Monday, September 28, 2026
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Precious Metals Summit. We attended the Precious Metals Summit last week at the Beaver Creek Resort in Colorado. While strong increases in metal prices led to exceptional investment returns in 2025, returns have moderated in 2026. Year-to-date through September 25, mining companies (as measured by the XME) appreciated 4.6% compared to a gain of 13.1% for the S&P 500 Index. The VanEck Vectors Gold Miners (GDX) and Junior Gold Miners (GDXJ) ETFs were up 8.3% and 6.4%, respectively. While metals prices remain strong, gold, silver, nickel, and lead prices have retreated modestly since the end of last year, while copper and zinc prices have continued to advance. While rising rate expectations may pose a headwind for gold, an uncertain geopolitical environment and other factors may provide an offset.
Investors are more discerning. Sentiment remains constructive, supported by strong metals prices, robust industry cash flows, and continued institutional interest in the sector. Conference participation was strong, including executive teams from over 225 mining companies and a broad mix of institutional investors, sell-side brokerage firms, and other industry participants. Investors appear to be increasingly focused on companies with scale, grade, strong metallurgy, manageable capital requirements, and an identifiable path for converting exploration success into economic value.
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