黄金矿业

SSR Mining: Cash-Rich After the Çöpler Exit, With the Real Test Still Ahead

SSR Mining is an Americas-focused gold-and-silver producer running four mines (Marigold, Cripple Creek & Victor, Seabee, Puna), guiding 450,000–535,000 gold-equivalent ounces for 2026 after completing its exit from Türkiye. The June 24, 2026 Çöpler sale converted the portfolio's biggest source of risk into about 1.49 billion USD of cash, implying at least roughly 1.82 billion USD pro forma, yet at 30.31 USD the stock already prices in much of the de-risking while the larger capital-allocation test is still ahead. Rating Hold: the balance sheet is far better after Çöpler, but the current price discounts much of that cleanup before redeployment is fully proven.

Coeur Mining: A Stronger Seven-Mine Platform, No Longer Cheap Enough to Ignore the Cycle

Coeur Mining is a North American precious-metals producer whose earnings now come from seven mines spanning gold, silver and, after the March 2026 New Gold deal, copper. Q1 2026 brought record adjusted EBITDA of 474.9 million USD and 340.8 million USD of operating cash flow, ending the quarter in a net-cash position, but 2026 guidance rests on aggressive metal-price assumptions of 4,550 USD per ounce gold and 77.50 USD per ounce silver. Rating Hold: the platform is far stronger than before Rochester, SilverCrest and New Gold, yet at 16.54 USD the price already assumes high metals and smooth integration, leaving no margin of safety against normalization.

Gold Fields: A De-Rated but Reshaped Global Gold Miner Still Priced for Execution and Country Risk

Gold Fields is a globally diversified gold miner running eight operating mines across South Africa, Ghana, Chile, Peru and Australia plus the Windfall project in Canada, reshaped around the new Salares Norte flagship and the Osisko and Gold Road acquisitions. 2025 delivered a realized gold price of US$3,496/oz, production of 2.438Moz and adjusted free cash flow of US$2.97 billion, yet the US ADR has de-rated quickly from US$38.60 to US$31.88 in a broad gold selloff rather than on any company-specific break. Rating Cautious Buy: an improved but still-cyclical portfolio trading at a discount to peers, where Salares Norte execution and Ghana Tarkwa fiscal terms keep a full-quality rerating away and the ideal buy sits at US$26 to US$29, below the current price.

AngloGold Ashanti: A Re-Rated Major Gold Miner in Transition, Cash-Rich but Reserve-Light and Priced Near Fair Value

AngloGold Ashanti is a globally diversified major gold miner producing 3.1Moz a year across roughly ten mines, reshaped by the 2024 Centamin/Sukari acquisition and a 2023 redomicile to a UK plc with a primary NYSE listing. 2025 delivered record free cash flow of US$2.9 billion and a year-end adjusted net cash position, but the shares have already re-rated about 69% in a year and a 21.91Moz reserve base implies only about seven years of reserve life against 3.1Moz of annual output. Rating Hold: a much-improved cyclical cash generator now trading near fair value at roughly 0.85x P/NAV, where the easy rerating money has been made and further upside hinges on reserve replacement (Nevada's Arthur) and a gold tape staying generous.

Barrick Mining: A World-Class Gold-and-Copper Portfolio in Transition, Discounted for Complexity and Priced Near Fair Value

Barrick Mining is a senior gold-and-copper miner with world-class reserve depth (85Moz gold, 18Mt copper), district quality in Nevada and Pueblo Viejo, and a balance sheet strong enough to fund both record shareholder returns and future growth. Record 2025 cash flow (US$7.69 billion operating, US$3.87 billion free) proved the operating leverage, but the stock trades at a persistent discount to peers because sovereign risk in Mali, a Reko Diq budget review, a Newmont dispute over Nevada, and an unfinished North American carve-out all cloud the path from ore to shareholder value. Rating Hold: the gold cash flows and copper optionality are real, but the price already reflects strong metals and leaves only a moderate cushion against execution risk, with a defensible entry only below roughly US$26.

Wheaton Precious Metals 深度研究

全球顶级纯贵金属流公司，用合同锁定低采购成本、靠金银现货价赚现金流杠杆；生意质量高，但当前 132.6 美元已基本反映高金银价与 Antamina 利好，安全边际不足。

Newmont 长期所有者视角研究

全球黄金资源旗舰，2025 年 226.7 亿美元收入与 73 亿美元自由现金流由金价上行放大；但本质仍是重资产、强周期、低定价权的矿业公司，当前价已透支金价高位与整合成功叙事，理想买入 35-50 美元。