Gold & Silver Miners Raise Record Cash Via Stock Sales, Small Players Lead

• Gold and silver miners sold stock at the fastest pace in over a decade, raising over $6.2 billion in the US and Canada last year.
• Small- and mid-cap precious metals miners, including Hemlo Mining Corp., Perpetua Resources Corp., and Novagold Resources Inc., led the equity raises.
• Larger miners like Newmont Corp., Barrick Mining Corp., and Agnico Eagle Mines Ltd. bought back shares, demonstrating capital discipline.
• This dynamic of smaller firms raising capital and larger ones buying back shares signals a healthy market for investors.
• The frenetic pace of stock deals, often oversubscribed and offered at a discount, is expected to continue into 2026.

Why It Matters: Smaller gold and silver miners are aggressively raising capital through stock sales, while larger firms show discipline.