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GoldBank Insider

GoldBank Insider

by Gold Bank

Marketing Investing

Season 1

Geopolitical Tensions and the Global Precious Metals Rebound

Welcome to Gold Bank Podcast. Today we’re covering a sharp rebound in gold, silver, and platinum after rising Middle East tensions drove fresh safe-haven demand, and why that matters for UK investors tracking precious metals, mining shares, and market risk sentiment. Main news discussion Gold rose on 4 March 2026 as the conflict in the Middle East escalated and the U.S. dollar paused after a strong run, giving precious metals room to recover. Spot gold was up 0.7% at $5,120.71 an ounce after falling more than 4% in the previous session, while U.S. gold futures settled 0.2% higher at $5,134.70. Spot silver also rose 1.3% to $83.07 an ounce and spot platinum gained 2.8% to $2,141.71, with analyst Peter Grant of Zaner Metals saying macro conditions remain supportive and that volatility is likely to continue. Market or investor insight For UK investors, this news matters because it shows how quickly geopolitical shocks can reprice gold and the wider precious-metals complex. Gold is acting as a classic defensive asset again, silver is participating in the rebound, and platinum has a separate supply-deficit story that could keep investor interest elevated. Analysis: if these conditions persist, UK portfolios with exposure to bullion, precious-metals ETFs, or mining shares could see stronger sentiment support, but also higher short-term volatility. The key drivers to watch next are whether conflict risk stays elevated and whether upcoming U.S. jobs data shifts the dollar and interest-rate outlook again. Winners Fresnillo Fresnillo looks like a winner because higher gold and silver prices have already helped lift its reserves, profit and dividend profile. Its latest results showed gold resources up 14.3%, gold reserves up 7.4%, and Reuters-covered results highlighted a major earnings boost from stronger precious-metals prices. Endeavour Mining Endeavour is another likely winner because Reuters reported its 2025 cash flow rose on higher gold prices. A gold price that stays elevated usually helps large producers with meaningful output and existing infrastructure convert stronger realised prices into cash generation. Pan African Resources Pan African looks well placed because it is heavily exposed to gold and has recently guided FY2026 production at 275,000–292,000 ounces. A producer with fresh output guidance and direct gold-price leverage tends to benefit when the market re-rates the sector on stronger bullion sentiment. Losers Barrick Mining Barrick Mining stands out as a loser because Mali’s industrial gold output fell 22.9% in 2025, largely due to the prolonged suspension of Barrick’s Loulo-Gounkoto complex. Even with gold prices high, operational and political disruption can stop a producer from fully benefiting. Freeport-McMoRan Freeport-McMoRan is another relative loser because its gold output at Grasberg dropped about 85% after the 2025 flooding-related disruption. That means it has less near-term ability to monetise the current gold-price strength than peers with stable operations. Takeaway The key takeaway for UK investors is that gold has regained its defensive appeal, silver is moving with the broader metals rebound, and platinum has an added structural supply story behind it. #Gold #Silver #Platinum #PreciousMetals #Mining #Finance #UKMarkets #Investing #GoldStocks #SilverStocks #PlatinumMarket #MarketNews

