North American Precious Metals Weekly: Gold sector screens cheap at spot. China top gold producer. TFPM adds in Oz.

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North American Precious Metals Weekly: Gold sector screens cheap at spot. China top gold producer. TFPM adds in Oz.

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North American Precious Metals Weekly

Gold sector screens cheap at spot. China

top gold producer. TFPM adds in Oz.

Price Objective Change

PM producer valuations stand-out among the subsectors 14 June 2026

With metal prices declining broadly last week, we look at where relative value exists Equity

across the metals and mining subsectors (precious metal (PM) producers, PM royalty and Americas

streaming (R&S) companies, copper, rare earths, steel, tungsten, and nuclear fuel). PM Gold & Precious Metals

producers screen well. We review the top gold producing nations in 2025 and note

China’s continued global leadership. We also update our Cameco (CCJ) and Triple Flag LawsonResearch Winder,Analyst CFA >>

Precious Metals (TFPM) models (on pages 3-4). Merrill Lynch (Canada)

+1 416 369 7592

Precious metal producers as a group attractively priced lawson.winder@bofa.comSathish Kasinathan

We have used spot commodity prices to examine relative value across key mining Research Analyst

subsectors. On spot-price based 2026E EV/EBITDA and free cash flow (FCF) yield, the BofAS+1 646 855 2769

PM producers stand-out as the most attractively valued metals & mining subsector. On sathish.kasinathan@bofa.com

spot price to net asset value (P/NAV), the PM producers are the second most attractively Adam Smiarowski, CFA >>

Research Analyst

valued subsector, second to tungsten. See exhibits 3-5 on page 5. While gold prices have Merrill Lynch (Canada)

been soft recently, and could continue as such through the summer, and potentially +1 416 369 7780

adam.smiarowski@bofa.com

longer, BofA Commodities continues to point to much strong gold prices longer-term,