Gold Rebounds After Lower-Than-Expected PCE, Boosting Odds Fed Holds Rates in October

PDI Gold Limited reported a full-year net loss of US$68.38 million for the 12 months to 30 June 2026, alongside sales of US$202.86 million and basic and diluted loss per share from continuing operations of US$0.11. The sharply wider annual loss puts fresh scrutiny on cash generation and cost control as the company pushes ahead with its West African project pipeline. Management confirmed it remains on track to meet 2026 production guidance of 198,000 to 220,000 ounces of gold, a contrast between volume growth and weaker earnings that hinges on whether future output translates into healthier margins and cash flow. Exploitation permits in Guinea and operating conditions in Mali remain critical swing factors, and the company's own narrative projects A$2.1 billion in revenue and A$911.0 million in earnings by 2029, requiring an earnings increase of about A$935 million from negative A$24.4 million today. Even before the result, cautious analysts had flagged that delays to Bankan and Mansounia permits could cap growth, and the larger loss may prompt a rethink of assumed production and profit upside.

Endeavour Silver has reported a mechanical problem with the primary ball mill at its Guanacevi Mine, with the unit expected to remain offline for roughly three weeks while repairs proceed. Processing capacity is temporarily reduced, with the regrind circuit running at about 600 tonnes per day against ordinary throughput of roughly 1,100 tonnes per day, though mining activity on site continues. The disruption has weighed on the shares, which are down 20.45% over the past 30 days and 7.83% over the past week, even as the 1-year total shareholder return stands at 13.95% and the 3-year total shareholder return is approximately three times the initial value. Endeavour Silver last closed at CA$12.25, while the most followed narrative anchors on a fair value of CA$19.30 using an 8.1% discount rate, a gap that frames the stock as 37% undervalued. That bullish case rests on the Terronera mine nearing commercial production, optimization of recoveries on track, and potential expansion of the Kolpa mine to 2,500 tonnes per day in 2026, but it also leans heavily on Terronera ramping smoothly and on Guanacevi avoiding further mechanical setbacks. A contrasting view comes from the current P/E, with Endeavour Silver trading on 38.7x earnings versus a Canadian Metals and Mining average of 15.5x and an estimated fair ratio of 18.9x.