Gold Equities: 2Q26 Preview - Price target and estimate changes - North American precious metals

Research evidence excerpt

Gold Equities: 2Q26 Preview - Price target and estimate changes - North American precious metals

RBC Dominion Securities Inc.

Josh Wolfson (Head of

Global Metals & Mining

Research)

(416) 842-9893,

josh.wolfson@rbccm.com

Harrison Reynolds (Analyst)

(647) 504-7192,

July 8, 2026 harrison.reynolds@rbccm.com

David Monus (Associate)

(416) 842-9949, Gold Equities: 2Q26 Preview - Price target and david.monus@rbccm.com

Connor Snarr (Associate)RESEARCH estimate changes - North American precious metals (416) 842-9894,

connor.snarr@rbccm.com

Our view: This note contains estimate changes for the companies in our North American precious

metals coverage universe. We update commodity prices for 2Q average prices, and fine-tune estimates

across our coverage ahead of 2Q26 earnings releases. We lower OLA price target to be in line with EQX,

reflecting the anticipated closing of the acquisition. For our detailed company previews and investment

views across our precious metal coverage, refer to our 2Q26 preview note: Gold Equities: 2Q preview.EQUITY For more information on our commodity outlook and investment views across our global coverage, refer

to our note Global Mining Commodity Update—2Q26, published on June 3, 2026.

We highlight our updated macro views and gold price outlook, detailed in our note, Global Precious

Metals Equities Outlook–Out of the ordinary, published on December 10, 2025.

The financial models in the following pages are priced as of market close, July 6, 2026

Priced as of prior trading day's market close, EST (unless otherwise noted). All values in USD unless otherwise noted

Disseminated: Jul 8, 2026 18:56EDT; Produced: Jul 8, 2026 18:56EDT

For Required Non-U.S. Analyst and Conflicts Disclosures, see page 68