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Metals & Mining Analysts' Ratings & Estimates - Seniors

Senior Producers, Larger-Cap Near-Term Production

Royalty & Streaming   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 20-Mar-20 (MM) (US$MM) 2019 2020E 2021E 2020E 2021E 2019 2020E 2021E 2020E 2021E 2020E %
Altius Minerals Corp ALS 1.8 C$6.68 42 $194 0.55 0.40 0.46 16.6 14.5 1.03 0.89 0.99 7.5 6.7 -- 1.6%
Anglo Pacific Group PLC (UK) APF 1.8 GBP$1.18 181 $246 0.21 0.21 0.24 5.5 5.0 0.22 0.22 0.23 5.4 5.1 12.8 4.6%
Franco-Nevada FNV 2.4 US$94.74 189 $17,944 1.82 2.29 2.31 41.4 41.1 3.29 3.88 4.03 24.4 23.5 36.6 1.0%
Maverix Metals (CA) MMX 2.1 C$4.26 120 $352 0.09 0.11 0.17 38.0 25.8 0.25 0.31 0.35 13.7 12.0 -- 0.2%
Osisko Gold Royalties Ltd OR 2.1 C$9.47 157 $1,025 0.28 0.29 0.37 32.2 25.9 0.61 0.74 0.82 12.8 11.5 40.6 1.6%
Royal Gold Inc RGLD 3.2 US$71.62 66 $4,696 2.03 2.67 2.74 26.8 26.1 4.52 5.36 5.61 13.4 12.8 17.4 0.9%
Sandstorm Gold Ltd (CA) SAND 2.2 US$4.57 179 $816 0.09 0.12 0.15 37.7 30.5 0.30 0.37 0.40 12.3 11.6 22.4 0.0%
Wheaton Precious Metals WPM 1.9 US$24.14 448 $10,727 0.56 0.90 0.93 26.9 26.1 1.12 1.52 1.59 15.9 15.2 19.1 1.2%
Average                 28.1 24.4       13.2 12.3 24.8  
Gold
Large-Cap Gold
                                 
Agnico-Eagle Mines Ltd AEM 2.1 US$36.80 241 $9,032 0.96 1.34 1.76 27.4 20.9 3.70 4.44 5.04 8.3 7.3 11.9 0.9%
Barrick Gold Corp ABX 2.3 US$15.88 1778 $28,237 0.51 0.75 0.80 21.1 19.9 1.61 2.31 2.34 6.9 6.8 10.2 1.1%
Kirkland Lake Gold (CA) KL 2.2 US$25.59 287 $7,260 2.74 2.76 2.73 9.3 9.4 4.38 4.40 4.59 5.8 5.6 37.3 0.4%
Newcrest Mining Ltd (AU) NCM 3.0 US$12.60 769 $9,596 0.81 0.92 0.97 13.7 13.1 1.77 1.76 1.87 7.2 6.7 8.2 1.1%
Newmont Goldcorp NEM 2.0 US$40.56 808 $32,764 1.32 2.02 2.30 20.1 17.6 3.89 4.86 5.10 8.4 8.0 16.1 1.3%
Polyus Gold International (UK) PGIL 2.0 RU$8,495.50 134 $14,302 769.61 992.04 982.12 8.6 8.7 1054.82 1244.95 1226.97 6.8 6.9 -- 2.3%
Zijin Mining Group (HK) 2899 1.7 CNY$2.43 25377 $11,544 0.17 0.21 0.26 11.5 9.5 0.40 0.49 0.55 5.0 4.4 20.2 0.0%
Average                 16.0 14.2       6.9 6.5 17.3  
Mid-Cap Gold   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 20-Mar-20 (MM) (US$MM) 2019 2020E 2021E 2020E 2021E 2019 2020E 2021E 2020E 2021E 2020E %
Alamos Gold AGI 2.3 US$4.53 391 $1,773 0.21 0.26 0.40 17.5 11.4 0.66 0.73 0.97 6.3 4.7 10.4 0.7%
AngloGold Ashanti Ltd AU 2.7 US$14.98 416 $6,286 0.91 2.10 2.27 7.1 6.6 2.50 3.44 3.64 4.4 4.1 5.2 0.5%
B2Gold Corp BTG 1.6 US$2.79 1030 $2,870 0.23 0.39 0.34 7.2 8.2 0.49 0.69 0.63 4.0 4.5 9.3 0.2%
Buenaventura (ADR) BVN 2.9 US$7.27 276 $1,951 (0.05) 0.49 0.57 15.0 12.6 0.20 0.94 0.88 7.7 8.3 7.9 0.6%
Centamin PLC (CA) CEE 2.3 US$1.25 1156 $1,443 0.07 0.13 0.10 9.3 11.9 0.13 0.19 0.18 6.7 7.1 2.9 4.8%
Centerra Gold (CA) CG 2.4 US$5.04 294 $1,481 0.71 1.00 1.00 5.1 5.0 1.44 2.07 2.09 2.4 2.4 4.4 0.0%
Endeavour Mining Corp (CA) EDV 1.8 US$15.07 110 $1,657 0.67 1.45 1.92 10.4 7.8 2.75 3.88 4.47 3.9 3.4 9.8 0.0%
Evolution Mining Ltd (AU) EVN 2.6 AUD$3.62 1704 $3,542 0.16 0.22 0.24 16.6 15.2 0.43 0.51 0.50 7.1 7.2 9.1 3.4%
Gold Fields Ltd (ADR) GFI 2.8 US$4.00 883 $3,926 0.20 0.49 0.74 8.2 5.4 1.08 1.33 1.52 3.0 2.6 4.6 0.6%
Harmony Gold Mining Ltd HAR 2.0 ZAR$37.17 543 $1,156 4.33 8.51 8.78 4.4 4.2 11.45 16.62 17.70 2.2 2.1 5.5 0.0%
