The GoldPages for the Week Ended on May 15, 2026

Research evidence excerpt

The GoldPages for the Week Ended on May 15, 2026

May 18, 2026

Materials – Precious Metals & Minerals

The GoldPages Gold Mining Research

Rene Cartier, CPA, CA, CBV, CFA* Analyst

Rene.Cartier@bmo.com (416) 359-5001

The GoldPagesis a comprehensive review of operating and valuation metrics for a Andrew Mikitchook P.Eng., CFA* Analyst

broad universe of North American and global gold companies. Andrew.Mikitchook@bmo.com (416) 359-5782

Matthew Murphy, CFA* Analyst

The data set can be used to evaluate the relative investment merits of global gold

Matthews.Murphy@bmo.com (416) 843-3198

stocks based on consistent and rigorous analysis over a range of valuation and

Kevin O’Halloran* Analystcommodity price scenarios.

Kevin.OHalloran@bmo.com (416) 278-7023

Brian Quast, P.Eng.* Analyst

Brian.Quast@bmo.com (416) 359-6284CLICK HERE to open/save Excel version.

Raj Ray, CFA^ Analyst

CLICK HERE to access our research website. Raj.Ray@bmo.com +44 742-309-8180

Frederic Bolton^ Analyst

TableofContents Frederic.Bolton@bmo.com +44 785-065-5751

BMO Commodity Forecast Assumptions 2

Metals and Mining Sectors Summary 3 Data/Project Mgmt.: Alona Yunda^

Key Valuation Metrics - 1 4 alona.yunda@bmo.com +44 789-479-7518

Key Valuation Metrics – 2 (BMO) 5 Legal Entity: *BMO Nesbitt Burns Inc;

Key Valuation Metrics – 2 (SPOT) 6 ^BMO Capital Markets Limited

Net Present Value 7

Gold Price Sensitivity - Net Present Value at 5% Discount Rate 8

Production and Cash Cost - Co-Product 9

Production and Cash Cost - By-Product 10

All-in Sustaining Costs & All-in Costs - By-Product 11

Adjusted Earnings 12

Adjusted Cash Flow 13

Net Free Cash Flow at Spot Prices 14

Net Free Cash Flow at BMO Prices 15

Enterprise Value 16

Balance Sheet 17

Reserves Summary 18

Gold Price Sensitivity - Adjusted Earnings per Share 19