North American Precious Metals Weekly: H1’26 price performances in review: substantial volatility in gold/silver prices

Research evidence excerpt

North American Precious Metals Weekly: H1’26 price performances in review: substantial volatility in gold/silver prices

cash flow profile post-divestments. Following SSRM, Eldorado Gold (EGO) is the second-

best performer in Q2'26, with a decline of -9.4%, underperforming its Q2'25 return of

18.1%. Skouries continued to consume capital with a revised cost estimate of $1.315 bn

while remaining pre-revenue in the quarter, and Kisladag, the company's primary

producing asset, saw output fall 36% year-over-year on sharply lower grades with costs

rising to $1,896/oz.

AGI was the worst performer in both Q2’26 and H1’26 at -31.7% and -21.4%

respectively compared to 2025 performance at -4.35% and 45.0% respectively. In our

view, the decline was driven by repeated seismic disruptions at Young-Davidson, which

led to a guidance production downgrade, higher than expected costs, and reduced

visibility on near-term output. Following an already weak start to the year, the

deterioration accelerated in mid-June, when Young-Davidson experienced two further

seismic events which damaged underground infrastructure and restricted access to

higher-grade stopes. This was compounded by storm-related power outages to the

regional grid in late May. On June 18, Alamos revised Q2 production guidance down 12%

to 130–135koz’s and lowered its full-year 2026 production outlook, flagging higher full-

year costs with revised annual guidance deferred to the Q2 results in late July. An 8.2%

rebound on June 22, following strong Island Gold District drilling results, provided some

support but did not offset broader Q2 underperformance.

Agnico Eagle Mines had the second worst performance in Q2’26 at -23.6% from 2025’s

QTD performance at 7.1% as aggressive capital deployment including multiple Finland