Precious Metals and Minerals Sector Outlook — September 2026

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MATERIALS › MATERIALS › PRECIOUS METALS AND MINERALS

Precious Metals: Paying Forward for Durable Cash

What the market is paying gold and silver producers on a forward cash-earnings view, what the transaction record shows, and how wide the gap between the two ends of the range has become.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E)

Precious Metals and Minerals Coverage | September 2026 | Confidential | Not investment advice

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1. 01
   MATERIALS › MATERIALS › PRECIOUS METALS AND MINERALS

   Precious Metals: Paying Forward for Durable Cash

   A cover slide introducing the sector outlook on precious metals and minerals producers as of September 2026.

   We built this report to show what the market is actually paying gold and silver producers on a forward cash-earnings basis, and where the transaction record confirms or challenges that price. What follows walks through the tiers, the deals and the choices they put on the table.

   Everything on this page

   MATERIALS › MATERIALS › PRECIOUS METALS AND MINERALS Precious Metals: Paying Forward for Durable Cash What the market is paying gold and silver producers on a forward cash-earnings view, what the transaction record shows, and how wide the gap between the two ends of the range has become. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Precious Metals and Minerals Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

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   CONTENTS

   What This Report Covers

   This slide lists the report's five sections plus the appendix, in the order they are argued.

   We front-load the bottom line, so a reader who stops after section one still leaves with the whole story. From there we move through the landscape, valuation and situations, precedent deals, and the strategic implications, each building on the last. So what: busy readers can act on section one alone, and engaged readers get the full evidence underneath.

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   CONTENTS What This Report Covers 01 The Bottom Line What a Buyer at Today's Price Is Underwriting 02 The Landscape Most of the Field Sells Gold; The Silver Side Reads on Its Own 03 Valuation & Situations The Same Ounce Trades at Two Very Different Prices 04 Precedent Transactions Buyers Keep Replacing Ounces Through the Cycle 05 Strategic Implications Where the Next Dollar of Capital Earns Its Multiple 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Precious Metals and Minerals Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Precious Metals and Minerals Is Priced in Tiers — and Tier Membership, Not the Sector Label, Sets the Conversation

   This slide states the report's headline: the sector prices by valuation tier, not by sector label.

   On EV/EBITDA (CY2027E), six of the fifteen companies in this set carry a forward estimate, and the median across them is 6.5x. We read the gap between the top and bottom of that group as a tier structure the market is already pricing, not noise. So what: capital allocation and deal conversations here should start from where a name sits in that tier, not from the sector label on its cover.

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   01 · THE BOTTOM LINE Precious Metals and Minerals Is Priced in Tiers — and Tier Membership, Not the Sector Label, Sets the Conversation The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (6 of 15 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Precious Metals and Minerals Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Value in This Set Is Measured Against Forward Cash Earnings EV / EBITDA on CY2027E is the lead lens here, and 6 of the 15 companies carry an estimate on it, with the middle of that group at 6.5x. A forward multiple already credits expected growth, and our reading is that a price holding above the middle points to durability rather than to next year's ramp. 2 The Gap Between the Two Ends Is Wide Enough to Be Worth Closing The top of the range sits at 8.0x and the bottom at 2.4x, with two of the 6 names with a forward estimate at each end. Our read is that cost-curve position, reserve life and jurisdiction sit behind more of that gap than scale does; the six points here cannot settle it. 3 Assets Keep Changing Hands, from Single Mines to Whole Producers Nine transactions sit in this record, spanning single mines, development-stage companies and whole producers. Depletion is a structural feature of mining. Our reading is that buying ounces sits alongside drilling for them as a live route to reserves, and the mix of deals here is consistent with that. 4 Faster Forward Growth Is Not Where the Higher Multiples Sit in This Set Split at 5% forward growth, the three faster-growing names with an estimate trade below the three slower-growing ones. On six names that is a signal to test against all-in sustaining cost and mine life, not a rule to plan around. 6.5x Sector median EV/EBITDA CY2027E consensus · 6 rated of 15 companies 8.0x Premium end EV/EBITDA vs 2.4x at the discount end top quartile (n=2) against bottom quartile (n=2) on EV/EBITDA — the spread the report explains 17 Transactions with disclosed terms 139 recorded in this tier · 3 told as case studies, the full list in the appendix

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   SECTION 02

   02

   A section divider introducing the market map: most names mine gold, with a smaller silver-focused group.

