidence; evidence 62%
   - Growth & earnings 26.3/35 | Capital efficiency 15.6/25 | Valuation 11.0/20 | Relative strength 8.6/20
   - Exact sum: 26.3 + 15.6 + 11 + 8.6 = 61.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Avino Silver & Gold Mines Ltd. (ASM): 60/100 — Mixed-positive evidence; evidence 70%
   - Growth & earnings 22.4/35 | Capital efficiency 16.9/25 | Valuation 9.9/20 | Relative strength 11.1/20
   - Exact sum: 22.4 + 16.9 + 9.9 + 11.1 = 60.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Triple Flag Precious Metals Corp. (TFPM): 60/100 — Mixed-positive evidence; evidence 86%
   - Growth & earnings 22.6/35 | Capital efficiency 16.3/25 | Valuation 9.4/20 | Relative strength 11.9/20
   - Exact sum: 22.6 + 16.3 + 9.4 + 11.9 = 60.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Metalla Royalty & Streaming Ltd. (MTA): 58/100 — Mixed-positive evidence; evidence 65%
   - Growth & earnings 19.2/35 | Capital efficiency 10.1/25 | Valuation 10.0/20 | Relative strength 18.8/20
   - Exact sum: 19.2 + 10.1 + 10 + 18.8 = 58.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. Hecla Mining Company (HL): 57/100 — Mixed-positive evidence; evidence 76%
   - Growth & earnings 26.3/35 | Capital efficiency 13.8/25 | Valuation 9.0/20 | Relative strength 7.8/20
   - Exact sum: 26.3 + 13.8 + 9 + 7.8 = 56.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. McEwen Inc. (MUX): 46/100 — Mixed-negative evidence; evidence 62%
   - Growth & earnings 17.3/35 | Capital efficiency 8.8/25 | Valuation 10.6/20 | Relative strength 9.5/20
   - Exact sum: 17.3 + 8.8 + 10.6 + 9.5 = 46.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. Elemental Royalty Corporation (ELE): 41/100 — Mixed-negative evidence; evidence 70%
   - Growth & earnings 10.5/35 | Capital efficiency 13.2/25 | Valuation 8.5/20 | Relative strength 8.5/20
   - Exact sum: 10.5 + 13.2 + 8.5 + 8.5 = 40.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10. Perpetua Resources Corp. (PPTA): 39/100 — Thin evidence · provisional; evidence 52%
   - Growth & earnings 19.2/35 | Capital efficiency 9.2/25 | Valuation 9.4/20 | Relative strength 1.4/20
   - Exact sum: 19.2 + 9.2 + 9.4 + 1.4 = 39.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
11. Integra Resources Corp. (ITRG): 39/100 — Thin evidence · provisional; evidence 51%
   - Growth & earnings 14.8/35 | Capital efficiency 11.3/25 | Valuation 8.7/20 | Relative strength 3.7/20
   - Exact sum: 14.8 + 11.3 + 8.7 + 3.7 = 38.5
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
12. Comstock Inc. (LODE): 36/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 10.2/35 | Capital efficiency 9.5/25 | Valuation 11.5/20 | Relative strength 5.1/20
   - Exact sum: 10.2 + 9.5 + 11.5 + 5.1 = 36.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
13. Versamet Royalties Corporation (VMET): 57/100 — Thin evidence · provisional; evidence 48%
   - Growth & earnings 21.9/35 | Capital efficiency 14.9/25 | Valuation 9.7/20 | Relative strength 10.0/20
   - Exact sum: 21.9 + 14.9 + 9.7 + 10 = 56.5
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
14. Solaris Resources Inc. (SLSR): 48/100 — Thin evidence · provisional; evidence 46%
   - Growth & earnings 20.6/35 | Capital efficiency 4.9/25 | Valuation 9.2/20 | Relative strength 13.4/20
   - Exact sum: 20.6 + 4.9 + 9.2 + 13.4 = 48.1
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
15. Silver Bow Mining Corp. (SBMT): 41/100 — Thin evidence · provisional; evidence 23%
   - Growth & earnings 13.5/35 | Capital efficiency 7.0/25 | Valuation 10.0/20 | Relative strength 10.0/20
   - Exact sum: 13.5 + 7 + 10 + 10 = 40.5
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
16. Guardian Metal Resources PLC (GMTL): 40/100 — Thin evidence · provisional; evidence 23%
   - Growth & earnings 12.0/35 | Capital efficiency 8.1/25 | Valuation 10.0/20 | Relative strength 10.0/20
   - Exact sum: 12 + 8.1 + 10 + 10 = 40.1
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
17. Platinum Group Metals Ltd. (PLG): 38/100 — Thin evidence · provisional; evidence 46%
   - Growth & earnings 13.0/35 | Capital efficiency 11.2/25 | Valuation 10.8/20 | Relative strength 3.0/20
   - Exact sum: 13 + 11.2 + 10.8 + 3 = 38
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Compañía de Minas Buenaventura S.A.A. is the scale leader at $2,048 million, 30.2% ahead of Hecla Mining Company. Elemental Royalty Corporation's growth is stored at the ≥100% scoring cap; the uncapped TTM change is 115.4% from a $56 million base, with 20 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Compañía de Minas Buenaventura S.A.A. is the scale benchmark; Elemental Royalty Corporation is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Compañía de Minas Buenaventura S.A.A.'s growth falls below Elemental Royalty Corporation's for two consecutive comparable reports while operating margin also compresses.

Evidence: Compañía de Minas Buenaventura S.A.A. · $2,048 million | 30.2% versus #2 · Hecla Mining Company | 8/8 recent comparable periods | 12/17 companies · 214 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. Compañía de Minas Buenaventura S.A.A. (BVN): ₹2.0K Cr
2. Hecla Mining Company (HL): ₹1.6K Cr
3. Triple Flag Precious Metals Corp. (TFPM): ₹453 Cr
4. Integra Resources Corp. (ITRG): ₹249 Cr
5. McEwen Inc. (MUX): ₹237 Cr

### Revenue growth — fastest growers
1. Elemental Royalty Corporation (ELE): 100%
2. Gold Resource Corporation (GORO): 100%
3. Versamet Royalties Corporation (VMET): 100%
4. Vox Royalty Corp. (VOXR): 100%
5. Metalla Royalty & Streaming Ltd. (MTA): 86%

### 20-quarter Revenue history
- HL: Jun 2021 ₹218 Cr | Sep 2021 ₹194 Cr | Dec 2021 ₹185 Cr | Mar 2022 ₹186 Cr | Jun 2022 ₹191 Cr | Sep 2022 ₹146 Cr | Dec 2022 ₹195 Cr | Mar 2023 ₹200 Cr | Jun 2023 ₹178 Cr | Sep 2023 ₹182 Cr | Dec 2023 ₹161 Cr | Mar 2024 ₹190 Cr | Jun 2024 ₹246 Cr | Sep 2024 ₹245 Cr | Dec 2024 ₹250 Cr | Mar 2025 ₹205 Cr | Jun 2025 ₹304 Cr | Sep 2025 ₹410 Cr | Dec 2025 ₹448 Cr | Mar 2026 ₹411 Cr
- BVN: Jun 2021 ₹241 Cr | Sep 2021 ₹220 Cr | Dec 2021 ₹253 Cr | Mar 2022 ₹233 Cr | Jun 2022 ₹150 Cr | Sep 2022 ₹195 Cr | Dec 2022 ₹246 Cr | Mar 2023 ₹185 Cr | Jun 2023 ₹173 Cr | Sep 2023 ₹211 Cr | Dec 2023 ₹254 Cr | Mar 2024 ₹247 Cr | Jun 2024 ₹277 Cr | Sep 2024 ₹331 Cr | Dec 2024 ₹300 Cr | Mar 2025 ₹308 Cr | Jun 2025 ₹369 Cr | Sep 2025 ₹431 Cr | Dec 2025 ₹623 Cr | Mar 2026 ₹625 Cr
- TFPM: Jun 2021 ₹41 Cr | Sep 2021 ₹37 Cr | Dec 2021 ₹37 Cr | Mar 2022 ₹38 Cr | Jun 2022 ₹36 Cr | Sep 2022 ₹34 Cr | Dec 2022 ₹44 Cr | Mar 2023 ₹50 Cr | Jun 2023 ₹53 Cr | Sep 2023 ₹49 Cr | Dec 2023 ₹52 Cr | Mar 2024 ₹58 Cr | Jun 2024 ₹64 Cr | Sep 2024 ₹74 Cr | Dec 2024 ₹74 Cr | Mar 2025 ₹82 Cr | Jun 2025 ₹94 Cr | Sep 2025 ₹93 Cr | Dec 2025 ₹119 Cr | Mar 2026 ₹147 Cr
- MUX: Jun 2021 ₹41 Cr | Sep 2021 ₹37 Cr | Dec 2021 ₹35 Cr | Mar 2022 ₹26 Cr | Jun 2022 ₹31 Cr | Sep 2022 ₹26 Cr | Dec 2022 ₹28 Cr | Mar 2023 ₹35 Cr | Jun 2023 ₹34 Cr | Sep 2023 ₹38 Cr | Dec 2023 ₹59 Cr | Mar 2024 ₹41 Cr | Jun 2024 ₹47 Cr | Sep 2024 ₹52 Cr | Dec 2024 ₹34 Cr | Mar 2025 ₹36 Cr | Jun 2025 ₹47 Cr | Sep 2025 ₹51 Cr | Dec 2025 ₹65 Cr | Mar 2026 ₹74 Cr
- ELE: Jun 2021 ₹1 Cr | Sep 2021 ₹2 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹16 Cr | Mar 2026 ₹24 Cr
- VMET: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹3 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹18 Cr | Mar 2026 ₹24 Cr
- ASM: Jun 2021 — | Sep 2021 ₹2 Cr | Dec 2021 ₹9 Cr | Mar 2022 ₹11 Cr | Jun 2022 ₹9 Cr | Sep 2022 ₹9 Cr | Dec 2022 ₹15 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹9 Cr | Sep 2023 ₹12 Cr | Dec 2023 ₹13 Cr | Mar 2024 ₹12 Cr | Jun 2024 ₹15 Cr | Sep 2024 ₹15 Cr | Dec 2024 ₹24 Cr | Mar 2025 ₹19 Cr | Jun 2025 ₹22 Cr | Sep 2025 ₹21 Cr | Dec 2025 ₹31 Cr | Mar 2026 ₹39 Cr
- MTA: Jun 2021 ₹1 Cr | Sep 2021 ₹1 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹3 Cr
- ITRG: Jun 2021 — | 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 ₹30 Cr | Mar 2025 ₹57 Cr | Jun 2025 ₹61 Cr | Sep 2025 ₹71 Cr | Dec 2025 ₹55 Cr | Mar 2026 ₹62 Cr
- VOXR: Jun 2021 ₹1 Cr | Sep 2021 ₹1 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹16 Cr
- LODE: Jun 2021 ₹0 Cr | 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 ₹1 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr
- GORO: Jun 2021 ₹31 Cr | Sep 2021 ₹29 Cr | Dec 2021 ₹38 Cr | Mar 2022 ₹45 Cr | Jun 2022 ₹37 Cr | Sep 2022 ₹24 Cr | Dec 2022 ₹32 Cr | Mar 2023 ₹31 Cr | Jun 2023 ₹25 Cr | Sep 2023 ₹21 Cr | Dec 2023 ₹21 Cr | Mar 2024 ₹19 Cr | Jun 2024 ₹21 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹11 Cr | Sep 2025 ₹25 Cr | Dec 2025 ₹51 Cr | Mar 2026 ₹44 Cr

### 20-quarter Revenue growth history
- HL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -12% | Sep 2022 -25% | Dec 2022 5.4% | Mar 2023 7.5% | Jun 2023 -6.8% | Sep 2023 25% | Dec 2023 -17% | Mar 2024 -5.0% | Jun 2024 38% | Sep 2024 35% | Dec 2024 55% | Mar 2025 7.9% | Jun 2025 24% | Sep 2025 67% | Dec 2025 79% | Mar 2026 100%
- BVN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -38% | Sep 2022 -11% | Dec 2022 -2.8% | Mar 2023 -21% | Jun 2023 15% | Sep 2023 8.2% | Dec 2023 3.3% | Mar 2024 34% | Jun 2024 60% | Sep 2024 57% | Dec 2024 18% | Mar 2025 25% | Jun 2025 33% | Sep 2025 30% | Dec 2025 108% | Mar 2026 103%
- TFPM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -12% | Sep 2022 -8.1% | Dec 2022 19% | Mar 2023 32% | Jun 2023 47% | Sep 2023 44% | Dec 2023 18% | Mar 2024 16% | Jun 2024 21% | Sep 2024 51% | Dec 2024 42% | Mar 2025 41% | Jun 2025 47% | Sep 2025 26% | Dec 2025 61% | Mar 2026 79%
- MUX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -24% | Sep 2022 -30% | Dec 2022 -20% | Mar 2023 35% | Jun 2023 9.7% | Sep 2023 46% | Dec 2023 111% | Mar 2024 17% | Jun 2024 38% | Sep 2024 37% | Dec 2024 -42% | Mar 2025 -12% | Jun 2025 0.0% | Sep 2025 -1.9% | Dec 2025 91% | Mar 2026 106%
- ELE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 100% | Sep 2022 50% | Dec 2022 50% | Mar 2023 50% | Jun 2023 50% | Sep 2023 -33% | Dec 2023 33% | Mar 2024 0.0% | Jun 2024 33% | Sep 2024 100% | Dec 2024 50% | Mar 2025 300% | Jun 2025 125% | Sep 2025 75% | Dec 2025 167% | Mar 2026 100%
- VMET: Jun 2021 — | 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 0.0% | Jun 2025 67% | Sep 2025 167% | Dec 2025 500% | Mar 2026 700%
- ASM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 350% | Dec 2022 67% | Mar 2023 -9.1% | Jun 2023 0.0% | Sep 2023 33% | Dec 2023 -13% | Mar 2024 20% | Jun 2024 67% | Sep 2024 25% | Dec 2024 85% | Mar 2025 58% | Jun 2025 47% | Sep 2025 40% | Dec 2025 29% | Mar 2026 105%
- MTA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -100% | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 0.0% | Jun 2023 — | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 0.0% | Jun 2024 0.0% | Sep 2024 100% | Dec 2024 100% | Mar 2025 100% | Jun 2025 200% | Sep 2025 100% | Dec 2025 50% | Mar 2026 50%
- ITRG: Jun 2021 — | 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 83% | Mar 2026 8.8%
- VOXR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 100% | Sep 2022 200% | Dec 2022 100% | Mar 2023 300% | Jun 2023 0.0% | Sep 2023 33% | Dec 2023 50% | Mar 2024 -25% | Jun 2024 50% | Sep 2024 -50% | Dec 2024 0.0% | Mar 2025 0.0% | Jun 2025 0.0% | Sep 2025 100% | Dec 2025 0.0% | Mar 2026 433%
- LODE: Jun 2021 — | 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 0.0% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 -100% | Dec 2025 -100% | Mar 2026 -100%
- GORO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 19% | Sep 2022 -17% | Dec 2022 -16% | Mar 2023 -31% | Jun 2023 -32% | Sep 2023 -13% | Dec 2023 -34% | Mar 2024 -39% | Jun 2024 -16% | Sep 2024 -38% | Dec 2024 -38% | Mar 2025 -37% | Jun 2025 -48% | Sep 2025 92% | Dec 2025 292% | Mar 2026 267%

## Operating Economics & Margin Trend

What the numbers say: Versamet Royalties Corporation leads opm at 90.6%; Gold Resource Corporation leads margin change at +62.3 percentage points.

