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An industry chapter · Gold & Precious Metals

Gold & Precious Metals

41 members, AAUC to WPM, A to Z by ticker.

Gross profitability: median 11% — gross profit as a share of total assets, each member's median across its readable years; read on 27 of 41 members
Capital intensity: median 18.0% — capital expenditure as a share of revenue, each member's median across its readable years; read on 32 of 41 members
Net cash: 28 of the 41 members with a readable debt line hold more cash and short-term investments than total debt

Figures describe the list as a group, from each member's own filed record; they name no member and form no rank. A member missing an input is absent from that median, never counted against the others.

From the latest filings · data as of August 17, 2026.

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AAUC Allied Gold Corporation

Allied is a Canadian-based emerging senior gold producer.

Owner earnings 2024–2025 $63M$442M

Retained capital not read

Balance sheet Net cash, +$325M

AEM Agnico Eagle Mines Limited

A metals and mining business, a price-taker on a global commodity.

Owner earnings 2016–2025 $263M$259M$52M$336M$433M$448M$1.0B$947M$2.1B$5.2B

Retained capital Retained $6.0B of earnings over 2016–2025; annual owner earnings grew $2.6B, $0.43 per $1 retained.

Balance sheet Net cash, +$2.7B · dividend paid 10 of 10 yrs, never cut

AG FIRST MAJESTIC SILVER CORP.

Revenue is led by Los Gatos (39%) and Santa Elena (28%), with 3 more segments behind.

Owner earnings 2016–2025 $81M$50M($2M)$98M$36M$12M($41M)$24M$132M$464M

Retained capital Paid out $489M more than it earned over 2016–2025; annual owner earnings grew $163M.

Balance sheet Net cash, +$682M · dividend paid 5 of 10 yrs, cut at least once

AGI Alamos Gold Inc. Class A

A metals and mining business, a price-taker on a global commodity.

Owner earnings 2017–2025 $1M($8M)($3M)$122M$8M($15M)$124M$244M$288M

Retained capital Retained $1.3B of earnings over 2017–2025; annual owner earnings grew $222M, $0.17 per $1 retained.

Balance sheet Net cash, +$423M · dividend paid 9 of 9 yrs, never cut

ARIS Aris Mining Corporation

A metals and mining business, a price-taker on a global commodity.

Owner earnings 2022–2025 $43M$68M$107M$319M

Retained capital Retained $96M of earnings over 2022–2025; annual owner earnings grew $92M, $0.96 per $1 retained.

Balance sheet Modest net debt, $74M · dividend paid 1 of 4 yrs, cut at least once

AU AngloGold Ashanti PLC

AngloGold Ashanti plc is an independent, global gold mining company with a diverse portfolio of operations, projects and exploration activities across 10 countries on four continents.

Owner earnings 2021–2025 $792M$1.2B$314M$1.2B$3.3B

Retained capital Retained $2.8B of earnings over 2021–2025; annual owner earnings grew $864M, $0.31 per $1 retained.

Balance sheet Net cash, +$880M · dividend paid 5 of 5 yrs, cut at least once

B Barrick Mining Corporation

A metals and mining business, a price-taker on a global commodity.

Owner earnings 2016–2025 $1.5B$669M$365M$1.1B$3.4B$1.9B$1.5B$1.7B$2.6B$5.8B

Retained capital Retained $9.8B of earnings over 2016–2025; annual owner earnings grew $2.5B, $0.26 per $1 retained.

Balance sheet Net cash, +$2.0B · dividend paid 10 of 10 yrs, cut at least once

BTG B2Gold Corp Common shares (Canada)

A metals and mining business, a price-taker on a global commodity.

Owner earnings not read

Retained capital not read

Balance sheet Modest net debt, $184M

CDE Coeur Mining Inc.

Revenue is Gold (65%) and Silver sales (35%).

Owner earnings 2016–2025 $31M$72M($123M)($8M)$49M($18M)($86M)($33M)$49M$666M

Retained capital Retained $122M of earnings over 2016–2025; annual owner earnings grew $234M, $1.92 per $1 retained.

Balance sheet Net cash, +$62M

CMCL Caledonia Mining Corporation Plc

A metals and mining business, a price-taker on a global commodity.

