Canada Mining Weekly: Testing the Floor

Research evidence excerpt

Canada Mining Weekly: Testing the Floor

Canada | Metals & Mining EquityJulyResearch17, 2026

P/NAV at spot commodity pricesCanada Mining Weekly: Testing the Floor

Current Current Average

Gold spent another week searching for support, briefly slipping below the 2.4x

2.2xpsychologically important $4,000/oz level. While the near-term price action

2.0xremains uninspiring, our broader view is unchanged. Softer US CPI and

persistent fiscal concerns reinforce our belief that gold can recover in 2H and 1.8x

finish the year above $4,500/oz, supported by continued central bank demand, 1.6x

1.4x multiplepotentially lower real rates and ongoing investor diversification into hard assets.

P/NAV 1.2x

Commodity commentary. Gold drifted lower this week despite a modestly supportive macro 1.0x

backdrop, highlighting that positioning and sentiment remain the primary near-term headwinds. 0.8x

US June CPI came in softer than feared (at 3.5% vs. consensus of 3.9%), easing concerns that 0.6x

recent energy-driven inflation pressures would force a more hawkish Fed. Meanwhile, the Bank of 0.4x

Canada left rates unchanged at 2.25% while maintaining confidence that inflation will gradually 0.2x

moderate, reinforcing the view that policy rates are near their cycle peak. The key debate for LUG AEM KGC PAAS OGC NEM DPM GMIN AGI EDV BTG FNV WPM TFPM RGLD OR ERO HBM CS IVN NGEX

gold remains whether higher headline inflation translates into sustainably higher real rates. We Gold miners Streamers Copper miners

remain skeptical. Even after briefly falling below $4,000/oz, gold has continued to find buyers, .Source: Company reports, FactSet, Jefferies

suggesting physical demand and central bank purchases are helping establish a floor near current

levels.