Collective Mining (CNL)


Market Price (10/29/2026): $11.52 | Market Cap: $1.1 BilSector: Materials | Industry: Gold

Collective Mining (CNL)


Market Price (10/29/2026): $11.52
Market Cap: $1.1 Bil
Sector: Materials
Industry: Gold

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Megatrend and thematic drivers
Megatrends include Battery Technology & Metals, and Renewable Energy Transition. Themes include Advanced Battery Components, and Battery Storage & Grid Modernization.

Meaningful short interest
Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 12.75

Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is 0

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -57 Mil

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -11%

Key risks
CNL key risks include [1] the speculative success of its exploration activities as a pre-revenue company and [2] operational and political uncertainties related to its jurisdiction in Colombia.

0 Megatrend and thematic drivers
Megatrends include Battery Technology & Metals, and Renewable Energy Transition. Themes include Advanced Battery Components, and Battery Storage & Grid Modernization.
1 Meaningful short interest
Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 12.75
2 Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is 0
3 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -57 Mil
4 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -11%
5 Key risks
CNL key risks include [1] the speculative success of its exploration activities as a pre-revenue company and [2] operational and political uncertainties related to its jurisdiction in Colombia.

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 10/27/2026

Collective Mining (CNL) stock has lost about 5% since 6/30/2026 because of the following key factors:

1. Weaker-than-expected fiscal Q2 2026 financial results. Collective Mining reported an Earnings Per Share (EPS) of -$0.22 on August 12, 2026, for the fiscal quarter ending June 30, 2026. This figure significantly missed analyst estimates of -$0.13, resulting in an earnings surprise of -69.2%. The company has a history of inconsistent earnings performance, having exceeded EPS estimates in none of its last four reports, with an average earnings surprise of -51.8% over that period.

2. Decline in gold prices due to macroeconomic factors. Gold prices experienced a substantial downturn, falling 3.65% over the month leading up to October 28, 2026. Specifically, spot gold dropped to $4,093 an ounce on October 14, 2026, marking a 26% decrease from its record high in January 2026. This decline was largely driven by the Federal Reserve's interest rate hike on September 16, 2026, and rising Treasury yields, which increased the opportunity cost of holding non-yielding assets like gold, making fiat currencies more attractive.

Show more
Updated on 10/27/2026

Collective Mining (CNL) stock has lost about 5% since 6/30/2026 because of the following key factors:

1. Weaker-than-expected fiscal Q2 2026 financial results. Collective Mining reported an Earnings Per Share (EPS) of -$0.22 on August 12, 2026, for the fiscal quarter ending June 30, 2026. This figure significantly missed analyst estimates of -$0.13, resulting in an earnings surprise of -69.2%. The company has a history of inconsistent earnings performance, having exceeded EPS estimates in none of its last four reports, with an average earnings surprise of -51.8% over that period.

2. Decline in gold prices due to macroeconomic factors. Gold prices experienced a substantial downturn, falling 3.65% over the month leading up to October 28, 2026. Specifically, spot gold dropped to $4,093 an ounce on October 14, 2026, marking a 26% decrease from its record high in January 2026. This decline was largely driven by the Federal Reserve's interest rate hike on September 16, 2026, and rising Treasury yields, which increased the opportunity cost of holding non-yielding assets like gold, making fiat currencies more attractive.

3. Recent volatility and decline in copper prices. While copper prices showed upward momentum during fiscal Q3 2026, peaking at an all-time high of US$6.89 per pound on September 9, 2026, they have since retreated. Copper fell to a five-week low of $14,031 per metric ton on October 22, 2026, and lost 4.69% in the four weeks leading to October 22, 2026. This recent downward pressure on a key commodity for Collective Mining was primarily influenced by rising inventories in London Metal Exchange (LME) warehouses and broader macroeconomic concerns.

4. Persistent exploration uncertainties and challenges in accessing capital. Analysts continue to highlight inherent risks for Collective Mining, an exploration and development company. These include uncertainties surrounding its ability to define additional resources and the critical challenge of securing capital for ongoing exploration and project development. Despite positive exploration updates, such as the announcement on September 3, 2026, of new drilling targets (Orion and Victory) and a maiden Mineral Resource for the Apollo Deposit on September 8, 2026, these long-standing concerns contribute to a negative investor outlook for the company.

