Global Commodities, Mint Finance

Srinidhi Raghavendra

Global Commodities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Equity Bottom-Up

<ul>
<li>
Unmatched Operating Leverage: As gold prices surge, miners’ fixed costs allow for disproportionate earnings growth; Kinross leads this trend with a staggering 259% price rally since early 2025.</li>
<li>
 Self-Funded Strategic Expansion: Kinross’s three new U.S. projects boast a 55% IRR and $4.1 billion NPV, fully funded by robust cash flows without compromising a lean, debt-reduced balance sheet.</li>
<li>
Valuation Disconnect: Despite record production and rising ROE, Kinross trades at a discount to peers, offering a high free cash flow yield and significant untapped upside potential.</li>
</ul>



Unmatched Operating Leverage: As gold prices surge, miners’ fixed costs allow for disproportionate earnings growth; Kinross leads this trend with a staggering 259% price rally since early 2025.

 Self-Funded Strategic Expansion: Kinross’s three new U.S. projects boast a 55% IRR and $4.1 billion NPV, fully funded by robust cash flows without compromising a lean, debt-reduced balance sheet.

Valuation Disconnect: Despite record production and rising ROE, Kinross trades at a discount to peers, offering a high free cash flow yield and significant untapped upside potential.


Kinross Gold Is Self Funded, High Yield & Still Cheap

Equity/Index & Cross Asset Volatility Specialist, Cameron Design

Jay Cameron

Equity/Index & Cross Asset Volatility Specialist

Cameron Design

We specialize in financial products and volatility. Our strategies balance speed, data, and risk control to capture opportunities across global markets. Our research leverages AI and data analytics to continuously refine our algorithms and adapt to evolving market dynamics.

Equity Derivatives

VanEck Gold Miners ETF/USA / Equity Derivatives

<ul>
<li>The gold mining sector is positioned for significant upside driven by central bank diversification and macroeconomic risks, including continued U.S. debt growth.</li>
<li>Gold's price breaching $4,500/oz against low historical mining costs is enabling greater free cash flow generation for major gold miners.</li>
<li>Sector-Wide momentum, also evidenced by the outperforming surge in silver and platinum, suggests a new pricing paradigm and leveraged profit potential in mining company equities.</li>
</ul>


The gold mining sector is positioned for significant upside driven by central bank diversification and macroeconomic risks, including continued U.S. debt growth.
Gold's price breaching $4,500/oz against low historical mining costs is enabling greater free cash flow generation for major gold miners.
Sector-Wide momentum, also evidenced by the outperforming surge in silver and platinum, suggests a new pricing paradigm and leveraged profit potential in mining company equities.


Gold’s Unprecedented Margin Cycle: The GDX ETF FEB26 Strategy

Global Materials | Industrials | Commodities

Rahul Jain

<ul>
<li>Forward earnings compress valuation from &gt;40× to ~14×, driven by pricing, volume absorption, and low costs, with NPAT rising toward RMB 6–6.5 bn by FY27.</li>
<li>Concentrated float and GDX/Zijin ownership support a passive bid; dividend capacity lifts toward a 3–4% yield as cash exceeds RMB 4.5 bn.</li>
<li>Throughput upgrades, Abujar recoveries and zero-marginal-cost ounces provide additional upside, sustaining FCF even at US$3,800 gold.</li>
</ul>


Forward earnings compress valuation from &gt;40× to ~14×, driven by pricing, volume absorption, and low costs, with NPAT rising toward RMB 6–6.5 bn by FY27.
Concentrated float and GDX/Zijin ownership support a passive bid; dividend capacity lifts toward a 3–4% yield as cash exceeds RMB 4.5 bn.
Throughput upgrades, Abujar recoveries and zero-marginal-cost ounces provide additional upside, sustaining FCF even at US$3,800 gold.


Zhaojin Mining — Pure Gold Beta with Forward Multiple Compression and Dividend Re-Rating

Zijin Gold International / Equity Bottom-Up

<ul>
<li>Zijin trades at senior multiples after its IPO re-rating, with valuation now anchored to execution and cost normalization rather than index-driven flows.</li>
<li>Elevated gold prices support cash flows, but upside from here requires sustained bullion strength or visible AISC improvement.</li>
<li>December GDX non-inclusion removes a near-term catalyst but does not alter asset quality or medium-term fundamentals.</li>
</ul>


Zijin trades at senior multiples after its IPO re-rating, with valuation now anchored to execution and cost normalization rather than index-driven flows.
Elevated gold prices support cash flows, but upside from here requires sustained bullion strength or visible AISC improvement.
December GDX non-inclusion removes a near-term catalyst but does not alter asset quality or medium-term fundamentals.