Owner earnings 2015–2024 $4M$20M$21M$14M$14M$26M$23M$32M$283K$26M

Retained capital Retained $52M of earnings over 2015–2024; annual owner earnings grew $5M, $0.10 per $1 retained.

Balance sheet Net cash, +$2M · dividend paid 10 of 10 yrs, cut at least once

DRD DRDGOLD Limited

We are a South African gold mining company engaged in surface gold tailings retreatment, including exploration, extraction, processing and smelting.

Owner earnings 2016–2025 R 316M(R 59M)R 108MR 119MR 948MR 1.3BR 1.2BR 1.4BR 1.6BR 3.1B

Retained capital Retained R 4.5B of earnings over 2016–2025; annual owner earnings grew R 1.9B, R 0.43 per R 1 retained.

Balance sheet Net cash, debt-free, +R 1.3B · dividend paid 9 of 10 yrs, cut at least once

EGO Eldorado Gold Corporation

Revenue is Turkiye (48%), Canada (36%) and Greece (16%).

Owner earnings 2016–2025 $62M($41M)($38M)$13M$237M$166M($79M)$122M$405M$484M

Retained capital Paid out $153M more than it earned over 2016–2025; annual owner earnings grew $343M.

Balance sheet Modest net debt, $358M · dividend paid 1 of 10 yrs, cut at least once

ELE Elemental Royalty Corporation

A metals and mining business, a price-taker on a global commodity.

Owner earnings 2024–2025 $5M$31M

Retained capital not read

Balance sheet Net cash, debt-free, +$69M

EQX Equinox Gold Corp.

Revenue is led by Greenstone (43%) and Nicaragua (27%), with 5 more segments behind.

Owner earnings 2018–2025 ($28M)$21M$124M$124M($131M)$143M$262M$479M

Retained capital Retained $975M of earnings over 2018–2025; annual owner earnings grew $256M, $0.26 per $1 retained.

Balance sheet Meaningful net debt, $943M

EXK ENDEAVOUR SILVER CORP.

A metals and mining business, a price-taker on a global commodity.

Owner earnings 2016–2025 $9M($992K)($14M)($31M)$13M($515K)$30M($16M)($11M)($6M)

Retained capital Paid out $170M more than it earned over 2016–2025; annual owner earnings fell $9M.

Balance sheet Net cash, +$204M

FNV Franco-Nevada Corporation

A metals and mining business, a price-taker on a global commodity.

Owner earnings 2016–2025 $471M$829M$1.5B

Retained capital not read

Balance sheet Net cash, +$631M

FSM Fortuna Mining Corp.

Fortuna Mining Corp. is engaged in the mining of gold, silver and base metals and related activities in Latin America and West Africa, including exploration, extraction, and processing.

Owner earnings 2016–2024 $20M$23M$39M$16M$51M$26M$23M$81M$138M

Retained capital Retained $131M of earnings over 2016–2024; annual owner earnings grew $53M, $0.41 per $1 retained.

Balance sheet Net cash, debt-free, +$627M

GFI Gold Fields Limited

A metals and mining business, a price-taker on a global commodity.

Owner earnings 2015–2024 $418M$289M($102M)($246M)$233M$528M$517M$535M$398M$980M

Retained capital Retained $2.2B of earnings over 2015–2024; annual owner earnings grew $436M, $0.20 per $1 retained.

Balance sheet Modest net debt, $1.6B · dividend paid 10 of 10 yrs, cut at least once

GROY Gold Royalty Corp.

Gold Royalty is a precious metals focused royalty and streaming company offering creative financing solutions to the metals and mining industry.

Owner earnings 2021–2022 ($12M)($19M)

Retained capital not read

Balance sheet Net cash, debt-free, +$14M

HL Hecla Mining Company

A metals and mining business, a price-taker on a global commodity.

Owner earnings 2016–2025 $100M$18M($43M)($555K)$90M$111M($59M)($88M)$4M$397M

Retained capital Retained $35M of earnings over 2016–2025; annual owner earnings grew $79M, $2.25 per $1 retained.

