纵横研报
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#Gold

03Reports
AG.US logo
·白银矿业 ·内部研究

First Majestic Silver: A Better Miner After Los Gatos, No Longer a Cheap One

First Majestic is a Mexico-focused silver-and-gold miner whose earnings engine was rebuilt by the January 2025 Gatos Silver acquisition, a deal that added a 70% stake in Los Gatos, lifted scale and cost quality, and left former Gatos holders with about 38% of the company. 2025 delivered record revenue of 1.257 billion USD and free cash flow of 470.6 million USD, and Q1 2026 added 476.7 million USD of revenue with 223.5 million USD of free cash flow, yet 2026 guidance calls for lower silver output, Q1 AISC ran 29.76 USD per ounce, and the Mexican tax dispute remains unresolved. Rating Hold: Los Gatos made First Majestic a better miner, but at 17.82 USD the price already reflects much of that upgrade, and the entry only gets attractive below 16 USD.

AG.US First Majestic Silver Corp. #Silver#Gold#Precious Metals Mining#Los Gatos#Mexico#High Beta
Hold
CDE.US logo
·黄金矿业 ·内部研究

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.

CDE.US Coeur Mining, Inc. #Silver#Gold#Copper#Precious Metals Mining#New Gold Acquisition#Commodity Cyclical
Hold
·贵金属(黄金特许权、流式) ·In-house Research

Triple Flag Precious Metals: Quality Compounder, Fully Priced

Triple Flag is a gold-focused streaming and royalty financier that funds miners and collects metal for years at fixed terms, running a 242-asset book at a 93% asset margin with little operating drag. FY2025 revenue reached US$388.7 million with US$312.8 million operating cash flow, yet at US$30.05 the stock trades above its ideal-buy zone, with Northparkes alone at 26% of consensus NAV. Rating Watch: a high-quality compounder still in transition to senior scale, attractive on quality but not yet on price.

TFPM.US Triple Flag Precious Metals Corp. #Gold#Royalty#Streaming#Precious Metals#Compounder#Valuation
Watch