Intermediate Gold Producers Ramp Cashflow

Standout performers include Alamos Gold and Endeavour Mining. B2 Gold and Eldodrado Gold also appear strong, possibly warranting further investigation by investors.

The cohort of Intermediate Gold Producers is an interesting set of miners now benefiting from the double leverage of ( 1 ) growth in production ( 2 ) in a rising gold price environment.

The miners in this cohort are at the threshold of size where their acquisition could materially “move the needle” with regard to adding their incremental cash flow and reserves to major producers like Agnico Eagle, Barrick, Newont and other mators.

The strong free cash flow from the Intermediate Gold Producers also enables this cohort of producers to also potentially be a ‘predator’ gobbling up miners further down the ‘food chain’ whether producers, developers or even explorers.

The chart below is from RBC Capital Markets report of 23-March-2025. A virtue of this analysis is that the bank’s equity research presumably applies a uniform methodology, and thus gives some plausible relative rankings for the miners.