Apr. 25 at 6:52 PM
$CDE
2026 production projection, given average gold price of
$5000, silver
$200 and copper
$6, that gives us income of:
$NEM 5.3M gold, 36M silver, 120k copper = 26.5B+7.2B+0.7M=34.5B
$B 3M gold, 200k copper=15B
$AEM 3.5M gold=17.5B
$FNLPF 500k gold, 45M silver=2.5B+0.27B=2.75B
$CDE 800k gold, 20M silver, 60M copper=4B+4B+0.36B=8.36B
Marketcap / income
Newmont: 128.8/34.5 = 3.7x
Barrick: 69/15 = 4.6x
Agnico: 100/17.5=5.7x
Fresnillo: 33.9/2.75=12.3x
Coeur: 20/8.36=2.4x
right now, coeur has good exposure to gold, silver and copper and is trading at the smallest multiple of the largest gold and silver producers.
to add, first majestic is at 14M silver, 120k gold and 1M copper, making it 2.8B+0.6B+6M=3.46B, trading at 10B/3.46B=2.89x
So Coeur and Newmont provide the best play for wide exposure to metals while first majestic proving best silver-focused play.
The advantage of Newmont is that it is a large cap company so when capital starts to move into metals, they will be like a Mag7 type of stock.
