Summary

• Invesco Gold & Special Minerals Fund Class A shares at net asset value returned 6.89% for the quarter, outperforming broader US equities as represented by the S&P 500 Index.
• World Gold Council data showed heavy outflows from Western markets, while sustained support from Asia allowed Gold ETFs to end the quarter with net inflows.
• Strong cash flow generation has allowed many miners to formalize payout targets and emphasize shareholder return, alongside more selective capital spending.
• B2Gold exemplifies the leadership trend toward chief financial officers, as its CFO assumes the CEO role, reflecting greater emphasis on balance sheet strength and disciplined execution.
• Agnico Eagle shares rose 19.73% during the quarter after Agnico Eagle Mines Ltd beat earnings estimates and delivered record shareholder returns, including an increase in its quarterly dividend.

Q1 2026 Key takeaways

1 Gold appeared to be on track for a record quarter before a reversal in MarchGold mining equities (measured by the Philadelphia Gold & Silver Index) returned 9.69% in the first quarter, exceeding gold's 5.51% price gain (represented