Gold & Silver Strength Meets Higher Capex: Fresnillo’s Message to UK Investors

Welcome to Gold Bank Podcast. Today we’re covering Fresnillo’s latest results, a major UK-listed precious-metals name and why its jump in profit, dividend, and 2026 guidance matters for UK investors watching gold and silver exposure through mining stocks. Main news discussion Fresnillo PLC reported higher sales and profit for 2025, driven by stronger gold and silver prices, and proposed its highest dividend since listing. Pre-tax profit more than doubled to $2.08bn (from $743.9m) and revenue rose 31% to $4.56bn, though it noted lower metal volumes sold offset some of the price benefit. Fresnillo also gave 2026 production guidance: 42.0–46.5m oz of silver and 500,000–550,000 oz of gold, with 2026 capex guided at around $765m and exploration spend expected at $260m, including drilling at Probe Gold; JPMorgan flagged capex guidance as above its forecast, and Fresnillo shares were down 2.7% on the morning. Market or investor insight For investors, this is a clean example of how a high gold/silver price environment can expand margins even when volumes soften — Fresnillo also highlighted cost reductions and a favourable peso effect on costs. Analysis/opinion: the market reaction (shares down despite strong numbers) suggests traders may be focusing on 2026 capex intensity and the implied free-cashflow outlook, not just 2025 earnings strength. For UK portfolios, it’s a reminder that miners can lag the metal when guidance shifts the cash-return story. Winners Fresnillo: Higher realised prices helped drive a big profit jump and supported a record payout, reinforcing operating leverage to gold and silver prices. JPMorgan: Big results days typically increase investor focus on forecasts and guidance interpretation, especially around capex and valuation. Greatland Resources Momentum is being driven by expansion plans at Telfer and heavy exploration activity/budgeting — the kind of growth narrative markets often reward when gold is strong. Losers Johnson Matthey The sale price of its Catalyst Technologies unit to Honeywell was cut significantly after weaker performance, a negative signal around value realisation in a PGM-linked industrial business. Hochschild Mining Shares have been strong on metals, but guidance commentary flags potential output declines and higher costs in 2026, which can pressure margins and sentiment if prices cool. Valterra Platinum Raised a clear country/policy risk issue: Zimbabwe export-proceeds repayments/backlog. That kind of repatriation friction can weigh on valuation multiples even in a strong PGM tape. The takeaway for UK investors Fresnillo has shown strong pricing power and cost control translating into cash and dividends, but the market is clearly weighing what higher 2026 capex means for future free cashflow. That tension strong metals vs. spending demands are exactly what drives volatility in UK-listed precious-metals miners. #Gold #Silver #Platinum #PreciousMetals #MiningStocks #FTSE100 #UKInvesting #Commodities #Markets #Investing

Pan African Resources: Anchoring UK Gold Mining Expectations

Welcome to Gold Bank Podcast. Today we’re focusing on a UK-listed gold producer setting fresh output expectations important for UK investors because production guidance can move miner share prices quickly and shape sentiment across the wider precious-metals space. Main news discussion Pan African Resources said it expects FY2026 total production guidance of 275,000–292,000 ounces. That’s the key update: the company has put a clear range on what it thinks it can deliver in the coming year, which the market typically uses to anchor expectations for revenue, costs, and cash generation. Companies explicitly referenced: Pan African Resources (UK-listed; operations primarily South Africa). Market or investor insight For investors, production guidance is one of the fastest ways to translate “gold price moves” into “potential earnings moves” for mining equities. Analysis/opinion: if the market views the range as credible (and achievable without cost surprises), it can support confidence in cashflow and shareholder returns; if investors doubt delivery, the stock can stay volatile even in a strong gold tape. Either way, this is a reminder that UK-listed gold miners can trade on operational updates just as much as bullion prices. Winners Pan African Resources Pan African Resources clear FY2026 guidance can reduce uncertainty for some investors and sharpen how the market values the business. iShares Physical Gold ETC If Pan African’s guidance reinforces confidence in gold-linked cashflows, it can add to bullish sentiment for direct gold exposure vehicles that track the LBMA gold price. WisdomTree Physical Gold If miners are flagging stable/strong production expectations, UK investors often pair miner exposure with a simpler gold ETC as a hedge or core holding. Losers Fresnillo Fresnillo has cut its 2026 production outlook (including silver), which makes it look weaker on near-term delivery versus a producer putting out a clear forward range. Hochschild Mining Hochschild’s 2026 outlook has drawn attention because cost and capital guidance came in above expectations, which can pressure sentiment if investors are rewarding cleaner margin visibility. Endeavour Mining Endeavour’s FY2026 guidance includes an AISC range of about $1,600–$1,800/oz, which can be viewed as margin-sensitive if gold pulls back especially when the market is comparing producers on cost discipline. The takeaway for UK investors: Pan African is telling the market what it aims to produce in FY2026, and that single range can drive near-term positioning in the stock and UK-listed precious-metals miners more broadly. #Gold #GoldStocks #PreciousMetals #Mining #UKMarkets #Investing #Finance