Show less
Holding a concentrated position? Know your true downside before the momentum shifts.
Protect Your Wealth →

Stock Movement Drivers

Fundamental Drivers

The -5.6% change in CNL stock from 6/30/2026 to 10/28/2026 was primarily driven by a -0.2% change in the company's Shares Outstanding (Mil).
(LTM values as of)630202610282026Change
Stock Price ($)12.2511.57-5.6%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple∞∞0.0%
Shares Outstanding (Mil)9393-0.2%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2026 to 10/28/2026
ReturnCorrelation
CNL-5.6% 
Market (SPY)3.4%49.9%
Sector (XLB)2.0%47.4%

Fundamental Drivers

The -34.3% change in CNL stock from 3/31/2026 to 10/28/2026 was primarily driven by a 0.0% change in the company's Shares Outstanding (Mil).
(LTM values as of)331202610282026Change
Stock Price ($)17.6111.57-34.3%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple∞∞0.0%
Shares Outstanding (Mil)93930.0%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 10/28/2026
ReturnCorrelation
CNL-34.3% 
Market (SPY)19.1%53.3%
Sector (XLB)4.2%48.7%

Fundamental Drivers

The -19.9% change in CNL stock from 9/30/2025 to 10/28/2026 was primarily driven by a -15.1% change in the company's Shares Outstanding (Mil).
(LTM values as of)930202510282026Change
Stock Price ($)14.4511.57-19.9%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple∞∞0.0%
Shares Outstanding (Mil)7993-15.1%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 10/28/2026
ReturnCorrelation
CNL-19.9% 
Market (SPY)16.9%43.1%
Sector (XLB)17.3%45.2%

Fundamental Drivers

The 232.9% change in CNL stock from 9/30/2023 to 10/28/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).
(LTM values as of)930202310282026Change
Stock Price ($)3.4811.57232.9%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple∞∞0.0%
Shares Outstanding (Mil)6093-35.1%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2023 to 10/28/2026
ReturnCorrelation
CNL232.9% 
Market (SPY)86.9%23.2%
Sector (XLB)39.2%28.6%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
CNL Return-30%-13%67%30%251%-23%257%
Peers Return-24%-16%0%-1%165%-2%68%
S&P 500 Return27%-19%24%23%16%13%106%

Monthly Win Rates [3]
CNL Win Rate17%42%42%58%75%50% 
Peers Win Rate38%42%48%42%73%40% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
CNL Max Drawdown--50%-47%-37%-33%-50% 
Peers Max Drawdown-42%-50%-34%-32%-20%-42% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: B, FNV, FSM, OGG, PZG.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/28/2026 (YTD)

How Low Can It Go

EventCNLS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-39.5%-9.5%
  % Gain to Breakeven65.3%10.5%
  Time to Breakeven428 days24 days
2023 SVB Regional Banking Crisis
  % Loss-12.3%-6.7%
  % Gain to Breakeven14.0%7.1%
  Time to Breakeven1 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-34.3%-24.5%
  % Gain to Breakeven52.1%32.4%
  Time to Breakeven119 days427 days

Compare to B, FNV, FSM, OGG, PZG

In The Past

Collective Mining's stock fell -1.8% during the 2025 US Tariff Shock. Such a loss loss requires a 1.8% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventCNLS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-39.5%-9.5%
  % Gain to Breakeven65.3%10.5%
  Time to Breakeven428 days24 days
2022 Inflation Shock & Fed Tightening
  % Loss-34.3%-24.5%
  % Gain to Breakeven52.1%32.4%
  Time to Breakeven119 days427 days

Compare to B, FNV, FSM, OGG, PZG

In The Past

Collective Mining's stock fell -1.8% during the 2025 US Tariff Shock. Such a loss loss requires a 1.8% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Collective Mining (CNL)

AI Analysis | Feedback

null

AI Analysis | Feedback

  • Mineral Exploration and Development: Focusing on the discovery and advancement of high-grade gold and silver mineral deposits, primarily in Colombia.

