HomeBlogValuation
VALUATIONNAV vs market cap mining8 min read

NAV vs Market Cap: When Mining Stocks Trade at Discounts

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

Mining Terminal Research
Mining Terminal Research
January 22, 2026
Updated: Jan 22, 2026
Share:
Published on January 22, 2026(Updated: Jan 22, 2026)
Share:

Related Articles

VALUATION

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.

Read article
VALUATION

How to Value Junior Mining Stocks: A Framework

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

Read article
VALUATION

Comparable Analysis for Mining Stocks: Peer Selection

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

Read article

Stay informed with Mining Terminal

Get real-time data, drill results, and regulatory filings across 3,000+ mining companies worldwide.

Request DemoBack to Blog