Platinum Surge: Northam’s Profit Spike and What It Means for UK Investors

Welcome to Gold Bank Podcast. Today we’re covering a big platinum headline out of South Africa and why a sharp move in platinum markets matters for UK investors watching precious metals, miners, and inflation-sensitive assets. Main news South Africa’s Northam Platinum reported a 25-fold surge in half-year profit for the six months ending 31 December 2025, driven by higher metal prices and increased production, and it declared a record interim dividend. Refined metal output rose 3.7% to 467,818 ounces, metal sales jumped nearly 14%, and revenue climbed 60% to 23.2 billion rand, helped by a 53% increase in its basket price. Spot platinum more than doubled in 2025 and hit a record above $2,700/oz in late January, supported by tight supply and rising investment demand. Market or investor insight For investors, this is a clean example of operational leverage: when platinum-group metal prices rise sharply, a producer’s earnings and dividends can move dramatically. Analysis/opinion: if platinum prices remain elevated, market focus may stay on cash returns (dividends) and balance-sheet strength across the PGM space — which can lift sentiment for listed precious-metals exposure, including London-listed mining names with PGM links. It also flags policy dynamics — the EU’s shift on a 2035 combustion-engine ban is cited as supportive for prices because platinum is key in catalytic converters — which matters for demand expectations. Winners Northam Platinum: Higher realised basket prices plus higher output/sales translated directly into a profit surge and a record interim dividend. Valterra Platinum: Guided to full-year profit roughly doubling, attributing the improvement to higher PGM prices and cost actions — reinforcing the “price-to-earnings leverage” theme in PGMs. Zimplats: Positioned to resume dividends after a long expansion programme, consistent with the sector trend toward payouts while prices are strong. Losers Johnson Matthey: Took a reduced price on its catalyst-tech sale to Honeywell after weaker profitability and deferred projects — a negative read-through for parts of the industrial PGM value chain. Sibanye-Stillwater: Flagged near-term PGM price volatility, which can dampen investor confidence even in a strong price regime. Anglo American: Posted a large loss tied to De Beers writedowns and cut shareholder returns — a reminder that diversified miners can lag even when one metals pocket is strong. The takeaway for UK investors This Northam result is a reminder that platinum price spikes can rapidly flow through to miners’ earnings and dividends, and policy signals tied to autocatalyst demand can still move the narrative. That’s it for today’s Goldbank Insider — stay sharp, and we’ll be back with the next metals-moving headline. #Gold #Silver #Platinum #PreciousMetals #Mining #Metals #Commodities #UKMarkets #Investing #Markets #Finance

The Riversgold Catalyst: De-risking Junior Gold for UK Investors

Welcome back to Gold Bank Podcast. Today we’re covering Riversgold’s latest drilling and mine-development update at its Kalgoorlie Gold Project a reminder that near-term production timelines and permitting milestones can move gold equities even when bullion prices are calm. Main news Riversgold said it has completed 31 new shallow drill holes totalling 2,013 metres at the Northern Zone within its Kalgoorlie Gold Project and has submitted 1,475 samples for assay with results expected in batches in the coming weeks. The company also said all objections to its Mining Lease (M25/389) application have been resolved and it’s working with the WA regulator to get the lease granted “in the coming weeks,” while mine planning and environmental work progresses with its development partner. Market or investor insight For investors, this is primarily a timeline and execution story: drill results can extend or tighten the near-surface mine plan, while permitting and closure-plan progress reduces uncertainty around the pathway to production. Analysis/opinion: if the mining lease is granted on the schedule described and lab results support continuity between mineralised zones, sentiment in junior gold developers can improve—especially those with a funded development partner—because perceived financing and schedule risk comes down. Winners Riversgold Progress on drilling, sampling, and mine-approval workstreams supports the “de-risking” narrative that often drives junior gold valuations. MEGA Resources As development work advances, the partner’s pathway to a funded production start becomes more tangible raising the project’s strategic value if timelines hold. ResourcesWA, DMPE These bodies become more central as the project moves from exploration into approvals and operational readiness, increasing activity around assessment and compliance. Losers Horizon Minerals Horizon has major gold projects in the Kalgoorlie region (including Binduli/Boorara), so it’s in the same “local gold exposure” bucket investors scan. If Riversgold’s permitting + drill catalyst flow accelerates, some speculative capital can rotate toward the higher velocity newsflow name. Ora Banda Mining Ora Banda’s Davyhurst operation sits near the broader Kalgoorlie goldfields region. In a risk-on tape, juniors with imminent catalysts can temporarily overshadow nearby operators, especially if the market is trading headlines and timelines. Matsa Resources Matsa’s Lake Carey gold project is a Goldfields asset with existing mines/prospects. If investor focus tightens on “who’s closest to production and funding clarity,” companies without a similarly punchy near-term catalyst stack can see relative underperformance. How this could impact UK investors Flow rotation: UK traders may rotate into Riversgold-style “near-term catalyst” names and away from slower-news peers. More volatility: The “loser” stocks can get choppier with wider spreads as liquidity thins. Not just gold beta: These names may move more on permits/assays/financing than the gold price. Indirect UK spillover: It won’t hit UK majors directly, but it can shift overall miner risk appetite. Allocation opportunity: UK investors may trim laggards until they have clear upcoming catalysts. #Gold #Mining #GoldStocks #PreciousMetals #UKInvesting #Markets #Finance #Resources #SmallCaps #Commodities