   Fifteen producers split into two groups here, with very different depth of coverage between them. We use this page to reset before walking the market map in detail.

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   SECTION 02 02 THE LANDSCAPE Most of the Field Sells Gold; The Silver Side Reads on Its Own Fifteen producers, two groups, and very different depth of coverage. 02 of 06 Precious Metals and Minerals Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   Eleven of the 15 Names Mine Gold as the Primary Product

   This slide groups all 15 approved companies by business segment and shows median EV/EBITDA (CY2027E) for each group.

   Eleven of the fifteen names in this set mine gold as their primary product, with the remainder reading as a distinct silver-side group. We group by segment and show the median multiple each group carries, so a client can see immediately which grouping their own asset or target sits in. So what: segment membership is the first filter before any single-name conversation starts.

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   02 · MARKET MAP Eleven of the 15 Names Mine Gold as the Primary Product 15 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Precious Metals and Minerals Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 PRIMARY GOLD PRODUCERS 11 cos median 6.3x Newmont (NEM) Agnico Eagle (AEM) AngloGold Ashanti (AU) Gold Fields (GFI) Coeur Mining (CDE) Harmony Gold (HMY) SSR Mining (SSRM) Hycroft Mining (HYMC) U.S. Gold (USAU) DRDGOLD Limited (DRD) Blue Gold Limited (BGL) Eleven names and 73% of the set: this is the group that anchors what the sector is paid for long-life, lower-cost ounces. SILVER AND BYPRODUCT PRECIOUS METALS PRODUCERS 4 cos 6.9x · 1 rated Sibanye (SBSW) Compañía de (BVN) Perpetua Resources (PPTA) McEwen Mining (MUX) Four names and 27% of the set, where byproduct credits and a mixed metal basket change how the earnings line reads.

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   02 · LANDSCAPE

   The Value in This Set Concentrates in the Largest Names, While Smaller Names Are Judged on Growth and Margin

   This slide shows that the largest names concentrate the value in this set, while smaller names are priced on growth and margin.

   Segment medians here show where scale is rewarded outright and where the market instead prices growth and margin. We view this as a guide to where a name's story needs to focus: scale alone for the largest, unit economics for the rest. So what: a smaller producer's pitch to the market should lead with margin and growth, not with size it doesn't have.

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   02 · LANDSCAPE The Value in This Set Concentrates in the Largest Names, While Smaller Names Are Judged on Growth and Margin Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Precious Metals and Minerals Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters Primary gold producers 11 73% 6.3x Newmont Corporation (NEM) · Agnico Eagle Mines Limited (AEM) · +9 more Eleven names carry the field. This group is 73% of the set and holds 5 of the names with a forward estimate, so it supplies most of the evidence on this page. What separates them in practice is cost-curve position, head grade and recovery, and demonstrated reserve replacement — the characteristics buyers argue about when they build an asset-by-asset view. Silver and byproduct precious metals producers 4 27% 6.9x n=1 Sibanye Stillwater Limited (SBSW) · Compañía de Minas Buenaventura S.A.A. (BVN) · +2 more Four names, one forward estimate. This group is 27% of the set, and 1 of its 4 names carries a forward EBITDA estimate, so the group reads off a single point rather than a range that can be measured here. Weigh that reading against the gold producers' and against each company's own byproduct credits, which move the earnings line independently of the gold price.

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   SECTION 03

   03

   A section divider introducing public market valuation: the same ounce trades at very different prices across names.

   Six of the fifteen names carry a forward estimate, two at each end of the range. We reset here before showing exactly how wide that range is.

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   SECTION 03 03 VALUATION & SITUATIONS The Same Ounce Trades at Two Very Different Prices Six of the 15 names carry a forward estimate, two at each end of the range. 03 of 06 Precious Metals and Minerals Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   The Same Ounce Trades at Two Very Different Prices

   This slide ranks all six rated companies by EV/EBITDA (CY2027E) against a sector median of 6.5x.