Kinross Gold Corp KGC 2.5 US$3.61 1254 $4,539 0.34 0.42 0.40 8.6 9.1 0.97 1.06 1.10 3.4 3.3 6.9 0.0%
Lundin Gold Inc (CA) LUG 2.2 US$5.57 224 $1,250 (0.10) 0.40 0.59 13.9 9.5 (0.10) 0.65 0.91 8.5 6.1 -- 0.0%
Northern Star Resources (AU) NST 2.9 AUD$10.72 740 $4,555 0.44 0.74 0.92 14.4 11.7 0.81 1.17 1.34 9.1 8.0 16.6 1.3%
NovaGold Resources Inc NG 2.0 US$6.74 328 $2,245 (0.09) (0.08) -- -- -- -- -- (0.03) -- -- -- 0.0%
Polymetal International PLC (UK) POLY 2.2 US$13.58 470 $6,387 1.25 1.67 1.73 8.1 7.8 1.46 2.07 1.99 6.6 6.8 10.4 3.9%
Saracen Mineral Holdings (AU) SAR 2.0 AUD$2.97 1103 $1,881 0.17 0.27 0.31 11.0 9.4 0.32 0.44 0.51 6.7 5.8 37.2 0.0%
Sibanye Gold Ltd (SA) SGL -- ZAR$44.33 2670 $7,646 -- (0.40) 9.55 -- 4.6 -- -- -- -- -- -- --
SSR Mining  SSRM 2.0 US$10.77 123 $1,326 0.81 1.09 1.37 9.9 7.9 1.10 2.11 2.43 5.1 4.4 5.3 0.0%
Yamana Gold Inc AUY 2.4 US$2.58 950 $2,482 0.35 0.15 0.17 16.8 15.0 0.55 0.64 0.70 4.0 3.7 5.4 0.8%
Zhaojin Mining Industry Co Ltd (HK) 1818 2.2 CNY$6.92 3270 $3,190 0.21 0.33 0.38 20.9 18.4 0.78 1.12 0.83 6.2 8.4 19.1 0.5%
Average                 11.4 9.6       5.4 5.2 10.0  
Note:  Currency shown is that used by the company for financial reporting.  Currency does not always reflect the country/market in which the company/stock symbol trades.  GAAP may differ between stocks due to countries and markets.
The tables are compiled from the Thomson Reuters database of consensus Ratings & Estimates of equity analysts. The historicals and estimates of earnings and cash flows exclude non-operating, special items.
Thomson Reuters Rating System: Buy (1.0), Buy/Hold (2.0), Hold (3.0), Sell/Hold (4.0), Sell (5.0)  Source: Thomson Reuters.
Small-Cap Gold   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 20-Mar-20 (MM) (US$MM) 2019 2020E 2021E 2020E 2021E 2019 2020E 2021E 2020E 2021E 2020E %
Alacer Gold Corp (CA) ASR 2.6 US$2.46 295 $725 0.37 0.43 0.43 5.7 5.8 0.86 0.90 0.90 2.7 2.7 31.2 0.0%
DRDGold Ltd (ADR) DROOY 5.0 ZAR$9.10 865 $451 0.50 0.92 -- 9.9 -- 1.17 1.26 -- 7.2 -- 18.9 0.0%
Dundee Precious Metals (CA) DPM 1.8 US$2.70 181 $488 0.19 0.51 0.62 5.3 4.4 0.55 0.97 1.16 2.8 2.3 6.6 0.0%
Eldorado Gold Corp EGO 2.8 US$5.99 165 $863 0.04 0.78 0.39 7.7 15.3 0.93 2.02 1.51 3.0 4.0 7.8 0.0%
Equinox Gold Corp (CA) EQX 2.1 US$6.47 216 $1,397 (0.16) 0.89 1.13 7.3 5.7 0.53 1.51 1.97 4.3 3.3 -- 0.0%
Gold Resource Corp  GORO 2.0 US$2.38 66 $155 0.09 0.42 0.16 5.7 14.9 --     -- -- -- 0.4%
Gold Road Resources Ltd (AU) GOR 2.2 AUD$1.05 879 $530 0.01 0.09 0.10 11.6 10.8 0.04 0.14 0.14 7.3 7.3 -- 0.0%
Golden Star Resources GSS 2.5 US$2.20 161 $258 0.16 0.24 0.31 9.3 7.1 0.21 0.68 0.71 3.2 3.1 6.5 0.0%
Gran Colombia Gold Corp (CA) GCM 2.0 US$2.37 61 $144 0.90 1.22 0.93 1.9 2.5 1.52 1.46 1.32 1.6 1.8 -- 0.0%
Great Bear Resources (CA) GBR 1.5 C$6.05 46 $193 -- -- -- -- -- -- --   -- -- -- 0.0%
Hecla Mining Co HL 2.9 US$1.66 523 $869 (0.13) 0.02 0.07 NM 22.3 0.25 0.32 0.38 5.2 4.4 5.5 0.3%
Highland Gold Mining Ltd (UK) HGM 2.0 US$1.84 364 $670 0.31 0.32 0.36 5.8 5.2 0.44 0.49 0.51 3.8 3.6 5.8 6.1%
Hochschild Mining PLC (UK) HOC 2.5 US$1.08 514 $554 0.09 0.15 0.15 7.4 7.0 0.55 0.45 0.49 2.4 2.2 2.0 1.8%
Iamgold Corp IAG 2.6 US$2.00 470 $950 (0.04) 0.18 0.20 11.0 10.2 0.78 0.78 0.81 2.6 2.5 2.0 0.0%
