The Miners Take the Lead: What’s Driving Gold & Silver Equities? – Sprott – 10.20.26

Summary:

Gold and silver mining equities have outperformed the underlying metals year-to-date in 2026. The move may reflect improving operating margins, stronger free cash flow potential and growing investor interest in the operational leverage that miners can offer when precious metals prices rise. This growing divergence raises an important question for investors: Are miners beginning to lead the next phase of the precious metals cycle?

Join Sprott Asset Management’s Senior Portfolio Managers Maria Smirnova, MBA, CFA, and Justin Tolman, BSc (Hons), MBA, Economic Geologist for a timely discussion on the drivers behind mining equity performance, the outlook for gold and silver markets, and how investors may position for the next stage of the cycle.

We’ll cover:

• Why gold and silver miners have outperformed bullion and what history suggests about similar periods
• Whether mining equities are entering a new phase of leadership within the precious metals market
• The key macroeconomic and monetary drivers shaping precious metals through year-end
• Whether current supply constraints in gold and silver markets are temporary or structural
• Gold’s role as a monetary asset amid fiscal uncertainty and shifting central bank policies
• Silver’s dual role as both a monetary metal and a critical material essential to technology and electrification
• How investors can use mining equities alongside physical precious metals to build a more diversified allocation

Accepted for 1 CFP / IWI / CFA CE Credit

Speakers:

Maria Smirnova is a Managing Partner, Sprott Inc. and Senior Portfolio Manager & Chief Investment Officer, Sprott Asset Management. She has over 20 years of investment experience. She first joined Sprott Asset Management LP in 2005 as a research associate supporting the metals and mining team. She currently serves as Lead Portfolio Manager of the Sprott Silver Strategy, Co-Portfolio Manager of the Sprott Global Gold Strategy, and Portfolio Manager of Sprott Active Metals & Miners ETF (METL), and Portfolio Manager of Sprott Active Gold & Silver Miners ETF (GBUG). Ms. Smirnova is also a Portfolio Manager on the investment team for Sprott Gold Equity Fund (SGDLX). Prior to joining Sprott, she served as a Product Development Analyst at Fidelity Investments. Ms. Smirnova holds a Master of Business Administration degree and a Bachelor of Commerce degree from the Rotman School of Management, University of Toronto. She has been a CFA^® charterholder since 2002.

Justin Tolman is Managing Partner, Sprott Inc. and Senior Portfolio Manager & Economic Geologist, Sprott Asset Management USA, Inc. He joined Sprott in 2018 as an economic geologist. He specializes in project and company evaluations. Mr. Tolman is a Portfolio Manager for the Sprott Gold Equity Fund, Sprott Concentrated M&A Strategy, Sprott Active Metals & Miners ETF (METL) and Sprott Active Gold & Silver Miners ETF (GBUG). For the two decades prior to joining Sprott, Mr. Tolman held a series of increasingly senior roles with global mining and exploration companies, including Newmont, New Gold, Exeter Resources and MIM holdings, managing programs and leading discovery teams across the globe. Mr. Tolman holds a BSc with 1st Class Honors in Economic Geology from James Cook University (Queensland) and an MBA from La Trobe University (Victoria). He is a fellow of the Society of Economic Geologists, a member of the Australian Institute of Geoscientists, and is a registered Professional Geologist with the APGO.

Ed Coyne joined Sprott in January 2016 and has more than 25 years of investment management and sales experience. Mr. Coyne is the Host of Sprott Radio, a lively podcast series that provides in-depth intelligence on precious metals and energy transition investments, featuring subject matter experts.

Before joining Sprott, he was a Principal and Investment Specialist for 18 years at Royce & Associates, a small-cap value manager located in New York City and the investment adviser to The Royce Funds. Before joining Royce, Mr. Coyne worked with Zweig Mutual Funds and Neuberger Berman as a Regional Sales Director. He began his career at Reich & Tang, a provider of deposit, liquidity and cash management solutions for banks, broker-dealers, investment advisors, institutional investors and public entities. Mr. Coyne earned his Bachelor of Science in Architectural Studies from the University of Missouri. He also holds a Series 7 license, administered by Financial Industry Regulatory Authority (FINRA).