   The six rated names here span a wide range on the same forward cash-earnings basis, with the sector median at 6.5x. Tier zones are cut at the rated set's own quartiles, so every multiple shown is directly comparable on the same basis. So what: the same commodity exposure is being priced very differently depending on tier, and that spread is exactly what a buyer or seller needs to understand before naming a number.

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   03 · PUBLIC MARKET VALUATION The Same Ounce Trades at Two Very Different Prices EV / EBITDA (CY2027E) · all 6 rated companies, sorted descending · sector median 6.5x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (6 of 15 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. Precious Metals and Minerals Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 8.0x CORE · median 6.5x DISCOUNT · median 2.4x Sector median 6.5x WHAT SEPARATES THE TWO ENDS The top end holds 8.0x. Two of the 6 names with a forward estimate sit at the top of the range, at 8.0x on CY2027E. The lens is forward, so expected growth is already inside that number; what the level sits alongside, in our read, is long-life production and a defensible cost position rather than volume. The bottom end sits at 2.4x. The other two names sit at the bottom of the range, at 2.4x on the same forward basis. Deep or ageing operations, single-asset concentration and fiscal risk in the host jurisdiction are the characteristics this sector has historically discounted — a qualitative read, not something six data points can measure. Six names carry an estimate. Only 6 of the 15 companies in this set carry a forward EBITDA estimate, so each end of the range rests on two names. Treat the two levels as markers of what the market is paying for particular characteristics, and test any single company against its own all-in sustaining cost and reserve life before reading across.

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   03 · VALUATION DRIVERS

   In This Set, the Faster Growers Trade Below the Slower Ones

   This slide splits the rated names into growth and margin cohorts and compares their median EV/EBITDA (CY2027E).

   Split at the covered median for revenue growth, the faster-growing names in this set trade below the slower-growing ones on EV/EBITDA (CY2027E). We read this as an association worth testing against cost position and mine life, not a rule to plan around, since the cohort is only six names. So what: a growth narrative alone will not close a valuation gap here without proof on the cost curve behind it.

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   03 · VALUATION DRIVERS In This Set, the Faster Growers Trade Below the Slower Ones Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=3; slower n=3; higher-margin n=0; lower-margin n=0). Driver readings are NeuraCap views on the supplied data — association, not causation. Precious Metals and Minerals Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 5% · EBITDA-margin split at n/a Forward Growth and Forward Multiple Point in Opposite Directions Here Split at 5% forward growth, the three names above the line sit at 6.3x on CY2027E and the three below sit at 6.9x. That rests on six names in total, so it is a signal to test rather than a rule: in a price-taking sector, a growth estimate is largely a production and grade profile, and the market appears to be pricing the quality of the ounces alongside it. Cost Position and Mine Life Are What the Argument Is Actually About Buyers build value asset by asset on a price deck, so a producer's standing moves with all-in sustaining cost, head grade and recovery, and demonstrated reserve replacement. Those are the controllables; the metal price is not one of them, and neither is the multiple the sector as a whole is awarded. Jurisdiction and Closure Liabilities Travel with the Asset Royalty regimes, state interests and export rules are revisable by host governments, so fiscal terms are a live valuation variable rather than a fixed input. Closure, rehabilitation and tailings obligations are long-dated and funded, and they move with the asset in any transaction — which is why two technically similar mines can be valued differently on geography alone.

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    03 · SITUATION MAP

    Four Names Show Where Growth, Margin and Scale Sit in Today's Pricing

    This slide maps four rated names against the sector median EV/EBITDA (6.5x) and the covered EBITDA margin median (64%).

    We cut this map on the sector's own median EV/EBITDA of 6.5x and the covered margin median of 64%, placing four names on the resulting grid. This is a characterisation of where each name sits today, not a recommendation to buy or sell. So what: a client can see at a glance whether a name is being rewarded for margin, penalised for scale, or sitting in between.