Investor read: Versamet Royalties 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: Versamet Royalties Corporation · 90.6% | 35.4% versus #2 · Triple Flag Precious Metals Corp. | 3/5 recent comparable periods | 11/17 companies · 200 observations

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

### OPM — highest
1. Versamet Royalties Corporation (VMET): 91%
2. Triple Flag Precious Metals Corp. (TFPM): 67%
3. Compañía de Minas Buenaventura S.A.A. (BVN): 53%
4. Avino Silver & Gold Mines Ltd. (ASM): 50%
5. Hecla Mining Company (HL): 46%

### Margin change — fastest expanders
1. Gold Resource Corporation (GORO): +62.3 pp
2. Vox Royalty Corp. (VOXR): +40.5 pp
3. Hecla Mining Company (HL): +37.4 pp
4. Metalla Royalty & Streaming Ltd. (MTA): +25.0 pp
5. Compañía de Minas Buenaventura S.A.A. (BVN): +22.2 pp

### 20-quarter OPM history
- HL: Jun 2021 13% | Sep 2021 -4.4% | Dec 2021 12% | Mar 2022 7.9% | Jun 2022 4.0% | Sep 2022 -17% | Dec 2022 -4.8% | Mar 2023 2.8% | Jun 2023 2.7% | Sep 2023 -6.9% | Dec 2023 -26% | Mar 2024 2.7% | Jun 2024 17% | Sep 2024 9.2% | Dec 2024 15% | Mar 2025 8.6% | Jun 2025 31% | Sep 2025 36% | Dec 2025 49% | Mar 2026 46%
- BVN: Jun 2021 4.4% | Sep 2021 -6.2% | Dec 2021 -20% | Mar 2022 14% | Jun 2022 -43% | Sep 2022 -10% | Dec 2022 5.3% | Mar 2023 6.8% | Jun 2023 -13% | Sep 2023 -14% | Dec 2023 24% | Mar 2024 19% | Jun 2024 24% | Sep 2024 87% | Dec 2024 15% | Mar 2025 31% | Jun 2025 24% | Sep 2025 36% | Dec 2025 48% | Mar 2026 53%
- TFPM: Jun 2021 51% | Sep 2021 43% | Dec 2021 43% | Mar 2022 46% | Jun 2022 45% | Sep 2022 45% | Dec 2022 35% | Mar 2023 31% | Jun 2023 40% | Sep 2023 -16% | Dec 2023 23% | Mar 2024 36% | Jun 2024 -174% | Sep 2024 42% | Dec 2024 56% | Mar 2025 54% | Jun 2025 58% | Sep 2025 61% | Dec 2025 55% | Mar 2026 67%
- MUX: Jun 2021 -17% | Sep 2021 -40% | Dec 2021 -57% | Mar 2022 -90% | Jun 2022 -62% | Sep 2022 -63% | Dec 2022 -141% | Mar 2023 -113% | Jun 2023 -122% | Sep 2023 -68% | Dec 2023 5.7% | Mar 2024 -13% | Jun 2024 -3.9% | Sep 2024 5.7% | Dec 2024 -25% | Mar 2025 1.2% | Jun 2025 0.0% | Sep 2025 -15% | Dec 2025 -8.9% | Mar 2026 15%
- ELE: Jun 2021 -15% | Sep 2021 16% | Dec 2021 -1.9% | Mar 2022 -7.9% | Jun 2022 -54% | Sep 2022 -62% | Dec 2022 -394% | Mar 2023 -34% | Jun 2023 -31% | Sep 2023 -36% | Dec 2023 72% | Mar 2024 -3.5% | Jun 2024 21% | Sep 2024 27% | Dec 2024 11% | Mar 2025 38% | Jun 2025 16% | Sep 2025 21% | Dec 2025 -12% | Mar 2026 27%
- VMET: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 33% | Jun 2024 113% | Sep 2024 192% | Dec 2024 44% | Mar 2025 89% | Jun 2025 99% | Sep 2025 74% | Dec 2025 154% | Mar 2026 91%
- ASM: Jun 2021 — | Sep 2021 -14% | Dec 2021 37% | Mar 2022 31% | Jun 2022 18% | Sep 2022 5.6% | Dec 2022 15% | Mar 2023 3.3% | Jun 2023 -15% | Sep 2023 3.7% | Dec 2023 3.8% | Mar 2024 5.2% | Jun 2024 15% | Sep 2024 26% | Dec 2024 34% | Mar 2025 43% | Jun 2025 32% | Sep 2025 33% | Dec 2025 47% | Mar 2026 50%
- MTA: Jun 2021 -299% | Sep 2021 -277% | Dec 2021 -357% | Mar 2022 -289% | Jun 2022 -285% | Sep 2022 -432% | Dec 2022 -596% | Mar 2023 -122% | Jun 2023 -277% | Sep 2023 -145% | Dec 2023 -117% | Mar 2024 -103% | Jun 2024 -146% | Sep 2024 -51% | Dec 2024 -51% | Mar 2025 -13% | Jun 2025 8.3% | Sep 2025 37% | Dec 2025 -46% | Mar 2026 12%
- ITRG: Jun 2021 — | 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 15% | Mar 2025 19% | Jun 2025 30% | Sep 2025 30% | Dec 2025 31% | Mar 2026 27%
- VOXR: Jun 2021 -24% | Sep 2021 -41% | Dec 2021 -274% | Mar 2022 -20% | Jun 2022 -1.8% | Sep 2022 25% | Dec 2022 -0.5% | Mar 2023 26% | Jun 2023 -23% | Sep 2023 54% | Dec 2023 -20% | Mar 2024 21% | Jun 2024 7.3% | Sep 2024 11% | Dec 2024 -0.1% | Mar 2025 3.9% | Jun 2025 -6.4% | Sep 2025 22% | Dec 2025 29% | Mar 2026 44%
- LODE: Jun 2021 — | Sep 2021 -474% | Dec 2021 -851% | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 352% | Dec 2023 -178% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 -991% | Mar 2025 -896% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- GORO: Jun 2021 13% | Sep 2021 13% | Dec 2021 16% | Mar 2022 23% | Jun 2022 18% | Sep 2022 -39% | Dec 2022 -3.6% | Mar 2023 1.0% | Jun 2023 -23% | Sep 2023 -39% | Dec 2023 -23% | Mar 2024 -24% | Jun 2024 -23% | Sep 2024 -84% | Dec 2024 -57% | Mar 2025 -28% | Jun 2025 -55% | Sep 2025 15% | Dec 2025 48% | Mar 2026 34%

### 20-quarter Margin change history
- HL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −9.4 pp | Sep 2022 −13.0 pp | Dec 2022 −16.6 pp | Mar 2023 −5.1 pp | Jun 2023 −1.3 pp | Sep 2023 +10.5 pp | Dec 2023 −21.6 pp | Mar 2024 −0.1 pp | Jun 2024 +13.8 pp | Sep 2024 +16.1 pp | Dec 2024 +41.7 pp | Mar 2025 +5.9 pp | Jun 2025 +14.3 pp | Sep 2025 +27.1 pp | Dec 2025 +33.8 pp | Mar 2026 +37.4 pp
- BVN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −47.2 pp | Sep 2022 −4.0 pp | Dec 2022 +24.8 pp | Mar 2023 −7.0 pp | Jun 2023 +30.1 pp | Sep 2023 −3.8 pp | Dec 2023 +18.4 pp | Mar 2024 +12.2 pp | Jun 2024 +36.7 pp | Sep 2024 +100.5 pp | Dec 2024 −8.4 pp | Mar 2025 +11.5 pp | Jun 2025 −0.2 pp | Sep 2025 −50.7 pp | Dec 2025 +32.4 pp | Mar 2026 +22.2 pp
- TFPM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −5.4 pp | Sep 2022 +1.9 pp | Dec 2022 −7.8 pp | Mar 2023 −14.4 pp | Jun 2023 −5.5 pp | Sep 2023 −60.5 pp | Dec 2023 −11.5 pp | Mar 2024 +4.9 pp | Jun 2024 −214.1 pp | Sep 2024 +57.2 pp | Dec 2024 +32.6 pp | Mar 2025 +18.2 pp | Jun 2025 +232.0 pp | Sep 2025 +18.9 pp | Dec 2025 −0.9 pp | Mar 2026 +12.7 pp
- MUX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −44.9 pp | Sep 2022 −23.1 pp | Dec 2022 −83.6 pp | Mar 2023 −23.3 pp | Jun 2023 −60.1 pp | Sep 2023 −5.2 pp | Dec 2023 +146.7 pp | Mar 2024 +100.6 pp | Jun 2024 +118.5 pp | Sep 2024 +73.8 pp | Dec 2024 −31.1 pp | Mar 2025 +13.9 pp | Jun 2025 +3.9 pp | Sep 2025 −20.8 pp | Dec 2025 +16.5 pp | Mar 2026 +13.5 pp
- ELE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −38.6 pp | Sep 2022 −77.7 pp | Dec 2022 −391.9 pp | Mar 2023 −25.6 pp | Jun 2023 +22.6 pp | Sep 2023 +26.3 pp | Dec 2023 +466.0 pp | Mar 2024 +30.0 pp | Jun 2024 +51.6 pp | Sep 2024 +63.1 pp | Dec 2024 −60.8 pp | Mar 2025 +41.1 pp | Jun 2025 −4.7 pp | Sep 2025 −6.5 pp | Dec 2025 −23.6 pp | Mar 2026 −10.3 pp
- VMET: Jun 2021 — | 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 +55.7 pp | Jun 2025 −14.6 pp | Sep 2025 −117.7 pp | Dec 2025 +110.8 pp | Mar 2026 +1.6 pp
- ASM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +19.1 pp | Dec 2022 −22.0 pp | Mar 2023 −27.7 pp | Jun 2023 −32.5 pp | Sep 2023 −1.9 pp | Dec 2023 −11.6 pp | Mar 2024 +1.9 pp | Jun 2024 +29.8 pp | Sep 2024 +21.8 pp | Dec 2024 +30.3 pp | Mar 2025 +37.7 pp | Jun 2025 +16.5 pp | Sep 2025 +7.3 pp | Dec 2025 +12.4 pp | Mar 2026 +6.7 pp
- MTA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +14.0 pp | Sep 2022 −155.4 pp | Dec 2022 −239.1 pp | Mar 2023 +167.6 pp | Jun 2023 +8.1 pp | Sep 2023 +286.6 pp | Dec 2023 +479.3 pp | Mar 2024 +18.9 pp | Jun 2024 +131.0 pp | Sep 2024 +94.6 pp | Dec 2024 +65.6 pp | Mar 2025 +89.8 pp | Jun 2025 +153.8 pp | Sep 2025 +87.2 pp | Dec 2025 +5.4 pp | Mar 2026 +25.0 pp
- ITRG: Jun 2021 — | 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 +16.0 pp | Mar 2026 +7.4 pp
- VOXR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +22.1 pp | Sep 2022 +65.8 pp | Dec 2022 +273.4 pp | Mar 2023 +45.9 pp | Jun 2023 −21.5 pp | Sep 2023 +29.5 pp | Dec 2023 −19.4 pp | Mar 2024 −5.1 pp | Jun 2024 +30.6 pp | Sep 2024 −42.6 pp | Dec 2024 +19.8 pp | Mar 2025 −17.3 pp | Jun 2025 −13.7 pp | Sep 2025 +10.2 pp | Dec 2025 +28.6 pp | Mar 2026 +40.5 pp
- LODE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −7,911.6 pp | Sep 2022 −6,863.2 pp | Dec 2022 −13,993.4 pp | Mar 2023 −8,478.9 pp | Jun 2023 −5,750.3 pp | Sep 2023 +7,689.1 pp | Dec 2023 +14,666.5 pp | Mar 2024 +15,420.4 pp | Jun 2024 +15,512.4 pp | Sep 2024 −2,798.7 pp | Dec 2024 −812.4 pp | Mar 2025 +195.9 pp | Jun 2025 −978.6 pp | Sep 2025 −16,442.3 pp | Dec 2025 −2,543.0 pp | Mar 2026 −1,957.2 pp
- GORO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +5.3 pp | Sep 2022 −51.8 pp | Dec 2022 −19.6 pp | Mar 2023 −21.5 pp | Jun 2023 −41.2 pp | Sep 2023 −0.6 pp | Dec 2023 −19.2 pp | Mar 2024 −24.8 pp | Jun 2024 −0.2 pp | Sep 2024 −44.6 pp | Dec 2024 −34.0 pp | Mar 2025 −4.4 pp | Jun 2025 −31.8 pp | Sep 2025 +98.3 pp | Dec 2025 +105.1 pp | Mar 2026 +62.3 pp

