Core Insights - Barrick Mining Corporation's fourth-quarter profits more than doubled year over year due to higher gold prices, but increased unit costs negatively impacted results [1][7] - The company's total cash costs per ounce of gold rose approximately 15% year over year, while all-in-sustaining costs (AISC) increased around 9% year over year [1][7] - Barrick's consolidated gold production fell roughly 19% year over year to 871,000 ounces in the fourth quarter, contributing to higher unit costs [2][7] Cost Metrics - AISC for Barrick in the fourth quarter was $1,581, reflecting a 10% year-over-year increase to $1,637 in 2025 [1][3] - For 2026, Barrick projects AISC to be in the range of $1,760-$1,950 per ounce, indicating a significant year-over-year increase at the midpoint [3] - Cash costs per ounce are forecasted to be $1,330-$1,470, up from $1,199 in 2025 [3] Industry Comparison - Agnico Eagle Mines Limited reported an AISC of $1,517 per ounce in the fourth quarter, marking a 10% increase from the prior quarter and a 15% year-over-year rise [4] - Kinross Gold Corporation's fourth-quarter attributable AISC was $1,825 per ounce, a 21% increase from the prior-year quarter [5] Stock Performance and Valuation - Barrick's shares have increased by 101.1% over the past six months, outperforming the Zacks Mining – Gold industry's rise of 73.2% [6] - The company is currently trading at a forward 12-month earnings multiple of 13.13, which is a 3.9% discount compared to the industry average of 13.67X [8] Earnings Estimates - The Zacks Consensus Estimate for Barrick's 2026 earnings implies a year-over-year increase of 48.8%, with a 15.3% increase projected for 2027 [9]

Core Viewpoint - Agnico Eagle Mines Limited (AEM) reported better-than-expected earnings in Q4, driven by higher gold prices, but is facing challenges from rising unit costs [1][8]. Group 1: Financial Performance - AEM's all-in sustaining cost (AISC) was $1,517 per ounce in Q4, reflecting a 10% increase from the previous quarter and a 15% year-over-year rise [1]. - Total cash costs per ounce for gold were $1,089, which is 18% higher than $923 a year ago and up from $994 in the prior quarter [2]. - AEM forecasts total cash costs per ounce in the range of $1,020 to $1,120 and AISC per ounce between $1,400 and $1,550 for 2026, indicating a year-over-year increase at the midpoint of the respective ranges [4]. Group 2: Cost Management and Industry Comparison - AEM is taking measures to control costs, but inflationary pressures are expected to persist, impacting overall financial performance [3]. - Among peers, Barrick Mining Corporation saw a 9% year-over-year increase in AISC in Q4, reaching $1,581 per ounce, while Newmont Corporation lowered its AISC to $1,566 per ounce, marking a 3% decrease from the prior year [5][6]. Group 3: Stock Performance and Earnings Estimates - AEM shares have increased by 59.2% over the past six months, compared to a 74% rise in the Zacks Mining – Gold industry, largely due to the rally in gold prices [7]. - The Zacks Consensus Estimate for AEM's earnings implies a year-over-year rise of 52.9% for 2026 and a decline of 1.5% for 2027, with EPS estimates trending higher over the past 60 days [10]. Group 4: Valuation Metrics - AEM is currently trading at a forward 12-month earnings multiple of 16.86, which is approximately a 20% premium to the industry average of 14.05X [11].

