Core Viewpoint - AngloGold Ashanti and Kinross Gold are two leading gold producers with diversified mining operations across various continents, both positioned to benefit from the ongoing rise in gold prices [1][27]. Group 1: Gold Market Overview - Gold prices recently fell to $3,320 per ounce due to easing geopolitical concerns and a stronger U.S. dollar, but have increased 26% year-to-date, driven by safe-haven demand and geopolitical risks [2]. - Central bank buying and expanding industrial use in sectors like energy, healthcare, and technology are expected to support gold prices moving forward [2]. Group 2: AngloGold Ashanti Analysis - AngloGold Ashanti, based in South Africa, has operations in multiple countries and recently acquired Centamin, enhancing its asset base with the Sukari mine, which has a production potential of 500,000 ounces annually [4]. - In Q2 2025, AngloGold's gold production rose 21% year-over-year to 804,000 ounces, with a projected production range of 2.9-3.225 million ounces for 2025, indicating a year-over-year growth of 9-21% [5]. - Gold revenues in Q2 increased by 78% to $2.4 billion, although higher operating costs partially offset these gains [6]. - Total cash costs per ounce rose 8% to $1,226, while all-in-sustaining costs increased 7% to $1,666, with earnings per share up 108% to $1.25 [7]. - Free cash flow surged 149% year-over-year to $535 million, with liquidity at $3.4 billion and adjusted net debt reduced by 92% to $92 million [8]. - The company is focused on its Full Asset Potential program and has made strategic acquisitions to enhance its growth [9][10]. Group 3: Kinross Gold Analysis - Kinross Gold, headquartered in Canada, operates in several countries and has a strong production profile with promising exploration and development projects [14]. - In Q2 2025, Kinross's revenues rose 41.7% year-over-year to $1.73 billion, with adjusted earnings per share increasing to 44 cents from 14 cents [17]. - The company produced 512,574 gold equivalent ounces, a 4.3% decrease year-over-year, but higher production from certain mines offset declines from others [16]. - Kinross ended Q2 with solid liquidity of approximately $2.8 billion and free cash flow increased by 87% year-over-year to a record $647 million [18]. - The company has been reducing debt levels, ending Q2 with a total debt to total capital ratio of 0.14 [19]. Group 4: Earnings Estimates and Valuation - The Zacks Consensus Estimate for AngloGold Ashanti's 2025 earnings is $4.96 per share, reflecting a year-over-year growth of 124.43%, but a slight dip is expected in 2026 [20]. - Kinross Gold's earnings estimate for 2025 is $1.38 per share, indicating a year-over-year jump of 103%, with a slight growth expected in 2026 [21]. - In the past six months, AngloGold's stock gained 64.8%, while Kinross's stock increased by 70.5% [23]. - AngloGold is trading at a forward earnings multiple of 11.01X, while Kinross is at 13.40X, both higher than their five-year medians [25]. Group 5: Investment Outlook - Both companies are well-positioned to benefit from rising gold prices, but Kinross Gold has shown stronger year-to-date price performance and has a more compelling project pipeline [27]. - Kinross Gold is rated as a Strong Buy, while AngloGold Ashanti holds a Hold rating, indicating a preference for Kinross as a more attractive investment option [28].

Core Insights - SSR Mining (SSRM) and AngloGold Ashanti PLC (AU) are prominent players in the gold mining sector, benefiting from a 31.7% increase in gold prices this year due to safe-haven demand and central bank purchases [1][2] SSR Mining Overview - SSR Mining operates in the USA, Türkiye, Canada, and Argentina, and became the third-largest gold producer in the U.S. after acquiring the Cripple Creek & Victor mine [3][4] - The CC&V mine is projected to produce approximately 170,000 ounces of gold annually, contributing to SSRM's total expected production of 320,000-380,000 ounces in 2025 [4] - As of March 31, 2025, SSR Mining had $319.6 million in cash and a debt-to-capital ratio of 0.08, indicating a strong financial position [5] - Operations at the Çöpler mine in Türkiye are currently suspended due to a heap leach failure, leading to significant care and maintenance costs [6][7] - SSRM's projected all-in sustaining cost (AISC) for 2025 is $1,890-$1,950 per payable ounce, reflecting a 3% increase at the midpoint [8] AngloGold Ashanti Overview - AngloGold Ashanti has a diverse portfolio across Africa, the Americas, and Australia, recently acquiring Centamin, which adds a potential 500,000 ounces of annual production from the Sukari mine [9][10] - The company reported a 22% year-over-year increase in gold production to 720,000 ounces, with a projected output of 2.9-3.225 million ounces for 2025 [10][12] - AngloGold ended Q1 2025 with $3 billion in liquidity and a debt-to-capital ratio of 0.19, showcasing a solid financial foundation [12] - The company is focused on a Full Asset Potential program to mitigate inflation impacts, with AISC projected between $1,580 and $1,705 per ounce for 2025, indicating a 2% year-over-year increase [13][18] - AngloGold has implemented a new dividend policy aimed at returning 50% of annual free cash flow, enhancing its attractiveness to income-focused investors [27] Comparative Analysis - Year-to-date, SSRM stock has increased by 84.5%, while AU stock has risen by 125% [21] - SSRM trades at a forward earnings multiple of 7.29X, lower than its five-year median, whereas AU trades at 10.49X, higher than its five-year median [22] - AngloGold offers a dividend yield of 0.96% with a payout ratio of 18.55%, while SSRM currently does not pay dividends [23][27] - AngloGold Ashanti is viewed as a more compelling investment choice due to its lower cost structure, stronger price performance, and robust growth pipeline compared to SSR Mining [28][29]