Zijin Gold Intl (2259 HK): Gold Leverage Intact; December GDX Non-Inclusion a Near-Term Overhang

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>The MV Global Gold Miners index represents the performance of large and mid-cap gold and silver mining companies listed around the world.</li>
<li>The index changes for the December 2025 review will be based on the data on the close of 28th November 2025 and announced after the close of 12th December 2025.</li>
<li>We expect 2 ADDs for December 2025 review, with one-way flow of US$1.9bn.</li>
</ul>


The MV Global Gold Miners index represents the performance of large and mid-cap gold and silver mining companies listed around the world.
The index changes for the December 2025 review will be based on the data on the close of 28th November 2025 and announced after the close of 12th December 2025.
We expect 2 ADDs for December 2025 review, with one-way flow of US$1.9bn.


[Quiddity Index] MV Global Gold Miners Dec25: Still 2 ADDs Expected; Closing in on Base Date

United States

Newmont Mining Corporation acquires, explores, and develops mineral properties. The Company produces gold from operations in the United States, Australia, Peru, Indonesia, Ghana, Canada, New Zealand and Mexico. Newmont also mines and processes copper in Indonesia.

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Newmont Mining (NEM US)

Kinross Gold Is Self Funded, High Yield & Still Cheap

Kinross growth plans are self-funded, delivers high yield and is still cheap. How Kinross turned a 72% gold rally into a 259% gain?

Mint Finance

Gold’s Unprecedented Margin Cycle: The GDX ETF FEB26 Strategy

Gold mining sector poised for growth due to central bank diversification and macro risks, with rising gold prices boosting free cash flow for...

Jay Cameron

Zhaojin Mining — Pure Gold Beta with Forward Multiple Compression and Dividend Re-Rating

Article highlights strong forward earnings growth, low valuation, and potential for increased dividends and FCF for Zhaojin.

Rahul Jain

Zijin Gold Intl (2259 HK): Gold Leverage Intact; December GDX Non-Inclusion a Near-Term Overhang

Zijin's valuation now hinges on execution and cost normalization post-IPO re-rating. GDX non-inclusion doesn't change asset quality or medium-term...

Rahul Jain

[Quiddity Index] MV Global Gold Miners Dec25: Still 2 ADDs Expected; Closing in on Base Date

We see US$3.8bn of flows for the December rebalance with two ADDs. The impact will be somewhat limited across the ADDs but a couple of names will...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Kinross Gold Is Self Funded, High Yield & Still Cheap

Kinross growth plans are self-funded, delivers high yield and is still cheap. How Kinross turned a 72% gold rally into a 259% gain?

Mint Finance

Gold’s Unprecedented Margin Cycle: The GDX ETF FEB26 Strategy

​Gold mining sector poised for growth due to central bank diversification and macro risks, with rising gold prices boosting free cash flow for...

Jay Cameron

Zhaojin Mining — Pure Gold Beta with Forward Multiple Compression and Dividend Re-Rating

​Article highlights strong forward earnings growth, low valuation, and potential for increased dividends and FCF for Zhaojin.

Rahul Jain

Zijin Gold Intl (2259 HK): Gold Leverage Intact; December GDX Non-Inclusion a Near-Term Overhang

​Zijin's valuation now hinges on execution and cost normalization post-IPO re-rating. GDX non-inclusion doesn't change asset quality or medium-term...

Rahul Jain

[Quiddity Index] MV Global Gold Miners Dec25: Still 2 ADDs Expected; Closing in on Base Date

We see US$3.8bn of flows for the December rebalance with two ADDs. The impact will be somewhat limited across the ADDs but a couple of names will...

Travis Lundy

Gold mining sector poised for growth due to central bank diversification and macro risks, with rising gold prices boosting free cash flow for...

Article highlights strong forward earnings growth, low valuation, and potential for increased dividends and FCF for Zhaojin.

Zijin's valuation now hinges on execution and cost normalization post-IPO re-rating. GDX non-inclusion doesn't change asset quality or medium-term...