Tracking the Junior Golds

Research evidence excerpt

Tracking the Junior Golds

Tracking the junior golds RBCJosh DominionWolfson (HeadSecuritiesof GlobalInc. Metals & Mining

June 10, 2026 Research)

(416) 842-9893

josh.wolfson@rbccm.com

Our view: In this note, we provide an overview of junior gold valuations, sector trends, and key charts. Precious metals explorers &

Harrison Reynolds (Analyst)

developers have benefited over the last year from rising gold prices and a supportive equity financing environment, which has enabled (647) 504-7192

project advancement. Junior gold valuations have increased, but remain relatively low vs. the underlying commodity, in part indicating that harrison.reynolds@rbccm.com

higher gold prices have not fully been reflected in share prices.

Key takeaways:

• Developer valuations have repriced higher since mid-2025: Junior gold EV/oz valuations have increased materially from mid-2025

levels, clearing the prior cyclical highs set in 2020. Across the 90+ companies RBC tracks, we calculate valuations today of $80/oz, up

from $30/oz as of mid-2025. When evaluating $/oz valuations as a percentage of the gold price, valuations have also increased, but

remain near cyclical lows, indicating the sector has not fully kept pace with gold’s rise over time.

• Higher gold prices have supported improving economics: Developer studies have meaningfully increased base case gold price

assumptions, thereby supporting project economics. When assessing the attractiveness of project economics via the ratio of a project’s

NPV relative to its initial capital requirements, this has improved to ~8.8x at $5,000/oz vs. ~5.2x at $3,500/oz and ~2.8x at $2,500/oz,

providing a substantial margin of safety at current higher gold prices. Project advancement continues to be a key driver of valuation