Gold stocks in a ‘structural’ bull market: project economics lens for engineers
Reviewed by Joe Ashwell

First reported on MINING.com
30 Second Briefing
Gold equities remain priced near a 9.6x next‑12‑month cash flow multiple, only modestly above the five‑year 8.35x average, even as Haywood and BMO call a “structural bull market” with gold up 7.8% year‑to‑date and forecast around US$4,900–5,000/oz through 2027. Haywood flags Equinox Gold’s Valentine and Greenstone projects targeting >500,000 oz/y in Canada, Artemis Gold’s Blackwater expansion, and restart plays such as 1911 Gold’s True North and First Mining’s Springpole pending its environmental assessment. Troilus Mining’s namesake project is modelled at US$7.3 billion NPV and 47% IRR at US$5,000/oz, with a construction decision due by year‑end.
Technical Brief
- Troilus Mining’s namesake project is modelled at US$7.3 billion after-tax NPV and 47% IRR at US$5,000/oz.
- Newcore Gold targets a June delivery for the Enchi pre-feasibility study in Ghana.
- Thesis Gold is advancing the Lawyers-Ranch project in British Columbia towards a potential top-tier gold-silver operation.
- 1911 Gold aims to restart production at the True North project by 2027, with district-scale upside.
- First Mining Gold’s Springpole project in Ontario’s Red Lake district awaits a key environmental assessment decision.
- Fury Gold Mines’ Eau Claire project has a completed preliminary economic assessment supporting standalone development potential.
- Americas Gold and Silver is undergoing operational turnaround under a new management team to lift free cash flow.
Our Take
BMO Capital Markets features heavily across our recent gold coverage, from raising equity targets here to arranging the C$205 million package for New Found Gold in April 2026, signalling that its research calls are often paired with active capital-raising in the junior and mid-tier space.
With copper and lithium (via spodumene) also in the mix through IGO and PLS Group, the 19% average copper equity target uplift and strong spodumene volume growth in the article suggest diversified producers may be better placed than pure-play gold juniors to weather input-cost spikes flagged in BMO’s March 2026 oil-price cost analysis.
Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.
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