Core Insights - Centerra Gold Inc. (CGAU) is expected to report fourth-quarter 2025 results on February 19, with earnings anticipated to show operational momentum supported by stable production and disciplined cost control amid favorable gold prices [1][6]. Earnings Estimates - The Zacks Consensus Estimate for fourth-quarter earnings has increased over the past 30 days, now projected at 34 cents per share, indicating a 100% year-over-year increase [2][6]. - The earnings estimate trend shows a significant upward revision, with a 30.77% increase for Q1 and an 81.82% increase for Q2 [3]. Operational Performance - CGAU's performance is driven by solid production at Mount Milligan and Oksut, with all-in sustaining costs (AISC) in the mid-$1,600s range [5][6]. - The company faced a structurally higher cost base, with gold production costs around the mid-$1,300s per ounce, influenced by mine sequencing and inflationary pressures [7]. Market Position and Valuation - CGAU's stock has increased by 193.2% over the past year, outperforming the Zacks Mining – Gold industry's 140% rise and the S&P 500's 13.9% increase [9]. - The company is currently trading at a forward 12-month sales multiple of 3.00, which is approximately 15% lower than the industry average of 3.52 [12]. Investment Thesis - Centerra Gold is positioned for steady production and improving cost visibility, with a balanced exposure to gold and copper, supported by stable grades and disciplined cost control [15]. - The company is expected to maintain positive momentum into the fourth quarter, bolstered by operational consistency and favorable pricing dynamics, reinforcing a buy recommendation [16].

Core Insights - Equinox Gold Corp. (EQX) is expected to release its fourth-quarter 2025 results on February 18, with a history of mixed earnings surprises, having beaten estimates in two of the last four quarters and missed in two, averaging an earnings surprise of approximately 86.6% over the trailing four quarters [1][10] Group 1: Performance Metrics - EQX's shares have increased by 125.7% over the past year, while the Zacks Mining – Gold industry has seen a rise of 140% [2] - The company reported record gold production of 922,827 ounces for the full year 2025, indicating strong operational performance [5] - For the fourth quarter, gold production reached a record 247,024 ounces, including contributions from Greenstone (72,091 ounces) and Valentine (23,207 ounces) [6][8] Group 2: Market Factors - Higher gold prices are anticipated to have positively impacted EQX's profitability, with prices closing nearly 13% higher in the fourth quarter and surging approximately 65% throughout 2025 due to increased safe-haven demand amid global trade tensions and geopolitical issues [4] - Operational improvements at Greenstone and Valentine are expected to have contributed to the strong production figures, with Greenstone showing enhanced mining and milling rates [9]

Core Viewpoint - IAMGOLD Corporation (IAG) is expected to report strong fourth-quarter 2025 results, driven by significant production growth, record sales volumes, and higher realized gold prices, with earnings estimated to surge 470% year-over-year to 57 cents per share [1][6]. Earnings Estimates - The Zacks Consensus Estimate for fourth-quarter earnings has increased over the past 30 days, with current estimates at 57 cents per share, reflecting a 470% year-over-year increase [1][2]. - The earnings estimate trend shows a significant upward revision, with a 50% increase in the current quarter estimate compared to seven days ago and a 38% increase compared to 60 days ago [2]. Production and Performance - IAMGOLD recorded quarterly production of 242,400 ounces, marking a 37.2% year-over-year increase, attributed to improved execution across its diversified asset base, particularly at Côté Gold, Essakane, and Westwood [7][8]. - The continued ramp-up at Côté Gold is crucial for earnings, with rising mill utilization and record output contributing to increased volumes and economies of scale [8]. Cost and Margin Analysis - Cash costs are expected to be near the top end of $1,375–$1,475 per ounce, with all-in sustaining costs (AISC) projected at $1,830–$1,930 per ounce, reflecting an increase from the previous year due to higher unit costs and royalties [10]. - Cost pressures are anticipated to persist, influenced by gold-linked royalties and elevated fuel prices, although higher production volumes may help recover margins [9][10]. Stock Performance and Valuation - IAMGOLD's shares have increased by 208.2% over the past year, outperforming the Zacks Mining – Gold industry and the S&P 500 [11]. - The company is currently trading at a forward 12-month sales multiple of 4.49, representing a 28% premium over the industry average of 3.52 [14]. Strategic Outlook - IAMGOLD is positioned to benefit from the ramp-up of the Côté Gold project and stable performance across its mines, which is expected to drive higher production and improved margins amid elevated gold prices [15][16]. - With major capital spending largely complete, the company is focusing on debt reduction and potential shareholder returns, while exploration efforts in Québec provide long-term growth opportunities [17].