AI Analysis | Feedback

Collective Mining (symbol: CNL) is an exploration and development company focused on discovering and defining high-grade gold, silver, and copper deposits in Colombia. As an exploration-stage company, it is not currently engaged in the commercial production and sale of minerals. Therefore, Collective Mining does not have major customers in the traditional sense of companies or individuals purchasing its products or services.

AI Analysis | Feedback

null

AI Analysis | Feedback

Ned Jalil, Chief Executive Officer

Ned Jalil was appointed CEO of Collective Mining on April 22, 2025. He brings over 25 years of global experience in the mining industry, encompassing gold, silver, copper, and nickel projects. He has a proven track record of leading projects from exploration through to feasibility, construction, and production. Prior to joining Collective Mining, Mr. Jalil held senior executive roles with Kinross Gold and Appian Capital. As Chief Technical Officer at Kinross, he was instrumental in advancing key assets such as the Great Bear and Manh Choh projects. At Appian Capital, he led the MVV Copper-Gold Project to completion ahead of schedule and under budget.

Paul Begin, Chief Financial Officer and Corporate Secretary

Paul Begin is a co-founder of Collective Mining and serves as the Chief Financial Officer and Corporate Secretary. He is a finance expert known for his ability to manage capital structures and drive economic efficiency, ensuring the company's financial robustness through his expertise in securing financing and overseeing corporate governance. Before Collective Mining, Mr. Begin served as CFO for Continental Gold for a decade, where he played a crucial role in discovering over 11 million ounces of high-grade gold in Colombia, permitting the project, raising financing (including $500 million in debt packages), building, and commissioning the mine. Continental Gold was ultimately sold to Zijin Mining for an enterprise value of $2 billion in March 2020.

Omar Ossma, President

Omar Ossma is the President of Collective Mining, continuing in this role after Ned Jalil's appointment as CEO. A seasoned executive, Mr. Ossma possesses extensive experience in financial strategy and project development. He previously served as the Legal Vice President for Continental Gold, where he was instrumental in the company's strategy for licensing, building, and operating the Buriticá Project, which became Colombia's largest gold mine. As a native Colombian and a lawyer, he is recognized for his expertise in navigating the complex regulatory environment in Colombia and fostering strong relationships with local communities.

Ari Sussman, Executive Chairman of the Board

Ari Sussman is the Executive Chairman of the Board and a co-founder of Collective Mining. He founded, served as CEO, and was a Director of Continental Gold Inc. from 2010 until its acquisition in March 2020. Under his leadership, Continental Gold raised nearly $1 billion and discovered more than 11 million ounces of high-grade gold and silver at the Buriticá project in Colombia. Following the completion of the mine's construction, Continental Gold was sold to Zijin Mining for approximately C$2 billion in March 2020.

Carlos Andrés Santos, Executive Vice President

Carlos Andrés Santos was appointed Executive Vice President on January 19, 2026. He brings over two decades of senior leadership experience in strategy, operations, transformation, and corporate services across the Americas, with a notable track record in Colombia's resource sector. Before joining Collective Mining, Mr. Santos served as CEO of Americas Business Services at Holcim / Amrize, where he spearheaded regional growth and cash-generation strategies from Canada to Argentina. He also held key executive positions at Ecopetrol S.A., Colombia's largest integrated energy company, including Vice President of Supply Chain & Shared Services.

AI Analysis | Feedback

The key risks to Collective Mining's business, trading under the symbol CNL, are primarily associated with the inherent uncertainties of mineral exploration and development, alongside specific regulatory and operational challenges in Colombia.