## Profit Scale & Acceleration

What the numbers say: Compañía de Minas Buenaventura S.A.A. leads with $1,047 million of TTM profit, 235.6% above Triple Flag Precious Metals Corp.. Avino Silver & Gold Mines Ltd. shows ≥100% on the scoring scale (184.6% uncapped) growth from a $37 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Compañía de Minas Buenaventura S.A.A. 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: Compañía de Minas Buenaventura S.A.A. · $1,047 million | 235.6% versus #2 · Triple Flag Precious Metals Corp. | 4/8 recent comparable periods | 16/17 companies · 307 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. Compañía de Minas Buenaventura S.A.A. (BVN): ₹1.0K Cr
2. Triple Flag Precious Metals Corp. (TFPM): ₹312 Cr
3. Hecla Mining Company (HL): ₹274 Cr
4. McEwen Inc. (MUX): ₹74 Cr
5. Avino Silver & Gold Mines Ltd. (ASM): ₹37 Cr

### Profit growth — fastest growers
1. Avino Silver & Gold Mines Ltd. (ASM): 100%
2. Compañía de Minas Buenaventura S.A.A. (BVN): 100%
3. Hecla Mining Company (HL): 100%
4. Triple Flag Precious Metals Corp. (TFPM): 100%
5. Elemental Royalty Corporation (ELE): -125%

### 20-quarter Net profit history
- HL: Jun 2021 ₹3 Cr | Sep 2021 ₹-1 Cr | Dec 2021 ₹12 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹-13 Cr | Sep 2022 ₹-43 Cr | Dec 2022 ₹-12 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹-16 Cr | Sep 2023 ₹-22 Cr | Dec 2023 ₹-43 Cr | Mar 2024 ₹-6 Cr | Jun 2024 ₹28 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹12 Cr | Mar 2025 ₹29 Cr | Jun 2025 ₹58 Cr | Sep 2025 ₹101 Cr | Dec 2025 ₹134 Cr | Mar 2026 ₹-19 Cr
- BVN: Jun 2021 ₹33 Cr | Sep 2021 ₹-5 Cr | Dec 2021 ₹79 Cr | Mar 2022 ₹135 Cr | Jun 2022 ₹-44 Cr | Sep 2022 ₹-23 Cr | Dec 2022 ₹57 Cr | Mar 2023 ₹72 Cr | Jun 2023 ₹-5 Cr | Sep 2023 ₹-24 Cr | Dec 2023 ₹-3 Cr | Mar 2024 ₹67 Cr | Jun 2024 ₹74 Cr | Sep 2024 ₹246 Cr | Dec 2024 ₹30 Cr | Mar 2025 ₹147 Cr | Jun 2025 ₹101 Cr | Sep 2025 ₹179 Cr | Dec 2025 ₹411 Cr | Mar 2026 ₹356 Cr
- TFPM: Jun 2021 ₹18 Cr | Sep 2021 ₹5 Cr | Dec 2021 ₹13 Cr | Mar 2022 ₹16 Cr | Jun 2022 ₹11 Cr | Sep 2022 ₹16 Cr | Dec 2022 ₹15 Cr | Mar 2023 ₹17 Cr | Jun 2023 ₹16 Cr | Sep 2023 ₹-13 Cr | Dec 2023 ₹12 Cr | Mar 2024 ₹17 Cr | Jun 2024 ₹-111 Cr | Sep 2024 ₹30 Cr | Dec 2024 ₹41 Cr | Mar 2025 ₹46 Cr | Jun 2025 ₹56 Cr | Sep 2025 ₹62 Cr | Dec 2025 ₹77 Cr | Mar 2026 ₹117 Cr
- PPTA: Jun 2021 ₹-1 Cr | Sep 2021 ₹-7 Cr | Dec 2021 ₹-11 Cr | Mar 2022 ₹-6 Cr | Jun 2022 ₹-6 Cr | Sep 2022 ₹-6 Cr | Dec 2022 ₹-10 Cr | Mar 2023 ₹-5 Cr | Jun 2023 ₹-8 Cr | Sep 2023 ₹-3 Cr | Dec 2023 ₹-4 Cr | Mar 2024 ₹-3 Cr | Jun 2024 ₹-4 Cr | Sep 2024 ₹-4 Cr | Dec 2024 ₹-4 Cr | Mar 2025 ₹-8 Cr | Jun 2025 ₹-6 Cr | Sep 2025 ₹-26 Cr | Dec 2025 ₹-61 Cr | Mar 2026 ₹-49 Cr
- SLSR: Jun 2021 ₹-12 Cr | Sep 2021 ₹-13 Cr | Dec 2021 ₹-19 Cr | Mar 2022 ₹-16 Cr | Jun 2022 ₹-15 Cr | Sep 2022 ₹-14 Cr | Dec 2022 ₹-14 Cr | Mar 2023 ₹-12 Cr | Jun 2023 ₹-10 Cr | Sep 2023 ₹-9 Cr | Dec 2023 ₹-10 Cr | Mar 2024 ₹-13 Cr | Jun 2024 ₹-18 Cr | Sep 2024 ₹-21 Cr | Dec 2024 ₹-26 Cr | Mar 2025 ₹-15 Cr | Jun 2025 ₹-4 Cr | Sep 2025 ₹-11 Cr | Dec 2025 ₹-11 Cr | Mar 2026 ₹-5 Cr
- MUX: Jun 2021 ₹-6 Cr | Sep 2021 ₹-17 Cr | Dec 2021 ₹-21 Cr | Mar 2022 ₹-21 Cr | Jun 2022 ₹-12 Cr | Sep 2022 ₹-11 Cr | Dec 2022 ₹-37 Cr | Mar 2023 ₹-43 Cr | Jun 2023 ₹-22 Cr | Sep 2023 ₹-18 Cr | Dec 2023 ₹138 Cr | Mar 2024 ₹-20 Cr | Jun 2024 ₹-13 Cr | Sep 2024 ₹-2 Cr | Dec 2024 ₹-8 Cr | Mar 2025 ₹-6 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹38 Cr | Mar 2026 ₹33 Cr
- ELE: Jun 2021 ₹-1 Cr | Sep 2021 ₹-1 Cr | Dec 2021 ₹-1 Cr | Mar 2022 ₹-1 Cr | Jun 2022 ₹-2 Cr | Sep 2022 ₹-3 Cr | Dec 2022 ₹-12 Cr | Mar 2023 ₹-2 Cr | Jun 2023 ₹-1 Cr | Sep 2023 ₹-2 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹-1 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹-3 Cr | Mar 2026 ₹1 Cr
- VMET: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹-7 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹15 Cr | Mar 2026 ₹14 Cr
- ASM: Jun 2021 ₹-3 Cr | Sep 2021 ₹0 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹-1 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹-1 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹16 Cr
- MTA: Jun 2021 ₹-3 Cr | Sep 2021 ₹-2 Cr | Dec 2021 ₹-3 Cr | Mar 2022 ₹-2 Cr | Jun 2022 ₹-2 Cr | Sep 2022 ₹-2 Cr | Dec 2022 ₹-5 Cr | Mar 2023 ₹-1 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹-2 Cr | Dec 2023 ₹-2 Cr | Mar 2024 ₹-2 Cr | Jun 2024 ₹-2 Cr | Sep 2024 ₹-1 Cr | Dec 2024 ₹-1 Cr | Mar 2025 ₹-1 Cr | Jun 2025 ₹-2 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹-2 Cr | Mar 2026 ₹0 Cr
- ITRG: Jun 2021 ₹-10 Cr | Sep 2021 ₹-10 Cr | Dec 2021 ₹-7 Cr | Mar 2022 ₹-6 Cr | Jun 2022 ₹-5 Cr | Sep 2022 ₹-3 Cr | Dec 2022 ₹-6 Cr | Mar 2023 ₹-7 Cr | Jun 2023 ₹-7 Cr | Sep 2023 ₹-8 Cr | Dec 2023 ₹-7 Cr | Mar 2024 ₹-5 Cr | Jun 2024 ₹-7 Cr | Sep 2024 ₹-7 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹11 Cr | Sep 2025 ₹-8 Cr | Dec 2025 ₹-6 Cr | Mar 2026 ₹13 Cr
- GMTL: Jun 2021 — | Sep 2021 — | Dec 2021 ₹0 Cr | Mar 2022 — | Jun 2022 ₹-1 Cr | Sep 2022 — | Dec 2022 ₹0 Cr | Mar 2023 — | Jun 2023 ₹-1 Cr | Sep 2023 — | Dec 2023 ₹-1 Cr | Mar 2024 — | Jun 2024 ₹-1 Cr | Sep 2024 — | Dec 2024 ₹-1 Cr | Mar 2025 — | Jun 2025 ₹-2 Cr | Sep 2025 — | Dec 2025 ₹-5 Cr | Mar 2026 —
- VOXR: Jun 2021 ₹2 Cr | Sep 2021 ₹-1 Cr | Dec 2021 ₹-2 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹-1 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹-1 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹24 Cr
- LODE: Jun 2021 ₹-6 Cr | Sep 2021 ₹-9 Cr | Dec 2021 ₹-17 Cr | Mar 2022 ₹-7 Cr | Jun 2022 ₹-14 Cr | Sep 2022 ₹-5 Cr | Dec 2022 ₹-21 Cr | Mar 2023 ₹-6 Cr | Jun 2023 ₹-6 Cr | Sep 2023 ₹14 Cr | Dec 2023 ₹8 Cr | Mar 2024 ₹-7 Cr | Jun 2024 ₹-9 Cr | Sep 2024 ₹-15 Cr | Dec 2024 ₹-23 Cr | Mar 2025 ₹-9 Cr | Jun 2025 ₹-8 Cr | Sep 2025 ₹-13 Cr | Dec 2025 ₹-13 Cr | Mar 2026 ₹-9 Cr
- SBMT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 ₹-2 Cr | Sep 2024 ₹-1 Cr | Dec 2024 ₹-1 Cr | Mar 2025 ₹-6 Cr | Jun 2025 ₹-2 Cr | Sep 2025 ₹-1 Cr | Dec 2025 ₹-1 Cr | Mar 2026 ₹-3 Cr
- GORO: Jun 2021 ₹1 Cr | Sep 2021 ₹2 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹-10 Cr | Dec 2022 ₹-3 Cr | Mar 2023 ₹-1 Cr | Jun 2023 ₹-5 Cr | Sep 2023 ₹-7 Cr | Dec 2023 ₹-3 Cr | Mar 2024 ₹-6 Cr | Jun 2024 ₹-27 Cr | Sep 2024 ₹-13 Cr | Dec 2024 ₹-11 Cr | Mar 2025 ₹-8 Cr | Jun 2025 ₹-11 Cr | Sep 2025 ₹-5 Cr | Dec 2025 ₹18 Cr | Mar 2026 ₹5 Cr
- PLG: Jun 2021 ₹-2 Cr | Sep 2021 ₹-4 Cr | Dec 2021 ₹-3 Cr | Mar 2022 ₹-3 Cr | Jun 2022 ₹-1 Cr | Sep 2022 ₹-1 Cr | Dec 2022 ₹-2 Cr | Mar 2023 ₹-1 Cr | Jun 2023 ₹-1 Cr | Sep 2023 ₹-2 Cr | Dec 2023 ₹-2 Cr | Mar 2024 ₹-1 Cr | Jun 2024 ₹-2 Cr | Sep 2024 ₹-1 Cr | Dec 2024 ₹-2 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹-1 Cr | Sep 2025 ₹-1 Cr | Dec 2025 ₹-2 Cr | Mar 2026 ₹-2 Cr

### 20-quarter Profit growth history
- HL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -533% | Sep 2022 — | Dec 2022 -200% | Mar 2023 -25% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -300% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 107% | Sep 2025 4,950% | Dec 2025 1,017% | Mar 2026 -166%
- BVN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -233% | Sep 2022 — | Dec 2022 -28% | Mar 2023 -47% | Jun 2023 — | Sep 2023 — | Dec 2023 -105% | Mar 2024 -6.9% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 119% | Jun 2025 36% | Sep 2025 -27% | Dec 2025 1,270% | Mar 2026 142%
- TFPM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -39% | Sep 2022 220% | Dec 2022 15% | Mar 2023 6.3% | Jun 2023 45% | Sep 2023 -181% | Dec 2023 -20% | Mar 2024 0.0% | Jun 2024 -794% | Sep 2024 — | Dec 2024 242% | Mar 2025 171% | Jun 2025 — | Sep 2025 107% | Dec 2025 88% | Mar 2026 154%
- MUX: Jun 2021 — | 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 -106% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- ELE: Jun 2021 — | 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 — | Mar 2026 -67%
- VMET: Jun 2021 — | 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 -100% | Sep 2025 -25% | Dec 2025 — | Mar 2026 600%
- ASM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -67% | Mar 2023 -100% | Jun 2023 -50% | Sep 2023 — | Dec 2023 0.0% | Mar 2024 — | Jun 2024 0.0% | Sep 2024 — | Dec 2024 400% | Mar 2025 500% | Jun 2025 200% | Sep 2025 700% | Dec 2025 100% | Mar 2026 167%
- ITRG: Jun 2021 — | 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 -160% | Mar 2026 1,200%
- VOXR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -100% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 -100% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- LODE: Jun 2021 — | 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 -207% | Dec 2024 -388% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- GORO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 200% | Sep 2022 -600% | Dec 2022 -200% | Mar 2023 -125% | Jun 2023 -267% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

