Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

Equity Bottom-Up

OceanaGold Philippines / Equity Bottom-Up

OceanaGold Philippines, Inc. is a leading producer of gold and copper in the Philippines, engaged in the exploration, development, and utilization of mineral resources. The company operates the Didipio gold and copper mine in the northern Luzon region, producing gold dore bars (containing gold and silver) and copper concentrate. It was founded in 1996 and is headquartered in Kasibu, Nueva Vizcaya, Philippines.

<ul>
<li>
Valuation: At $4,500/oz, the nine-name median is 8.3x P/E and 5.9x EV/EBITDA; excluding Capricorn (18.6x), the sector prices in little of current gold.</li>
<li>
 Performance:<a href="https://www.smartkarma.com/entities/centerra-gold-inc" target="_blank" data-smartkarma-citation="entities:25634:1" rel="noopener">Centerra Gold (CG CN)</a>  (+56.5%) and Wesdome (+51.8%) lead YTD, while <a href="https://www.smartkarma.com/entities/barrick-mining-corporation" target="_blank" data-smartkarma-citation="entities:21023:1" rel="noopener">Barrick Mining (B US)</a>  (‑6.2%) and <a href="https://www.smartkarma.com/entities/kinross-gold-corp" target="_blank" data-smartkarma-citation="entities:25396:1" rel="noopener">Kinross Gold (K CN)</a> (‑16.4%) lag on the lowest EV/EBITDA (3.9x, 4.2x).</li>
<li>
Picks: We like <a target="_blank" rel="noopener">Barrick Mining (B US)</a> for upcoming catalysts, <a target="_blank" rel="noopener">OceanaGold Philippines (OGP PM)</a> for its yield of 10-12%, and <a target="_blank" rel="noopener">Apex Mining (APX PM)</a> for future growth. </li>
</ul>



Valuation: At $4,500/oz, the nine-name median is 8.3x P/E and 5.9x EV/EBITDA; excluding Capricorn (18.6x), the sector prices in little of current gold.

 Performance:Centerra Gold (CG CN)  (+56.5%) and Wesdome (+51.8%) lead YTD, while Barrick Mining (B US)  (‑6.2%) and Kinross Gold (K CN) (‑16.4%) lag on the lowest EV/EBITDA (3.9x, 4.2x).

Picks: We like Barrick Mining (B US) for upcoming catalysts, OceanaGold Philippines (OGP PM) for its yield of 10-12%, and Apex Mining (APX PM) for future growth. 


GOLD MINING SECTOR: Comparative Valuation, Share Price Performance & Gold Price Sensitivity

Research from Atrium Research, Atrium Research Corporation

Atrium Research

Research from Atrium Research

Atrium Research Corporation

Atrium Research provides institutional quality issuer paid research on public equities in North America. Our investment philosophy takes a 3-5 year view on equities currently being overlooked by the market. Our research process emphasizes understanding the key performance metrics for each specific company, trustworthy management teams, unit economics, and an in-depth valuation analysis. 

Our research product includes in-depth initiation reports, research notes, thematic research pieces, and company fact sheets.

Mineros S.A. provides exploration and mining services. The Company explores and develops gold projects. Mineros serves customers worldwide.

<ul>
<li>MSA’s Q3 gold production of 62.6Koz came in +3% ahead of our forecast and is highlighted by a +14% YoY increase on operational improvements.</li>
<li>The Company has increased 2026 guidance for a second time to 235-245Koz (previously 220-240Koz).</li>
<li>9-month gold production of 181.5Koz has increased +11% YoY on growth at both Hemco and Nechí.</li>
</ul>


MSA’s Q3 gold production of 62.6Koz came in +3% ahead of our forecast and is highlighted by a +14% YoY increase on operational improvements.
The Company has increased 2026 guidance for a second time to 235-245Koz (previously 220-240Koz).
9-month gold production of 181.5Koz has increased +11% YoY on growth at both Hemco and Nechí.


MSA: 2026 Guidance Raised for Second Time This Year

APAC Capital Markets, Guzzler Chronicles

Anshul Trivedi

APAC Capital Markets

Guzzler Chronicles

Why "The Guzzler Chronicles"? This note sets out my current state of mind, and that view rests on several conditions: where yields sit, which way inflation is moving, how concentrated earnings growth is, and how stretched the charts are. Those conditions will change as the data and my analysis change, and my view will change with them. This is the first instalment of a series. Later notes will go deeper into individual topics raised here and will refer back to this one as the baseline.

Cross Asset Strategy

<ul>
<li>Gold: GLD/SPY is +0.35 SD from its 5-year mean, about 31% below the February high and is almost back to mean. </li>
<li>Beta is "off the charts": SPHB/SPLV is +2.6 SD on the 5-year view, above the +2 SD band and about 3% below the 2 Oct high. </li>
<li>Central banks remain steady buyers: the World Gold Council expects about 850t in 2026, close to 2025's ~863t</li>
</ul>


Gold: GLD/SPY is +0.35 SD from its 5-year mean, about 31% below the February high and is almost back to mean. 
Beta is "off the charts": SPHB/SPLV is +2.6 SD on the 5-year view, above the +2 SD band and about 3% below the 2 Oct high. 
Central banks remain steady buyers: the World Gold Council expects about 850t in 2026, close to 2025's ~863t


Epic Gold Corp. operates as an exploration company. The Company engages in the acquisition and exploration of minerals and precious stones properties. Epic Gold serves customers worldwide.

