Key Takeaways B2Gold posted Q2 revenues of $692M, up 40%, with output rising 12.3% to 229,454 ounces.IAMGOLDs Q2 sales rose 51% to $581M, though earnings fell 19% on higher financing costs.BTG's dividend yield and return on equity surpass IAG, giving it an edge despite its stronger YTD gains.B2Gold Corp (BTG) and IAMGOLD (IAG) are both Canada-based gold producers that have carved out strong positions within the global mining industry. Vancouver, Canada-based B2Gold has operating gold mines in Mali (Fekola), ...

Jim Wyckoff has spent over 25 years involved with the stock, financial and commodity markets. He was a financial journalist with the FWN newswire service for many years, including stints as a reporter on the rough-and-tumble commodity futures trading floors in Chicago and New York. As a journalist, he has covered every futures market traded in the U.S., at one time or another. Jim is the proprietor of the "Jim Wyckoff on the Markets" analytical, educational and trading advisory service. Jim also worked as a ...

Core Insights - Kinross Gold Corporation (KGC) is expected to report strong second-quarter 2025 results, benefiting from higher gold prices and robust production, despite facing challenges from increased costs [1][6]. Financial Performance - The Zacks Consensus Estimate for KGC's second-quarter earnings is 32 cents per share, reflecting a 128.6% year-over-year increase. Revenue estimates stand at $1.35 billion, indicating a 10.3% rise year-over-year [2]. - KGC has outperformed the Zacks Consensus Estimate for earnings in three of the last four quarters, with an average earnings surprise of 16.1% [3][4]. Production and Costs - Higher gold prices, which reached a record high of $3,500 per ounce in April 2025, are expected to positively impact KGC's performance. The average realized gold price for KGC in Q2 is estimated at $2,771 per ounce, an 18.3% increase from the previous year [6][7]. - Production costs have risen, with a 6% year-over-year increase in production costs of sales per ounce to $1,043 in Q1. The all-in-sustaining costs (AISC) are projected to rise 8.1% year-over-year to $1,499 per ounce in Q2 [9]. Market Position and Valuation - KGC's stock has increased by 79.7% over the past year, outperforming the Zacks Mining – Gold industry's 42.7% rise and the S&P 500's 17.9% increase [10]. - KGC is currently trading at a forward 12-month earnings multiple of 11.44, which is about 10% lower than the peer group average of 12.72 [13]. Growth Prospects - KGC has a strong production profile and a promising pipeline of exploration and development projects, including Great Bear in Ontario and Round Mountain Phase X in Nevada, which are expected to enhance production and cash flow [14][15]. - The company maintains a strong liquidity position and generates substantial cash flows, allowing it to finance development projects and enhance shareholder value [15]. Investment Outlook - With a solid pipeline of projects, strong financial health, and favorable market conditions, KGC stock is viewed as an attractive investment opportunity ahead of its earnings announcement [16].

Core Viewpoint - First Majestic Silver Corp. has achieved a new 52-week high in stock price, driven by strong silver-equivalent production and rising metal prices [1] Group 1: Production Performance - In Q2 2025, First Majestic reported total production of 7.9 million AgEq ounces, which includes 3.7 million silver ounces and 33,865 gold ounces, marking a 48% year-over-year increase due to a 76% surge in silver production [2][10] - The increase in production was primarily driven by the San Dimas and La Encantada mines, along with contributions from the Cerro Los Gatos mine [3] - The Cerro Los Gatos mine contributed 1.5 million ounces of silver to the Q2 output [6][10] - Following the strong performance, the company raised its full-year production guidance to 30.6-32.6 million AgEq ounces from the previous estimate of 27.8-31.2 million AgEq ounces [6][10] Group 2: Strategic Developments - In January 2025, First Majestic completed the acquisition of Gatos Silver, gaining a 70% interest in the Cerro Los Gatos mine, which is expected to enhance the company's production profile [3][5] - The combined production from Cerro Los Gatos, San Dimas, and Santa Elena mines is projected to reach 30-32 million ounces of silver equivalent annually, including 15-16 million ounces of silver [4] Group 3: Market Trends - Silver prices have increased by 28% this year, while gold prices have risen by 29%, driven by safe-haven demand, geopolitical tensions, and supply deficits [7] - Current silver prices are around $38 per ounce, while gold prices are approximately $3,361 per ounce [7][8] Group 4: Stock Performance - First Majestic's stock has risen by 42.2% over the past year, outperforming the industry average growth of 15.5% [9]