K92 Mining (CA) KNT 1.4 US$1.95 213 $415 0.12 0.26 0.34 7.5 5.8 0.22 0.34 0.41 5.8 4.8 -- 0.0%
McEwen Mining Inc. MUX 2.0 US$0.58 400 $232 (0.17) (0.03) 0.02 -- 25.8 (0.11) (0.03) 0.09 -- 6.4 -- 0.0%
New Gold Inc NGD 2.8 US$0.50 676 $339 (0.08) (0.06) (0.02) -- -- 0.43 0.36 0.41 1.4 1.2 3.3 0.0%
Oceanagold Corp (AU) OGC 2.1 US$1.10 622 $542 0.05 0.10 0.22 10.9 5.0 0.32 0.36 0.55 3.1 2.0 2.5 0.0%
Orla Mining Ltd (CA) OLA 2.0 C$1.76 187 $227 (0.16) (0.09) (0.02) -- -- (0.12) (0.09) 0.05 -- 35.2 -- 0.0%
Osisko Mining Corp (CA) OSK 1.8 C$1.94 291 $393 (0.17) (0.05) (0.05) -- -- (0.01) (0.04) (0.04) -- -- -- 0.0%
Pan African Resources (UK) PAF 1.0 US$0.12 1928 $225 0.02 0.04 0.05 2.8 2.5 0.03 0.04 -- 2.6 -- 9.0 1.0%
Perseus Mining Ltd (AU) PRU 2.2 AUD$0.81 1168 $543 0.03 0.06 0.11 13.6 7.4 0.15 0.18 0.25 4.4 3.3 76.1 0.0%
Petropavlovsk PLC (UK) POG 2.2 US$0.22 3310 $714 0.02 0.04 0.05 5.2 4.9 0.01 0.04 0.07 5.5 3.3 6.4 0.0%
Pretium Resources PVG 2.4 US$5.60 185 $1,038 0.55 0.49 0.52 11.4 10.9 1.21 1.15 1.18 4.9 4.7 -- 0.0%
Regis Resources Ltd (AU) RRL 2.5 AUD$3.55 508 $1,036 0.36 0.42 0.47 8.4 7.5 0.58 0.63 0.67 5.6 5.3 6.9 3.7%
Ramelius Resources Ltd (AU) RMS 1.8 AUD$0.82 659 $310 0.06 0.10 0.12 8.1 6.7 0.23 0.25 0.25 3.2 3.2 6.4 0.8%
Resolute Mining Ltd (AU) RSG 2.1 AUD$0.78 1057 $473 0.02 0.14 0.16 5.8 4.8 0.15 0.26 0.28 3.0 2.8 -- 0.0%
St Barbara Ltd (AU) SBM 2.3 AUD$1.94 699 $777 0.23 0.25 0.29 7.9 6.8 0.41 0.46 0.52 4.2 3.7 4.7 2.9%
Sabina Gold & Silver Corp (CA) SBB 2.3 C$1.04 297 $213 (0.02) (0.01) 0.01 -- NM (0.01) (0.01) 0.03 -- 34.7 -- 0.0%
Seabridge Gold SA 2.0 C$10.53 64 $467 (0.12) (0.08) (0.02) -- -- (6.29) -- -- -- -- -- 0.0%
Semafo (CA) SMF 2.3 US$1.39 334 $463 0.22 0.29 0.40 4.8 3.5 0.66 0.75 0.85 1.9 1.6 3.4 0.0%
Silver Lake Resources (AU) SLR 2.4 AUD$1.33 880 $672 0.06 0.09 0.12 14.1 11.3 0.17 0.22 0.24 6.1 5.6 16.1 0.0%
Silvercrest Metals Inc SILV 1.8 C$7.11 109 $541 (0.10) (0.08) (0.11) -- -- (0.07) (0.05) (0.07) -- -- -- 0.0%
Teranga Gold Corp (CA) TGZ 1.3 US$3.97 168 $665 0.01 0.26 0.53 15.1 7.5 0.93 1.15 1.61 3.4 2.5 8.0 0.0%
Torex Gold Resources (CA) TXG 2.1 US$9.02 85 $770 0.79 0.43 0.66 20.9 13.7 3.51 3.14 3.31 2.9 2.7 4.8 0.0%
Victoria Gold Corp (CA) VIT 2.0 C$5.59 58 $227 -- -- -- -- -- -- (0.40) 0.18 -- 31.9 -- 0.0%
Wesdome Gold Mines Ltd (CA) WDO 1.9 C$6.18 138 $594 0.29 0.40 0.82 15.4 7.5 0.51 0.62 1.07 10.0 5.8 48.6 0.0%
West African Resources Ltd (CA) WAF -- AUD$0.26 870 $220 -- -- -- -- -- -- -- 0.04 -- 7.1 -- 0.0%
Westgold Resources Ltd (AU) WGX 2.0 AUD$1.63 400 $373 0.06 0.20 0.36 8.3 4.5 0.31 0.49 0.65 3.3 2.5 -- 0.0%
Average                 8.9 8.5       4.0 6.5 12.8  
Select (Gold >US$20MM Mkt Cap)                                
Gold Springs Resource Corp (CA)* GRC 2.0 US$0.06 249 $14 -- -- -- -- -- -- -- -- -- -- -- 0.0%
Lion One Metals Ltd (CA)* LIO 2.0 C$0.77 107 $57 -- -- -- -- -- -- -- -- -- -- -- 0.0%
Minera Alamos Inc (CA) MAI 2.0 C$0.22 407 $60 (0.02) 0.01 0.03 21.5 7.2 0.03 0.03 -- 7.2 -- -- 0.0%
Northern Vertex Mining Corp (CA)* NEE 2.0 US$0.14 251 $35 -- -- -- -- -- -- -- -- -- -- -- 0.0%
Paramount Gold Nevada Corp* PZG 2.0 US$0.55 28 $17 (0.21) (0.17) -- -- -- (0.19) (0.16)   -- -- -- 0.0%
Average                 21.5 7.2              
*includes research coverage by Scarsdale Equities.
