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Equity Bottom-Up

<ul>
<li>CNMC Goldmine Holdings Limited (“CNMC” or “The Group”) was the first Catalist-listed gold producer on the Singapore Exchange, having commenced trading on 28 October 2011.</li>
<li>It began as a gold explorer and producer, before diversifying into base metals production, including lead and zinc concentrates, in 2022.</li>
<li>It has since transferred to the SGX Main Board as of 28 August 2026.</li>
</ul>


CNMC Goldmine Holdings Limited (“CNMC” or “The Group”) was the first Catalist-listed gold producer on the Singapore Exchange, having commenced trading on 28 October 2011.
It began as a gold explorer and producer, before diversifying into base metals production, including lead and zinc concentrates, in 2022.
It has since transferred to the SGX Main Board as of 28 August 2026.


CNMC Goldmine Holdings Limited: Golden Opportunity Remains

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

OceanaGold Philippines / Equity Bottom-Up

<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

<ul>
<li>Realized gold of US$4,486/oz drove revenue up 23% to US$65.2m and net profit up 18% to US$18.6m, despite a 6% fall in CIL output.</li>
<li>The balance sheet remains the differentiator: US$62.9m net cash, no bank borrowings, and the US$12m twin-shaft underground build is fully self-funded to completion in 2027.</li>
<li>FY26e at 8.9x P/E and 7.2x EV/EBITDA on S$1.37, 1.4% yield, 48.7% ROE, with 11% of the market cap in cash. </li>
</ul>


Realized gold of US$4,486/oz drove revenue up 23% to US$65.2m and net profit up 18% to US$18.6m, despite a 6% fall in CIL output.
The balance sheet remains the differentiator: US$62.9m net cash, no bank borrowings, and the US$12m twin-shaft underground build is fully self-funded to completion in 2027.
FY26e at 8.9x P/E and 7.2x EV/EBITDA on S$1.37, 1.4% yield, 48.7% ROE, with 11% of the market cap in cash. 


CNMC Goldmine Holdings Limited (CNMC SP) 1H2026 Results: Price Carries the Half While Grades Soften

<ul>
<li>In our insight, <a href="https://www.smartkarma.com/insights/cnmc-goldmine-holdings-ltd-cncm-sp-cash-rich-gold-play-in-singapore" target="_blank" data-smartkarma-citation="insights:181763" rel="noopener">CNMC Goldmine Holdings Ltd. (CNMC SP): Cash Rich Gold Play In Singapore</a>, we highlighted the potential of <a href="https://www.smartkarma.com/entities/cnmc-goldmine-holdings-ltd" target="_blank" data-smartkarma-citation="entities:9703:1" rel="noopener">CNMC Goldmine Holdings (CNMC SP)</a> as a bullish pure-gold play.</li>
<li>On 29 January 2026 (after going up 4x from April 2025), the Board issued positive profit guidance, confirming a '<a href="https://cnmc.listedcompany.com/newsroom/20260129_200601_5TP_0S0IESMXNLK7S0QM.1.pdf" target="_blank" rel="noopener">significant overall improvement' in net profit for FY2025 vs FY2024</a>.</li>
<li>In our base-case scenario, the stock trades at 10.6x PE and 6.0x EV/EBITDA, with the gold price at 5000 USD/oz, which is undemanding.  </li>
</ul>


In our insight, CNMC Goldmine Holdings Ltd. (CNMC SP): Cash Rich Gold Play In Singapore, we highlighted the potential of CNMC Goldmine Holdings (CNMC SP) as a bullish pure-gold play.
On 29 January 2026 (after going up 4x from April 2025), the Board issued positive profit guidance, confirming a 'significant overall improvement' in net profit for FY2025 vs FY2024.
In our base-case scenario, the stock trades at 10.6x PE and 6.0x EV/EBITDA, with the gold price at 5000 USD/oz, which is undemanding.  