Balance sheet Modest net debt, $222M · dividend paid 10 of 10 yrs, cut at least once

HMY Harmony Gold Mining Company Limited

A metals and mining business, a price-taker on a global commodity.

Owner earnings 2017–2025 R 1.3BR 1.3B(R 357M)R 1.1BR 5.3BR 3.2BR 6.5BR 11.0BR 17.8B

Retained capital Retained R 18.8B of earnings over 2017–2025; annual owner earnings grew R 11.0B, R 0.59 per R 1 retained.

Balance sheet Net cash, +R 11.2B · dividend paid 8 of 9 yrs, cut at least once

IAG Iamgold Corporation

A metals and mining business, a price-taker on a global commodity.

Owner earnings 2016–2025 $42M$98M($66M)$115M$56M$12M$167M($62M)$211M$849M

Retained capital Retained $1.2B of earnings over 2016–2025; annual owner earnings grew $308M, $0.25 per $1 retained.

Balance sheet Modest net debt, $226M · dividend paid 4 of 10 yrs, cut at least once

IAUX i-80 Gold Corp.

The Company is a Nevada-focused, growth-oriented gold and silver company engaged in the exploration and advancement of gold and silver mineral deposits.

Owner earnings 2023–2025 ($86M)($85M)($90M)

Retained capital not read

Balance sheet Net debt against an operating loss, $111M

IDR Idaho Strategic Resources Inc.

Idaho Strategic is a gold producer and critical minerals exploration company focused on a diversified asset base and cash flows from operations.

Owner earnings 2016–2025 ($703K)$193K($2M)$111K($985K)($2M)($3M)$1M$9M$17M

Retained capital Retained $19M of earnings over 2016–2025; annual owner earnings grew $10M, $0.52 per $1 retained.

Balance sheet Net cash, +$8M

ITRG Integra Resources Corp.

Integra is a growing Canadian-based precious metals producer focused on gold mining, mine development and mineral exploration activities in the Great Basin of the Western United States.

Owner earnings 2020–2025 ($17M)($32M)($18M)($27M)($12M)$57M

Retained capital not read

Balance sheet Net cash, debt-free, +$63M

KGC Kinross Gold Corporation

Kinross is principally engaged in the mining and processing of gold and, as a by-product, silver ore and the exploration for, and the acquisition of, gold bearing properties in Canada, the United States, Brazil, Chile, Mauritania and Finland.

Owner earnings 2016–2025 $465M$54M$16M$494M$1.0B$314M$238M$507M$1.4B$2.6B

Retained capital Retained $3.9B of earnings over 2016–2025; annual owner earnings grew $1.3B, $0.33 per $1 retained.

Balance sheet Net cash, +$1.0B · dividend paid 6 of 10 yrs, never cut

MTA Metalla Royalty & Streaming Ltd.

Revenue is led by Brazil (38%) and Mexico (28%), with 2 more segments behind.

Owner earnings not read

Retained capital not read

Balance sheet Net debt against an operating loss, $2M

MUX McEwen Inc.

McEwen Inc. is a gold and silver mining production and exploration company with an advanced copper development project, focused on the Americas.

Owner earnings 2016–2018 $6M($31M)($9M)

Retained capital not read

Balance sheet Heavy net debt, $64M

NAMM Namib Minerals

We are an established gold producer with an attractive portfolio of three gold mines in Zimbabwe, Africa.

Owner earnings 2023–2025 $12M$15M$7M

Retained capital not read

Balance sheet Modest net debt, $1M

NEM Newmont Corporation

Newmont digs gold out of mines around the world and sells it, also pulling copper and other metals from the same operations. It does not set the price of what it sells; it takes the going metal price and earns the gap between that and the all-in cost of finding, mining, and processing each ounce.

Owner earnings 2016–2025 $1.7B$1.3B$795M$1.4B$3.6B$2.6B$1.1B$655M$3.8B$7.3B

Retained capital Paid out $658M more than it earned over 2016–2025; annual owner earnings grew $2.7B.

Balance sheet Net cash, +$3.1B · buybacks at an average near $48.06 · dividend paid 10 of 10 yrs, cut at least once

NFGC New Found Gold Corp

New Found Gold is an emerging Canadian gold producer with assets in the Province of Newfoundland and Labrador.

