Jon Mills, CFA

We think Barrick Mining stock is moderately overvalued.

We think Kinross earnings will fall by a negative compound annual growth rate of 20% over our five-year forecast period.

We lower fair value estimates across our gold mining coverage.

Strong balance sheets support growth, but miner shares look very expensive overall.

We think Barrick Mining stock is moderately overvalued.

We think Agnico Eagle stock is significantly overvalued.

We maintain our fair value estimate for Kinross stock.

Our update on select stocks from the gold industry.

We’ve slightly raised our fair value estimate of Kinross stock, but we still see it as significantly overvalued.

We think Teck stock is significantly overvalued.

We think Agnico Eagle stock is significantly overvalued.

We assume margins return to around their historical averages midcycle.

We think Kinross stock is significantly overvalued.

We believe Agnico Eagle stock is significantly overvalued.

There will likely be better opportunities to buy gold miner stocks.

We raise our fair value estimate for Anglo stock.

We think Barrick Mining stock is moderately undervalued.

We continue to view Kinross shares as overvalued.

We see Agnico Eagle stock as overvalued.

We view Kinross stock as overvalued.

Shares are trading at a sizeable discount to our fair value estimate.

Maintaining our fair value estimate on Kinross Gold stock.

Elevated gold prices and disposals mean its balance sheet is strong.

Barrick is the cheapest stock under our gold coverage.

Tariffs, geopolitical instability, a weaker US dollar, and rising inflation expectations are among the catalysts for gold prices staying high near term.

Jon Mills shares his mining stock outlook, what to watch out for in China and his favourite picks for this year.

We’ve modestly increased our fair value estimate for this industry giant.