Enterprise value per ounce ranks producers in seconds. It answers one question — what you pay for a single year of production — but it quietly skips two that move the ranking.
Which ounce? Produced ounces and in-ground ounces rank producers differently. A company that looks expensive on a production basis may look cheap on a reserve basis — and a screen that stops at trailing production never shows you that second view.
Whose ounce? Not every ounce a company reports is one it owns. Free-carried government interests mean an operator can report 100% of a mine it holds only part of. Adjust for actual ownership and the cheap end reshuffles.
This comp answers both, on one consistent basis.
What's inside
18 gold-primary producers, listed primarily on the TSX or TSXV, above a 50,000-ounce floor of trailing-twelve-month production:
- Three ounce metrics: EV per ounce produced · EV per reserve ounce · EV per resource ounce
- Full economics: AISC, margin, net cash, enterprise value
- Ownership-adjusted: attributable throughout, with free-carried state interests handled explicitly
- Fully sourced: every figure traced to the company's own quarterly filing, on one date
- Format: 10 pages
The 18 names: Agnico Eagle, Alamos Gold, Allied Gold, B2Gold, Barrick Mining, Centerra Gold, Discovery Silver, Eldorado Gold, Equinox Gold, G Mining Ventures, Galiano Gold, IAMGOLD, Integra Resources, K92 Mining, OceanaGold, Orla Mining, Torex Gold and Wesdome Gold.
Gold-equivalent reporters, royalty & streaming companies and silver-primary producers are excluded on purpose — a gold-producer screen should hold gold producers.
How it's built
Most screens hand you a number. This one shows the work under it.
Production and cost both come from the trailing twelve months to 31 March 2026 — the last quarter every issuer had fully reported — so a company's ounces and its costs are never a quarter apart.
Twenty-two names cleared the size and commodity tests. Eighteen appear. The other four were held back because a figure couldn't be traced to a filing. The comp carries no estimated inputs.
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Built entirely from Pulse Intelligence data and the underlying company filings. Valuations, enterprise values, production and costs are point-in-time snapshots and change with the market and with each new filing. Company names are referenced as data points, not recommendations. For information only, not investment advice.
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