  1. Regulatory and Operational Compliance in Colombia: Collective Mining faces significant risks related to its operational and regulatory compliance in Colombia. The company has categorically rejected allegations of conducting exploration activities on untitled land and in environmentally restricted areas. However, reports indicate that some concession applications have been suspended due to environmental concerns, and such issues, including incomplete cells within or next to titles, are not uncommon in the Colombian mining industry. These challenges could restrict mining activities and impact the company's ability to obtain necessary licenses, permits, and approvals from governmental authorities, potentially jeopardizing the future of its flagship projects like Apollo within the Guayabales project.
  2. Early-Stage Exploration and Development Uncertainties: As an exploration and development company, Collective Mining is in a formative stage, lacking revenue and experiencing ongoing losses. The success of the business is inherently speculative and depends on various factors, including the actual results of current exploration activities, possible variations in mineralization, grade or recovery rates, and the conclusions of future economic evaluations. There is no guarantee that exploration efforts will lead to commercially viable discoveries or that projects will successfully advance to production.
  3. Commodity Price and Financial Market Fluctuations: Collective Mining is exposed to the volatility of spot and forward prices for gold, silver, copper, and other base metals, as well as fluctuations in currency markets. For an exploration company with no current revenue, metal prices significantly influence the perceived value of its future production and its ability to attract further investment. Furthermore, the company's high Price-to-Book (P/B) multiple suggests that its valuation is heavily reliant on market sentiment and the potential of its resources, making it susceptible to compression if investor enthusiasm wanes or broader securities markets experience downturns.

AI Analysis | Feedback

null

AI Analysis | Feedback

Collective Mining (symbol: CNL) is an exploration company primarily focused on gold, silver, copper, and tungsten. The addressable markets for these main products are global.

The estimated global market sizes for Collective Mining's main products are:

  • Gold: The global gold market size was valued at approximately 4,890.0 tons in 2025 and is projected to grow to 5,118.1 tons in 2026. In terms of value, the global gold mining market was estimated at USD 308.07 billion in 2025. Total global gold demand, including over-the-counter transactions, exceeded 5,000 tonnes in 2025.
  • Silver: The global silver market size was valued at USD 95.20 billion in 2025 and is projected to reach USD 202.07 billion by 2033. In terms of volume, the global silver market size was 37.78 kilotons in 2025, estimated to grow to 39.53 kilotons in 2026. Global silver demand in 2025 was approximately 1.12 billion ounces.
  • Copper: The global copper products market size was calculated at USD 375.85 billion in 2025 and is predicted to increase to USD 397.09 billion in 2026. The global copper market size was estimated at USD 349.14 billion in 2025 and is expected to reach around USD 573.24 billion by 2035.
  • Tungsten: The global tungsten market size was valued at approximately USD 7.3 billion in 2025 and is poised to expand to USD 7.6 billion in 2026. Another estimate places the global tungsten market size at USD 5.14 billion in 2025, projected to reach USD 5.56 billion in 2026. The market volume was 134.75 kilotons in 2025, estimated to grow to 141.02 kilotons in 2026.

AI Analysis | Feedback

Collective Mining (CNL), currently an exploration-stage company, anticipates future revenue growth through several key drivers primarily focused on advancing its flagship Guayabales Project in Colombia towards production.

  1. Expansion and Upgrading of Mineral Resources: A primary driver for future revenue will be the successful expansion and upgrading of mineral resources, particularly at the high-grade Apollo and Trap systems within the Guayabales Project. Ongoing and planned drilling programs, such as the 60,000-meter drilling program for 2025 and 2026, aim to delineate and extend high-grade discoveries and improve resource estimations. Positive results, including high-grade intercepts from zones like the Ramp Zone within Apollo, are crucial for enhancing the project's economic viability and ultimately the scale of potential future production.
  2. Advancement Through Mine Development Milestones: Collective Mining's progression of the Guayabales Project through critical development stages toward a production decision will be a significant revenue driver. This includes the recent acquisition of all remaining surface rights necessary for a future mining operation at Guayabales. The planned commencement of an exploration adit in Q4 2026, which will support geological understanding and facilitate future scoping and feasibility studies, is a direct step towards establishing a revenue-generating mine.
  3. Leveraging Polymetallic Deposits: The polymetallic nature of the Apollo system, which is enriched in gold, copper, tungsten, and silver, presents multiple potential revenue streams once in production. Focusing on the economic recovery of these diverse metals can enhance overall project economics and contribute to robust future revenue.
  4. Favorable Commodity Prices: While external to the company's direct operational control, sustained favorable market prices for gold, silver, copper, and tungsten will be a critical driver of future revenue. The profitability of Collective Mining's projects is inherently linked to the fluctuating prices of these metals. Maintaining a focus on low-cost, high-grade discoveries helps mitigate price volatility, but strong commodity markets will maximize revenue generation.

