10:45 AM EDT, 09/25/2025 (MT Newswires) -- RBC Capital Markets said Thursday that valuations for over 150 precious metals explorers/developers under its coverage increased 135% year over year to $87/oz, as it noted elevated investor interest for junior gold companies amid high gold prices.

RBC said equity markets have reopened for exploration and development, unlike in the previous years when raising $20 million to $30 million for drill programs was challenging.

Junior financings surged in 2025, particularly in the second and third quarters, potentially accelerating exploration, study progress, and project de-risking, RBC said.

RBC noted that large- scale programs are underway or planned at Vizsla Silver ( VZLA ) , Snowlike Gold (SGD.V), New Found Gold (NFG.V) and Collective Mining ( CNL ) , with more expected in 2026.

Large-scale bulk tonnage projects like those being advanced by Freegold Ventures ( FGOVF ) , NovaGold Resources ( NG ) , Troilus Gold ( CHXMF ) and STLLR Gold ( STLRF ) could see more leverage to higher prices.

RBC believes investors are increasingly prioritizing North America as Canada and the US appear

committed to speeding up resource development.

RBC said it sees strong upside from Canada/US precious metals companies including Osisko Development ( ODV ) , Skeena Resources ( SKE ) , Thesis Gold (TAU.V) and i-80 Gold ( IAUX ) .

Price: 5.62, Change: +0.18, Percent Change: +3.31