CNMC Goldmine (SGX:5TP): A Perfect Storm of Rising Gold Prices, Expanding Capacity & Surging Profits

<ul>
<li>Current spot gold prices at 4,180 USD/oz are 25% lower than the January high of 5,600 USD/oz. Stocks will now report Q2 earnings (Apr-June), where gold prices averaged 4,500 USD/oz.</li>
<li>With gold at 4,000 USD/oz, our stock universe trades at 7.8-10x PE and 4.5-6x EV-EBITDA, with the highest dividend yield of <a href="https://www.smartkarma.com/entities/oceanagold-philippines-inc" target="_blank" data-smartkarma-citation="entities:40897:1" rel="noopener">OceanaGold Philippines (OGP PM)</a> at 10.8%.</li>
<li>Our top large-cap pick is <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>, and in the small and midcap space, we like <a href="https://www.smartkarma.com/entities/apex-mining-co-inc" target="_blank" data-smartkarma-citation="entities:22952:1" rel="noopener">Apex Mining Co (APX PM)</a> and Wesdome Gold. </li>
</ul>


Current spot gold prices at 4,180 USD/oz are 25% lower than the January high of 5,600 USD/oz. Stocks will now report Q2 earnings (Apr-June), where gold prices averaged 4,500 USD/oz.
With gold at 4,000 USD/oz, our stock universe trades at 7.8-10x PE and 4.5-6x EV-EBITDA, with the highest dividend yield of OceanaGold Philippines (OGP PM) at 10.8%.
Our top large-cap pick is Barrick Mining (B US), and in the small and midcap space, we like Apex Mining Co (APX PM) and Wesdome Gold. 


Gold At 4,000 USD/Oz: Valuation Update Of Our Six Top Picks

Singapore

CNMC Goldmine Holdings Limited is a Singapore-based company primarily engaged in the exploration, mining, and processing of gold ore into gold doré bars. The company also explores for silver, lead, and zinc deposits, with its flagship project being the Sokor Gold Field in Kelantan, Malaysia. CNMC Goldmine was founded in 2006 and is headquartered in Singapore.

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CNMC Goldmine (CNMC SP)

CNMC Goldmine Holdings Limited: Golden Opportunity Remains

CNMC Goldmine Holdings Limited (“CNMC” or “The Group”) was the first Catalist-listed gold producer on the Singapore Exchange, having commenced...

SAC Capital

CNMC Goldmine Holdings Limited (CNMC SP) 1H2026 Results: Price Carries the Half While Grades Soften

A debt-free, dividend-paying Kelantan gold producer earning 51% EBITDA margins on a US$4,500/oz price, digging two shafts to fix the grade problem...

Sameer Taneja

CNMC Goldmine (SGX:5TP): A Perfect Storm of Rising Gold Prices, Expanding Capacity & Surging Profits

CNMC trades at 10.6x/6.0 PE/EV-EBITDA FY26e (Based on 5000 USD/oz gold price). With significant cash accretion from record gold prices, we expect...

Sameer Taneja

Gold At 4,000 USD/Oz: Valuation Update Of Our Six Top Picks

Gold's correction gutted valuations, not fundamentals. Six miners now screen dirt cheap: net-cash balance sheets, 60%+ margins, single-digit P/Es....

Sameer Taneja

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52-week Range

Market Cap (USDm)

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CNMC Goldmine Holdings Limited: Golden Opportunity Remains

CNMC Goldmine Holdings Limited (“CNMC” or “The Group”) was the first Catalist-listed gold producer on the Singapore Exchange, having commenced...

SAC Capital

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

CNMC Goldmine Holdings Limited (CNMC SP) 1H2026 Results: Price Carries the Half While Grades Soften

A debt-free, dividend-paying Kelantan gold producer earning 51% EBITDA margins on a US$4,500/oz price, digging two shafts to fix the grade problem...

Sameer Taneja

CNMC Goldmine (SGX:5TP): A Perfect Storm of Rising Gold Prices, Expanding Capacity & Surging Profits

CNMC trades at 10.6x/6.0 PE/EV-EBITDA FY26e (Based on 5000 USD/oz gold price). With significant cash accretion from record gold prices, we expect...

Sameer Taneja

Gold At 4,000 USD/Oz: Valuation Update Of Our Six Top Picks

Gold's correction gutted valuations, not fundamentals. Six miners now screen dirt cheap: net-cash balance sheets, 60%+ margins, single-digit P/Es....

Sameer Taneja