SSR Mining (SSR.TO), OceanaGold (OFC.TO) and Pan American Silver (PAAS.TO) showed the strongest cost performance and outperformed their peer-group averages among senior precious metals producers following the first-quarter reporting season, National Bank of Canada said Thursday.
Meanwhile, Versamet Royalties (VMET.TO), Metalla Royalty (MTA.V), Wesdome Gold (WDO.TO), Endeavour Silver (EDR.TO), Orezone (ORE.TO) and Barrick Gold (ABX.TO) show the lowest re-rating upside from a first-quarter revisions perspective, National Bank said.
Production growth, sustained free cash flow, capital returns, possible M&A activity and/or cost improvements remain potential catalysts for this group, the bank said.
Aris Mining (ARIS.TO), Heliostar (HSTR.V), Lundin Gold (LUG.TO), Elemental Royalties (ELE.TO), Agnico Eagle (AEM.TO) and Alamos Gold (AGI.TO) screen as the most attractive catch-up re-rating opportunities, with valuations having moved furthest from estimate revisions, the bank said.