AI Analysis | Feedback

Share Issuance

  • In October 2025, Collective Mining closed an upsized public offering of 6,600,000 common shares at C$19.00 per share, generating C$125,400,000 in gross proceeds.
  • Concurrently in October 2025, the company completed a non-brokered private placement with Agnico Eagle Mines Limited, where Agnico Eagle purchased 789,473 shares for approximately C$15 million.
  • In March 2025, Agnico Eagle Mines Limited subscribed for 4,741,984 common shares at C$11.00 per share for approximately C$52.1 million and exercised warrants for an additional C$11,272,500, totaling C$63.4 million in gross proceeds.

Inbound Investments

  • Agnico Eagle Mines Limited made a significant investment in Collective Mining, increasing its ownership interest to approximately 14.99% through a C$52.1 million share subscription and the exercise of C$11.27 million in warrants in March 2025.
  • In October 2025, Agnico Eagle Mines Limited further invested approximately C$15 million in Collective Mining through a non-brokered private placement.
  • Collective Mining closed a C$18.9 million strategic investment in March 2024.

Capital Expenditures

  • In 2025, Collective Mining planned an expanded 70,000-meter drill program at its Guayabales and San Antonio projects, fully funded by its treasury which exceeded $78 million USD.
  • The net proceeds from the C$140 million financings in October 2025 are intended to fund ongoing work programs, including exploration activities, technical studies, and underground development on the Guayabales Project.
  • In March 2026, Collective Mining announced the acquisition of remaining surface rights for a future mining operation at the Guayabales Project for US$44.0 million, payable in installments over five years, signifying a major step towards developing the polymetallic deposit.

Peer Outperformance in Gold

CNL has outperformed 97% of its 35 Gold peers over 5Y. Gold ranks 3rd of 15 industries in Materials by median 5Y return. That makes it one of the strongest corners of the sector.
Share of Gold constituents that CNL has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
40%
of 40 industry peers · 4.0% return
3Y
69%
of 39 industry peers · 262.4% return
5Y
97%
of 35 industry peers · 413.7% return
No Gold peer with a comparable growth profile has beaten CNL by more than 20pp over 5Y.
Median price return by industry across the Materials sector, ranked by 5Y. Gold is CNL's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Steel 14 24.0%44.9%140.8% STLD 311% · HCC 278% · RS 228%
Copper 7 46.5%118.8%134.2% SCCO 287% · TGB 276% · HBM 237%
Gold ← 36 7.6%171.3%105.8% IAG 490% · OGC 373% · AGI 322%
Silver 6 31.0%260.7%82.9% AYA 235% · HL 150% · EXK 53%
Aluminum 3 19.6%146.5%44.9% CENX 144% · AA -9%
Construction Materials 6 -16.9%30.0%39.8% USLM 354% · CRH 91% · VMC 46%
Diversified Metals & Mining 23 -53.7%-3.1%2.3% USAR 35068% · MTRN 245% · MP 18%
Metal, Glass & Plastic Containers 11 -6.5%10.9%1.5% GEF 49% · ATR 7% · SLGN 2%
Paper & Plastic Packaging Products & Materials 7 9.6%18.8%-3.5% PKG 107% · CCK 17% · SON 1%
Diversified Chemicals 3 6.4%3.8%-16.0% CBT 53% · ASH -16% · CC -44%
Specialty Chemicals 41 10.2%11.1%-19.2% NEU 201% · ESI 69% · SXT 55%
Commodity Chemicals 13 3.7%-15.7%-33.6% HWKN 354% · MEOH 54% · DOW -21%
Precious Metals & Minerals 8 -5.7%143.3%-47.3% PPTA 279%
Fertilizers & Agricultural Chemicals 10 -47.2%-54.5%-61.5% CF 131% · NTR 17% · MOS -50%
Paper Products 4 -41.4%-61.4%-83.0%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Latest Trefis Analyses