The Cost of Volatility: Johnson Matthey’s Devalued Honeywell Deal

Welcome to Gold Bank Podcast. Today we’re covering Johnson Matthey’s decision to cut the sale price of its Catalyst Technologies unit to Honeywell and why the sharp market reaction matters for UK investors watching industrials, deal risk, and precious-metals exposure. Main news Johnson Matthey (UK) agreed to reduce the sale price of its Catalyst Technologies business to Honeywell (US) by 26%, taking the consideration down to £1.33 billion (about $1.80 billion) from the previously agreed £1.8 billion. The revision reflects weaker 2025/26 performance at the unit, including deferred sustainable solutions licensing projects and lower catalyst profitability in a tough market. Johnson Matthey said it now expects to return around £1 billion to shareholders after completion, down from £1.6 billion previously anticipated, and the deal “long-stop” deadline has been extended to July 21 (with a possible extension to August 21 if antitrust approvals are still pending). Johnson Matthey shares fell sharply on the announcement, and Jefferies noted the revised terms were still preferable to the risk of the deal being terminated. Market or investor insight. For metals and miners, the key signal here is strategic: Johnson Matthey is repositioning to focus on emission-reduction products and platinum-group metal processing, while monetising a lower-performing catalysts unit. In my analysis, the immediate portfolio takeaway for UK investors is less about spot gold/silver/platinum prices today and more about (1) M&A execution risk (regulatory timing and deal certainty) (2) How much cash ultimately reaches shareholders versus being absorbed by weaker operating performance. If the deal completes as guided, the reduced—but still sizable—£1 billion return could influence sentiment around capital discipline, while the steep share move shows how sensitive markets are to downside revisions in “expected proceeds” from asset sales. Winners Johnson Matthey By keeping the deal on track (even at a lower price), Johnson Matthey supports its broader strategy to streamline and focus on emissions reduction and platinum-group metals processing. Honeywell A lower purchase price improves the economics of the acquisition relative to the original £1.8 billion agreement. Loser Jefferies Jefferies noted the revised terms were preferable to termination risk, but the sharp share drop shows how quickly markets can punish downside changes to deal value Bottom line for UK investors This is a clear reminder that divestment stories can reprice fast—operating performance, pricing, and regulatory timing can all change the value of a deal overnight, and the equity market reacts immediately. #Gold #Silver #Platinum #Mining #PreciousMetals #UKMarkets #Investing #Stocks #MergersAndAcquisitions #FTSE #MarketNews

Newmont: Leveraging Bullion Strength for Strategic Growth

Welcome to Gold Bank Podcast. Today we’re covering Newmont’s latest earnings beat and what it signals for gold-linked equities, a key watch for UK investors tracking miners, commodity exposure, and risk sentiment. Main News Newmont, the world’s largest gold miner, beat Wall Street’s 4th-quarter profit expectations, helped by a strong gold-price backdrop that offset lower production. Adjusted earnings came in at $2.52 per share versus estimates around $2.00, while production fell to about 1.45 million ounces, impacted by planned mine sequencing at sites including Peñasquito, Ahafo South, and Cadia. Newmont also said it plans to invest $1.4 billion to develop assets it acquired through its Newcrest deal, with projects referenced including Cadia Panel Caves, Tanami Expansion 2, and the Red Chris feasibility study, alongside additional sustaining capital aimed at extending mine life (including tailings work at Cadia and Boddington). The immediate market implication is a classic “prices up, volumes down” earnings mix: higher realised pricing supports margins and cash generation, while lower production and heavy capital plans keep investors focused on delivery risk and future output guidance. Market or investor insight. For investors, the message is that gold’s higher price environment can meaningfully cushion earnings even when operational volumes dip — a reminder that large-cap miners can show strong earnings leverage to bullion during upcycles. For UK portfolios, this can influence sentiment toward precious-metals equities and funds that hold major gold producers, especially when results reinforce confidence in cash flow and balance-sheet capacity to fund growth projects. Analysis/opinion: the $1.4 billion development plan also puts attention on execution — if timelines, costs, or permitting shift, that can affect how the market values future ounces versus today’s earnings strength. Winners Newmont; Newcrest Newmont beat profit estimates, with higher realised gold prices offsetting lower production — supportive for near-term earnings sentiment and cash generation. Cadia Panel Caves Newmont earmarked $1.4 billion to advance these near-term development projects, which can strengthen the medium-term production outlook and asset value if execution stays on track. Cadia and Boddington Newmont also flagged about $1.95 billion in sustaining capital, including critical tailings work at Cadia and Boddington, aimed at extending mine life — typically positive for long-duration asset visibility. Losers Peñasquito; Ahafo South; Yanacocha Planned mine sequencing at these operations contributed to the quarter’s production drop, which can weigh on near-term volume momentum. Brucejack Lower output at a newer part of the portfolio can increase investor focus on ramp-up consistency and integration execution. Takeaway for UK investor Newmont’s beat underscores how powerful the gold price backdrop has been for major miners, but the market will still judge the story on production trajectory and how effectively development spending converts into future output. #Gold #GoldMining #MiningStocks #Commodities #UKInvestors #UKMarkets #Investing #MarketNews #PreciousMetals #Finance

