Discovery to Acquire Timmins Mineral Properties from McEwen for $55 Million

Aura Minerals reported record preliminary Q3 2026 production of 95,557 gold equivalent ounces, its highest-ever quarterly and nine-month output across six operating mines. The result was driven by sharp gains at MSG and strong performances at Borborema and Aranzazu. The company said production and sales growth remained strong even after adjusting for metal prices, while construction and development at the Era Dorada project continued on schedule. Aura Minerals also recently secured a new US$200 million syndicated loan facility to help finance supplier payments and prepay production costs while advancing its growth pipeline. The company's narrative projects $2.3 billion in revenue and $1.0 billion in earnings by 2029, requiring 21.0% yearly revenue growth and roughly a $701 million earnings increase from $298.6 million today.

Discovery Mining Ltd. reported past drilling results from 52 holes at the Pamour Mine that confirm and expand existing open-pit mineral resources across multiple zones, with numerous high-grade gold intersections both within and beyond the current resource shell. Several of the strongest Pamour intercepts sit just outside the current pit design, hinting that future resource updates could reframe the scale and configuration of this core asset. The company also recently received key environmental and land use permits for Cordero in Mexico, reducing permitting risk around a future growth project. Discovery Mining's narrative projects $1.7 billion in revenue and $400.5 million in earnings by 2029, requiring 16.0% yearly revenue growth and a $158.9 million earnings increase from $241.6 million today, while some optimistic analysts assume revenue of about US$2,600,000,000 and earnings of about US$695,000,000 by 2029. The company's forecasts yield a CA$14.86 fair value, a 29% upside to its current price.

UBS has identified its preferred gold mining stocks as the sector navigates volatile conditions following a turbulent 2026, recommending selective exposure to gold equities heading into third-quarter results and 2027 guidance. The bank expects sustained energy and broader cost pressures to drive higher unit costs in 2027, though it notes gold valuations are generally reasonable and margins remain attractive if prices hold above $4,000 per ounce. Newmont is UBS's preferred senior producer, cited for clarity on cash returns, low probability of mergers and acquisitions, and modest improvement in operating outlook; the Nevada Gold Mines dispute with Barrick is now resolved, with Newmont paying $1.95 billion to bring Fourmile, Fiberline and Mike into the joint venture under a modernized agreement. UBS also favors Barrick, whose relative performance and valuation reflect that outcome, and Endeavour, whose spot free cash flow yield exceeds 10 percent with a further step-up in cash returns expected in 2026 and roughly 40 percent growth over 2025-2029 through the Assafou project in Ivory Coast. The list also includes SSR Mining, where the investment case has shifted to delivery, life extensions and deployment of over $2 billion of cash with production sustainable just below 500,000 ounces per annum of gold equivalent, plus Skeena Resources, which secured key permits for the Eskay Creek project in February, and Franco-Nevada, where the Cobre Panama restart remains mostly unpriced and the stock trades at approximately 15 times spot 2028 enterprise value to EBITDA versus its five-year average of 21.5 times.

Newmont is preparing to report earnings on 22 October 2026, with analysts expecting higher earnings per share and revenue than the prior-year quarter and forecasts revised upward on a generally favorable business outlook. Stronger bullion prices, supported by softer expectations for an October Federal Reserve rate hike, have improved sentiment toward Newmont and other gold producers. The company's strong first half 2026 results, including US$13,425 million in sales and US$5,464 million in net income, frame how much cushion Newmont may have if costs rise or grades decline. Newmont's narrative projects $31.3 billion in revenue and $12.6 billion in earnings by 2029, requiring 6.7% yearly revenue growth and a $4.0 billion earnings increase from $8.6 billion today, while the most pessimistic analysts assumed roughly flat revenues around US$24.9 billion and earnings near US$9.4 billion over time. Risks remain around higher sustaining capital needs, lower grade mine sequencing and potential safety or operational disruptions.