North American Precious Metals Weekly: Q2‘26 preview and capital return outlook. NEM to kick off precious metals earnings.

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North American Precious Metals Weekly: Q2‘26 preview and capital return outlook. NEM to kick off precious metals earnings.

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North American Precious Metals Weekly

Q2’26 preview and capital return outlook.

NEM to kick off precious metals earnings.

Industry Overview

Precious metals earnings to then pick up next week 19 July 2026

Q2’26 reporting in the precious metals space is set to kick-off this coming week (on 23- Equity

Jul-26) with Newmont (NEM), followed by several more next week (28-Jul to 13-Aug-25). Americas

We preview expected themes, estimates, and focus areas for the precious metals sector Gold & Precious Metals

generally and provide key focus items for NEM’s results. We also review and compare

our precious metal coverage on return of capital to shareholders. Lawson Winder, CFA >> Research Analyst

Merrill Lynch (Canada)

Key focus items for Q2’26 precious metals results season +1lawson.winder@bofa.com416 369 7592

In Q2’26, gold averaged $4,508 per ounce (/oz) down 7.5% quarter-over-quarter (QoQ) Sathish Kasinathan

and up 37.1% year-over-year (YoY). Our North American precious metals coverage is Research Analyst

forecast to generate free cash flow (FCF) of around $4.0 billion (bn) in Q2’26E (and BofAS+1 646 855 2769

$26.6bn in 2026E). With gold and silver prices down QoQ, we think companies must sathish.kasinathan@bofa.com

show they are managing the Q2’26 inflation spike effectively to enjoy positive share Adam Smiarowski, CFA >>

Research Analyst

gains this earnings season. Remaining well on track to meet 2026 guidance will also be Merrill Lynch (Canada)

critical. Finally, with sector free cash flow still at historically elevated levels, capital +1 416 369 7780 adam.smiarowski@bofa.com

allocation and shareholder returns should be a key focus