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Analytical tool
Compare mining companies under the same metal-price, cost-inflation, growth, and valuation assumptions.
All selected miners are evaluated using a shared scenario so differences reflect company fundamentals rather than different macro assumptions.
Shared scenario comparison
Every miner below uses the same metal prices, cost inflation, growth, dilution, horizon, and valuation method. Jurisdiction risk is shown separately and is not mixed into valuation.
Miner selection
2 / 2 · min 2 · Free preview
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Unlock shared scenario customization, advanced sorting, real CAGR depth, CSV export, and deeper Model Basis — same valuation engine.
Shared scenario
One scenario applies to every miner. Presets are illustrative assumptions relative to spot — not Grey Rabbit forecasts.
Active: Base · Gold: $5,300/oz · Silver: $83.00/oz · Gold 15.0% vs spot · Silver 19.8% vs spot
Valuation method
Blended valuation combines multiple valuation lenses to reduce dependence on any single metric. Current Grey Rabbit weights are 40% EV/Production, 40% Operating Margin, and 20% EV/Reserves.
Interpretation
Metric observations only — not investment recommendations. No overall miner score.
Comparison summary
Sort: Real CAGR ↓
| Coverage | ||||||
|---|---|---|---|---|---|---|
| NEM | $133.42 | $128.88 | -3.4% | -14.6% | -3.1% | Full |
| SBSW | $12.24 | $9.92 | -19.0% | -28.4% | -6.5% | Manual |
Implied valuation comparison
Current share price vs modeled future nominal share price.
Light bar = current · Accent = modeled future (nominal)
Valuation comparison
Sort: Real CAGR ↓
Nominal = future dollars. Real = today's dollars after general inflation.
| Mkt Cap | EV | Future EV | Future equity | Future shares | Implied real | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| NEM | $133.42 | $48.00B | $142.61B | $152.27B | $154.80B | 1.20B | $128.88 | $113.92 | -3.4% | -14.6% | -3.1% |
| SBSW | $12.24 | $5.60B | $10.23B | $9.32B | $7.75B | 781.29M | $9.92 | $8.77 | -19.0% | -28.4% | -6.5% |
Operating fundamentals
Sort: Real CAGR ↓
Company-reported commodities — not GEO-normalized.
| Focus | Au prod | Ag prod | Ag AISC | Au P&P | Ag P&P | Cash | Debt | Net | Shares | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| NEM | polymetallic | 5.26 Moz | 28.00 Moz | $1,680/oz | Unavailable | 118.20 Moz | 442.00 Moz | 22.5y | $7.65B | $5.12B | Net Cash $-2.53B | 1.09B |
| SBSW | gold | 456.5 koz | — | $2,952/oz | Unavailable | 9.40 Moz | — | 20.6y | $1.04B | $2.61B | Net Debt $1.57B | 707.64M |
Valuation multiples
Sort: Real CAGR ↓
Analytical outputs using shared-scenario GEO (not company-reported units).
| Op. margin $ | Future Au AISC | Au margin / oz | Future GEO Moz | |||
|---|---|---|---|---|---|---|
| NEM | $25,104 | $1,142 | $18.91B | $2,044/oz | $3,256 | 6.29 |
| SBSW | $22,420 | $1,089 | $861.08M | $3,592/oz | $1,708 | 0.50 |
Data quality / model basis
Coverage and market freshness are separate from Grey Rabbit Confidence.
Material market-cap inconsistency (>10%): prefer derived price × shares for valuation.
By-product AISC credits by-product revenue into gold costs — silver margin is not added again.
Material market-cap inconsistency (>10%): prefer derived price × shares for valuation.
Jurisdiction exposure
Explore Jurisdiction Risk →Separate from valuation — no jurisdiction haircut is applied to implied prices above.
| Miner | Countries | Elevated+ | High/Severe | Event pressure | Coverage |
|---|---|---|---|---|---|
| NEM | MX, GH, AU, US, CA, PE | 32% | 0% | — | populated |
| SBSW | ZA, AU, US | 100% | 0% | — | populated |
Methodology / limitations
Grey Rabbit Pro
Download shared-scenario comparison outputs for your own notes and models.
Defaults: NEM, AEM, GOLD · Base · Blended · 2031 horizon (existing scenario defaults).
Grey Rabbit Markets provides independent market research and educational content. Nothing on this website constitutes investment, legal, tax, or financial advice. Past performance does not guarantee future results.