Investment Rating - The report maintains a Neutral rating on Titan due to demand uncertainty in FY26E caused by elevated gold prices and rich valuation [5][41]. Core Insights - UBS's Basic Materials team forecasts gold prices to rise to US$3,500 in 2026, driven by tariff uncertainty, weak growth, high inflation, and geopolitical risks [2][9]. - India's gold demand is expected to moderate to approximately 725 tonnes in FY26, a 7% year-on-year decline, before recovering to 800 tonnes in FY27 as household consumption stabilizes [4][23]. - Indian households hold the largest stock of gold globally, estimated at 25,000 tonnes, valued at around US$2.4 trillion, which is 56% of FY26 nominal GDP [3][13]. Summary by Sections Gold Price Forecast - Gold prices are projected to increase significantly, with annual averages expected to reach US$3,500 in 2026, reflecting a 23% increase from previous estimates [12]. Consumer Demand for Gold - Consumer demand for gold in India is anticipated to soften in FY26, particularly in jewellery, which constitutes 70% of total demand, expected to decline by 5-10% year-on-year [4][23]. - Retail investment demand remains strong, with a notable increase in gold bars and coins, driven by gold's performance as a safe-haven asset [20]. Economic Context - India's net gold imports are projected to remain high at US$55 billion to US$60 billion in FY26/27, accounting for 1.2% of GDP, despite a manageable current account deficit [40]. - The report highlights that the upcoming pay boost of approximately US$55 billion could support household consumption and stabilize gold demand [39][23]. Gold Mobilization Efforts - Policy initiatives aimed at mobilizing gold for productive uses have seen limited success, with households primarily using gold as collateral for loans [42][45]. - The Gold Monetization Scheme and Sovereign Gold Bonds have not achieved significant participation, leading to a discontinuation of some programs [44][45]. Company-Specific Insights - Titan is expected to pursue aggressive network expansion to capture market share as the market transitions from unorganised to organised [5][41]. - The report notes that while Titan's long-term proposition is favorable, the current demand uncertainty warrants a Neutral rating [5][41].

Core Viewpoint - Gold prices have rebounded above $3,010, indicating a market preference for gold as a safe investment amid potential stagflation or recession, with major banks maintaining a bullish outlook on gold prices [1] Group 1: Lake Victoria Gold Ltd. Developments - Lake Victoria Gold has successfully converted its Prospecting License into four Mining Licenses for the Tembo Project in Tanzania, allowing for legal development and production [2][3] - The Tembo Project has seen over $28 million in exploration expenditures, including extensive drilling, which has identified three high-priority targets with promising gold grades [3][4] - The Mining Licenses are valid for 10 years with an option for a further 10-year renewal, providing a stable framework for development [3] Group 2: Exploration Results - At the Ngula 1 target, drilling has revealed a 250-meter-wide zone with significant gold-bearing structures, including results of 3.13 grams per tonne (g/t) over nearly 26 meters and a notable interval of 22.18 g/t over 15 meters [5] - The Nyakagwe Village target has produced high-grade results, with grades reaching 78.1 g/t over one meter and 27.88 g/t over nearly four meters, indicating potential for near-term mining [6] - Drilling at Nyakagwe East has uncovered a 300-meter-wide zone with strong mineralization, yielding intercepts of 19.1 g/t over three meters and 10.25 g/t over 3.5 meters [7] Group 3: Future Plans and Partnerships - With Mining Licenses secured, Lake Victoria Gold is evaluating options for near-term production, including potential open-pit mining and utilizing nearby processing facilities [8] - A new drill program is being designed to follow up on historical high-grade hits, with 38 new exploration targets identified, suggesting further growth potential [9] - The company is open to partnerships, having previously engaged with Barrick Gold, which could enhance its development strategy for the Tembo Project [10] Group 4: Industry Context - Other companies in the gold mining sector are also making significant moves, such as New Gold Inc. acquiring a 19.9% interest in its New Afton mine for $300 million, which will enhance its cash flow exposure [12][13] - Thor Explorations reported strong production results and plans for further exploration in West Africa, indicating a positive outlook for gold mining in the region [14][15] - Westgold Resources has activated an ore purchase agreement to strengthen its regional supply, while Dakota Gold Corp. has secured $35 million in financing to advance its Richmond Hill project [16][18]