Gold & Silver Pull Back as Mining Stocks Slide Into Earnings

Welcome to Goldbank Insider. Today we’re covering the sharp pullback in gold and silver, and why mining stocks sold off right as an important earnings window opens — a key watchpoint for UK investors tracking precious-metals exposure. Main news discussion Mining stocks fell on Tuesday as gold dropped around 3% and silver fell nearly 6%, after both metals had rallied strongly earlier in the year. The immediate market implication was broad risk-off pressure across precious-metals equities, even as expectations for upcoming earnings remain elevated for parts of the sector. The companies explicitly referenced include Pan American Silver, Wheaton Precious Metals, Barrick Mining, and SSR Mining. Market or investor insight This matters because it shows how quickly the market can reprice mining equities when the underlying metals correct. In the short run, miners and streamers often move more aggressively than bullion due to operating leverage and sentiment. Analysis/opinion: the next leg for these stocks is likely to be driven less by “metal momentum” and more by earnings results and forward guidance — especially if investors start questioning whether expectations still make sense after a sudden price shock in gold and silver. Winners Precious-metals streamers/royalties (relative defensiveness) Wheaton Precious Metals: the model can be viewed as comparatively defensive versus higher-cost miners because revenue is tied to production streams rather than operating a mine directly; in a selloff, investors sometimes rotate to “lower operational risk” exposure. Miners with strong growth expectations into earnings Coeur Mining, SSR Mining: elevated expectations into the earnings window can support these names if results and guidance meet the market’s bar despite weaker metal prices. Large-cap gold exposure for “quality dip” positioning Barrick Mining: large, liquid producers can attract dip-buying interest when the move is driven by macro and metal volatility rather than company-specific deterioration. Losers Silver-levered producers hit by the silver slide Pan American Silver: silver-heavy producers tend to be hit hardest when silver drops sharply. Broad gold miners pressured by gold’s pullback Kinross Gold: gold-sensitive miners often see immediate pressure when gold retreats, reflecting sentiment and beta to the underlying metal move. For UK investors, the key takeaway is that metals volatility is now feeding straight into mining-stock pricing, and the next catalyst is whether earnings and guidance can stabilise sentiment after a fast pullback in gold and silver. That’s today’s Goldbank Insider — thanks for listening. #Gold #Silver #Platinum #Mining #MiningStocks #PreciousMetals #Commodities #UKMarkets #Investing #Finance