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    03 · SITUATION MAP Four Names Show Where Growth, Margin and Scale Sit in Today's Pricing Cut on EV / EBITDA vs the sector median (6.5x) (rows) and EBITDA margin vs the covered median (64%) (columns) · 2 rated names without the second measure are not mapped · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Precious Metals and Minerals Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Paid for the Margin Above-median multiple · above-median EBITDA margin 1 names Agnico Eagle Mines Limited (AEM) Agnico Eagle Mines Limited (AEM) carries an above-middle forward multiple alongside a 68% EBITDA margin. That pairing is what the upper part of this range looks like, and the task from here is holding cost position as mine plans and grades move. Paid Ahead of the Margin Above-median multiple · below-median EBITDA margin 1 names Newmont Corporation (NEM) Newmont Corporation (NEM) trades above the middle of the range on a 61% margin, below the middle of the covered names. The weight sits on delivery against plan, because the forward price already reflects expected cash earnings rather than current ones. Margin Without the Multiple Below-median multiple · above-median EBITDA margin 1 names Gold Fields Limited (GFI) Gold Fields Limited (GFI) runs a 64% margin and trades at 4.6x, below the middle of the range. Where the margin is in place and the multiple is not, the discussion with buyers usually turns on jurisdiction, remaining mine life and reserve replacement rather than on operating performance. Below on Both Readings Below-median multiple · below-median EBITDA margin 1 names AngloGold Ashanti plc (AU) AngloGold Ashanti plc (AU) sits below the middle on both axes in this grid of 4 names. Cost-curve position is the lever that can move both readings together, which makes unit cost per ounce the line to work on first.

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    03 · THE AGENDA

    The Four Capital Choices This Evidence Puts on the Table

    This slide frames four capital-allocation questions that follow from the valuation and situation evidence shown earlier.

    We turn the tier and situation evidence into four questions an owner or acquirer should resolve, not a set of recommendations. Each question is grounded in the data shown in the preceding pages. So what: this is the agenda a board should be working from before the next capital decision, not after it.

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    03 · THE AGENDA The Four Capital Choices This Evidence Puts on the Table NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Precious Metals and Minerals Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Buy Ounces or Drill for Them The record shows producers adding reserves by transaction at every size, from a single mine to a whole company. Set an internal cost per ounce added for brownfield exploration and hold any acquisition to the same bar before committing capital. What changes the answer: A permitted asset adjacent to infrastructure you already own becomes available at or below the bottom of this valuation range. Harvest Cash or Rebuild Reserve Life Free cash flow conversion and a returns track record are valued alongside long mine life, and the two compete for the same capital. Decide which of the two your asset base can credibly deliver over the next cycle rather than promising both. What changes the answer: Reserve replacement falls below depletion for two consecutive years while the payout ratio holds. Concentrate the Portfolio or Spread the Jurisdiction Single-asset concentration and fiscal risk are the characteristics this sector marks down, and both are portfolio decisions rather than operating ones. Test what a change in royalty terms or export rules in your main jurisdiction would do to group cash earnings. What changes the answer: A host government opens a mining code or royalty review covering an asset that carries a large share of group EBITDA. Fund Construction with a Stream or with the Balance Sheet Royalty and streaming capital is a standing financing counterparty in this sector and sits in place of dilutive equity for construction. Price the metal given away over the life of the mine against the dilution avoided today, and take that comparison to the board with the price deck stated. What changes the answer: A development project reaches a funded permit and the equity market is pricing your shares below the middle of this range.

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    SECTION 04

    04

    A section divider introducing the precedent-transaction record: buyers keep replacing ounces through the cycle.

    Nine transactions sit in this record, ranging from single mines to whole companies. We reset here before walking through what the deal record shows.

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    SECTION 04 04 PRECEDENT TRANSACTIONS Buyers Keep Replacing Ounces Through the Cycle Nine transactions in this record, from single mines to whole companies. 04 of 06 Precious Metals and Minerals Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12

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    04 · DEAL CASE STUDIES

    Nine Transactions Span Single Mines, Developers and Whole Producers

    This slide walks three case studies drawn from the nine transactions in this deck's precedent record.