## Capacity Spending & Returns On It

What the numbers say: Compañía de Minas Buenaventura S.A.A. reports $123 million of CAPEX; Integra Resources Corp. has the highest covered intensity at 43.5%. Coverage is only 13 of 17 companies and 224 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: Compañía de Minas Buenaventura S.A.A. · $123 million | 215.4% versus #2 · Hecla Mining Company | 8/8 recent comparable periods | 13/17 companies · 224 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. Compañía de Minas Buenaventura S.A.A. (BVN): ₹123 Cr
2. Hecla Mining Company (HL): ₹39 Cr
3. Triple Flag Precious Metals Corp. (TFPM): ₹30 Cr
4. Integra Resources Corp. (ITRG): ₹27 Cr
5. Perpetua Resources Corp. (PPTA): ₹19 Cr

### CAPEX intensity — highest reinvestment intensity
1. Integra Resources Corp. (ITRG): 44%
2. Gold Resource Corporation (GORO): 21%
3. Triple Flag Precious Metals Corp. (TFPM): 20%
4. McEwen Inc. (MUX): 20%
5. Compañía de Minas Buenaventura S.A.A. (BVN): 20%

### 20-quarter CAPEX history
- HL: Jun 2021 ₹32 Cr | Sep 2021 ₹27 Cr | Dec 2021 ₹29 Cr | Mar 2022 ₹21 Cr | Jun 2022 ₹34 Cr | Sep 2022 ₹37 Cr | Dec 2022 ₹56 Cr | Mar 2023 ₹54 Cr | Jun 2023 ₹51 Cr | Sep 2023 ₹55 Cr | Dec 2023 ₹63 Cr | Mar 2024 ₹48 Cr | Jun 2024 ₹50 Cr | Sep 2024 ₹56 Cr | Dec 2024 ₹61 Cr | Mar 2025 ₹38 Cr | Jun 2025 ₹58 Cr | Sep 2025 ₹58 Cr | Dec 2025 ₹82 Cr | Mar 2026 ₹39 Cr
- BVN: Jun 2021 ₹21 Cr | Sep 2021 ₹24 Cr | Dec 2021 ₹32 Cr | Mar 2022 ₹20 Cr | Jun 2022 ₹30 Cr | Sep 2022 ₹37 Cr | Dec 2022 ₹59 Cr | Mar 2023 ₹36 Cr | Jun 2023 ₹50 Cr | Sep 2023 ₹60 Cr | Dec 2023 ₹93 Cr | Mar 2024 ₹58 Cr | Jun 2024 ₹84 Cr | Sep 2024 ₹95 Cr | Dec 2024 ₹101 Cr | Mar 2025 ₹83 Cr | Jun 2025 ₹103 Cr | Sep 2025 ₹137 Cr | Dec 2025 ₹150 Cr | Mar 2026 ₹123 Cr
- TFPM: Jun 2021 ₹2 Cr | Sep 2021 ₹0 Cr | Dec 2021 ₹5 Cr | Mar 2022 ₹9 Cr | Jun 2022 ₹5 Cr | Sep 2022 — | Dec 2022 ₹38 Cr | Mar 2023 ₹146 Cr | Jun 2023 ₹18 Cr | Sep 2023 ₹20 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹54 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹64 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹151 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹30 Cr
- PPTA: Jun 2021 — | Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 — | Jun 2022 — | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 — | 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 — | Jun 2025 ₹1 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹19 Cr
- SLSR: Jun 2021 ₹0 Cr | Sep 2021 ₹0 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹1 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 ₹1 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr
- MUX: Jun 2021 ₹10 Cr | Sep 2021 ₹8 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹9 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹8 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹19 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹15 Cr
- ELE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | 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 ₹0 Cr
- ASM: Jun 2021 ₹0 Cr | Sep 2021 ₹1 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹17 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹3 Cr
- ITRG: Jun 2021 ₹0 Cr | Sep 2021 ₹1 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 ₹2 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹13 Cr | Sep 2025 ₹15 Cr | Dec 2025 ₹15 Cr | Mar 2026 ₹27 Cr
- LODE: Jun 2021 ₹0 Cr | Sep 2021 ₹0 Cr | Dec 2021 — | Mar 2022 ₹1 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹1 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 ₹1 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹6 Cr
- SBMT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 — | Jun 2025 — | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr
- GORO: Jun 2021 ₹5 Cr | Sep 2021 ₹6 Cr | Dec 2021 ₹5 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹9 Cr
- PLG: Jun 2021 ₹2 Cr | Sep 2021 ₹1 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹1 Cr

### 20-quarter CAPEX intensity history
- HL: Jun 2021 15% | Sep 2021 14% | Dec 2021 16% | Mar 2022 11% | Jun 2022 18% | Sep 2022 25% | Dec 2022 29% | Mar 2023 27% | Jun 2023 29% | Sep 2023 30% | Dec 2023 39% | Mar 2024 25% | Jun 2024 20% | Sep 2024 23% | Dec 2024 24% | Mar 2025 19% | Jun 2025 19% | Sep 2025 14% | Dec 2025 18% | Mar 2026 9.5%
- BVN: Jun 2021 8.7% | Sep 2021 11% | Dec 2021 13% | Mar 2022 8.6% | Jun 2022 20% | Sep 2022 19% | Dec 2022 24% | Mar 2023 20% | Jun 2023 29% | Sep 2023 28% | Dec 2023 37% | Mar 2024 24% | Jun 2024 30% | Sep 2024 29% | Dec 2024 34% | Mar 2025 27% | Jun 2025 28% | Sep 2025 32% | Dec 2025 24% | Mar 2026 20%
- TFPM: Jun 2021 4.9% | Sep 2021 0.0% | Dec 2021 14% | Mar 2022 24% | Jun 2022 14% | Sep 2022 — | Dec 2022 86% | Mar 2023 292% | Jun 2023 34% | Sep 2023 41% | Dec 2023 14% | Mar 2024 1.7% | Jun 2024 3.1% | Sep 2024 73% | Dec 2024 0.0% | Mar 2025 78% | Jun 2025 4.3% | Sep 2025 162% | Dec 2025 0.0% | Mar 2026 20%
- MUX: Jun 2021 24% | Sep 2021 22% | Dec 2021 17% | Mar 2022 15% | Jun 2022 13% | Sep 2022 35% | Dec 2022 25% | Mar 2023 14% | Jun 2023 12% | Sep 2023 24% | Dec 2023 14% | Mar 2024 12% | Jun 2024 15% | Sep 2024 37% | Dec 2024 38% | Mar 2025 42% | Jun 2025 21% | Sep 2025 22% | Dec 2025 15% | Mar 2026 20%
- ELE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 0.0% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 0.0%
- ASM: Jun 2021 — | Sep 2021 50% | Dec 2021 11% | Mar 2022 9.1% | Jun 2022 22% | Sep 2022 33% | Dec 2022 13% | Mar 2023 30% | Jun 2023 11% | Sep 2023 17% | Dec 2023 7.7% | Mar 2024 8.3% | Jun 2024 6.7% | Sep 2024 6.7% | Dec 2024 4.2% | Mar 2025 5.3% | Jun 2025 18% | Sep 2025 81% | Dec 2025 13% | Mar 2026 7.7%
- ITRG: Jun 2021 — | 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 6.7% | Mar 2025 7.0% | Jun 2025 21% | Sep 2025 21% | Dec 2025 27% | Mar 2026 44%
- LODE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 100% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 0.0% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- GORO: Jun 2021 16% | Sep 2021 21% | Dec 2021 13% | Mar 2022 13% | Jun 2022 14% | Sep 2022 17% | Dec 2022 13% | Mar 2023 9.7% | Jun 2023 12% | Sep 2023 19% | Dec 2023 14% | Mar 2024 11% | Jun 2024 9.5% | Sep 2024 15% | Dec 2024 7.7% | Mar 2025 17% | Jun 2025 27% | Sep 2025 28% | Dec 2025 18% | Mar 2026 21%

## Debt Load & Balance-Sheet Headroom

What the numbers say: Perpetua Resources Corp. has the clearest covered balance-sheet capacity with $666 million net cash and gross debt of $4 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: Elemental Royalty Corporation · $0 million | null versus #2 · Platinum Group Metals Ltd. | 6/8 recent comparable periods | 15/17 companies · 291 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. Elemental Royalty Corporation (ELE): ₹0 Cr
2. Platinum Group Metals Ltd. (PLG): ₹0 Cr
3. Solaris Resources Inc. (SLSR): ₹0 Cr
4. Triple Flag Precious Metals Corp. (TFPM): ₹0 Cr
5. Vox Royalty Corp. (VOXR): ₹0 Cr

### Net debt — lowest net debt
1. Perpetua Resources Corp. (PPTA): ₹-666 Cr
2. Hecla Mining Company (HL): ₹-341 Cr
3. Triple Flag Precious Metals Corp. (TFPM): ₹-165 Cr
4. Avino Silver & Gold Mines Ltd. (ASM): ₹-131 Cr
5. Integra Resources Corp. (ITRG): ₹-71 Cr

### 20-quarter Gross debt history
- HL: Jun 2021 ₹533 Cr | Sep 2021 ₹530 Cr | Dec 2021 ₹521 Cr | Mar 2022 ₹536 Cr | Jun 2022 ₹535 Cr | Sep 2022 ₹563 Cr | Dec 2022 ₹527 Cr | Mar 2023 ₹526 Cr | Jun 2023 ₹571 Cr | Sep 2023 ₹616 Cr | Dec 2023 ₹663 Cr | Mar 2024 ₹671 Cr | Jun 2024 ₹590 Cr | Sep 2024 ₹540 Cr | Dec 2024 ₹551 Cr | Mar 2025 ₹569 Cr | Jun 2025 ₹565 Cr | Sep 2025 ₹278 Cr | Dec 2025 ₹267 Cr | Mar 2026 ₹266 Cr
- BVN: Jun 2021 ₹570 Cr | Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹771 Cr | Jun 2022 ₹743 Cr | Sep 2022 ₹736 Cr | Dec 2022 ₹739 Cr | Mar 2023 ₹730 Cr | Jun 2023 ₹723 Cr | Sep 2023 ₹715 Cr | Dec 2023 ₹707 Cr | Mar 2024 ₹699 Cr | Jun 2024 ₹692 Cr | Sep 2024 ₹298 Cr | Dec 2024 ₹627 Cr | Mar 2025 ₹862 Cr | Jun 2025 ₹860 Cr | Sep 2025 ₹711 Cr | Dec 2025 ₹710 Cr | Mar 2026 ₹708 Cr
- TFPM: Jun 2021 ₹8 Cr | Sep 2021 ₹1 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹80 Cr | Jun 2023 ₹65 Cr | Sep 2023 ₹65 Cr | Dec 2023 ₹57 Cr | Mar 2024 ₹60 Cr | Jun 2024 ₹20 Cr | Sep 2024 ₹35 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr
- PPTA: Jun 2021 ₹0 Cr | 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 ₹4 Cr
- SLSR: Jun 2021 ₹0 Cr | 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 ₹29 Cr | Mar 2024 ₹30 Cr | Jun 2024 ₹32 Cr | Sep 2024 ₹48 Cr | Dec 2024 ₹50 Cr | Mar 2025 ₹51 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr
- MUX: Jun 2021 ₹54 Cr | Sep 2021 ₹54 Cr | Dec 2021 ₹53 Cr | Mar 2022 ₹67 Cr | Jun 2022 ₹67 Cr | Sep 2022 ₹66 Cr | Dec 2022 ₹66 Cr | Mar 2023 ₹66 Cr | Jun 2023 ₹42 Cr | Sep 2023 ₹42 Cr | Dec 2023 ₹41 Cr | Mar 2024 ₹42 Cr | Jun 2024 ₹41 Cr | Sep 2024 ₹42 Cr | Dec 2024 ₹42 Cr | Mar 2025 ₹127 Cr | Jun 2025 ₹128 Cr | Sep 2025 ₹128 Cr | Dec 2025 ₹128 Cr | Mar 2026 ₹128 Cr
- ELE: Jun 2021 ₹24 Cr | Sep 2021 ₹24 Cr | Dec 2021 ₹24 Cr | Mar 2022 ₹25 Cr | Jun 2022 ₹25 Cr | Sep 2022 ₹30 Cr | Dec 2022 ₹30 Cr | Mar 2023 ₹30 Cr | Jun 2023 ₹30 Cr | Sep 2023 ₹30 Cr | Dec 2023 ₹30 Cr | Mar 2024 ₹25 Cr | Jun 2024 ₹20 Cr | Sep 2024 ₹20 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr
- VMET: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹15 Cr | Mar 2023 ₹15 Cr | Jun 2023 — | Sep 2023 ₹40 Cr | Dec 2023 ₹40 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹13 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹13 Cr | Jun 2025 ₹53 Cr | Sep 2025 ₹177 Cr | Dec 2025 ₹171 Cr | Mar 2026 ₹45 Cr
- ASM: Jun 2021 ₹1 Cr | Sep 2021 ₹1 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹7 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹8 Cr
- MTA: Jun 2021 ₹3 Cr | Sep 2021 ₹3 Cr | Dec 2021 ₹11 Cr | Mar 2022 ₹11 Cr | Jun 2022 ₹11 Cr | Sep 2022 ₹10 Cr | Dec 2022 ₹5 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹14 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹11 Cr | Jun 2025 ₹12 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹12 Cr
- ITRG: Jun 2021 ₹2 Cr | Sep 2021 ₹2 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹10 Cr | Dec 2022 ₹10 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹11 Cr | Sep 2023 ₹11 Cr | Dec 2023 ₹12 Cr | Mar 2024 ₹12 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹23 Cr | Mar 2025 ₹26 Cr | Jun 2025 ₹30 Cr | Sep 2025 ₹23 Cr | Dec 2025 ₹22 Cr | Mar 2026 ₹35 Cr
- VOXR: Jun 2021 ₹0 Cr | 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 ₹12 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹7 Cr | Mar 2026 ₹0 Cr
- LODE: Jun 2021 ₹0 Cr | Sep 2021 ₹0 Cr | Dec 2021 ₹18 Cr | Mar 2022 ₹18 Cr | Jun 2022 ₹18 Cr | Sep 2022 ₹19 Cr | Dec 2022 ₹9 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹11 Cr | Mar 2024 ₹12 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹17 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹22 Cr | Jun 2025 ₹19 Cr | Sep 2025 ₹17 Cr | Dec 2025 ₹19 Cr | Mar 2026 ₹19 Cr
- GORO: Jun 2021 ₹0 Cr | Sep 2021 ₹0 Cr | Dec 2021 ₹43 Cr | Mar 2022 ₹43 Cr | Jun 2022 ₹43 Cr | Sep 2022 ₹43 Cr | Dec 2022 ₹43 Cr | Mar 2023 ₹44 Cr | Jun 2023 ₹44 Cr | Sep 2023 ₹45 Cr | Dec 2023 ₹61 Cr | Mar 2024 ₹46 Cr | Jun 2024 ₹50 Cr | Sep 2024 ₹51 Cr | Dec 2024 ₹74 Cr | Mar 2025 ₹78 Cr | Jun 2025 ₹88 Cr | Sep 2025 ₹86 Cr | Dec 2025 ₹91 Cr | Mar 2026 ₹96 Cr
- PLG: Jun 2021 ₹30 Cr | Sep 2021 ₹28 Cr | Dec 2021 ₹23 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

