Eligian Research

AltynGold: Paying for Its Own Doubling

Self-funding a move to 100,000+ oz production, trading under 2.5x 2028E sustaining free cash flow

Sep 1 • Eligian Research

11

6

August 2026

Steppe Gold: New Management, Old Discount

Two producing mines funding their own expansion, priced under 2x 2027E FCF and production set to double by 2029

Aug 11 • Eligian Research

16

3

3

July 2026

A Historic High-Grade Mine, Back in Production, Still Priced Like It Isn't

Trading at roughly 1.4x 2027 forward FCF, backed by a major trading house rather than dilutive equity

Jul 23 • Eligian Research

10

2

5

Lafleur Minerals: One of the Few Developers With a Real Financing Path, a Mill, and Near-Term Production

Trading at under 1x forward FCF at steady state, with near-term production and non-dilutive financing optionality

Jul 2 • Eligian Research

15

2

6

June 2026

Magna Mining: The Sudbury Re-Rating Story

Trading at 0.21x NAV despite a self-funded path to multi-mine production

Jun 19 • Eligian Research

14

9

Magna Mining: Set to Grow Production Five-Fold by 2029

A staged, self-financed pipeline in the world's best nickel-copper district and a management team that has done it before

Jun 16 • Eligian Research

10

3

Nickel's Breaking Point And It's Future Outlook

How Indonesia just rewrote the rules of the global supply chain and the two North American names positioned to capitalize

Jun 8 • Eligian Research

11

2

5

Cerrado Gold: The Cheapest 100k-Ounce Runway in the Sector

Trading at 2x FCF and 0.2x NAV while systematically buying back shares and locking down a regional gold district for free.

Jun 4 • Eligian Research

16

4

8

May 2026

Pacgold: Trading under 0,7xFCF 2027E

5 Different Assets in a Tier-1 Jurisdiction with a Strategic Antimony Kicker

May 21 • Eligian Research

14

5

6

Soma gold: The CEO wanted by Interpol and $6000 AISC

From international arrest warrants to "Moving Goalposts". The truth behind the social media hype.

May 7 • Eligian Research

11

7

April 2026 Summary & Outlook

Paper assets melt up. Physical reality hits the wall.

May 5 • Eligian Research

9

4

3

Minera Alamos: The 450% self-funded production growth

Highest production CAGR in the sector trading under 0.3xNPV

May 1 • Eligian Research

25

2

4