    Three of the transactions with disclosed terms are told here as case studies, with multiples on LTM financials at announcement where disclosed. The complete list sits in the appendix for any deal a client wants to trace. So what: the deal record confirms that buying ounces is a live, recurring route to reserves alongside drilling for them, across every size of asset.

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    04 · DEAL CASE STUDIES Nine Transactions Span Single Mines, Developers and Whole Producers 3 of 17 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 152 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 122 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Precious Metals and Minerals Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Jan-2026 $1.2B 17629346 Canada Inc. A numbered Canadian acquirer takes ownership of Hecla Mining Company at $1.2B. EV / LTM revenue 0.8x EV / LTM EBITDA 3.1x WHY THE DEAL HAPPENED The buyer is a numbered Canadian company rather than a named operating producer, which the transaction suggests is an acquisition or holding vehicle rather than a strategic mill-and-procurement combination. The target is a producing precious metals business, so the logic reads as buying operating cash flow and an existing asset base outright rather than assembling a development pipeline. HOW THE TARGET WAS VALUED Recorded at $1.2B, 0.8x revenue and 3.1x EBITDA. That earnings multiple sits well below the middle of where the listed producers with a forward estimate trade in this set, though the deal figure is historic and the peer reading is forward, so the two are benchmarks for each other rather than like-for-like. Nov-2021 $470M Chifeng Jilong Gold Mining Co., Ltd. acquires Golden Star Resources Ltd. EV / LTM revenue 0.7x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED Value shown as recorded in the filing; deal value unit unresolved. HOW THE TARGET WAS VALUED The filing records $470M of enterprise value, struck at 0.7x LTM revenue. Sep-2024 $888M First Majestic Silver Corp. First Majestic Silver Corp. reaches for silver scale with an $888M offer for Gatos Silver, Inc. EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED Both parties sit on the silver and byproduct side of this sector, so the pairing reads as lateral consolidation: adding ounces and processing capacity to reach the scale that supports a lower cost of capital. Buying a producing silver asset also spreads single-asset concentration across more mines, which is the usual argument an intermediate producer makes for a combination of this shape. HOW THE TARGET WAS VALUED The transaction is recorded at $888M with no revenue or earnings multiple disclosed. Benchmark it against the spread of whole-company deals in this record, which runs from $399M at the development end up to $8.6B at the top.

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    SECTION 05

    05

    A section divider introducing strategic implications: where the next dollar of capital earns its multiple.

    We move now from pricing evidence to the operating choices that sit behind where a producer trades in this set. This divider resets the room before those pages.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Where the Next Dollar of Capital Earns Its Multiple The operating choices that sit behind where a producer trades in this set. 05 of 06 Precious Metals and Minerals Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14

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    05 · STRATEGIC IMPLICATIONS

    The Premium Sits with the Higher-Margin Names, and Mix, Pricing and Retention Are the Levers You Hold

    This slide lays out the strategic implications for owners, boards and buyers from the valuation and margin evidence.

    The premium in this set sits with the higher-margin names, and mix, pricing and retention are the levers management holds to move into that group. These are our views drawn from the analysis in this report, framed as observations rather than recommendations. So what: the next twelve months of capital allocation should be tested against these specific levers, not against the sector average.

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    05 · STRATEGIC IMPLICATIONS The Premium Sits with the Higher-Margin Names, and Mix, Pricing and Retention Are the Levers You Hold NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Precious Metals and Minerals Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Work the Unit Cost Before the Narrative Across the 6 names with a forward estimate, the spread between the top and bottom of the range is wide, and the metal price is common to everyone in it. Cost per ounce, recovery and throughput are the levers that separate one producer from another in the same price environment. FOR BOARDS Treat Mine Life as a Capital Allocation Question Depletion is structural, so reserve replacement competes directly with distributions for the same cash. Set the split deliberately, asset by asset, rather than letting it fall out of the annual budget. FOR BUYERS The Argument Will Be the Price Deck and the Resource Tail Only a small number of the transactions in this record carry a disclosed earnings multiple, so the negotiation runs off asset-level value rather than off a peer multiple. Expect the value ascribed to resources outside reserves, and the permitting path, to carry most of the gap between the two sides.