Note:  Currency shown is that used by the company for financial reporting.  Currency does not always reflect the country/market in which the company/stock symbol trades.  GAAP may differ between stocks due to countries and markets.
The tables are compiled from the Thomson Reuters database of consensus Ratings & Estimates of equity analysts. The historicals and estimates of earnings and cash flows exclude non-operating, special items.
Thomson Reuters Rating System: Buy (1.0), Buy/Hold (2.0), Hold (3.0), Sell/Hold (4.0), Sell (5.0)  Source: Thomson Reuters.
Silver   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 20-Mar-20 (MM) (US$MM) 2019 2020E 2021E 2020E 2021E 2019 2020E 2021E 2020E 2021E 2020E %
Alexco Resource Corp* AXU 2.3 C$1.65 120 $136 (0.08) -- -- -- -- -- -- -- -- -- -- 0.0%
Americas Gold & Silver Corp (CA) USA 1.8 US$1.38 87 $119 (0.46) 0.11 0.21 12.1 6.5 0.00 0.43 0.76 3.2 1.8 30.2 0.0%
Coeur Mining Corp CDE 2.4 US$2.92 243 $710 (0.25) 0.02 0.22 NM 13.4 0.42 0.68 0.97 4.3 3.0 4.4 0.0%
Endeavour Silver Corp EXK 3.2 US$1.20 141 $169 (0.36) 0.03 0.01 43.5 NM (0.07) 0.22 0.20 5.4 6.1 4.7 0.0%
First Majestic Silver Corp AG 2.6 US$5.57 210 $1,157 0.04 0.21 0.22 27.1 25.8 0.69 0.49 0.79 11.3 7.1 10.3 0.0%
Fortuna Silver Mines FSM 2.1 US$2.27 160 $360 0.17 0.36 0.59 6.3 3.8 0.63 0.72 1.14 3.2 2.0 5.4 0.0%
Fresnillo (UK) FRES 2.9 US$6.93 737 $5,109 0.23 0.30 0.38 23.2 18.2 0.59 0.86 0.91 8.0 7.6 5.6 1.7%
MAG Silver Corp MAG 1.8 US$7.82 87 $670 (0.06) 0.13 0.28 59.2 28.4 (0.03) 0.27 0.57 29.3 13.7 76.9 0.0%
New Pacific Metals Corp (CA) NUAG 2.7 C$4.70 147 $478 (0.01) (0.01) (0.01) -- -- (0.02) (0.02) 0.00 -- -- -- 0.0%
Pan American Silver PAAS 2.2 US$11.77 210 $2,548 0.78 0.74 1.27 15.9 9.3 1.40 2.29 2.80 5.1 4.2 9.7 0.6%
Silvercorp Metals Inc SVM 2.0 US$2.51 173 $436 0.21 0.21 0.19 11.8 13.1 0.43 0.40 0.38 6.2 6.6 -- 0.4%
Average                 24.9 14.8       8.5 5.8 18.4  
*includes research coverage by Scarsdale Equities.
Platinum Group Metals                                
African Rainbow Minerals (SA) ARI 2.1 ZAR$97.23 224 $1,247 28.46 27.62 23.62 3.5 4.1 16.23 18.19 23.92 5.3 4.1 19.7 8.6%
Anglo American Platinum Ltd (SA) AMS 3.3 ZAR$514.62 270 $7,952 70.61 103.31 103.29 5.0 5.0 107.94 95.79 142.49 5.4 3.6 12.9 2.2%
Impala Platinum (SA) IMP 2.1 ZAR$59.45 799 $2,997 11.84 21.46 21.85 2.8 2.7 17.63 29.00 31.85 2.1 1.9 17.9 0.9%
Lonmin PLC (UK) LMI -- US$0.96 290 $278 -- -- -- -- -- -- 0.48 0.02 2.0 62.9 -- 0.0%
Northam Platinum Ltd (SA) NHM 1.7 ZAR$58.75 510 $1,716 5.30 13.10 14.27 4.5 4.1 13.55 22.30 27.22 2.6 2.2 48.5 0.0%
Average                 3.9 4.0       3.5 14.9 24.7  
Base Metals & Diversified
Large-Cap Base Metals   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 20-Mar-20 (MM) (US$MM) 2019 2020E 2021E 2020E 2021E 2019 2020E 2021E 2020E 2021E 2020E %
Anglo American PLC (UK) AAL 2.4 US$12.87 1363 $17,548 2.70 2.50 2.63 5.2 4.9 5.97 5.25 5.80 2.5 2.2 4.7 3.8%
Antofagasta PLC (UK) ANTO 2.6 US$7.61 986 $7,499 0.51 0.44 0.57 17.3 13.5 2.12 1.59 1.66 4.8 4.6 6.7 2.8%
BHP Billiton Ltd BHP 2.4 US$15.66 5058 $72,961 1.88 1.87 1.79 8.4 8.7 3.32 3.17 3.10 4.9 5.0 5.5 5.5%
