Gold Miners' Earnings Soar, but Valuations Stay Low | Kenny Zhu
Gold miners are generating near-record earnings and stronger free cash flow, yet their valuations remain depressed despite a decade of improved financial discipline. Sprott Asset Management argues investors may still be judging the sector by the costly mistakes of the previous gold bull market.
Speaking with Kitco Mining's Paul Harris on October 21, 2026, Kenny Zhu, Director of Research and Investment Strategy at Sprott Asset Management, says forward EV/EBITDA multiples for gold miners stood at 5.7 times in September, down from 9.9 times in June 2014. “Investors are still valuing gold miners…
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