### 20-quarter Net debt history
- HL: Jun 2021 ₹352 Cr | Sep 2021 ₹339 Cr | Dec 2021 ₹311 Cr | Mar 2022 ₹324 Cr | Jun 2022 ₹337 Cr | Sep 2022 ₹418 Cr | Dec 2022 ₹422 Cr | Mar 2023 ₹430 Cr | Jun 2023 ₹464 Cr | Sep 2023 ₹515 Cr | Dec 2023 ₹557 Cr | Mar 2024 ₹591 Cr | Jun 2024 ₹565 Cr | Sep 2024 ₹518 Cr | Dec 2024 ₹524 Cr | Mar 2025 ₹545 Cr | Jun 2025 ₹268 Cr | Sep 2025 ₹144 Cr | Dec 2025 ₹-34 Cr | Mar 2026 ₹-341 Cr
- BVN: Jun 2021 ₹315 Cr | Sep 2021 ₹827 Cr | Dec 2021 ₹731 Cr | Mar 2022 ₹434 Cr | Jun 2022 ₹417 Cr | Sep 2022 ₹448 Cr | Dec 2022 ₹485 Cr | Mar 2023 ₹557 Cr | Jun 2023 ₹521 Cr | Sep 2023 ₹493 Cr | Dec 2023 ₹487 Cr | Mar 2024 ₹525 Cr | Jun 2024 ₹520 Cr | Sep 2024 ₹-160 Cr | Dec 2024 ₹149 Cr | Mar 2025 ₹214 Cr | Jun 2025 ₹271 Cr | Sep 2025 ₹225 Cr | Dec 2025 ₹180 Cr | Mar 2026 ₹-52 Cr
- TFPM: Jun 2021 ₹-27 Cr | Sep 2021 ₹-39 Cr | Dec 2021 ₹-53 Cr | Mar 2022 ₹-66 Cr | Jun 2022 ₹-79 Cr | Sep 2022 ₹-85 Cr | Dec 2022 ₹-79 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹33 Cr | Mar 2024 ₹23 Cr | Jun 2024 ₹-4 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹-39 Cr | Mar 2025 ₹-22 Cr | Jun 2025 ₹-86 Cr | Sep 2025 ₹-11 Cr | Dec 2025 ₹-89 Cr | Mar 2026 ₹-165 Cr
- PPTA: Jun 2021 ₹-9 Cr | Sep 2021 ₹-56 Cr | Dec 2021 ₹-48 Cr | Mar 2022 ₹-41 Cr | Jun 2022 ₹-36 Cr | Sep 2022 ₹-29 Cr | Dec 2022 ₹-23 Cr | Mar 2023 ₹-19 Cr | Jun 2023 ₹-14 Cr | Sep 2023 ₹-7 Cr | Dec 2023 ₹-3 Cr | Mar 2024 ₹-8 Cr | Jun 2024 ₹-2 Cr | Sep 2024 ₹-11 Cr | Dec 2024 ₹-44 Cr | Mar 2025 ₹-19 Cr | Jun 2025 ₹-425 Cr | Sep 2025 ₹-446 Cr | Dec 2025 ₹-714 Cr | Mar 2026 ₹-666 Cr
- SLSR: Jun 2021 ₹-60 Cr | Sep 2021 ₹-47 Cr | Dec 2021 ₹-34 Cr | Mar 2022 ₹-18 Cr | Jun 2022 ₹-24 Cr | Sep 2022 ₹-11 Cr | Dec 2022 ₹-15 Cr | Mar 2023 ₹-24 Cr | Jun 2023 ₹-15 Cr | Sep 2023 ₹-7 Cr | Dec 2023 ₹-10 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹-22 Cr | Sep 2024 ₹-5 Cr | Dec 2024 ₹18 Cr | Mar 2025 ₹37 Cr | Jun 2025 ₹-47 Cr | Sep 2025 ₹-25 Cr | Dec 2025 ₹-25 Cr | Mar 2026 ₹-13 Cr
- MUX: Jun 2021 ₹10 Cr | Sep 2021 ₹-11 Cr | Dec 2021 ₹-3 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹21 Cr | Sep 2022 ₹10 Cr | Dec 2022 ₹25 Cr | Mar 2023 ₹-126 Cr | Jun 2023 ₹-72 Cr | Sep 2023 ₹-48 Cr | Dec 2023 ₹16 Cr | Mar 2024 ₹18 Cr | Jun 2024 ₹-2 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹27 Cr | Mar 2025 ₹48 Cr | Jun 2025 ₹58 Cr | Sep 2025 ₹53 Cr | Dec 2025 ₹56 Cr | Mar 2026 ₹58 Cr
- ELE: Jun 2021 ₹18 Cr | Sep 2021 ₹18 Cr | Dec 2021 ₹18 Cr | Mar 2022 ₹8 Cr | Jun 2022 ₹19 Cr | Sep 2022 ₹13 Cr | Dec 2022 ₹13 Cr | Mar 2023 ₹18 Cr | Jun 2023 ₹19 Cr | Sep 2023 ₹21 Cr | Dec 2023 ₹19 Cr | Mar 2024 ₹16 Cr | Jun 2024 ₹14 Cr | Sep 2024 ₹14 Cr | Dec 2024 ₹-1 Cr | Mar 2025 ₹-5 Cr | Jun 2025 ₹-24 Cr | Sep 2025 ₹-15 Cr | Dec 2025 ₹-53 Cr | Mar 2026 ₹-69 Cr
- VMET: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹11 Cr | Mar 2023 ₹11 Cr | Jun 2023 — | Sep 2023 ₹33 Cr | Dec 2023 ₹33 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹12 Cr | Dec 2024 ₹12 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹52 Cr | Sep 2025 ₹175 Cr | Dec 2025 ₹167 Cr | Mar 2026 ₹39 Cr
- ASM: Jun 2021 ₹-26 Cr | Sep 2021 ₹-21 Cr | Dec 2021 ₹-24 Cr | Mar 2022 ₹-6 Cr | Jun 2022 ₹-6 Cr | Sep 2022 ₹-4 Cr | Dec 2022 ₹-4 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹-1 Cr | Sep 2024 ₹-5 Cr | Dec 2024 ₹-24 Cr | Mar 2025 ₹-22 Cr | Jun 2025 ₹-32 Cr | Sep 2025 ₹-52 Cr | Dec 2025 ₹-96 Cr | Mar 2026 ₹-131 Cr
- MTA: Jun 2021 ₹0 Cr | Sep 2021 ₹-7 Cr | Dec 2021 ₹9 Cr | Mar 2022 ₹8 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹7 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹-4 Cr | Sep 2023 ₹-3 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹2 Cr
- ITRG: Jun 2021 ₹-14 Cr | Sep 2021 ₹-21 Cr | Dec 2021 ₹-13 Cr | Mar 2022 ₹-8 Cr | Jun 2022 ₹-3 Cr | Sep 2022 ₹-11 Cr | Dec 2022 ₹-6 Cr | Mar 2023 ₹-25 Cr | Jun 2023 ₹-12 Cr | Sep 2023 ₹-4 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹-5 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹-12 Cr | Dec 2024 ₹-30 Cr | Mar 2025 ₹-35 Cr | Jun 2025 ₹-33 Cr | Sep 2025 ₹-59 Cr | Dec 2025 ₹-41 Cr | Mar 2026 ₹-71 Cr
- VOXR: Jun 2021 ₹-5 Cr | Sep 2021 ₹-7 Cr | Dec 2021 ₹-7 Cr | Mar 2022 ₹-7 Cr | Jun 2022 ₹-2 Cr | Sep 2022 ₹-4 Cr | Dec 2022 ₹-4 Cr | Mar 2023 ₹-4 Cr | Jun 2023 ₹-11 Cr | Sep 2023 ₹-8 Cr | Dec 2023 ₹-9 Cr | Mar 2024 ₹-10 Cr | Jun 2024 ₹-8 Cr | Sep 2024 ₹-9 Cr | Dec 2024 ₹-9 Cr | Mar 2025 ₹-9 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹-1 Cr | Mar 2026 ₹-16 Cr
- LODE: Jun 2021 ₹-7 Cr | Sep 2021 ₹-9 Cr | Dec 2021 ₹11 Cr | Mar 2022 ₹15 Cr | Jun 2022 ₹14 Cr | Sep 2022 ₹18 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹-6 Cr | Sep 2023 ₹-15 Cr | Dec 2023 ₹-12 Cr | Mar 2024 ₹-7 Cr | Jun 2024 ₹-8 Cr | Sep 2024 ₹-3 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹18 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹-15 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹-34 Cr
- GORO: Jun 2021 ₹-31 Cr | Sep 2021 ₹-30 Cr | Dec 2021 ₹9 Cr | Mar 2022 ₹12 Cr | Jun 2022 ₹10 Cr | Sep 2022 ₹20 Cr | Dec 2022 ₹19 Cr | Mar 2023 ₹23 Cr | Jun 2023 ₹26 Cr | Sep 2023 ₹38 Cr | Dec 2023 ₹55 Cr | Mar 2024 ₹40 Cr | Jun 2024 ₹45 Cr | Sep 2024 ₹50 Cr | Dec 2024 ₹72 Cr | Mar 2025 ₹73 Cr | Jun 2025 ₹75 Cr | Sep 2025 ₹76 Cr | Dec 2025 ₹66 Cr | Mar 2026 ₹65 Cr
- PLG: Jun 2021 ₹21 Cr | Sep 2021 ₹22 Cr | Dec 2021 ₹15 Cr | Mar 2022 ₹-10 Cr | Jun 2022 ₹-14 Cr | Sep 2022 ₹-12 Cr | Dec 2022 ₹-12 Cr | Mar 2023 ₹-10 Cr | Jun 2023 ₹-8 Cr | Sep 2023 ₹-7 Cr | Dec 2023 ₹-7 Cr | Mar 2024 ₹-6 Cr | Jun 2024 ₹-5 Cr | Sep 2024 ₹-4 Cr | Dec 2024 ₹-2 Cr | Mar 2025 ₹-1 Cr | Jun 2025 ₹-6 Cr | Sep 2025 ₹-12 Cr | Dec 2025 ₹-18 Cr | Mar 2026 ₹-45 Cr

## Return On Capital Employed

What the numbers say: Gold Resource Corporation leads ROCE at 9.6%, 0.5 percentage points above Avino Silver & Gold Mines Ltd.. Solaris Resources Inc. has the strongest latest improvement at +27.1 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: Gold Resource 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: Gold Resource Corporation · 9.6% | 5.5% versus #2 · Avino Silver & Gold Mines Ltd. | 5/8 recent comparable periods | 17/17 companies · 299 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. Gold Resource Corporation (GORO): 9.6%
2. Avino Silver & Gold Mines Ltd. (ASM): 9.1%
3. Vox Royalty Corp. (VOXR): 7.6%
4. Versamet Royalties Corporation (VMET): 6.8%
5. Compañía de Minas Buenaventura S.A.A. (BVN): 6.3%

### ROCE change — fastest improvers
1. Solaris Resources Inc. (SLSR): +27.1 pp
2. Gold Resource Corporation (GORO): +11.9 pp
3. Vox Royalty Corp. (VOXR): +7.4 pp
4. Hecla Mining Company (HL): +5.7 pp
5. Perpetua Resources Corp. (PPTA): +4.6 pp

