Weekly Metals & Mining Comp Table

Research evidence excerpt

Weekly Metals & Mining Comp Table

TD Cowen

Global Research May 11, 2026

Figure 6 — Justification of and Key Risks to Target Prices

Company Name and Ticker Target Price Rating Justification of Target Price Key Risks to Target Price

Our target price is subject to political, technical, forecast, and financial risks. These risks include, but are not limited to, gold and fuel

Our target price is based on a 1.0x multiple

B2Gold Corp. prices; the governing fiscal and legislative regimes; M&A risk; the timing of key developments; market conditions; capital and operating

to our 5% NAV (weighted 60%; Fekola at 7%

(C$) 8.00 HOLD costs; foreign exchange rates; resources; operating parameters; permitting; environmental concerns; Indigenous people's claims; and

NAV) and a 4.0x multiple to our 2026E EBITDA

BTO-T,BTG-A staffing and retention of key personnel. We view the political risk associated with Mali and the Philippines as above-average. Ramp up

estimate (weighted 40%).

on the Back River project is an additional elevated risk given the more challenging operating conditions due to cold weather.

Key risks to target price include: Silver and gold price risk; foreign exchange risk; financial risk, including risks to the cost and availabilit

of financing; forecast risk, including capital and operating cost risks, risks related to deposit size, grade, and mineability; technical risk,

Our target price is based on a 1.6x multiple

including risks associated with the use of multiple mining techniques and risks to the process flowsheet that we envision; political risk,

Coeur Mining Inc. (US$) to our 5% NAV (weighted 60%) and a 16.0x

30.00 BUY including the potential for resource nationalization and changes to legal and fiscal regimes; permitting risk; community social relations