China Molybdenum Co Ltd (HK) 3993 2.5 CNY$2.00 21599 $10,010 0.08 0.12 0.15 17.1 13.7 (0.58) 0.30 0.38 6.7 5.3 43.6 0.0%
Freeport McMoran C&G FCX 2.4 US$5.52 1451 $8,009 0.02 0.25 1.17 22.0 4.7 1.02 1.40 2.83 3.9 2.0 5.1 1.5%
Glencore International PLC (UK) GLEN 2.2 US$1.39 13324 $18,548 0.18 0.18 0.24 7.6 5.8 0.63 0.64 0.61 2.2 2.3 5.1 6.4%
Grupo Mexico (MX) GMEXICOB 2.5 US$1.62 7785 $12,617 0.29 0.24 0.25 6.9 6.4 0.51 0.35 0.35 4.6 4.6 6.1 6.1%
Hindustan Zinc (IN) HZ 2.4 INR$136.25 4225 $7,698 17.76 18.58 19.78 7.3 6.9 21.46 23.17 24.34 5.9 5.6 3.6 0.0%
MMC Norilsk Nickel (RU) GMKN -- RU$5,429.84 158 $32,743 -- -- -- -- -- -- -- -- -- -- 13.8 7.8%
Rio Tinto PLC (UK) RIO 2.7 US$37.39 1618 $64,090 6.36 5.19 4.55 7.2 8.2 9.15 7.84 7.36 4.8 5.1 5.8 2.7%
Southern Copper Corp SCCO 2.6 US$25.41 773 $19,643 1.92 2.21 2.28 11.5 11.2 2.47 3.16 3.33 8.1 7.6 11.1 3.8%
Vale SA (ADR) VALE 2.2 BRL$35.34 5284 $36,732 5.01 7.46 7.28 4.7 4.9 10.56 10.79 11.05 3.3 3.2 6.5 2.6%
Average                 10.5 8.1       4.7 4.3 9.8  
Note:  Currency shown is that used by the company for financial reporting.  Currency does not always reflect the country/market in which the company/stock symbol trades.  GAAP may differ between stocks due to countries and markets.
The tables are compiled from the Thomson Reuters database of consensus Ratings & Estimates of equity analysts. The historicals and estimates of earnings and cash flows exclude non-operating, special items.
Thomson Reuters Rating System: Buy (1.0), Buy/Hold (2.0), Hold (3.0), Sell/Hold (4.0), Sell (5.0)  Source: Thomson Reuters.
Mid-Cap Base Metals   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 20-Mar-20 (MM) (US$MM) 2019 2020E 2021E 2020E 2021E 2019 2020E 2021E 2020E 2021E 2020E %
Assore Ltd (SA) ASR 3.3 ZAR$288.29 140 $2,306 55.17 47.60 42.07 6.1 6.9 -- 18.27 27.33 15.8 10.5 10.8 7.7%
Aurubis AG (GR) NDA 2.9 EUR$33.60 45 $1,615 3.22 3.75 4.21 9.0 8.0 5.56 5.84 6.54 5.8 5.1 4.3 2.3%
Boliden AB (SW) BOL 2.4 SEK$160.00 274 $4,213 21.15 21.29 22.14 7.5 7.2 34.52 40.31 40.83 4.0 3.9 4.9 2.8%
Exxaro  Resources Ltd (SA) EXX 1.6 ZAR$81.00 359 $1,665 29.62 25.88 23.82 3.1 3.4 (9.28) 20.75 23.55 3.9 3.4 7.4 4.3%
First Quantum Minerals (CA) FM 2.3 US$3.70 689 $2,554 0.36 0.06 0.44 59.1 8.5 1.29 2.24 2.50 1.7 1.5 11.9 0.1%
Iluka Resources Ltd (AU) ILU 2.4 AUD$6.80 423 $1,650 0.66 0.75 0.90 9.1 7.6 0.76 1.16 1.25 5.9 5.5 -- 1.4%
Independence Group NL (AU) IGO 2.5 AUD$3.68 591 $1,261 0.22 0.34 0.37 11.0 10.0 0.73 0.83 0.81 4.4 4.5 12.1 2.2%
Ivanhoe Mines Ltd (CA) IVP 2.1 US$1.52 1197 $1,806 0.02 (0.03) 0.01 -- NM (0.01) (0.03) 0.22 -- 6.8 -- 0.0%
Jiangxi Copper Co "H" (HK) 358 2.4 CNY$6.20 3463 $4,895 0.73 0.74 0.91 8.3 6.8 1.75 1.26 1.25 4.9 5.0 13.0 2.2%
Kazakhmys PLC (UK) KAZ 2.2 US$3.68 472 $1,714 1.17 0.92 0.97 4.0 3.8 1.04 1.36 1.32 2.7 2.8 19.3 1.7%
KGHM Polska Miedz (PO) KGH 3.4 PLN$57.92 200 $2,705 7.11 8.90 10.09 6.5 5.7 25.24 16.32 20.44 3.5 2.8 3.9 0.0%
Lundin Mining Corp (CA) LUN 2.0 US$3.06 735 $2,252 0.22 0.42 0.62 7.3 4.9 0.77 1.05 1.31 2.9 2.3 4.7 0.0%
Mineral Resources Ltd (AU) MIN 1.8 AUD$13.76 188 $1,488 1.34 1.55 1.41 8.9 9.8 1.40 1.86 2.04 7.4 6.7 6.4 3.3%