Owner earnings 2020–2025 (C$13M)(C$49M)(C$75M)(C$100M)(C$56M)(C$56M)

Retained capital not read

Balance sheet Net cash, +C$67M

ODV Osisko Development Corp.

The Corporation is a Canadian-based gold development company focused on the acquisition, exploration and development of precious metals resource properties in continental North America.

Owner earnings 2021–2025 (C$89M)(C$80M)(C$61M)(C$89M)(C$121M)

Retained capital not read

Balance sheet Net cash, +C$284M

ODVWZ Osisko Development Corp.

The Corporation is a Canadian-based gold development company focused on the acquisition, exploration and development of precious metals resource properties in continental North America.

Owner earnings 2021–2025 (C$89M)(C$80M)(C$61M)(C$89M)(C$121M)

Retained capital not read

Balance sheet Net cash, +C$284M

ORLA Orla Mining Ltd.

Orla is a Canadian company listed on the Toronto Stock Exchange under the symbol "OLA" and on the NYSE American LLC under the symbol "ORLA".

Owner earnings 2019–2025 ($19M)($18M)($25M)$90M$57M$159M$768M

Retained capital Retained $138M of earnings over 2019–2025; annual owner earnings grew $349M, $2.52 per $1 retained.

Balance sheet Net cash, +$88M

PAAS Pan American Silver Corp.

Our principal products are silver and gold, although we also produce and sell zinc, lead, and copper.

Owner earnings 2016–2025 $99M$82M$11M$76M$284M$149M($243M)$71M$401M$1.0B

Retained capital Retained $465M of earnings over 2016–2025; annual owner earnings grew $433M, $0.93 per $1 retained.

Balance sheet Net cash, +$610M · dividend paid 10 of 10 yrs, cut at least once

SBSW D/B/A Sibanye-Stillwater Limited ADS

Revenue is led by Gold (33%) and Platinum (18%), with 7 more lines behind.

Owner earnings 2017–2024 (R 3.4B)R 5.1BR 1.8BR 19.6BR 24.0BR 8.5B(R 2.9B)R 1.3B

Retained capital Paid out R 15.2B more than it earned over 2017–2024; annual owner earnings grew R 1.1B.

Balance sheet Net debt against an operating loss, R 25.1B · dividend paid 8 of 8 yrs, cut at least once

SVM Silvercorp Metals Inc.

Revenue is Henan Luoning (88%) and GC Mine (12%).

Owner earnings 2017–2025 $69M$62M$64M$70M$77M$97M$84M$80M$132M

Retained capital Retained $321M of earnings over 2017–2025; annual owner earnings grew $34M, $0.11 per $1 retained.

Balance sheet Net cash, +$360M · dividend paid 9 of 9 yrs, never cut

TGB Taseko Mines Ltd.

A metals and mining business, a price-taker on a global commodity.

Owner earnings 2016–2021 C$15MC$163MC$23M(C$8M)C$86MC$147M

Retained capital Paid out C$73M more than it earned over 2016–2021; annual owner earnings grew C$8M.

Balance sheet Heavy net debt, C$521M

TRX TRX Gold Corporation

A metals and mining business, a price-taker on a global commodity.

Owner earnings 2019–2025 ($4M)($7M)($8M)$3M$16M$13M$12M

Retained capital Paid out $38M more than it earned over 2019–2025; annual owner earnings grew $20M.

Balance sheet Net cash, debt-free, +$9M

VOXR Vox Royalty Corp.

A metals and mining business, a price-taker on a global commodity.

Owner earnings not read

Retained capital not read

Balance sheet Net cash, debt-free, +$8M

WPM WHEATON PRECIOUS METALS CORP.

A metals and mining business, a price-taker on a global commodity.

Owner earnings not read

Retained capital not read

Balance sheet Net cash, debt-free, +$1.2B

The same shelf as one comparative table, every member a row and every column sortable: the Gold & Precious Metals table →

The same four lines for every member, in strict ticker order; a figure that could not be read renders as "not read," never as a mark against the record beside it. The header describes the list and names no member; the entries carry no ranking and form no score. What a chapter cannot carry — understanding of the business, and a price — is yours.