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    SECTION 06

    06

    A section divider introducing the appendix: the full universe, methodology and sources behind every figure.

    This section carries comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives.

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Precious Metals and Minerals Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16

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    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier

    This appendix table lists all approved companies' EV/EBITDA (CY2027E) with tier shading against the sector median.

    Teal shading marks a multiple above the sector median of 6.5x and amber marks below it, covering six rated companies alongside the names not rated for lack of an eligible multiple. Tickers link to the underlying source for any figure a client wants to verify. So what: this is the full comparable set behind every valuation claim made earlier in the deck.

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    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (6.5x); amber marks below · 6 rated companies; 9 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 6 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Precious Metals and Minerals Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥6.9x · median 8.0x · 2 companies Agnico Eagle Mines Limited AEM Primary gold producers $94.4B 9.1x 3% 68% 68 Compañía de Minas Buenaventura S.A.A. BVN Silver and byproduct precious metals producers $8.6B 6.9x -4% n/a 51 CORE — 5.0x–6.9x · median 6.5x · 2 companies Newmont Corporation NEM Primary gold producers $127B 6.8x 8% 61% 73 AngloGold Ashanti plc AU Primary gold producers $51.0B 6.3x 6% 64% 66 DISCOUNT — <5.0x · median 2.4x · 2 companies Gold Fields Limited GFI Primary gold producers $37.8B 4.6x 3% 64% 70 DRDGOLD Limited DRD Primary gold producers $114M 0.3x 17% n/a 68

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This appendix page lists precedent transactions with disclosed terms, sorted newest first, with links to the underlying filings.

    Every transaction here carries disclosed terms, with multiples on LTM financials at announcement where disclosed and deal values linked to the underlying filing. This is the first of two pages covering the full disclosed-terms list. So what: a client can trace any single deal referenced earlier back to its source without leaving the table.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 17 transactions with disclosed terms in this tier (139 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 152 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 122 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Precious Metals and Minerals Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Sep-2026 Artemis Gold Inc. → Vista Gold Corp. $8.6B n/a n/a Artemis Gold Inc. agreed to acquire Vista Gold Corp. in September 2026, recorded at $8.6B. The value is shown as recorded in the filing and the unit is unresolved, so read it as an indication of scale rather than as a precise price. Feb-2026 Orezone Gold Corporation → Casa Berardi Mine $593M n/a n/a Orezone Gold Corporation completed the purchase of the Casa Berardi Mine in February 2026, recorded at $593M. Single-asset purchases like this are how producers add operating ounces without taking on a corporate structure, and they are typically argued on the mine… Jan-2026 17629346 Canada Inc. → Hecla Mining Company $1.2B 0.8x 3.1x 17629346 Canada Inc. completed the acquisition of Hecla Mining Company in January 2026, recorded at $1.2B and 3.1x EBITDA. It is one of the few transactions in this record with an earnings multiple attached, which makes it a useful marker even though the recorded… Nov-2025 n/a → Dakota Gold Corp. $399M n/a n/a Dakota Gold Corp. was recorded at $399M in November 2025, with the acquirer shown as n/a. Development-stage assets are valued on the resource statement and the permit path, and that stage is associated with prices set on ounces in the ground rather than on current… Apr-2025 Kroger → Karita Gold Project n/a n/a 6.9x The Karita Gold Project was recorded in April 2025 with the acquirer shown as Kroger and no enterprise value disclosed. Project-level deals are argued on the resource statement, metallurgy and the permitting path rather than on today's production. Oct-2024 Hochschild Mining PLC → SilverCrest Metals Inc. n/a 0.7x 8.8x Hochschild Mining PLC and SilverCrest Metals Inc. was recorded in October 2024 at 0.7x revenue and 8.8x EBITDA, and is shown as terminated. Terminated transactions still carry information: the recorded multiples show the level at which a silver producer was being… Sep-2024 First Majestic Silver Corp. → Gatos Silver, Inc. $888M n/a n/a First Majestic Silver Corp. announced the acquisition of Gatos Silver, Inc. in September 2024, recorded at $888M. Lateral combinations of this kind are the standard route to the scale and index weight that intermediate producers pursue. May-2022 Gold Fields Limited → Yamana Gold Inc. $6.7B n/a n/a Gold Fields Limited announced the acquisition of Yamana Gold Inc. in May 2022, recorded at $6.7B. Transactions at this size are how senior producers replace depleting reserves with long-life ounces in jurisdictions they are prepared to operate in. Nov-2021 Newcrest Mining Limited → Pretium Resources Inc. n/a 0.7x 8.8x Newcrest Mining Limited completed the acquisition of Pretium Resources Inc. in November 2021 at 0.7x revenue and 8.8x EBITDA. Grade and the brownfield tail around a producing mine are the usual points of debate in a purchase of this shape.

