Volatility creates opportunity | Australian Gold Miners Update

Spot gold prices surged around 30% in January to reach a peak above US$5,500/oz before retracing approximately 12%, underscoring the unusually volatile conditions that have characterised early 2026.

Despite the recent pullback, the underlying drivers supporting gold remain firmly in place. Elevated government debt levels and uncertainty around long term fiscal pathways continue to underpin investor demand, reinforcing our constructive outlook for the commodity. We expect near term volatility to persist, both in the gold price and across Australian gold equities, which we view as creating selective opportunities rather than signalling a change in trend.

In this context, price target adjustments have been made to normalise spot gold assumptions and better reflect current market conditions. While some valuations have moderated, the broader sector remains well positioned, particularly where organic growth and operational execution can support upgrades through 2026.

Access the full report via the Argonaut Research Portal here or contact your Argonaut representative for a copy.

Important note: This report may contain general financial product advice, and you should therefore consider the appropriateness of the advice having regard to your situation. We recommend you obtain financial, legal and taxation advice before making any financial investment decision.