### 20-quarter ROCE history
- HL: Jun 2021 — | Sep 2021 -0.3% | Dec 2021 0.9% | Mar 2022 0.6% | Jun 2022 0.3% | Sep 2022 -1.0% | Dec 2022 -0.4% | Mar 2023 0.2% | Jun 2023 0.2% | Sep 2023 -0.5% | Dec 2023 -1.5% | Mar 2024 0.2% | Jun 2024 1.5% | Sep 2024 0.8% | Dec 2024 1.4% | Mar 2025 0.6% | Jun 2025 3.2% | Sep 2025 5.1% | Dec 2025 7.2% | Mar 2026 6.3%
- BVN: Jun 2021 — | Sep 2021 -0.4% | Dec 2021 -1.3% | Mar 2022 0.8% | Jun 2022 -1.7% | Sep 2022 -0.5% | Dec 2022 0.3% | Mar 2023 0.3% | Jun 2023 -0.5% | Sep 2023 -0.7% | Dec 2023 1.5% | Mar 2024 1.1% | Jun 2024 1.6% | Sep 2024 6.6% | Dec 2024 1.1% | Mar 2025 2.1% | Jun 2025 1.9% | Sep 2025 3.2% | Dec 2025 5.9% | Mar 2026 6.3%
- TFPM: Jun 2021 — | Sep 2021 1.2% | Dec 2021 1.2% | Mar 2022 1.3% | Jun 2022 1.3% | Sep 2022 1.2% | Dec 2022 1.2% | Mar 2023 1.0% | Jun 2023 1.3% | Sep 2023 -0.5% | Dec 2023 0.8% | Mar 2024 1.1% | Jun 2024 -6.1% | Sep 2024 1.7% | Dec 2024 2.3% | Mar 2025 2.4% | Jun 2025 3.1% | Sep 2025 3.0% | Dec 2025 3.4% | Mar 2026 5.0%
- PPTA: Jun 2021 — | Sep 2021 -6.2% | Dec 2021 -9.8% | Mar 2022 -6.3% | Jun 2022 -7.0% | Sep 2022 -5.3% | Dec 2022 -10% | Mar 2023 -8.3% | Jun 2023 -13% | Sep 2023 -11% | Dec 2023 -13% | Mar 2024 -10% | Jun 2024 -16% | Sep 2024 -21% | Dec 2024 -16% | Mar 2025 -17% | Jun 2025 -4.0% | Sep 2025 -11% | Dec 2025 -14% | Mar 2026 -12%
- SLSR: Jun 2021 — | Sep 2021 -34% | Dec 2021 -29% | Mar 2022 -30% | Jun 2022 -28% | Sep 2022 -32% | Dec 2022 -37% | Mar 2023 -34% | Jun 2023 -28% | Sep 2023 -36% | Dec 2023 -22% | Mar 2024 -29% | Jun 2024 -33% | Sep 2024 -44% | Dec 2024 -46% | Mar 2025 -38% | Jun 2025 -6.8% | Sep 2025 -16% | Dec 2025 -20% | Mar 2026 -11%
- MUX: Jun 2021 -12% | Sep 2021 -12% | Dec 2021 -12% | Mar 2022 -14% | Jun 2022 -16% | Sep 2022 -16% | Dec 2022 -22% | Mar 2023 -20% | Jun 2023 -26% | Sep 2023 -28% | Dec 2023 -17% | Mar 2024 -12% | Jun 2024 -5.0% | Sep 2024 -0.1% | Dec 2024 -2.0% | Mar 2025 -1.0% | Jun 2025 -0.7% | Sep 2025 -2.3% | Dec 2025 -1.7% | Mar 2026 -0.3%
- ELE: Jun 2021 — | Sep 2021 0.6% | Dec 2021 -0.8% | Mar 2022 -0.3% | Jun 2022 -1.7% | Sep 2022 -1.4% | Dec 2022 -8.0% | Mar 2023 -0.8% | Jun 2023 -0.7% | Sep 2023 -0.5% | Dec 2023 1.6% | Mar 2024 -0.1% | Jun 2024 0.4% | Sep 2024 0.6% | Dec 2024 0.3% | Mar 2025 2.3% | Jun 2025 0.8% | Sep 2025 0.7% | Dec 2025 -0.4% | Mar 2026 1.2%
- VMET: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 0.0% | Mar 2023 0.0% | Jun 2023 — | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 — | Jun 2024 — | Sep 2024 3.4% | Dec 2024 0.8% | Mar 2025 2.8% | Jun 2025 3.5% | Sep 2025 2.0% | Dec 2025 9.5% | Mar 2026 6.8%
- ASM: Jun 2021 — | Sep 2021 -0.4% | Dec 2021 4.8% | Mar 2022 3.8% | Jun 2022 1.8% | Sep 2022 0.6% | Dec 2022 2.4% | Mar 2023 0.3% | Jun 2023 -1.3% | Sep 2023 0.4% | Dec 2023 0.4% | Mar 2024 0.6% | Jun 2024 2.0% | Sep 2024 3.2% | Dec 2024 6.7% | Mar 2025 6.2% | Jun 2025 5.0% | Sep 2025 4.4% | Dec 2025 7.5% | Mar 2026 9.1%
- MTA: Jun 2021 — | Sep 2021 -2.1% | Dec 2021 -3.6% | Mar 2022 -1.9% | Jun 2022 -1.3% | Sep 2022 -2.7% | Dec 2022 -3.2% | Mar 2023 -1.0% | Jun 2023 -2.2% | Sep 2023 -1.6% | Dec 2023 -0.8% | Mar 2024 -0.7% | Jun 2024 -0.6% | Sep 2024 -0.4% | Dec 2024 -0.4% | Mar 2025 -0.1% | Jun 2025 0.1% | Sep 2025 0.6% | Dec 2025 -0.6% | Mar 2026 0.1%
- ITRG: Jun 2021 — | Sep 2021 -12% | Dec 2021 -8.7% | Mar 2022 -8.6% | Jun 2022 -8.0% | Sep 2022 -6.3% | Dec 2022 -9.2% | Mar 2023 -14% | Jun 2023 -11% | Sep 2023 -14% | Dec 2023 -9.3% | Mar 2024 -7.1% | Jun 2024 -8.3% | Sep 2024 -10% | Dec 2024 3.5% | Mar 2025 8.4% | Jun 2025 14% | Sep 2025 16% | Dec 2025 7.3% | Mar 2026 6.0%
- GMTL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 -5.4% | Jun 2022 -5.4% | Sep 2022 -1.2% | Dec 2022 -1.2% | Mar 2023 -4.7% | Jun 2023 -4.7% | Sep 2023 -3.6% | Dec 2023 -3.6% | Mar 2024 -3.9% | Jun 2024 -3.9% | Sep 2024 -4.2% | Dec 2024 -4.2% | Mar 2025 -5.8% | Jun 2025 -5.8% | Sep 2025 -9.7% | Dec 2025 -9.7% | Mar 2026 —
- VOXR: Jun 2021 — | Sep 2021 -2.3% | Dec 2021 -7.8% | Mar 2022 -1.1% | Jun 2022 -0.1% | Sep 2022 2.4% | Dec 2022 0.0% | Mar 2023 3.0% | Jun 2023 -1.2% | Sep 2023 4.4% | Dec 2023 -1.3% | Mar 2024 1.4% | Jun 2024 0.4% | Sep 2024 0.6% | Dec 2024 0.0% | Mar 2025 0.2% | Jun 2025 -0.3% | Sep 2025 1.0% | Dec 2025 1.0% | Mar 2026 7.6%
- LODE: Jun 2021 — | Sep 2021 -2.4% | Dec 2021 -4.8% | Mar 2022 -5.4% | Jun 2022 -7.2% | Sep 2022 -3.1% | Dec 2022 -5.3% | Mar 2023 -6.5% | Jun 2023 -8.0% | Sep 2023 3.2% | Dec 2023 -1.0% | Mar 2024 -6.0% | Jun 2024 -7.3% | Sep 2024 -16% | Dec 2024 -18% | Mar 2025 -7.3% | Jun 2025 -6.8% | Sep 2025 -8.0% | Dec 2025 -11% | Mar 2026 -5.9%
- SBMT: Jun 2021 — | 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 -18% | Mar 2025 — | Jun 2025 -23% | Sep 2025 -24% | Dec 2025 -20% | Mar 2026 -14%
- GORO: Jun 2021 — | Sep 2021 2.8% | Dec 2021 4.3% | Mar 2022 7.2% | Jun 2022 4.6% | Sep 2022 -6.6% | Dec 2022 -0.6% | Mar 2023 0.2% | Jun 2023 -3.2% | Sep 2023 -4.5% | Dec 2023 -2.7% | Mar 2024 -2.5% | Jun 2024 -3.0% | Sep 2024 -7.1% | Dec 2024 -4.8% | Mar 2025 -2.3% | Jun 2025 -4.3% | Sep 2025 2.5% | Dec 2025 17% | Mar 2026 9.6%
- PLG: Jun 2021 — | Sep 2021 -13% | Dec 2021 -5.9% | Mar 2022 -3.7% | Jun 2022 -2.4% | Sep 2022 -2.9% | Dec 2022 -4.4% | Mar 2023 -2.7% | Jun 2023 -2.6% | Sep 2023 -3.3% | Dec 2023 -3.3% | Mar 2024 -1.9% | Jun 2024 -3.6% | Sep 2024 -1.3% | Dec 2024 -3.8% | Mar 2025 -0.9% | Jun 2025 -2.3% | Sep 2025 -2.2% | Dec 2025 -3.4% | Mar 2026 -3.2%

### 20-quarter ROCE change history
- HL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.7 pp | Dec 2022 −1.3 pp | Mar 2023 −0.4 pp | Jun 2023 −0.1 pp | Sep 2023 +0.5 pp | Dec 2023 −1.1 pp | Mar 2024 0.0 pp | Jun 2024 +1.3 pp | Sep 2024 +1.3 pp | Dec 2024 +2.9 pp | Mar 2025 +0.4 pp | Jun 2025 +1.7 pp | Sep 2025 +4.3 pp | Dec 2025 +5.8 pp | Mar 2026 +5.7 pp
- BVN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.1 pp | Dec 2022 +1.6 pp | Mar 2023 −0.5 pp | Jun 2023 +1.2 pp | Sep 2023 −0.2 pp | Dec 2023 +1.2 pp | Mar 2024 +0.8 pp | Jun 2024 +2.1 pp | Sep 2024 +7.3 pp | Dec 2024 −0.4 pp | Mar 2025 +1.0 pp | Jun 2025 +0.3 pp | Sep 2025 −3.4 pp | Dec 2025 +4.8 pp | Mar 2026 +4.2 pp
- TFPM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 0.0 pp | Mar 2023 −0.3 pp | Jun 2023 0.0 pp | Sep 2023 −1.7 pp | Dec 2023 −0.4 pp | Mar 2024 +0.1 pp | Jun 2024 −7.4 pp | Sep 2024 +2.2 pp | Dec 2024 +1.5 pp | Mar 2025 +1.3 pp | Jun 2025 +9.2 pp | Sep 2025 +1.3 pp | Dec 2025 +1.1 pp | Mar 2026 +2.6 pp
- PPTA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.9 pp | Dec 2022 −0.6 pp | Mar 2023 −2.0 pp | Jun 2023 −5.9 pp | Sep 2023 −5.6 pp | Dec 2023 −2.8 pp | Mar 2024 −2.1 pp | Jun 2024 −3.1 pp | Sep 2024 −10.0 pp | Dec 2024 −3.2 pp | Mar 2025 −6.4 pp | Jun 2025 +12.0 pp | Sep 2025 +9.9 pp | Dec 2025 +2.5 pp | Mar 2026 +4.6 pp
- SLSR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.3 pp | Dec 2022 −7.9 pp | Mar 2023 −4.2 pp | Jun 2023 +0.4 pp | Sep 2023 −3.1 pp | Dec 2023 +14.5 pp | Mar 2024 +5.3 pp | Jun 2024 −5.5 pp | Sep 2024 −8.9 pp | Dec 2024 −23.9 pp | Mar 2025 −9.0 pp | Jun 2025 +26.2 pp | Sep 2025 +28.3 pp | Dec 2025 +26.4 pp | Mar 2026 +27.1 pp
- MUX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −3.7 pp | Sep 2022 −3.8 pp | Dec 2022 −10.1 pp | Mar 2023 −5.9 pp | Jun 2023 −9.4 pp | Sep 2023 −12.3 pp | Dec 2023 +5.5 pp | Mar 2024 +7.8 pp | Jun 2024 +20.5 pp | Sep 2024 +28.3 pp | Dec 2024 +14.6 pp | Mar 2025 +10.7 pp | Jun 2025 +4.3 pp | Sep 2025 −2.2 pp | Dec 2025 +0.3 pp | Mar 2026 +0.7 pp
- ELE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.0 pp | Dec 2022 −7.2 pp | Mar 2023 −0.5 pp | Jun 2023 +1.0 pp | Sep 2023 +0.9 pp | Dec 2023 +9.6 pp | Mar 2024 +0.7 pp | Jun 2024 +1.1 pp | Sep 2024 +1.1 pp | Dec 2024 −1.3 pp | Mar 2025 +2.4 pp | Jun 2025 +0.4 pp | Sep 2025 +0.1 pp | Dec 2025 −0.7 pp | Mar 2026 −1.1 pp
- VMET: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.0 pp | Mar 2024 — | Jun 2024 — | Sep 2024 +3.4 pp | Dec 2024 +0.8 pp | Mar 2025 — | Jun 2025 — | Sep 2025 −1.4 pp | Dec 2025 +8.7 pp | Mar 2026 +4.0 pp
- ASM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.0 pp | Dec 2022 −2.4 pp | Mar 2023 −3.5 pp | Jun 2023 −3.1 pp | Sep 2023 −0.2 pp | Dec 2023 −2.0 pp | Mar 2024 +0.3 pp | Jun 2024 +3.3 pp | Sep 2024 +2.8 pp | Dec 2024 +6.3 pp | Mar 2025 +5.6 pp | Jun 2025 +3.0 pp | Sep 2025 +1.2 pp | Dec 2025 +0.8 pp | Mar 2026 +2.9 pp
- MTA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.6 pp | Dec 2022 +0.4 pp | Mar 2023 +0.9 pp | Jun 2023 −0.9 pp | Sep 2023 +1.1 pp | Dec 2023 +2.4 pp | Mar 2024 +0.3 pp | Jun 2024 +1.6 pp | Sep 2024 +1.2 pp | Dec 2024 +0.4 pp | Mar 2025 +0.6 pp | Jun 2025 +0.7 pp | Sep 2025 +1.0 pp | Dec 2025 −0.2 pp | Mar 2026 +0.2 pp
- ITRG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +5.7 pp | Dec 2022 −0.5 pp | Mar 2023 −5.1 pp | Jun 2023 −2.9 pp | Sep 2023 −7.6 pp | Dec 2023 −0.1 pp | Mar 2024 +6.6 pp | Jun 2024 +2.6 pp | Sep 2024 +3.7 pp | Dec 2024 +12.8 pp | Mar 2025 +15.5 pp | Jun 2025 +21.9 pp | Sep 2025 +26.6 pp | Dec 2025 +3.8 pp | Mar 2026 −2.4 pp
- GMTL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +0.7 pp | Jun 2023 +0.7 pp | Sep 2023 −2.4 pp | Dec 2023 −2.4 pp | Mar 2024 +0.8 pp | Jun 2024 +0.8 pp | Sep 2024 −0.6 pp | Dec 2024 −0.6 pp | Mar 2025 −1.9 pp | Jun 2025 −1.9 pp | Sep 2025 −5.5 pp | Dec 2025 −5.5 pp | Mar 2026 —
- VOXR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.7 pp | Dec 2022 +7.8 pp | Mar 2023 +4.1 pp | Jun 2023 −1.1 pp | Sep 2023 +2.0 pp | Dec 2023 −1.3 pp | Mar 2024 −1.6 pp | Jun 2024 +1.6 pp | Sep 2024 −3.8 pp | Dec 2024 +1.3 pp | Mar 2025 −1.2 pp | Jun 2025 −0.7 pp | Sep 2025 +0.4 pp | Dec 2025 +1.0 pp | Mar 2026 +7.4 pp
- LODE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.7 pp | Dec 2022 −0.5 pp | Mar 2023 −1.1 pp | Jun 2023 −0.8 pp | Sep 2023 +6.3 pp | Dec 2023 +4.3 pp | Mar 2024 +0.5 pp | Jun 2024 +0.7 pp | Sep 2024 −18.8 pp | Dec 2024 −17.1 pp | Mar 2025 −1.3 pp | Jun 2025 +0.5 pp | Sep 2025 +7.6 pp | Dec 2025 +7.2 pp | Mar 2026 +1.4 pp
- SBMT: Jun 2021 — | 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 −2.1 pp | Mar 2026 —
- GORO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −9.4 pp | Dec 2022 −4.9 pp | Mar 2023 −7.0 pp | Jun 2023 −7.8 pp | Sep 2023 +2.1 pp | Dec 2023 −2.1 pp | Mar 2024 −2.7 pp | Jun 2024 +0.2 pp | Sep 2024 −2.6 pp | Dec 2024 −2.1 pp | Mar 2025 +0.2 pp | Jun 2025 −1.3 pp | Sep 2025 +9.6 pp | Dec 2025 +21.4 pp | Mar 2026 +11.9 pp
- PLG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +10.3 pp | Dec 2022 +1.5 pp | Mar 2023 +1.0 pp | Jun 2023 −0.2 pp | Sep 2023 −0.4 pp | Dec 2023 +1.1 pp | Mar 2024 +0.8 pp | Jun 2024 −1.0 pp | Sep 2024 +2.0 pp | Dec 2024 −0.5 pp | Mar 2025 +1.0 pp | Jun 2025 +1.3 pp | Sep 2025 −0.9 pp | Dec 2025 +0.4 pp | Mar 2026 −2.3 pp

