RBC lifts PT of gold miners on bullish outlook for bullion

Wheaton Precious Metals

10/09/2025 12:17

** RBC Capital Markets raises price targets on several gold miners to reflect its bullish outlook on bullion

** Says gold equity performance has been highly favorable thus far in 2025 and maintains positive view on the sector

** Brokerage forecasts gold price of $3,267 per ounce in 2025, up 3% from prior view

** RBC also forecasts prices of $3,931 per ounce in 2026 up 13% vs prior view; adds that it expects further upside over 2026 and sees prices of more than $4,000 in the second half of 2026

** "We maintain positive view on reasonable valuations, rising margins, and conservative capital allocation trends in the current high gold price environment" - RBC

Brokerage changes PT on the following companies:

Company
Old PT
New PT
Upside to stock's last close
Newmont NEM.N
$66
$95
23.1%
Agnico Eagle Mines AEM.N
$145
$175
14.5%
AngloGold Ashanti AU.N
$53
$76
22.7%
Barrick Mining B.N
$26
$34
16.6%
Gold Fields GFI.N
$32
$46
24.7%
Wheaton Precious Metals Corp WPM.N
$90
$110
5.2%
Kinross Gold KGC.N
$19
$27
20.7%
Franco-Nevada Corp FNV.N
$190
$215
9.6%

(Reporting by Sumit Saha in Bengaluru)

((Sumit.Saha@thomsonreuters.com;))