Executive summary. Of 214 eligible gold and silver mining securities in the expanded study universe, 188 lost ground from their first available closing price on or after January 29, 2026. The median return was −28.95%, while the median maximum closing-price drawdown within the study window reached −45.11%. The dispersion between individual outcomes remains substantial even as losses dominate the sample.
1. Widespread losses across the expanded mining universe
The equal-weighted mean return of the 214 observations is −27.64%; 26 securities have a positive period return and 188 are negative. These figures refer to securities/listings in the latest supplied workbook, not necessarily unique corporate issuers. Because the sample has expanded from the earlier 189-entry study, the difference in aggregate statistics cannot be attributed solely to the additional market sessions.
2. Drawdowns and the gap between leaders and laggards
The median maximum drawdown measured from intraperiod closing-price peaks is −45.11%; the median current drawdown from those peaks is −37.87%. Those are different measurements. A stock can have a positive start-to-end return yet have experienced a substantial peak-to-trough decline. Conversely, a large decline from January need not imply a new low at the end of the observation period.
Panoro Minerals (PML.V) leads the period-return ranking at approximately +140.0%, followed by Sailfish Royalty Corp. (FISH.V) at +82.77%. At the weak end of the distribution, BGL is approximately −95.65% and NAMM approximately −84.92%. The complete ranking below is more informative than a shortlist alone.
3. Different market closing dates
January 29, 2026 is the common requested starting boundary. Latest observations vary by instrument: 178 securities have October 22 closes, 35 ASX-listed securities have October 23 closes, and one security's latest data end on October 20. Accordingly, this is a latest-available-close cross-section, not a same-day mark-to-market comparison. Closing prices are reported in each listing's native quoted currency.
4. Selected leading and lagging securities
Ten highest and ten lowest period returns from the source workbook; losses are measured in percent, not monetary terms.
Highest period returns
| Ticker | Company | Return | Maximum drawdown |
|---|---|---|---|
| PML.V | Panoro Minerals | +140.00% | -39.09% |
| FISH.V | Sailfish Royalty Corp. | +82.77% | -26.84% |
| LGD.TO | Liberty Gold Corp | +56.41% | -41.21% |
| NEWP | New Pacific Metals | +50.79% | -41.19% |
| BNZ.AX | Benz Mining Corp CDI | +45.32% | -48.30% |
| MAH.AX | Machahon Holdings | +44.03% | -22.01% |
| MI6.AX | Minerals 260 | +32.00% | -41.62% |
| AYA.TO | Aya Gold & Silver | +30.88% | -41.38% |
| OM.TO | Osisko Metals | +30.09% | -34.19% |
| BYN.V | Banyan Gold Ord Shs Class A | +29.41% | -36.42% |
Lowest period returns
| Ticker | Company | Return | Maximum drawdown |
|---|---|---|---|
| ARD.AX | Argent Minerals | -66.00% | -66.00% |
| PLG | Platinum Group Metals | -67.58% | -67.58% |
| NVA | Nova Minerals | -67.99% | -67.99% |
| BNKR.TO | Bunker Hill Mining | -69.27% | -69.27% |
| AUST | Austin Gold Corp | -71.99% | -74.33% |
| STK.AX | Strickland Metals | -74.29% | -77.96% |
| MKR.AX | Manuka Resources Ord Shs | -78.64% | -78.64% |
| AMC.TO | Arizona Metals | -78.67% | -83.33% |
| NAMM | Namib Minerals | -84.92% | -84.92% |
| BGL | Blue Gold Limited | -95.65% | -95.65% |
5. Complete interactive ranking — 214 securities
All 214 eligible rows, with period returns, maximum drawdowns and current drawdowns. Search by ticker or company; sort any column; copy the complete unfiltered ranking for use in a spreadsheet.
6. Interpretation, risks and limitations
Losses are widespread, but neither a large negative median nor deep drawdowns confirm a market bottom or establish how long the broader cycle will last. Stabilization would need to be established with independent price, breadth and volume evidence. The current ranking is a descriptive snapshot, not a personalized recommendation or a tested trading strategy.
Percent returns compare the first and final available valid closing prices within the supplied study window. Maximum drawdown uses the worst decline from a preceding closing-price peak within that window; current drawdown compares the final close with the period peak. The XLSX source lists 215 candidate securities; SIND was excluded because its available first price was June 26, beyond the allowed delay from the January 29 start. Data have not been independently validated against exchange feeds. Listing duplication, varying coverage, corporate actions, adjustment conventions, and changing universe membership can affect aggregate conclusions. See research methodology, the research archive and related gold and silver leadership research.