First Majestic Silver CorpAG
± MixedCapitalrelevance
Earnings, dividend cut, and buybacks prompt valuation debate; stock appears undervalued per one estimate but trades at premium P/E.
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Wheaton Precious Metals Posts Record Q2 Earnings of $543 Million
Wheaton Precious Metals reported second-quarter net earnings of $543 million on $929 million of revenue on August 6, both records, with first-half net earnings up 106% to $1.1 billion. The company made net upfront cash payments of $4.5 billion relative to mineral stream interests during the quarter and now carries $2.0 billion of total debt against $100 million of cash on hand. Wheaton sold 14% more gold equivalent ounces than a year ago while the average realized gold equivalent price jumped 61%, lifting the cash operating margin per ounce 65% to $3,875, and operating cash flow reached $650 million in the quarter and $1.4 billion for the half. The company forecasts a rise of roughly 50% to 1,200,000 gold equivalent ounces by 2030, with Ivanhoe expecting commercial production at Platreef in the fourth quarter of 2026 and Montage Gold targeting first gold at Koné in late Q4. Wheaton drew $1.5 billion on a new two-year term loan on April 1 to help pay for Antamina, where it expanded its silver production share from 33.75% to 67.5%, and it paid $109 million of global minimum tax on June 24 with another Cdn$346 million due around March 31, 2027.
AngloGold Ashanti Draws Upgraded EPS Estimates as Analysts Eye Sharp Quarterly Jump
Analysts have projected a very large year-over-year increase in quarterly earnings per share for AngloGold Ashanti alongside solid revenue growth, supported by updated consensus estimates. The upward earnings revisions are reflected in the company's current Zacks Rank of #3 (Hold), signaling growing confidence in near-term profitability without changing its overall rating. The company recently declared an interim dividend of US$0.72 per share for Q2 2026, alongside a previously announced buyback authorization of up to US$2,000,000,000. AngloGold Ashanti's narrative projects $12.1 billion in revenue and $5.5 billion in earnings by 2029, an earnings increase of about $1.7 billion from $3.8 billion today, with a fair value estimate of $113.12 implying 10% upside. Some of the lowest ranked analysts instead assumed revenue would fall to about US$10.3 billion by 2029 even as earnings rose toward US$5.0 billion, a far more pessimistic take on cost pressures and valuation multiples.
Agnico Eagle Mines Takes 14.9% Minority Stake in Scout Discoveries
Agnico Eagle Mines is acquiring a significant minority ownership position in Scout Discoveries, giving the miner exposure to the explorer's precious metals exploration and development projects. The stake amounts to a 14.9% foothold, which management describes as consistent with Agnico Eagle's effort to widen its precious metals project pipeline. The move fits the company's playbook of growing through exploration and drill-bit driven upside in familiar jurisdictions, similar to its approach at assets like Detour Lake and Hope Bay, rather than through large, complex takeovers. Turning that 14.9% foothold into meaningful reserves will require capital discipline and technical success, with peers such as Barrick and Newmont also competing for quality ounces. The investment story for Agnico Eagle Mines has centered on using a strong project pipeline in stable regions to support long-life production, and the Scout Discoveries deal adds another exploration-driven option to that pipeline.