Title
0ARTICLES

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

CNLBFNVFSMOGGPZGMedian
NameCollecti.Barrick .Franco-N.Fortuna .Osisko G.Paramoun. 
Mkt Price11.5239.09236.879.562.460.9410.54
Mkt Cap1.165.145.72.9--24.3
Rev LTM020,6552,3171,18264-1,182
Op Inc LTM-5710,7691,753575-19-575
FCF LTM-615,188-613-236-276
FCF 3Y Avg-362,590-318-142-141
CFO LTM-479,406-8191-410
CFO 3Y Avg-316,187-503-35-236

Growth & Margins

CNLBFNVFSMOGGPZGMedian
NameCollecti.Barrick .Franco-N.Fortuna .Osisko G.Paramoun. 
Rev Chg LTM-49.4%73.6%47.4%805.4%-61.5%
Rev Chg 3Y Avg-25.3%27.8%23.4%225.4%-26.6%
Rev Chg Q-43.8%57.3%38.2%377.1%-50.5%
QoQ Delta Rev Chg LTM-8.5%10.0%8.0%68.6%-9.3%
Op Inc Chg LTM-99.4%101.3%93.4%139.1%67.6%-93.4%
Op Inc Chg 3Y Avg-57.5%67.6%39.0%118.6%30.2%-39.0%
Op Mgn LTM-52.1%75.7%48.7%-30.3%-50.4%
Op Mgn 3Y Avg-39.4%68.5%32.7%-388.4%-36.1%
QoQ Delta Op Mgn LTM-1.0%1.3%3.4%85.6%-2.3%
CFO/Rev LTM-45.5%-69.2%1.7%-45.5%
CFO/Rev 3Y Avg-38.9%-50.8%-362.7%-38.9%
FCF/Rev LTM-25.1%-51.8%-371.4%-25.1%
FCF/Rev 3Y Avg-15.0%-31.0%-753.5%-15.0%

Valuation

CNLBFNVFSMOGGPZGMedian
NameCollecti.Barrick .Franco-N.Fortuna .Osisko G.Paramoun. 
Mkt Cap1.165.145.72.9--24.3
P/S-3.219.72.4--3.2
P/Op Inc-18.66.026.15.0--5.5
P/EBIT-19.55.224.34.6--4.9
P/E-18.810.030.97.6--8.8
P/CFO-22.66.9-3.5--3.5
Total Yield-5.3%12.2%3.7%13.0%--7.9%
Dividend Yield0.0%2.3%0.5%0.0%--0.2%
FCF Yield 3Y Avg-5.8%4.4%-12.0%--4.4%
D/E0.00.10.00.1--0.0
Net D/E-0.1-0.0-0.0-0.1---0.1

Returns

CNLBFNVFSMOGGPZGMedian
NameCollecti.Barrick .Franco-N.Fortuna .Osisko G.Paramoun. 
1M Rtn-6.1%-4.9%-3.6%-14.7%-11.5%-24.8%-8.8%
3M Rtn-7.4%7.9%10.7%14.2%8.4%-11.3%8.1%
6M Rtn-36.9%2.5%4.1%2.5%9.8%-31.9%2.5%
12M Rtn3.5%25.3%27.7%17.7%9.8%-13.8%13.8%
3Y Rtn260.9%155.8%77.4%230.8%9.8%193.7%174.8%
1M Excs Rtn-8.8%-6.2%-5.4%-16.7%-13.1%-25.1%-10.9%
3M Excs Rtn-16.5%0.0%3.1%4.9%-0.8%-23.0%-0.4%
6M Excs Rtn-45.4%-5.9%-4.4%-6.0%1.3%-40.1%-5.9%
12M Excs Rtn-9.4%12.9%17.2%7.9%-2.9%-22.7%2.5%
3Y Excs Rtn147.8%70.1%-7.9%137.9%-74.2%110.3%90.2%

