Mining Stock Valuation Methods: EV per Resource, P/NAV, and EV/EBITDA

A practical overview of mining valuation methods, what each captures, and when to use them.

Mining Terminal Research

January 25, 2026

Updated: Jan 25, 2026

Published on January 25, 2026(Updated: Jan 25, 2026)

A practical framework for valuing junior mining stocks at different development stages, from grassroots exploration to feasibility.

Why mining stocks trade at discounts to NAV, what drives P/NAV ratios, and how to identify undervalued opportunities.

How to select peer groups for mining stock comparables, adjust for stage and commodity, and interpret relative valuation metrics.

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