19. 19
    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This appendix page continues the precedent-transaction list with disclosed terms, sorted newest first.

    This second page completes the disclosed-terms transaction list, continuing the same newest-first order and linked sourcing as the previous page. So what: together the two pages give a client the complete, traceable record behind the deal commentary in the body of the report.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 17 transactions with disclosed terms in this tier (139 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 152 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 122 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Precious Metals and Minerals Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Nov-2021 Chifeng Jilong Gold Mining Co., Ltd. → Golden Star Resources Ltd. $470M 0.7x n/a Value shown as recorded in the filing; deal value unit unresolved. Sep-2021 Sumitomo Metal Mining Co., Ltd. → Portion of IAMGOLD Corporation’s interest in Côté gold project n/a 0.7x 8.8x Value shown as recorded in the filing; deal value unit unresolved. Jan-2019 Newmont Mining Corporation → Goldcorp Inc. $12.5B n/a n/a Value shown as recorded in the filing; deal value unit unresolved. Sep-2017 Alamos Gold Inc. → Richmont Mines Inc. $683M n/a n/a Value shown as recorded in the filing; deal value unit unresolved. Dec-2014 Coeur Mining, Inc. → Paramount Gold and Silver Corp. $24M n/a n/a Value shown as recorded in the filing; deal value unit unresolved. May-2010 Newcrest Mining Limited → Lihir Gold Limited $23.3B 0.7x 8.8x Value shown as recorded in the filing; deal value unit unresolved. n/a Boroo Pte Ltd (Singapore) → Barrick Gold Corporation’s interest in Lagunas Norte mine n/a 0.7x 8.8x Value shown as recorded in the filing; status defaulted announced. n/a n/a → Cortez Gold Complex (Rio Tinto) / Royal Gold n/a 1.7x n/a Value shown as recorded in the filing; status defaulted announced.

20. 20
    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    This appendix page sets out the sources, assumptions and data-quality basis behind every figure in the deck.

    This page sets out the sources behind every figure in this report, the basis on which each multiple was read, and what was excluded under the plausibility gates. Every figure links to the record it came from, and where it doesn't, the appendix names the source directly. So what: a client can verify any number in this deck independently, without relying on our word alone.

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Precious Metals and Minerals Coverage | September 2026 | Confidential | Not investment advice 20 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (6 of 15 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Precious Metals and Minerals and it clears the coverage gate with 7 of 15 companies (47%). EV / Revenue, P / E are carried as a cross-check. The set earns: 7 of the 7 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. DATA QUALITY & EXCLUSIONS 19 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 509 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (508) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

21. 21

    Six of the 15 Names Carry a Forward Estimate, and the Spread Between Them Is Wide.

    This closing slide restates the headline finding and points to the companion tables for full detail.

    Six of the fifteen names in this set carry a forward estimate, and the spread between them is wide enough to be worth closing. The companion tables beside this deck carry the full universe, the exclusion ledger and the complete source index for any figure a client wants to trace.

    Everything on this page

    Six of the 15 Names Carry a Forward Estimate, and the Spread Between Them Is Wide. NeuraCap AI — Precious Metals and Minerals Coverage September 2026 · Prepared by NeuraCap AI · Confidential Precious Metals and Minerals Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21

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