<ul>
<li>Epic Gold released an updated MRE for the McKinnon Deposit at Hawkins, outlining 440Koz Inferred at 0.98 g/t Au, a 34% increase in ounces vs. the 2020 historical estimate.</li>
<li>The open pit resource increased 52% to 360Koz at 0.89 g/t Au and now accounts for ~82% of total ounces.</li>
<li>This is EPG’s first current NI 43-101 resource, with the deposit defined over 3.7km of strike and to ~200m vertical depth.</li>
</ul>


Epic Gold released an updated MRE for the McKinnon Deposit at Hawkins, outlining 440Koz Inferred at 0.98 g/t Au, a 34% increase in ounces vs. the 2020 historical estimate.
The open pit resource increased 52% to 360Koz at 0.89 g/t Au and now accounts for ~82% of total ounces.
This is EPG’s first current NI 43-101 resource, with the deposit defined over 3.7km of strike and to ~200m vertical depth.


EPG: Announces 440Koz Inferred Resource at Hawkins Gold Project

Total Metals Corp explores and develops mineral properties. The Company explores and develops gold property located in Ontario, Canada.

<ul>
<li>Total Metals is mobilizing a diamond drill rig to its 100%-owned High Lake Gold Project, with drilling set to commence on October 9th.</li>
<li>The 2,500m drill program is designed to expand mineralization and establish continuity at the Purdex zone, where historic drilling returned intercepts often exceeding 10 g/t Au. • This is TT’s first drill program at High Lake, and new President &amp; CEO, Andrew Ramcharan, is now at the helm.</li>
<li>This morning, Total Metals Corp. (TT:TSXV, TTTMF:OTC, O4N:FSE) announced that it is mobilizing a drill rig to its 100%-owned High Lake Gold Project in Northwest Ontario.</li>
</ul>


Total Metals is mobilizing a diamond drill rig to its 100%-owned High Lake Gold Project, with drilling set to commence on October 9th.
The 2,500m drill program is designed to expand mineralization and establish continuity at the Purdex zone, where historic drilling returned intercepts often exceeding 10 g/t Au. • This is TT’s first drill program at High Lake, and new President &amp; CEO, Andrew Ramcharan, is now at the helm.
This morning, Total Metals Corp. (TT:TSXV, TTTMF:OTC, O4N:FSE) announced that it is mobilizing a drill rig to its 100%-owned High Lake Gold Project in Northwest Ontario.


TT: Drilling Set to Commence at High Lake; New CEO Appointment

Gold
Midas Touch

MSA: 2026 Guidance Raised for Second Time This Year

MSA’s Q3 gold production of 62.6Koz came in +3% ahead of our forecast and is highlighted by a +14% YoY increase on operational improvements.

Atrium Research

Guzzler Chronicles: Go for Gold?

Oct 14th=the inflation call, and inflation drives risk right now. Gold is back to mean vs SPX with light positioning and offers good entry levels.

Guzzler Chronicles

EPG: Announces 440Koz Inferred Resource at Hawkins Gold Project

Epic Gold released an updated MRE for the McKinnon Deposit at Hawkins, outlining 440Koz Inferred at 0.98 g/t Au, a 34% increase in ounces vs. the...

Atrium Research

TT: Drilling Set to Commence at High Lake; New CEO Appointment

Total Metals is mobilizing a diamond drill rig to its 100%-owned High Lake Gold Project, with drilling set to commence on October 9th.

Atrium Research

GOLD MINING SECTOR: Comparative Valuation, Share Price Performance & Gold Price Sensitivity

Gold miners trade at 8.3x P/E and 5.9x EV/EBITDA at $4,500/oz; YTD laggard Barrick is the cheapest on EV/EBITDA, and Oceanagold Gold offers a 12%...

Sameer Taneja

MSA: 2026 Guidance Raised for Second Time This Year

MSA’s Q3 gold production of 62.6Koz came in +3% ahead of our forecast and is highlighted by a +14% YoY increase on operational improvements.

Atrium Research

Guzzler Chronicles: Go for Gold?

Oct 14th=the inflation call, and inflation drives risk right now. Gold is back to mean vs SPX with light positioning and offers good entry levels.

Guzzler Chronicles

EPG: Announces 440Koz Inferred Resource at Hawkins Gold Project

Epic Gold released an updated MRE for the McKinnon Deposit at Hawkins, outlining 440Koz Inferred at 0.98 g/t Au, a 34% increase in ounces vs. the...

Atrium Research

TT: Drilling Set to Commence at High Lake; New CEO Appointment

Total Metals is mobilizing a diamond drill rig to its 100%-owned High Lake Gold Project, with drilling set to commence on October 9th.

Atrium Research