The Loulo Renewal: Stabilizing Mali’s Gold Frontier

Welcome back to Gold Bank Insider. Today we’re covering Mali’s decision to renew Barrick Mining’s Loulo gold permit for another 10 years and why this matters to UK investors watching geopolitical risk, supply stability, and gold-linked equities. Main news Mali’s government approved a draft decree renewing Barrick Mining’s permit for the Loulo gold mine for an additional 10 years, following the resolution of a 2-year dispute over profit-sharing and operational control at the Loulo-Gounkoto complex. As part of the settlement framework referenced: Barrick agreed to withdraw its arbitration case at the World Bank’s dispute tribunal. Mali said it would drop charges against Barrick and its affiliates, release employees, and restore operational control of the complex to Barrick. A feasibility study cited by Mali indicated: 6 years of open-pit mining reserves 16 years of underground mining reserves Estimated gross annual production of 420,920 ounces The complex is described as Mali’s largest gold producer and Barrick’s most profitable mine, generating nearly $900 million in revenue in 2024. Market or investor insight For investors, the key takeaway is reduced near-term operational and legal uncertainty around a major West African gold asset, which can influence sentiment toward gold miners exposed to “resource nationalism” and shifting mining codes. If the market reads the permit renewal and dispute resolution as improving cashflow visibility and lowering disruption risk, that can support confidence in gold-mining equities tied to stable production. At the same time, the backdrop of a mining code that raised taxes and increased state stakes reinforces that jurisdiction risk can reprice quickly — something UK investors often see reflected in miners’ valuation discounts and risk premia. Winners Barrick Mining: A 10-year permit renewal plus restored operational control improves continuity and reduces near-term disruption risk at Loulo-Gounkoto. Fresnillo: If West Africa jurisdiction risk feels lower after a major permit renewal, sentiment can spill over into listed precious-metals miners more broadly. Hochschild Mining: Similar “risk-on” read-through for precious-metals equity sentiment if investors interpret the news as de-risking for operators in complex jurisdictions. Newmont: A positive “stability” headline in a key gold region can nudge sector sentiment, especially if it reduces perceived disruption risk in global gold supply. Agnico Eagle: Improved macro sentiment toward large-cap gold miners if investors see fewer headline shocks around permits and operations. Losers Greatland Gold: When a major operator’s project is de-risked, capital can rotate toward larger, more “de-risked” names and away from higher-beta explorers. Pan African Resources: If investors prefer scale and permit clarity after a jurisdiction headline, some higher-risk or smaller names can lag in relative terms. Hecla Mining: A gold-specific de-risking headline can pull attention and flows toward gold exposure rather than silver-focused equities. Coeur Mining: Same relative-flow argument — gold miners may attract more attention than silver names on a gold permitting headline. #Gold #GoldMining #MiningStocks #UKMarkets #Investing #Finance #Commodities #MarketNews

Ghana Hits Record 2025 Gold Output as Proposed Royalty Hike Raises New Risks for UK Investors

Welcome back to Gold Bank Insider. Today we’re looking at Ghana’s record gold output in 2025 and why a proposed royalty change could matter for metal prices and mining stocks watched by UK investors. Main news Ghana produced a record 6 million ounces of gold in 2025. Large-scale mines delivered 2.9 million ounces (flat year-on-year), while artisanal and small-scale mining (ASM) rose to about 3.1 million ounces. The industry warns the projected 6.5 million ounces in 2026 is at risk because the government plans to replace a fixed royalty with a sliding scale of 5% to 12% linked to gold prices, potentially taking effect this month unless amended or withdrawn. Large-scale output was helped by ramp-ups at Shandong Mining’s Cardinal Namdini and Newmont’s Ahafo North, offset by declining grades at older mines including Gold Fields’ Damang. Immediate market implication: higher royalties could pressure cash flow and reduce investment appetite, which may cap future supply growth expectations. Market or investor insight Why it matters: Ghana is a major gold producer, so policy changes that threaten future output or investment can affect global supply expectations and sentiment in gold mining equities. Practical implications If royalty uncertainty slows expansions, it can be supportive for gold prices at the margin and increase the risk premium investors demand for miners with Ghana exposure. Record output driven by ASM suggests near-term supply can still surprise on the upside when prices are strong and formal channels improve. Winners ASM & formal buyers (Sector/Channel) ASM output rose to about 3.1 million ounces, and the record is linked to more supply moving into formal channels amid high prices and reforms. Newmont & Shandong Mining (Producers) Ramp-ups at Newmont’s Ahafo North and Shandong Mining’s Cardinal Namdini are cited as key offsets to declines elsewhere, highlighting where growth is coming from. AngloGold Ashanti (Producers) AngloGold Ashanti is directly referenced through Obuasi, and any operational resilience there can stand out relative to peers facing sharper project-economics pressure from the proposed royalty scale. Losers Perseus Mining (Producers/Developers) Royalty increases could reduce project economics and make Perseus Mining’s Edikan expansion uneconomic. Gold Fields (Producers) Declining grades at older mines such as Gold Fields’ Damang can pressure production and costs if not offset by new projects. Adamus Resources & Asante Gold (Producers) These operators are described as likely to be hit hard by the proposed royalty scale. Ghana’s record 2025 output shows how quickly supply can rise when prices are strong and more production flows through formal channels. But the proposed royalty overhaul is now the swing factor for 2026 supply growth and mining investment sentiment and that’s the key risk UK investors should watch. #Gold #GoldMining #Mining #Commodities #UKMarkets #Investing #Finance #MiningStocks

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