Comparison Analyses

null

Financials

Segment Financials

Assets by Segment
$ Mil20252024202320222021
Acquisition, exploration and development of mineral properties158431710 
Mineral development and exploration    17
Total15843171017


Price Behavior

Price Behavior
Market Price$11.57 
Market Cap ($ Bil)1.1 
First Trading Date07/14/2021 
Distance from 52W High-44.3% 
   50 Days200 Days
DMA Price$13.27$15.31
DMA Trenddowndown
Distance from DMA-12.8%-24.4%
 3M1YR
Volatility58.6%69.5%
Downside Capture418.77302.12
Upside Capture263.77266.16
Correlation (S&P 500)49.4%48.7%
CNL Betas & Captures as of 9/30/2026

 1M2M3M6M1Y3Y
Beta2.882.562.602.632.270.87
Up Beta-2.540.461.831.922.220.63
Down Beta8.136.953.883.811.750.51
Up Capture204%279%282%205%401%272%
Bmk +ve Days6162766132424
Stock +ve Days7213359131345
Down Capture449%282%241%261%171%104%
Bmk -ve Days16263760120328
Stock -ve Days15213167121339

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with CNL
CNL3.6%69.5%0.33-
Sector ETF (XLB)18.2%17.7%0.7847.7%
Equity (SPY)13.7%12.7%0.7247.6%
Gold (GLD)1.8%28.3%0.0567.2%
Commodities (DBC)48.4%20.6%1.802.6%
Real Estate (VNQ)2.8%13.9%-0.0516.2%
Bitcoin (BTCUSD)-29.4%43.4%-0.6831.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with CNL
CNL32.6%66.2%0.95-
Sector ETF (XLB)6.0%19.1%0.2026.2%
Equity (SPY)12.7%17.1%0.5621.1%
Gold (GLD)17.5%18.9%0.7447.1%
Commodities (DBC)9.1%19.5%0.358.4%
Real Estate (VNQ)0.6%18.9%-0.0811.4%
Bitcoin (BTCUSD)4.1%51.6%0.2613.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with CNL
CNL13.9%66.2%0.89-
Sector ETF (XLB)10.4%20.7%0.4426.0%
Equity (SPY)15.5%17.9%0.7320.9%
Gold (GLD)12.0%16.4%0.6046.5%
Commodities (DBC)8.2%18.1%0.378.4%
Real Estate (VNQ)5.0%20.7%0.2011.3%
Bitcoin (BTCUSD)62.3%66.2%1.0212.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date10152026
Short Interest: Shares Quantity2.2 Mil
Short Interest: % Change Since 93020264.4%
Average Daily Volume0.2 Mil
Days-to-Cover Short Interest12.8 days
Basic Shares Quantity92.7 Mil
Short % of Basic Shares2.3%

Earnings Returns History

Updated 6/3/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
SUMMARY STATS   
# Positive000
# Negative000
Median Positive   
Median Negative   
Max Positive   
Max Negative   
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
SUMMARY STATS   
# Positive000
# Negative000
Median Positive   
Median Negative   
Max Positive   
Max Negative   

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202605/14/20266-K
12/31/202503/31/202640-F
09/30/202511/13/20256-K
06/30/202508/13/20256-K
03/31/202505/14/20256-K
12/31/202403/26/202540-F
09/30/202411/14/20246-K
Collapse to Preview
Report DateFiling DateFiling
03/31/202605/14/20266-K
12/31/202503/31/202640-F
09/30/202511/13/20256-K
06/30/202508/13/20256-K
03/31/202505/14/20256-K
12/31/202403/26/202540-F
09/30/202411/14/20246-K

Investor Activity (13F)

Updated Oct 29, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Helikon Investments Ltd$193.3 Mil7.3%17Hold13F
Active Manager
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Helikon Investments Ltd$193.3 Mil7.3%17Hold13F
Core Cache Last Updated: 10/28/2026