Core Viewpoint - Agnico Eagle Mines Limited (AEM) has experienced a 26.1% increase in share price over the past three months, driven by record gold prices and strong earnings performance [1][6]. Group 1: Stock Performance - AEM's share price increase of 26.1% is below the Zacks Mining – Gold industry's rise of 29.9% but exceeds the S&P 500's increase of 2.3% [2]. - AEM has been trading above the 200-day simple moving average (SMA) since March 4, 2024, indicating a long-term uptrend [3]. Group 2: Project Advancements - AEM is advancing key projects such as Odyssey, Hope Bay, and Detour Lake to enhance future production and cash flows [6][9]. - The Hope Bay Project has proven and probable mineral reserves of 3.4 million ounces, expected to significantly contribute to cash flow [10]. - AEM is transitioning to underground mining at Canadian Malartic and exploring opportunities to increase annual production [10]. Group 3: Financial Health - AEM reported operating cash flow of approximately $1.8 billion in the third quarter, a 67% increase year-over-year [13]. - The company achieved third-quarter free cash flow of around $1.2 billion, nearly doubling the previous year's figure of $620 million [14]. - AEM ended the third quarter with a net cash position of nearly $2.2 billion and returned about $350 million to shareholders [15]. Group 4: Gold Price Dynamics - Gold prices surged approximately 65% in 2025, influenced by trade tensions and central bank purchases, which are expected to enhance AEM's profitability [16][18]. - Recent geopolitical tensions and macroeconomic uncertainties have driven gold prices to record levels, with prices reaching nearly $5,600 per ounce [17]. Group 5: Cost Structure - AEM's total cash costs per ounce for gold were $994 in the third quarter, an 8% increase from the previous year [20]. - The company forecasts total cash costs per ounce between $915 and $965 for 2025, indicating a potential year-over-year increase [21]. Group 6: Earnings Estimates - The Zacks Consensus Estimate for AEM's 2025 earnings is $8.13, reflecting a year-over-year growth of 92.2% [22]. - Earnings are projected to grow approximately 50.5% in 2026 [22]. Group 7: Valuation - AEM is currently trading at a forward 12-month earnings multiple of 17.45, a 22.5% premium to the peer group average of 14.24X [23].

Core Viewpoint - Agnico Eagle Mines Limited (AEM) is expected to report strong fourth-quarter 2025 results, benefiting from higher gold prices and robust production despite cost pressures [1][7]. Earnings Estimates - The Zacks Consensus Estimate for AEM's fourth-quarter earnings is $2.53 per share, reflecting a 100.8% increase year-over-year [2]. - Revenue estimates stand at $3.24 billion, indicating a 45.7% year-over-year growth [2]. Recent Performance - AEM has consistently outperformed the Zacks Consensus Estimate for earnings in the last four quarters, averaging an 11.6% beat [3]. - The company has an Earnings ESP of +6.14% and a Zacks Rank of 3 (Hold), suggesting a favorable outlook for the upcoming earnings report [5][4]. Factors Influencing Q4 Results - Higher gold prices, driven by global trade tensions, geopolitical issues, and a weak dollar, are expected to positively impact AEM's performance [6][8]. - Gold prices increased nearly 13% in Q4 and surged approximately 65% in 2025, with AEM's estimated realized gold prices at $3,593 per ounce, a 35% year-over-year increase [9]. Production Insights - Continued strong production from LaRonde, Macassa, and Canadian Malartic is anticipated to support AEM's performance, with estimated payable gold production at 839,674 ounces for Q4 [10]. Cost Analysis - AEM's total cash costs per ounce for gold were reported at $994, an 8% increase from the previous year, while all-in-sustaining costs (AISC) rose to $1,373 per ounce, marking a 6% quarter-over-quarter increase [11]. - The company forecasts total cash costs per ounce between $915 and $965 and AISC between $1,250 and $1,300 for 2025, indicating a year-over-year increase [12]. Stock Performance and Valuation - AEM's shares have increased by 109.3% over the past year, underperforming the Zacks Mining – Gold industry's 119.4% rise but outperforming the S&P 500's 16.8% increase [13]. - The company is currently trading at a forward 12-month earnings multiple of 17.28, a 27.7% premium to the peer group average of 13.53X [16]. Growth Prospects - AEM is positioned for growth through key projects like Odyssey, Detour Lake, and Hope Bay, which are expected to enhance production and cash flows [20]. - The merger with Kirkland Lake Gold has established AEM as a leading senior gold producer with a strong pipeline of development projects [20][21]. Financial Health - AEM maintains a strong liquidity position and generates substantial cash flows, enabling it to finance growth projects and manage debt effectively [21]. - Elevated gold prices are expected to further enhance AEM's profitability and cash flow generation [21]. Investment Outlook - AEM's solid growth initiatives and healthy balance sheet support a favorable outlook, although elevated cost levels and stretched valuations may pose challenges [23].