Oz Minerals (AU) OZL 2.3 AUD$6.36 324 $1,184 0.51 0.29 0.77 21.9 8.2 1.58 1.14 1.75 5.6 3.6 5.6 2.2%
Sesa Sterlite Ltd (ADR) SSLT 2.4 INR$75.45 3702 $3,735 15.29 15.72 18.13 4.8 4.2 52.82 47.84 50.48 1.6 1.5 3.2 3.8%
South32 Ltd (AU) S32 2.1 US$1.03 4879 $4,958 0.13 0.10 0.16 9.8 6.6 0.30 0.27 0.31 3.8 3.3 2.6 2.2%
Sumitomo Metal Mining (JP) 5713 2.4 JPY$1,864 291 $5,015 212.92 239.97 285.40 7.8 6.5 432.03 393.74 471.75 4.7 4.0 8.0 1.7%
Teck Resources Ltd TCK 2.0 C$10.22 547 $3,908 2.75 1.92 2.50 5.3 4.1 6.16 5.03 6.51 2.0 1.6 3.3 0.9%
Vale Indonesia Tbk PT (ID) INCO 2.2 US$0.09 9936 $944 0.01 0.01 0.01 11.6 7.5 0.01 0.02 0.03 4.0 3.3 5.0 0.0%
Vedanta Resources PLC (UK) VED -- US$10.85 285 $3,089 -- 0.87 1.24 12.5 8.7 -- -- -- -- -- -- --
Average                 11.2 6.8       4.7 4.1 7.4  
Small-Cap Base Metals
                                 
Adriatic Metals PLC (AU) ADT 1.7 GBP$0.44 310 $156 (0.02) 0.01 0.30 40.9 1.5 (0.02) (0.01)   -- -- -- 0.0%
Atalaya Mining PLC (UK) ATYM 1.2 EUR$0.99 137 $144 0.24 0.42 0.62 2.4 1.6 0.17 0.27 0.37 3.7 2.7 8.8 0.0%
Eramet (FR) ERA 1.7 EUR$28.34 27 $807 (0.12) 2.84 4.89 10.0 5.8 9.44 12.64 13.86 2.2 2.0 5.5 --
Ero Copper Corp (CA) ERO 2.2 US$7.65 86 $656 0.94 1.02 1.29 7.5 5.9 1.40 1.67 1.97 4.6 3.9 -- 0.0%
Hudbay Minerals HBM 2.4 US$1.41 261 $364 (0.20) (0.15) 0.11 -- 13.3 1.19 1.07 1.33 1.3 1.1 2.2 0.4%
Kenmare Resources (UK) KMR 1.8 US$2.04 110 $224 0.40 0.42 0.87 4.9 2.3 0.69 0.49 6.07 4.1 0.3 39.6 2.6%
Mitsui Mining & Smelting (JP) 5706 2.3 JPY$1,553 57 $823 121.14 238.22 297.72 6.5 5.2 629.72 780.85 836.07 2.0 1.9 5.3 2.4%
MMG Ltd (HK) 1208 2.7 US$0.15 8055 $1,194 (0.01) 0.00 0.01 67.4 13.2 0.14 0.09 0.14 1.6 1.0 11.0 0.0%
Nexa Resources NA NEXA 3.0 US$2.69 133 $359 (0.03) (0.15) 0.10 -- 26.0 0.93 2.44 2.99 1.1 0.9 -- 6.5%
Outokumpu (FN) OUT1V 2.8 EUR$2.20 416 $977 (0.20) 0.13 0.32 16.5 6.9 0.90 0.66 0.78 3.3 2.8 6.2 3.6%
PolyMet Mining Corp PLM -- US$0.20 1006 $203 (0.02) (0.01) 0.03 -- 6.7 -- -- -- -- -- -- 0.0%
Sandfire Resources NL (AU) SFR 2.4 AUD$3.12 178 $322 0.59 0.65 0.67 4.8 4.6 1.46 1.69 1.53 1.8 2.0 1.8 3.5%
SolGold PLC (UK) SOLG 1.6 US$0.15 1923 $296 (0.01) (0.00) (0.01) -- -- (0.00) 0.00 0.00 -- -- -- 0.0%
Trilogy Metals Inc TMQ 2.2 US$1.06 140 $148 (0.20) (0.09) -- -- -- (0.16) --   -- -- -- 0.0%
Turquoise Hill Resources TRQ 3.0 US$0.36 2012 $721 0.15 0.05 0.16 7.2 2.3 0.03 0.00 0.17 93.3 2.1 5.6 0.0%
Volcan Cia Ninera VOLABC1 3.0 US$0.09 4077 $1,794 (0.02) 0.01 0.01 6.9 7.2 -- -- -- -- -- 9.0 0.0%
Western Areas NL (AU) WSA 2.2 AUD$1.74 274 $273 0.14 0.25 0.25 7.1 7.0 0.44 0.51 0.48 3.4 3.6 4.8 1.0%
Average                 15.2 7.3       10.2 2.0 9.1  
Note:  Currency shown is that used by the company for financial reporting.  Currency does not always reflect the country/market in which the company/stock symbol trades.  GAAP may differ between stocks due to countries and markets.
The tables are compiled from the Thomson Reuters database of consensus Ratings & Estimates of equity analysts. The historicals and estimates of earnings and cash flows exclude non-operating, special items.
Thomson Consensus Rating System: Buy (1.0), Buy/Hold (2.0), Hold (3.0), Sell/Hold (4.0), Sell (5.0)  Source: Thomson Reuters.
