20260415-1210-NeilAdshead-1-231.pptx

1、Gold Miners as Equity Portfolio Managers:Value-Add or Capital Misallocation?,Neil Adshead,Cupel Advisory Corp.,Mining Forum Americas,Zurich,13-15 April 2026,Producer Status Report:Record operating margins,FCF Generation and Balance Sheet Improvement,Capital Allocation Cyclicity,Excess Cash Allocatio

2、n Options for Profitable Gold Producers,Save for Future UsesRepay DebtDistributeDividendsShare RepurchasesAcquireInvestMine Development/Expansion/ImprovementExploration ProgramsJunior Company Equity,https:/,Gold Exploration Trends,https:/,Gold Exploration Trends,Newsworthy Greenfields Gold Discoveri

3、es in the Last Decade(ex-China and Russia),Saddle,BC:GT Gold,2017(now owned by Newmont)Silicon,Nevada:AngloGold Ashanti,Q1-2018 discovery drill hole Great Bear(Dixie),Ontario:Great Bear Resources,2018(now owned by Kinross)Havieron,WA:Greatland Gold,2018(acquired 70%of Havieron and the nearby Telfer

4、mine from Newmont in 2024)Fourmile,Nevada:Barrick,first hole in late-2015(but first Indicated&Inferred MRE not until 2025)Hemi,WA:De Grey Mining,late-2019(now owned by Northern Star)Frotet,Quebec:Kenorland-Sumitomo,2020(now owned by Sumitomo Metals&Mining Canada)Bankan,Guinea:Predictive Discovery,20

5、20(currently merging with Robex)Ikkari,Finland:Rupert Resources,2020Valley,Yukon:Snowline Resources,2021Rogozna,Serbia:Zlatna Reka Resources,2021(RTO into Strickland Metals in 2024)Greater Oko,Guyana:Reunion Gold/G2 Goldfields,2022(both now owned by G Mining Ventures)Assafou,Cote dIvoire:Endeavour M

6、ining,2022Never Never(Dalgaranga),WA:Spartan Resources,2022(now owned by Ramelius)Merlin,Nevada:Coeur Mining,2020(AngloGold made much larger in 2022-23,post-consolidation of pieces of the deposit owned by Corvus Gold and Coeur Mining)oka Rakita,Serbia:DPM Metals,January 2023AuRORA,Toodoggone Distric