Core Viewpoint - Investors in Alamos Gold Inc. should closely monitor stock movements due to significant implied volatility in the options market, particularly the Feb 20, 2026 $48 Put option [1] Group 1: Implied Volatility - Implied volatility indicates the market's expectations for future price movements, with high levels suggesting potential significant price changes or upcoming events that could impact the stock [2] - The current high implied volatility for Alamos Gold shares may signal a developing trading opportunity, as options traders often seek to sell premium on such options [4] Group 2: Analyst Sentiment - Alamos Gold holds a Zacks Rank 3 (Hold) within the Mining – Gold industry, which is in the top 20% of the Zacks Industry Rank [3] - Over the past 30 days, no analysts have raised their earnings estimates for the current quarter, while two have lowered their estimates, resulting in a decrease in the Zacks Consensus Estimate from 56 cents to 49 cents per share [3]

Core Insights - Newmont Corporation (NEM) is enhancing shareholder value through significant dividends and share repurchases, distributing over $5.7 billion in the past two years [1][7] Financial Performance - Newmont generated a record free cash flow of $1.6 billion in Q3, with net cash from operating activities increasing by 40% year-over-year to $2.3 billion [2][7] - The company reduced its debt by approximately $2 billion in Q3, achieving a near-zero net debt position by the end of the quarter [3][7] Capital Allocation - Newmont has doubled its share repurchase authorization to $6 billion, executing $3.3 billion of this buyback as of October 23, 2025 [2] - The company is following a disciplined capital allocation policy, using its cash generation to return capital to shareholders, fund growth projects, and pay down debt [3] Market Position - Newmont's shares have increased by 79.2% over the past six months, outperforming the Zacks Mining – Gold industry, which rose by 64.8% [6] - The company is currently trading at a forward 12-month earnings multiple of 15.23, which is a 15% premium to the industry average of 13.24 [9] Earnings Outlook - The Zacks Consensus Estimate for NEM's earnings implies a year-over-year increase of 81.9% for 2025 and 21.1% for 2026, with EPS estimates trending higher over the past 60 days [10]

Core Insights - AngloGold Ashanti plc is pursuing both organic and inorganic growth strategies, highlighted by the recent acquisition of Augusta Gold Corp. which enhances its presence in Nevada's Beatty District, a significant gold area in the U.S. [1][8] - The company is focusing on brownfields exploration to extend the life of existing mines, particularly at Geita and Sukari, targeting low-risk, high-return opportunities [2][8] - AngloGold Ashanti has approved additional capital expenditure for its Geita Gold Mine, planning to invest $100 million over the next three years to increase mineral reserves by approximately 60% and extend the mine's life to at least a decade by 2028 [3][8] - The Obuasi mine is expected to produce 400,000 ounces annually at competitive costs by 2028, while improvements at the Siguiri mine aim to enhance mining volumes and metallurgical recovery [4] Financial Performance - AngloGold Ashanti's stock has increased by 331.8% over the past year, significantly outperforming the Zacks Mining - Gold industry's growth of 176.9% [7] - The Zacks Consensus Estimate for 2025 sales is projected at $9.85 billion, reflecting a 70.1% year-over-year increase, with earnings expected to rise by 152.9% to $5.59 per share [10] - For 2026, sales are estimated to grow by 22.5%, while earnings are expected to increase by 41.3% [10] - The company is currently trading at a forward 12-month earnings multiple of 16.65X, which is slightly above the industry average of 14.62X, and holds a Value Score of A [11]