Aluminum   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 20-Mar-20 (MM) (US$MM) 2019 2020E 2021E 2020E 2021E 2019 2020E 2021E 2020E 2021E 2020E %
Alcoa Inc AA 2.5 US$5.48 186 $1,019 (0.99) (0.56) (0.01) -- -- 3.70 1.74 3.79 3.1 1.4 3.4 0.0%
Alumina Ltd AWC 2.7 US$0.84 2880 $2,397 0.11 0.07 0.09 11.4 9.3 0.13 0.09 0.08 9.0 10.7 3.2 5.3%
Aluminum Corp China Ltd (ADR) ACH 2.6 CNY$1.38 17023 $6,216 0.07 0.09 0.14 16.0 9.9 0.82 0.81 0.68 1.7 2.0 13.8 0.0%
Century Aluminum CENX 2.5 US$3.15 89 $281 (1.35) 0.34 0.86 9.3 3.7 0.20 1.06 1.49 3.0 2.1 18.2 0.0%
United Company Rusal Ltd (HK) 486 2.1 US$0.29 15193 $4,464 0.08 0.11 0.10 2.8 2.8 0.11 0.08 0.09 3.6 3.4 7.2 0.0%
Average                 9.9 6.4       4.1 3.9 9.2  
Iron Ore                                   
Cliffs Natural Resources CLF 2.9 US$3.19 399 $1,272 1.05 0.44 0.65 7.3 4.9 1.98 1.19 1.15 2.7 2.8 9.0 2.7%
Fortescue Metals Group Ltd (AU) FMG 2.8 US$6.00 3079 $18,295 1.19 1.11 0.77 5.4 7.8 1.60 1.52 1.15 3.9 5.2 4.8 9.4%
Kumba Iron Ore Ltd (SA) KIO 3.4 ZAR$291.34 322 $5,377 50.73 44.12 34.42 6.6 8.5 85.20 61.75 50.47 4.7 5.8 5.0 11.2%
Labrador Iron Ore Royalty (CA) LIF 2.1 C$14.41 64 $642 3.21 2.51 2.22 5.7 6.5 3.51 2.34 2.18 6.2 6.6 9.4 5.1%
Mount Gibson Iron Limited (AU) MGX 3.3 AUD$0.78 1158 $518 0.11 0.09 0.08 8.6 9.5 0.10 0.14 0.17 5.5 4.7 24.4 4.2%
Average                 6.7 7.4       4.6 5.0 10.5  
Fertilizers                                  
CF Industries CF 2.5 US$22.25 216 $4,810 2.31 1.91 2.41 11.7 9.2 6.79 6.09 6.33 3.7 3.5 13.1 2.5%
Compass Minerals  CMP 2.2 US$41.00 34 $1,390 1.90 3.32 3.97 12.3 10.3 4.71 7.35 9.51 5.6 4.3 10.1 4.7%
Incitec Pivot Ltd (AU) IPL 2.8 AUD$1.78 1613 $1,649 0.11 0.17 0.21 10.6 8.5 0.29 0.39 0.41 4.6 4.3 7.1 1.4%
Intrepid Potash IPI 3.0 US$0.98 132 $129 0.10 0.09 0.13 11.2 7.5 0.38 0.31 0.34 3.2 2.9 -- 0.0%
Israel Chemical (IS) ICL 2.4 US$3.19 1280 $3,987 0.37 0.39 0.44 8.3 7.3 0.77 0.71 0.73 4.5 4.4 6.2 3.9%
K & S Aktiengesellschaft (GR) SDF 2.9 EUR$5.52 191 $1,129 0.46 0.17 0.71 32.4 7.8 3.34 2.45 2.45 2.2 2.2 7.7 1.3%
Mosaic Co MOS 2.5 US$9.59 379 $3,632 0.19 0.44 1.22 21.7 7.9 2.85 3.17 3.61 3.0 2.7 7.1 0.8%
Nutrien Ltd NTR 2.1 US$27.75 573 $16,013 2.17 2.23 2.74 12.5 10.1 6.29 5.21 5.41 5.3 5.1 -- 3.7%
Sociedad Quimica Minera (ADR) SQM 3.1 US$16.04 263 $4,930 1.06 1.20 1.52 13.3 10.5 1.62 1.78 2.10 9.0 7.7 7.5 4.6%
Yara International ASA (NO) YAR 2.0 US$26.95 272 $7,669 3.09 3.32 3.86 8.1 7.0 7.00 6.34 6.63 4.3 4.1 6.9 4.1%
Average                 14.2 8.6       4.5 4.1 8.2  
Coal
Large - Mid Cap   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 20-Mar-20 (MM) (US$MM) 2019 2020E 2021E 2020E 2021E 2019 2020E 2021E 2020E 2021E 2020E %
Adaro Energy TBK (ID) ADRO 2.6 US$0.05 31986 $1,499 0.01 0.01 0.01 4.1 4.1 0.03 0.02 0.02 2.2 2.1 2.6 4.2%
Banpu Public Co Ltd (TH) BANPU 3.3 US$0.18 5162 $911 0.01 0.03 0.03 6.7 6.1 0.08 0.05 0.06 3.3 2.9 14.4 5.0%
China Coal Energy Co (HK) 1898 2.3 CNY$1.86 13259 $6,363 0.47 0.47 0.45 4.0 4.1 1.55 1.51 1.43 1.2 1.3 10.9 4.6%
China Shenhua Energy Co (HK) 1088 2.4 CNY$12.27 19890 $40,434 2.23 2.06 2.00 6.0 6.1 3.98 3.41 3.65 3.6 3.4 4.3 6.3%
Consol Energy CNX 2.4 US$6.76 187 $1,262 0.60 0.34 0.33 20.1 20.3 5.12 3.84 3.89 1.8 1.7 7.1 0.0%
Whitehaven Coal Ltd (AU) WHC 2.2 AUD$1.80 1026 $1,060 0.33 0.15 0.21 12.4 8.7 0.60 0.37 0.46 4.9 4.0 5.4 5.5%
Yancoal Australia Ltd YAL 3.0 AUD$3.11 1320 $1,539 0.69 0.29 0.38 10.7 8.2 -- -- -- -- -- -- 11.4%
Yanzhou Coal Mining Co Ltd (HK) 1171 2.6 CNY$5.14 4912 $4,979 1.84 1.57 1.50 3.3 3.4 3.58 3.48 3.20 1.5 1.6 15.7 0.0%
Average                 8.4 7.6       2.6 2.4 8.6  
 
