EMEA Gold Miners: Q2’26 into the print: pullback & catalysts offer compelling entry point; AngloGold & Fresnillo stay Top Picks & place GFI on Positive Catalyst Watch

Research evidence excerpt

EMEA Gold Miners: Q2’26 into the print: pullback & catalysts offer compelling entry point; AngloGold & Fresnillo stay Top Picks & place GFI on Positive Catalyst Watch

ns). If Mgmt can demonstrate progress in its negotiations with the (971) 4428-1766

anna.antonova@jpmorgan.com

government (and potentially positive updates on its Windfall project), this could J.P. Morgan Securities plc

help GFI recover its Ghana-related underperformance. Thus, we place GFI on

Positive Catalyst Watch into H1’26 results (25 Aug). For Endeavour (OW), as we

forecast ~$180m net cash by H1’26, we see a potential H1’26 dividend surprise Catalyst Watch is our near-term conviction

(JPMe +23% above BBG Con) at >$1.0/sh. We update our estimates for Q2’26 indicator for our equity coverage universe.

realised commodity prices as well as mark-to-market for the most recent It is an indicator our research analysts can

commodities forward curves, reducing our 2026/27 gold price forecasts by -8%/- apply to a stock in their coverage into a

15% to ~$4,400/oz & ~$4,300/oz respectively. specific event in order to articulate near-

term positivity or caution based on a

** We will host a webinar on Thursday (16 July) at 1pm UKT / 8am NY to discuss specific catalyst. As such, it can differ from

Gold's next catalysts and the outlook for the EMEA Gold Miners with JPM

the analysts' published ratings, which are

Commodities Research Greg Shearer & JPM CEEMEA & South Africa Equity

relative to their coverage universe and six

Strategist Inga Galeni** Please reach out to your J.P. Morgan representative for

to 12 months in duration.

registration details.

• AngloGold Ashanti (OW): We forecast Q2'26 gold production of 718koz, -

1% vs Q1'26 at 724koz. We forecast Q2'26 EBITDA of$1,961m, -7% vs BBG

Con.