****Mining equities/ETFs rout eases w/ NEM gains/upgrades, Barrick NA IPO; Clive junior debt risks****
Key Questions
How have mining equities and ETFs performed recently?
GDX/GDXJ/SLVP rose +9.77% weekly, YTD +8.33%, 1Y +126%, outperforming GLD's 52% despite outflows. GDX is up 110% vs GLD.
What is Newmont's (NEM) current status and outlook?
NEM trades at $101-102+ with Q1 EPS forecast $2.38 on Apr 23, Q4'25 $2.52, FCF $7.3B. Faces Fourmile suit but upgraded as a buy.
What are the details on Barrick's North America IPO?
Barrick tapped Goldman Sachs for NA IPO valued at $42-60B, facing hurdles like Reko Diq delay to Jul 2027 due to Iran/Pakistan issues.
Why is there caution around junior miners?
Clive Thompson highlights debt-heavy juniors as risky amid sector rout easing. Earnings season starts Apr 23 with oil and GLD flows impacting.
How do PAAS, WPM, and AG perform?
PAAS/WPM +127%, AG Strong-Buy by BMO at $35 target. Hecla at $7.43, Harmony +6%, with AISC $1760-1950'26.
What challenges does Barrick face at Reko Diq?
Reko Diq development slowed due to security issues, Iran war, and Pakistan tensions, delaying to Jul 2027.
Is GDX a better investment than GLD?
GDX returned twice as much as GLD in gold's best year in 45 years, driven by mining equities' leverage.
What earnings events to watch?
NEM Q1 on Apr 23, Barrick Q4 strong but headwinds, Teck royalty, Hecla, Harmony. Rick Rule notes sector dynamics.
NEM$101-102+ GDX/GDXJ/SLVP +9.77% weekly/YTD8.33%/1Y126% despite outflows/Clive Thompson debt-heavy juniors/GDX110% vs GLD52%; NEM Q1 EPS$2.38 fcst Apr23/Q4'25$2.52/FCF$7.3B/Barrick Reko Diq delay Jul2027 Iran/Pakistan/NA IPO$42-60B hurdles Newmont Fourmile suit/Teck royalty/AISC$1760-1950'26/PAAS/WPM+127%/AG Strong-Buy BMO$35/Hecla$7.43/Harmony+6%/earnings Apr23/oil/GLD out/Rick Rule.