## Valuation Against Growth & Quality

What the numbers say: Compañía de Minas Buenaventura S.A.A. has the lowest comparable Guarded PEG at 0.7×, 63.2% below Triple Flag Precious Metals Corp.. Only 2 of 17 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: Compañía de Minas Buenaventura S.A.A. · 0.7× | 63.2% versus #2 · Triple Flag Precious Metals Corp. | 0/8 recent comparable periods | 2/17 companies · 3 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. Compañía de Minas Buenaventura S.A.A. (BVN): 0.7
2. Triple Flag Precious Metals Corp. (TFPM): 1.9

### P/E — lowest P/E
1. Comstock Inc. (LODE): 1.4
2. Compañía de Minas Buenaventura S.A.A. (BVN): 9.4
3. Vox Royalty Corp. (VOXR): 12.5
4. Platinum Group Metals Ltd. (PLG): 12.6
5. McEwen Inc. (MUX): 16.4

### 20-quarter Guarded PEG history
- BVN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 8.0 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 0.7 | Dec 2025 — | Mar 2026 —
- TFPM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 1.9 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

### 20-quarter P/E history
- HL: Jun 2021 — | Sep 2021 100.0 | Dec 2021 87.0 | Mar 2022 156.4 | Jun 2022 1,960.0 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 81.8 | Mar 2025 50.0 | Jun 2025 38.0 | Sep 2025 39.0 | Dec 2025 39.2 | Mar 2026 45.4
- BVN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 7.9 | Jun 2022 6.7 | Sep 2022 5.3 | Dec 2022 3.1 | Mar 2023 34.1 | Jun 2023 21.0 | Sep 2023 26.6 | Dec 2023 190.5 | Mar 2024 264.7 | Jun 2024 45.8 | Sep 2024 9.8 | Dec 2024 7.3 | Mar 2025 8.3 | Jun 2025 8.3 | Sep 2025 14.3 | Dec 2025 9.0 | Mar 2026 9.4
- TFPM: Jun 2021 — | Sep 2021 14.6 | Dec 2021 38.8 | Mar 2022 41.2 | Jun 2022 45.0 | Sep 2022 37.2 | Dec 2022 39.5 | Mar 2023 43.8 | Jun 2023 39.3 | Sep 2023 54.5 | Dec 2023 73.9 | Mar 2024 76.1 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 637.7 | Jun 2025 27.6 | Sep 2025 29.0 | Dec 2025 28.2 | Mar 2026 23.0
- PPTA: Jun 2021 — | Sep 2021 — | Dec 2021 7.2 | Mar 2022 6.2 | Jun 2022 6.9 | Sep 2022 4.4 | Dec 2022 6.3 | Mar 2023 20.2 | Jun 2023 15.3 | Sep 2023 17.2 | Dec 2023 10.5 | Mar 2024 15.4 | Jun 2024 24.7 | Sep 2024 42.7 | Dec 2024 48.6 | Mar 2025 36.8 | Jun 2025 39.2 | Sep 2025 40.4 | Dec 2025 — | Mar 2026 —
- SLSR: Jun 2021 — | Sep 2021 16.8 | Dec 2021 25.3 | Mar 2022 17.4 | Jun 2022 9.9 | Sep 2022 7.3 | Dec 2022 8.9 | Mar 2023 10.1 | Jun 2023 11.2 | Sep 2023 11.2 | Dec 2023 10.5 | Mar 2024 13.1 | Jun 2024 8.5 | Sep 2024 6.5 | Dec 2024 6.3 | Mar 2025 6.7 | Jun 2025 11.2 | Sep 2025 18.2 | Dec 2025 30.7 | Mar 2026 45.2
- MUX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 6.4 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 -38.3 | Sep 2025 — | Dec 2025 29.4 | Mar 2026 16.4
- ELE: Jun 2021 — | 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 89.0 | Dec 2024 — | Mar 2025 77.6 | Jun 2025 114.7 | Sep 2025 100.1 | Dec 2025 282.8 | Mar 2026 —
- VMET: Jun 2021 — | 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 30.6
- ASM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 94.4 | Jun 2022 8.9 | Sep 2022 10.1 | Dec 2022 22.6 | Mar 2023 44.7 | Jun 2023 64.2 | Sep 2023 51.5 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 54.7 | Dec 2024 14.6 | Mar 2025 20.5 | Jun 2025 36.0 | Sep 2025 37.5 | Dec 2025 36.6 | Mar 2026 28.9
- ITRG: Jun 2021 — | 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 25.2 | Sep 2025 32.4 | Dec 2025 — | Mar 2026 68.3
- VOXR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 233.0 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 206.0 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 47.4 | Mar 2026 12.5
- LODE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 3.9 | Mar 2024 2.8 | Jun 2024 1.4 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- GORO: Jun 2021 — | Sep 2021 12.1 | Dec 2021 14.2 | Mar 2022 20.4 | Jun 2022 13.6 | 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 24.0
- PLG: Jun 2021 — | Sep 2021 14.9 | Dec 2021 11.3 | Mar 2022 12.5 | Jun 2022 12.6 | 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 —

## Enterprise Value & Book Value

What the numbers say: Comstock Inc. leads both ev/ebitda at 3.41× and p/bv at 1.44×.

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: Comstock Inc. · 3.41× | 32.6% versus #2 · Integra Resources Corp. | 0/8 recent comparable periods | 12/17 companies · 141 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. Comstock Inc. (LODE): 3.4
2. Integra Resources Corp. (ITRG): 5.1
3. Gold Resource Corporation (GORO): 5.1
4. Compañía de Minas Buenaventura S.A.A. (BVN): 10.0
5. Versamet Royalties Corporation (VMET): 14.0

### P/BV — lowest P/BV
1. Comstock Inc. (LODE): 1.4
2. Elemental Royalty Corporation (ELE): 1.5
3. McEwen Inc. (MUX): 1.9
4. Integra Resources Corp. (ITRG): 2.1
5. Compañía de Minas Buenaventura S.A.A. (BVN): 2.2

### 20-quarter EV/EBITDA history
- HL: Jun 2021 — | Sep 2021 12.4 | Dec 2021 12.2 | Mar 2022 17.7 | Jun 2022 13.1 | Sep 2022 17.5 | Dec 2022 28.3 | Mar 2023 33.2 | Jun 2023 29.8 | Sep 2023 20.9 | Dec 2023 29.6 | Mar 2024 27.4 | Jun 2024 19.5 | Sep 2024 20.7 | Dec 2024 12.2 | Mar 2025 28.8 | Jun 2025 20.1 | Sep 2025 16.8 | Dec 2025 18.9 | Mar 2026 19.5
- BVN: Jun 2021 — | Sep 2021 21.2 | Dec 2021 35.5 | Mar 2022 25.8 | Jun 2022 53.3 | Sep 2022 30.0 | Dec 2022 18.4 | Mar 2023 26.9 | Jun 2023 18.1 | Sep 2023 20.0 | Dec 2023 213.8 | Mar 2024 85.1 | Jun 2024 34.7 | Sep 2024 7.7 | Dec 2024 5.4 | Mar 2025 6.9 | Jun 2025 7.2 | Sep 2025 14.0 | Dec 2025 10.3 | Mar 2026 10.0
- TFPM: Jun 2021 — | Sep 2021 10.5 | Dec 2021 14.9 | Mar 2022 17.6 | Jun 2022 16.8 | Sep 2022 16.7 | Dec 2022 13.8 | Mar 2023 35.3 | Jun 2023 35.7 | Sep 2023 59.7 | Dec 2023 25.6 | Mar 2024 26.0 | Jun 2024 — | Sep 2024 126.3 | Dec 2024 51.9 | Mar 2025 45.4 | Jun 2025 18.5 | Sep 2025 21.9 | Dec 2025 22.6 | Mar 2026 19.9
- MUX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 459.9 | Sep 2024 16.4 | Dec 2024 20.2 | Mar 2025 19.2 | Jun 2025 22.1 | Sep 2025 61.0 | Dec 2025 62.0 | Mar 2026 43.4
- ELE: Jun 2021 — | Sep 2021 38.7 | Dec 2021 42.2 | Mar 2022 32.6 | Jun 2022 21.4 | Sep 2022 28.7 | Dec 2022 — | Mar 2023 59.0 | Jun 2023 36.8 | Sep 2023 — | Dec 2023 25.0 | Mar 2024 23.2 | Jun 2024 18.5 | Sep 2024 16.6 | Dec 2024 13.5 | Mar 2025 22.4 | Jun 2025 24.8 | Sep 2025 30.7 | Dec 2025 16.4 | Mar 2026 83.5
- VMET: Jun 2021 — | 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 14.0
- ASM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 37.4 | Jun 2022 8.1 | Sep 2022 7.0 | Dec 2022 7.5 | Mar 2023 23.3 | Jun 2023 44.9 | Sep 2023 34.3 | Dec 2023 23.8 | Mar 2024 36.9 | Jun 2024 19.9 | Sep 2024 15.6 | Dec 2024 9.9 | Mar 2025 25.3 | Jun 2025 35.1 | Sep 2025 43.4 | Dec 2025 46.8 | Mar 2026 46.4
- MTA: Jun 2021 — | 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 971.2 | Sep 2025 215.8 | Dec 2025 333.2 | Mar 2026 235.8
- ITRG: Jun 2021 — | 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 19.4 | Jun 2025 — | Sep 2025 6.3 | Dec 2025 7.8 | Mar 2026 5.1
- VOXR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 117.5 | Dec 2022 40.4 | Mar 2023 32.8 | Jun 2023 29.0 | Sep 2023 20.4 | Dec 2023 22.1 | Mar 2024 24.9 | Jun 2024 27.2 | Sep 2024 42.8 | Dec 2024 24.9 | Mar 2025 32.9 | Jun 2025 39.3 | Sep 2025 52.4 | Dec 2025 38.9 | Mar 2026 18.2
- LODE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 96.2 | Jun 2023 222.6 | Sep 2023 6.8 | Dec 2023 — | Mar 2024 7.1 | Jun 2024 3.4 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- GORO: Jun 2021 — | Sep 2021 2.8 | Dec 2021 4.2 | Mar 2022 4.8 | Jun 2022 3.2 | Sep 2022 4.3 | Dec 2022 4.6 | Mar 2023 4.6 | Jun 2023 6.8 | Sep 2023 6.1 | Dec 2023 11.3 | Mar 2024 204.3 | Jun 2024 66.3 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 6.5 | Mar 2026 5.1