Small Cap                                  
Alliance Resource Partners LP ARLP 2.3 US$3.88 127 $494 3.07 0.67 0.61 5.8 6.4 1.81 1.60 1.90 2.4 2.0 1.8 19.8%
Arch Coal Inc ARCH 2.0 US$33.27 15 $504 12.58 10.25 12.97 3.2 2.6 24.26 20.78 27.12 1.6 1.2 -- 2.5%
Fushan Int'l Energy Group (HK) 639 2.3 HK$1.33 5302 $909 0.22 0.22 0.21 5.9 6.4 -- 0.32 0.42 4.2 3.2 4.7 10.0%
NLC India Ltd (IN) NLCINDIA -- INR$45.95 1387 $852 -- -- -- -- -- -- -- -- -- -- 7.7 12.4%
Natural Resource Partners LP NRP 2.0 US$10.85 12 $133 6.40 6.25 6.45 1.7 1.7 10.69 10.58 5.28 1.0 2.1 2.8 9.0%
New Hope Corp Ltd (AU) NHC 1.8 AUD$1.15 832 $547 0.28 0.20 0.20 5.6 5.6 0.37 0.35 0.29 3.3 3.9 8.3 6.8%
PT Tambang Batubara Bukit (ID) PTBA 2.6 IDR$1,800 11521 $1,304 371.00 310.78 318.05 5.8 5.7 383.90 340.95 341.42 5.3 5.3 5.8 0.0%
Average                 4.7 4.7       3.0 3.0 5.2  
Note:  Currency shown is that used by the company for financial reporting.  Currency does not always reflect the country/market in which the company/stock symbol trades.  GAAP may differ between stocks due to countries and markets.
The tables are compiled from the Thomson Reuters database of consensus Ratings & Estimates of equity analysts. The historicals and estimates of earnings and cash flows exclude non-operating, special items.
Thomson Reuters Rating System: Buy (1.0), Buy/Hold (2.0), Hold (3.0), Sell/Hold (4.0), Sell (5.0)  Source: Thomson Reuters.
Uranium   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 20-Mar-20 (MM) (US$MM) 2019 2020E 2021E 2020E 2021E 2019 2020E 2021E 2020E 2021E 2020E %
Cameco Corp CCJ 2.4 C$9.07 396 $2,474 0.10 (0.03) (0.01) -- -- 1.33 0.67 0.71 13.6 12.8 6.0 0.7%
Denison Mines DNN 2.1 C$0.32 597 $133 (0.03) (0.03) (0.02) -- -- (0.03) (0.03) (0.02) -- -- -- 0.0%
Energy Resources Australia (AU) ERA 4.0 AUD$0.15 3691 $307 0.01 0.00 0.00 -- -- (0.19) 0.02 0.00 7.3 -- 19.3 0.0%
Nexgen Energy Ltd (CA) NXE 1.7 C$0.86 360 $214 (0.04) (0.09) (0.06) -- -- (0.04) (0.04) (0.03) -- -- -- 0.0%
Uranium Participation Corp (CA) U 2.2 C$3.32 138 $316 (0.15) 0.43 0.51 7.7 6.5 (0.06) (0.05) (0.05) -- -- -- 0.0%
Average                 7.7 6.5       10.4 12.8 12.7  
Note:  Currency shown is that used by the company for financial reporting.  Currency does not always reflect the country/market in which the company/stock symbol trades.  GAAP may differ between stocks due to countries and markets.
The tables are compiled from the Thomson Reuters database of consensus Ratings & Estimates of equity analysts. The historicals and estimates of earnings and cash flows exclude non-operating, special items.
Thomson Reuters Rating System: Buy (1.0), Buy/Hold (2.0), Hold (3.0), Sell/Hold (4.0), Sell (5.0)  Source: Thomson Reuters.
Commodity Prices
Cash Price (20-Mar-20)
Gold ($1499 / oz)
Silver ($12.59 / oz)
Palladium ($1522 / oz)
Platinum ($608 / oz)
Aluminum ($0.72 / lb)
Cobalt ($13.38 / lb)
Copper ($2.20 / lb)
Lead ($0.76 / lb)
Molybdenum ($9.00 / lb)
Nickel ($5.16 / lb)
Tin ($6.58 / lb)
Zinc ($0.85 / lb)
Uranium ($24.10 / lb)
 
Base metal prices are LME cash prices quoted in US$ per lb.  Precious metal prices are London spot prices quoted in US$ per oz.          Sources: LME, Kitco, Platts

Bill Matlack is associated with Scarsdale Equities LLC, a registered broker/dealer and member FINRA, SIPC.

William Matlack
Scarsdale Equities LLC
10 Rockefeller Plaza - Suite 720
New York, NY 10020
(646) 775-4829
wmatlack@scarsdale-equities.com

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in precious metal products, commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
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