Core Insights - Pan American Silver (PAAS) and First Majestic Silver (AG) are prominent players in the silver mining sector, both headquartered in Vancouver, Canada, and providing exposure to silver and gold [1][2] - Silver prices have increased by 28% and gold prices by 29% this year, driven by safe-haven demand, geopolitical tensions, and supply deficits [1] - The silver market is projected to face another deficit in 2025, which is expected to positively impact prices [1] Company Overview: Pan American Silver - Pan American Silver is a leading silver and gold producer in the Americas, operating 12 mines across several countries [3] - As of June 30, 2024, Pan American's mineral reserves included 468 million ounces of silver and 6.7 million ounces of gold, with an expected increase of 58 million ounces from the acquisition of MAG Silver Corp. [4][5] - The company reported a 28.6% year-over-year revenue increase to $773 million in Q1, with record mine operating earnings of $250.8 million [6][10] - Silver production was 5 million ounces in Q1, with expectations to meet 2025 guidance of 20-21 million ounces of silver [8][9] Company Overview: First Majestic Silver - First Majestic Silver focuses on silver and gold production primarily in Mexico and the U.S., operating four underground mines [13] - Proven and probable mineral reserves are estimated at 86.8 million ounces of silver and 594,000 ounces of gold as of December 31, 2024 [14] - The company achieved a 130% increase in Q1 revenues to $243.9 million, driven by the Cerro Los Gatos Silver Mine and higher silver prices [16][10] - Total production reached 7.7 million silver-equivalent ounces in Q1, marking a 49% year-over-year increase [15] Financial Performance Comparison - Pan American's adjusted earnings per share for 2025 are estimated at $1.47, reflecting an 86.1% year-over-year growth [21] - First Majestic's earnings estimate for 2025 is 12 cents per share, an improvement from a loss of 14 cents in 2024 [22] - PAAS stock has increased by 40% over the past year, outperforming the industry's growth of 18.5%, while AG has gained 30.7% [23] Valuation and Market Position - Pan American is trading at a forward price-to-sales multiple of 3.39X, below the industry average of 4.06X, while AG trades at 4.48X [25] - Pan American offers a dividend yield of 1.38%, significantly higher than First Majestic's 0.22% [27] - The average price target for Pan American suggests a 9% increase, while First Majestic's average price target implies a 2% decline [28] Investment Outlook - Both companies are positioned to benefit from rising silver and gold prices, with strong production expectations and expansion efforts [29] - Pan American has shown better performance in share price gains and dividend yield, along with positive earnings estimate revisions [30] - With a more attractive valuation and higher growth potential, Pan American Silver is viewed as a more compelling investment choice compared to First Majestic [33]

Investment Rating - The report maintains a long gold trade recommendation, forecasting gold prices to reach $3,700 per ounce by the end of 2025 and $4,000 by mid-2026 [3][16]. Core Insights - Amid rising tensions in the Middle East, gold prices are near all-time highs, driven by increased safe-haven demand, although speculative positioning remains low due to investor hesitancy [3][8]. - A World Gold Council survey indicates that 95% of central banks expect global gold holdings to increase over the next 12 months, with 43% planning to increase their own gold holdings, the highest since 2018 [5][10]. - Interest has shifted towards other precious metals like platinum and silver, but these rallies are seen as primarily speculative and lacking fundamental support [9][10]. Summary by Sections Central Bank Demand - The report highlights structurally high central bank demand for gold since the Russian central bank asset freeze in 2022, with major Asian central banks expected to continue strong accumulation for another 3-6 years [10]. - The survey conducted between February 25 and May 20, 2025, included 71 central banks, with none anticipating a reduction in gold holdings [6][15]. Speculative Positioning - Speculative inflows into gold have been muted, with positioning remaining low compared to historical levels, as investors feel they missed the initial rally [3][8]. - In contrast, the silver trade is currently crowded with speculative positioning significantly higher than gold, despite their typical strong correlation [9]. Price Forecast - The report projects that strong central bank buying and increased ETF holdings due to Federal Reserve cuts will drive gold prices higher, with specific targets set for the end of 2025 and mid-2026 [16].

Core Viewpoint - Barrick Gold Corporation (GOLD) is expected to report first-quarter 2025 results on May 7, with anticipated higher earnings due to rising gold prices, despite facing cost challenges [1][5]. Earnings Expectations - The Zacks Consensus Estimate for first-quarter earnings has been revised upward by 26.1% in the past 60 days, with an expected earnings of 29 cents per share, indicating a 52.6% year-over-year increase [1]. - GOLD has beaten the Zacks Consensus Estimate for earnings in three of the last four quarters, averaging an earnings surprise of approximately 12% [3]. Production and Costs - Production for the upcoming quarter is estimated at 710,000 ounces, reflecting a sequential decline of around 34% and a 24% decrease from the previous year [6]. - Higher production costs are anticipated to impact first-quarter results, with cash costs per ounce of gold increasing by about 7% year-over-year in Q4 2024, and AISC rising roughly 6% [8]. Market Conditions - Gold prices have surged nearly 19% in the first quarter and are up approximately 23% year-to-date, driven by safe-haven demand amid global trade tensions and economic uncertainties [5]. - The company's stock has gained 11.6% over the past year, underperforming the Zacks Mining – Gold industry's 47.2% increase [9]. Valuation - GOLD is currently trading at a forward 12-month earnings multiple of 10.76, which is about 28.1% lower than the industry average of 14.96X [12]. Growth Prospects - The company is well-positioned to benefit from key growth projects that are on schedule and within budget, which should significantly contribute to future production [14]. - GOLD maintains a strong liquidity position and generates healthy cash flows, allowing it to capitalize on development and acquisition opportunities [15]. Challenges - The company faces challenges from higher production costs, including increased mine-site sustaining capital spending and labor costs, which may impact profit margins [16]. Investment Outlook - Despite the positives, the high production costs warrant caution, and holding onto GOLD shares is advisable for current investors awaiting further clarity post-earnings release [17].