### 20-quarter P/BV history
- HL: Jun 2021 — | Sep 2021 1.7 | Dec 2021 1.6 | Mar 2022 2.1 | Jun 2022 1.2 | Sep 2022 1.2 | Dec 2022 1.7 | Mar 2023 1.9 | Jun 2023 1.6 | Sep 2023 1.2 | Dec 2023 1.5 | Mar 2024 1.5 | Jun 2024 1.5 | Sep 2024 2.1 | Dec 2024 1.5 | Mar 2025 1.7 | Jun 2025 1.7 | Sep 2025 3.3 | Dec 2025 5.0 | Mar 2026 4.9
- BVN: Jun 2021 — | Sep 2021 0.7 | Dec 2021 0.8 | Mar 2022 0.9 | Jun 2022 0.6 | Sep 2022 0.6 | Dec 2022 0.6 | Mar 2023 0.7 | Jun 2023 0.6 | Sep 2023 0.7 | Dec 2023 1.3 | Mar 2024 1.3 | Jun 2024 1.4 | Sep 2024 1.1 | Dec 2024 0.9 | Mar 2025 1.2 | Jun 2025 1.2 | Sep 2025 1.7 | Dec 2025 1.7 | Mar 2026 2.2
- TFPM: Jun 2021 — | Sep 2021 1.1 | Dec 2021 1.5 | Mar 2022 1.7 | Jun 2022 1.6 | Sep 2022 1.5 | Dec 2022 1.6 | Mar 2023 1.7 | Jun 2023 1.5 | Sep 2023 1.5 | Dec 2023 1.5 | Mar 2024 1.6 | Jun 2024 1.9 | Sep 2024 1.9 | Dec 2024 1.8 | Mar 2025 2.2 | Jun 2025 2.7 | Sep 2025 3.1 | Dec 2025 3.4 | Mar 2026 3.4
- PPTA: Jun 2021 — | Sep 2021 2.6 | Dec 2021 2.7 | Mar 2022 2.4 | Jun 2022 2.1 | Sep 2022 1.3 | Dec 2022 2.1 | Mar 2023 3.4 | Jun 2023 3.1 | Sep 2023 2.8 | Dec 2023 2.8 | Mar 2024 3.8 | Jun 2024 4.9 | Sep 2024 8.1 | Dec 2024 6.9 | Mar 2025 7.4 | Jun 2025 2.5 | Sep 2025 4.1 | Dec 2025 3.5 | Mar 2026 4.3
- SLSR: Jun 2021 — | Sep 2021 17.6 | Dec 2021 41.5 | Mar 2022 51.7 | Jun 2022 22.4 | Sep 2022 30.4 | Dec 2022 27.8 | Mar 2023 22.9 | Jun 2023 26.8 | Sep 2023 33.8 | Dec 2023 26.3 | Mar 2024 97.4 | Jun 2024 17.3 | Sep 2024 62.7 | Dec 2024 -28.4 | Mar 2025 -17.5 | Jun 2025 -10.4 | Sep 2025 -18.6 | Dec 2025 -23.2 | Mar 2026 -24.6
- MUX: Jun 2021 1.6 | Sep 2021 1.2 | Dec 2021 1.0 | Mar 2022 1.1 | Jun 2022 0.6 | Sep 2022 0.4 | Dec 2022 0.8 | Mar 2023 0.8 | Jun 2023 0.7 | Sep 2023 0.7 | Dec 2023 0.7 | Mar 2024 1.0 | Jun 2024 1.0 | Sep 2024 1.0 | Dec 2024 0.8 | Mar 2025 0.9 | Jun 2025 1.1 | Sep 2025 1.9 | Dec 2025 1.9 | Mar 2026 1.9
- ELE: Jun 2021 — | Sep 2021 1.4 | Dec 2021 1.8 | Mar 2022 1.6 | Jun 2022 1.3 | Sep 2022 0.9 | Dec 2022 1.2 | Mar 2023 1.2 | Jun 2023 1.1 | Sep 2023 1.1 | Dec 2023 1.0 | Mar 2024 1.1 | Jun 2024 1.0 | Sep 2024 1.1 | Dec 2024 1.0 | Mar 2025 1.1 | Jun 2025 1.7 | Sep 2025 2.2 | Dec 2025 0.7 | Mar 2026 1.5
- VMET: Jun 2021 — | 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 2.7
- ASM: Jun 2021 — | Sep 2021 1.1 | Dec 2021 1.1 | Mar 2022 1.2 | Jun 2022 0.7 | Sep 2022 0.6 | Dec 2022 0.8 | Mar 2023 1.1 | Jun 2023 0.8 | Sep 2023 0.6 | Dec 2023 0.6 | Mar 2024 0.8 | Jun 2024 1.1 | Sep 2024 1.3 | Dec 2024 1.0 | Mar 2025 2.0 | Jun 2025 3.7 | Sep 2025 4.4 | Dec 2025 3.9 | Mar 2026 3.9
- MTA: Jun 2021 — | Sep 2021 3.0 | Dec 2021 3.0 | Mar 2022 3.1 | Jun 2022 2.1 | Sep 2022 1.8 | Dec 2022 2.1 | Mar 2023 2.3 | Jun 2023 1.7 | Sep 2023 1.2 | Dec 2023 1.1 | Mar 2024 1.1 | Jun 2024 1.0 | Sep 2024 1.1 | Dec 2024 0.9 | Mar 2025 1.1 | Jun 2025 1.4 | Sep 2025 2.3 | Dec 2025 2.9 | Mar 2026 2.5
- ITRG: Jun 2021 — | Sep 2021 4.0 | Dec 2021 4.6 | Mar 2022 3.7 | Jun 2022 3.1 | Sep 2022 1.6 | Dec 2022 2.4 | Mar 2023 2.8 | Jun 2023 1.4 | Sep 2023 1.2 | Dec 2023 1.8 | Mar 2024 1.3 | Jun 2024 2.0 | Sep 2024 2.5 | Dec 2024 1.1 | Mar 2025 1.6 | Jun 2025 0.0 | Sep 2025 3.6 | Dec 2025 3.7 | Mar 2026 2.1
- VOXR: Jun 2021 — | Sep 2021 4.0 | Dec 2021 5.3 | Mar 2022 5.4 | Jun 2022 2.9 | Sep 2022 2.7 | Dec 2022 2.9 | Mar 2023 3.9 | Jun 2023 2.8 | Sep 2023 2.3 | Dec 2023 2.3 | Mar 2024 2.3 | Jun 2024 3.1 | Sep 2024 3.5 | Dec 2024 2.8 | Mar 2025 3.5 | Jun 2025 3.8 | Sep 2025 2.9 | Dec 2025 3.0 | Mar 2026 2.7
- LODE: Jun 2021 — | Sep 2021 0.2 | Dec 2021 0.1 | Mar 2022 0.1 | Jun 2022 0.7 | Sep 2022 0.5 | Dec 2022 0.5 | Mar 2023 0.7 | Jun 2023 1.6 | Sep 2023 0.7 | Dec 2023 0.8 | Mar 2024 0.6 | Jun 2024 0.4 | Sep 2024 1.4 | Dec 2024 3.2 | Mar 2025 1.1 | Jun 2025 1.4 | Sep 2025 1.5 | Dec 2025 1.8 | Mar 2026 1.4
- GORO: Jun 2021 — | Sep 2021 1.2 | Dec 2021 1.1 | Mar 2022 1.6 | Jun 2022 1.1 | Sep 2022 1.3 | Dec 2022 1.2 | Mar 2023 0.8 | Jun 2023 0.5 | Sep 2023 0.4 | Dec 2023 0.4 | Mar 2024 0.4 | Jun 2024 0.5 | Sep 2024 0.6 | Dec 2024 0.8 | Mar 2025 2.3 | Jun 2025 4.3 | Sep 2025 5.2 | Dec 2025 3.0 | Mar 2026 4.0
- PLG: Jun 2021 — | Sep 2021 106.9 | Dec 2021 23.3 | Mar 2022 5.8 | Jun 2022 4.6 | Sep 2022 4.5 | Dec 2022 5.5 | Mar 2023 4.9 | Jun 2023 5.6 | Sep 2023 4.8 | Dec 2023 4.4 | Mar 2024 3.9 | Jun 2024 7.8 | Sep 2024 4.9 | Dec 2024 7.4 | Mar 2025 5.4 | Jun 2025 5.2 | Sep 2025 4.9 | Dec 2025 6.4 | Mar 2026 4.9

## Market action

Hecla Mining Company has the strongest one-year price move in Other Precious Metals & Mining at +155.7%. Metalla Royalty & Streaming Ltd. leads on Mansfield relative strength against the S&P 500 at -2.1%. 0 of 14 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. Hecla Mining Company (HL): 156%
2. Metalla Royalty & Streaming Ltd. (MTA): 86%
3. Gold Resource Corporation (GORO): 79%
4. Compañía de Minas Buenaventura S.A.A. (BVN): 78%
5. McEwen Inc. (MUX): 71%

### Strongest relative strength versus NIFTY 500
1. Metalla Royalty & Streaming Ltd. (MTA): -2.1%
2. Compañía de Minas Buenaventura S.A.A. (BVN): -3.9%
3. Solaris Resources Inc. (SLSR): -12%
4. Gold Resource Corporation (GORO): -12%
5. Triple Flag Precious Metals Corp. (TFPM): -16%

## 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.
- Thin comparisons: Valuation have fewer than three usable current readings.

## Every company
- Hecla Mining Company (HL) — market value ₹9.8K Cr; latest fundamentals Mar 2026
- Compañía de Minas Buenaventura S.A.A. (BVN) — market value ₹7.7K Cr; latest fundamentals Mar 2026
- Triple Flag Precious Metals Corp. (TFPM) — market value ₹5.9K Cr; latest fundamentals Mar 2026
- Perpetua Resources Corp. (PPTA) — market value ₹2.2K Cr; latest fundamentals Mar 2026
- Solaris Resources Inc. (SLSR) — market value ₹1.3K Cr; latest fundamentals Mar 2026
- McEwen Inc. (MUX) — market value ₹1.0K Cr; latest fundamentals Mar 2026
- Elemental Royalty Corporation (ELE) — market value ₹985 Cr; latest fundamentals Mar 2026
- Versamet Royalties Corporation (VMET) — market value ₹953 Cr; latest fundamentals Mar 2026
- Avino Silver & Gold Mines Ltd. (ASM) — market value ₹936 Cr; latest fundamentals Mar 2026
- Metalla Royalty & Streaming Ltd. (MTA) — market value ₹690 Cr; latest fundamentals Mar 2026
- Integra Resources Corp. (ITRG) — market value ₹422 Cr; latest fundamentals Mar 2026
- Guardian Metal Resources PLC (GMTL) — market value ₹401 Cr; latest fundamentals Dec 2025
- Vox Royalty Corp. (VOXR) — market value ₹295 Cr; latest fundamentals Mar 2026
- Comstock Inc. (LODE) — market value ₹215 Cr; latest fundamentals Mar 2026
- Silver Bow Mining Corp. (SBMT) — market value ₹192 Cr; latest fundamentals Mar 2026
- Gold Resource Corporation (GORO) — market value ₹163 Cr; latest fundamentals Mar 2026
- Platinum Group Metals Ltd. (PLG) — market value ₹160 Cr; latest fundamentals Mar 2026

## Methodology and freshness

Fundamentals through Mar 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 Other Precious Metals & Mining company is the biggest?

Compañía de Minas Buenaventura S.A.A. is the largest, with trailing-twelve-month revenue of $2,048 million, ahead of Hecla Mining Company at $1,573 million. That covers 12 of 17 companies with comparable reporting through Mar 2026.

### Which Other Precious Metals & Mining company is growing fastest?

Elemental Royalty Corporation has the fastest revenue growth at 100% year on year, across 11 of 17 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 Other Precious Metals & Mining company has the best profit margins?

Versamet Royalties Corporation has the highest operating margin at 90.6%, from 11 of 17 comparable companies. Gold Resource Corporation shows the biggest recent improvement, at +62.3 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Other Precious Metals & Mining company makes the most profit?

Compañía de Minas Buenaventura S.A.A. earns the most, at $1,047 million of trailing-twelve-month net profit, from 16 of 17 comparable companies. Avino Silver & Gold Mines Ltd. has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Other Precious Metals & Mining company earns the highest return on capital?

Gold Resource Corporation leads on return on capital employed at 9.6%, across 17 of 17 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 Other Precious Metals & Mining stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Compañía de Minas Buenaventura S.A.A. screens cheapest at 0.7×. Only 2 of 17 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 Other Precious Metals & Mining company has the strongest balance sheet?

Elemental Royalty Corporation carries the lowest comparable gross debt at $0 million, from 15 of 17 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 Other Precious Metals & Mining company is investing most in new capacity?

Compañía de Minas Buenaventura S.A.A. reports the largest capital spending at $123 million, across 13 of 17 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 Other Precious Metals & Mining sector beating the market?

Other Precious Metals & Mining has outperformed S&P 500 by 27.7% over the last 52 weeks and 22.5% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 0 of 14 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Other Precious Metals & Mining stock has the strongest price momentum?

Metalla Royalty & Streaming Ltd. 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 Other Precious Metals & Mining company scores highest for research priority?

Compañía de Minas Buenaventura S.A.A. scores 71.5 out of 100 with 86.2% evidence confidence, from 25.8 points on growth and earnings, 13.6 on capital efficiency, 16.3 on valuation and 15.8 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 Other Precious Metals & Mining companies does this comparison cover, and over what period?

It compares 17 listed companies over up to 20 reported quarters of fundamentals and 5 fiscal years of capital allocation, ending Mar 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 Other Precious Metals & Mining sector?

The 17 Other Precious Metals & Mining companies on this page carry $33,235 million of combined market value. Hecla Mining Company is the largest at $9,759 million, about 29% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

### What is the Other Precious Metals & Mining sector's P/E ratio?

The median price-to-earnings ratio across the 17 Other Precious Metals & Mining companies on this page is 28.9×, measured on the 14 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 Other Precious Metals & Mining sector performing?

0 of the 14 covered Other Precious Metals & Mining companies are beating S&P 500 on Mansfield relative strength. The sector itself is 27.7% 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 Other Precious Metals & Mining stocks are listed in the US?

This comparison covers 17 listed Other Precious Metals & Mining companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Mar 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/other-precious-metals-mining